Date: 11th November, 2026

Financial Performance (Consolidated, ₹ Cr)

Q2 FY27 Results

| Particulars | Q2 FY27 | Q2 FY26 | YoY Change | Q1 FY27 | QoQ Change |

| Interest income | 4.04 | 3.61 | +11.9% | 3.59 | +12.5% |

| Fees and commission income | 3.13 | 2.52 | +24.2% | 3.05 | +2.6% |

| Dividend and other services | 0.39 | 0.24 | +62.5% | 0.11 | +254.5% |

| Revenue excluding fair value changes | 7.56 | 6.37 | +18.7% | 6.75 | +12.0% |

| Other income | 0.16 | 0.06 | +166.7% | 0.15 | +6.7% |

| Operating expenses (incl. finance cost) | 4.88 | 4.33 | +12.7% | 5.87 | -16.9% |

| Profit before tax excluding fair value changes | 2.84 | 2.10 | +35.2% | 1.02 | +178.4% |

| Net fair value changes (treasury) | (46.10) | 17.35 | NM | 13.87 | NM |

| Profit before tax | (43.26) | 19.44 | NM | 14.89 | NM |

| Tax expense | (7.43) | 5.04 | NM | 3.86 | NM |

| Profit after tax | (35.83) | 14.41 | NM | 11.03 | NM |

| Basic EPS (₹) | (2.70) | 1.20 | | 0.86 | |

H1 FY27 Results

| Particulars | H1 FY27 | H1 FY26 | YoY Change | FY26 |

| Interest income | 7.63 | 6.38 | +19.6% | 13.51 |

| Fees and commission income | 6.18 | 5.20 | +18.8% | 10.70 |

| Dividend and other services | 0.50 | 0.32 | +56.3% | 0.55 |

| Revenue excluding fair value changes | 14.30 | 11.90 | +20.2% | 24.76 |

| Other income | 0.31 | 0.25 | +24.0% | 0.45 |

| Operating expenses (incl. finance cost) | 10.75 | 8.77 | +22.6% | 21.04 |

| Profit before tax excluding fair value changes | 3.86 | 3.38 | +14.2% | 4.17 |

| Net fair value changes (treasury) | (32.23) | 25.86 | NM | 79.05 |

| Profit before tax | (28.37) | 29.24 | NM | 83.22 |

| Tax expense | (3.56) | 6.26 | NM | 17.06 |

| Profit after tax | (24.81) | 22.98 | NM | 66.16 |

| Basic EPS (₹) | (1.90) | 1.93 | | 5.39 |

Balance Sheet Position

| Particulars | 30 Sep 2026 | 31 Mar 2026 | Change |

| Cash and bank balances | 160.29 | 127.18 | +26.0% |

| Investments and securities for trade | 118.09 | 174.89 | -32.5% |

| Loans | 17.52 | 7.59 | +130.8% |

| Trade receivables | 4.92 | 6.92 | -28.9% |

| Other assets | 32.91 | 57.50 | -42.8% |

| Total assets | 333.73 | 374.09 | -10.8% |

| Net worth (total equity) | 276.58 | 286.79 | -3.6% |

| Borrowings | 4.05 | 23.99 | -83.1% |

| Trade payables | 41.79 | 49.73 | -16.0% |

| Other liabilities | 11.30 | 13.56 | -16.7% |

Cash represents 48% of total assets. Net cash from operating activities was ₹26.74 Cr in H1 FY27 against ₹7.05 Cr in H1 FY26.

Business Developments During Quarter

New Products

  • Launched US stock investing capability allowing clients to buy US-listed stocks and ETFs through Indo Thai Globe Fin (IFSC) Limited, the company's GIFT City subsidiary
  • Service covers NYSE and NASDAQ stocks and ETFs, including fractional shares, launched in February 2026 (Q4 FY26)
  • Introduced three ready-made model portfolios for clients

Capital Raising and Institutional Business

  • Assisted client TNA Solutions with pre-IPO round and subsequent listing on BSE SME platform
  • Institutional broking clients increased to 20 from 16 in March 2026, with two clients added in each of Q1 and Q2
  • Serves banks, mutual funds, PMS and AIFs, insurers, and government PSUs
  • Raised ₹2.35 Cr through secured non-convertible debentures via private placement
  • Opened demat accounts for multiple foreign companies in line with FEMA and RBI requirements

Client and Asset Growth

  • Total clients: 25,000+ (up 2.3% since March 2026)
  • Assets under influence: ₹5,400+ Cr (custody and mutual fund assets)
  • Mutual fund assets: ₹290+ Cr (up 16.3% since March 2026)

Recognition and Presence

  • Received Kotak Mutual Fund Excellence Award 2026 for highest fresh SIP number and largest SIP book (received by Mr. Abhay Suhane)
  • Associated Partner at CII Leadership Conclave in Indore
  • Mr. Sarthak Doshi, CEO, appointed Sector Chair for Financial Services and Investments at ICC Madhya Pradesh Chapter launched in September 2026

Dividend

  • Paid 20% dividend for FY26 (interim plus final), described as the highest so far
  • Company has paid dividends in 10 of the last 12 years with an average dividend of 11.2% in paying years

Corporate Overview

Company Background

  • Founded in 1995 in Indore, Madhya Pradesh
  • 31 years of uninterrupted operations
  • Listed on NSE and BSE in 2011
  • Operations across 12 cities in MP, Gujarat, Maharashtra, Chhattisgarh
  • 28 branches and authorized persons
  • 10 licences and memberships across exchanges, depository, SEBI, AMFI
  • ₹155 Cr capital raised in 2024
  • 4 subsidiaries

Service Capabilities

  • Full-stack financial services including equity broking, F&O, commodities, currency derivatives
  • Depository services, wealth management, algorithmic trading
  • Serves HNI, UHNI and corporate clients

Management Team

  • Mr. Sarthak Doshi: Chief Executive Officer (Chartered Accountant, CFA, MBA from London Business School, 10+ years experience)
  • Mr. Nishit Doshi: Chief Financial Officer and Chief Operating Officer (Master's in Finance, MS in Quantitative Finance from Northeastern University, 8+ years experience)
  • Other key personnel: Mr. Ankit Samdani (Institutional Desk), Mr. Manglesh Ostwal (Algo and HNI Desk), Mr. Abhay Suhane (Sales Head), Mr. Garvit Jain (Research Head), Mr. Harshal Sanghvi (Quant Engineer)

Governance and Compliance

Company Secretary and Compliance

  • Mrs. Shruti Sikarwar: Company Secretary cum Compliance Officer
  • Mr. Anurag Kumar Saxena: Compliance Manager
  • Mr. Hemant Agrawal: Compliance Officer, Broking

Corporate Social Responsibility

  • Healthcare: Care and support for elderly and underserved communities
  • Education: Support for education initiatives in home region
  • Community welfare: Main supporter of free meals for Ujjaini Panchkoshi Yatra pilgrims, essentials for families in need

Forward-Looking Statements Disclaimer

The presentation contains forward-looking statements that are tentative and based on current management analysis. Actual results may vary due to risks including securities market volatility, economic and political conditions, new regulations, government policies, war, and interest rate volatility. The company undertakes no obligation to update forward-looking statements.