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Prime Securities 9M FY26 Revenue Crosses INR 100 Cr; PAT Declines to INR 26.35 Cr on Expansion
Prime Securities reported a significant revenue milestone, with 9M FY26 total income reaching INR 107.87 Cr, up from INR 78.93 Cr YoY. However, Profit After Tax (PAT) declined to INR 26.35 Cr from INR 37.50 Cr due to aggressive expansion in the Wealth Management vertical, which added INR 50 Cr in annual fixed expenses. The company's headcount tripled to 120, and its new wealth arm, Prime Trigen Wealth, achieved an AUA of INR 2,400 Cr. Management expects the wealth management business to break even within the next six quarters.
Key Highlights
Total Income for 9M FY26 grew to INR 10,787 lakhs compared to INR 7,893 lakhs in the previous year.
PAT decreased to INR 2,635 lakhs from INR 3,750 lakhs YoY due to high investment in the wealth vertical.
Prime Trigen Wealth achieved an AUA of over INR 2,400 Cr with 725+ clients within nine months.
Employee expenses nearly doubled to INR 4,252 lakhs as headcount rose from 42 to 120.
Management targets a break-even for the wealth management business over the next 6 quarters.
💼 Action for Investors
Investors should monitor the execution of the Wealth Management vertical and its path to break-even, as current profitability is being sacrificed for long-term annuity revenue. While the PAT decline might cause short-term volatility, the strong growth in AUA and client onboarding suggests a positive strategic shift.
Prime Securities Q3 PAT Drops 74% YoY to ₹2.1 Cr Amid ₹27.95 Cr Receivable Uncertainty
Prime Securities reported a 50% YoY growth in Q3 FY26 revenue to ₹29.38 crore, but Net Profit fell sharply to ₹2.10 crore from ₹8.20 crore. The decline is largely attributed to a significant rise in employee benefit expenses, which tripled to ₹15.74 crore. A major risk factor is a ₹27.95 crore receivable from Q1 FY26 currently under litigation (CIRP) at NCLT, for which no provision has been made despite the uncertainty of recovery. For the nine-month period, PAT stands at ₹26.35 crore compared to ₹37.50 crore in the previous year.
Key Highlights
Q3 FY26 Revenue from operations rose 50.3% YoY to ₹29.38 crore.
Net Profit (PAT) for the quarter declined 74.4% YoY to ₹2.10 crore.
Uncertainty persists over ₹27.95 crore in dues, currently under CIRP proceedings at NCLT.
Employee benefit expenses spiked to ₹15.74 crore from ₹5.34 crore in the year-ago quarter.
Basic EPS for the quarter dropped to ₹0.69 from ₹2.46 YoY.
💼 Action for Investors
Investors should exercise caution as the non-recovery of ₹27.95 crore in receivables could lead to future write-offs. The sharp increase in operating costs and the sub-judice status of major dues warrant a wait-and-watch approach.
Prime Securities Q3 PAT Drops 72% YoY to ₹2.31 Cr; Revenue Rises 50% to ₹29.38 Cr
Prime Securities reported a 50% YoY growth in revenue from operations to ₹29.38 crore for the quarter ended December 31, 2025. Despite revenue growth, Profit After Tax (PAT) plummeted to ₹2.31 crore from ₹8.25 crore in the previous year's corresponding quarter, largely due to a spike in employee benefit expenses and lower fair value gains. A significant risk factor is a ₹27.95 crore receivable currently under insolvency (CIRP) proceedings for which no provision has been made. The company also recognized Minimum Alternate Tax (MAT) credit from previous years for the first time.
Key Highlights
Revenue from operations increased 50.3% YoY to ₹29.38 crore in Q3 FY26.
Net Profit (PAT) declined sharply by 72% YoY to ₹2.31 crore, with EPS dropping to ₹0.69 from ₹2.46.
Employee benefit expenses surged to ₹15.74 crore from ₹5.34 crore in the same quarter last year.
Auditors highlighted material uncertainty regarding ₹27.95 crore in unprovided receivables under NCLT proceedings.
The company recognized MAT credit and deferred tax assets of ₹4.05 crore based on future profit projections.
💼 Action for Investors
Investors should exercise caution as the sharp decline in profitability and the ₹27.95 crore unprovided doubtful debt pose significant risks to the valuation. Monitor the NCLT proceedings closely, as a future write-off could severely impact the company's net worth.