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Ashika Global Securities Ltd (543766)

📊 BSE: 543766 🏢 Non Banking Financial Company (NBFC) 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Ashika Global's net interest income was ₹161 Cr (+130.5% year on year, +243.3% on the previous quarter), and net profit ₹101 Cr (+101.9% year on year).

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Net interest income	₹161	+130.5%	+243.3%
Operating profit	₹130	—	—
Net profit	₹101	+101.9%	from loss
EPS (₹)	13.69	+3.7%	from loss

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Ashika Global Securities Completes ₹0.50 Per Share Final Dividend Payout for FY26

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 14 Oct 2026, 07:10 PM

Ashika Global Securities Limited (formerly Ashika Credit Capital Limited) has confirmed the payment of its final dividend of ₹0.50 per equity share (face value ₹10) for FY25-26. The dividend was previously approved by shareholders at the AGM on September 19, 2026, for shareholders as on the record date of September 12, 2026. Electronic remittance via NACH has been executed, and communications have been dispatched to shareholders whose payments were completed or withheld due to pending KYC/banking updates.

Final dividend paid at ₹0.50 per equity share of face value ₹10 each for FY25-26
Record date for dividend eligibility was September 12, 2026
Shareholder approval granted at the 33rd Annual General Meeting held on September 19, 2026
Remittance executed via NACH; notices dispatched for KYC/bank detail updation for unsuccessful payments

💡 Shareholders who have not received the payout should verify their KYC and bank account details with the RTA (Maheshwari Datamatics Pvt Ltd) via forms ISR-1 and ISR-2.

Ashika Global Securities Confirms Functional Website Under Regulation 46 for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 03:36 PM

Ashika Global Securities Limited (formerly Ashika Credit Capital Limited) submitted a quarterly compliance declaration under Regulation 46 of SEBI LODR Regulations, 2015. The company confirmed that its website (www.ashikagroup.com) is functional and updated for the quarter ended September 30, 2026. This is a purely procedural regulatory filing with no financial or operational impact on the company.

Quarterly compliance declaration filed for the quarter ended 30th September, 2026
Confirmation submitted under Regulation 46 of SEBI LODR Regulations, 2015
Verification of functional and updated website: www.ashikagroup.com
Filing executed on 8th October, 2026 by Company Secretary Anju Mundhra (FCS: 6686)

💡 No action required; this is a routine compliance submission. Investors should monitor upcoming Q2 FY27 financial results for business performance updates.

Ashika Global Subsidiary Gets Credit Rating Upgrades Across Rs 600 Cr Total Facilities

🟢 POSITIVE ⭐ 9/10

REGULATORY 📅 23 Sep 2026, 08:07 PM

Ashika Global Securities announced credit rating upgrades by CARE Ratings for its material subsidiary, Ashika Stock Services Limited, covering Rs 600 crore in total facilities. The subsidiary's long-term bank facilities of Rs 200.00 crore were upgraded to 'CARE A-; Stable'. Additionally, short-term bank facilities of Rs 300.00 crore and commercial paper of Rs 100.00 crore were both upgraded to 'CARE A1'.

Long-term bank facilities of Rs 200.00 crore upgraded to CARE A-; Stable
Short-term bank facilities of Rs 300.00 crore upgraded to CARE A1
Commercial paper programme of Rs 100.00 crore upgraded to CARE A1
Total rated debt facilities across all three instruments stand at Rs 600.00 crore

💡 Monitor whether the upgraded ratings result in reduced borrowing costs and improved margins in upcoming quarterly financials.

Ashika Global Securities Sets Sept 12, 2026 as Record Date for FY26 Dividend

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 25 Aug 2026, 07:57 PM

Ashika Global Securities Limited (formerly Ashika Credit Capital Limited) has fixed Saturday, September 12, 2026, as the record date to determine shareholder eligibility for the FY 2025-2026 dividend. The dividend remains subject to approval by shareholders at the company's 33rd Annual General Meeting scheduled for September 19, 2026. Entitled shareholders on the record date will receive the payout within October 18, 2026, subject to applicable tax deductions.

Record date fixed as September 12, 2026, for determining FY26 dividend eligibility
33rd Annual General Meeting scheduled for Saturday, September 19, 2026
Dividend disbursement to be completed within October 18, 2026, post-AGM approval

💡 Track the 33rd AGM proceedings on September 19, 2026, for the formal declaration and approval of the dividend amount.

Ashika Global Securities Dispatches AGM Notice & FY26 Annual Report Links; AGM on Sept 19, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 25 Aug 2026, 06:07 PM

Ashika Global Securities Limited has issued an intimation regarding the dispatch of letters to shareholders whose email addresses are not registered with the company or depositories. The letter provides web links to access the Annual Report for FY 2025-2026 and the Notice for the 33rd Annual General Meeting (AGM). The AGM is scheduled to take place virtually on September 19, 2026, at 11:30 AM IST. Remote e-voting commences on September 16, 2026, and concludes on September 18, 2026, with the cut-off date set as September 12, 2026.

33rd Annual General Meeting scheduled for September 19, 2026, at 11:30 AM IST via Video Conferencing
Shareholder voting eligibility cut-off date fixed for Saturday, September 12, 2026
Remote e-voting window open from September 16, 2026 (09:00 AM) to September 18, 2026 (05:00 PM)
Dispatched physical intimations with annual report web-links to unregistered email holders under Regulation 36(1)(b)

💡 Shareholders holding shares on the cut-off date of September 12, 2026, may review the annual report and cast their votes via remote e-voting between September 16 and September 18, 2026.

Ashika Global Securities Seeks Shareholder Nod to Raise Up to ₹1,000 Cr via QIP; Re 0.50 Dividend

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 25 Aug 2026, 05:54 PM

Ashika Global Securities Limited has issued notice for its 33rd AGM scheduled for September 19, 2026, seeking shareholder approval to raise up to ₹1,000 crore via QIP or other permissible modes. Against the company's current net worth of ₹1,055 crore, this proposed fundraise represents a significant ~94.8% of net worth. The company has also proposed a final dividend of Re 0.50 per share (face value ₹10) with a record date of September 12, 2026. Additionally, the AGM agenda includes the appointment of M/s. J K V S & Co as statutory auditors for three years.

Enabling resolution to raise up to ₹1,000 crore through QIP, rights issue, or private placement
Proposed final dividend of Re 0.50 per equity share of face value ₹10 for FY 2025-2026
Record date for dividend entitlement fixed as September 12, 2026
Appointment of M/s. J K V S & Co, Chartered Accountants as Statutory Auditors for 3 years (FY26–FY29)
Remote e-voting period runs from September 16, 2026 to September 18, 2026

💡 Track the outcome of the 33rd AGM on September 19, 2026, and watch for board disclosures regarding the exact timing, pricing, and dilution terms of the proposed ₹1,000 crore capital raise.

Ashika Global Securities Submits FY26 Annual Report; 33rd AGM Set for Sept 19, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Aug 2026, 05:39 PM

Ashika Global Securities Limited (formerly Ashika Credit Capital Limited) has submitted its Annual Report for FY 2025-26 along with the notice for its 33rd Annual General Meeting scheduled on September 19, 2026. The report details the company's structural transformation, including its upgrade from RBI Base Layer to Middle Layer NBFC-ICC status following group amalgamations. Key strategic initiatives highlighted include obtaining Category II AIF licenses for Private Equity and Private Credit, alongside in-principle approval for entering the Mutual Fund space. The company currently operates through a network of 300+ Authorized Persons and 900+ channel partners across India.

33rd Annual General Meeting scheduled for September 19, 2026, via Video Conferencing
Upgraded NBFC classification from Base Layer to RBI Middle Layer (NBFC-ICC)
Secured Category II AIF Private Equity Licence and Category II AIF Private Credit Licence (in April 2026)
Distribution footprint expanded to 300+ Authorised Persons (APs) and 900+ channel partners and distributors
Scheme of Amalgamation with Yaduka Financial Services sanctioned by NCLT on November 4, 2025

💡 Track voting outcomes and shareholder resolutions at the 33rd AGM on September 19, 2026, as well as progress on launching the Mutual Fund and AIF offerings.

Ashika Global Securities: Communication to Shareholders on Dividend TDS Submission by Sep 12, 2026

🟡 NEUTRAL ⭐ 2/10

DIVIDEND 📅 24 Aug 2026, 06:43 PM

Ashika Global Securities has issued an advisory communication to shareholders regarding Tax Deducted at Source (TDS) on the recommended dividend of Re. 0.50 per share (face value Rs. 10) for FY 2025-26. The dividend was recommended by the Board on May 17, 2026, and is subject to shareholder approval at the upcoming AGM. Standard TDS of 10% applies to resident individuals exceeding Rs. 10,000 with valid PAN, while 20% applies without PAN or unlinked Aadhaar. Eligible shareholders seeking tax exemption or lower deduction must submit requisite tax declaration forms (e.g., Form 121) by September 12, 2026.

Recommended dividend of Re. 0.50 per equity share of face value Rs. 10 for FY 2025-26, subject to AGM approval
Applicable TDS rate is 10% for resident individuals receiving dividends above Rs. 10,000 with valid PAN
TDS rate of 20% applies to payouts without PAN, with invalid PAN, or where PAN is not linked to Aadhaar
Deadline to submit tax exemption forms and declarations (e.g., Form 121/10F) is Saturday, September 12, 2026

💡 Shareholders seeking lower or nil withholding tax must ensure PAN-Aadhaar linking and submit necessary exemption forms to the RTA by September 12, 2026.

Ashika Global Q1 FY27: Net Worth Jumps 2.7x to ₹1,169 Cr Post-Amalgamation

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 01 Aug 2026, 02:33 PM

Ashika Global Securities (formerly Ashika Credit Capital) reported a significant scale-up in Q1 FY27 following its May 2026 amalgamation. Consolidated net worth surged from ₹440 Cr to ₹1,169 Cr, providing a substantial capital base for its diversified financial services strategy. Total income for the quarter rose 44.4% YoY to ₹172.15 Cr, while Profit After Tax (PAT) increased 15.4% YoY to ₹100.97 Cr. The company is now positioning itself as a full-service financial house, targeting an MTF book of over ₹1,000 Cr by FY29.

Consolidated Net Worth increased 2.7x to ₹1,169 Cr following the May 2026 amalgamation
Total Income for Q1 FY27 grew 44.4% YoY to ₹17,215 lakhs
Profit After Tax (PAT) reached ₹10,097 lakhs, representing a 15.4% YoY growth
Assets under advice (AUA) crossed ₹23,400 Cr with a client base of ~1.35 lakh
Management set a target for the Margin Trading Facility (MTF) book to exceed ₹1,000 Cr by FY29 from the current ₹385+ Cr

💡 Investors should monitor the company's ability to cross-sell new products (AIF, Investment Banking) to its existing client base and the execution of its branch expansion plan (targeting 21 branches by FY27).

₹172 Cr Income & ₹1,000 Cr QIP: Ashika Global Reports Record Q1 Performance

🟢 POSITIVE ⭐ 10/10

EARNINGS 📅 31 Jul 2026, 11:30 PM

Ashika Global Securities reported a record-breaking Q1 FY2027 with total income of ₹172.14 crore, a 44.45% YoY increase. Profit Before Tax (PBT) surged 47.44% YoY to ₹129.73 crore, reflecting exceptionally high margins. Simultaneously, the board approved a massive fundraise of up to ₹1,000 crore via Qualified Institutions Placement (QIP). This proposed fundraise is highly material, representing approximately 69% of the company's current market capitalization of ₹1,444 crore.

Total Income for Q1 FY2027 reached ₹172.14 crore, up 44.45% YoY.
Profit Before Tax (PBT) stood at ₹129.73 crore, a growth of 47.44% YoY.
Board approved a fundraise of up to ₹1,000 crore through a QIP, subject to approvals.
The Q1 income of ₹172.14 crore exceeds the entire TTM revenue of ₹108 crore by nearly 60%.
Company is now classified as a Middle Layer NBFC (Investment and Credit Company) by the RBI.

💡 Monitor the shareholder approval process for the ₹1,000 crore QIP and the subsequent pricing of the issue. Investors should also scrutinize the sustainability of the 75% PBT margin reported this quarter to determine if it stems from core lending or one-off investment gains.

Ashika Global reports zero deviation in ₹109.62 cr fund use; ₹9.13 cr deployed to group company

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 31 Jul 2026, 11:11 PM

Ashika Global Securities reported zero deviation in the utilization of funds raised via a preferential issue for the quarter ended June 30, 2026. The company confirmed the conversion of 2,00,000 warrants into equity shares at a price of ₹609 per share (including a ₹599 premium). Out of a total planned allocation of ₹109.62 crore, the company utilized ₹9.13 crore during the quarter, specifically as a loan to its group entity, Ashika Stock Broking Limited. Significant portions of the raised capital, including ₹39.62 crore for investments and ₹20 crore for debt/working capital, remain largely unutilized.

Conversion of 2,00,000 warrants into equity shares at an issue price of ₹609 per share.
Total planned fund allocation of ₹109.62 crore across four primary business objectives.
₹9.13 crore utilized during the quarter as a loan to group company Ashika Stock Broking Limited.
Zero deviation reported between planned and actual utilization of funds for the quarter ended June 30, 2026.
₹50.00 crore total earmarked for Ashika Stock Broking Limited as quasi-capital at arm's length.

💡 Investors should monitor the deployment of the remaining ~₹100 crore, particularly the ₹39.62 crore earmarked for investments in shares and securities, to assess future income potential.

Ashika Global Securities completes fractional share payout; 4.03 Cr shares allotted in merger

🟡 NEUTRAL ⭐ 3/10

M&A 📅 31 Jul 2026, 11:09 PM

Ashika Global Securities (formerly Ashika Credit Capital) has finalized the procedural requirements for its composite scheme of amalgamation. The company allotted 4,03,52,586 equity shares on May 28, 2026, to shareholders of the amalgamating entities at a ratio of 6,726 shares for every 10,000 held. A total of 6 consolidated fractional shares were sold in the market on July 24, 2026, generating net proceeds of Rs 2,381.52. These proceeds were distributed to eligible shareholders on July 29, 2026, marking the formal completion of the fractional entitlement process.

Allotted 4,03,52,586 fully paid equity shares of Rs 10 each on May 28, 2026
Share exchange ratio fixed at 6,726 shares for every 10,000 shares of the amalgamating company
Sold 6 consolidated fractional shares in the secondary market on July 24, 2026
Distributed net sale proceeds of Rs 2,381.52 to eligible shareholders by July 29, 2026
The merger became effective on May 15, 2026, with the name change finalized on June 23, 2026

💡 Monitor the integration of the amalgamated commodities and securities businesses into the core NBFC operations to assess impact on future quarterly earnings.

₹1000 Cr Fundraise Approved; Warrant Forfeiture and Subsidiary Consolidation Announced

🔵 WATCH ⭐ 9/10

FUNDRAISE 📅 31 Jul 2026, 10:59 PM

Ashika Global Securities has approved a massive fundraise of up to ₹1000 Cr via QIP, FPO, or Rights Issue, representing approximately 69% of its current market capitalization. The company reported the forfeiture of ₹24.36 Cr in upfront warrant payments after holders failed to pay the remaining 75% balance by the June 2026 deadline. Strategically, the firm completed the acquisition of Ashika Capital Ltd to make it a wholly-owned subsidiary while divesting its logistics business. The company is also awaiting SEBI's extension for its Mutual Fund sponsorship in-principle approval.

Board approved raising up to ₹1000 Cr through QIP, FPO, Rights Issue, or Preferential Allotment.
Forfeited ₹24.36 Cr (25% upfront) for 16,00,000 warrants as holders failed to pay the balance ₹73.08 Cr.
Acquired 10,50,000 additional shares of Ashika Capital Ltd on June 30, 2026, making it a 100% subsidiary.
Divested 100% stake in Ashika Logistics Private Limited on May 11, 2026, for a consideration of ₹104.44 Lakhs.
Only 2,00,000 warrants were converted into equity during the quarter, bringing in ₹9.135 Cr.

💡 Investors should closely monitor the pricing and timing of the ₹1000 Cr fundraise, as it will lead to substantial equity dilution. Additionally, track the SEBI approval status for the Mutual Fund sponsorship, which is a key pillar of their expansion strategy.

₹1000 Cr Fundraise Approved; Ashika Global Reports Warrant Forfeiture and Subsidiary Consolidation

🔵 WATCH ⭐ 9/10

BOARD_MEETING 📅 31 Jul 2026, 10:51 PM

Ashika Global Securities has approved a massive fundraise of up to ₹1000 Cr, representing approximately 69% of its current market capitalization, to support its expansion as a diversified financial services platform. The company reported a significant forfeiture of ₹24.36 Cr after warrant holders failed to pay the 75% balance due by June 25, 2026. Strategically, the company consolidated its holdings by making Ashika Capital Ltd a 100% subsidiary on June 30, 2026, while divesting its logistics arm. Investors should note that the company is still awaiting SEBI's extension for its proposed Mutual Fund sponsorship.

Approved a fundraise of up to ₹1000 Cr via QIP, Rights Issue, or Preferential Allotment.
Forfeited ₹24.36 Cr in upfront payments for 16,00,000 warrants as the 75% balance was not received by the deadline.
Acquired 10,50,000 additional shares of Ashika Capital Ltd (ACL) on June 30, 2026, making it a 100% subsidiary.
Divested 100% stake in Ashika Logistics Private Limited on May 11, 2026, for a consideration of ₹104.44 Lakhs.
Appointed Ms. Meenaa Sharma as Chief Human Resource Officer (CHRO) and Senior Management Personnel.

💡 Monitor the upcoming shareholder meeting for approval of the ₹1000 Cr fundraise and the subsequent pricing of the issue, which will determine the extent of equity dilution. Additionally, track SEBI's decision regarding the extension of the in-principle approval for the Mutual Fund sponsorship.

Ashika Global Securities Approves Rs 1,000 Cr Fundraise; Forfeits Rs 24.36 Cr Warrant Payments

🔵 WATCH ⭐ 9/10

FUNDRAISE 📅 31 Jul 2026, 10:25 PM

Ashika Global Securities (formerly Ashika Credit Capital) has approved a massive fundraise of up to Rs 1,000 Crores, representing approximately 69% of its current market capitalization. The company reported a significant forfeiture of Rs 24.36 Crores after warrant holders failed to pay the remaining 75% balance for 16,00,000 warrants. Operationally, the company consolidated its structure by making Ashika Capital Ltd a 100% subsidiary and exiting its logistics business. It is also awaiting SEBI's extension for its proposed Mutual Fund sponsorship.

Board approved raising up to Rs 1,000 Crores via QIP, FPO, Rights Issue, or Preferential Allotment
Forfeited Rs 24.36 Crores in upfront payments for 16,00,000 warrants as holders failed to pay the 75% balance by June 25, 2026
Acquired 10,50,000 additional shares in Ashika Capital Ltd (ACL), making it a 100% subsidiary
Divested 100% stake in Ashika Logistics Private Limited for a consideration of Rs 104.44 Lakhs
Application for extension of SEBI in-principle approval for Mutual Fund sponsorship is currently under consideration

💡 Investors should closely monitor the pricing and timing of the Rs 1,000 Cr fundraise, as it implies substantial equity dilution. Additionally, track the SEBI approval for the Mutual Fund license, which is a critical component of the company's long-term diversification strategy.

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💰 Financial Performance

Revenue Growth by Segment

The company's principal business is Investment and Financing. Specific segment-wise percentage growth is not disclosed, but the company transitioned from no cash loss in FY24 to a significant cash loss of INR 19.13 Cr in FY25, indicating a sharp decline in operational profitability.

Geographic Revenue Split

Not explicitly disclosed in percentage terms; however, the company operates through its registered office in Kolkata and corporate offices in Mumbai (Worli and Nariman Point), suggesting a focus on major Indian financial hubs.

Profitability Margins

Profitability turned negative in FY25 with a cash loss of INR 1,912.83 lakhs (INR 19.13 Cr). This is a significant downturn compared to the immediately preceding financial year (FY24) where no cash losses were incurred.

EBITDA Margin

Core profitability is under pressure as evidenced by the INR 19.13 Cr cash loss in FY25. The margin has dropped from positive/breakeven in FY24 to negative in FY25 due to investment and financing activity outcomes.

Capital Expenditure

The company maintains records for Property, Plant, and Equipment, but specific historical or planned CAPEX in INR Cr for expansion is not disclosed in the provided documents.

Credit Rating & Borrowing

The company has sanctioned working capital limits exceeding INR 5 Cr from financial institutions secured against current assets. It has not sought similar limits exceeding INR 5 Cr from banks during the year.

⚙️ Operational Drivers

Raw Materials

As an NBFC, the primary 'raw material' is capital/cost of funds. Interest expense on borrowings (limits > INR 5 Cr) represents the core operational cost rather than physical materials.

Import Sources

Not applicable for a financial services company; capital is sourced from domestic financial institutions and internal accruals.

Key Suppliers

Suppliers are financial institutions providing working capital limits exceeding INR 5 Cr. Specific names of these institutions are not disclosed.

Capacity Expansion

Not applicable in manufacturing terms. However, the company is undergoing a major structural expansion via the amalgamation of Ashika Commodities & Derivatives Pvt Ltd and Ashika Global Securities Pvt Ltd into Ashika Credit Capital Ltd to increase its financial scale.

Raw Material Costs

Not applicable. Financial costs are driven by interest rates on the > INR 5 Cr borrowing limit and the cost of maintaining regulatory capital as per RBI norms.

Manufacturing Efficiency

Not applicable. Operational efficiency is measured by the manual calculation and monitoring of ECL (Expected Credit Loss) provisions for the loan sample.

Logistics & Distribution

Not applicable; distribution is handled through financial service offices in Kolkata and Mumbai.

📈 Strategic Growth

Growth Strategy

The primary growth driver is a court-convened scheme of arrangement to amalgamate Ashika Commodities & Derivatives Private Limited and Ashika Global Securities Private Limited into Ashika Credit Capital Limited. This consolidation is intended to streamline the group's financial services, increase the asset base, and leverage synergies across securities and credit businesses.

Products & Services

Loans, financing services, and investment products provided under its NBFC license.

Brand Portfolio

Ashika, Ashika Group.

New Products/Services

Post-merger, the company will likely integrate commodities and securities services from the amalgamated entities, though specific revenue contribution percentages for these new lines are not yet disclosed.

Market Expansion

Expansion is focused on consolidating group entities to create a larger, more diversified financial services platform under the listed entity (ACCL).

Strategic Alliances

The company is executing a merger with group companies Ashika Commodities & Derivatives Pvt Ltd and Ashika Global Securities Pvt Ltd.

🌍 External Factors

Industry Trends

The NBFC industry is shifting toward tighter regulatory oversight under the RBI's Scale Based Regulation (SBR) 2023. The company is positioning itself for this by consolidating group entities to achieve better scale and regulatory compliance.

Competitive Landscape

Competes with other mid-sized NBFCs and fintech lenders in the investment and financing space.

Competitive Moat

The moat is based on the 'Ashika' brand and the group's long-standing presence in financial services. Sustainability depends on the successful integration of the amalgamated entities to drive cost efficiencies and a larger balance sheet.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles and credit market liquidity. A downturn in the Indian economy would increase Stage 3 assets/NPAs, impacting the loan book.

Consumer Behavior

Shift toward consolidated financial service providers who offer credit, securities, and commodity trading under one umbrella.

Geopolitical Risks

Low direct impact, but indirect impact through domestic market volatility affecting the value of the company's investment portfolio.

⚖️ Regulatory & Governance

Industry Regulations

Regulated by RBI under the Master Direction - Reserve Bank of India (Non-Banking Financial Company - Scale Based Regulation) Direction, 2023. Must comply with IRACP norms for asset classification.

Environmental Compliance

Minimal impact as a financial services provider; ESG focus is primarily on corporate governance and code of conduct compliance.

Taxation Policy Impact

Subject to standard Indian corporate tax rates; deferred tax assets/liabilities are managed under Ind AS.

Legal Contingencies

Pending NCLT matter: Company Application (CAA) No. 196/KB/2025 regarding the scheme of amalgamation. The meeting for shareholders was held on January 9, 2026, following the NCLT order dated November 14, 2025.

⚠️ Risk Analysis

Key Uncertainties

1. Asset Quality: Risk of material misstatement in ECL provisions for loans. 2. Merger Integration: Risks associated with the successful amalgamation of two group companies into ACCL.