PRIMESECU - Prime Securities
📢 Recent Corporate Announcements
Prime Securities Limited has filed its Reconciliation of Share Capital Report for the quarter ended December 31, 2025, as per SEBI regulations. The report was prepared by M/s. Pramod Shah & Associates, Practicing Company Secretaries, and dated January 27, 2026. This filing is a mandatory requirement under Regulation 76(1) of SEBI (Depositories and Participants) Regulations, 2018. It confirms that the company's issued capital aligns with the shares held in dematerialized and physical forms.
- Compliance with Regulation 76(1) of SEBI (Depositories and Participants) Regulations, 2018
- Covers the reconciliation of share capital for the quarter ended December 31, 2025
- Audit conducted by M/s. Pramod Shah & Associates, Practicing Company Secretaries
- Official submission made to BSE and NSE on January 29, 2026
Prime Securities Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by MUFG Intime India Private Limited, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that security certificates were mutilated, cancelled, and the depositories' names were updated in the register of members within prescribed timelines. This is a standard administrative procedure to ensure regulatory compliance regarding share transfers.
- Compliance certificate for the quarter ended December 31, 2025, submitted to BSE and NSE.
- Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
- Confirms dematerialization requests were processed and securities listed on stock exchanges.
- Verification and cancellation of physical certificates performed within prescribed SEBI timelines.
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.
- 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.
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.
- 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.
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.
- 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.
Prime Securities Limited has scheduled a Board of Directors meeting for January 20, 2026, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025. In compliance with SEBI insider trading regulations, the company has closed its trading window for designated persons starting from January 1, 2026. The window will remain closed until 48 hours after the financial results are publicly disclosed. This is a routine regulatory announcement preceding the quarterly earnings release.
- Board meeting scheduled for January 20, 2026, to approve Q3 and nine-month financial results
- Financial results pertain to the period ending December 31, 2025
- Trading window for designated persons closed from January 1, 2026
- Trading window to reopen 48 hours after the results declaration
Financial Performance
Revenue Growth by Segment
Fees and Commission Income (Advisory/IB) grew 39.4% YoY to INR 6,896 lakhs in H1 FY26. Wealth Management (Prime Trigen) onboarded 400+ clients in its first 6 months, contributing to a 32.5% growth in Total Income to INR 7,814 lakhs.
Geographic Revenue Split
Operations are primarily in India (8 locations for Wealth Management), with international expansion through subsidiaries in the United Kingdom (Prime Advisory Partners), United Arab Emirates (PRAL Management Consultancies), and Singapore (Prime Global Asset Management).
Profitability Margins
Net Profit Margin for FY25 was 48.26%. In H1 FY26, the PAT margin declined to 31.0% (INR 2,425 lakhs PAT on INR 7,814 lakhs income) from 49.7% in H1 FY25, primarily due to a 96% surge in total expenses.
EBITDA Margin
Consolidated Profit Before Tax (PBT) for H1 FY26 was INR 2,177 lakhs, a 27.9% decrease from INR 3,021 lakhs in H1 FY25. Operating Profit Margin for FY25 was 48.64%.
Capital Expenditure
Not disclosed in absolute INR Cr, but the company expanded its physical footprint to 8 locations for the Wealth Management vertical and established new setups in the UK and UAE.
Credit Rating & Borrowing
The company maintains a Debt-Equity Ratio of 0.00 as of FY25. Standalone interest expenses were minimal at INR 7 lakhs for H1 FY26.
Operational Drivers
Raw Materials
Personnel/Human Capital (47.5% of total expenses at INR 2,678 lakhs)
Import Sources
Not applicable for financial services; talent is sourced from India and international financial hubs (UK, UAE, Singapore).
Key Suppliers
Not applicable for financial services; primary 'suppliers' are the professional talent pool and technology infrastructure providers.
Capacity Expansion
Total headcount increased 243% YoY to 120 employees as of September 30, 2025, compared to 35 in the previous year. Wealth Management operates from 8 locations with 80+ employees.
Raw Material Costs
Employee expenses rose 60% YoY to INR 2,678 lakhs in H1 FY26, representing 34.3% of total income, driven by aggressive hiring in Investment Banking and Wealth Management.
Manufacturing Efficiency
Return on Net Worth (RoNW) improved from 13.05% to 21.18% in FY25, reflecting higher revenue generation per unit of equity.
Logistics & Distribution
Distribution is handled through 8 physical locations and digital platforms for the Wealth Management business.
Strategic Growth
Growth Strategy
Achieving growth by diversifying from lumpy, episodic Investment Banking revenue into stable annuity income flows through Prime Trigen Wealth. Strategy includes international expansion in the UK, UAE, and Singapore, and foraying into asset management and fintech lender services.
Products & Services
Investment Banking advisory, Wealth Management, Asset Management, Corporate Insurance Brokerage, and Fintech lender service provision.
Brand Portfolio
Prime Securities, Prime Trigen Wealth, Prime Research and Advisory, Prime Litmus.
New Products/Services
New Wealth Management vertical (400+ clients) and fintech lender services are expected to provide a sustainable revenue buffer.
Market Expansion
Targeting international advisory markets via new setups in the UK and UAE and an asset management arm in Singapore.
Market Share & Ranking
Not disclosed; company operates as a Category-1 Merchant Banker.
Strategic Alliances
Maintains a 41.68% associate stake in Ark Neo Financial Services Private Limited.
External Factors
Industry Trends
The industry is evolving from purely transactional investment banking to integrated wealth and asset management; Prime is positioning itself to capture annuity flows to smoothen revenue lumpiness.
Competitive Landscape
Competes with other merchant banks and wealth management firms in India and international hubs.
Competitive Moat
Sustainable moat derived from specialized regulatory licenses (SEBI Category-1 Merchant Banker, IRDAI Corporate Insurance Agent) and a rapidly scaling wealth franchise that creates high switching costs for clients.
Macro Economic Sensitivity
Highly sensitive to capital market performance and global trade shifts; expert guidance is offered to clients navigating complex trade regulations.
Consumer Behavior
Increasing demand for professional wealth management among Indian families, evidenced by 300+ families onboarded in 6 months.
Geopolitical Risks
Global trade disruptions are viewed as both a risk and an opportunity for Prime to provide expert guidance on evolving trade policies.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI (Merchant Banking), IRDAI (Insurance), and international regulators like the FCA (UK) and MAS (Singapore).
Taxation Policy Impact
Effective tax management includes the recognition of INR 206 lakhs in deferred tax assets by Prime Trigen Wealth Limited based on future profit projections.
Legal Contingencies
Subsidiary PRAL recognized INR 2,795 lakhs in revenue based on a non-circumvention clause in an advisory contract, which may involve contractual enforcement risks.
Risk Analysis
Key Uncertainties
Realization of deferred tax assets (INR 206 lakhs) is dependent on achieving future profit projections; Investment Banking revenue remains 'episodic' and 'lumpy'.
Geographic Concentration Risk
Heavy concentration in India, though international subsidiaries in UK, UAE, and Singapore are scaling.
Third Party Dependencies
Dependency on Ark Neo Financial Services (Associate) for specific financial service synergies.
Technology Obsolescence Risk
Digital transformation is ongoing to support the new fintech lender service provider vertical.
Credit & Counterparty Risk
Receivables quality is linked to the success of advisory assignments and the ability of clients to close market-linked deals.