Prime Securities reported a significant expansion in consolidated revenue for the financial year ended March 31, 2026, driven by growth in corporate advisory and the ramp-up of its wealth management operations. However, profitability contracted sharply as the firm invested heavily in scaling new business verticals.

The company’s consolidated revenue from operations rose 54.3% year-on-year to ₹1,276.8 crore from ₹798.0 crore in FY25. Despite the top-line growth, consolidated profit after tax (PAT) including other comprehensive income declined 22.1% to ₹394.5 crore from ₹506.5 crore. On a standalone basis, revenue remained relatively flat at ₹545.6 crore, while standalone PAT including OCI fell 14.3% to ₹382.6 crore.

Strategic Shift to Wealth Management

A primary driver of the revenue surge was the first full year of operations for Prime Trigen Wealth Limited (PTWL), the group’s wealth management subsidiary. PTWL onboarded over 850 clients across 600 families and expanded to nine locations with more than 100 employees. Assets under management and advice reached approximately ₹3,500 crore.

However, this expansion came at a cost. PTWL reported a loss of ₹176.5 crore for FY26, widening significantly from a loss of ₹6.0 crore in the previous year. The management attributed this to initial setup costs, technology investments, and client acquisition expenses inherent in the early stages of building a scalable fee-based business.

Consolidated Financial Performance

Consolidated EBITDA dropped nearly by half to ₹196.1 crore from ₹387.9 crore, reflecting the margin pressure from the nascent wealth business. The company also recorded an exceptional item loss of ₹117.8 crore, primarily due to an expected credit loss allowance against a claim of ₹279.5 crore related to corporate advisory services rendered by Prime Research & Advisory Limited (PRAL). This claim is currently sub-judice before the National Company Law Tribunal.

International Expansion and Asset Management

Prime Securities continued its international footprint by acquiring a 97.83% stake in Prime Advisory Partners Limited in the United Kingdom and capitalizing PRAL Management Consultancies LLC in Dubai. These moves aim to deepen advisory presence and engage with the GCC wealth ecosystem.

Additionally, the group entered asset management through Prime Litmus Investment Management Limited, which received SEBI registration as an Investment Manager to an Alternative Investment Fund. The first scheme, the Prime Litmus Real Estate Opportunities Fund, is expected to commence operations during FY27.

What the Numbers Show

The divergence between standalone and consolidated results highlights the transitional phase of the group. While the core standalone advisory business generated stable revenues of ₹545.6 crore, the consolidated top-line growth was heavily influenced by the inclusion of new entities and fair value gains. The sharp decline in EBITDA margins—from 48.6% in FY25 to 15.4% in FY26—underscores the heavy upfront capital deployment required to establish the wealth management platform. The decision to withhold dividends reflects a strategic choice to conserve resources for these growth initiatives rather than distribute cash to shareholders.

Dividend and Shareholding

The Board of Directors did not recommend any dividend for FY26, citing the need to conserve financial resources for strategic growth initiatives and future capital requirements. As of March 31, 2026, the company’s market capitalization stood at ₹916.33 crore. The paid-up equity share capital remained at ₹169.5 lakh, comprising 33,900,325 equity shares of face value ₹5 each.

Prime Securities Limited has scheduled its 43rd Annual General Meeting for Tuesday, September 29, 2026, at 3:30 pm. The meeting will be conducted through Video Conferencing or Other Audio-Visual Means.

The agenda includes the adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026. Shareholders will also vote on the re-appointment of Mr. Sujit Kumar Varma as a Non-Executive and Non-Independent Director.

Meeting Details

The remote e-voting period commences on Saturday, September 26, 2026, at 9:00 am and ends on Monday, September 28, 2026, at 5:00 pm. The record date for determining voting eligibility is Tuesday, September 22, 2026.

Shareholders holding shares in demat mode can vote via NSDL or CDSL platforms. Those with physical shares must use their folio numbers. The facility for appointment of proxies is not available for this virtual meeting.

Director Re-appointment

Mr. Sujit Kumar Varma retires by rotation at this AGM and offers himself for re-appointment. He holds a Bachelor of Arts degree and certifications from Harvard Business School and IIM Ahmedabad. He currently serves on the boards of Uflex Limited, Lloyds Metals and Energy Limited, and several Tata Group entities.

Investor Updates

The company reminded shareholders to claim unclaimed dividends before they are transferred to the Investor Education and Protection Fund. Final dividends from FY21-22 onwards face transfer dates ranging from November 2029 to August 2032. Members are advised to update their KYC details and demat account information to avoid folio freezing issues.