Prime Securities Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
PRIMESECU · price
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On the reaction day the stock moved 3.5 pts more than Nifty Microcap 250 and 3.3 pts more than its Other Financial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Prime Securities Limited reported Q1 FY26 consolidated total income of Rs 46.91 Cr, up about 61% YoY from Rs 29.14 Cr. Profit before exceptional items and tax rose ~34% to Rs 16.46 Cr, but consolidated profit after tax (after share of associate loss from Ark Neo) came in at Rs 10.48 Cr versus Rs 12.10 Cr in Q1 FY25. The sharp top-line growth was largely driven by a Rs 27.95 Cr revenue recognition at wholly-owned subsidiary Prime Research and Advisory Limited (PRAL) under a non-circumvention clause in an advisory contract, where the client has not yet responded to a formal demand notice. The auditor (Sharp & Tannan) issued an unmodified review report but flagged multiple Emphasis of Matter items, including a going concern uncertainty for the newly set-up UAE subsidiary PMCL and material uncertainty over the PRAL revenue's recoverability. Diluted EPS stood at Rs 3.15 (vs Rs 2.44), and cash plus investments hit an all-time high of Rs 247.66 Cr.
Strong revenue growth is positive, but shareholders should track the auditor's emphasis on the Rs 27.95 Cr PRAL revenue (dependent on client response) and the going concern flag at the new UAE subsidiary, which depends on continued support from the parent. The new TriGen wealth vertical is off to a strong start with 125+ HNI/UHNI families onboarded in 100 days, supporting the growth outlook.