Transcript of the conference call for audited financial results for the quarter and year ended 31st March, 2026.

Prudent Corporate Advisory Services reported strong Q4 FY26 performance with highest-ever equity net sales of INR 4,300 crore and full-year equity net sales of INR 13,900 crore. Despite a 14.5% market correction in March, the company grew quarterly average AUM by 0.3% sequentially, with equity AUM up 15.4% YoY to INR 1.15 lakh crore. Operating profit grew 18.2% with margins stable at 23.6%. The company launched AI-led platforms (Prudent Edge and FundzEdge) to enhance technology capabilities. SEBI's revised expense ratio inclusive of GST is seen as strategically beneficial as it removes the competitive disadvantage for GST-registered distributors. The removal of 5 basis point exit load benefit is expected to impact the back book by 2-3 basis points, though new business yields should remain neutral. Indus acquisition AUM grew to INR 2,250 crore from INR 2,085 crore at acquisition with full staff retention. SIF business achieved INR 90 crore flows in Q4. The company added 5,100 new partners during the year.