NSE: PRIMESECU · BSE: 500337
PRIME SECURITIES LIMITED
Operates as a merchant banking and financial advisory firm, earning the bulk of its revenue from advisory fees on capital market transactions and corporate finance mandates. The Merchant Banking segment accounted for 99.9% of segment revenue in the reported period, with Brokerage and Mutual Fund distribution making up the remainder. In FY26, consolidated revenue from fee and commission income reached Rs. 12,768 lakhs, up 60% from the prior year, while a newer wealth management arm called Trigen Wealth reported assets under management and administration crossing Rs. 5,000 crore. The company also runs a research and advisory subsidiary, Prime Research and Advisory Limited (PRAL), and has an associate called Ark Neo, both flagged in auditor emphasis-of-matter notes. FY26 consolidated profit after tax fell sharply to Rs. 1,316 lakhs from Rs. 3,827 lakhs, pulled down by an Rs. 1,178 lakh Expected Credit Loss provision on a Rs. 2,795 lakh claim at PRAL that is under NCLT adjudication. Employee costs are the dominant expense at Rs. 63.1 crore, or 46.2% of revenue, reflecting the people-intensive nature of the advisory business, and the balance sheet carries no debt. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Merchant Banking and Financial Advisory (100%), Brokerage and Mutual Fund Distribution (0%), Wealth Management (Trigen Wealth), Research and Advisory (subsidiary PRAL). People-intensive, asset-light financial advisory with no debt on the balance sheet
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 46 | 46 | 67 | 89 | 137 |
| EBITDA (ex other income) | 23 | 16 | 25 | 46 | 10 |
| margin % | 49.5 | 35.5 | 36.8 | 51.4 | 7.1 |
| Owners' profit | 24 | 0 | 0 | 0 | 15 |
| EPS, as reported (₹) | 6.02 | 3.52 | 5.66 | 11.49 | 3.91 |
| ROE % · ROCE % | 15.2 · — | 8.8 · — | 11.8 · — | 18.6 · — | 5.1 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 4 | (4) | 13 | 32 | (2) |
| Capex | (2) | (0) | (0) | (5) | (10) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30 | 21 | 12 | 46 | 31 | 30 | 30 | 34 |
| Profit before tax | 18 | 10 | 1 | 16 | 5 | 3 | (18) | 5 |
| Net profit | 17 | 8 | 1 | 10 | 14 | 2 | (13) | 2 |
| EPS (₹) | 5.13 | 2.46 | 0.29 | 3.23 | 4.17 | 0.69 | (3.91) | 0.70 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 33,999 | 38.5 | 10.39 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,509 | 19.5 | 4.10 | 9.4 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,234 | — | 2.54 | 37.9 | 4.5 | 5.3 | 32.8 | 4.3 |
| CENTRUM CAPITAL LIMITED | 969 | — | 0.74 | 9.7 | (21.4) | (2.5) | 49.7 | 29.7 |
| PRIME SECURITIES LIMITED ◆ | 968 | 172.9 | 3.78 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 881 | 26.7 | 5.18 | 16.9 | 22.5 | 30.3 | — | 97.5 |
| REGENCY FINCORP LIMITED | 571 | 52.3 | 3.56 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 529 | — | 1687.57 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 172.9 | 19.0 | 69 of 76 | 9% |
| P/B | 3.8 | 1.0 | 92 of 105 | 13% |
| ROE | 5.1 | 1.3 | 31 of 111 | 73% |
| EBITDA margin | 19.0 | 25.6 | 50 of 91 | 46% |
| Revenue growth | (27.1) | (4.1) | 57 of 85 | 33% |
| Profit growth | (80.8) | (0.2) | 84 of 109 | 23% |
| Market cap | 968 | 26 | 5 of 113 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 18 Oct 2026 · Compliance Certificate under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Prime Securities 43rd AGM results: Both resolutions passed with 99.99% majority | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Prime Securities 43rd AGM held via video conferencing; 2 resolutions tabled | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Newspaper notice on SEBI special window for physical shares | compliance | minimal | — | — |
| 11 Sept 2026 · Allotment of 15,000 Equity Shares under ESOP Scheme 2018 | capital market events | low | — | — |
| 7 Sept 2026 · Prime Securities Publishes 43rd AGM Notice for Sept 29, 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · Prime Securities FY26 Annual Report: Revenue up 60%, PAT declines | results | high | — | — |
| 7 Sept 2026 · Prime Securities 43rd AGM on Sep 29 2026 via video conferencing | board shareholder meetings | low | — | — |
| 27 Jul 2026 · Newspaper publication of Q1FY27 unaudited results | compliance | minimal | — | — |
| 24 Jul 2026 · Allotment of 20,000 shares under ESOP Scheme 2018 | capital market events | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.