Press Release July 23, 2026 ACHINTYA SECURITIES LIMITED (ERSTWHILE ACHINTYA SECURITIES PRIVATE LIMITED) Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Non Convertible Debentures (NCD)	0.00	150.00	ACUITE A- | Stable | Assigned	-	MCA
Total Outstanding	0.00	150.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

­Acuité has assigned the long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 150.00 Cr. Proposed Non Convertible Debentures of Achintya Securities Limited (ASL). The outlook is ‘Stable’.  Rationale for Rating The rating reflects Achintya Securities Limited’s established track record in financial broking operations and its strong capitalisation profile. The company has demonstrated steady scaling of operations over the years, with net revenue standing at Rs 233.14 Cr. in FY26 (Prov.). ASL’s net worth improved to Rs.510.86 Cr. in FY26 (Prov.) from Rs 417.73 Cr. in FY25, supported by healthy internal accruals. The company has also initiated diversification into delivery based gold ETF trading in stock exchanges segment in FY26, which operates on a fully hedged basis, thereby limiting market risk. However, the rating is constrained by the decline in profitability in FY25 and FY26 due to structural regulatory changes in the derivatives segment, which have led to moderation in trading volumes. Further, the company’s revenue profile remains largely linked to market activity, with a significant contribution from proprietary trading (hedging and arbitrage based), resulting in earnings volatility. Acuite also takes note of the change in margin requirements by RBI effective July 1, 2026, wherein bank guarantees issued for capital market participants are required to be 100% backed by collateral, with at least 50% in cash. The impact of the same on the company’s liquidity position and business operations will remain a key monitorable.

About the Company

Incorporated in 2007, Achintya Securities Limited (Erstwhile Achintya Securities Private Limited) is based in Gandhinagar & is engaged in Security Broking Business, Proprietary trading (hedging and arbitrage based) and delivery based gold ETF trading in stock exchanges. Mr. Abhishek Agarwal is the current managing director of the company.

Unsupported Rating

­Not applicable

Analytical Approach

Acuité has considered the standalone financial and business risk profile of ASL to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management and promoters The company is led by promoters with over 15–17 years of experience in financial markets, particularly in broking and proprietary trading activities. The management has demonstrated the ability to scale operations, as reflected in the growth in net, while maintaining profitability. The experience in bullion trading has also supported the company’s entry into the gold ETF market-making segment, indicating continuity in business strategy and operational knowledge. Established track record in broking operations and diversification into delivery based gold ETF trading in stock exchanges Achintya Securities Limited has an operational history of over two decades in broking services. The company demonstrated growth in the past with net sales standing at Rs 233.14 Cr. in FY26 (Prov.), the company has maintained its client base and improved brokerage yields, with retail brokerage increasing from Rs 15.87 Cr. in FY25 to Rs.24.43 Cr. in FY26 (Prov.). The revenue profile, however, remains largely driven by trading activities, with proprietary trading (hedging and arbitrage based) constituting the major share of the company's revenue in FY26, while the remaining revenue is derived from brokerage income from retail and institutional clients, along with income generated from delivery-based gold ETF trading on stock exchanges. Proprietary trading income stood at Rs 225.83 Cr. in FY26 (Prov.), compared to Rs 256.20 Cr. in FY25, reflecting pressure due to decrease in trading volumes. The entry into the delivery based gold ETF trading in stock exchanges in FY26 provides diversification, with the business model structured on a fully hedged basis without inventory exposure. Strong capitalisation and comfortable leverage The company’s capital structure remains strong, with net worth increasing from Rs 417.73 Cr. in FY25 to Rs 510.86 Cr. in FY26 (Prov.), driven by internal accruals. Total debt increased to Rs 97.70 Cr. in FY26 (Prov.) from Rs 7.76 Cr. in FY25; however, the debt-to-equity ratio remains low and comfortable at 0.19 times as on March 31, 2026 (Prov.). Coverage indicators remain adequate, with interest coverage at 5.79 times in FY26 (Prov.), despite moderation from 9.00 times in FY25, indicating sufficient buffer.

Weaknesses

Regulatory Risk and susceptibility to Market volatility The Company remains exposed to regulatory risk, as frequent changes in compliance norms and margin rules along with recent RBI circulars mandating higher security cover for  proprietary trading and evolving risk-management frameworks can impact operations and influence industry-wide trading behaviour. Its performance is also closely linked to capital market conditions, which are inherently volatile and affected by economic trends and investor sentiment. Revenues from broking and proprietary trading depend on overall market turnover; hence, periods of subdued activity can compress revenue. While the Group continues to benefit from its business model the level of activity in the commodities markets and capital markets will be key determinant of its revenue profile and future growth trajectory.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Significant scale-up of operations leading to improvement in the market position and earnings profile on a sustained basis. Strengthening of the capitalisation profile would also be imperative for an improvement in the credit profile

Potential triggers (individual or collective) for a downward rating action:

Change in profitability metrics due to sharp movement in commodities market or capital markets Impact on liquidity and business arising from regulatory changes, including stricter margin requirements on funding. Consistent decline in profitability parameters, making ROCE below 20.00 percent.

Liquidity Position

Adequate

The liquidity profile of Achintya Securities Limited remains adequate, supported by steady internal accruals and moderate cash balances. The company reported cash and bank balances of Rs 55.01 Cr. as on March 31, 2026 (Prov.). ASL’s total borrowings stood at Rs. 97.70 Cr. as of March 31, 2026 (Prov.) which comprises of unsecured loans from directors and secured short term borrowings. The company does not have any long-term debt repayment obligations over the near to medium term. The dependence on external debt remains low, as reflected in comfortable gearing of around 0.19 times as on March 31, 2026 (Prov.). The borrowing profile comprises non-fund-based facilities in the form of bank guarantees aggregating to approximately Rs 568.80 Cr as on March 31, 2026 (Prov.), utilised towards exchange margin requirements.

Outlook: Stable

­

Other Factors affecting Rating

­None

Key Financials :

­ Particulars Unit FY26 (Provisional) FY25 (Actual) Operating Income Rs. Cr. 18255.57 1804.29 PAT Rs. Cr. 93.14 117.73 PAT Margin (%) 0.51 6.53 Total Debt/ Tangible Networth Times 0.19 0.02 PBDIT/ Interest Times 5.79 9.00 *Ratios as per Acuite's calculations ** Operating income is gross in nature and includes volume from gold trading and proprietary trading business, hence accordingly the operating income net of buy and sell volume stands at Rs. 233.14 Cr. for FY2026 (Prov.) and Rs. 249.36 Cr. for FY2025.

Status of non-cooperation with previous CRA (if applicable)

­None

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History :

­Not applicable

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Yash Dharmale Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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