Press Release December 23, 2025 INDIABULLS SECURITIES LIMITED (ERSTWHILE DHANI STOCKS LIMITED) Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	200.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	200.00	-	-

Rating Rationale

Acuité has withdrawn the long-term rating on the Rs.200 Cr. proposed bank gaurantee of Indiabulls Securities Limited (Erstwhile Dhani Stocks Limited) without assigning any rating as it is a proposed facility. The withdrawal is on account of request received from the issuer. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

About the company

­Incorporated in 2003, INDIABULLS SECURITIES LIMITED (ERSTWHILE DHANI STOCKS LIMITED) provides financial services of equity, Derivative, currency broking and distribution of financials products. The Directors of the company are Mr. Divyesh Bharatkumar Shah, Mr. Prem Singh Gahlawat, Mr. Prasenjeet Mukherjee, Mr. Ashu Khanna and Mr. Raj Kumar Gupta. The registered office is located at New Delhi.

Unsupported Rating

­Not Applicable.

Analytical Approach

­Not applicable.

Key Rating Drivers

Strength

­Not applicable.

Weakness

­Not applicable.

Rating Sensitivity

­Not applicable.

Liquidity Position

­Not applicable.

Outlook: Not Applicable.

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Other Factors affecting Rating

­None.

Key Financials - Standalone / Originator

­ Particulars Unit FY25(Actual) FY24(Actual) Total Assets Rs. Cr. 578.91 621.14 Total Income* Rs. Cr. 119.36 109.60 PAT Rs. Cr. 18.74 16.08 Net Worth Rs. Cr. 352.02 333.22 Return on Average Assets (RoAA) (%) 3.12 2.81 Return on Average Net Worth (RoNW) (%) 5.47 4.35 Debt/Equity Times 0.13 0.43 Gross NPA (%) 0 0 Net NPA (%) 0 0 *Total income equals to Net Interest Income plus other income

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

­Not Applicable.

Any other information

­None.

Applicable Criteria

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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 28 Nov 2024 Proposed Bank Guarantee Long Term 200.00 ACUITE BBB- | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable Not avl. / Not appl. Proposed Bank Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 200.00 Simple Not Applicable|Withdrawn

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Contacts

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

About Acuité Ratings & Research

­Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.