Press Release

Press Release

May 11, 2026

RAJASTHAN GLOBAL SECURITIES PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	150.00	ACUITE A- \| Stable \| Reaffirmed	-	RBI
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Total Withdrawn	0.00	0.00	-	-	-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

Acuite has reaffirmed the long term rating of 'ACUITE A-' (read as ACUITE A minus) on Rs. 150.00 crore bank loan facilities of Rajasthan Global Securities Private Limited (RGSPL). The outlook is 'Stable'.

Rationale for rating
The rating action considers the established presence of the company for the last 30 years, along with the extensive three decades of experience of its promoter, Mr. Lalit Dua, in the capital markets. The rating factors in the healthy and low leveraged capital structure of the company supported by a networth of Rs. 2,565.76 Cr. as on March 31, 2026 (Provisional) as compared to Rs. 2,373.03 Cr. as on March 31, 2025. The company reported a PAT of Rs. 192.73 Cr. during FY2026 (provisional) as compared to Rs. 383.47 Cr. during FY2025. Further, the rating takes into consideration the lending segment of the company which is strengthened by sound asset quality metrics. The loan book stood at Rs. 245.97 Cr. as on March 31, 2026 (provisionals) which is hundred percent secured. The RGSPL’s on-time portfolio as on March 31, 2026 stood at 100 percent with NIL Non-performing assets.
The rating is however constrained by limited portfolio seasoning and geographical concentration of its loan portfolio along with susceptibility of its earnings profile to the level of volatility or any adverse movements in the capital markets.

About the company

Incorporated in 1995, Rajasthan Global Securities Private Limited (RGSPL) is a Non-Deposit taking Systemically Important Non-Banking Finance Company (ND-SI-NBFC). RGSPL is engaged in the business of making investments, trading, special situations, various types of arbitrages. It has also taken anchor allotment as a QIB in several IPOs consistently of both mainboard and SMEs. The major operating revenue and business model of the company however, remains of making long-term value investments and deriving long-term and short- term profits from its stock market investments, including arbitrage activities. RGSPL also has a lending business segment through which it offers a one-stop destination to small and medium size enterprises and real estate developers. It has a product design of last mile lending for real estate developers (mostly affordable housing) for group housing/plotted projects (only in Delhi-NCR) against the projects developed/to be developed by them. The complete lending is based upon securitized collateral linked to cash based escrow, which makes it a multiple trier security for RGSPL. The company is promoted by Mr. Lalit Dua who has over three decades of experience in the industry.

Unsupported Rating

Not applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profile of Rajasthan Global Securities Private Limited (RGSPL).

Key Rating Drivers

Strength

Established track record of operations and extensive experience of the promoters
Incorporated in 1995, Rajasthan Global Securities Private Limited (RGSPL) is a Non-Deposit taking Systemically Important Non-Banking Finance Company (ND-SI-NBFC). RGSPL is engaged in the business of making investments, trading, special situations and various types of arbitrages for the last 30 years. It has also taken anchor allotment as a QIB in several IPOs consistently of both mainboard and SMEs. The company also generates interest income though its lending segment. RGSPL has a joint lending partnership with CSL Finance Limited where it lends to various developers in the Delhi-NCR area.
The company is promoted by Mr. Lalit Dua, first generation entrepreneur who has over three decades of experience in the capital markets. The company is managed by a qualified and well experienced senior management team along with Mr. Dua. The extensive experience of the promoters and management in special situations, making long-term and short-term investments in capital markets and last mile lending to affordable housing real-estate developers based out of Delhi-NCR, has helped in building a strong networth of Rs. 2,565.76 Cr. (provisional) with zero net debt as on March 31, 2026 and initial minimal equity, which is 100 percent owned by the promoters and total assets of Rs. 2,675.21 Cr. as on March 31, 2026 (provisional).
Acuité believes that the company’s business profile will continue to benefit from the established presence in the capital markets, backed by strong managerial support.

Healthy capital structure and strong resource raising ability
The capital structure of the company is supported by a strong networth of Rs. 2,565.76 Cr. as on March 31, 2026 (provisional) and zero debt. The company has established relations with six lenders including reputed private sector NBFCs. The company avails loan against securities, to invest in short-term capital market opportunities. RGSPL’s capitalisation levels remain healthy reflected by overall Capital Adequacy Ratio of 114.93 percent as on March 31, 2026 (provisional) (119.92 percent as on March 31, 2025), mainly by way of Tier I capital of 114.82 percent (119.75 percent as on March 31, 2025). The company has declared significant growth in Total Assets and Networth, while maintaining a net debt zero position.
Acuité believes that the company’s comfortable capitalization levels and strong resource raising ability will support its growth plans over the medium term.

Sound asset quality
The company has a joint lending arrangement with CSL Finance where the company jointly lends to various real estate developers in Delhi-NCR area, which not only has the security cover of cashflows but also title deeds, corporate guarantees, shares, and securities of promoters. The loan portfolio of the company stood at Rs. 245.97 Cr. as on March 31, 2026 (provisional) as against Rs. 295.16 crore as on March 31, 2023. The average ticket size of the loans are ~Rs. 19 Cr. extended for a tenor of 6-36 months. RGSPL’s asset quality remains sound with an on-time portfolio of 100 percent and NIL Non-performing assets as on March 31, 2026. The company has never recorded any NPA’s on its lending portfolio. The company intends to expand its loan book by diversifying into products such as Loan Against Shares, Supply chain financing and factoring.
Acuité believes that RGSPL’s ability to scale up its operations and while maintain healthy asset quality given the prospective product diversification will remain a key monitorable.

Weakness

High concentration of loan book; susceptible to asset quality moderation

The loan book of the company as on March 31, 2026 (provisional) stood at Rs.245.97 Cr. which comprises of secured loans extended to real-estate developers. Further, the top five borrower comprise of ~74 percent of the loan book and the entire real estate book of the company is concentrated with 16 borrowers as of March 31, 2026. The company also faces geographical concentration risk as all the borrowers of the company are concentrated in the Delhi-NCR. Occurrence of events such as slowdown in economic activity any major natural calamity in the union territory, could impact the cash flows of the borrowers thereby impacting credit profile of RGSPL's borrowers leading to adverse impact the asset quality of the company. To mitigate the risk, the loans are disbursed on the basis of the project and not the builder, and the company has first and exclusive charge over the project they have financed.
However, Acuite believes that the company’s asset quality is susceptible to the concentration of its loan book.

Susceptibility of financial performance to the capital markets

RGSPL’s primary source of income is through various transactions entered in, by the company in the capital markets. The company generated profit after tax of Rs. 192.73 Cr. for FY2026 (provisional) as against Rs. 383.47 Cr. and Rs. 688.97 Cr. for FY25 and FY24 respectively. The company's operating performance is directly linked to the capital markets, which are inherently volatile as they are driven by economic and political factors as well as investor sentiments. Any adverse market movement (downturn) would result in decline in the company’s earning profile. Due to vintage of the promoter, the company has remained profitable through the years as they are adequately and reasonably hedged.
However, Acuité believes that the level of activity in the capital markets will continue to be a key determinant of its revenue profile and future growth trajectory.

Rating Sensitivity

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

Sustained improvement in the earnings profile
Significant growth in business volumes and investment portfolio

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

Continuous deterioration in profitability metrics as denoted by ROAA remaining below than 3 percent
High leverage and low liquidity buffers

Liquidity Position

Adequate

Business growth of RGSPL has been supported by the group’s internal accruals and the company’s dependence on debt is very low as reflected by being debt-free as on March 31, 2026. Hence, the company has no significant term debt obligations over the near term. The company's ALM has no cumulative negative mismatches in the near to medium term as on March 31, 2026. The company currently has Cash and cash equivalents of Rs. 440.56 Cr. as on March 31, 2026 (provisional) and total sanctioned limits of ~Rs. 525 Cr.
Acuité believes the liquidity position of the company will remain adequate in the near to medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars	Unit	FY26 (Provisional)	FY25 (Actual)
Total Assets	Rs. Cr.	2675.21	2426.58
Total Income*	Rs. Cr.	290.20	498.77
PAT	Rs. Cr.	192.73	383.47
Net Worth	Rs. Cr.	2565.76	2373.03
Return on Average Assets (RoAA)	(%)	7.56	17.15
Return on Average Net Worth (RoNW)	(%)	7.80	17.58
Debt/Equity	Times	0	0
Gross NPA	(%)	NIL	NIL
Net NPA	(%)	NIL	NIL

* Total income equals to Revenue adjusted for Finance cost, Purchase of stock in trade and changes in inventory

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
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.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
10 Feb 2025	Proposed Long Term Bank Facility	Long Term	150.00	ACUITE A- \| Stable (Reaffirmed)
13 Nov 2023	Proposed Long Term Bank Facility	Long Term	150.00	ACUITE A- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	150.00	Simple	ACUITE A- \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nivedita Gokul
Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.