Press Release March 17, 2026 ZANSKAR SECURITIES PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	25.00	ACUITE BBB- | Stable | Assigned	-
Total Outstanding	25.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has assigned the long-term rating of ‘ACUITE BBB-' (read as ACUITE Triple B minus) on the Rs. 25.00 Cr. proposed bank facilities of Zanskar Securities Private Limited (ZSPL). The outlook is ‘Stable’. Rationale for rating The rating factors in the experienced management team with background in global investment banking and derivatives trading, presence of marquee investor Peak XV Partners (formerly Sequoia Capital India & SEA), healthy profitability supported by proprietary trading, brokerage and technology driven operations. The group reported operating income of Rs. 62.51 Cr. in FY25 with a PAT of Rs. 17.49 Cr. translating into PAT margin of 27.98% and EBITDA margin of 42.36%. The rating is however constrained as the significant portion of income is derived from proprietary trading in derivative instruments, limited track record of operations, dependence on market linked trading income and exposure to regulatory and market volatility risks.

About the Company

­Bangalore-based Zanskar Securities Private Limited was incorporated in 2023. Directors of the company are Mr. Abhay Sachan, Mr. Vandana Jain and Mr. Mayank Sachan. The firm specializes in derivatives trading and quantitative research and operates across the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), Multi-commodity exchange of India (MCX) and Metropolitan Stock exchange of India (MSEI), offering a comprehensive suite of brokerage and execution services.

About the Group

­The Zanskar Group is a multi-layered financial services and technology organization primarily controlled by promoters Vandana Jain and Mayank Sachan. The group operates through several specialized entities across India and Singapore, focusing on algorithmic trading, market making, and asset management.

Unsupported Rating

­Not applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has considered a consolidated business and financial risk profile of Zanskar Tech Private Limited and its subsidiaries Zanskar Securities Private Limited, Zanskar Research LLP, Zanskar Tech Pte Limited to arrive at the rating. The consolidation is in view of the common management, shared brand, and strong operational and financial synergies between the group companies.

Key Rating Drivers

Strength

Experienced management team coupled with marquee investor The Zanskar group is led by Mr. Mayank Sachan and Ms. Vandana Jain, both having experience in global financial markets. Mr. Sachan is an IIT Kanpur graduate and previously worked with Goldman Sachs. Ms. Jain holds an MBA from HKUST and previously served as COO at New York based quant hedge fund. The management team is supported by over 140 professionals with experience in derivative trading, financial technology and capital markets. The group has investment from Peak XV Partners (formerly Sequoia Capital India & SEA). Peak XV Partners (Formerly Sequoia Capital India & SEA) is a leading venture capital and growth investing firm investing across India, Southeast Asia and beyond. Peak XV Partners hold 21.18% stake in Zanskar Tech Private Limited as of March 31, 2025. Healthy profitability metrics On consolidated basis the group reported revenue of Rs. 62.51 Cr. in FY25 with PBT of 23.07 Cr. and PAT of Rs. 17.49 Cr. The company reported EBITDA margin of 42.36% and PAT margin of 27.98% in FY25. As of 10M FY26 PAT stood at Rs. 9.75 Cr. for ZSPL. For January 2026, On a consolidated basis revenue increased to Rs. 92.91 Cr with the PAT of Rs. 25.94 Cr. indicating growth in scale.

Weakness

High proportion of income derived from proprietary trading in derivative instruments A significant portion of the group's income has been derived from proprietary trading in derivatives, primarily index options. Zanskar Research LLP and Zanskar Securities Private Limited is involved in trading. Zanskar Securities Private Limited (ZSPL) reported revenue of Rs. 8.80 Cr. in FY25 in this trading income contributed ~99%. ZSPL reported PAT of Rs. 1.76 Cr. for FY2025. Risks involving general economic and market conditions ZSPL’s income sources are highly dependent upon the levels of activity in the securities & commodities markets in India. The group’s operations involve trading in Index options, futures and cash market which exposes earnings to market volatility.  Its performance is also closely linked to capital market conditions, which are inherently volatile and affected by economic trends and investor sentiment. Also, revenues generated from businesses like broking, wealth management, proprietary trading, are directly related to the volume and value of the transactions. Any adverse market movement (downturn) would result in decline in transaction volumes leading to a decline in the group’s revenues received from such businesses. Regulatory Risk The Company remains exposed to regulatory risk, as frequent changes in compliance norms and margin rules along with recent SEBI circulars mandating higher security cover for MTF funding, new proprietary trading guidelines, and evolving risk-management frameworks can impact operations and influence industry-wide trading behaviour.

Rating Sensitivity

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:

­ Material change in the shareholding or support of parent. Specific metrics that could exert pressure on the ratings include EBITDA margin of less than 20%.

Liquidity Position

Adequate

The liquidity profile is supported by cash accruals and margin deposits with exchanges. The short-term borrowings of ~ Rs. 93.66 Cr. consist of unsecured loans from promoters and NBFC. The group’s liquidity is supported by the absence of any outstanding long-term borrowings as on March 31, 2025, which results in no fixed debt servicing obligations. Additionally, the group reported cash and bank balance of ~Rs. 11.70 Cr. as on March 31, 2025.

Outlook

­Stable

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

Particulars Unit FY25 (Actual) FY24 (Actual) Operating Income Rs. Cr. 8.80 0.00 PAT Rs. Cr. 1.76 0.00 PAT Margin (%) 19.97 0.00 Total Debt/ Tangible Networth Times 1.44 0.00 PBDIT/ Interest Times 1.95 0.00 *Ratios as per Acuite's calculations

Key Financials (Consolidated)

­ Particulars Unit FY25 (Actual) FY24 (Actual) Operating Income Rs. Cr. 62.51 0.00 PAT Rs. Cr. 17.49 0.00 PAT Margin (%) 27.98 0.00 Total Debt/ Tangible Networth Times 1.68 0.00 PBDIT/ Interest Times 4.65 0.00 *Ratios as per Acuite's calculations

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

­None

Any Other Information

­None

Applicable Criteria

• Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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

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 Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE BBB- | Stable | Assigned

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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr.No. Company Name 1 Zanskar Securities Private Limited 2 Zanskar Tech Private Limited 3 Zanskar Research LLP 4 Zanskar Tech Pte Limited

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

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.