Press Release May 29, 2026 ZANSKAR SECURITIES PRIVATE LIMITED Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	25.00	ACUITE BBB- | Stable | Reaffirmed	-	RBI
Non Convertible Debentures (NCD)	25.00	0.00	Provisional | ACUITE BBB | Stable | Assigned	-	SEBI
Total Outstanding	25.00	25.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 assigned the long-term rating of ‘ Provisional ACUITE BBB' (read as Provisional ACUITE Triple B) on the Rs. 25.00 Cr. proposed Non Convertible Debentures of Zanskar Securities Private Limited (ZSPL). The outlook is ‘Stable’. ­Acuite has reaffirmed 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 The provisional rating factors the credit enhancement in the form of a Debt Service Reserve Account (DSRA) mechanism along with a T-5 structure on the proposed NCD facility of Rs. 25.00 Cr. However, the rating is constrained by ZSPL’s moderate scale of operations and its relatively leveraged capital structure and asset quality levels. Going forward, ZFPL’s ability to raise capital and profitably grow its loan portfolio while maintaining a conservative leverage level will be a key monitorable. The rating on the Rs. 25.00 Cr. proposed NCD for ZSPL is provisional and the final rating is subject to: -Appointment of a SEBI registered Debenture Trustee -Creation of requisite DSRA  -Execution of signing of Trust Deed -Receipt of the final term sheet and confirmation from trustee regarding the compliance with all the terms and condition of term sheet.

About the Company

­Bangalore-based Zanskar Securities Private Limited was incorporated in 2023. Directors of the company are Mr. Abhay Sachan, Ms. 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

­ACUITE BBB-/Stable

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.  For the proposed NCD facility, Acuite also factors in the presence of a DSRA in form of 15 percent of the issue size to be maintained in FD or government securities rated AAA by SEBI registered Rating Agency and to be lien marked in favour of the debenture trustee, throughout the tenure of the NCD. The differential in the ratings of regular NCD vis. a vis. the rating on the NCDs is on account of these structures. The notch-up is based on DSRA and T-n mechanism and structure being an Internal Credit Enhancement the suffix of CE is not required.

Key Rating Drivers

Strengths

­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

Weaknesses

­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.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

­Acuite takes into consideration the Structured Payment Mechanism (SPM)  put in place by ZSPL to ensure timely availability of funds for servicing of debt obligations. As per the structure,Interest and/or Principal repayment amount to be deposited in a separate escrow account at least 5 days prior to the repayment date and 15% of the issue size to be maintained in FD or government securities rated AAA by SEBI registered Rating Agency and to be lien marked in favour of the debenture trustee, throughout the tenure of the NCD. Stress case Scenario A­cuité has sensitised its projections during the NCD tenure, even after which the interest and debt service coverage ratios are expected to remain comfortable to meet the debt obligations. Over and above this, the company is expected to maintain DSRA of 15.0% of the issue amount which is to be replenished in a time bound manner in case of meeting any exigency and shortfall.

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%

All Covenants

Covenants’ are not part of the draft term sheet made available to Acuite. Acuite shall disclose the Covenants once the Final Term Sheet is made available to it.

Liquidity Position

Adequate

­The liquidity profile is supported by cash accruals and margin deposits with exchanges. The  borrowings of ~ Rs. 48.36 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

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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 (0.19) 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 0.87 0.00 PBDIT/ Interest Times 4.65 0.00 *FY 25 Financial Statement are restated. **Ratios as per Acuite's calculations

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

­Not Applicable

Supplementary disclosures for Provisional Ratings

Risks associated with the provisional nature of the credit rating

I­n case there are material changes in the terms of the transaction after the initial assignment of the provisional rating and post the completion of the issuance (corresponding to the part that has been issued). Acuite will withdraw the existing provisional rating and concurrently, assign a fresh final rating in the same press release, basis the revised terms of the transaction

Rating that would have been assigned in absence of the pending steps/ documentation

­ACUITE BBB-/Stable

Timeline for conversion to Final Rating for a debt instrument proposed to be issued

­The provisional rating shall be converted into a final rating within 90 days from the date of issuance of the proposed debt instrument. Under no circumstance shall the provisional rating continue upon the expiry of 180 days from the date of issuance of the proposed debt instrument

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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 17 Mar 2026 Proposed Long Term Bank Facility Long Term 25.00 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

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   1 Includes 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. 3 The 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.