Gretex Corporate Services Ltd

Allotment Details

• Warrants allotted on a preferential basis to Ambition Tie-Up Private Limited.
• No. of equity warrants: 12,01,000; investment: INR 19,87,49,786.
• Issue price per warrant: INR 358.
• Correction: warrants increased from 5,55,167 to 12,01,000.
• Date of disclosure: 14 August 2026.

Operating Highlights

• Q1 FY27 industry: 53 issues mobilized INR 6,895 crore; 8 mainboard IPOs raised ~INR 5,000 crore.
• FY26: 108 mainboard IPOs raised over INR 1.76 lakh crore.
• Gretex signed 3 new advisory mandates; listing mandate with West Bengal ferroalloy company.
• DRHP filed for Sky Alloys and Power Limited on NSE and BSE.
• Bahutex Category-II AIF registration; Gretex as fund partner.
• Gretex Share Broking Limited progressing toward listing; strong quarterly contribution.

Q&A Highlights

• Question on number of IPOs in coming quarter; answer: 3–4 IPO listings expected.
• Management tone: execution excellence in merchant banking and broking; environment remains favorable for Gretex.
• Gretex Share Broking listing and expansion highlighted as a growth driver.
• Future focus: scaling and disciplined growth across merchant banking and broking.

Outlook and Guidance

• Looking ahead, prioritize execution excellence while scaling merchant banking and broking platforms.
• Market environment remains favorable for long-term growth prospects, per management.

Meeting Details

• Date of call: August 10, 2026.
• Event: earnings conference call with analysts/investors.
• Mode: virtual audio conference; recording posted on investor relations page.
• Purpose: discuss quarterly results for quarter ended June 30, 2026.
• Availability: audio recording accessible on company website.

Business Overview

• SEBI Category-I Merchant Banker; SME and mainboard capital-market advisory.
• Integrated platform spans merchant banking, broking, market making, and wealth services.
• Migrated to mainboard in Sep 2025; focus on larger, complex mandates.
• Strong, near debt-free balance sheet; equity base around ₹220 crore.
• 62 transactions since inception; 11 IPOs executed in FY26.

Operational Highlights

• Three advisory mandates signed in Q1 FY27.
• Listing mandate secured for a West Bengal ferro-alloys company.
• DRHP filed for Sky Alloys and Power Ltd on NSE/BSE.
• Bahutex CAT-II AIF registration; Gretex as fund partner.
• Final dividend of ₹0.70 per share recommended.
• Forward pipeline noted with visibility for upcoming mandates.

Financial Performance

• Q1-FY27 revenue ₹375 Mn; YoY growth 70.5%.
• EBITDA ₹172 Mn; EBITDA margin 45.87%.
• PAT ₹128 Mn; PAT margin 34.13%.
• PBT ₹172 Mn; taxes ₹44 Mn.
• Operating expenses ₹203 Mn; flat YoY.

Capital Structure & Liquidity

• Near debt-free balance sheet; long-term debt minimal.
• Equity base ≈ ₹220 cr; cash and equivalents ₹9 Mn FY26.
• Migration to mainboard Sep 2025 supports larger mandates.

Strategic Priorities & Outlook

• Six strategic initiatives to scale mandates, platforms, and adjacent products.
• Diversification into AIF, PMS, GSBL listing, PE, and retail broking.
• Core merchant-banking profitability sustained; margins normalised in FY26.

Risks & Mitigation

• FY25 margin dip due to high-volume market-making; FY26 margins normalised.
• Revenue sensitivity to capital-market cycle; diversification mitigates risk.

Governance & Leadership

• Board oversight via Audit, Risk, and NRC committees.
• Robust KYC, AML, due-diligence processes; no material FY26 incidents.

Business Overview

• Gretex operates as a SEBI Category-I Merchant Banker with capital-markets advisory.
• Two-city footprint in Mumbai and Kolkata; SME IPO focus with end-to-end lifecycle.
• Mainboard migration completed in Sep 2025, expanding mandate profile and transaction size.

Key Operational Highlights

• Three advisory mandates signed in the quarter.
• Listing mandate secured for West Bengal ferro-alloys company.
• DRHP filed for Sky Alloys and Power Ltd.
• Bahutex CAT-II AIF registration; Gretex as fund partner.
• Saksham Niveshak investor-education campaign launched.
• Board recommends final dividend of ₹0.70 per share.

Financial Performance

• Q1 FY27 revenue ₹375 Mn; YoY growth 70.5%.
• EBITDA ₹172 Mn; EBITDA margin 45.87%.
• PAT ₹128 Mn; PAT margin 34.13%; EPS ₹3.97.
• FY26 EBITDA ₹427 Mn; margin 23.92%; PAT ₹276 Mn.
• FY25 margins dip due to low-margin market making; core merchant-banking profitable.

FY26 & Long-Term Performance

• FY24–FY26 revenue: ₹1,090 Mn, ₹2,589 Mn, ₹1,785 Mn.
• FY26 cash flows: operating negative; financing funded needs.
• FY26 balance sheet: equity base ~₹220 Cr; near debt-free.

Capital Structure & Liquidity

• Balance sheet near debt-free; equity base ~₹220 Cr.
• FY26 cash and equivalents ₹9 Mn; short-term borrowings ₹103 Mn.
• Mainboard migration completed; pipeline remains robust.

Strategic Priorities & Outlook

• Six strategic growth initiatives across mandates, platforms, and adjacent products.
• Diversified revenue: AIF, PMS, GSBL listing, PE advisory, and retail broking M&A.
• FY26 margin recovery; EBITDA 23.9%, PAT 15.5%.

Governance & Leadership

• Board comprises MD & CFO Alok Harlalka; independent directors.
• SEBI Category-I registration; governance oversight via committees.
• Promoter-led, experienced team providing CFO-advisor level partnership.

Risks & Mitigation

• Governance & compliance framework; KYC/AML processes; cybersecurity policy.

Key update

• In-principle approval received from NSE and BSE for 19,51,000 equity warrants on a preferential basis.
• Approval subject to listing application filing and other regulatory approvals.
• Company must comply with SEBI LODR, Companies Act, and applicable laws before listing.
• Internal controls to monitor trades by allottees to prevent non-compliance with ICDR.
• Undertaking from allottees not to engage in intraday trading or selling before allotment date.
• Issuer responsible to verify compliance per ICDR Regulation 167(6).
• Exchange may withdraw in-principle approval if information is incomplete or incorrect.
• Approval does not substitute for other regulatory approvals; separate approvals may be required.
• Date of communication: August 7, 2026.
• Issuer: Gretex Corporate Services Limited (scrip 543324).

Secretarial Auditor appointment

• Reason: AGM approved appointment at July 31, 2026.
• Date and term: appointment effective May 7, 2026 for five consecutive years.
• Profile: M/s D.A. Kamat & Co has 24 years corporate secretarial experience.

Statutory Auditor re-appointment

• Reason: AGM approved re-appointment of Jay Gupta & Associates as Joint Statutory Auditor for five years.
• Date and term: re-appointment on July 31, 2026 for FY 2026-27 to 2030-31.
• Profile: M/s Jay Gupta & Associates is a Kolkata-based audit firm.

AGM Details

• AGM Details: Held 31 July 2026, 04:07–04:27 PM, at venue; physical meeting with remote e-voting.

Key Resolutions

• Adopt standalone and consolidated financial statements for FY2025-26.
• Declare final dividend of ₹0.70 per equity share.
• Reappoint Alok Harlalka as Director on rotation.
• Reappoint Jay Gupta & Associates as Joint Statutory Auditor for five years.
• Approve Related Party Transactions; disinterested director to oversee.
• Appoint D.A. Kamat & Co as Secretarial Auditor for five years.

Voting Status

• Voting results to be disclosed separately; not provided in filing.