Gretex Corporate Services Ltd

- There is no explicit mention of any current or planned fundraising through debt or equity in the transcript. - The company is focused on increasing listings and growing revenue and profit margins through IPO mandates and market-making activities. - Gretex is proposing an investment in a CATEGORY II AIF (Alternative Investment Fund) through Bahutex Ventures LLP with a target corpus of up to INR100 crores, where Gretex holds a 50% partnership interest. - The INR2.5 crore capital commitment from Gretex towards this fund is not expected to impact dividend distribution. - No indication of new equity or debt raising outside of normal business operations or the AIF initiative was disclosed during the call.

- Gretex Corporate Services Limited is undertaking an investment in a Category II Alternative Investment Fund (AIF) sponsored and managed through Bahutex Ventures LLP, where Gretex will hold a 50% partnership interest as a designated partner. - The proposed AIF fund has a target corpus of up to INR 100 crores, including a green shoe option. - Gretex's own capital commitment to the AIF is 2.5% of the overall fund, amounting to INR 2.5 crores. - This capital commitment is not expected to impact dividend distribution. - Regarding technology upgrades for the broking arm, the company expects regular, ongoing technology updates but no significant capital expenditure (capex) is planned for FY '26 and FY '27. Overall, strategic investment focus is on the AIF fund, with limited capex on technology.

- Gretex anticipates a strong pipeline with 20 active IPOs under execution, including 14 SME IPOs and 6 Main Board IPO mandates, providing good revenue visibility. - The company is gradually reducing SME IPOs and increasing focus on Main Board IPOs, which are expected to bring higher revenue and lower risk. - Market conditions currently affect listing volumes, with expectations of fewer listings compared to the previous year due to market sentiment. - Gretex expects the current financial year (FY’25-FY’26) to be their best year, targeting increased revenue and profit margins. - The subsidiary Gretex Share Broking Limited is progressing toward listing, expected to bolster growth in broking and market-making operations. - Alternative investment initiatives via a proposed INR100 crore AIF will complement growth. - The revenue from Main Board IPO mandates is expected to be lumpy due to longer execution cycles.

- Gretex expects FY '25-FY '26 to be its best year with targeted PAT margins of 40%-45%. - EBITDA margins are expected to normalize at 20%-22% annually, despite quarterly volatility. - Strong pipeline includes 20 active IPOs (14 SME and 6 Main Board), indicating sustained revenue visibility. - Main Board IPO mandates may lead to lumpy revenue recognition due to longer execution cycles. - The company is strategically shifting focus from SME to Main Board IPOs to reduce market-making risk and increase revenue quality. - No reduction in merchant banking fees expected; efforts will increase if market conditions are weak. - Broking arm expects regular technology upgrades but no large capital expenditure. - Proposed INR100 crore AIF fund investment is not expected to impact dividend distribution. - Overall, Gretex aims for sustained execution momentum and scale across merchant banking and broking platforms.

- Gretex Corporate Services Limited currently has 20 active IPOs under execution: - 14 SME IPOs on NSE Emerge and BSE platforms - 6 Main Board IPO mandates - The company has received in-principle approvals for several companies, including: - SSG Furnishing Solutions Limited - Vama Wovenfab Limited - Shreyas Fabtech Limited - DRHPs have been filed for: - Brandman Retail Limited - Sureflo Techcon Limited - Acetech E-Commerce Limited - The six Main Board IPO mandates have longer execution cycles, indicating potentially uneven or lumpy revenue recognition in upcoming quarters. - The strong and well-balanced pipeline provides healthy visibility and sustained execution momentum across both merchant banking and broking businesses.