Gretex Corporate Services Ltd · NSE:GCSL
Gretex Corporate Services — Q2 FY2027 Earnings Presentation
40 slides from Gretex Corporate Services's earnings presentation, Nov 10, 2026
Slide 1: Exchange intimation letter for investor presentation
GRETEX CORPORATE SERVICES LIMITED A-401, Floor 4th, Plot FP-616, (PT), Naman Midtown, Senapati Bapat Marg, Near Indiabulls, Dadar (West), Mumbai – 400013 Website: www.gretexcorporate.com, Email ID: info@gretexgroup.com Contact No.: 02269308500 CIN: L74999MH2008PLC288128 Date: November 10, 2026 To, T
Slide 2: Investor Presentation Q2/H1-FY27
GRETEX CORPORATE SERVICES LIMITED INVESTOR PRESENTATION Q2/H1-FY27 November 2026 CAPITAL GROWTH TRUST 1
Slide 3: Company Snapshot
COMPANY SNAPSHOT Gretex Corporate Services Limited at a glance — a SEBI-registered Category-I Merchant Banker 63 ~₹1,579 Cr Companies listed on Capital mobilised stock exchanges since FY2017 Structuring growth through capital markets & strategic advisory Gretex is a SEBI-registered Category-I Mercha
Slide 4: Q2/H1-FY27 Financial Highlights
QUARTERLY PERFORMANCE Q2/H1-FY27 Financial Highlights Quarterly consolidated revenue, margins and key performance metrics 3
Slide 5: Q2-FY27 Financial Highlights
Q2-FY27 FINANCIAL HIGHLIGHTS Quarterly consolidated performance · All figures in INR Mn unless stated Particulars Q2-FY27 Q2-FY26 Y-o-Y Q1-FY27 Q-o-Q Revenue from Operations 756 796 (5.0)% 375 101.6% Operating Expenses 660 479 203 EBITDA 96 317 (69.7)% 172 (44.2)% EBITDA Margins (%) 12.70% 39.82% (2
Slide 6: H1-FY27 Financial Highlights
H1-FY27 FINANCIAL HIGHLIGHTS Quarterly consolidated performance · All figures in INR Mn unless stated Particulars H1-FY27 H1-FY26 Y-o-Y Revenue from Operations 1,131 1,015 11.4% Operating Expenses 865 680 EBITDA 266 335 (20.6)% EBITDA Margins (%) 23.52% 33.00% (948) Bps Other Income 15 (115) Depreci
Slide 7: Q2/H1-FY27 Key Metrics
Q2/H1-FY27 KEY METRICS Headline performance indicators · Consolidated Q2-FY27 Financial Highlights H1-FY27 Financial Highlights REVENUE EBITDA PAT REVENUE EBITDA PAT ₹ 756 Mn ₹ 96 Mn ₹ 71 Mn ₹ 1,131 Mn ₹ 266 Mn ₹ 199 Mn (5.0)% YoY (69.7)% YoY (45.0)% YoY 11.4% YoY (20.6)% YoY 43.2% YoY EPS EBITDA MA
Slide 8: H1-FY27 Operational Highlights
H1-FY27 OPERATIONAL HIGHLIGHTS Key business, financial and corporate developments during the quarter Underwriting 1 SME IPO Lising 4 DRHP filed 1 mandate BUSINESS & CORPORATE DEVELOPMENTS • The Company progressed four IPO mandates to the DRHP filing • Secured an underwriting mandate from Armee Infot
Slide 9: Company Overview: Overview, Leadership, Journey & Footprint
COMPANY OVERVIEW Overview, Leadership, Journey & Footprint Board & management, milestones, geographic presence and clientele 8
Slide 10: Gretex Group Structure & Business Verticals
GRETEX GROUP STRUCTURE & BUSINESS VERTICALS An integrated financial services platform spanning capital markets, broking and allied businesses ONE VISION, MULTIPLE STRENGTHS GRETEX CORPORATE SERVICES LTD GRETEX SHARE BROKING LTD · (MATERIAL SUBSIDIARY) GRETEX INDUSTRIES LTD · ASSOCIATE COMPANY Capita
Slide 11: Board of Directors
BOARD OF DIRECTORS Alok Harlalka Arvind Harlalka Sumeet Harlalka Managing Director & CFO Whole-Time Director Whole-Time Director • 17 years on Board • 17 years on Board • 2+ years on Board • 28+ yrs in capital markets; Nominee Director of AIBI • 32 yrs across finance & manufacturing • 23 yrs in FX &
Slide 12: Our Journey — From Ambition to Arrival
OUR JOURNEY — FROM AMBITION TO ARRIVAL 2008–10 2011–14 2017–21 2022–23 2024–25 2025–26 Incorporated as Dynamic Renamed Gretex First SME IPO listing; New corporate office at First Mainboard IPO Migrated to Mainboard Tradeserv Pvt. Ltd. (2008) Corporate Services Listed IPOs through One BKC; Among Top-
Slide 13: Geographic Presence
GEOGRAPHIC PRESENCE A focused two-city footprint anchoring pan-India origination and execution MUMBAI KOLKATA Registered & Corporate Office Branch Office Registered Office Branch Office A-401, Naman Midtown, Senapati Bapat Office 506 (A&B), 90 Phears Lane, Marg, Dadar (W), Mumbai – 400013 Kolkata –
Slide 14: Some of Our Prestigious Clients
SOME OF OUR PRESTIGIOUS CLIENTS A cross-section of issuers and market-making clients Gretex has partnered with Trust,300+ relationships transparency, built on trust, transformation —transparency relationshipsand thattransformation outlast the transaction 13 8
Slide 15: Awards & Recognition
AWARDS & RECOGNITION Consistently recognised by leading exchanges and industry bodies for innovation, governance & SME capital-market impact BSE BSE Star MF & MF Partners AIBI Top Performing Merchant Banker in the SME Strategic Partnering with AMCs – Capital Market Alok Harlalka — SME Convenor, AIBI
Slide 16: Business Overview: Segments, Services & Execution Engine
BUSINESS OVERVIEW Segments, Services & Execution Engine What Gretex does, how it delivers, and the capacity behind it 15
Slide 17: Capital Markets & Corporate Finance
CAPITAL MARKETS & CORPORATE FINANCE SEBI Registered Merchant Banker GCSL is a SEBI registered Category 1 merchant banker, providing capital- market and corporate-finance advisory services to businesses on IPOs, capital LAYER 4 raising, and strategic financial transactions. Future Mandates Debt, cros
Slide 18: Service Portfolio
SERVICE PORTFOLIO Seven integrated service segments spanning the full capital-markets lifecycle 1 2 3 4 SME & Mainboard Corporate Strategy Valuation & Private Placements IPO Advisory & Restructuring Financial Advisory & PE Advisory End-to-end merchant banking: due Business realignment, mergers, deme
Slide 19: Market Making & Broking
MARKET MAKING & BROKING Market making Institutional broking Established Base High-Growth & Scalable Opportunity Gretex Share Broking Ltd., a subsidiary of Gretex Corporate, is a SEBI-registered Market Maker and BSE-registered Stock Broker. Empanelled multiple leading institutions, including GIC, str
Slide 20: Gretex Corporate & Broking: A Twin-Engine Model
GRETEX CORPORATE & BROKING: A TWIN-ENGINE MODEL Issuer mandates, AIF trades ENGINE 2 ENGINE 1 & referral flow Gretex Corporate Services Gretex Broking (GSBL) Originates IPO, advisory & Debt Provides market-making capacity ONE GROUP syndication mandates RELATIONSHIP Origination + Owns the primary iss
Slide 21: Diversified Client Base Across Multiple Industries
Diversified Client Base Across Multiple Industries 63 IPO-listed clients mapped by industry — an all-sector origination capability 7 6 5 4 5 4 3 Industrial Products & Mfg. Real Estate, Infra & Pharmaceuticals & Chemicals & Polymers Packaging Metals, Castings & Forgings Jewellery Construction Healthc
Slide 22: Deal Execution Lifecycle
DEAL EXECUTION LIFECYCLE A disciplined, lifecycle-driven engagement model — pre-IPO strategy to post-listing support 1 Origination & Mandate 2 Due Diligence & Structuring 3 Documentation & Filing Promoter connections & industry networks generate a Robust SEBI-aligned diligence; optimise valuation, D
Slide 23: Industry Overview: India's Capital Markets & the SME Opportunity
INDUSTRY OVERVIEW India’s Capital Markets & the SME Opportunity Market size, growth drivers, trends and the regulatory landscape 22
Slide 24: Strong Industry Fundamentals Supporting Future Scale
STRONG INDUSTRY FUNDAMENTALS SUPPORTING FUTURE SCALE India’s capital markets are deepening — record domestic flows and a rising pipeline of primary issuances Rising momentum in capital-market issuances Healthy capital markets, supported by strong domestic flows SME & Mainboard IPO count DII / FII Ne
Slide 25: Growth Drivers
GROWTH DRIVERS Structural forces deepening and institutionalising India’s capital markets Deepening Retail Financialisation of Savings SME Formalisation Participation Rising equity participation and record SIP flows are SMEs are evolving into structured, growth- A larger, more informed retail base i
Slide 26: Industry Trends & Regulatory Landscape
INDUSTRY TRENDS & REGULATORY LANDSCAPE KEY INDUSTRY TRENDS GOVERNMENT & REGULATORY Startup India, Make in India & Atmanirbhar Bharat expanding the listing-ready Consolidation around well-capitalised, established merchant bankers universe Stronger disclosure, governance & regulatory oversight SEBI’s
Slide 27: Strategic Overview: Strengths, Strategy & Investment Case
STRATEGIC OVERVIEW Strengths, Strategy & Investment Case Why Gretex, where it is headed, and the reasons to invest 26
Slide 28: Competitive Strengths
COMPETITIVE STRENGTHS Full-Stack Capital Markets SME & Emerging-Company Market Maker + Merchant Partner Specialist Banker One relationship from pre-IPO strategy to post-listing Among India’s most active SME IPO players — on- A rare combination — stays invested post-listing liquidity and ongoing mark
Slide 29: A Decade of Scaling Deal Activity
A DECADE OF SCALING DEAL ACTIVITY Year-wise IPOs managed since our first mandate in FY2017 — registered as a Merchant Banker in 2014 52 62 IPOs managed 45 since FY2017 30 8.5× Growth in avg issue size (FY17→FY26) 20 16 8 11 11 11 ~₹1,529 Cr 8 9 7 6 Cumulative capital 5 2 4 mobilised 2 2 3 3 FY17 FY1
Slide 30: Building the Next Phase of Growth
BUILDING THE NEXT PHASE OF GROWTH Mainboard IPOs Expanding Institutional Broking Increase pipeline of larger mandates; Empanelling new institutional clients sharpen readiness (governance, across Mutual Funds, leveraging research, investor education) to GSBL's market-making platform to improve strike
Slide 31: Investment Highlights
INVESTMENT HIGHLIGHTS The concise case for Gretex Corporate Services Limited Established SME IPO leader Mainboard inflection 62 transactions · ~₹1,529 cr mobilised · 5-time Top Volume Performer (BSE). Migrated to mainboard (Sep 2025); mandate profile stepping up in size & complexity. Twin-Engine Gro
Slide 32: Financial Overview: Financial Highlights & Performance
FINANCIAL OVERVIEW Financial Highlights & Performance Financial highlights, income statement, balance sheet, cash flow & key ratios 31
Slide 33: Historical Income Statement & Cash Flow
HISTORICAL INCOME STATEMENT & CASH FLOW Consolidated financials for FY24–FY26 · All figures in INR Mn unless stated Particulars FY25 FY26 H1-FY27 Revenue from Operations 2,589 1,785 1,131 Operating Expenses 2,576 1,357 865 EBITDA 13 428 266 EBITDA Margins (%) 0.50% 23.98% 23.52% Other Income 69 6 15
Slide 34: Historical Balance Sheet
HISTORICAL BALANCE SHEET Consolidated statement of assets and liabilities · All figures in INR Mn Particulars FY25 FY26 H1-FY27 Particulars FY25 FY26 H1-FY27 EQUITY AND LIABILITIES ASSETS Equity Share Capital 119 242 250 Non-Current Assets Reserves & Surplus 1,813 1,456 2,267 Property, Plant and Equ
Slide 35: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE Revenue, EBITDA and PAT trends (Consolidated) · INR Mn Revenue from Operations EBITDA & Margin PAT & Margin 2,589 276 427 1,785 23.92% 15.46% 756 12.83% 72 97 9.52% 18 13 0.50% 0.70% FY25 FY26 H1 FY27 FY25 FY26 H1 FY27 FY25 FY26 H1 FY27 34
Slide 36: Capital Market Data
CAPITAL MARKET DATA Stock performance, market statistics & shareholding · As on 30ᵗʰ September, 2026 YEAR-TO-DATE STOCK PERFORMANCE 200% 150% 100% 50% 0% -50% Oct 2025 Nov 2025 Dec 2025 Jan 2026 Feb 2026 Mar 2026 Apr 2026 May 2026 Jun 2026 Jul 2026 Aug 2026 Sep 2026 GCSL (NSE) Nifty 50 SHAREHOLDING
Slide 37: ESG & Sustainability: Responsible Growth & Community Impact
ESG & SUSTAINABILITY Responsible Growth & Community Impact Project Samriddhi, healthcare, education and strong governance 36
Slide 38: ESG & Sustainability
ESG & SUSTAINABILITY Creating meaningful, measurable and lasting impact beyond the financial year Education — Project Samriddhi Healthcare Hunger & Social Welfare Flagship CSR initiative: adopted a government school — Financial assistance for cancer patients; partnered with Collaborations with UNB I
Slide 39: Disclaimer
DISCLAIMER This presentation is for information purposes only and does not constitute or form part of, and should not be construed as, an offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Gretex Corporate Services Limited (the "Com
Slide 40: Thank You
THANK YOU GRETEX CORPORATE SERVICES LIMITED A-401, 4th Floor, Naman Midtown, Senapati Bapat Marg, Dadar (W), Mumbai – 400013 Mr. Mohd Amir www.gretexcorporate.com · info@gretexgroup.com · +91 22 6930 8500 Budhaaditya Advisors Pvt Ltd. NSE: GCSL · BSE: 543324 · Contact: +91 98318 83749 CIN: L74999MH2
Gretex Corporate Services — Q2 FY2027 Earnings Presentation on 6ix