Please find enclosed Annual Report 2025-26 of the Company

33RD ANNUAL REPORT 2025-26 OUR MANTRA TO PROVIDE UNIQUE SOLUTIONS TO MEET CLIENT SPECIFIC NEEDS, GIVEN TIME AND RESOURCE PARAMETERS Broking : Institutional Equity : Investment Banking : Investment Advisory : Private Wealth : Portfolio Management Services Service Differentiators: • Strategic Advice - Ability to identify, structure and implement unique investment strategies. • Smart Trading - Established, proven and efficient execution capabilities • Multiple Investment Advice - supported through a customized Open Architecture Service • Multiple Execution Points - Service supports Wide Array of Choice for Clients • Superior Technology - Service to be delivered around New Generation Technology Platform www.kslindia.com BOARD OF DIRECTORS Mr. Kalpen Shukla - Independent Director (Chairman) Mr. Paresh J. Khandwala - Managing Director Mr. Pranav Khandwala - Whole-time Director / CFO Mrs. Suzan Vakil - Independent Director Mrs. Bhagyashree Khandwala - Non - Executive Director Mr. Pratik Khandwala - Non - Executive Director COMPANY SECRETARY Mr. Abhishek Joshi REGISTERED OFFICE BRANCH OFFICE BRANCH OFFICE CORPORATE OFFICE G-II, Ground Floor, Dalamal C-8/9, Dr. Herekar Park, 517, 5th Floor, Lodha Supremus 201, Second Floor, Jeejeebhoy House, Nariman Point, Next to Kamala Nehru Park, Building, Next to Lodha Eternis, Tower, Bombay Stock Exchange, Mumbai - 400021 Off. Bhandarkar Road, Near Hotel Tunga International, Dalal Street, Fort, Tel:- 91-22-40767373/74 Pune - 411004 End of 11th Road, off. Mahakali Mumbai - 400001 Fax:- 91-22-40767377 Tel:- 91-20-66220300/01 Caves Road, Andheri East, Website: www.kslindia.com Mumbai - 400093 E-mail: kslsupport@kslindia.com STATUTORY AUDITORS Pravesh Agarwal & Associates Chartered Accountants 8th Floor, A Wing 801, Pinnacolo CHS LTD, RBK School Lane, Near Gaurav Residency Phase II, Mira Road East, Mira Bhayandar, Thane - 401107 CONTENTS PAGE NO. BANKERS Canara Bank Performance Highlights 3 Union Bank of India Notice 4 REGISTRAR & SHARE TRANSFER AGENT Director’s Report 11 Kfin Technologies Limited Selenium Tower B, Plot No. 31 & 32, Management Discussion and Analaysis 24 Financial District, Nanakramguda, Gachibowli, Hyderabad - 500 032, Telangana Corporate Governance Report 32 Tel :- 91-40-67162222 Standalone Financial Statement 43 Website: www.kfintech.com Consolidated Financial Statements 69 LEGAL ADVISORS Mulla & Mulla & Cragie Blunt & Caroe (Advocates, Solicitors & Notaries) Mulla House, 51, M.G.Road, Mumbai - 400 001 THIRTY-THIRD ANNUAL REPORT 2025-2026 Dear Shareholders, FY26 unfolded against a global backdrop that once again tested the patience of investors and institutions alike shifting trade arrangements, uneven monetary policy across major economies and bouts of volatility that made headlines more often than they made returns. Against that backdrop, India’s story continued to hold its own. Growth remained among the fastest of any major economy, domestic consumption and investment picked up the slack left by softer global demand and the financialisation of household savings the slow but unmistakable shift of Indian families from physical assets to financial ones continued at a pace that would have seemed improbable a decade ago. At Khandwala Securities, we do not experience this shift as an abstract trend. We experience it as it walks through our doors and logs into our platforms first-time investors opening their first account, family offices asking more sophisticated questions than they did five years ago, and companies that once thought public markets were out of reach now actively planning a listing. FY26 asked us to keep pace with all of it, and this letter is an account of how we did. Value Creation For a firm, value creation cannot mean a single good quarter. It has to mean something that compounds client relationships that deepen rather than churn, revenue streams that diversify rather than concentrate, and a balance sheet that stays disciplined even when the temptation to chase growth is strongest. That is the lens through which we managed FY26. We were selective about where we deployed capital and effort, choosing depth in the businesses we understand well over breadth into ones we do not. We believe this is the only form of value creation that survives a market cycle and it is the one we intend to keep practising. The Brand Has Never Been Stronger If there is one intangible asset that FY26 strengthened more than any other, it is the Khandwala Securities name itself. Over Ninety years, it is not easily replicated and in a market crowded with platforms that are months or a few years old, that history has become a genuine competitive advantage rather than a quiet fact in our letterhead. Clients particularly the more discerning ones increasingly choose us not because we are the newest option, but because we are the one that has already been tested by over nine decades of Indian market cycles. That reputation was not built in FY26, but it was reinforced by it and we treat it as an asset that compounds precisely because we refuse to put it at risk for short-term gain. Core Businesses Our business today spans equity broking, wealth and portfolio management, and corporate advisory and merchant banking - three businesses that, on paper, look distinct but in practice reinforce one another. A broking client who trusts our execution is often the same client who later asks us to manage a portfolio; a company we bring to market through our merchant banking desk frequently becomes a research and advisory relationship that outlasts the transaction itself. FY26 was a year of deepening each of these individually while strengthening the connective tissue between them, so that a client’s relationship with KSL grows richer the longer it lasts, rather than staying confined to whichever product first brought them to us. From Access to Partnership The first phase of India’s retail investing boom was, for the industry as a whole, principally about access - getting more Indians onto a trading account, a demat account, a mutual fund folio. That phase is not over, but it is no longer the only one that matters. Increasingly, what clients want from us is partnership: a house that understands their goals well enough to say no to an unsuitable product, that stays engaged after the account is opened rather than only at the point of acquisition, and that treats a family’s wealth as a multi-generational responsibility rather than a transaction. We have shaped our client engagement model around this shift, investing more in advisory conversations and less in one-time onboarding, because we believe the firms that make this transition well are the ones that will matter to Indian investors a decade from now. Compounding Opportunity India’s capital markets are, in a very real sense, still early. The share of household savings held in financial assets, the proportion of Indian companies that have accessed public capital, and the depth of advisory relationships available to India’s growing base of high-net-worth families all still have considerable room to expand. For a firm of our scale, that is an invitation rather than a burden - every year that this opportunity compounds gives us another year to compound alongside it, provided we resist the temptation to grow faster than our systems, people and governance can support. We would rather capture this opportunity patiently and completely than capture it quickly and imperfectly. Trust as Our Core Currency Every business we operate - broking, portfolio management, or merchant banking - ultimately rests on the same foundation: a client’s decision to trust us with something that matters to them, often their family’s financial future. That trust is not transactional. It is earned in the quality of research we publish, the discipline with which we manage portfolios through volatile periods, and the candour with which we communicate when markets, or we, fall short of expectations. We do not treat tr [Showing first 8,000 characters — download PDF for full document]