Dam Capital Advisors Limited

rs,

Ref. No.: DAM/SE/023/2025-26 Date: July 23, 2025 To, BSE Limited P.J. Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 544316 To, National Stock Exchange of India Exch

INR 31

king Institutional Equities PRIVATE & CONFIDENTIAL Performance Snapshot – Q1FY26 Total Income – INR 31 Cr Profit after tax – INR 0.23 Cr Net Cash^ available as on 30th June 2025 – INR 234 Cr 27 IPOs i

INR 0.23

PRIVATE & CONFIDENTIAL Performance Snapshot – Q1FY26 Total Income – INR 31 Cr Profit after tax – INR 0.23 Cr Net Cash^ available as on 30th June 2025 – INR 234 Cr 27 IPOs in pipeline#; mandated for severa

INR 234

otal Income – INR 31 Cr Profit after tax – INR 0.23 Cr Net Cash^ available as on 30th June 2025 – INR 234 Cr 27 IPOs in pipeline#; mandated for several QIPs and advisory transactions 10.6% Market Share i

10.6%

June 2025 – INR 234 Cr 27 IPOs in pipeline#; mandated for several QIPs and advisory transactions 10.6% Market Share in Filed IPOs as on 30th June 2025 80 ECM transactions executed from Nov’ 2019 to Jun

INR 1,43,000

n Filed IPOs as on 30th June 2025 80 ECM transactions executed from Nov’ 2019 to Jun’ 2025 raising INR 1,43,000+ Cr Note: As per Consolidated Financial Statements; ^Net cash available is the sum of cash & cash

INR 9

r Q1FY26 Total Income: INR 31 Cr Profit after Tax: INR 0.23 Cr Merchant Banking Revenue: INR 9 Cr Institutional Equities Revenue: INR 18 Cr Note: As per Consolidated Financial Statements PR

INR 18

fter Tax: INR 0.23 Cr Merchant Banking Revenue: INR 9 Cr Institutional Equities Revenue: INR 18 Cr Note: As per Consolidated Financial Statements PRIVATE & CONFIDENTIAL 46 Q1FY25 22 Q1FY25

57.9%

ary P&L Q1 FY26 Q1 FY25 Y-o-Y % Growth Vectors Income: Merchant Banking Revenue 9.1 21.7 -57.9% Stock Broking Revenue 18.0 20.3 -11.1% Other Income 3.7 4.3 -13.6%  Q1 FY26 saw limited m

11.1%

Vectors Income: Merchant Banking Revenue 9.1 21.7 -57.9% Stock Broking Revenue 18.0 20.3 -11.1% Other Income 3.7 4.3 -13.6%  Q1 FY26 saw limited market activity due to ongoing domestic and

13.6%

ing Revenue 9.1 21.7 -57.9% Stock Broking Revenue 18.0 20.3 -11.1% Other Income 3.7 4.3 -13.6%  Q1 FY26 saw limited market activity due to ongoing domestic and geopolitical uncertainties. Th

33.3%

d resilient, providing stability and demonstrating business Total Income Expenses: 30.9 46.3 -33.3% model diversification despite overall market volatility. Employee Benefit Expenses 17.4 13.7

“INR 18 Cr Note: As per Consolidated Financial Statements PRIVATE & CONFIDENTIAL 46 Q1FY25 22 Q1FY25 22 Q1FY25 20 Q1FY25 3 31 Q1FY26 0.23 Q1FY26 9 Q1FY26 18 Q1FY26 P&L Analysis – Management Commentary P&L Q1 FY26 Q1 FY25 Y-o-Y % Growth Vectors”

“Merchant Banking Revenue 9.1 21.7 -57.9% Stock Broking Revenue 18.0 20.3 -11.1% Other Income 3.7 4.3 -13.6%  Q1 FY26 saw limited market activity due to ongoing domestic and geopolitical uncertainties.”

“of Stocks Covered 197 206 168 153 128 FY22 FY23 FY24 FY25 Q1FY26 10 Shareholding Pattern Foreign Companies 2.87% Foreign Portfolio Investors (Cat I + II) 1.82% Resident Individuals* 36.65% Holding % as on 30th June 2025 Bodies Corporate 4.69% NRIs 0.54% Others 3.13% Promoter & Promoter Group 40.00% Mutual Funds 2.90% Insurance Companies 1.79% Alternate Investment Funds 5.61% Source: BSE * Resident individuals include individuals holding nominal share capital up to Rs.”

“Merchant Banking Industry Overview DAM Capital has 10.6% Market Share in filed IPOs^ Increasing number of Capital Market Issuances Strong IPO Pipeline (as on 30th June 2025) IPO & QIP Issuances (#) IPO QIP 140 64 76 163 85 78 82 29 53 48 11 37 24 9 15 FY22 FY23 FY24 FY25 Q1FY26 FY25 saw 2.2x more funds raised than FY24 IPO & QIP Issue (INR ‘000 Cr) IPO QIP 140 29 112 133 71 62 61 9 52 296 133 162 45 15 30 FY22 FY23 FY24 FY25 Q1FY26 No.”

“There cannot be any assurance that the results contained in the projections will be realized.”

Revenue

2

Total Income

1

Profit after Tax

1

Income

1

Expenses

1

Operating performance indicators

1

Notes

1

Tax expense

1

Disclaimer

1

Revenue

INR 18 Cr Note: As per Consolidated Financial Statements PRIVATE & CONFIDENTIAL 46 Q1FY25 22 Q1FY25 22 Q1FY25 20 Q1FY25 3 31 Q1FY26 0.23 Q1FY26 9 Q1FY26 18 Q1FY26 P&L Analysis – Management Commentary P&L Q1 FY26 Q1 FY25 Y-o-Y % Growth Vectors

Income

Merchant Banking Revenue 9.1 21.7 -57.9% Stock Broking Revenue 18.0 20.3 -11.1% Other Income 3.7 4.3 -13.6%  Q1 FY26 saw limited market activity due to ongoing domestic and geopolitical uncertainties. This impacted deal execution timelines, resulting in lower revenue recognition for the quarter.  Despite a muted start, three deals were executed, laying the groundwork for future quarters as market sentiment revived and primary market activity has picked up.  Stock Broking revenue remained resilient, providing stability and demonstrating business Total Income

Expenses

30.9 46.3 -33.3% model diversification despite overall market volatility. Employee Benefit Expenses 17.4 13.7 27.2%  Our employee strength has increased to 129 (vs 115 in Q1FY25).  The employee cost increase is a mix of increased employee strength as well as salary hikes as we continue strategic investment in core talent and capabilities for future growth requirements. Depreciation and Ammoritsation 3.4 1.7 103.9%  As per Ind AS 116 - Rental expense is being categorised into Ammortisation of RoU Assets Finance Cost Other Expenses 2.2 7.4 0.3 646.4% 4.1 81.4% Total Expenses 30.4 19.7 54.4% PAT 0.23 22.1 -99.0% and Finance Cost; hence moved higher  Actual Rental expenses have increased as we have moved to a new office premise in Q1FY26. We are not a quarter-to-quarter business given the inherent volatility of capital markets. Performance must be evaluated over a longer horizon. Note: As per Consolidated Financial Statements PRIVATE & CONFIDENTIAL 4 Operational Highlights – Q1FY26 ECM

Operating performance indicators

Total Number of Employees Number of Capital market issuances advised (IPO, QIP, OFS, REITs, Rights Issue, Buyback, Open Offer) Number of Stocks Covered by Research Number of Sectors Covered by Research

Notes

0.23 0.8% – 129 2 206 24 22 9 47.8% 23.2% – – 104 41.5% 48.7% 71 38.8% 54.7% 9 10.2% 9.5% 22 23.2% 28.5% 115 3 170 19 125 2 197 23 125 14 197 23 111 21 168 19 100 13 153 20 92 12 128 19 1. 2. 3. 4. 5. 6. Merchant Banking Revenue includes Merchant Banking segment and Broking Revenue includes stock broking segment as per the segment reporting in restated financials and % is computed on Total Income Revenue per employee for the quarters have not been annualised Employee Cost as % of Total Income is calculated as Employee Benefit expense / Total Income PAT Margin is calculated as PAT / Total Income Return on Equity is calculated as PAT / Average Total Equity. RoE has not been computed for the quarters. Data is taken on a consolidated basis PRIVATE & CONFIDENTIAL 13 Financial Statements: Consolidated Statement of Profit & Loss Account Particulars (All amounts in INR Cr ) Quarter ended Year Ended 30 Jun 2025 30 Jun 2024 31 Mar 2025 31 Mar 2025 31 Mar 2024 Revenue from operations Interest Inc

Tax expense

– Current tax – Deferred tax Total tax expense Profit /(loss) for the period/year (V - VI) Other comprehensive income a) (i) Remeasurements of post-employment benefit obligations (ii) (iii) Exchange diff. on translating the financial statements of a foreign operation Items that will not be reclassified to profit and loss Income tax relating to the above Other comprehensive income/(loss) for the period/year Total comprehensive income /(loss) for the period/year (VII - VIII) Earnings per equity share (FV Rs 2/- each) (not annualised for interim period) – Basic (Rs.) – Diluted (Rs.) Note: As per Consolidated Financial Statements PRIVATE & CONFIDENTIAL 14 3.75 27.10 30.85 0.03 30.88 2.25 2.05 17.38 3.38 5.39 30.45 0.43 0.53 (0.33) 0.20 0.23 (0.05) 0.01 (0.02) (0.06) 0.17 0.03 0.03 2.53 41.91 44.44 1.83 46.27 0.30 1.78 13.66 1.66 2.32 19.72 26.55 4.47 (0.04) 4.43 22.12 0.00 0.00 0.01 0.01 22.13 3.13 3.13 3.60 33.01 36.61 0.00 36.61 1.46 1.82 19.30 2.61 2.30 27.49 9.12 (0.39) 1.01 0.62 8.50