| Broking and Allied | Equities, derivatives, commodities broking and allied financial services. | Established branch network and trusted brand recognition in multiple states. | Primarily retail investors and traders (B2C). | Equity and commodity broking segments. | 523 | 89 | Brokerage fees and commissions from transactions. | Transaction-based brokerage fees. | Increased trading volumes and client acquisitions fueled by digital platforms. | Master Trust Broking Services |
| Interest | Lending activities and financial intermediation as NBFC. | Regulatory compliance as NBFC and established customer base. | Corporate and retail borrowers (B2B and B2C). | Short term lending products. | 13 | 2 | Interest income on loans and advances. | Interest-based recurring revenue. | Growing loan book supported by NBFC license and credit demand. | |
| Portfolio Management Services | Discretionary portfolio management in equities and debt instruments. | Proprietary algorithms and experienced fund management team. | High-net-worth individuals and institutional clients (B2C/B2B). | Discretionary equity and debt PMS. | 20 | 3 | Management and performance fees from AUM. | Fee-based recurring revenue linked to assets under management. | Launch of algorithmic and debt PMS products and wealth vertical expansion. | Master Quant 10, MPSL iRage Absolute Return |
| Insurance Broking | Insurance distribution and advisory services. | Strong advisory team and cross-selling with other financial products. | Retail and corporate clients (B2C/B2B). | Life and general insurance products. | 4 | 1 | Commissions from insurance product sales. | Commission-based income. | Growing insurance penetration and client base expansion. | Master Insurance Brokers |
| Investment/Trading in Securities | Proprietary trading and investment in securities and land. | Experienced investment team and diversified portfolio. | N/A (proprietary activity). | Securities trading segment. | 24 | 4 | Gains from trading and investment portfolio. | Capital gains and income from investments. | Strategic investments and trading expertise. | |
