IIRM Holdings Subsidiary Approves ₹65 Crore NCD Fundraising and Equity Issuance

IIRM Holdings India Limited announced significant fundraising initiatives by its wholly-owned subsidiary India Insure Risk Management and Insurance Broking Services Private Limited. The subsidiary's board approved two major proposals on March 24, 2026, involving debt and equity fundraising totaling over ₹96 crore.

Non-Convertible Debentures Issuance

India Insure approved raising ₹65 crore through senior, unlisted, unrated, redeemable, secured Non-Convertible Debentures (NCDs) on private placement basis to Kotak Credit Opportunities Fund. The fundraising structure includes specific terms designed to provide attractive returns to the lender.

Parameter: Details Issue Size: ₹65,00,00,000 (6,500 NCDs) Face Value: ₹1,00,000 per NCD Tenure: 4 years (March 31, 2026 to March 31, 2030) Interest Structure: 1% advance interest + 12% quarterly coupon Blended IRR: 15.50% per annum Default Interest: 4% per annum

The NCDs will be secured through multiple layers of protection including second ranking charge on current and movable assets, first ranking charge on interest service reserve account, non-disposal undertaking on promoter shares, and unconditional guarantees from both the holding company and promoter.

Equity Issuance to Saferisk Shareholders

Simultaneously, India Insure approved issuing equity shares worth ₹31.21 crore to shareholders of Saferisk Insurance Brokers Private Limited on preferential cum private placement basis, subject to IRDAI approval. This strategic move aims to acquire Saferisk and integrate it into the IIRM Holdings group structure.

Allottee: Shares Allocated Holding Post-Issue Ashok Kumar Mishra: 2,12,147 2,12,147 Sandip Kumar Ghatak: 1,14,233 1,14,233 Shwetabh: 73,435 73,435 Sumeet Mohanty: 8,160 8,160 Total: 4,07,975 4,07,975

The equity shares carry a face value of ₹5 each and will be issued at ₹765 per share, representing a significant premium. All proposed allottees currently hold zero shares in India Insure.

Strategic Integration Plan

The transaction involves a comprehensive integration strategy where India Insure will become the holding company of Saferisk Insurance Brokers Private Limited. Key aspects of the arrangement include:

Cross-appointment of directors between both companies' boards

Transfer of existing Saferisk shareholding to India Insure

Investment through cash or equity share issuance

Ultimate merger of Saferisk with India Insure upon 100% acquisition

This structure will make Saferisk a step-down subsidiary of IIRM Holdings India Limited, expanding the group's presence in the insurance broking sector.

Regulatory Compliance

The company has fulfilled all regulatory disclosure requirements under SEBI Listing Regulations, providing comprehensive details about both transactions. The equity issuance remains subject to IRDAI approval, reflecting the regulated nature of the insurance broking business.

Both transactions represent strategic moves to strengthen India Insure's market position and expand its operational capabilities in the insurance sector. The fundraising provides necessary capital for growth initiatives while the Saferisk acquisition adds complementary capabilities to the group's insurance broking operations.

Source: None/Company/INE670C01026/939220bf-33f7-46a9-b0ce-aa0727097c41.pdf

IIRM Holdings India Limited has filed its investor presentation for Q3 FY26 (9M FY26) with BSE Limited and The Calcutta Stock Exchange Limited on March 17, 2026, demonstrating strong financial performance across key business segments. The insurance broking company showcased robust growth momentum driven by its core broking operations and strategic business focus.

Regulatory Filing and Compliance

The company submitted its quarterly investor presentation under Regulation 30 to both stock exchanges where it is listed. The presentation was signed by Company Secretary & Compliance Officer Pooja Gaur and made available on the company's official website at https://www.iirmholdings.in/investor/other-information-disclosures/ .

Exchange Details: Information BSE Scrip Code: 526530 Calcutta Stock Exchange Code: 029404 Filing Date: March 17, 2026 Document Type: Investor Presentation Q3 FY26

Financial Performance Overview

The company delivered impressive results for the nine-month period ended Q3 FY26. Total revenue increased significantly to ₹1,885.88 Mn, reflecting the strengthening of core business operations and successful execution of strategic initiatives.

Financial Metric: 9M FY26 9M FY25 Growth (%) Total Revenue: ₹1,885.88 Mn ₹1,644.96 Mn +14.47% EBITDA: ₹425.93 Mn ₹369.95 Mn +15.13% EBITDA Margin: 22.60% 22.50% +10 bps PAT: ₹176.01 Mn ₹196.56 Mn -10.46%

Strong Broking Business Growth

The broking business emerged as the primary growth driver, demonstrating exceptional performance across the nine-month period. Revenue from broking operations increased substantially by 47.4%, strengthening its contribution to total revenue from 61% to 78%.

Broking Metrics: 9M FY26 9M FY25 Change Broking Revenue: ₹1,477.80 Mn ₹1,002.50 Mn +47.4% Revenue Contribution: 78% 61% +17 pp Other Services Revenue: ₹403.61 Mn ₹637.08 Mn -36.6% Other Services Contribution: 22% 39% -17 pp

Within the broking vertical, the company witnessed strong growth across key segments with Motor growing by 249%, Liability by 193%, and Engineering by 55%. However, Reinsurance revenue declined by 43%.

Quarterly Performance Highlights

The Q3 FY26 quarterly results showed accelerated growth momentum with improved operational efficiency. The company demonstrated strong operating leverage and better business mix during the quarter.

Q3 Performance: Q3 FY26 Q3 FY25 Growth (%) Total Income: ₹609.39 Mn ₹504.46 Mn +20.8% EBITDA: ₹127.13 Mn ₹83.94 Mn +51.5% EBITDA Margin: 20.90% 16.60% +430 bps PAT: ₹47.09 Mn ₹30.63 Mn +53.7% PAT Margin: 7.70% 6.10% +160 bps

Strategic Business Focus and Future Roadmap

The company's strategic shift toward scalable, margin-accretive broking operations has shown positive results. For the nine months ended Q3 FY26, gross premiums stood at ₹11,356 Mn compared to ₹10,997 Mn in the previous year, reflecting a marginal increase of 3%. Engineering premiums grew by 128%, Motor by 160%, and Liability by 54%, while Property declined by 38%, Health by 27%, and Reinsurance by 43%.

The company outlined its strategic roadmap focusing on six key areas: strengthening corporate core operations, scaling retail via corporate access, shifting to margin-accretive business mix, leveraging technology for operating scale, building high-margin reinsurance franchise, and enabling sustainable inorganic growth through selective acquisitions of mid-sized brokers.

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