The history of the PRS Group began in Bombay in 1856, when Premchand Roychand, one of the most prominent personalities in the financial markets of his time, founded Premchand Roychand & Sons, which today functions as the Group's apex entity, providing its headquarters.

In the inter-war years, the traditions embodied in the founder's pioneering and innovative spirit were carried on by the next generation, the brothers Sir Kikabhai and Mr. Maneklal Premchand. Under their aegis, the activities of the family firm of Premchand Roychand & Sons expanded rapidly, and the firm grew into an important finance house, a private bank to Princely Houses & States, and a market maker in bullion & foreign exchange.

The end of the 1950s saw the family firm move away from its traditional realm of finance, into industry - often as an "active" investor. The first major investment of this type was in Johnson & Johnson Limited, India, in 1957. Over the decades that followed, this investment (made under the leadership of the late Kishore M. Premchand) was a major stepping-stone in the growth of the Group.

The 1980s resulted in a new direction being taken, now under the chairmanship of Sushil K. Premchand, into newer, even more active investments, focusing on using knowledge and applying concept selling in the industrial arena. The establishment and subsequent building of OKS Speciality Lubricants (India) Private Limited was the Group's first foray into industrial selling; this business was divested in 2005, as a result of the Group’s German partner’s decision to sell their undertaking to the large, privately-owned Freudenberg Group in Germany.

The Millennium ended with the acquisition of the Permacel business in India from Johnson & Johnson; PRS Permacel Private Limited became a major player in the area of specialty adhesive tapes and label solutions. The company was sold to Grindwell Norton Ltd., a Saint-Gobain group company, in India in May 2022.