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MANAPPURAM ala FINANCE LIMITED Make Life Easy Manappuram Finance Limited Investor Presentation Q1 - FY2027
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Table of Contents Page – 04 Vision and strategy01 Pages – 18-37 Segmental performance03 Pages – 05-17 Financial snapshot02 Page – 38 Creating a difference04 Pages – 39-40 Board of Directors and Management Team05
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Investor Presentation Q1 FY2027 Safe Harbour Statement 3 This presentation may include statements, which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward- looking statements. The company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. While every effort is made to ensure that this presentation conforms with all applicable legal requirements, the company does not warrant that it is complete, comprehensive or accurate, or commit to its being updated. No part of the information provided herein is to be construed as a solicitation to make any financial investment and is provided for information only. Any person/ party intending to provide finance / invest in the shares/businesses of the Company shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. In no event shall the company be liable for any damages whatsoever, whether direct, incidental, indirect, consequential or special damages of any kind or including, without limitation, those resulting from loss of profit, loss of contracts, goodwill, data, information, income, expected savings or business relationships arising out of or in connection with the use of this presentation. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the company’s operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in the company’s principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the company conducts business and other factors such as litigation and labour negotiations.
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Investor Presentation Q1 FY2027 Manappuram Vision 4 Leading gold loan player in India, with a trusted brand and nation-wide reach Pioneer in process innovation in gold loans (online gold loan product ‘OGL’ and cellular vaulting mechanism) Well capitalized 21.3% CRAR, with strong ALM and access to diversified sources of funds Calibrated approach to growth in other loan products – MFI, home loans, loans against property and MSME Branch network of 5,000+ branches with employee strength of ~43,000+ on consol basis Operational rigor: Perfected the art of managing appraisal, custodial and valuation risks that are inherent in gold lending Trusted brand: Safekeeping of household gold jewellery on behalf of 2.9 mn active customers Use of technology: Increasing focus on technology for sourcing, operations, underwriting, managing risk and collections Prudent credit and risk management: Strict adherence to well defined processes, including timely auctions Strong Board driven governance process MANAPPURAM TODAY COMPANY DNA Create market for gold loans as a mainstream, convenient and affordable product One stop shop for meeting customers borrowing and protection needs (small ticket loans to underbanked customers) GROWTH STRATEGY Become the financial partner of choice to under-banked customers across their lifecycle
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Financial Highlights Q1 - FY2027
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Investor Presentation Q1 FY2027 6 Key Performance Highlights – Q1 FY2027 Standalone Q1 FY2027 AUM 60,971 Cr Customers 29.2 Lakh Opex / AUM 3.79% PAT 552 Cr ROAA 3.80% ROE 13.6% 70.8% 9.0% YoY QoQ 40.7% 46.9% YoY QoQ Nil 80 bps YoY QoQ 4.6% 4.4% YoY QoQ 294 bps 41 bps 50 bps 210 bps YoY QoQ Consolidated Q1 FY2027 AUM 69,635 Cr Customers1 38.4Lakh Opex / AUM 4.59% PAT 585 Cr ROAA 3.54% ROE 14.3% 57.2% 9.1% YoY QoQ 341.4% 44.5% YoY QoQ 244 bps 74 bps YoY QoQ 25.5% 8.4% YoY QoQ 128 bps 51 bps YoY QoQ 1005 bps 205 bps YoY QoQ YoY QoQ 1. For Asirvad, customers of new book only
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Investor Presentation Q1 FY2027 Consolidated Financial Overview – Q1 FY2027 7 Q1 FY27 Q4FY26 Q-o-Q Q1FY26 Y-o-Y FY26 FY25 Y-o-Y Financials Consolidated AUM 69,635 63,798 9.1% 44,304 57.2% 63,798 43,034 48.3% Net Interest Income 1,759 1,504 16.9% 1,407 25.0% 5,724 6,470 -11.5% OPEX 759 737 3.0% 749 1.3% 2,913 2,816 3.4% PPOP 1,007 779 29.3% 661 52.4% 2,826 3,675 -23.1% PAT 585 405 44.5% 132 341.4% 993 1,204 -17.5% Ratios and Metrics EPS 24.4 19.1 27.7% 6.3 287.3% 11.7 14.2 -17.6% ROA 3.5% 2.8% 0.7% 1.1% 2.4% 2.0% 2.8% -0.8% ROE 14.3% 12.3% 2.0% 4.3% 10.0% 7.7% 10.0% -2.3% BVPS (In Rs.) 176.2 170.9 3.1% 147.7 19.3% 170.9 146.9 16.3% Net worth (Rs. Cr) 16,552 16,051 3.1% 12,504 32.4% 16,051 12,432 29.1%
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Investor Presentation Q1 FY2027 8 Consolidated Operational Metrics – Q1 FY2027 Q1 FY27 Q4 FY26 Q-o-Q Q1 FY26 Y-o-Y Ratios and Metrics Gold AUM (Rs. Cr) 57,006 50,953 11.9% 28,802 97.9% Gold Tonnage 67 63 7.0% 57 18.3% Gold Branches (Nos) 4,054 4,044 0.2% 4,044 0.2% Gold Customers (In Lakh) 29 27 5.5% 26 10.5% AUM Per Branch 14 13 11.6% 7 97.4% Customer Per Branch 706 670 5.3% 640 10.2% Ratios and Metrics Non-Gold AUM (Rs. Cr) 12,629 12,845 -1.7% 15,502 -18.5% Non-Gold Branches (Nos) 1,274 1,296 -1.7% 1,304 -2.3% MFI Old Book customers (In Lakh) 7.6 9.3 -18.2% 18.8 -59.5% MFI New Book customers (In Lakh) 6.8 5.2 30.1% 0.9 690.4% VEF/SME Customers (In Lakh) 2.6 2.8 -5.8% 3.4 -24.5%
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Investor Presentation Q1 FY2027 AUM Mix – Q1 FY2027 9 AUM: Assets Under Management includes Direct Assignment Book Q1 FY27 Q4FY26 Q-o-Q Q1FY26 Y-o-Y Gold 54,655 48,814 12.0% 27,691 97.4% MSME and others 3,432 3,351 2.4% 3,105 10.5% VEF 2,562 2,991 -14.3% 4,492 -43.0% Onlending 322 796 -59.6% 410 -21.5% Standalone AUM 60,971 55,952 9.0% 35,698 70.8% Asirvad-MFI 4,827 4,636 4.1% 5,542 -12.9% Asirvad-Gold loan 2,344 2,139 9.6% 1,111 111.0% Asirvad-MSME 16 19 -14.3% 51 -68.1% Mahofin-HFC 1,839 1,852 -0.7% 1,901 -3.2% Mahofin-Gold 7 - 100.0% - Total AUM 70,005 64,597 8.4% 44,304 58.0% Less Intragroup Loan Assets 370 799 -53.7% - Consolidated AUM 69,635 63,798 9.1% 44,304 57.2% Consolidated Gold Loan 57,006 50,953 11.9% 28,802 97.9%
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Investor Presentation Q1 FY2027 Consolidated P&L – Q1 FY2027 10 Q1 FY27 Q4 FY26 QoQ Q1 FY26 YoY FY26 FY25 YoY AUM Closing AUM 69,635 63,798 9.2% 44,304 57.2% 63,798 43,034 48.3% Gold AUM 57,006 50,953 11.9% 28,802 97.9% 50,953 25,586 99.1% Income Revenue from Operations 3,033 2,614 16.0% 2,262 34.1% 9,509 10,011 -5.0% Finance Expenses 1,274 1,110 14.8% 855 49.0% 3,786 3,541 6.9% Net Interest Income 1,759 1,504 16.9% 1,407 25.0% 5,724 6,470 -11.5% Other Income 7 12 -36.4% 3 193.2% 15 20 -23.3% Net Operating Income 1,766 1,516 16.5% 1,410 25.3% 5,739 6,490 -11.6% Expenses Employee Benefit expenses 497 489 1.7% 474 4.7% 1,851 1,796 3.1% Administrative Expenses 262 248 5.7% 274 -4.4% 1,061 1,019 4.1% Total Operating Expenses 759 737 3.0% 749 1.4% 2,912 2,816 3.4% Pre-Provisioning Profits 1,007 779 29.2% 661 52.4% 2,827 3,675 -23.1% Loan Losses & Provision 225 216 4.6% 559 -59.7% 1,556 2,009 -22.6% Profit Profit before Tax 782 564 38.7% 102 670.1% 1,270 1,666 -23.8% Tax expense 197 159 23.9% -31 -736.7% 277 462 -40.0% Profit after Tax 585 405 44.5% 132 341.4% 993 1,204 -17.6%
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Investor Presentation Q1 FY2027 Consolidated Balance Sheet – Q1 FY2027 11 Jun-26 Mar-26 QoQ Jun-25 YoY Cash and Bank Balances 3,316 6,149 -46.1% 4,047 -18.1% Investments 2,098 2,051 2.3% 1,144 83.4% Loans and Advances 69,218 62,844 10.1% 43,713 58.3% Fixed Assets 519 527 -1.5% 522 -0.5% Other Assets 2,838 2,988 -5.0% 1,810 56.8% Total Assets 77,990 74,559 4.6% 51,236 52.2% Net Worth 16,552 16,051 3.1% 12,504 32.4% Borrowings 60,171 57,246 5.1% 37,400 60.9% Other Liab. & Provisions 1,258 1,256 0.2% 1,322 -4.8% Minority Interest 9 6 36.6% 10 -13.9% Total Liablities 77,990 74,559 4.6% 51,236 52.2%
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Investor Presentation Q1 FY2027 Borrowings Strategy – Consolidated 12 Received rating upgrade from S&P to BB- from B+ in Oct 2021 Received rating upgrade from CRISIL to AA in Sep 2019 Raised $300 mn Debt under Reg S in May, 24 Rated BB- by S&P and Fitch Subsidiary credit rating of CRISIL AA- for Asirvad and HFC 9.2% 9.1% 9.0% 8.9% 8.9% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Cost of Borrowing (Consolidated) Particulars Amount % Amount % Amount % WCDL / CC 10,315 17.1% 9,727 17.0% 7,878 21.1% Term Loan 27,420 45.6% 26,735 46.7% 19,180 51.3% NCD 5,418 9.0% 4,053 7.1% 3,274 8.8% ECB and USD Bond 12,443 20.7% 12,748 22.3% 5,684 15.2% Securitization 103 0.2% 96 0.2% 117 0.3% Commercial Paper 4,472 7.4% 3,887 6.8% 1,266 3.4% Others 0 0.0% 0 0.0% 0 0.0% Total 60,171 100% 57,246 100% 37,400 100% Q1FY27 Q4FY26 Q1FY26
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Investor Presentation Q1 FY2027 Standalone P&L – Q1 FY2027 13 Q1 FY27 Q4 FY26 QoQ Q1 FY26 YoY FY26 FY25 YoY AUM Closing AUM 60,971 55,952 9.0% 35,698 70.8% 55,952 33,021 69.4% Gold AUM 54,655 48,814 12.0% 27,691 97.4% 48,814 24,658 98.0% Income Revenue from Operations 2,543 2,158 17.9% 1,743 45.9% 7,643 6,906 10.7% Finance Expenses 1,107 932 18.8% 645 71.7% 3,028 2,376 27.4% Net Interest Income 1,436 1,226 17.2% 1,098 30.8% 4,614 4,530 1.9% Other Income 1 6 -75.1% 1 4.5% 11 8 32.0% Net Operating Income 1,438 1,232 16.7% 1,100 30.7% 4,625 4,538 1.9% Expenses Employee Benefit expenses 348 328 6.0% 311 11.8% 1,268 1,171 8.3% Administrative Expenses 202 191 5.9% 191 5.5% 782 729 7.4% Total Operating Expenses 550 519 6.0% 502 9.4% 2,051 1,899 8.0% Pre-Provisioning Profits 888 713 24.6% 597 48.7% 2,574 2,639 -2.4% Loan Losses & Provision 149 216 -31.1% 72 107.2% 535 263 103.5% Profit Profit before Tax 740 497 48.7% 526 40.7% 2,039 2,396 -14.9% Tax expense 188 122 54.1% 134 -99.6% 515 612 19.0% Profit after Tax 552 376 46.9% 392 40.7% 1,525 1,783 -14.5%
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Investor Presentation Q1 FY2027 Standalone Balance Sheet – Q1 FY2027 14 Jun-26 Mar-26 QoQ Jun-25 YoY Cash and Bank Balances 2,171 4,931 -56.0% 3,475 -37.5% Investments 4,479 3,513 27.5% 2,561 74.9% Loans and Advances 61,264 55,793 9.8% 35,842 70.9% Fixed Assets 432 438 -1.5% 425 1.5% Other Assets 2,004 2,879 -30.4% 988 102.8% Total Assets 70,349 67,554 4.1% 43,290 62.5% Net Worth 16,403 15,938 3.7% 12,116 36.5% Borrowings 52,937 50,612 4.0% 30,168 74.4% Other Liab. & Provisions 1,009 1,005 2.5% 1,006 2.4% Total Liablities 70,349 67,554 4.1% 43,290 62.5%
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Investor Presentation Q1 FY2027 Borrowings Strategy – Standalone 15 Particulars Amount % Amount % Amount % WCDL / CC 10,175 19.2% 9,609 19.0% 7,849 26.0% Term Loan 21,605 40.8% 21,341 42.2% 12,722 42.2% NCD 4,439 8.4% 3,227 6.4% 3,210 10.6% ECB and USD Bond 12,393 23.4% 12,691 25.1% 5,122 17.0% Commercial Paper 4,324 8.2% 3,743 7.4% 1,266 4.2% Total 52,937 100% 50,612 100% 30,168 100% Q1FY27 Q4FY26 Q1FY26 DOMESTIC RATING INTERNATIONAL RATING Long Term AA (Stable) Commercial Paper A1+ Long Term AA (Stable) Commercial Paper A1+ Long Term BB- /Stable Short Term B Long Term BB- /Stable 9.2% 9.1% 8.8% 8.6% 8.8% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Cost of Borrowing%
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Investor Presentation Q1 FY2027 16 Standalone Results Analysis – Q1 FY2027 22,413 24,446 28,679 33,021 55,952 55,952 60,971 FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 AUM 6.6% 6.9% 6.4% 6.1% 5.1% 4.2% 3.8% FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 Opex/AUM 1,305 1,266 1,658 1,783 1,525 376 552 FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 PAT 22.8% 21.2% 22.3% 22.4% 17.1% 17.1% 17.7% FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 Gold Yield %
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Investor Presentation Q1 FY2027 17 Standalone Results Analysis – Q1 FY2027 6.3% 5.5% 6.2% 5.7% 3.8% 3.0% 3.8% 17.6% 15.0% 17.2% 16.1% 12.2% 11.5% 13.7% FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 ROA/ROE ROA ROE 2.7% 1.1% 1.7% 2.4% 1.5% 1.5% 1.1% 3.0% 1.3% 1.9% 2.8% 1.8% 1.8% 1.6% FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 GNPA/NNPA NNPA (%) GNPA (%) 7,943 8,980 10,349 11,793 15,938 15,938 16,403 FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 Networth 31.5% 31.7% 30.6% 30.9% 21.3% 21.3% 21.3% FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 CRAR
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Segment Performance
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Investor Presentation Q1 FY2027 Gold AUM Update – Q1 FY2027 19 Note - AUM per branch, including non-gold loans, is Rs 17.3 Cr in Q1FY27 5.6 5.4 5.9 7.0 13.9 13.9 15.5 FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 Standalone Gold AUM Per Branch (Rs Cr) 67.0 58.0 56.3 54.2 60.1 60.1 64.2 FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 Standalone Gold Holdings (tonnage) 62.4% 59.8% 58.5% 57.0% 57.3% 57.3% 65.6% FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 Standalone LTV (%) 57 58 58 68 128 128 133 24 23 24 24 25 25 27 FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 Standalone Avg. Loan Ticket Size & Customer Base Avg. Loan Ticket Size (Rs '000) Customer Base (Lakh)
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Investor Presentation Q1 FY2027 Gold Loan Growth Levers 20 Gold Loan Growth Levers Branch network Business Associates / DSA Channel Business Celebrity Endorsement Online Gold Loan Digital Marketing Local Marketing Activities Revamping incentive schemes and providing employees’ training on new product variants to drive branch productivity Beginning to expand branch network to reach a wider audience Product and scheme variants Capitalizing on large customer franchise to activate latent customers and acquire new customers through digital marketing, dedicated teams / schemes and localised marketing activities
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Investor Presentation Q1 FY2027 Gold Loan Pan-India Network Q1 FY2027 21 North 17% West 10% South 63% East 10% North 17% State Branch Jammu & Kashmir 10 Himachal Pradesh 13 Chandigarh 4 Delhi 59 Punjab 75 Uttarakhand 8 Haryana 64 Uttar Pradesh 140 Rajasthan 96 Madhya Pradesh** 121 Total 590 East 10% State Branch Assam 18 Bihar 24 Tripura 2 Jharkhand 12 West Bengal 105 Chhattisgarh 51 Odisha 150 Total 362 West 10% State Branch Maharashtra 210 Goa 8 Gujarat 123 Total 341 South 63% State Branch Karnataka 570 Kerala 479 Telangana 253 Andhra Pradesh 333 Tamil Nadu 578 Total 2,213 Union Territories State Branch Daman Diu 3 Andaman & Nicobar 5 Puducherry 10 Total 18 9% 32% 36% 23% GOLD AUM Rural Urban Mix – Q1 FY27 Rural Semi- Urban Urban Metro
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Investor Presentation Q1 FY2027 Online Gold Loans (OGL) 22 1 2 4 5 6 3 First NBFC to launch Online Gold Loan (OGL) in September 2015 Enables customers to avail a gold loan anytime, from anywhere in the world against gold stored in Manappuram branch Instant fund transfer up to pre-approved limits Online APP is available in different regional languages for ease of customers Easy documentation, instant approval, convenient 24x7 online repayment Hassle-free, paper- less transactions online 63 73 72 77 136 136 135 FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 Average Ticket Size (Rs ‘000) 44% 50% 57% 82% 92% 92% 90% FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 % Share of OGL on Gold AUM1 1. Structured loans are not considered for calculating OGL share
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Investor Presentation Q1 FY2027 Asirvad Microfinance – Results Q1 FY2027 23 Q1 FY27 Q4 FY26 QoQ Q1 FY26 YoY FY26 FY25 YoY AUM Closing AUM 7,188 6,793 5.8% 6,705 7.2% 6,793 8,189 -17.0% Income Revenue from Operations 421 371 13.5% 422 -0.2% 1,506 2,717 -44.6% Finance Expenses 156 140 11.6% 174 -10.2% 609 1,034 -41.1% Net Interest Income 265 232 14.2% 247 7.3% 897 1,683 -46.7% Other Income 8 0 NM 2 NM 2 17 -88.2% Net Operating Income 273 232 17.6% 249 9.6% 899 1,700 -47.1% Expenses Salaries & Allowances 124 136 -8.6% 134 -7.2% 477 517 -7.7% Administrative Expenses 55 46 19.4% 69 -20.4% 245 251 -2.4% Total Operating Expenses 179 182 -1.5% 203 -11.7% 722 768 -6.0% Pre-Provisioning Profits 94 50 86.9% 46 103.6% 177 932 -81.0% Loan Losses & Provision 66 9 633.0% 483 -86.3% 1,013 1,743 -41.9% Profit Profit before Tax 28 41 -32.7% -437 106.3% -836 -811 -3.1% Tax expense 7 28 -75.1% -169 104.1% -257 -172 34.2% Profit after Tax 21 13 58.1% -269 107.7% -579 -639 9.4%
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Investor Presentation Q1 FY2027 Asirvad Microfinance – Results Analysis – Q1 FY2027 24 7,002 10,041 11,881 8,189 6,793 6,793 7,188 FY22 FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 Asirvad AUM (Cr) 20.8% 19.7% 22.8% 20.9% 20.2% 20.2% 31.0% FY22 FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 Capital Adequacy Ratio % 0.2% 1.1% 1.7% 2.5% 1.6% 1.6% 1.4% 3.5% 2.8% 3.7% 8.5% 4.8% 4.8% 4.8% FY22 FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 NPA Analysis % NNPA% GNPA% 1.3% 16.7% 24.8% -34.9% -36.2% 3.2% 3.5% 0.2% 2.6% 4.0% -6.0% -8.6% 0.8% 1.2% FY22 FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 Return Ratios ROE ROA
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Investor Presentation Q1 FY2027 Asirvad Microfinance – Asset Quality 25 MFI Gold MSME Total % MFI Gold MSME Total % MFI Gold MSME Total % Stage 1 4,211 2,233 9 6,454 94.5% 3,992 2,025 12 6,029 94.2% 4,584 1,080 23 5,687 90.3% Stage 2 45 5 2 52 0.8% 56 2 2 60 0.9% 306 17 5 328 5.2% Stage 3 311 11 6 327 4.8% 294 12 5 311 4.9% 242 14 24 280 4.5% Total 4,567 2,250 16 6,833 100.0% 4,342 2,039 19 6,400 100.0% 5,132 1,111 52 6,295 100.0% Q1FY27 Q4FY26 Q1FY26Particulars (Rs Cr) Q1 FY27 Q4 FY26 QoQ MFI New Book Stage 1 3,253 2,529 28.6% Stage 2 11 4 197.1% Stage 3 10 4 128.4% Total 3,274 2,537 29.0% Q1 FY27 Q4 FY26 QoQ MFI Old Book Stage 1 959 1,463 -34.5% Stage 2 34 52 -35.3% Stage 3 301 289 3.9% Total 1,293 1,804 -28.3%
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Investor Presentation Q1 FY2027 Asirvad Microfinance – Stringent Underwriting Checks 26 Number of Microfinance lenders per borrower 3 lenders: Reduced to 4.8 % of the overall clients from 6.2 % in Mar’26, 7.4 % in Dec’25 & 14.6% in Sep’25 Total Microfinance and unsecured indebtedness limit of INR 2 Lacs Loan Exposure of more than Rs. 2 lakhs Indebtedness decreased to 5.7% vs 6.1% in March 2026 & 7.9% in Sep 2025 mainly due to closure of old pool customers Above segmentation is based on live client base on June 30, 2026 as per their overall MFI & Unsecured Indebtedness (Outstanding) Industry Vs Asirvad: 98.0 % clients are having up to 3 lender association for industry. For Asirvad it is 95.2 % as on June 30, 2026 with improvement over previous quarter by 1.4 % Upto 3 lenders : Improved to 95.2 % in Jun’26 from 93.8 % in Mar’26, 92.6 % in Dec’25 & 85.4 % in Sep’25 Lender Overlap (Clients %) As on 31st Mar, 2026 As on 30th June, 2026 Only Asirvad 45.1% 47.0% Asirvad +1 31.5% 32.0% Asirvad +2 17.3% 16.2% Asirvad +3 4.4% 3.5% Asirvad +4 & above 1.7% 1.3% Total 100% 100% Loan Exposure As on 31st Mar, 2026 As on 30th June, 2026 Below 50k 42.0% 42.6% 50k to 99k 27.5% 27.2% 1 lacs to 1.49 Lacs 16.2% 16.2% 1.5 Lacs to 2 Lacs 8.3% 8.3% >= 2 Lacs 6.1% 5.7% Total 100% 100%
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Investor Presentation Q1 FY2027 Asirvad Microfinance – Strategic Initiatives 27 Upgraded branch quality processes with dedicated personnel and integrated technology - supports smoother customer onboarding, quicker processes and higher traceability Enhanced EWS and customer risk categorization to further enhance customer quality Setup regional offline training centers to support field mentorship programs Optimized MFI branch network including consolidation of select branches to drive efficiency and costs Rolled out new performance linked incentive structures and improvement plans to boost productivity Continue to expand gold loan branch network in metros and new geos
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Investor Presentation Q1 FY2027 Asirvad Microfinance – Business and Productivity Metrics 28 GROWTHPRODUCTIVITY No of branches 1,684 1,7651,743 1,785 1,745 10,041 11,881 8,189 6,793 6,793 7,188 FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 Asirvad AUM 29.9 35.2 26.3 16.4 16.4 16.5 FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 Number of Borrowers (lakhs) 33.5 33.8 31.1 41.4 41.4 44.2 FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 AUM/Borrower(Thousands) 8,736 11,035 9,127 5,935 5935 5315 FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 Number of loan officers 6.0 6.8 4.6 3.8 3.8 4.2 FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 AUM per Branch(Cr) 6.1% 6.0% 9.4% 10.6% 10.7% 9.82% FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 OPEX/AUM1,765
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Investor Presentation Q1 FY2027 Asirvad Microfinance Borrowing Profile Credit Ratings Long Term AA- Short Term A1+ Particulars Amount % Amount % Amount % Term loan 4,144 68.3% 4,078 70.0% 4,294 74.9% WCDL/CC 100 1.6% 50 0.9% 0.0% Refinance 481 7.9% 510 8.8% 652 11.4% Debentures 449 7.4% 296 5.1% 25 0.4% Tier-II Sub Debt 638 10.5% 651 11.2% 645 11.2% Commercial Paper 148 2.4% 145 2.5% 0 0.0% Securatisation - PTC 103 1.7% 97 1.7% 117 2.0% Total 6,064 100% 5,826 100% 5,734 100% Q1FY27 Q4FY26 Q1FY26 10.2% 10.2% 10.2% 10.2% 10.3% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Cost of Borrowings % 29
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Investor Presentation Q1 FY2027 Asirvad – Microfinance Pan India Presence Q1 FY2027 30 North 31% West 7% South 27% East 35% North State Branch Uttar Pradesh 156 Rajasthan 119 Madhya Pradesh 103 Haryana 41 Punjab 36 Uttarakhand 10 Chandigarh 1 Total 466 East State Branch Bihar 144 West Bengal 126 Odisha 102 Jharkhand 60 Assam 32 Tripura 31 Chhattisgarh 31 Sikkim 3 Total 529 West State Branch Maharashtra 70 Gujarat 28 Goa 3 Total 101 South State Branch Tamil Nadu 162 Karnataka 141 Kerala 73 Andhra Pradesh 15 Telangana 14 Puducherry 1 Andaman 1 Total 407 Consolidation of 64 branches – Reduced branch count from 1,567 to 1,503 MFI Branches- State wise Breakup State Branch% Tamil Nadu 10.8% Uttar Pradesh 10.4% Bihar 9.6% Karnataka 9.4% West Bengal 8.4% Rajasthan 7.9% Madhya Pradesh 6.9% Odisha 6.8% Kerala 4.9% Maharashtra 4.7% Jharkhand 4.0% Haryana 2.7% Others 13.7% Total 1,503
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Investor Presentation Q1 FY2027 Asirvad – Gold Loan Pan India Presence Q1 FY2027 31 North 41% West 8% South 20% East 31% North State Branch Uttar Pradesh 62 Rajasthan 64 Madhya Pradesh 41 Haryana 22 Punjab 17 Delhi 9 Total 215 East State Branch West Bengal 49 Odisha 47 Bihar 43 Assam 25 Total 164 West State Branch Maharashtra 33 Gujarat 10 Total 43 South State Branch Telangana 42 Karnataka 31 Andhra Pradesh 30 Total 103 Plan to expand branch network by 150: Already 5 new opened in Q1-FY2027 and another 5 in July 2026 totaling to 530 branches GL Branches- State wise Breakup State Branch% Rajasthan 12.2% Uttar Pradesh 11.8% West Bengal 9.3% Odisha 9.0% Bihar 8.2% Telangana 8.0% Madhya Pradesh 7.8% Maharashtra 6.3% Karnataka 5.9% Andhra Pradesh 5.7% Assam 4.8% Other States 11.1% Total 525
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Investor Presentation Q1 FY2027 Housing Finance Business Update For Q1 FY2027 32 845 1,096 1,510 1,824 1,852 1,852 1,847 FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1FY27 AUM Evolution (Cr) 2.9% 3.1% 4.9% 2.6% 2.7% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 GNPA% 69% 68% 69% 68% 68% 65% 63% 31% 32% 31% 32% 32% 35% 37% FY22 FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 AUM Mix% Home Loan LAP 6.1 17.4% ATS (INRL) Yield 6.0 20.3% • Started commercial operations in January 2015 • Focus on Affordable Housing for Mid to Low-income across self-employed and salaried customers (~80% self-employed) • Focus on South and West India, 94 branches • Rated AA - /Stable (Long Term) & A1+ (Short Term) by CRISIL • Rated AA - /(Stable) (Long Term) by CARE • Gold Loan launched in Q1 FY 27 Operating Review 32
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Investor Presentation Q1 FY2027 Housing Finance Business Strategy 33 • Strong parentage and brand providing access to a large customer base • Continued expansion of branch network across 12 states • Focus on higher Average Ticket Size (ATS) customers • Performance enablement programs and digital interventions to drive productivity • Intuitive customer-facing mobile application enhancing accessibility and convenience • Strong CRM capabilities driving customer engagement, retention, and service quality • Digital-first collections infrastructure • Comprehensive in-house legal and field collection network enabling timely resolution and recovery • Deep market presence across suburbs of Tier 1, Tier 2, and Tier 3 locations • Broad product suite with attractive risk- adjusted returns • Cluster-driven operating model ensuring focused market coverage • Partnerships with DSAs and connectors • Region-specific marketing strategies • Multi-level loan approval process • Suite of profile-based assessment templates facilitating data-driven decisioning • Disciplined and competitive credit policy framework designed to drive sustainable growth while maintaining asset quality Growth drivers for future expansion Underwriting Customer Servicing and Collection Management Origination and Sourcing
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Investor Presentation Q1 FY2027 Standalone MSME And Allied Business Update for Q1 FY2027 34 • Operations are carried out from existing gold loan branches (~160 branches) • Offers Business loans, Housing Loans, Home improvement loans and Loans against Property (LAP) • Digital Personal Loan and Unsecured PL disbursement stopped Operating Overview 1,945 2,908 3,079 3,351 3,351 3,303 FY23 FY24 FY25 FY26 Q4FY26 Q1FY27 MSME AUM 17.7% 19.0% 18.9% 19.0% 18.8% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Contracted Yield (%) 5.3% 5.0% 6.1% 7.1% 5.9% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 GNPA %
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Investor Presentation Q1 FY2027 MSME and Allied Business – Strategy 35 Stronger in Rural and Semi Urban locations (tier-3 / 4) Products disbursed via ~160 branches with further ramp-up underway Predominantly digital collections (94%) Diverse product portfolio covering secured loans for both salaried and self- employed customers Large cross-sell potential with existing gold loan customers; proprietary gold loan data used as input for underwriting CRM tool integrated with loan management system to drive end-to-end visibility Origination and Sourcing • Capitalize on strength of brand in Southern states • Sourcing through local activities, digital marketing, DSAs and cross sell to gold loan customers Underwriting • Multi-level regional / head office underwriting and sanction by credit team (based on ticket size) • Suite of profile-based assessment templates facilitating data-driven decisioning • Competitive credit policy framework Customer Servicing, Collections • Strong Customer Relationship Management team • Digital-first collections infrastructure • Dedicated in-house collection teams supported by third party agencies Drivers for future expansion • Geo expansion to existing gold loan branches • Move towards higher Avg Ticket Sizes • Focused training programs, revamped incentives and digital interventions to drive productivity
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Investor Presentation Q1 FY2027 Vehicle and Equipment Finance Business Update for Q1 FY2027 36 • Paused disbursals to re-assess segment strategy • Focus on driving collections across business lines via multiple initiatives including : • Digital collection management platform • Separate teams for soft / hard bucket including third party collection agencies • AI tools for building dedicated strategies for different customer segments Operating Overview and Focus Areas 1,643 2,431 4,111 4,773 2,991 2,991 2,562 FY22 FY23 FY24 FY25 FY26 Q4 FY26 Q1 FY27 AUM Evolution (Cr) 61% 57% 54% 51% 51% 53% 22% 17% 15% 14% 14% 13% 18% 26% 31% 34% 34% 34% FY 23 FY 24 FY 25 FY 26 Q4 FY26 Q1 FY27 AUM MIX (%) CV TW PV 370 401 447 285 319 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 GNPA Cr
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Investor Presentation Q1 FY2027 Creating a Difference 37 Donated a 250 KVA Diesel Generator to Thanal Dialysis Centre, Vatakara, Kozhikode Together for Thrissur 2026 -Extended educational assistance to 100 students affected by the loss of one or both parents during the COVID-19 pandemic. Contributed ₹10 lakh towards the establishment of the TMA Management House and Excellence Centre in Thrissur Donated 200 sewing machines in association with Lions District 318 D to support the livelihoods of economically disadvantaged individuals Provided a home to Ms. Santha Narayanankutty of Sayujyam under the Sayujyam housing initiative, which has earlier delivered 13 new houses and completed 3 renovations. Manappuram Dialogues hosted a panel discussion on “Digital Dementia,” where experts emphasized the importance of healthy digital habits and addressing technology’s cognitive impact.
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Investor Presentation Q1 FY2027 Board of Directors Dr. Sumitha Nandan Executive Director & Vice-Chairperson Rishi Mandawat Non-Executive, NID Ashish Kotecha Non-Executive, NID • MBBS, Rajiv Gandhi University of Science • Fellow, Cosmetic Gynecology • Alumnus, Wharton Business School • Partner at Bain Capital • Leads investments in financial services, industrial, energy, technology, media, telecom and pharma sectors in India • Partner at Bain Capital • Leads consumer / retail investments in India & SEA and Bain Capital’s Portfolio Group in Asia Mr V.P . Nandakumar Chairman and Managing Director • Postgraduate in Science • Managing committee member of ASSOCHAM and FICCI Rajesh Kumar INED Rakesh Bhatt INED Rosemary Sebastian INED V. Balaji INED • 30+ years in financial services • Former MD & CEO, TU CIBIL • Former Group Head, Retail Credit and Risk, HDFC Bank • ~30 years in financial services • Former ED, Bajaj Finance • 40+ years at RBI • Former ED, RBI. Led Financial supervision across NBFCs and Coop Banks • 30+ years across financial services, Telcom, industrials • Former CTO, ICICI Bank and ICICI Prudential Mr. Harshan Kollara INED • 40+ years in financial services • Former ED, Federal Bank NID: Non-independent Director; INED: Independent Non-Executive Director 38
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Investor Presentation Q1 FY2027 • 30+ years in Financial services • Former CTO, Equitas SFB and Head of IT at IDFC First bank Management Team Ratheesh PM Business Head-MSME & Allied Buvanesh Tharashankar Group CFO Manoj Pasangha Co-CEO, Asirvad PV Sreekanth Group Operations Head E Narayanan Group CTO Ashish Chandak Group CCO Sanjay Nambiar Group General Counsel Rakesh Sharma CEO, MAHOFIN • 16 years+ experience in Sales, Operation, Audit, Training etc. • Master’s degree in Investment Management and certifications from IIM • ~30 years in Financial services • Former CFO, RBL Bank and Jana SFB • 20+ years at Citibank at Financial Controller for India • ~25 years in Financial services • Former Dy CEO, IIFL Samasta • ~10 years at Bharat Financial Inclusion, COO for Southern Zone • ~25 years in Financial services • Former MD, Cent Bank Home Fin • ~12 years across Adani Housing Finance and Aavas • 20+ years in Financial services • Former Dy EVP , Bajaj Digital Platforms • ~30 years in Financial services • Former Head of Fraud Risk Mgmt. and CCO, Yes Bank • ~25 years in Financial services • Former General Council, Yes Bank • Postgraduate in Science • Managing committee member of ASSOCHAM and FICCI • MBBS, Rajiv Gandhi University of Science and MS, Sri Ramachandra University and Fellow, Cosmetic Gynecology • Alumnus of Wharton Business School Mr V.P . Nandakumar Chairman & Managing Director Dr. Sumitha Nandan Executive Director 39
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Investor Presentation Q1 FY2027 Shareholding and Stock Performance 40 Stock Data Market Cap as on 7th Aug , 2026 # ₹ 34,450.15 Cr Stock Price as on 7th Aug , 2026 # ₹ 366.75 52 Week (High/Low) # ₹ 381.55 / ₹ 245.15 NSE/BSE Symbol MANAPPURAM / 531213 No. of Shares Outstanding 93,93,36,102 Average Daily Trading Volume (3 months) * 44,58,445 42% 22% 14% 4% 18% Shareholding Pattern as on 30th June, 2026 Promoters FPI Mutual Funds Financial Institution/Banks/Insurance Non-Institutions Top Shareholders holding more than 1% (other than promoters) % Small World Fund INC 5.49 Government Pension Fund Global 2.24 Goldman Sachs Bank Europe Se- Odi 1.04 SBI Arbitrage Opportunities Fund 2.38 Quant Small Cap Fund 2.09 ICICI Prudential Multicap Fund 1.30 Stock Performance last 1 year (as on 7th Aug ,2026) GROUP STRUCTURE Manappuram Finance Gold loans Vehicle and equipment finance loans MSME and other loans SUBSIDIARIES PRODUCTS UNDER STANDALONE ENTITY Manappuram Home Finance Limited Manappuram Insurance Broker Limited Asirvad Microfinance Limited Manappuram Comptech and Consultants Limited 100% 100% 98.97% 99.81% Rebase to 100 90 100 110 120 130 140 150 Aug 2025 Sep Oct Nov Dec 2025Jan 2026 Feb Mar Apr May Jun Jul Aug 2026 (INDEX) Manappuram Finance Limited - Price (INDEX) India S&P BSE SENSEX - Price (INDEX) India NSE Nifty 500 - Price Manappuram Finance Limited Daily 0 1 2 3 4 5 6 7 Aug 2025 Sep Oct Nov Dec 2025 Jan 2026 Feb Mar Apr May Jun Jul Aug 2026 Manappuram Finance Limited - VolumeCvol: 76,461 Avg: 299,655 # Source – NSE * BSE and NSE
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Mr. Buvanesh Tharashankar. Group CFO Email: buvanesh@manappuram.com Mr. Susil Kumar Mishra Head – Investor Relations & Treasury Contact No : +919967405163 Email: susilmishra@manappuram.com DISCLAIMER : This presentation and the contents therein are for information purposes only and does not and should not construed to be any investment or legal advice. Any action taken or transaction pursued based on the basis of the information contained herein is at your sole risk and responsibility and Manappuram Finance or its employees or directors, associates will not be liable in any manner for the consequences of any such reliance placed on the contents of this presentation. We have exercised reasonable care in checking the correctness and authenticity of the information contained herein, but do not represent that it is true, accurate or complete. Manappuram Finance or associates or employees shall not be in anyway responsible for any loss or damage that may arise to any person from any inadvertent error or omission in the information contained in this presentation. The recipients of this presentation should make their own verifications and investigations to check the authenticity of the said information if they wish. Manappuram Finance and/or directors, employees or associates may be deemed to have interests, financial or otherwise in the equity shares of Manappuram Finance. Manappuram Finance Limited, IV / 470 (old) W638A (New), Manappuram House, Valapad, Thrissur Kerala, India, Pin code : 680567 Thank You