Slides
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Aadhar Housing Finance Limited Investor Presentation H1 FY27
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1 Disclaimer This presentation and the accompanying slides (the “Presentation”), have been prepared by Aadhar Housing Finance Limited (“Aadhar” or the “Company”), without any specific objectives and solely for information and reference purposes, and do not constitute directly or indirectly any advertisement, advise, offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. Any reference herein to the “Group” shall mean Aadhar Housing Finance Limited, together with its subsidiaries / joint ventures/ affiliates, as may be applicable. 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This Presentation contains statements of future expectations and other forward-looking statements, including those relating to general business plans and strategy of the Company and the Group, the future outlook and growth prospects, market opportunities and business profitability, and future developments of the business and the competitive and regulatory environment, which involve known and unknown risks, uncertainties and assumptions that are difficult to predict. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition, and future events and plans of the Company and the Group. 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Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and actual results, levels of activity, performances, achievements or events may differ from those expressed or implied in the forward-looking statements or other projections, as a result of various factors, uncertainties and assumptions, including but not limited to future changes or developments in the business, fluctuations in earnings, price fluctuations, actual demand, exchange rate fluctuations, competition, environmental risks, ability to implement strategies and initiatives and respond to technological changes, ability to manage growth, any change in legal, financial and regulatory frameworks, including any material changes in the regulations governing the Company’s business, political risks, economic and social conditions, including economic growth in India and performance of the Indian economy and economies of various international markets, micro and macro geo-political issues and other factors beyond the Company’s control. There may be additional material risks that are currently not considered to be material or of which the Company or its representatives are unaware. Neither the Company, its affiliates, advisors, representatives, any of their respective affiliates or any such person's officers or employees guarantee that the assumptions underlying such forward-looking statements or management estimates are free from errors nor does any of such persons accept any responsibility for the future accuracy of the forward-looking statements contained in this Presentation or the actual occurrence of the forecasted developments. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the management of the Company on future events. The Company does not undertake to make any announcement in case any of these forward- looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company, and any reliance placed on this Presentation by any person for its investment strategy shall be at his own risk. This Presentation also contains certain financial and operational information relating to the Group that is based on management estimates. These estimates are based on management's past experience and subjective judgment, and the manner in which such estimates are determined may vary from that used for the preparation and Presentation of similar information provided by other companies engaged in the similar industry in India and globally. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise, or in any manner otherwise notify the recipient if information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. This Presentation contains certain information from financial year 2022 onwards which is aggregated based on the Company’s audited or, unaudited and limited reviewed historical financial information. Such financial information may be subject to certain adjustments during the course of audit/review and the audited/ reviewed financial statements of the Company, and may differ from those contained in this Presentation. Further, such financial information have been adjusted for representation purposes and may not be presented in accordance with the applicable accounting standards. Such information has been used by the Company solely as a supplemental measure of the Company’s performance.
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PERFORMANCE SNAPSHOT
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3 H1 FY27 Key Highlights ₹ 326,433 Mn1 Disbursements ₹ 46,131 Mn1 AUM ₹ 5,907 Mn +22%2 PAT Spread 5.7% 4.2% -1 bps ROA 1.3% -8 bps GNPA Note 1: The Company has transitioned disbursement reporting to cheque realisation w.e.f Q1 FY27. Adjusting for the same, H1 FY27 disbursement growth is 21% and AUM growth is 20% on YOY basis. Note 2: The Company granted stock options under Employee Stock Options Plan 2025, starting January 2026, at an exercise price of ₹ 425 per share. This grant entails a charge to P&L of ₹ 282 Mn (Pre- tax) in H1 and ₹ 142 Mn (Pre-tax) in Q2 FY27. Adjusted for the same, PAT growth is 22% in H1 FY27 and 20% in Q2 FY27 on a YoY basis, as shown above. Reported PAT growth is 16% and 17% for Q2 FY27 and H1 FY27 respectively. +20% +21%
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4 H1 FY27 Key Performance Highlights Note: 1.LTV on Gross AUM on outstanding basis; 2. Branches including offices are 644. INR 326 bn AUM (100% Secured Retail Book) INR 5.9 bn PAT INR 82 bn Net worth 348k Live accounts SCALE DISTRIBUTION ASSET QUALITY LIABILITY PROFILE 1.3% GNPA c.61% LTV1 c.55% AUM to Salaried customers INR 46 bn H1 FY27 Disbursements 632 Branches2 (Sept-26) 23 States & UTs (Sept-26) AA+ / Stable Credit Rating 43 Borrowings Relationships Diversified Positive ALM Across all buckets
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FINANCIAL PERFORMANCE
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Strong Growth in AUM and Disbursements 6 Retail Home Loans Retail Other Mortgage Loans AUM – By Product (INR Mn) – 18%1 Growth in Q2 FY27 Disbursement – By Product (INR Mn) – 22% Growth in Q2 FY27 157,951 188,181 222,049 237,784 53,258 67,126 83,664 88,649211,209 255,307 305,713 326,433 FY24 FY25 FY26 H1 FY27 23,105 25,651 28,058 34,459 8,528 9,671 12,832 11,67231,632 35,323 40,890 46,131 H1 FY24 H1 FY25 H1 FY26 H1 FY27 144,486 169,914 200,993 237,784 44,364 58,261 74,544 88,649 188,849 228,175 275,537 326,433 Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY27 12,329 14,657 14,567 19,011 4,923 5,699 6,537 6,762 17,253 20,356 21,104 25,773 Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY27 22% Growth Note 1: The Company has transitioned disbursement reporting to cheque realisation w.e.f Q1 FY27. Adjusting for the same, H1 FY27 disbursement growth is 21% and AUM growth is 20% on YOY basis. One Time Impact: Refer Note 1 18%1 Growth
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Stable Spreads Maintained Across Cycles 7 13.4% 13.9% 13.9% 13.5%2 13.4% 7.6% 8.0% 8.2% 7.7% 7.7% 5.8% 5.9% 5.7% 5.8% 5.7% FY23 FY24 FY25 FY26 H1 FY27 Portfolio Yield Cost of borrowings Spread 13.8% 13.7% 13.5%2 13.5% 13.4% 7.9% 7.7% 7.7% 7.7% 7.7% 5.9% 6.0% 5.8% 5.8% 5.7% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Portfolio Yield Cost of borrowings Spread Yields, Cost of Borrowings and Spreads (%) 1 : “Spreads maintained Stable” 1 . Portfolio Yield/Cost of borrowings as at period end. 2. 15 BPS PLR reduction w.e.f Feb’26 .
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Stable Asset Quality and Consistent Improvement in Efficiency 8 1.16% 1.08% 1.05% 1.08% FY23 FY24 FY25 FY26 0.8% 0.8% 0.7% 0.7% GNPA to AUM NNPA to AUM 37.5% 36.4% 35.9% 36.1% 36.2%1 FY24 FY25 FY26 H1 FY26 H1 FY27 36.2% 34.1% 37.1% 36.3% 36.1%1 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 GNPA to AUM - Improved by 8bps in Q2 FY27 Cost to Income – Improved by 230 bps in Q2 FY27 (Refer Note 1) 1.35% 1.29% 1.42% 1.34% Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY27 1.0% 1.0% 0.9% 0.9% Note 1: The Company granted stock options under Employee Stock Options Plan 2025, starting January 2026, at an exercise price of ₹ 425 per share. Operating expenses include a charge to P&L of ₹ 282 Mn (Pre-tax) in H1 and ₹ 142 Mn (Pre-tax) in Q2 FY27. Adjusted Cost to Income without ESOP charge is 33.9% (YoY decline of 230 bps) and 34.0% (YoY decline of 215 bps) in Q2 FY27 and H1 FY27.
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Strong Profitability and Returns 9 3,436 4,277 5,038 5,907 H1 FY24 H1 FY25 H1 FY26 H1 FY27 1,973 2,275 2,665 3,083 Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY27 40 59 69 82 40 59 69 82 PAT (INR Mn) Net Worth (INR Bn) 18.4% 16.9% 15.9% 15.1% 15.0% FY24 FY25 FY26 H1 FY26 H1 FY27 15.7% 16.5% 17.1% 14.7% 15.2% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 4.2% 4.3% 4.2% 4.8%4.6% 4.0%4.3% Return on Equity Return on Total Assets 4.4% PAT Increased by 22% (Refer Note 1 on ESOP) in H1 FY27 Stable Return Ratios 4.2% 4.2% Note 1: The Company granted stock options under Employee Stock Options Plan 2025, starting January 2026, at an exercise price of ₹ 425 per share. This grant entails a charge to P&L of ₹ 282 Mn (Pre-tax) in H1 and ₹ 142 Mn (Pre-tax) in Q2 FY27. Adjusted for the same, PAT growth is 22% in H1 FY27 and 20% in Q2 FY27 on a YoY basis, as shown above. Reported PAT growth is 16% and 17% for Q2 FY27 and H1 FY27 respectively.
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COMPANY OVERVIEW
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Introduction to Aadhar Housing Finance HFC focused on low-income housing segment with ticket size less than INR1.5mn, with an AUM of INR326bn 100% secured retail loan book Granular portfolio skewed towards Salaried customers; Average ticket size of INR1.1mn Pan-India presence with 632 branches covering 555 districts across 23 states and union territories; serving c.348k live accounts 43 lender relationships with a diversified borrowing base Technology enabled business model across functions Highly profitable franchise delivering c.26% PAT CAGR from FY 22 to FY 26 and 4.4% RoA Experienced, cycle-tested and professional management team with strong corporate governance 172 211 255 306 276 326 Mar-23 Mar-24 Mar-25 Mar-26 Sept-25 Sept-26 Strong AUM Growth INRbn Disbursements Trend INRbn 59 71 82 96 41 46 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Strong PAT INRMn 22%2 growth in H1 FY27 5,643 7,496 9,118 11,083 5,038 5,907 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 1.2% 1.1% 1.1% 1.1% 1.4% 1.3% FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 GNPA Trend In % 11 Refer Note 1 Note 1: The Company has transitioned disbursement reporting to cheque realisation w.e.f Q1 FY 27. Adjusting for the same, H1 FY27 disbursement growth is 21% and AUM growth is 20% on YOY basis. Note 2: The Company granted stock options under Employee Stock Options Plan 2025, starting January 2026, at an exercise price of ₹ 425 per share. This grant entails a charge to P&L of ₹ 282 Mn (Pre-tax) in H1 and ₹ 142 Mn (Pre-tax) in Q2 FY27. Adjusted for the same, PAT growth is 22% in H1 FY27 and 20% in Q2 FY27 on a YoY basis, as shown above unadjusted PAT growth is 16% and 17% for Q2 FY27 and H1 FY27 respectively.
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Aadhar Housing Finance – Value Proposition 12 Social objectives one of the core components of the business model Robust, analytics driven processes for underwriting and collections Extensive branch and sales office network with geographical penetration across India Focused on low-income housing segment Experienced, cycle-tested management team with strong corporate governance Diversified and granular portfolio Access to diversified funding sources, positive ALM position Scalable technology platform and digital processes
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13 Key Milestones Note: 1. Through BCP Asia II Holdco VII Pte. Ltd., an affiliate of Blackstone; 2. Pre-merger AHFPL refers to the entity incorporated as ‘Aadhar Housing Finance Private Limited’ at Mumbai, Maharashtra as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated May 3, 2010, issued by the Registrar of Companies, Maharashtra at Mumbai and which commenced its operations in February 2011. Aadhar Housing Finance Private Limited was later converted into a public company on September 3, 2013 and was merged into our Company in 2017 pursuant to a scheme of amalgamation approved by the National Company Law Tribunal, Bengaluru Bench at Bengaluru, vide its order dated October 27, 2017. Year of Incorporation of Pre-merger AHFPL Pre-merger AHFPL2 opened its 1st branch Pre-merger AHFPL opened 100th branch Customer base reached 49,000 AUM of pre- merger AHFPL crossed INR 10 bn Merger of DHFL Vysya Housing Finance Limited with Pre- merger AHFPL AUM stood at INR 80 Bn Seasoned business model showcasing strong resilience across business cycles FY11 FY15 FY17 FY18 Customer base crossed 1,50,000; Acquired by the Blackstone Group1 in June 2019 AUM stood at INR 114 Bn FY20 Customer base crossed 2,00,000 AUM of INR 148 Bn FY22 Branches 520+ AUM of INR 211 Bn FY24 Branches 580 AUM of INR 255 Bn Listed in H1 FY25 AUM of INR 306 Bn Branches 626 Customer base crossed 3,36,000 AUM of INR 326 Bn Branches 632 FY25 FY26 H1 FY27
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Highly Experienced Board of Directors 14Note: Mr. Raj Vikash Verma, Non-Executive Chairperson and Independent Director, ceased to be associated with the Company w.e.f. 16th October 2026 due to his sad demise. * w.e.f. 22nd October 2026 Mukesh Mehta Non Executive (Nominee) Director ▪ Serves as Senior MD, CIO, Blackstone Advisors India ▪ Serves on the board of International Gemmological Institute, VFS Global, R Systems International, PGP Glass, TaskUs, AGS Health, etc. Dr. Punita Kumar Sinha Independent Director ▪ Founder of Pacific Paradigm Advisors ▪ Serves on the boards of Tata Capital, Ventive Hospitality, etc. Deo Shankar Tripathi Interim Non-Executive Chairperson* ▪ Previously served as MD & CEO of the Company ▪ Named in “101 Top Most Influential BFSI Leaders” by ET Now in 2020 Amit Dixit Non Executive (Nominee) Director ▪ Serves as Senior MD, Head of Asia, Blackstone Advisors India ▪ Serves on the board of several Blackstone portfolio companies Sharmila A. Karve Independent Director ▪ Previously associated with Price Water House Coopers as a Partner ▪ Serves on the boards of EPL, Syngene International, etc. Prateek Roongta Non Executive (Nominee) Director ▪ Serves as MD, Blackstone Advisors India ▪ Serves on the board of ASK Investment Managers, International Gemmological Institute, Fino Payments Bank, etc. Nikhil Goyal Non-Executive Nominee Director ▪ Serves as MD, Private Equity, Blackstone Advisors India ▪ Serves on the boards of Ace Insurance Brokers, ASK Property Investment Advisors, Wisler Investment Management, etc. Rishi Anand Managing Director and CEO ▪ 30 + years of work experience across a diverse spectrum of functions and businesses in the financial services space ▪ Previously worked with ICICI Bank, GE Money, AIG , Reliance etc.
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Seasoned Management Team 15 Note: 1. Now Motilal Oswal Home Finance Limited. Rajesh Viswanathan, Chief Financial Officer ▪ Several years of experience in accounting, finance, strategy, planning, taxation, treasury, and investor relations ▪ Previously worked with Bajaj Finance, Bajaj Allianz Life Insurance, KPMG, etc. Rishi Anand, Managing Director and CEO ▪ 30 + years of work experience across a diverse spectrum of functions and businesses in the financial services space ▪ Previously worked with ICICI Bank, GE Money, AIG , Reliance etc. R. Anil Kumar Nair, Chief Operating Officer ▪ Master’s in Business Administration from Sikkim Manipal University ▪ Previously worked with Onida, ICICI Bank and Aspire Home Finance Corporation1 Haryyaksha Ghosh, Chief Data Officer ▪ Experienced in the sectors of data science and IT ▪ Previously worked with Infosys Technologies, Mindwave Solutions, Network 18 Media & Investments, etc. Madhur Bhatnagar, Chief Recovery & Collections Officer ▪ Nearly 20 years of diverse experience in Sales, Credit, and Collection across various industries and products ▪ Previously worked with Magma Fincorp Ltd, Bajaj Auto Finance Ltd, Bharti Axa Life Insurance, Reliance Capital Ltd, and ICICI Bank Ltd. Vinod Nair, Chief Human Resources Officer ▪ Associated with AHFL since 1st October 2024 ▪ Seasoned HR leader with 25 plus years of experience, Prior to AHFL he was associated with Mahindra Finance, CMS Computers Limited and Datamatics Group Anmol Gupta, Chief Treasury Officer ▪ Several years of experience in financial operations, preparing budgets, financial reports ▪ Previously worked with BHW Home Finance, Deutsche Bank and CIMMYT-India Nirav Shah, Chief Risk Officer ▪ Several years of experience in implementing risk management systems across business units & maintaining a strong integrated risk management ▪ Previously worked with Tata Capital Housing Finance, etc. Harshada Pathak, Company Secretary & Compliance Officer ▪ 18 years of experience working in compliance and secretarial departments ▪ Previously worked with Volkswagen Finance, Mahindra & Mahindra Financial Services and Essar Investments Sharad Jambukar, Chief Information Technology Officer ▪ Seasoned IT leader with 21+ years of experience driving technology strategy and transformation in the BFSI sector ▪ Previously held leadership roles at SBI Capital Markets (VP & Group Head - IT), L&T General Insurance (Head of IT), and worked with L&T Finance, ICICI Bank, and others Pratik Jariwala, Chief Compliance Officer ▪ Over 15 years of experience in governance, risk, and control across banking and financial services ▪ Previously associated with Kotak Mahindra Bank, IDFC First Bank, and CRISIL
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BUSINESS OVERVIEW
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Pan-India Presence Note: UP = Uttar Pradesh, MP = Madhya Pradesh, MH = Maharashtra, TN = Tamil Nadu, GJ = Gujarat, RJ = Rajasthan, KTK = Karnataka, TL = Telangana, AP = Andhra Pradesh. 1. Branches including offices are 644. 632 Branches1 Tamil Nadu 63 Branches Karnataka 35 Branches Andhra Pradesh 42 Branches Rajasthan 56 Branches Gujarat 73 Branches Madhya Pradesh 57 Branches Maharashtra 74 Branches Telangana 48 Branches Other States 112 Branches Top 3 States States not present in Top 5 States Other States with Presence Uttar Pradesh 72 Branches No state accounts for of AUM >15% MH 15% RJ 13% UP 12% GJ 11% MP 9% TN 9% TL 7% AP 5% KTK 4% Others 16% ₹326bn AUM Sept-26 GJ 12% MH 12% UP 11% TN 10% MP 9% RJ 9% TL 8% AP 7% KTK 6% Others 18% Sept-26 632 Branches Diversified presence with a focus on cost control State wise AUM By State (September 30, 2026) Branch DistributionDistribution Network 17 Entered Jammu & Kashmir State in Q2 FY27
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Distribution Strategy Agile branch network with each location catered to by an appropriate branch size, helping keep Opex in control Ultra-Micro Branches Main Branches Small Branches Micro Branches Deep Impact Branches Disbursals Staff Aadhar Mitra's in non-allied industries (Vegetable vendors, Cement dealers, Saloon’s etc.) Deep Impact branches are being opened in remote locations with an aim to cater to the housing needs of customers in tier 4 and tier 5 towns in India Small Branch Small Branch Micro Branch Micro Branch Micro Branch Micro Branch Ultra Micro Branch Ultra Micro Branch Ultra Micro Branch Ultra Micro Branch Deep Impact AMs Deep Impact Deep Impact Deep Impact AMs Main Branch 18
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Distribution Strategy 19 Pune Kolhapur (A) Amravati (B) Malegaon (C) Lucknow Varanasi (A) Firozabad (C) Uttar Pradesh Rajasthan Rest of Maharashtra Churu (C) Jaipur Branch Breakup: Examples A - 100 B - 198 C - 180 Urban No of Branches: 154 Emerging No of Branches: 478 No of Branches No of Branches No of Branches Bareilly (B) Sawai Modhapur (A) Pali (B)
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Comprehensive Credit Assessment Process 20 Credit Underwriting Centralized processing at regions –Salaried Customers • Regional processing units to process applications for salaried customers • Ensures standardisation, cost optimization and better turn-around time Decentralizedprocessing– other customers • Branch led processingthrough credit managers • On-ground verification of business and income • Analysis of expectedcash flow ofcustomer’s business Legal Due Diligence • Inhouse legal team and empaneled lawyers verify documents; ensure that the property is legally enforceable Loan documentation, builder due diligence, title checks • Reports prepared by empanelled lawyers reviewed by in-house legal team Risk Containment Unit File screening, field investigation, document verification • RCU screens every loan application and supporting document • Suspicious documents sampled and verified at source Skilled In-house technical team has assisted in creating this Robust Credit Assessment Framework Technical Due Diligence Activities • Site visits, technicalevaluation of properties and the periodical review of construction projects Multiple opinions sought in specific cases • Technical assessmentsthrough in-house engineers • For properties above a certain threshold, additional valuation from independent third parties Assessment of property valuation • Done by in-house technicalteam of civil engineers Post-disbursement sampling • ~5% of the properties mortgaged in each quarter are re-valued to review the variance in valuation • Cases of variance are examinedfor taking remedial actions
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Diversified Funding Sources 21 Increasing focus on diversifying borrowings 38 39 56 50 64 18 16 5.9% 7.1% 8.0% 8.4% 7.8% 8.0% 7.5% FY22 FY23 FY24 FY25 FY26 Q2 FY26 Q2 FY27 Incremental Borrowings (INR bn) Interest Rate Banks 60% NHB 22% NCD 17% Others 1% Mar-22 Note: 1. Interest rate for incremental borrowing. Represents weighted average rate of interest on fresh borrowings in the relevant year or period. NHB Banks Mutual Funds NHB DFI Banks 53% NHB 22% NCD 15% ECB 7% Others 3%Sept-26
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ALM Position 22Note: 1. Assets represents cash and cash equivalents, other bank balances, housing and other loans, investments, and receivab les and other financial assets; 2. Liabilities represent trade payables, debt securities, borrowings (other than debt securities), deposits, subordinated liabilities and other financial liabilities. The above asset maturity profile is calculated based on historical customer behaviour on the loan assets. Asset Liability Management – INR bn (as of Sept-26) High-level of Ratings Across Tenures from Leading Rating Agencies 73% of Gross AUM and 81% of borrowings have floating interest rates 1 2 Care Ratings India Ratings Long Term A+ ICRAICRA AA / Stable AA / Positive AA /Positive Short Term Positive ALM Position Across Buckets AA+ / Stable AA+ / Stable 108 218 301 410 80 191 249 372 29 26 52 38 Upto 1 year Upto 3 years Upto 5 years Total Assets Liabilities Gap AA+ / Stable Old ratings Updated ratings
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Social Objectives at the Core of the Business 23 GovernanceSocially InclusiveHome Aspirations Portfolio focused on EWS / LIG segments AUM focused on EWS / LIG Customers 76% 71% 66% 63% 61% FY23 FY24 FY25 FY26 H1 FY27 61% Gross AUM with EWS/LIG customers Overview of various CSR activities Aadhar Mitras / Mahila Aadhar Mitras Incentive-based representative model Aadhar Kaushal– Skill developmentfor youth from the underservedsegment Aadhar Aaangan Ensuringnutrition,early childhood educationand care AayushmaanAadhar Supportinghealthcareinfrastructure with health camps Note: 1. As of September 30, 2026; 2. Through BCP Asia II Holdco VII Pte. Limited, an affiliate of Blackstone. Blackstone, a leading investment firm,with total AUM of US$1.4 trillion1, is the promoter2 Strong set of Independent Directors Constantly strengthening corporate governance – 2 Independent Directors
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AI and TECH CAPBILITIES
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AI is the operating backbone of AHFL, not a set of projects AI is being institutionalized as the enterprise intelligence layer — embedded across origination, underwriting, surveillance, collections, and retention — directly tied to growth quality, NPA control, and operating leverage. Embedded, not bolted on Intelligence flows through every workflow layer, not siloed in an analytics team. Reusable architecture One governed data and model fabric powers all engines, no redundant builds. Outcome-linked Every engine ties to NPA, TAT, Cost-to-income, Retention, or Yield THE 6-LAYER ARCHITECTURE Data Foundation Data lake, customer/loan/property 360, bureau store, document store, feature store, lineage Intelligence & Decisioning Scores, predictions, risk-based pricing, fraud flags, propensity models, next-best-action logic Surveillance & Early Warning Portfolio monitoring, bounce/roll-forward alerts, vintage analysis, branch heatmaps, RAG signals Service & Execution Sales queues, credit workbenches, collections queues, retention workflows, campaign execution Orchestration Workflow routing, LOS/LMS/CRM integration, human-in-loop controls, agentic AI, feedback loops Governance & Trust Model validation, bias/drift controls, audit trails, explainability, override tracking, regulatory readiness Data is Industrialized Inputs are cleaned, standardized, governed & structured Monitoring frameworks are created Those outputs are tracked continuously for risk & pattern detection AI is embedded into workflows Business sees AI as actions, queues, prompts & prioritized interventions Models & Decision Logic are built AI turns raw data into scores, predictions, recommendations & flags Systems are connected APIs, workflows & triggers ensure AI is available where work happens Controls and guardrails are wrapped around everything So that the company can trust, explain, validate and scale the system 1 2 3 4 5 6 25
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Strategic AI Platforms being built in-house Across the five AI engines, a small set of reusable, cross-engine AI capabilities emerges repeatedly. These are the strategic platforms we are building and owning in-house for reuse, control, and long-term competitive differentiation. Hours₹ Hours₹ Hours₹ Hours₹ Hours₹ LEKHA DOCUMENT INTEL CORE CAPABILITIES: OCR · Extraction · Classification · Validation · Document workflow intelligence DHVANI VOICE INTEL SAMVIT DECISION INTEL SAARTHI ENTERPRISE ASSIST GATI MANAGEMENT INTEL USED ACROSS: Sourcing · Underwriting · Operations · Collections USED ACROSS: Personal discussions · Collections · Retention · Field interactions USED ACROSS: Sourcing · Underwriting · Surveillance · Retention USED ACROSS: Sales · Credit · Operations · Collections · Servicing USED ACROSS: All business and support functions Reusable intake and document-processing capability that compounds in accuracy and utility over time Reusable speech intelligence across functions — enables cross-functional learning from voice data Core proprietary decisioning IP-primary source of long- term risk and growth differentiation Reusable human-assist layer that improves consistency, responsiveness, and adoption enterprise-wide Creates enterprise-wide visibility, faster intervention capability, and stronger operating control CORE CAPABILITIES: Speech-to-text · Summarization · Conversational tagging · Call quality analytics CORE CAPABILITIES: Application · Bureau · Bank statement · Personal discussion inputs CORE CAPABILITIES: Centralized GenAI / LLM platform · Guided query resolution · Workflow assistance CORE CAPABILITIES: Cross-functional dashboards · Funnel visibility · Exception monitoring · Control views This is how AI stops being a project portfolio and becomes a proprietary operating advantage, — built in- house, reused across engines, compounding over time. 26
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AI initiatives are driving measurable impact – Productivity & Efficiency PRODUCTIVITY & EFFICIENCY More output from the same workforce through smarter task allocation and automation Sales Productivity & Incentives AI platform tracking sales funnel performance, productivity benchmarks, and incentive computation HOW WE USE IT DAILY Field officers and managers track daily pipeline, lead conversion, and performance vs peers. Incentives are computed on AI-scored productivity metrics, replacing manual MIS and eliminating disputes over calculations. IMPACT Higher conversion per officer · fairer incentive allocation · significant reduction in manual reporting effort Collections Prioritisation Daily ranking of delinquent accounts by cure probability for optimised field allocation HOW WE USE IT DAILY Collections officers receive a ranked morning worklist each day. Highest- cure-probability accounts are contacted first. Field routes are optimised by score rather than geography alone, ensuring effort goes where recovery is most likely. Higher recovery yield from existing collection workforce · smarter effort allocation · improved field productivity IMPACT RETENTION & REVENUE GROWTH Protecting existing AUM and growing wallet share from the current customer base Customer Retention Behavioural delinquency scoring of existing customer base – segmenting for selective, risk – adjusted retention HOW WE USE IT DAILY Each customer is scored on delinquency behaviour. BT-Out requests are negotiated based on these scores. Customers with elevated risk scores are excluded from retention; their requests for top ups or ROI concessions are declined. IMPACT Retains high quality AUM while consciously releasing risky accounts · avoids defending customers who increase credit cost · concentrates retention spend where it creates long-term portfolio value 27
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AI initiatives are driving measurable impact – Credit Quality & Cost Reduction Each initiative is active in daily operations — governed, tracked, and tied to a clear business outcome. C R E D I T Q U A L I T Y A N D C O S T R E D U C T I O N Reducing credit cost, vendor spend, and processing inefficiency Reject Scorecard Scores every incoming application before it reaches a credit officer HOW WE USE IT DAILY All new leads are automatically scored at the login stage. Applications falling below the threshold are deprioritised or rejected before they consume any underwriting or processing bandwidth. IMPACT Reduces cost of processing non-viable applications · lowers front-end credit losses · frees officer capacity for quality cases Early Warning Signals RAG-based daily surveillance of the live portfolio for early stress indicators HOW WE USE IT DAILY Risk and branch teams receive a daily watchlist of accounts showing early behavioural deterioration. Proactive intervention is triggered before the first missed payment, at a point where recovery is still relatively straightforward. IMPACT Reduces flow into NPA buckets · lowers provisioning requirement · enables earlier recovery action at lower cost In-house Applications Core operational platforms built and owned in-house, replacing external vendor systems HOW WE USE IT DAILY Credit, operations and collections teams run their daily workflows on in-house platforms, eliminating third-party licensing and support dependency for core functions. Customisation and iteration happen on our own timeline. IMPACT Direct reduction in vendor and licensing costs · faster platform iteration · greater customisation control and data security 28
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Our Digital-First Operating Model is yielding benefits across the entire lending value chain 29 End-to-End TCS-Enabled Core System 40+ Fintech Integrations Digital Acquisition 25-35 mins Door-to-Login Time Digital Collections 97% NACH Conversion Digital Processing 100% Paper-less Onboarding Digital Servicing 108,000+ Customer App Logins
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Our Digital Capabilities are built on Scalable and Agile Technology platform developed by TCS 30 • Digitizing loan life cycle management • Capturing leads from multiple sources • Customer onboarding • Loan application processing • Enabling credit team to underwrite applications through rule-based deviations and workflows based on customer profile • Enabling real time solution to allocate accounts to agents • Handles payments and • collections from agents • Disbursal and repayment schedule management • NPA tracking • Interfacing with agencies such as CIBIL, CERSAI, PMAY etc. Digital Onboarding Loan Origination Collection Management Loan Servicing Mobility Solutions • Enables collection agents on field to capture customer payments electronically • Developing a sales mobility app to assist field sales team in submitting customer leads Customer Engagement • Website and mobile application acting as convenient platforms for customers • Offers loan account tracking, payments, service requests etc. • Developing social media channels (like WhatsApp) Finance & Accounting • Enabling an enterprise wise integrated accounting solution • Enabling capturing and generation of GST data to be filed in various GST returns Analytics • Monitoring of loan portfolios • Servicing & performance management of pool investments on a continuous basis Lending and Securitization Platform 1 2 3 45 6 7 8 Aadhar Housing Core (Powered by TCS)
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We have augmented our IT Platform with Digital Capabilities through Strategic Partnerships CSC IPPB Gram Haat JK Cement udChalo Smart Winner Karza CRIF iXsight Novel Pattern Teal CERSAI Lotuspay SignDesk Automation Edge Paytm Razorpay Gupshup Simple2Call BBPS Anur Cloud DIGITAL ACQUISITION DIGITAL PROCESSING DIGITAL SERVICING Lead Generation Incentive Automation Communication Digital Collections Cloud Telephony Digital Welcome Kit→ PAN, Aadhaar, EPFO Verifications → Multi Bureau Verifications → Dedupe Engine → Bank Aggregator & Analyzer → Digital Property Search → CKYC, Asset Search → e-Signing & e-Stamping → Online Fee Payment Gateway → Online Fee Payment Gateway → Online Fee Payment Gateway → RPA Automations 31 Identify Tech Reg Tech Open Banking Property Tech Payment Tech Robo Processing
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We have developed and launched an extensive Suite of Applications for Customers and Employees 32 Robust customer engagement and partner empowerment through mobility apps; Focus on consistently improving employee experience through virtual office Sales Mobility App Customer Service Faster onboarding of customers All-in-one customer app Collections App Live tracking of collections Employee Super App Integrated HR app for all employee services
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INDUSTRY OVERVIEW
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Affordable Housing Finance Market in India: Opportunity Size 34Based on an assumption of a *77% loan dependency and **90% & 80% Loan -to-Value (LTV) ratios applied at various loan thresholds Source: Knight Frank Research Estimates Current Existing Shortage of Housing 10.1Mn Units 15.0 Mn Units INR 17.4Tn 10.9 Mn Units INR 25.2 Tn 5.3 Mn Units INR 24.6 Tn 31.2 Mn Units (INR 67 Tn) 21.1Mn Units EWS (46%) LIG (33%) MIG (16%) Market Size breakup Potential home loan market (INR Tn)* Financing Opportunity (INR Tn)** • Urban areas are projected to host 40% of India's population by 2030 from current 36% leading to a rise in Affordable housing in urban areas • An expected shortage of affordable housing units is expected to be 32.3 Mn by 2030 which includes current shortage of 10.1Mn • the potential financing opportunity for banks and Housing Finance Companies (HFCs) in the affordable housing segment is estimated to be INR 45tn, a 3.5x increase than the existing loan volume of INR 13Tn • Housing Finance Companies (HFCs) constitute 53% and Scheduled Commercial Banks (SCBs) holding a share of 47% of the total loan market currently 13.4 11.8 19.4 17.2 18.9 14.9 Affordable Housing New Demand by 2030Total Demand of Affordable Housing by Urban Centre's by 2030
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Key Growth Enablers Government Initiatives’ Impact on Housing Finance • Urbanization: Migration to cities drives demand for housing and tailored loan products. Moreover, development of ‘Satellite cities’ to decongest urban centers will increase demand for affordable housing units in these places • Rising Disposable Incomes Higher disposable incomes boost affordability and demand for housing loans • Demographic Shifts The rise of nuclear families increases the need for individual housing solutions • Low Mortgage-to-GDP Ratio: At 12.34% (as of March 24) , India has significant growth potential compared to developed markets • This under-penetration presents a substantial opportunity for affordable housing finance companies to expand their services, particularly in rural and semi-urban areas where demand is high but access to financing is limited • There's a growing emphasis on reaching underserved populations with affordable financing options. • Housing finance companies are increasingly targeting low-income segments, which are often overlooked by traditional lenders 209.4 290.4 264.1 253.3 405 473.9 771.3 541 806.7 FY2016-17 FY2017-18 FY2018-19 FY2019-20 FY2020-21 FY2021-22 FY2022-23 FY2023-24 FY2024-25E Population growth in Potential satellite cities supporting Urban Centers (Mn) Source: Knight Frank Report, GoI, Custom Market Insights Report Link, World Population Review City Population in 2024 Population by 2034 (E) Ahmedabad 8.9 11.3 Mumbai 21.7 27.3 Pune 7.3 9.3 Bengaluru 14.2 18.1 Chennai 12.3 15.4 Hyderabad 11.1 14.2 Kolkata 15.6 19.6 NCR 33.8 43.3 Central government budgetary allocation for PMAY ( INR bn) • Increased allotment for Housing Schemes: The Union Budget for 2024–2025 provided INR 30,170 Cr for the Pradhan Mantri Awas Yojana- Urban (PMAY-U), a 20.19% increase over the preceding year’s amount. PMAY 2.0 targets 30 million houses by 2029 (10 million urban, 20 million rural) • Interest Subsidies: As per PMAY 1.0 subsidy was 2.50 lac to 2.67 lac, As per PMAY 2.0 its 1.50 lac • Tax Incentives: Continued tax benefits for homebuyers and developers, encouraging housing investments Market Penetration Opportunities 35 Changing Dynamics Focus on Financial Inclusion
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FINANCIAL INFORMATION
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Consolidated Profit and Loss Statement 37Note 1: The Company granted stock options under Employee Stock Options Plan 2025, starting January 2026, at an exercise price of ₹ 425 per share. This grant entails a charge to P&L of ₹ 282 Mn (Pre-tax) in H1 and ₹ 142 Mn (Pre-tax) in Q2 FY27. Adjusted for the same, PAT growth is 22% in H1 FY27 and 20% in Q2 FY27 on a YoY basis. Particulars (INR Mn) Q2 FY27 Q2 FY26 YoY Q1 FY27 QoQ H1 FY27 H1 FY26 YoY Interest on loans 8,978.8 7,714.3 8,579.7 17,558.5 15,028.5 Other Interest and Investment Income 325.3 320.4 345.8 671.1 655.2 Non-Interest Income 520.8 517.1 547.0 1,067.8 1,056.5 Upfront Income on Fresh Assignment 653.8 440.8 499.4 1,153.2 765.8 Total Income 10,478.7 8,992.6 17% 9,971.9 5% 20,450.6 17,506.0 17% Finance costs 3,890.7 3,416.2 3,763.9 7,654.6 6,735.6 Net interest margin 6,588.0 5,576.4 18% 6,208.0 6% 12,796.0 10,770.4 19% Operating Expenses1 2,375.1 2,017.4 2,255.0 4,630.1 3,892.7 Pre-Provision Operating Profit 4,212.9 3,559.0 18% 3,953.0 7% 8,165.9 6,877.7 19% Credit Costs 242.4 131.6 316.7 559.1 398.8 Profit Before Tax 3,970.5 3,427.4 16% 3,636.3 9% 7,606.8 6,478.9 17% Tax Expenses 887.4 762.7 812.7 1,700.1 1,441.4 Profit After Tax 3,083.1 2,664.7 16% 2,823.6 9% 5,906.7 5,037.5 17% Total Comprehensive Income 3,211.1 2,653.3 2,806.5 6,017.6 4,997.7 Earnings per equity share (Diluted) 6.9 6.0 6.4 13.3 11.4
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Consolidated Balance Sheet 38 Particulars(INRmn) As on September 30, 2026 As on March 31, 2026 Sources of Funds Share capital 4,384 4,357 Reserves and surplus 77,631 71,052 Borrowings 204,404 187,438 Trade payables & Other Liabilities 7,334 11,141 Derivative Financial Instruments - - Total 293,752 273,988 Applicationof Funds Loan Assets 265,432 248,396 Investments and Cash & Cash Equivalent 20,484 18,521 Other Financial Assets and Trade Receivables 4,814 4,436 Non-Financial Assets 2,033 1,936 Derivative Financial Instruments 989 699 Total 293,752 273,988 Tier I 41.7% 42.0% Tier II 0.5% 0.5% Capital Adequacy Ratio (%)
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ECL Provisions 39 Particulars (INR Mn) Sept 30th, 2026 Sept 30th, 2025 March 31st, 2026 Gross Stage 1 255,595 214,226 240,994 % portfolio in Stage 1 95.1% 95.0% 95.9% ECL Provision Stage 1 807 646 859 ECL Provision % Stage 1 0.3% 0.3% 0.4% Gross Stage 2 9,555 7,883 7,556 % portfolio in Stage 2 3.55% 3.50% 3.01% ECL Provision Stage 2 1,288 1,040 1,063 ECL Provision % Stage 2 13.5% 13.2% 14.1% Gross Stage 3 a (DPD <= 90) 22 18 77 % portfolio in Stage 3 a 0.0% 0.0% 0.0% ECL Provision Stage 3 a 5 4 19 Gross Stage 3 b (DPD > 90) 3,609 3,305 2,671 % portfolio in Stage 3 b 1.34% 1.47% 1.06% ECL Provision Stage 3 b 1,249 1,135 962 ECL Provision % Stage 3 34.5% 34.3% 35.7% Gross Stage 1, 2 & 3 268,781 225,432 251,298 ECL Provision Stage 1, 2 & 3 3,349 2,825 2,903 Total ECL Provision % 1.2% 1.3% 1.2%
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Glossary 40 Terminology Definition ALM Asset Liability Management AM Aadhar Mitra ATS Average Ticket Size AUM Assets Under Company’s Management CAGR Compounded Annual Growth Rate CPU Central Processing Unit CRWAR Capital to Risk Weighted Assets Ratio DPD Days Past Due ESG Environmental, Social and Governance EWS Economically Weaker Sections RCU Risk Containment Unit GNPA Gross Non Performing Assets GST Goods and Services Tax HFC Housing Finance Company LAP Loan Against Property LIG Low Income Group Terminology Definition LIH Low Income Housing LTV Loan to Value NBFC Non-Banking Financial Company NCD Non-Convertible Debenture NHB National Housing Bank NNPA Net Non Performing Assets NPA Non Performing Assets PAT Profit After Tax PMAY Pradhan Mantri Awas Yojana PSL Priority Sector Lending QIB Qualified Institutional Buyers RERA Real Estate (Regulation and Development) Act RoA Return on Asset RoE Return on Equity TAT Turnaround Time TCS Tata Consultancy Services Limited
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THANK YOU Aadhar Housing Finance Limited www.aadharhousing.com CIN: L66010KA1990PLC011409 For further information, please contact Sanjay Moolchandani – Head of Investor Relations and FP&A sanjay.Moolchandani@aadharhousing.com Investor Relations – Aadhar Housing Finance Limited investorrelations@aadharhousing.com Adfactors PR – Investor Relations Aashvi Shah/ Mayuri Karkera aashvi.shah@adfactorspr.com mayuri.karkera@adfactorspr.com