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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 INVESTOR PRESENTATION H1FY26
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 This presentation and the accompanying slides (the “Presentation”), which have been prepared by Aavas Financiers Ltd. (the “Company”), without any specific objectives and solely for information 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. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Further, this presentation is being made on uniform basis and no selective disclosure of the same have been made by the Company. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigations as they may consider necessary or appropriate for investment purposes. This presentation contains certain forward-looking statements concerning the Company’s future business prospects, market opportunities and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. These statements can be recognized using words such as “expects,” “plans,” “will,” “estimates,” “projects,” “marks,” “believe” or other words of similar meaning. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, micro and macro geo-political issues, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. 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. Any reliance placed on this presentation by any person for its investment strategy shall be at his own risk. Safe Harbour 2
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Financial PerformanceAssets ₹ 213.6 bn AUM 2,55,696 Active Loan Counts 55.26% Average LTV Customers 99.5% Retail Loans 67% | 33% HL | NHL 61% | 39% Self-Employed | Salaried 84% <15 lakhs Ticket Size ₹ 3,036 mn PAT* 3.19% | 13.43% ROA | ROE 1.24% | 0.85% GNPA | NNPA 13.08% | 7.85% Yields | CoB Distribution 405 Branches 14 States/UTs 7,294 Employees Capital Structure ₹ 46.8bn Net Worth 46.42% CRAR ₹ 30.99 bn | 7.82% Incre. Borrowings (Amt.| Rate) 35+ # Lenders ₹ 0.98 mn ATS on AUM 3,75,000+ Families Served AA/ Positive Long term ratings ₹ 27.1 bn Disbursement 5.23% | 7.81% Spread | NIM Executive Summary – H1FY26 2,500+ Towns covered 80%+ Branch in Tier 3+ 3 *PAT Includes OCI
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 +11% Key Performance Highlights – Q2FY26 12,940 15,599 Q2 FY25 Q2 FY26 183,956 213,566 Sep-24 Sep-25 3.97% 3.99% Sep-24 Sep-25 AUM (₹ mn) Disbursement (₹ Mn) 1+ DPD (%) +16% +21% PAT (₹ mn) +2 bps 4.89% 5.23% Sep-24 Sep-25 +34 bps Spread (%) 4 +26 bps 7.78% 8.04% Q2 FY25 Q2 FY26 NIM (%) 1,478 1,644 Q2 FY25 Q2 FY26
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Pillars of Strength In-house Execution Model IT Transformation 5 Strengthening through Institutionalization Diversified Shareholding BaseExperienced Board of Directors Professional Management Team Diverse Geographical Distribution
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Evolution ✓ Proof of concept of the affordable housing finance model under AU’s ownership ✓ Perfecting the model and building a foundation to scale under private equity ownership ✓ Scaling and institutionalization ▪ Built Organization Structure For Scale ▪ Technology Led Growth: From Sourcing to Servicing ▪ Operating Leverage Translating Into Improving Returns ▪ Diversified Liabilities Franchise With Superior Cost of Fund No. of CXOs 0.0 1.8 4.1 8.4 16.8 26.9 40.7 59.4 78.0 94.5 113.5 141.7 173.1 204.2 213.6 550.0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 FY30E AUM (INR Bn) # of branches 25 Aavas 2.0 Aavas 3.0 Aavas 1.0 2012 2016 2023 35 42 44 94 165 210 250 280 314 346 1 4 10+ Investment (2016) by: IPO (October 2018) 367 Aavas 3.0: Building a Lasting Institution 405 Change in Promoter 397 6
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 People, Processes & Technology Built For Scale Risk Financial Capital TechnologyHuman Capital Building a Pipeline of Future Leaders with focus on Strategic Succession Planning Regular Training Programs To Enhance Frontline Skills and Employee Career Planning Organization Structure Built For Scale with 10+ CXOs Significant technology investments for a Future-ready organization: • LOS (Salesforce), LMS (Oracle Flexcube) and ERP (Oracle Fusion) Implemented • Data and Analytics across the Customer Lifecycle • Compliance with Cyber Security Technology like Bank and Agility of NBFC In-house seasoned Risk and Collections Team supported by Robust Technology and Data Analytics AA/ Positive Credit Rating from CARE Strong Equity Capital Base & Internal Accruals supporting growth Well Diversified Long term (10+ yrs) Liability Franchise backed by 35+ Lenders Scaled & Resilient Organization Built On Strong Pillars 7 Pristine Asset Quality: Lifetime write- off of 11 bps against lifetime disbursement of ~ ₹ 368 bn Robust RCU team for independent verification of Files
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Diverse Geographical Distribution Data as on 30th Sept 2025 Top 3 states’ AUM (RJ, MH and GJ) 14 States/ UTs 405 Branches 80% 76% 74% 71% 69% 67% 65% 65% FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 8 Rajasthan 109 Gujarat 46 Maharashtra 51 Madhya Pradesh 55 Delhi 5 Haryana Uttar Pradesh 39 Chhattisgarh 9 Punjab Uttarakhand Himachal Pradesh Karnataka 38 Orissa 6 5 4 9 20 Tamil Nadu 9 States with Presence States with No Presence Branch Distribution (No of branches) Focused on contiguous branch expansion strategy Geographical diversification journey Branch Vintage (No of Branches) 80%+ in Tier 3+ 41 52 138 162 116 105 53 5224 34 Sep-24 Sep-25 <1 yr 1-3 yrs 3-6 yrs 6-9 yrs >9 yrs RJ, 27% MH, 13% MP, 14% GJ, 11% UP, 10% DL, 1% HR, 5% KTK, 9% Others, 10%
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Right to Win with In -house Model 9 1) Allied industries such as CA/CS/Tax Consultant, LIC Agent, Retired Banker, 2) Non-allied industries such as Lead Providers, Cement vendor, Notary, Lawyer, Stamp vendor Property Broker, Sanitary vendor, Paint shop, Building Contractor. Focused on In-house Sourcing Building Institutional Partnership for Lead generation Business Driven Technology Investment Institutional Underwriting Intelligence In-house & Mutually Exclusive Four Pillars Of Risk 4 Pillars – Credit, Legal, Technical & RCU Four-tiered collection architecture CSC & E-Mitra: Common service centers across India Direct: Open market, cold calling, canopy activity, etc. Aavas Ambassador: Customer referral program Digital: Website, WhatsApp, Chatbot, etc.Connector: People in non-allied2 industries Channel Partner: DSAs Mitra: People in allied1 industries In-house Direct Channel Digital Mitra & CSCChannel PartnersConnector Right to Win
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Major Technology Transformation Completed Origination Loan Management System ERP / GL System CRM ✓Consolidation of processes into a single platform ✓Multiple Fintech integrations for data enrichment and verifications ✓Reduced paper usage by 59% to 43 papers /file post technology upgrade ✓Migrated to core banking based LMS platform ✓Connected multiple banks for smooth disbursal payments ✓Rolled out digital agreements in 223 Branches & 2900 Total Agreements executed as on 30th Sep ✓Adopted worldclass Enterprise GL Application ✓Implemented Oracle Enterprise Performance Management for planning, P&L, reporting and account reconciliations ✓Integrated with LMS, Bolton, Beacon, People Strong, etc., enabling automatic data flow into Fusion General Ledger. ✓77.2% of Active Loans represented in Customer App Logins. ✓Internal/external Lead sources connected in real time with CRM ✓Seamless digital integrations enabled through web, social, customer app, referral apps, chatbots, etc. Enable Sustainable Growth with Significant Operating Leverage Be like a Bank by Technology Capabilities Create a Superior Customer Experience 321Guiding Principles 10 Aavas Referral App 4.8 Salesforce App 4.6 Customer App 4.3 Key Transformation Partners Aavas Nirman Plus 4.7
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY2611 ~ 20,000 ~ 35,000 H1FY25 H1FY26 28,000+ 39,000+ Q2FY25 Q2FY26 Unique Customer login in App Technology Transformation Outcomes ~590 ~1,500 H1FY25 H1FY26 Digital Led Business (Rs. In Mn) 13 10 11 9 7 6 FY21 FY22 FY23 FY24 FY25 H1FY26 Login to Sanction TAT (days) ~54% Sales & Marketing Optimized, analytics-based lead generation & analysis Comprehensive sales dashboard Analytics aided channel optimization Credit & Risk Data driven risk assessment, pricing and mitigation Risk-based, analytical pricing 360° customer view Portfolio Monitoring Payment & settlement analytics Cash flow forecasting Digitized supervision & analysis of loan life cycle operations Leveraging digital and analytical strengths to drive positive outcomes across operations and reduced human intervention Gen AI Bot Conversation
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Sachinder Bhinder Managing Director & CEO • 27+ years of experience • Qualifications: Bachelor's degree in Engineering from Gujarat University, MBA from Nirma University • Experience: Kotak Mahindra Bank, HDFC Ltd, ICICI Lombard, Standard Chartered • 30+ years of experience in financial services • Qualification: Chartered Accountant • Experience: Accenture, First Blue Home Finance, Deutsche Postbank, Indo Rama Synthetics Ghanshyam Rawat President & Chief Financial Officer • 30+ years of experience in financial services • Qualification: Diploma in Financial Management • Experience: Equitas, ICICI Bank, Cholamandalam Ashutosh Atre President & Chief Risk Officer Anshul Bhargava Chief People Officer • 30+ years of experience • Qualification: Certification in Business Management from IIM Calcutta • Experience: Power System Operation Corporation, PNB Housing Finance and Indian Army Jijy Oommen Chief Technology Officer • 25+ years of experience • Qualification: M. Tech from Birla Institute of Technology and Science, Pilani • Experience: Kinara Capital, Wonderla Holidays, Manappuram Finance, Bajaj Capital Rajaram Balasubramaniam Chief Strategy Officer & Head of Analytics • 25+ years of experience • Qualifications: Chartered Accountant • Experience: Citibank, Standard Chartered Bank Ripudaman Bandral Chief Credit Officer • 25+ years of experience • Qualification : PG in Finance • Experience: Indiabulls, ICICI Bank, HDFC Ltd Strong Management depth continues to drive Outperformance Ramachandran Venkatesh Head of Internal Audit • 29+ years of experience • Qualifications: MA in History, JNU • Experience: Standard Chartered Bank, American Express, HDFC Bank, Fullerton India, and Aditya Birla Finance Ltd. • 13+ years of experience • Qualification : Company Secretary • Associated with Aavas Financiers since May 2012 Sharad Pathak Chief Compliance Officer • 8+ years of experience • Qualification : Company Secretary & Law Graduate • Experience: H.G. Infra Eng. Ltd. • Associated with Aavas Financiers since Sep 2021 Saurabh Sharma Company Secretary & Compliance Officer 12 Selvin Uthaman Chief Business Officer • 25+ years of experience • Qualification: Bachelor’s in Commerce from Mumbai University • Experience: Axis Bank, IIFL, Kotak Mahindra Bank, Dewan Housing Ashish Gautam Head of Operations • 23+ years of experience • Qualification: MBA in Finance from SRC • Experience: Fedbank Financial, AU Small Finance Bank, ICICI Bank, Kotak Bank, Barclays Finance and Indiabulls.
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Sandeep Tandon Chairperson of Board, Independent Director & Chairperson of Stakeholders Relationship Committee Soumya Rajan Independent Director & Chairperson of Nomination & Remuneration Committee Kalpana Kaushik Mazumdar Independent Director & Chairperson of Audit Committee • 25+ years of experience • Qualifications: Bachelor’s in Electrical Engineering from University of Southern California • Experience: Tandon Advance Device, Accelyst Solutions • 31+ years of experience • Qualifications: Bachelors in Mathematics & Economics from St. Stephens College, Masters in Mathematics from Oxford University • Experience: Prior associated with Waterfield Advisors, Standard Chartered Bank, ANZ Grindlays Bank • 35+ years of experience • Qualifications: Chartered Accountant • Experience: Citibank N.A., IncValue Advisors New Board bringing in a wealth of experience 13 Sachinder Bhinder Managing Director & CEO • 27+ years of experience • Qualifications: Bachelor's degree in Engineering from Gujarat University, MBA from Nirma University • Experience: Kotak Mahindra Bank, HDFC Ltd, ICICI Lombard, Standard Chartered Siddharth Patel Promoter Nominee Director • 27+ years of experience • Qualifications: Bachelor of Arts and Master of Arts from Oxford University • Experience: Apax Partners • 23+ years of experience • Qualifications: Bachelor’s degree in Engineering (Electronics) from VJTI in Mumbai, PGP in Management from ISB • Experience: AIP India Investment, BanyanTree Finance, 3i, Q-India Investment Advisors, Citigroup Global Markets, Reliance Communications. Nikhil Gahrotra Promoter Nominee Director Neha Sureka Promoter Nominee Director • 18+ years of experience • Qualifications : Bachelor of Engineering in Computer Science and MBA from JBIMS • Experience: Aditya Birla Finance, Airtel, Abbott Nutrition, McKinsey & Co. • 21+ years of experience • Qualifications : Bachelor’s degree in Business Administration from M Ross and MBA from Harvard Business School • Experience: Warburg Pincus, Leonard Green & Partners, UBS Investment Bank Anant Jain Promoter Nominee Director • 30+ years of experience in Financial Service • Qualifications : M.B.A (Finance), from Anderson School of Management, New Mexico, USA and Bachelor’s in Arts (Economic Honors) from University of Delhi • Experience: Citibank and Axis Bank Rohit Ranjan Non-Executive Nominee Director
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Diversified Shareholding Base Shareholding Pattern as on 30th Sept 2025 Top Institutional Shareholders as on 30th Sept 2025 DII includes Mutual Funds, Insurance Companies & Alternate Investment Funds (Category III) ^ holding through various schemes / Funds * includes Mutual Funds & Offshore Funds @ Includes holding by Management /Board’s relative. # Employees refers to employees who are covered under SEBI (PIT ) Regulations, 201514 Investor Details % Holding CVC Capital 48.96 Stewart Investors^ 4.11 Axis Max Life 3.12 UTI Asset Management^* 2.99 Wasatch^ 2.95 IIFL Asset Management^* 2.91 SBI Asset Management^* 2.85 Capital Group^ 2.48 GPF Global^ 2.39 BoFA Securities (Ishana Capital)^ 2.30 Vanguard Index Funds^ 2.14 Nippon Asset Management^* 1.98 ADIA^ 1.30 Blackrock Asset Management*^ 1.08 JP Morgan^ 1.07 48.96% @Management, #Employees & Board Members, 1.02% DII, 13.21% FII, 25.88% Others, 10.93%
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Business Performance Spreads, Margins and Yields Cost Efficiency and Return Ratios Asset Quality Liability Franchise 15 Key Financial Ratios Healthy Business Growth Business Mix ALM and Liquidity Position
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 77,961 94,543 1,13,502 1,41,667 1,73,126 2,04,202 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 29,304 26,569 36,022 50,245 55,822 61,230 FY20 FY21 FY22 FY23 FY24 FY25 Healthy Business Growth 22%25%20%21%31% 18% 1,83,956 1,92,380 2,04,202 2,07,397 2,13,566 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 11%39%36%-9%10% 10% (YoY %) -5%7% 20%20% 16% Assets under Management (AUM) Disbursement (₹ mn) (₹ mn) (YoY %) 18% 3% 16 17% 12,937 15,942 20,238 11,454 * 15,599 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 16% 21% *After one time impact of change in disbursement recognition. 36%
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 69% 67% 18% 20% 13% 13% Sep-24 Sep-25 HL MSME LAP Business Wise Mix AUM (Segment wise) AUM (Occupation wise) Disbursement (Segment wise) ₹ 0.88 mn ₹ 0.86 mn ₹ 1.39 mn ₹ 1.02mn ₹ 1.39 mn ₹ 0.95 mn ₹ 0.76 mn ₹ 1.08 mn ₹ 0.87 mn₹ 0.82 mn ₹ 0.72 mn ₹ 1.04 mn 60% 61% 40% 39% Sep-24 Sep-25 Self employed Salaried ₹ 0.97 mn ₹ 0.93 mn ₹ 0.97 mn ₹ 0.98 mn Disbursement (Occupation wise) 63% 66% 37% 34% H1 FY25 H1 FY26 Self employed Salaried 17 Average ticket size ₹1.13 mn ₹1.17 mn ₹1.25 mn ₹1.11 mn 66% 58% 23% 30% 11% 12% H1 FY25 H1 FY26 HL MSME LAP
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 53% 35% 12% EWS/LIG MIG HIG Well Diversified Portfolio Mix 84% 10% 5% 1% Upto ₹ 1.5 Mn ₹ 1.5 to ₹ 2.5 Mn ₹ 2.5 to ₹ 5.0 Mn Above ₹ 5.0 Mn 23% 38% 39% Upto 40% >40% to 60% >60% AUM by Ticket size (No of Loans) AUM by LTV (at Origination)AUM by Income Category ATS: ₹0.98 mn 18 LTV: 55% Average Income: ~0.51 mn AUM by Geography Rajasthan, 33% Maharashtra, 20% Madhya Pradesh, 12% Gujarat, 12% Uttar Pradesh, 6% Delhi, 5% Haryana, 5% Karnataka, 4% Others, 3%
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 7.78% 7.75% 8.11% 7.48% 8.04% Spreads, Margins and Yields 4.89% 4.94% 4.89% 5.11% 5.23% Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 5.19% 5.76% 5.77% 5.51% 5.06% 4.89% 8.16% 7.71% 8.23% 8.28% 7.91% 7.64% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% FY20 FY21 FY22 FY23 FY24 FY25 19 Yield and Cost of Borrowings (%) Spreads & Margins (%) 13.63% 13.16% 12.66% 13.12% 13.13% 13.13% 8.44% 7.40% 6.88% 7.61% 8.07% 8.24% FY20 FY21 FY22 FY23 FY24 FY25 Net Interest Margin (NIM)Spread 13.04% 13.18% 13.13% 13.13% 13.08% 8.15% 8.24% 8.24% 8.02% 7.85% 7.5% 7.7% 7.9% 8.1% 8.3% 8.5% 8.7% 8.9% 9.1% 9.3% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% 14.5% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Cost of BorrowingYield
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 3.18% 3.27% 3.71% 3.46% 3.51% 40.9% 42.2% 45.7% 46.3% 43.7% 30.0% 34.0% 38.0% 42.0% 46.0% 2.5% 3.0% 3.5% 4.0% 4.5% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26* Cost Efficiency & Return Ratio 20 Opex to Asset and Cost to Income (%) 3.38% 3.01% 3.45% 3.69% 3.58% 3.32% 41.5% 39.1% 41.9% 44.5% 45.2% 43.4% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 2.5% 3.0% 3.5% 4.0% 4.5% FY20 FY21 FY22 FY23 FY24 FY25 Opex to AssetCost to Income 3.80% 3.50% 3.60% 3.50% 3.28% 3.27% 12.66% 12.91% 13.72% 14.09% 13.94% 14.12% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 2.3% 2.8% 3.3% 3.8% 4.3% 4.8% 5.3% FY20 FY21 FY22 FY23 FY24 FY25 RoA and RoE (%) 3.49% 3.37% 3.37% 2.94% 3.40% 14.87% 14.21% 14.37% 12.56% 14.31% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 RoARoE Excluding ESOP Cost (Q2FY26)* : Adj. Opex to Asset = 3.41% and Adj. Cost to Income = 42.37% Excluding ESOP Cost (Q2FY25)# : Adj. Opex to Asset = 3.25% and Adj. Cost to Income = 41.75%
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 20,979 24,014 28,086 32,697 37,733 43,608 46,799 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 Key Financial Ratios 2,491 2,903 3,575 4,283 4,908 5,743 3,036 1,00 0 1,50 0 2,00 0 2,50 0 3,00 0 3,50 0 4,00 0 4,50 0 5,00 0 5,50 0 6,00 0 6,50 0 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 YoY % 16%15%16%17%14%14% YoY % 21 Profit after tax (PAT) Net Worth 17%15%20%23% 268 306 356 414 477 551 591 32 37 45 54 62 72 -20 0 20 40 60 80 - 500 1,00 0 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 BVPS (₹) EPS (₹) BVPS & EPS Trend (₹ mn) (₹ mn) 17%41% 11% 16% PAT for H1FY26 is not annualized. 17% 20% 24% 29% 33% 39% 41% FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 ROCI and CAR (%) Return on Capital Invested (ROCI) is annualized Without raising Capital 44.5%44.0%51.4%54.5%56.1% 47.0%CAR % 46.4%
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 6.37% 4.47% 3.30% 3.12% 3.39% FY21 FY22 FY23 FY24 FY25 0.71% 0.77% 0.68% 0.67% 0.73% FY21 FY22 FY23 FY24 FY25 0.98% 0.99% 0.92% 0.94% 1.08% FY21 FY22 FY23 FY24 FY25 1.08% 1.14% 1.08% 1.22% 1.24% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Pristine Asset Quality 0.54% 0.27% 0.12% 0.11% 0.15% FY21 FY22 FY23 FY24 FY25 3.97% 3.85% 3.39% 4.15% 3.99% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 0.11% 0.14% 0.17% 0.24% 0.16% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 22 Gross Stage 3 (%) Net Stage 3 (%) 1+DPD (%) Credit Cost (%) Lifetime write-off of 11 bps against lifetime disbursement of ~ ₹ 368 bn 0.78% 0.81% 0.73% 0.84% 0.85% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 32% 31% 30% 30% 30% 68% 69% 70% 70% 70% 184.0 192.4 204.2 207.4 213.6 0% 20% 40% 60% 80% 100 % 120 % Sep -24 Dec -24 Mar -25 Jun -25 Sep -25 41% 40% 44% 40% 34% 30% 59% 60% 56% 60% 66% 70% 78.0 94.5 113.5 141.7 173.1 204.2 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100 % 0% 20% 40% 60% 80% 100 % 120 % FY20 FY21 FY22 FY23 FY24 FY25 Robust Liability Management (₹ bn) Funding Mix – Fixed/ Floating/ Equity (%) (₹ bn) 12% 11% 12% 12% 13% 21% 21% 17% 19% 18% 67% 69% 71% 69% 69% 184.0 192.4 204.2 207.4 213.6 -3,000.0 -2,500.0 -2,000.0 -1,500.0 -1,000.0 -500.0 - 500.0 0% 20% 40% 60% 80% 100% 120% Sep -24 Dec -24 Mar -25 Jun -25 Sep -25 11% 12% 10% 12% 10% 12% 29% 32% 29% 25% 24% 17% 60% 55% 61% 63% 66% 71% 78.0 94.5 113.5 141.7 173.1 204.2 -3000.0 -2500.0 -2000.0 -1500.0 -1000.0 -500.0 0.0 0% 20% 40% 60% 80% 100% 120% FY20 FY21 FY22 FY23 FY24 FY25 AUM – Fixed/ Floating Mix (%) 23 FloatingFixed Equity* * Equity is balancing figure utilized to fund AuM
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 43% 34% 38% 45% 48% 51% 25% 24% 23% 22% 24% 25% 14% 23% 22% 21% 20% 14%18% 19% 18% 12% 9% 9% 69.5 82.7 102.6 125.2 155.6 179.5 FY20 FY21 FY22 FY23 FY24 FY25 Diversified Funding Profile & Credit Rating (₹ bn) Borrowings Mix (%) 24 Direct AssignmentTerm Loans NHB refinance NCDs CP & CC 6,647 5,496 7,784 9,541 12,428 15,226 FY20 FY21 FY22 FY23 FY24 FY25 4,344 4,044 4,536 3,767 4,279 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Net Assignment Volume Credit Ratings Long term CARE* Sep-25 - AA / Positive Short term India Rating Sep-25 - A1+ Average tenor of outstanding borrowings is 126 months as on Sep 25. (₹ mn) 51% 50% 51% 49% 50% 25% 25% 25% 25% 25% 18% 16% 14% 14% 14% 6% 9% 9% 11% 10%1% 1% 161.1 172.2 179.5 182.9 186.9 -50 0.0 -40 0.0 -30 0.0 -20 0.0 -10 0.0 0.0 10 0.0 0% 20% 40% 60% 80% 100% 120% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Sep-25 - AA / Stable ICRA Sep-25 - A1+ ICRA *Upgraded Long Term Outlook to Positive in Oct’25
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 20,891 34,508 48,908 1,00,163 1,42,335 1,74,097 1,94,439 7,250 14,231 29,195 77,706 1,20,719 1,39,712 1,46,420 <3 months <6 months <1 year <3 years <5 years <7 years <10 years Liabilities Assets Surplus: 13,642 20,277 19,713 22,457 21,615 34,386 48,019 (₹ mn) Disciplined ALM & Comfortable Liquidity Position ₹ 49,225 Mn of Surplus Funds* available for business * without including any incremental sanctions Particulars (₹ mn) As on Sep-25 Cash & Cash Equivalents 18,940 Un-availed CC Limits 1,100 Documented & Un-availed Sanctions from NHB 1,000 Documented & Un-availed Sanctions from other Banks 21,510 Total Liquidity Position 42,550 High-Quality Liquidity of ₹ 21,040 Mn Particulars (₹ mn ) Q3FY26 Q4FY26 Q1FY27 Q2FY27 Opening Liquidity 42,550 46,206 47,733 47,762 Add: Principal Collections & Surplus from Operations 8,216 8,311 7,994 8,319 Less: Debt Repayments 4,560 6,785 7,964 6,856 Closing Liquidity 46,206 47,733 47,762 49,225 25 Liquidity Position Surplus Management As on Sep – 25ALM Position
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Financial Statements Profit and Loss Statement ECL Provisioning 26 Net Worth Reconciliation Balance Sheet ESG 5 Year Financials & ROE Tree PAT Reconciliation
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Profit And Loss Statement 27 Particulars (₹ mn ) Q2 FY26 Q2 FY25 Y-o-Y Q1 FY26 Q-o-Q H1 FY26 H1 FY25 Y-o-Y Interest Income on Loans (incl. Processing Fee) 5,772.9 4,969.7 16.2% 5,598.4 3.1% 11,371.3 9,803.2 16.0% Interest Income on Fixed Deposits 309.3 340.0 - 322.8 - 632.1 665.6 - Upfronting Income on Fresh Assigned Loans 701.1 585.4 474.9 1,176.0 890.8 Reversal Income on Earlier Assigned Loans (445.9) (403.6) (431.8) (877.8) (765.2) Non-Interest Income 337.2 313.0 7.7% 315.0 7.0% 652.2 635.7 2.6% Interest Expense (incl. Finance Charges) (2,784.7) (2,510.3) 10.9% (2,736.0) 1.8% (5,520.7) (4,872.3) 13.3% Net Total Income (NIM) 3,889.3 3,294.2 18.1% 3,543.4 9.8% 7,433.2 6,357.8 16.9% Operating Expenses 1,698.0 1,345.7 26.2% 1,639.5 3.5% 3,337.0 2,714.0 23.0% Credit Costs 79.6 48.3 - 112.6 - 192.2 134.1 - Profit Before Tax 2,112.3 1,900.2 11.2% 1,791.3 17.9% 3,903.5 3,509.7 11.2% Provision for Taxation 472.9 421.2 - 399.0 - 871.7 769.6 - Profit After Tax 1,639.3 1,479.1 10.8% 1,392.3 17.8% 3,031.8 2,740.1 10.6% Total Comprehensive Income 1,643.6 1,477.9 11.2% 1,392.3 18.0% 3,035.7 2,738.9 10.8% EPS – in ₹ (Diluted) – non annualized 20.6 18.7 10.1% 17.5 38.0 34.6
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Balance Sheet Particulars (₹ Mn ) 30-Sep-25 31-Mar-25 Sources of Funds Share Capital 791.6 791.5 Reserves & Surplus 46,007.1 42,816.8 Borrowings 1,44,126.4 1,39,184.8 Deferred Tax Liability (Net) 831.4 755.7 Other Liabilities & Provisions 2,653.9 2,635.9 Total 1,94,410.4 1,86,184.7 Application of Funds Loan Assets 1,66,630.4 1,62,297.1 Investments 2,090.0 2,300.2 Fixed Assets 872.2 824.1 Liquid Assets 19,222.9 15,596.3 Other Assets 5,595.0 5,167.0 Total 1,94,410.4 1,86,184.7 28
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 PAT Reconciliation 29 Particulars (₹ mn ) Q2 FY26 Q2 FY25 Y-o-Y Q1FY26 Q-o-Q H1 FY26 H1 FY25 Y-o-Y Net Profit as per IGAAP 1,430.4 1,267.9 12.7% 1,412.5 1.2% 2,842.9 2,557.4 11.1% Add / (Less) : Adjustments as per IndAS on account of: Adoption of effective interest rate (EIR) for amortisation of Income and expenses - financial assets at amortised cost / net interest on credit impaired loans 10.5 (5.5) (4.1) 6.4 (18.1) Fair valuation of employee stock options (ESOP) (49.5) 29.7 (93.6) (143.1) (8.6) Adoption of effective interest rate (EIR) for amortisation of expenses - financial liabilities at amortised cost (5.8) (4.5) (15.7) (21.5) (10.2) Net gain from excess interest spread on assignment transactions 255.2 181.8 43.1 298.3 125.5 Expected Credit Loss (ECL) provision (35.3) (6.9) (51.5) (85.8) (18.3) Other Adjustments 9.9 (2.0) 5.9 15.8 (2.2) Deferred Tax impact on above adjustments and reversal of DTL on special reserve and other tax impact 23.8 18.7 95.8 119.7 114.5 Net Profit Before Other Comprehensive Income as per IndAS 1,639.3 1,479.1 10.8% 1,392.3 17.8% 3,031.7 2,740.1 10.6% Other Comprehensive Income after Tax 4.2 (1.2) - 4.2 (1.2) Total Comprehensive Income as per IndAS 1,643.6 1,477.9 11.2% 1,392.3 18.0% 3,035.9 2,738.9 10.8%
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Net Worth Reconciliation 30 Particulars (₹ mn ) 30-Sep-25 31-Mar-25 Net Worth as per previous GAAP 42,821.6 39,927.1 Adjustments increasing/(decreasing) net worth as reported under previous GAAP: Adoption of EIR for amortisation of Income and expenses - financial assets at amortised cost / net interest on credit impaired loans (224.3) (230.7) Adoption of EIR for amortisation of expenses - financial liabilities at amortised cost 85.0 110.7 Net gain from excess interest spread on assignment transactions 3,855.8 3,557.6 Expected Credit Loss (ECL) (130.5) (43.7) Other Adjustments (309.6) (293.6) Deferred Tax impact on above adjustments and reversal of DTL on special reserve and other tax impact 700.7 581.0 Net Worth as per Ind AS 46,798.7 43,608.3
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 ECL Provisions 31 Data as per Ind-AS Particulars (₹ mn ) Stage 1 Stage 2 Stage 3* Total For the period ended Sep’25 Gross Loan Principal Outstanding 1,63,191 2,571 2,081 1,67,843 % of Portfolio 97.23% 1.53% 1.24% 100% ECL Provision Amt. 304 245 663 1,212 ECL Provision % 0.19% 9.55% 31.86% 0.72% For the period ended Mar’25 Gross Loan Principal Outstanding 1,59,199 2,408 1,763 1,63,370 % of Portfolio 97.45% 1.47% 1.08% 100% ECL Provision Amt. 234 267 572 1,073 ECL Provision % 0.15% 11.11% 32.43% 0.66% For the period ended Sep’24 Gross Loan Principal Outstanding 1,44,073 2,418 1,601 1,48,092 % of Portfolio 97.29% 1.63% 1.08% 100% ECL Provision Amt. 324 163 459 946 ECL Provision % 0.22% 6.73% 28.70% 0.64% * Includes assets which are upto 90 DPD but categorized as GNPA/Gross Stage 3 following RBI’s notification dated 12-Nov-21 to harmonize IRACP norms across all lending institutions
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 5-year Financial Snapshot Particulars (₹ mn) FY20 FY21 FY22 FY23 FY24 FY25 CAGR (FY20 to FY25) Interest income 7,864 10,440 12,091 14,992 18,715 21,787 23% Less: Interest Expense (incl. Finance Charges) (3,610) (4,644) (4,832) (5,982) (8,359) (10,158) 23% Net Interest Income (NII) 4,255 5,796 7,259 9,010 10,357 11,629 22% Add: Fees and Other income 401 426 528 701 1,061 1,333 27% Add: Net Gain on de-recognition of assets 766 187 437 408 427 464 - Net Total Income (NIM) 5,421 6,409 8,223 10,120 11,844 13,426 20% Less :Operating Expenses (2,247) (2,504) (3,449) (4,506) (5,355) (5,829) 21% Pre-provision operating profit (PPOP) 3,174 3,905 4,775 5,614 6,489 7,597 19% Less: Credit Costs (153) (371) (226) (124) (245) (271) 12% Profit Before Tax 3,020 3,533 4,549 5,490 6,244 7,326 19% Less: Provision for Taxation (529) (638) (981) (1,189) (1,338) (1,585) 25% Profit After Tax 2,491 2,895 3,568 4,301 4,907 5,741 18% Particulars (₹ bn) FY20 FY21 FY22 FY23 FY24 FY25 CAGR (FY20 to FY25) AUM 78.0 94.5 113.5 141.7 173.1 204.2 21% Disbursement 29.3 26.6 36.0 50.2 55.8 61.2 16% Total Assets 76.6 89.6 110.2 134.1 165.2 186.2 19% Borrowings 53.5 63.5 79.7 98.4 123.4 139.2 21% Net Worth 21.0 24.0 28.1 32.7 37.7 43.6 16% No of Branches (#) 250 280 314 346 367 397 10% 32
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 ROE Tree - Trend 33 Calculations are based on Avg. Total Asset Particulars FY20 FY21 FY22 FY23 FY24 FY25 Interest income 11.84% 12.57% 12.10% 12.27% 12.51% 12.40% Less: Interest Expense (incl. Finance Charges) (5.44%) (5.59%) (4.84%) (4.90%) (5.59%) (5.78%) Net Interest Income (NII) 6.41% 6.98% 7.27% 7.38% 6.92% 6.62% Add: Fees and Other income 0.60% 0.51% 0.53% 0.57% 0.71% 0.76% Add: Gain on de-recognition of assets 1.15% 0.23% 0.44% 0.33% 0.29% 0.26% Net Total Income (NIM) 8.16% 7.71% 8.23% 8.28% 7.91% 7.64% Less :Operating Expenses (3.38%) (3.01%) (3.45%) (3.69%) (3.58%) (3.32%) Pre-provision operating profit (PPOP) 4.78% 4.70% 4.78% 4.60% 4.34% 4.32% Less: Credit Costs (0.23%) (0.45%) (0.23%) (0.10%) (0.16%) (0.15%) Profit Before Tax 4.55% 4.25% 4.55% 4.49% 4.17% 4.17% Less: Provision for Taxation (0.80%) (0.77%) (0.98%) (0.97%) (0.89%) (0.90%) Profit After Tax 3.75% 3.48% 3.57% 3.52% 3.28% 3.27% Leverage (Avg Total Assets to Avg Net Worth) (x) 3.38 3.69 3.83 4.02 4.25 4.32 ROE 12.66% 12.87% 13.70% 14.15% 13.93% 14.12%
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 34 Environmental, Social & Governance *Note: A lower ESG risk rating indicates better performance. Ratings Rating Agencies Rating- Sep’25 CRISIL 64 (Strong) ESG RISK ASSESSMENT 70.62 (Excellent) MORNINGSTAR* (Sustainalytics) 23.9 (Medium Risk) NSE Sustainability 77.8 (Medium Risk) Pillars for Sustainable Future Robust Corporate Governance The Board of Directors helps improve corporate credibility and governance standards and manage risk and independent oversight in the Company. The company has also implemented the following policies to promote ethical, transparent, and accountable behavior: • Code of practices and procedures for fair disclosure of unpublished price sensitive information (Link) • Code of conduct for the Board of Directors and Senior Management personnel (Link) • Internal Guidelines on Corporate Governance (Link) • Vigil mechanism/whistle-blower policy (Link) • Anti-Bribery Corruption Policy (Link) • Know Your Customer and Anti-Money Laundering Measures (Link) • Fair Practice Code(Link) • ESG Policy (Link) Extra Mile of Corporate Governance 2 Independent Women Director on board. Independent Director as Chairperson of Board. Different role of Chairperson and MD & CEO. No Independent Director has 10+ years of association. Executive Remuneration is bound by Malus and Claw Back Clause. Board Evaluation through digital mode.
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Aavas | Investor Presentation H1FY26 Annexure - Glossary Terminology Definition ALM Asset Liability Management ATS Average Ticket Size AUM Asset Under Management BVPS Book Value Per Share CAGR Compounded Annual Growth Rate CoB Contractual Borrowing Cost CRAR Capital to Risk Asset Ratio DPD Days Past Due DSA Direct Selling Agents DTL Default Tax Liability ECL Expected Credit Loss EIR Effective Interest Rate EPS Earning Per Share ESG Environmental, Social and Governance EWS Economically Weaker Sections GNPA Gross Non Performing Assets HIG High Income Group Terminology Definition HL Housing Loan LAP Loan Against Property LIG Low Income Group LTV Loan to Value MSME Micro, Small & Medium Enterprises NCDs Non-Convertible Debentures NHB National Housing Bank NHL Non-housing Loan NIM Net Interest Margin NNPA Net Non Performing Assets PAT Profit After Tax RCU Risk Containment Unit RoA Return on Asset RoE Return on Equity RoI Return on Investment TAT Turnaround Time Yield Contractual Yield Ratios Formula Used NIM (%) Net Total Income / Average Total Assets Opex to Asset (%) Operating cost / Average Total Assets Cost to Income (%) Operating cost / Net Total Income (NIM) Opex to AUM (%) Operating cost / Average AUM Ratios Formula Used A/E (x) Average Total Asset / Average Equity ROCI (%) PAT / Capital Invested ROA (%) PAT / Average Total Assets ROE (%) PAT / Average Net Worth 35
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192 0 0 251 211 214 41 56 149 205 210 241 219 238 244 210 223 240 35 65 143 236 38 51 Thank You Click here for Factsheet Microsoft Excel SVG Vector icon PNG Free Download | UXWing Aavas Financiers Limited CIN: L65922RJ2011PLC034297 Mr. Rakesh Shinde – Head of Investor Relations rakesh.shinde@aavas.in / investorrelations@aavas.in Visit us -