Slides
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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 H1FY27 People. Performance. Perseverance.
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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 H1FY27 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 Investor Presentation H1FY27 Executive Summary – H1FY27 *PAT Includes OCI Assets ₹ 248.0 bn AUM 55.4% Average LTV ₹ 1.0 mn ATS on AUM ₹ 35.1 bn Disbursement Financial Performance ₹ 3,521 mn PAT* 3.23% | 13.48% ROA | ROE 1.11% | 0.70% GNPA | NNPA 12.66% | 7.64% Yield | CoB 5.02% | 7.76% Spread | NIM Capital Structure ₹ 54.0 bn Net Worth 43.77% CRAR ₹ 31.5 bn | 7.70% Incre. Borrowings (Amt.| Rate) 35+ # Lenders AA Long term ratings Customers 99.6% Retail Loans 63% | 37% HL | NHL 62% | 38% Self-Employed | Salaried 83% <15 lakhs Ticket Size 4,45,000+ Families Served Distribution 443 Branches 15 States/UTs 7,549 Employees 2,600+ Towns covered 80%+ Branch in Tier 3+ 2,82,707 Active Loan Counts 260+ Districts 21,500+ New Customers Added 42.9% | 3.33% C/I | Opex Ratio 72% Floating Rate Assets 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 Investor Presentation H1FY27 Management Commentary It gives me immense pleasure and pride to share that your company will surpass the significant milestone of Rs. 250 billion in AUM this month, having served nearly 4.5 lakh customers. As we embark on our next milestone of Rs. 500 bn in AUM, the quality of growth will remain as important as its pace, with sustainable profitability, strong governance and disciplined liability management at the core of our strategy. And technology will serve as a critical force multiplier in this journey. During the quarter, we continued to bolster our team with several experienced professionals already onboarded and more to join. During H1FY27, we disbursed Rs. 35.1 bn, achieving robust growth of 30% YoY, primarily driven by higher volumes. The momentum continued in Q2FY27, with disbursements close to Rs. 19 bn, growing by 21% YoY, supported by improving productivity and healthy demand across our markets. Our AUM grew by 16.1% YoY to Rs. 248 bn, while the repayment rate normalized to around 17% and will remain in similar range. We delivered 16.4% YoY growth in Net profit for H1FY27, driven by a healthy 17% YoY growth in Net Interest Income, supported by robust business growth. In addition, improved operating efficiencies, reflected in a 195-bps YoY improvement in our cost-to-income ratio, further strengthened profitability during the quarter. During Q2FY27 our ROA improved by 9 bps QoQ to 3.28% and ROE improving by 28 bps QoQ to 13.63%. During the quarter, your company displayed strong liability management which kept borrowing cost stable at 7.64%, resulting in a 11 bps QoQ improvement in NIM to 7.81%. Furthermore, we strengthened and diversified our funding franchise with the addition of two new large relationships. We also expanded our network to 443 branch locations. We continue to deliver industry-leading asset quality, with all key indicators trending positively and remaining well within our guided range. Our 1+ DPD improved by 18 bps YoY to 3.81% in Q2FY27, remaining comfortably below 5%. Gross NPA improved by 13 bps YoY to 1.11%, while Net NPA improved by 16 bps YoY to 0.70%. In line with our commitment to promoting sustainable housing, we have cumulatively funded over 800 green homes, establishing ourselves as a leader in green housing segment. 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 Investor Presentation H1FY27 +16.4% Key Performance Highlights – H1FY27 213,566 248,011 Sep-25 Sep-26 AUM (₹ mn) +16% PAT (₹ mn) -5 bps 7.81% 7.76% H1FY26 H1FY27 NIM (%) 3,032 3,528 H1FY26 H1FY27 Disbursement (₹ mn) +30% 27,053 35,056 H1FY26 H1FY27 3.51% 3.33% H1FY26 H1FY27 -18 bps Opex to Assets (%) 5 5,851 6,825 H1FY25 H1FY26 NII(₹ mn) +17% Operating Profit (₹ mn) +18% 4,096 4,819 H1FY26 H1FY27 3.99% 3.81% Sep-25 Sep-26 1+ DPD (%) -18 bps
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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 H1FY27 Pillars of Strength Diverse Geographical Distribution In-house Execution Model Diversified Customer Base Professional Management Team Experienced Board of Directors Diversified Shareholding Base Future ready Tech Platform 6 Strong Institutional Framework
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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 H1FY27 People. Performance. Perseverance 7 People Performance Perseverance Skill & Talent Depth Strong institutional framework built on robust processes and competent middle layer Leadership Strength Build a strong leadership strength across geographies and functions Cross-Functional Exposure Provide cross functional exposure and career growth opportunities Talent Retention Adding and retaining talent for future readiness Right Span of Control Creating the right span of control in Sales and Credit Incentive Alignment Realign Incentive Policy to reward and recognize consistent performance Performance-Oriented Culture Creating a performance-oriented organization culture. Operational Excellence Deliver industry leading AuM growth Boost Productivity Boost productivity per resource and higher revenue per resource Customer Additions Drive daily customer additions across Branches Self-Sourcing Strengthen Self-Sourcing & embed rigor through daily huddles Cost-to-Income Optimization Optimize branch performance on Cost-to- Income & ROE Asset Quality Maintain the pristine asset quality Technology & Analytics Embed technology and data analytics in growth Ownership Common definition of success across the company Branch Accountability Daily Branch Accountability Review CEO Samvad Weekly direct CEO interaction with Non- Performing ROs for better Support Defined Output Attain consistency in delivery of defined output Discipline Strengthen discipline across operations Gold Standard of Governance Establish Ourselves as the Gold Standard of Governance
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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 H1FY27 52 108 162 143 105 89 52 5734 46 Sep-25 Sep-26 <1 yr 1-3 yrs 3-6 yrs 6-9 yrs >9 yrs Diverse Geographical Distribution Data as on 30th Sep 2026 Top 3 states’ AUM (RJ, MH and GJ) 15 States/ UTs 443 Branches 80% 76% 74% 71% 69% 67% 65% 64% 64% FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1FY27 Rajasthan 110 Gujarat 57 Maharashtra 50 Madhya Pradesh 55 Delhi 5 Haryana Uttar Pradesh 51 Chhattisgarh 9 Punjab Uttarakhand Himachal Pradesh Karnataka 38 Orissa 6 6 5 9 21 Tamil Nadu 20 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+ Chandigarh 1 8 RJ, 25% GJ, 13% MP, 12%UP, 12% MH, 11% KTK, 9% HR, 5% TN, 5% Others, 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 Investor Presentation H1FY27 Right to Win with In -house Model 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. 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 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 – In House Credit, Legal, Technical & RCU Four-tiered collection architecture Right to Win 9
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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 H1FY2710 20+ Digitally Enabled Sourcing Channels with robust API Stack Automated Flow & Integration Real-time lead flow into Salesforce Seamless integration with partner platforms Automated lead assignment to field teams Funnel Optimization End-to-end visibility of opportunities Minimizes opportunity leakage across the funnel Capability to onboard connectors in real time Diversified & Connected Sourcing Engine
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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 H1FY27 AI -Led Transformation Driving Efficiency & Scale Customer Acquisition Underwriting & Disbursement Customer Lifecycle Employee Productivity Concurrent Disbursement realization marking via RPA & Agentic AI Gen AI Voice BOT for Collections & Tele-sales Employee Co-Pilot AI-Driven Software Development AI Based Login Quality Control AI Initiative Key Deployment Business Impact • Automate document/data validation using an AI/ML-powered IDP ✓ FTR reached at ~45% ✓ Improvement in Credit TAT ✓ Improved user experience • Auto-Marking of successful realizations in LMS ✓ TAT Reduction ✓ Minimal manual intervention • Pre-dues • Post-dues • Penal flows ✓ ~37000 calls converted into P2P or Payment without human intervention in H1FY27 ✓ Faster campaign execution of Top-up opportunities • Provide conversational information on policies, SOPs & Org knowledge. • Agentic flows for ticket creation, Account Unlock ✓ Improve employee productivity ✓ Quick information access ✓ Support ticket reduction *Overall Login to Decision TAT has improved from 13 days at peak to 6 days in Q1FY27.11
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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 H1FY27 Experienced Management Team Rajaram Balasubramaniam Chief Strategy Officer & Head of Analytics • 25+ years of experience • Qualifications: Chartered Accountant • Experience: Citibank, Standard Chartered Bank • Aavas Tenor: 4+ Years Ripudaman Bandral Chief Business Officer • 25+ years of experience • Qualification : PG in Finance • Experience: Indiabulls, ICICI Bank, HDFC Ltd • Aavas Tenor: 5+ Years 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, Aditya Birla Finance. • Aavas Tenor: 4 Years • 14+ years of experience • Qualification : Company Secretary • Associated with Aavas Financiers since May 2012 • Aavas Tenor: 14+ Years Sharad Pathak Chief Compliance Officer Ashish Gautam Head of Operations • 23+ years of experience • Qualification: MBA in Finance from SRC • Experience: Fedbank Financial, AU Bank, ICICI Bank, Kotak Bank, Barclays Finance, Indiabulls. • Aavas Tenor: ~1 Year • 8+ years of experience • Qualification : Company Secretary & Law Graduate • Experience: H.G. Infra Eng. Ltd. • Associated with Aavas Financiers since Sep 2021 • Aavas Tenor: 4+ Years Saurabh Sharma Company Secretary & Compliance Officer • 25+ years of experience in financial services • Qualification: Master in Management from Sydenham and B. E from VJTI • Experience: Kotak Bank, Tata Capital, ICICI Bank • Aavas Tenor: <1 Year Manu Singh MD & Chief Executive Officer • 13+ years of experience • Qualification : Chartered Accountant • Experience: Aditya Birla Capital, HDFC Bank and ICICI Bank • Aavas Tenor: 9+ Years Punit Agarwal Interim, Chief Risk Officer 12 Nitin Rughwani Chief Credit Officer • 20+ years of experience • Qualification : Chartered Accountant • Experience: Shriram Finance, Yes Bank, Tata Capital • Aavas Tenor: <1 Years 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 • Aavas Tenor: 5+ Years Ghanshyam Gupta Interim, Chief Financial Officer • 20+ years of experience • Qualification: Chartered Accountant • Experience: Vaibhav Global, Tata Technologies Limited and Capgemini India • Aavas Tenor: 9+ Year
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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 H1FY27 Vellur Gopalaraghavan Kannan Chairperson of Board and Independent Director Soumya Rajan Independent Director & Chairperson of Nomination & Remuneration Committee Vivek Karve Independent Director & Chairperson of Audit Committee • 40+ years of experience • Qualifications: MBA from Univeraity of Madras • Experience: State Bank of India, SBI Capital • 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 • 30+ years of experience • Qualifications: Chartered Accountant and Cost Accountant • Experience: M&M Financial Services, Marico, ICICI, P&G, Siemens Information Systems New Board bringing in a wealth of experience 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. • 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 • 25+ years of experience in financial services • Qualification: Master in Management from Sydenham and B. E. from VJTI • Experience: Kotak Mahindra Bank, Tata Capital, ICICI Bank Manu Singh MD & Chief Executive Officer 13 Sanjeev Srinivasan Additional Non-Executive Nominee Director • 28+ years of experience • Qualifications: MBA in Marketing, Finance from Rohilkhand University • Experience: Acko General Insurance, Bharti AXA General Insurance, ICICI Lombard, ING Vysya Life Insurance Company Ltd.
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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 H1FY27 Diversified Institutional Shareholding Shareholding Pattern as on 30th Sep 2026 Top Institutional Shareholders as on 30th Sep 2026 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 # Employees refers to employees who are covered under SEBI (PIT ) Regulations, 2015 Investor Details % Holding CVC Capital 48.88 HDFC Asset Management^* 3.50 ICICI Pru Asset Management^* 3.14 UTI Asset Management^* 3.04 Axis Max Life^* 2.73 Sundaram Asset Management^* 2.79 GPF Global^ 2.29 Nippon Asset Management^* 2.19 Vanguard Index Funds^ 2.15 ADIA^ 2.12 SBI Asset Management^* 1.93 MIT (managed by 360 One AMC)^ 1.37 Blackrock Asset Management*^ 1.28 Whiteoak Capital AMC^* 1.16 Franklin Templeton AMC^* 1.03 48.88% @Management & #Employees, 0.12% DII, 22.39% FII, 15.20% Others, 13.41% 14
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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 H1FY27 Business Performance Business Growth Business Mix Spreads, Margins and Yields Cost Efficiency and Return Ratios Earnings & Capital Ratios Asset Quality Borrowings Profile ALM and Liquidity Position 15
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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 H1FY27 Healthy Business Growth 2,13,566 2,22,035 2,34,517 2,39,306 2,48,011 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 (YoY %) 16% Assets under Management (AUM) (₹ mn) 15% 15% 15 % 16% Disbursement (₹ mn) (YoY %) 15,599 17,219 23,481 16,139 18,911 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 21% 8% 16% 41% 94,543 1,13,502 1,41,667 1,73,126 2,04,202 2,34,517 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 22%25%20%21% 18% 15 % 26,569 36,022 50,245 55,822 61,230 67,751 FY21 FY22 FY23 FY24 FY25 FY26 11%39%36%-9% 10% 11% “Focus on driving AuM growth to 20%” 16 21%
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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 H1FY27 Optimum Business Mix AUM (Segment wise) AUM (Occupation wise) Disbursement (Segment wise) ₹ 0.95 mn ₹ 1.02 mn ₹ 1.39 mn ₹ 1.22 mn ₹ 1.51mn ₹ 1.09 mn ₹ 0.83mn ₹ 1.13 mn ₹ 0.97 mn₹ 0.87 mn ₹ 0.76 mn ₹ 1.08 mn ₹ 0.99 mn ₹ 0.98 mn ₹ 1.05 mn ₹ 1.02 mn Disbursement (Occupation wise) 66% 66% 34% 34% H1FY26 H1FY27 Self employed Salaried Average ticket size ₹1.11 mn ₹1.25 mn ₹1.42 mn ₹1.17 mn 58% 55% 30% 24% 12% 21% H1FY26 H1FY27 HL MSME LAP 67% 63% 20% 23% 13% 14% Sep-25 Sep-26 HL MSME LAP 61% 62% 39% 38% Sep-25 Sep-26 Self employed Salaried 17
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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 H1FY27 54%34% 12% EWS/LIG MIG HIG Well Diversified Portfolio Mix 83% 11% 5% 1% Upto ₹ 1.5 Mn ₹ 1.5 to ₹ 2.5 Mn ₹ 2.5 to ₹ 5.0 Mn Above ₹ 5.0 Mn 23% 37% 40% Upto 40% >40% to 60% >60% AUM by Ticket size (No of Loans) AUM by LTV (at Origination)AUM by Income Category ATS: ₹1.04mn LTV: 55% Average Income: ~0.53 mn AUM by Geography “Granular portfolio construct driving superior asset quality”18 Rajasthan, 33% Maharashtra, 19%Gujarat, 12% Madhya Pradesh, 12% Delhi, 5% Uttar Pradesh, 6% Haryana, 5% Karnataka, 4% Others, 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 Investor Presentation H1FY27 5.23% 5.34% 5.20%* 5.06%** 5.02% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 8.04% 8.01% 8.45% 7.70% 7.81% Yield, Spread and Margin 5.76% 5.77% 5.51% 5.06% 4.89% 5.20% 7.71% 8.23% 8.28% 7.91% 7.64% 7.93% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% FY21 FY22 FY23 FY24 FY25 FY26 Yield and Cost of Borrowing (%) Spread & Net Income Margin (%) 13.16% 12.66% 13.12% 13.13% 13.13% 12.82% 7.40% 6.88% 7.61% 8.07% 8.24% 7.62% FY21 FY22 FY23 FY24 FY25 FY26 Net Interest Margin (NIM)Spread Cost of BorrowingYield * Impact of 15 bps reduction in PLR w.e.f. Mar-26 ** Impact of 10 bps reduction in PLR w.e.f. Jun-26 “Healthy Margins across cycles” 13.08% 13.02% 12.82%* 12.70%** 12.66% 7.85% 7.68% 7.62% 7.64% 7.64% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% 14.5% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 19
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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 H1FY27 3.01% 3.45% 3.69% 3.58% 3.32% 3.54% 39.1% 41.9% 44.5% 45.2% 43.4% 44.7% 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% FY21 FY22 FY23 FY24 FY25 FY26 Cost Efficiency & Return Ratios Opex to Assets and Cost to Income (%) Opex to AssetCost to Income 3.50% 3.60% 3.50% 3.28% 3.27% 3.29% 12.91% 13.72% 14.09% 13.94% 14.12% 13.93% 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% FY21 FY22 FY23 FY24 FY25 FY26 RoA and RoE (%) RoARoE “Operational efficiency to drive returns” 3.51% 3.44% 3.88% 3.37% 3.30% 43.7% 42.9% 45.9% 43.7% 42.2% 30.0% 34.0% 38.0% 42.0% 46.0% 2.5% 3.0% 3.5% 4.0% 4.5% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 3.39% 3.43% 3.50% 3.19% 3.28% 14.31% 14.29% 14.67% 13.34% 13.63% 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% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 20
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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 H1FY27 24,014 28,086 32,697 37,733 43,608 50,508 53,985 FY21 FY22 FY23 FY24 FY25 FY26 H1FY27 Earnings & Capital Ratios 2,903 3,575 4,283 4,908 5,743 6,556 3,521 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 7,00 0 FY21 FY22 FY23 FY24 FY25 FY26 H1FY27 YoY % 16%15%16%17%14% YoY % Net Profit Net Worth 17%15%20%23% 306 356 414 477 551 637 681 37 45 54 62 72 82 -20 0 20 40 60 80 - 500 1,00 0 FY21 FY22 FY23 FY24 FY25 FY26 H1FY27 BVPS (₹) EPS (₹) BVPS and EPS (₹ mn) (₹ mn) 17% 14% 16% 20% 24% 29% 33% 39% 45% 48% FY21 FY22 FY23 FY24 FY25 FY26 H1FY27 ROCI and CAR (%) Return on Capital Invested (ROCI) is annualized Without raising Capital 44.5%44.0%51.4%54.5% 47.0% CAR %44.6% 16% 16% 43.8% “Consistent Earnings Compounding”21
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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 H1FY27 6.37% 4.47% 3.30% 3.12% 3.39% 3.17% FY21 FY22 FY23 FY24 FY25 FY26 0.71% 0.77% 0.68% 0.67% 0.73% 0.68% FY21 FY22 FY23 FY24 FY25 FY26 0.98% 0.99% 0.92% 0.94% 1.08% 1.05% FY21 FY22 FY23 FY24 FY25 FY26 Pristine Asset Quality 0.16% 0.16% 0.13% 0.24% 0.24% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Gross Stage 3 (%) Net Stage 3 (%) 1+DPD (%) Credit Cost (%) “Lifetime write-off of 11 bps against lifetime disbursement of Rs. 444 bn” 1.24% 1.19% 1.05% 1.11% 1.11% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 3.99% 3.80% 3.17% 3.76% 3.81% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 0.54% 0.27% 0.12% 0.11% 0.15% 0.17% FY21 FY22 FY23 FY24 FY25 FY26 0.85% 0.79% 0.68% 0.71% 0.70% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 22
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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 H1FY27 40% 44% 40% 34% 30% 29% 60% 56% 60% 66% 70% 71% 94.5 113.5 141.7 173.1 204.2 234.5 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100 % 0% 20% 40% 60% 80% 100 % 120 % FY21 FY22 FY23 FY24 FY25 FY26 Robust Liability Management Funding Mix – Fixed/ Floating/ Equity (%) 12% 10% 12% 10% 12% 13% 32% 29% 25% 24% 17% 16% 55% 61% 63% 66% 71% 72% 94.5 113.5 141.7 173.1 204.2 234.5 -3000.0 -2500.0 -2000.0 -1500.0 -1000.0 -500.0 0.0 0% 20% 40% 60% 80% 100% 120% FY21 FY22 FY23 FY24 FY25 FY26 AUM – Fixed/ Floating Mix (%) FloatingFixed Equity* * Equity is balancing figure utilized to fund AuM 30% 30% 29% 29% 28% 70% 70% 71% 71% 72% 213.6 222.0 234.5 239.3 248.0 0% 20% 40% 60% 80% 100 % 120 % Sep -25 Dec -25 Mar -26 Jun -26 Sep -26 13% 13% 13% 13% 13% 18% 18% 16% 14% 13% 69% 69% 72% 73% 74% 213.57 222.0 234.5 239.3 248.0 (3,000.00) (2,500.00) (2,000.00) (1,500.00) (1,000.00) (500.00) - 500.00 0% 20% 40% 60% 80% 100% 120% Sep -25 Dec -25 Mar -26 Jun -26 Sep -26 AuM (₹ bn) 23
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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 H1FY27 4,279 4,411 4,690 3,988 5,285 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Diversified Funding Profile & Credit Rating Borrowings Mix (%) Direct AssignmentTerm Loans NHB refinance NCDs CP & CC 5,496 7,784 9,541 12,428 15,226 16,771 FY21 FY22 FY23 FY24 FY25 FY26 Net Assignment Volume Credit Ratings Long term CARE Sep-26 - AA Short term India Rating Sep-26 - A1+ Average tenor of outstanding borrowings is 130 months as of Jun’26. (₹ mn) Sep-26 - AA ICRA Sep-26 - A1+ ICRA 38% 45% 48% 51% 52% 23% 22% 24% 25% 27%22% 21% 20% 14% 11%18% 12% 9% 9% 9% 1% 102.6 125.2 155.6 179.5 204.3 -20 00.0 -15 00.0 -10 00.0 -50 0.0 0.0 0% 20% 40% 60% 80% 100% 120% FY22 FY23 FY24 FY25 FY26 50% 52% 52% 54% 54% 25% 25% 27% 27% 28% 14% 12% 11% 10% 9%10% 10% 9% 9% 9%0% 186.9 193.0 204.3 207.1 215.9 -50 0.0 -40 0.0 -30 0.0 -20 0.0 -10 0.0 0.0 10 0.0 20 0.0 0% 20% 40% 60% 80% 100% 120% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 “Creating funding cost leadership” Borrowings (₹ bn) 24 (₹ mn)
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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 H1FY27 26.29 37.79 55.20 117.15 166.43 224.21 10.94 19.26 34.82 94.92 143.27 224.21 <3 months <6 months <1 year <3 years <5 years >5 years Liabilities Assets Surplus: 15.35 18.53 20.38 22.23 23.17 - (₹ bn) Disciplined ALM & Comfortable Liquidity Position ₹ 31,460 Mn of Surplus Funds* available for business * without including any incremental sanctions Particulars (₹ mn) As on Sep-26 Cash & Cash Equivalents 18,550 Un-availed CC Limits 1,010 Documented & Un-availed Sanctions from Banks 3,000 Total Liquidity Position 22,560 High-Quality Liquidity of ₹ 19,560 Mn Particulars (₹ mn ) Q3FY27 Q4FY27 Q1FY28 Q2FY28 Opening Liquidity 22,560 25,011 26,860 29,491 Add: Principal Collections & Surplus from Operations 9,973 9,992 9,865 9,960 Less: Debt Repayments 7,522 8,142 7,234 7,991 Closing Liquidity 25,011 26,860 29,491 31,460 Liquidity Position Surplus Management As on Sep – 26ALM Position “Greater Resilience across liquidity cycles”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 Investor Presentation H1FY27 Financial Performance Profit and Loss Statement Balance Sheet ECL Provisioning 5 Year Financials & ROE Tree ESG Glossary 26
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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 H1FY27 Profit & Loss Statement Particulars (₹ mn ) Q2 FY27 Q2 FY26 Y-o-Y Q1 FY26 Q-o-Q H1FY27 H1FY26 Y-o-Y Interest Income on Loans (incl. Processing Fee) 6,501.9 5,772.9 12.6% 6,335.1 2.6% 12,837.0 11,371.3 12.9% Interest Income on Fixed Deposits 291.2 309.3 298.7 589.9 632.1 Upfronting Income on Fresh Assigned Loans 704.8 701.1 595.2 1,300.0 1,176.0 Reversal Income on Earlier Assigned Loans (493.9) (445.9) (469.1) (963.0) (877.8) Non-Interest Income 363.7 337.2 7.9% 331.0 9.9% 694.8 652.2 6.5% Interest Expense (incl. Finance Charges) (3,059.6) (2,784.7) 9.9% (2,952.1) 3.6% (6,011.7) (5,520.7) 8.9% Net Total Income (NIM) 4,308.1 3,889.8 10.8% 4,138.9 4.1% 8,447.0 7,433.2 13.6% Operating Expenses 1,817.7 1,698.0 7.1% 1,809.9 0.4% 3,627.6 3,337.4 8.7% Pre-provisioning Operating Profit (PPoP) 2,490.4 2,191.9 13.6% 2,329.0 6.9% 4,819.4 4,095.8 17.7% Credit Costs 134.4 79.6 68.8% 128.0 5.0% 262.3 192.2 36.5% Profit Before Tax 2,356.0 2,112.3 11.5% 2,201.0 7.0% 4,557.0 3,903.6 16.7% Provision for Taxation 540.8 472.9 14.3% 488.4 10.7% 1,029.2 871.9 18.0% Profit After Tax 1,815.2 1,639.3 10.7% 1,712.7 6.0% 3,527.9 3,031.7 16.4% Total Comprehensive Income 1,808.5 1,643.6 10.0% 1,712.7 5.6% 3,521.2 3,035.9 16.0% EPS – in ₹ (Diluted) – non annualized 22.8 20.6 10.9% 21.5 6.0% 44.3 38.0 16.6% 27
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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 H1FY27 Balance Sheet Particulars (₹ Mn ) 30-Sep-26 31-Mar-26 Sources of Funds Share Capital 793 793 Reserves & Surplus 53,192 49,716 Borrowings 1,64,854 1,56,856 Deferred Tax Liability (Net) 1,040 1,004 Other Liabilities & Provisions 3,533 3,757 Total 2,23,412 2,12,125 Application of Funds Loan Assets 1,93,207 1,83,727 Investments 3,444 2,708 Fixed Assets 927 921 Liquid Assets 19,003 18,433 Other Assets 6,831 6,335 Total 2,23,412 2,12,125 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 Investor Presentation H1FY27 ECL Provisions Particulars (₹ mn ) Stage 1 Stage 2 Stage 3 Total For the period ended Sep’26 Gross Loan Principal Outstanding 1,89,773 2,788 2,170 1,94,731 % of Portfolio 97.45% 1.43% 1.11% 100% ECL Provision Amt. 411 286 827 1,524 ECL Provision % 0.20% 9.76% 36.80% 0.75% For the period ended Mar’26 Gross Loan Principal Outstanding 1,80,717 2,369 1,938 1,85,023 % of Portfolio 97.67% 1.28% 1.05% 100% ECL Provision Amt. 364 235 697 1,296 ECL Provision % 0.20% 9.94% 35.95% 0.70% 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 1,142 ECL Provision % 0.16% 9.78% 31.52% 0.70% 29
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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 H1FY27 Historical Financial Snapshot Particulars (₹ mn) FY21 FY22 FY23 FY24 FY25 FY26 CAGR (5 Years) Interest income 10,440 12,091 14,992 18,715 21,787 24,610 19% Less: Interest Expense (incl. Finance Charges) (4,644) (4,832) (5,982) (8,359) (10,158) (11,051) 19% Net Interest Income (NII) 5,796 7,259 9,010 10,357 11,629 13,559 19% Add: Fees and Other income 426 528 701 1,061 1,333 1,377 26% Add: Net Gain on de-recognition of assets 187 437 408 427 464 861 - Net Total Income (NIM) 6,409 8,223 10,120 11,844 13,426 15,797 20% Less :Operating Expenses (2,504) (3,449) (4,506) (5,355) (5,829) (7,055) 23% Pre-provision operating profit (PPOP) 3,905 4,775 5,614 6,489 7,597 8,742 17% Less: Credit Costs (371) (226) (124) (245) (271) (337) 2% Profit Before Tax 3,533 4,549 5,490 6,244 7,326 8,404 19% Less: Provision for Taxation (638) (981) (1,189) (1,338) (1,585) (1,856) Profit After Tax 2,895 3,568 4,301 4,907 5,741 6,549 18% Particulars (₹ bn) FY21 FY22 FY23 FY24 FY25 FY26 CAGR (5 Years) AUM 94.5 113.5 141.7 173.1 204.2 234.5 20% Disbursement 26.6 36.0 50.2 55.8 61.2 67.8 21% Total Assets 89.6 110.2 134.1 165.2 186.2 212.1 19% Borrowings 63.5 79.7 98.4 123.4 139.2 156.9 20% Net Worth 24.0 28.1 32.7 37.7 43.6 50.5 16% No of Branches (#) 280 314 346 367 397 435 9% 30
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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 H1FY27 ROE Tree - Trend Calculations are based on Avg. Total Asset Particulars FY21 FY22 FY23 FY24 FY25 FY26 Interest Income 11.64% 11.46% 11.53% 11.56% 11.62% 11.75% Less: Interest Expense (incl. Finance Charges) (5.59%) (4.84%) (4.90%) (5.59%) (5.78%) (5.55%) Net Interest Income (NII) 6.05% 6.62% 6.63% 5.98% 5.84% 6.21% Add: Fees, Commission and Other income 1.44% 1.17% 1.32% 1.65% 1.54% 1.29% Add: Gain on de-recognition of assets 0.23% 0.44% 0.33% 0.29% 0.26% 0.43% Net Total Income (NIM) 7.71% 8.23% 8.28% 7.91% 7.64% 7.93% Less :Operating Expenses (3.01%) (3.45%) (3.69%) (3.58%) (3.32%) (3.54%) Pre-provision operating profit (PPOP) 4.70% 4.78% 4.60% 4.34% 4.32% 4.39% Less: Credit Costs (0.45%) (0.23%) (0.10%) (0.16%) (0.15%) (0.17%) Profit Before Tax 4.25% 4.55% 4.49% 4.17% 4.17% 4.22% Less: Provision for Taxation (0.77%) (0.98%) (0.97%) (0.89%) (0.90%) (0.93%) Profit After Tax 3.49% 3.58% 3.51% 3.28% 3.27% 3.29% Leverage (Avg Total Assets to Avg Net Worth) (x) 3.69 3.83 4.02 4.25 4.32 4.23 ROE 12.91% 13.72% 14.09% 13.94% 14.12% 13.93% 31
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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 H1FY27 Ratings Rating Agencies Rating – Sep’26 Niche99 76.92 (Leader) CFC Finlease Private Limited 82 (Excellent) CRISIL 68 (Strong) ESG Risk Assessment 69 (Strong) Morningstar (Sustainalytics)* 23.9 (Medium Risk) NSE Sustainability 71 (Aspiring) S&P Global ESG Score 35 SES ESG Research 77.7 (Medium) Carbon Disclosure Project (CDP) Disclosure Level Environmental, Social & Governance 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 Women Directors of the Board. 3 out of 9 Independent Directors on the board. Different role of Chairperson and CEO. No Independent Director has 10+ years of association. Executive Remuneration is bound by Malus and Claw Back Clause. Board Evaluation through digital mode. *Note: A lower ESG risk rating indicates better performance. 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 Investor Presentation H1FY27 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 Income 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 (%) (C/I) 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 33
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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 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 - Thank you