Slides
Page 1
Q3 FY26 FINANCIAL RESULTS INVESTOR PRESENTATION February 3, 2026 01 A Leading Financial Services Conglomerate
Page 2
Aditya Birla Capital: Diversified Financial Services Platform 02 Grasim Industries 52.3% Promoter & Promoter Group 16.3% 100% 74% Housing Finance Company Aditya Birla Housing Finance 100% Life Insurance Aditya Birla Sun Life Insurance 51% Asset Management Aditya Birla Sun Life AMC 45% Listed Standalone Health Insurance Aditya Birla Health Insurance 46% Listed Aditya Birla Capital Limited (NBFC-ICC) Listed Stock & Securities broking Aditya Birla Money 74% Stressed asset platform Aditya Birla ARC 100% Above is not intended to show the complete organizational structure and entities therein. It is intended to describe the key businesses of Aditya Birla Capital. Shareholding at December 31, 2025
Page 3
03 Performance Highlights for Q3 FY26
Page 4
04 1. Consolidated segment revenue; for Ind AS statutory reporting purpose Asset management, wellness business and health insurance are not consolidated and included under equity accounting 2. Excludes exceptional and one-off items: impact of ₹ 38 crore (net of tax) due to new labour code in Q3 FY26 and residual gain of ` 9 crore (net of tax) from sale of ABIBL in Q3 FY25 3. For NBFC and HFC 4. Asset under management of AMC, Life and Health Insurance Consolidated financial performance Total lending3 portfolio of ₹ 1,90,386 crore (↑ 30% y-o-y & ↑ 7% q-o-q) at Dec 31, 2025 Total AUM4 of ₹ 5,98,166 Cr (↑ 19% y-o-y) in Q3 FY26 Life insurance first year individual premium of ₹ 3,076 crore (↑ 19% y-o-y) in 9M FY26 Revenue1 at ₹ 14,181 Cr (↑ 30% y-o-y) in Q3 FY26 Profit after tax2 at ₹ 983 Cr (↑ 41% y-o-y) in Q3 FY26 Health insurance gross written premium of ₹ 4,651 crore (↑ 39% y-o-y) in 9M FY26
Page 5
Strong growth momentum across businesses 05 1. As of Dec 31, 2025 2. For Q3 FY26 3. For Dec 2025 4. For 9M FY26 5. GWP grew 41% year-on-year excluding the impact of multi year guideline 6. Among SAHI players Standalone - NBFC segment 24% y-o-y Profitability2 Credit Quality1 (GS3) QAAUM Growth2 Domestic QAAUM Profitability2 Quality Equity QAAUM Total Revenue ₹ 562 crore Premium Growth4 Margin & Combined Ratio4 Persistency & Market Share3 Individual FYP 19% y-o-y Gross Premium5 39% y-o-y58% y-o-y Combined Ratio 111% (9M FY25: 114%) Housing Net VNB Margin 14.6% 6% q-o-q 10% q-o-q ₹ 1,48,182 crore ₹ 42,204 crore ₹ 4,43,233 crore ₹ 1,99,442 crore Market Share6 14.2% 15% y-o-y 16% y-o-y 11% y-o-y 13th month 84% PAT ₹ 772 crore 2.25% RoA PAT ₹ 177 crore 1.96% RoA 76 bps y-o-y 45 bps y-o-y 17 bps q-o-q 6 bps q-o-q 1.51% 0.54% Individual MAAUM3 ₹ 2,11,862 crore Folios1 10.78 mn 61st month 58%7% y-o-y 210 bps y-o-y Lending AUM1 Asset Management Life Insurance Health Insurance Profit After Tax ₹ 270 crore29% y-o-y 111% y-o-y 3% y-o-y 20% y-o-y 380 bps y-o-y
Page 6
Consolidated revenue and PAT 06 Consolidated Revenue and PAT 30% y-o-y Revenue (₹ cr)1 Profit after tax3 (₹ cr) Business-wise Profitability Businesses (₹ crore) Q3 FY25 Q3 FY26 Lending (excluding HFC) 805 1,047 HFC 110 236 Asset Management 300 361 Life Insurance 43 86 Health Insurance (81) (67) Others2 (4) (73) Aggregate PBT 1,173 1,591 Less: Provision for Taxes 379 461 Less: Minority Interest 95 147 Profit after tax3 699 983 Reported profit after tax 708 945 30% Y-o-Y 20% 99% 1. Consolidated segment revenue; for Ind AS statutory reporting purpose Asset management, wellness business and health insurance are not consolidated and included under equity accounting 2. Includes Stock & Securities, ARC Platform, standalone, Aditya Birla Capital Digital, other businesses and elimination 115%9,997 10,949 14,181 Q3 FY24 Q3FY25 Q3 FY26 736 699 983 Q3 FY24 Q3 FY25 Q3 FY26 41% y-o-y 41% 3. Excludes exceptional and one-off items: impact of new labour code of ₹ 38 crore (net of tax) in Q3 FY26 and residual gain of ₹ 9 crore (net of tax) from sale of ABIBL in Q3 FY25 36%
Page 7
Standalone profit & loss statement Profit & Loss Statement FY25 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Interest income 14,029 3,584 3,942 4,116 10,418 11,850 Fee and other income 1,004 214 271 319 736 840 Total income 15,033 3,798 4,213 4,435 11,154 12,689 Interest expense 7,981 2,042 2,208 2,322 5,902 6,703 Net Interest income 7,052 1,756 2,005 2,113 5,252 5,987 Dividend income 237 0 311 - 237 311 Employee expenses 1,119 294 321 358 846 975 Other expenses 1,078 259 390 330 783 986 Total expenses 2,197 554 710 688 1,629 1,960 Provisions 1,448 388 379 423 1,095 1,201 Profit before tax 3,644 814 1,227 1,002 2,765 3,137 Tax 930 210 311 253 705 796 Profit after tax 2,714 604 916 749 2,060 2,341 Gain on sale of stake in subsidiaries/associates (net of tax) 243 9 - - 243 - Exceptional Items (Impact of new labour code) - - - (9) - (9) Reported profit after tax 2,957 613 916 740 2,304 2,332 Return on equity1 14.1% 13.2% 14.2% 15.2% 14.0% 14.7% 07 1. Excluding gain on stake sale and adjusted for dividend income and investments in subsidiaries, JVs and associates Q3-o-Q3 17% 24% 23% 24% 20%
Page 8
Standalone balance sheet and ratios ₹ crore Sep-25 Dec-25 Loans 1,32,758 1,39,822 Investments 14,562 15,288 Other financial assets 4,587 2,266 Non-financial assets 1,345 1,367 Total assets 1,53,253 1,58,744 Borrowings & debt securities 1,22,364 1,27,196 Other financial liabilities 3,548 3,312 Non-financial liabilities 447 512 Net worth 26,893 27,723 Total liabilities and equity 1,53,253 1,58,744 D/E 4.55 4.59 Tier 1 ratio 15.39% 14.56% Total CRAR 17.98% 17.34% 08
Page 9
ABHFL raises growth capital of ₹ 2,750 Cr from Advent International 9 ABHFL is one of the fastest growing HFCs in India… …and is geared up for the next phase of growth • Full stack HFC player focusing on prime and affordable segments and construction finance • AUM of ₹ 42,204 crore (3-year CAGR: 48%) Shareholder Stake Aditya Birla Capital 85.7% Advent International 14.3% • Strengthened Balance Sheet to sustain the current growth momentum and gain market share • Distribution network fully equipped for accelerated deeper penetration in existing markets • Scalable Digital & Underwriting Infrastructure to enable faster TATs & uniform underwriting discipline • Continue to focus on maintaining best-in-class asset quality • Strong Capital Base to enable coverage across the full customer spectrum Valuation (` crore) Pre-money valuation 16,500 Capital infusion 2,750 Post-money valuation 19,250 Shareholding pattern post transaction
Page 10
10 Omnichannel architecture
Page 11
Omnichannel architecture... Robust & agile digital platforms One ABC locations Channel Partner One Experience ABCD-D2C platform for customers Udyog Plus-B2B platform for MSMEs B2D platform for channel partners 1,032 co-located branches across 260 locations Dedicated customer service managers for cross sell 2 lakh+ channel partners 11 1,742 branches across businesses …providing complete flexibility to customers to choose preferred channel of interaction 11
Page 12
ABCD: D2C Omnichannel Platform 9.3 Mn+ Customers* 26+ Product Categories 3.6 Mn+ VPAs Created* Industry Accolades *As of 31st Jan’26 Key Launches Digital Will Credit Card Marketplace Wellness Saver Card Secure investments & plan legacy for loved ones Choose from a range of credit card products Designed for overall wellbeing with 35x benefits value Policy Comparator AI powered tool to simplify health policy documents & compare alternatives Best Mobile App India Best Payments Solutions, Digital Partnerships & Analytics Best Digital Insurance, Outstanding Use of AI in Customer Experience & Best New Wealth Management Product
Page 13
UDYOG PLUS: Addressing 360o needs of MSMEs 13 Architecture ~ 2.4 mn Registrations 33% Contribution to NBFC’s unsecured business loan book 39% Sourcing from ABG ecosystem Digital Platforms (API, WEB & MOBILE) ABG ecosystem (API, WEB & MOBILE) Digital Infrastructure (API, WEB & MOBILE) Value added service partners (API, WEB & MOBILE) ₹ 5,010 Cr AUM Progress
Page 14
Stellar: B2D app for channel partners Seamless onboarding of Distributors DIY & Assisted Go Digital - Comprehensive marketing tool with personalized website fo generate lead CRM specifically designed for distributors to manage leads One view dashboard of Business KPI & trends SELECT R&R with achievement benefits , transaction details & shortfall calculator App tracker to track policy from lodgment to issuance Sales Reel with capsulized training & distributors experience Earning dashboard visibility across products 14
Page 15
15 Business-wise performance
Page 16
16 NBFC
Page 17
01 7 Performance Highlights for Q3 FY26 470 branches as of Dec’25 RoA: 2.25% Disbursements: ↑ 41% Y-o-Y GS2 & GS33 ↓ 145 bps Y-o-Y ↓ 23 bps Q-o-Q 2.80% PBT ↑ 29% Y-o-Y ↑ 8% Q-o-Q ₹ 1036 crore NII2 ↑ 23% Y-o-Y ↑ 7% Q-o-Q ₹ 2,127 crore AUM ↑ 24% Y-o-Y ↑ 6% Q-o-Q ₹ 1,48,182 crore Retail, SME & HNI loans1 ↑ 26% Y-o-Y ↑ 6% Q-o-Q ₹ 96,908 crore (65% of AUM) 1Categorized basis customer segment | 2Includes fee income | 3As per financials
Page 18
Strong Growth in AUM… AUM (₹ crore) Dec’24 Sep’25 Dec’25 Dec’25 Mix Q-o-Q Y-o-Y - Unsecured business 11,196 13,663 15,278 10% 12% 36% - Secured business 54,402 63,869 67,528 46% 6% 24% Total Business loans 65,598 77,532 82,809 56% 7% 26% Personal & Consumer loans 15,520 18,218 19,921 13% 9% 28% Corporate / Mid-market 38,319 43,834 45,455 31% 4% 19% Total AUM 119,437 139,585 148,182 100% 6% 24% 01 8 …across Personal & Consumer & Business Loans Disbursements (₹ crore) Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY26 Mix Q-o-Q Y-o-Y - Unsecured business 1,267 1,498 1,458 7% -3% 15% - Secured business 5,501 7,968 8,445 39% 6% 54% Total Business loans 6,767 9,466 9,903 46% 5% 46% Personal & Consumer loans 2,967 4,970 4,906 23% -1% 65% Corporate / Mid-market 5,499 7,554 6,608 31% -13% 20% Total Disbursements 15,233 21,990 21,417 100% -3% 41% Note: Disbursements are non-LOC.
Page 19
18% 19% 20% 19% 22% 22%1% 2% 2% 62% 57% 56% 38,319 43,834 45,455 Dec-24 Sep-25 Dec-25 TL / WCDL Structured Finance Construction Finance Project Finance 19% y-o-yCorporate / Mid-market Portfolio Mix 01 9 Personal & Consumer 28% y-o-y 98% 98% 98% 2% 2% 2%15,520 18,218 19,921 Dec-24 Sep-25 Dec-25 Consumer Loan Personal Loan Secured business 24% y-o-y 17% 15% 14% 83% 85% 86% 11,196 13,663 15,278 Dec-24 Sep-25 Dec-25 Business Loans Supply Chain 36% y-o-yUnsecured business 42% AUM covered under Central Govt. schemes (Dec’25) 6% q-o-q9% q-o-q 12% q-o-q 4% q-o-q 58% 59% 60%4% 4% 3%22% 21% 20%16% 17% 17%54,402 63,869 67,528 Dec-24 Sep-25 Dec-25 LAS TL / WCDL LRD LAP
Page 20
Well Diversified Product Portfolio 1 Sourcing Mix is for Q3 FY26 2 ATS has been derived basis closing AUM to active customers, and represents an approximate figure as on Dec 31, 2025 02 0 Semi-urban Semi-urbanPresence Semi-urban / SME Clusters Top 6-7 Cities Personal & ConsumerSegment Corporate / Mid-MarketUnsecured Business Secured Business Personal Loan Top Ups & Cross Sell, Insurance & Wealth Solutions to ABC customer ecosystemCross-Sell Personal Loans Check-out Financing Business Loans B2B Digital Platform Consumer Loans Supply Chain Finance Working Capital Loans Retail & SME LAP, LRD Small Ticket Secured & Micro LAP Project Finance Structured Finance Developer Financing Capex/ WC Funding Loan Against SecuritiesBusiness OverdraftCo-branded Credit Card Products Salaried Professionals with focus on emerging income segment Business owners & Self- employed professionals engaged in small/mid-sized businesses Business owners & Self- employed professionals engaged in small/mid-sized businesses Pedigreed Group Corporates / Mid-market Cos in focus sectors / Cat A / A+ developers DSA : Direct : Digital :: 22 : 12 : 66 DSA : Direct : Digital :: 84 : 10 : 6Sourcing Mix1 DSA : Direct :: 44 : 56 Direct – 100% ~ ₹ 2.0 Lac ~ ₹ 15.0 LacATS2 ~ ₹ 1.3 Crs ~ ₹ 72.2 Crs ~73% of loan book is SecuredSecurity
Page 21
Customer Onboarding 93% Customer Acquisition Fully agile tech stack for digitally onboarding customers LOS / LMS system leveraging CKYC / OKYC, facial recognition, bureau integration & e-contract Cross sell of personal loans facilitated digitally EMIs Collected Digitally 98% Customer Servicing Email BOT Accuracy 98% Collections Re-payment hub activated with multiple digital payment channels for EMI collections AI voice BOT for proactive and low risk bounce cases calling Leveraging AI for risk- based collections calling Strong Digital Adoption in Customer Sourcing and Servicing Process Automation Digital Service Interactions 98% 02 1 Gen AI based voice bots for Inbound contact center calls Speech Analytics for improving contact center call quality Gen AI based Email Bot with multi-intent handling End to End Paperless contract execution for customers with E-Sign Mutual Fund automated lien marking through CAMS portal Gen AI powered platform for document verification, fraud checks and Risk management
Page 22
Customer Profile ❖ Utilization of Scorecard for better Customer Selection ❖ Usage of Alternate Data in credit decisioning ❖ STP process for faster TAT 1% 2% 32% 65% NTC <700 700-750 750+ Bureau Score Buckets ❖ Usage of behavior based Predictive Modelling for upsell ❖ Digital Journeys enabling enhanced customer experience ❖ In house Business Rule engine for rapid roll out of program norms Underwriting Approach >95% loans with credit score 700+ Underwriting Approach in Personal and Consumer Loans 02 2
Page 23
Note: Loan book and ratios are as per Financials Prudent Risk Management Practices… Particulars Dec’24 Sep’25 Dec’25 % ₹ Crore % ₹ Crore % ₹ Crore Stage 1 95.75% 112,697 96.97% 130,336 97.20% 137,517 Stage 2 1.98% 2,329 1.35% 1,812 1.29% 1,819 Stage 3 2.27% 2,674 1.68% 2,261 1.51% 2,140 Stage 2 and 3 4.25% 5,003 3.03% 4,073 2.80% 3,959 Total Loan book 100% 117,700 100% 134,409 100% 141,476 Stage 3 PCR 45.6% 44.2% 44.3% Segment Asset Quality Dec’24 Sep'25 Dec’25 GS 2 (%) GS 3 (%) GS3 PCR GS 2 (%) GS 3 (%) GS3 PCR GS 2 (%) GS 3 (%) GS3 PCR Personal & Consumer 2.6% 2.7% 81.3% 1.6% 2.1% 66.4% 1.4% 1.7% 68.1% Unsecured business 2.1% 4.1% 37.7% 1.5% 1.9% 44.2% 1.3% 1.9% 44.8% Secured business 2.8% 1.7% 32.2% 2.1% 1.2% 30.1% 2.0% 1.2% 29.2% Corporate / Mid-market 0.5% 2.4% 46.5% 0.0% 2.1% 46.0% 0.1% 1.8% 49.3% Total 2.0% 2.3% 45.6% 1.3% 1.7% 44.2% 1.3% 1.5% 44.3% 02 3 …leading to stable and healthy asset quality *Unsecured business - 40% of Stage 3 book is covered under Govt. Guarantee Schemes, excluding which GS 3 is 1.1%
Page 24
02 4 Well Matched ALM and Diversified Borrowing Mix Long-term funding facilities rated AAA & Short-term funding facilities rated A1+ by CRISIL/ICRA / India Ratings Raised LT borrowing of ₹ 10,540 crore in Q3 FY26 (₹ 8,201 crore in Q3 FY25) Cumulative Surplus / (Gap) 47% 37% 22% 31% 33% 16% 8% Note: Borrowings with contractual maturity less than 1 year are considered as floating. 56% 70% 44% 30% Borrowings Advances Fixed Floating Asset Liability Mix Funding Mix 51% 28% 9% 4% 8% Term Loan NCD CP ECB CC/WCDL/Others Dec’24 42% 36% 6% 9% 7% Dec’25 5% 8% 14% 20% 34% 78% 100% 6% 10% 15% 24% 42% 83% 100% 0 - 1 Month 1 - 2 Months 2 - 3 Months 3 - 6 Months 6 – 1 year 1 - 5 years > 5 years Cumulative Outflows Cumulative Inflows
Page 25
^ Includes Fee Income P&L and Key Ratios – NBFC Business Key Ratios (in percent) FY25 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Average Yield^ 13.10 12.90 12.68 12.69 13.17 12.69 Interest Cost / Avg. Lending Book 6.88 6.91 6.62 6.56 6.90 6.64 Net Interest Margin^ 6.22 6.00 6.06 6.12 6.27 6.06 Opex / Avg. Lending Book 1.94 1.90 2.03 1.95 1.95 1.91 Cost-to-Income Ratio 30.78 31.20 33.06 31.44 30.66 31.13 Credit Provision / Avg. Lending Book 1.31 1.36 1.16 1.23 1.35 1.23 RoA 2.27 2.10 2.20 2.25 2.28 2.23 Profit & Loss Statement (₹ crore) FY25 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Gross Revenue^ 14,522 3,704 4,147 4,376 10,754 12,445 Interest Cost 7,583 1,970 2,153 2,249 5,600 6,465 Net Interest Income 6,940 1,734 1,994 2,127 5,154 5,980 Operating Expenses1 2,136 541 659 669 1,580 1,862 Credit Provisioning 1,444 388 379 423 1,092 1,201 Profit Before Tax 3,360 805 956 1,036 2,482 2,917 Tax 859 205 242 263 633 742 Profit After Tax 2,501 600 714 772 1,849 2,176 25 1. Includes impact of ` 12 crores due to new labour code in Q3 FY26 and 9M FY26
Page 26
Housing Finance 26
Page 27
Performance Highlights for Q3 FY26 27 1.96% RoA 14.94% RoE 0.95% Stage 2 and 3 Loans ↓ 82 bps y-o-y ↓ 15 bps q-o-q 1 Includes fee income 17.6% ABG ecosystem contribution to retail disbursements ↑ 58% Y-o-Y ↑ 10% Q-o-Q ↑ 109% Y-o-Y ↑ 18% Q-o-Q ↑ 30% Y-o-Y ↑ 7% Q-o-Q ↓ 45 bps Y-o-Y ↓ 6 bps Q-o-Q ↑ 62% Y-o-Y ↑ 12% Q-o-Q ₹ 42,204 crore ₹ 229 crore₹ 6,165 crore 0.54%₹ 472 crore AUM PBTDisbursement GS3NII1
Page 28
Continued growth in disbursements and AUM… 28 Growth in AUM (₹ crore) 82,300 1,08,400No. of Customers1 1,18,300 28 30ATS2 (₹ Lacs) 30 30% y-o-y 58% y-o-y Momentum in disbursement (₹ crore) 1 Unique customers (rounded off to nearest ’00) 2. Average Ticket Size on Retail AUM Healthy growth in disbursements across customer segments 4,750 5,786 6,165 Q3 FY25 Q2 FY26 Q3 FY26 28.0% 26.1% 25.7% 19.5% 20.6% 20.5% 29.2% 28.3% 28.2% 9.8% 9.7% 9.7% 13.5% 15.3% 15.8% Q3 FY25 Q2 FY26 Q3 FY26 Prime-HL Prime-LAP Affordable -HL Affordable-LAP CF 26,714 38,270 42,204
Page 29
…with focus on portfolio quality 29 Particulars Dec’24 Sep’25 Dec’25 % ₹ Crore % ₹ Crore % ₹ Crore Stage 1 98.23% 24,815 98.90% 34,440 99.05% 37,614 Stage 2 0.78% 197 0.49% 172 0.41% 156 Stage 3 0.99% 251 0.61% 212 0.54% 207 Stage 2 and 3 1.77% 447 1.10% 383 0.95% 362 Total 100.0% 25,262 100.0% 34,823 100.0% 37,976 Stage 3 PCR 40.4% 57.6% 57.5% Stage 2+3 loans declined by 82 bps y-o-y from 1.77% in Dec’24 to 0.95% in Dec’25 Healthy stage 3 PCR at 57.5% Segment focused credit teams across hierarchy Risk based product offerings and credit evaluation processes Leveraging analytics for efficient portfolio management Note: Loan book as per IndAs
Page 30
Strong balance sheet with well-matched ALM 30 Note: NCD includes sub -debt • Long-term credit rating of AAA (Crisil, ICRA, India ratings) • Average cost of borrowings of 7.41% in Q3 FY26 Borrowing MixALM optimised for liquidity and costs (on Dec 31, 2025) Cumulative Surplus / (Gap) 3% 3% 1% 18% 15% 1% 0% 6% 11% 16% 19% 29% 79% 100% 6% 11% 16% 22% 33% 80% 100% 0-1 months 1-2 months 2-3 months 3-6 months 6-12 months 1-5 year > 5 years Cumulative Outflows Cumulative Inflows 26% 11% 48% 15% Dec-25 35% 14% 39% 12% Dec-24 Term Loan NHB NCD Others
Page 31
P&L and Key Ratios - Housing Finance 31 1 NII including fee (net of DSA Expenses and Processing Cost) 2 Includes impact of ` 7 cr due to new labour code in Q3 FY26 and 9M FY26. Opex / Avg. Loan book, excluding this impact, stands at 2.30% for Q3 FY26 and 2.41% for 9M FY26 (₹ crore) FY25 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Net Interest Income (Incl. fee income)1 1,126 290 420 472 791 1,268 Operating expenses2 653 169 197 214 462 606 Operating profit 473 121 222 257 328 663 Credit provisioning 54 11 28 28 30 85 Profit before tax 419 110 194 229 298 577 Tax 96 26 44 52 69 130 Profit after tax 323 84 150 177 229 447 Net Worth 3,783 3,390 4,552 5,029 3,390 5,029 Borrowings and debt securities 26,102 22,580 31,411 33,594 22,580 33,594 Key ratios (in percent) FY25 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Effective Interest rate (EIR) 10.81 10.77 10.62 10.60 10.84 10.66 Net Interest cost / Avg. Loan book 6.67 6.72 6.60 6.47 6.67 6.56 Other Income / Avg. Loan book 0.94 0.88 1.05 1.09 0.89 1.01 Net Interest Income (Incl. Fee Income) 5.07 4.94 5.07 5.22 5.05 5.12 Opex / Avg. Loan book2 2.94 2.88 2.39 2.37 2.96 2.44 Cost-to-income Ratio 57.98 58.34 47.05 45.41 58.49 47.76 Credit Provisioning/ Avg. Loan book 0.24 0.19 0.34 0.31 0.19 0.34 RoA 1.46 1.42 1.82 1.96 1.47 1.80 RoE 11.03 10.66 13.95 14.94 11.08 13.81 Debt-to-equity 6.90 6.66 6.90 6.68 6.66 6.68 Total CRAR 16.54 16.92 16.87 18.02 16.92 18.02 Tier -1 14.30 14.98 14.09 14.64 14.98 14.64
Page 32
Our Approach 32 Growth Service excellence Digital reinvention Accelerate growth in prime & affordable segments with average ticket size of ₹ 25 – 30 lacs Growth to be augmented by ABG ecosystem To be the most preferred choice of our customer Digital capabilities for seamless customer onboarding and servicing Building a culture of spotting opportunities with customers at center Develop assisted/ DIY customer journeys with Effective lead management Seamless distributor onboarding Significant reduction in TAT, increased face time with customers 168 branches as of Dec 31, 2025, covering ~ 85% of TAM Sourcing driven by micro market penetration strategy Continue the growth momentum and expand market share and increase RoA Business loans Growth Service excellence Digital reinvention Growth Distribution network
Page 33
AMC 33
Page 34
Performance Highlights for Q3 FY26 34 ↑ 15% Y-o-Y Market share2 6.12% Mutual fund QAAUM1 ₹ 4,43,233 crore Market share 4.09% Mix 45.0% Equity QAAUM1 ₹ 1,99,442 crore PAT ₹ 270 crore 1.For Q3 FY26; 2.Excluding ETF share; 3.Includes STP ↑ 19 % Y-o-Y PBT ₹ 358 crore ↑ 16% Y-o-Y Total Revenue ₹ 562 crore SIP3 Contribution ₹ 1,080 Crore for Dec-25 Serviced 10.78 mn folios as of Dec-25 3% Y-o-Y Individual MAAUM ₹ 2,11,862 Crore for Dec-25 ↑ 20 % Y-o-Y
Page 35
Strong growth in AUM… 35 Mutual fund closing assets under management1 Total quarterly average assets under management1 Equity MF mix of 45.0% Equity MF mix of 46.4% 1.All figures in ₹ Crores *Mutual Fund Debt includes ETF 20% y-o-y16% y-o-y 1,73,223 1,85,985 1,96,549 1,46,958 1,64,880 1,73,108 45,863 56,473 53,996 3,66,044 4,07,337 4,23,653 Q3 FY25 Q2 FY26 Q3 FY26 Mutual Fund - Equity Mutual Fund - Debt* Mutual Fund - Liquid 1,79,481 1,92,401 1,99,442 1,46,308 1,69,100 1,76,659 58,122 63,670 67,13216,191 8,677 8,617838 26,970 29,597 4,00,941 4,60,817 4,81,447 Q3 FY25 Q2 FY26 Q3 FY26 Mutual Fund - Equity Mutual Fund - Debt* Mutual Fund - Liquid Alternate Assets - Equity Alternate Assets - Others
Page 36
…backed by growth in retail franchise 36 1Includes STP ; 2Based on tenure at the time of registration of all live SIPs as on Dec 31, 2025. Note: The SIP figures for Dec-24 have been revised to reflect SIP contributions in line with Dec-25 numbers according to change in AMFI methodology Building sustainable SIP (1) Contribution Contributing SIP1 accounts (mn) % Count of Total SIPs Long Tenure (2) SIP Book B-30 MAAUM (₹ Crore) 7% y-o-y Individual MAAUM (₹ Crore) 12% y-o-y SIP1 Contribution in ₹ Crore 95% 90% Over 5 years Over 10 years 1,97,331 2,11,862 Dec-24 Dec-25 68,968 76,953 Dec-24 Dec-25 1,145 1,080 Dec-24 Dec-25 4.29 4.04 Dec-24 Dec-25
Page 37
Strong growth alternate assets 37 ^Include ESIC mandate QAAUM of ` 28,160 Cr as on Dec 2025 1QAAUM as on Dec 2025 Offshore INR 7,861 Cr ₹ 4,847 Cr ₹ 32,663 Cr^ AUM1 Growth Funds Launched/ Pipeline PMS/AIF Offshore Q3 FY25 Q3 FY26 ₹ 3,853 Cr ₹ 32,663 Cr↑ 748% Q3 FY25 Q3 FY26 Fund Raising underway ABSL India Special Opportunities Fund Series II ABSL Structured Opportunities Fund II ABSL Money Manager Fund Product Pipeline ABSL India Select Sector Fund Fund Raising underway India ESG Engagement Fund (IFSC) ABSL Flexi Cap Fund (IFSC) ABSL Global Bluechip Fund (IFSC)₹ 12,686 Cr 62% ₹ 4,847 Cr Real Estate AUM1 at ₹704 Cr. Fund raising underway for Aditya Birla Real Estate Credit Opp. Fund II under pipeline (^Include ESIC mandate)
Page 38
Building Passive Business 38 ~15,10,000 Investor Folios Serviced 3x growth since Dec-22 52 Extensive product bouquet 1Quarterly Average AUM for ETFs/ FoFs/ Index Funds; 2Based on QAAUM as on Dec 31, 2025 ₹ 2,236 Cr ↑ 5x ₹ 15,701 Cr ₹ 22,897 Cr↑1.5x ₹ 1,247 Cr ₹ 5,010 Cr↑ 4x Q3 FY23 Q3 FY26 ₹ 38,699 Cr ↑ 2x₹ 19,184 Cr ₹ 38,699 Cr Passive AUM1 ETF AUM FOF AUMIndex AUM INR 7,861 Cr Rank 1 In Debt Index2 ₹ 10,791 Cr 28 % Y-o-Y growth in Passive AUM
Page 39
Pan-India distribution network 39 310+ Locations Overall Asset Sourcing Mix1 Over 80% are in B30 cities 93,000+ MFDs 90+ Banks 100+ Emerging Market Locations 360+ National Distributors 115+ Digital Partners Servicing Investors across 19,000+ Pan-India pin codes Broad based sourcing of Equity Assets (1) Excluding ETF Continue to expand distributor base and empaneled 7,800+ new MFDs in 9M FY26 42% 44% 45% 33% 32% 32% 17% 16% 16% 8% 8% 7% Q3 FY25 Q2 FY26 Q3 FY26 Bank National Distributor MFDs Direct 17% 17% 18% 54% 53% 52% 20% 20% 20% 9% 10% 10% Q3 FY25 Q2 FY26 Q3 FY26 Bank National Distributor MFDs Direct
Page 40
P&L - Aditya Birla Sunlife AMC 40 (₹ crore) FY25 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Revenue from Operations 1,685 445 461 478 1,256 1,387 Costs 741 184 191 204 546 588 Operating Profit 944 261 270 274 710 799 Other Income 301 39 46 84 230 247 Profit before tax 1,245 300 316 358 940 1,046 Tax 314 76 75 88 237 258 Profit after tax 931 224 241 270 703 788 Mutual fund AAUM 3,75,371 3,83,911 4,25,171 4,43,233 373,254 4,23,961 Mutual fund equity AAUM 1,72,833 1,79,481 1,92,401 1,99,442 1,74,089 1,90,676 Alternate assets equity AAUM 15,451 16,191 8,677 8,617 15,488 10,390 Total equity AAUM 1,88,284 195,672 2,01,078 2,08,059 1,89,577 2,01,066
Page 41
Our Approach 41 Retail franchise Passive & alternative investments Digital & distribution Scale up retail franchise and diversify product offerings Focusing on Direct/HNI Channel to provide incremental growth Focus on scaling alternative assets business including AIF , PMS and Real Estate New product launches in equity and fixed income AIF and scale up existing PMS portfolios Increase presence among institutional investors Leverage digital platforms for seamless delivery Expand geographic reach and strengthen multi-channel distribution network Leverage One ABC locations to increase reach and contribution from cross sell and up sell Drive growth in SIP flows Driven by strong risk management and governance framework
Page 42
Life Insurance 42
Page 43
Performance Highlights for 9M FY26 43 ↑ 8% Y-o-Y ↑ ~380 bps Y-o-Y↑ 19% Y-o-Y ↑ 13% Y-o-Y↑ 14% Y-o-Y 1.Single premium @ 10% 2.Individual + Group Risk Expansion of margins with balanced product mix Renewal Premium ↑ 18% Group FYP Net VNB2Individual FYP1 Total Premium AUM ₹ 3,076 cr 14.6%₹ 4,349 cr ₹ 15,471 cr ₹ 110,048 cr Group business growth is back on track
Page 44
Industry leading growth in individual premium 44 8% Group FYP (Single Premium at 100%)Individual FYP1 (Single Premium at 10%) 1,975 2,595 3,076 9M FY’24 9M FY’25 9M FY’26 +25% 3,048 4,036 4,349 9M FY’24 9M FY’25 9M FY’26 +19% Y-o-Y Growth ABSLI 19% Private Players 13% Industry 10% 17% 15%Y-o-Y Growth ABSLI Private Players Industry 2 Yr CAGR2 25% 16% 12% 19% 13% 11%2 Yr CAGR2 ABSLI Market Share3 9MFY26: 4.7% (9MFY25: 4.5%) ABSLI Market Share3 9MFY26: 8.2% (9MFY25: 8.8%) 1 Individual FYP adjusted for 10% of single premium 2 2 Year CAGR 9M FY’26 over 9M FY’24 3 Market Share among private players ₹ crore ₹ crore 22 bps market share gain with a balanced product mix Regained Rank 4, driven by ULIP fund & Credit Life business
Page 45
Diversified and scaled up distribution mix… 45 4,700+ Cities 445+ Own Branches 65,400+ Agents 121 Banca Tie-ups 28,000+ Bank Branches Growth across channels (9M FY’26 ` In Cr) Channel Mix Product Mix by Channel Proprietary Partnerships* 8% 26% 1,091 1,985 Proprietary Partnership 62% 61% 65% 38% 39% 35% 9M FY’24 9M FY’25 9M FY’26 30% 34% 39% 45% 13% 13%11% 5% 7% 3% Proprietary Partnerships Protection Annuity PAR NON PAR ULIP 1. Axis Bank, Bank of Maharashtra, Bharat Bank , DB, DBS, DCB, Equitas SFB,HDFC Bank, Indian Bank, IDFC First Bank, KVB & Ujjivan * Partnerships include G2R … with growth across channels
Page 46
Value accretive products leading to expansion in margins 46 Product Mix ₹ crore VNB1 15.6% 10.8% 14.6%20.2% 18% ~18% ABSLI Vision Retirement Solution Plan (Launched in Nov’25) ❖ Inflation beating Retirement Income through guaranteed + equity linked payouts ❖ Retirement Income till age 100 years for secured retirement Gap 2 and 3 PPT (Launched in Nov’25) ❖ Best in class rates to tap HNI/Mass affluent segment ❖ Appeal to customers transitioning into retirement ❖ Pre-Approved Sum Assured (PASA) contribution stands at 29% of FYP in 9M FY26 against 34% in 9M FY25 ❖ 32% Upsell contribution of Individual FYP in 9M FY26 against 28% in 9M FY25 ❖ Maturity and survival benefits are hedged through forward rate agreements and bond forwards ❖ Guarantees are actively monitored, and counterparty risk is managed through multiple parties 320 818 9M FY’25 FY’25 485 9M FY’26 FY’26 E 1Individual + Group Risk 21% 35% 32% 68% 51% 42% 4% 13% 4% 7% 7%3% 3% 5%4% 9M FY’24 9M FY’25 9M FY’26 Protection Annuity PAR NON PAR ULIP Product Mix 345 697 9M FY’24 FY’24
Page 47
Strong digital adoption 47 Customer Onboarding Digital Renewal Customer Self Servicing Pre-Approved New Business100% 83% 93% 29% 100% New business processed digitally Customer Experience PASA1 contributed 29% of 9M FY’26 55% of total application were Auto under written Pre-PurchaseCustomer Retention Digital collection at 83% 91% Auto pay adoption at onboarding stage 95% adoption for Contactless Digital Verification (Insta – verify) for customers Monthly Average Users2: 25.31K & Daily Average Users2: 8.03K ZARA (Bot) collected ~ ` 880 Cr. (11.6 % of Individual Renewal Premium) 1.11Cr Presentations Created2 & 4.88L Marketing Content Shared Customer Experience 83% services available digitally and 67% services are STP WhatsApp contributed 10% in Q3 FY’26 Digital Adoption share of 93% Customer Centricity 1. Pre-approved sum assured Increase y-o-y Decrease y-o-y Same y-o-y 2. Content created on Sales Buddy - used by prospects and customers to view product information
Page 48
48 Renewal Growth ↑ 14% Y-o-Y Digital Renewal 77% Stable Persistency across cohorts Controlled Operating expenses Δ 2Y 2% 3% 3% 2% 5,823 6,555 7,725 9M FY’24 9M FY’25 9M FY’26 13M25M37M61M 84% 86% 86% 75% 73% 72% 67% 66% 64% 58% 60% 56% 9M FY’26 9M FY’25 9M FY’24 9M FY’24 9M FY’25 9M FY’26 19.7% 20.8% 22.9%15% - 2Yr CAGR ↑ 18% Y-o-Y Digital Renewal 83%3 Total Renewal Premium ( ₹ crore) Persistency1 Opex Ratio2 1 12month rolling block as per revised IRDAI Circular (Excluding single premium policies) 2 Opex (including commission) to Total Premium 3 Individual Renewal Premium Persistency and productivity trends
Page 49
Robust investment process and performance… 49 Composition of AUM • Growth of 13% in AUM vis-à-vis 9M FY’25 • 95.38% of debt investments are AAA rated or sovereign instruments as of Dec 31, 2025 Asset Under Management (in ₹ Cr) Income Advantage (Debt Fund) Crisil Benchmark PerformanceInvestment Performance1 Enhancer (Balanced Fund) Maximizer (Equity Fund) 1 Top Funds in respective category 2 YTD Returns 16% - 2Yr CAGR 74% 26% Dec’23 75% 25% Dec’24 75% 25% Dec’25 82,043 97,286 110,048 Debt Equity 23% 22% 5% 50% 5.5% 7.6% 1 yr 4.6% 5.8% 5 yr 6.1% 7.5% 1 yr 6.9% 7.8% 5 yr 7.3% 6.3% 1 yr 11.7%14.0% 5 yr Equity & others Debentures & Bonds Govt securities Money Market Instruments …with 100% of the funds achieving higher than benchmark returns2
Page 50
P&L and Key Ratios - Life Insurance 50 1 FYP@100% 2 Consolidated nos. including Aditya Birla Sun Life Pension Management Company Limited 3. Includes impact of ₹ 38 crores due to new Labour Code in Q3 FY26 and 9MFY26 (₹ crore) FY25 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Individual First year Premium1 4,633 1,133 1,173 1,345 3,014 3,398 Group First year Premium 5,587 1,202 1,488 2,125 4,036 4,349 Renewal Premium 10,419 2,613 2,686 3,060 6,555 7,725 Total Gross Premium 20,639 4,948 5,347 6,530 13,605 15,471 Operating expenses (Incl. Commission)3 4,206 1,043 1,211 1,338 2,824 3,541 Profit Before Tax2 158 43 67 48 109 153 Profit After Tax2 90 22 50 35 52 109 Key ratios (in percent) FY25 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Opex to Premium (Incl. Commission) 20.4% 21.1% 22.6% 20.5% 20.8% 22.9% Solvency Ratio 188% 194% 188% 210% 194% 210%
Page 51
Our Approach 51 Grow traditional products including protection in retail segment Focus on growing credit life in group segment Continue to make investments in Direct channel Invest in PSU relationships and New relationships to grow mindshare Mitigate interest rate risk by Active bond forward agreement management for hedging of expected maturity and survival benefits Improve persistency across cohorts Strengthening underwriting by using artificial intelligence and machine learning Focus on increasing the share of proprietary business Increase agency footprint to drive growth Analytics based engine to identify high propensity customers and improve upsell opportunities through pre -approved sum assured Leverage cross-sell in ABC via analytics Grow Individual FYP at 20%-25% CAGR over the next three years and keep expanding VNB margin above 18% Growth Growth Risk management and quality Distribution Data Analytics Penetrate more Bank partner branches to increase spread of business
Page 52
Health Insurance 52
Page 53
Performance Highlights for 9M FY26 53 GWP ` 4,651 Cr (39% YoY) 1. As per IND AS | 2. Health Returns (HR) – Monetary reward for good health behavior (incl. 100% return of premium) | *without 1/n basis 111%` (178) Cr 14.2% SAHI Market Share “with 1/n” ` (145) Cr 108%`4,956 Cr (41% YoY)“without 1/n” 13.8% SAHI PBT1 Combined Ratio 12.1% LY ` (195) Cr LY 114% LY46% YoY LY Scale up of Health First model & Superior Customer ExperienceDistribution footprint expansion 32We Grew, faster than Market…1 ~9.9% Eligible Customers earned HR2 64 Net Promoter Score “without 1/n” 42%* YoY diversified growth across Retail business 108%+ YoY Growth in Digital business Highest % Market share Accretion amongst SAHI players Robust financial growth despite regulatory headwinds
Page 54
Accelerated Growth amid Industry Headwinds 1 Source- Market segment reports ~2.2% Market share increased- 14.2% from 12.0% (Accounting GWP basis) 13.8% from 12.1% (Sales GWP basis) Our Market share increased No.1 in Market Accretion1 in 9M FY26 on Acc. GWP 2 3 Incremental SAHI GWP 9M FY26 Player (Rs Crs) 9M FY25 Acc. 9M FY26 Sales 9M FY26 Acc. SAHI 1 1317 1934 1035 SAHI 2 1170 1230 882 SAHI 3 835 1298 1023 ABHI 819 1337 (1451)** 1200 (1314)** SAHI 5 69 405 336 Total SAHI 4210 6204 4476 ABHI SAHI Industry 9M FY25 (Acc.) +34.1% +18.7% +11.1% 9M FY26 (Sales) +39.5% (+41.4%)** +22.2% +21.1% 9M FY26 (Acc.) +37.3% (+39.4%)** +16.8% +15.6% We are consistently growing Fast 16% 9% 19% 15% 26% 22% 37% 32% 28% Sales Acc. **With Reinsurance Inward 41%** 39% 1 Accounting GWP based market accretion 54 SAHI 1 SAHI 2 SAHI 3 SAHI 5
Page 55
Scaled-up, Diversified and Digitally enabled Retail Distribution 5000+ Cities 224+ Branches 163K+ Agents 6,300+ Sales Force 20 Bank Partners 15K+ Network Hospitals 11K+ OPD Network 55 Retail Product Mix Geographical Mix (Tier wise) 73% 69% 1. Proprietary includes Agency & Direct business | All Revenue nos. as per without 1/n basis | Tier-I includes Metro Retail Channel Mix1 29% 34% 16% 22% 9M FY25 27% 29% 24% 20% 9M FY26 Proprietary Banks Digital CA/Brokers 80% 20% 9M FY25 85% 15% 9M FY26 Indemnity Fixed Benefits 27% 33% 40% 9M FY25 26% 34% 40% 9M FY26 Tier-I Tier-II Tier-III
Page 56
Retail Distribution Mix and Growth 56 1. Gross written premium without 1/n basis I 2. 9M FY26 Gross written premium with 1/n basis | 3. Proprietary includes Agency & Direct business Retail GWP 1 (` Crores) 402 528 302 629 625 770535 720 9M FY25 9M FY26 1863 2647 +42% Proprietary Tech driven Sales Governance → Improved productivity & Sourcing quality Banca Structure optimisation | Improving market share Digital Consistent / Improved market share Highly Diversified Distribution Mix Delivered Robust growth in Core business YoY 35%Proprietary3 Channels Banks Digital CA / Brokers 23% 108% 31% CA/ Brokers Value focused Partnerships → enhanced productivity 9M FY26 Retail GWP2 at Rs. 2,341 crore with 38% YoY growth
Page 57
57 Model Know your Health Improve your Health Health Assessment, Activ Dayz & Health Returns are on 12M rolling | WBS Count is for active customers as of Dec’25 | customers intervened is on ITD basis | *HR - Health Returns | 1 Absolute difference b/w customers earning health behaviour based incentives vs non-earners of the incentives as of Dec ’25 rolling 12 M Get Rewarded Digital DeliveryData Driven ▪ Water intake tracker ▪ Well-Being Score (WBS) ▪ BMI Calculator ▪ 24*7 Helpline ▪ Chronic Disease Mgmt. ▪ Teleconsultation ▪ Challenges and Leaderboards ▪ Health Blogs & Wellness content ▪ Hyper Personalised Nudges ▪ Upto 100% Health Returns Scaled up Differentiated health first Model 33Bn+ Monthly steps clocked on our App +25Lakhs personalised WBS generated ~14% eligible customers participating Activ Dayz 27.9%+ customers administered HA/DHA Scale ~1.62L customers earning HR* Know your Health Health Assessments Lives Intervened Eligible Customers earning HR* Get Rewarded Scale 5.6L+ 4.5L+ 4.1L+ 2.1L+ 1.8L+ 1.4L+ 9.9% 9.4% 9.1% ~11.1K Hospitalisations days prevented Impact ~9.9% Eligible Customers Earned Health Returns in 9M FY26 with 8%+ better loss ratio1 & 11%+ improved persistency1 Dec’25 Sep’25 Jun’25 Dec’25 Sep’25 Jun’25 Dec’25 Sep’25 Jun’25
Page 58
Driving Higher Engagement for better outcomes 5858 Loss Ratio* of physically active and engaged customers is significantly lower than Inactive Persistency** of physically active and engaged customers is higher than inactive Loss Ratio Monthly Active Days Persistency Monthly Active Days *Loss ratio indexed for base – Lives 12 months rolling on NOP | ** 12 month rolling on NOP of active customer base | 1 Difference between High Risk Non-Intervened to High Risk intervened cohort HR Non Earners 4 to 6 7 to 9 10 & above 100% 106% 91% 75% 8%+ lower loss ratio of customers earning health behaviour based incentives vs non- earners of the incentives 11%+ better persistency ratio of customers earning health behaviour based incentives vs non-earners of the incentives HR Non Earners 4 to 6 7 to 9 10 & above 100% 119% 119% 125% Health Risk Management 2.1+ Lakhs lives Intervened ~9% Better loss ratio1
Page 59
Resulting in industry leading engagement 59 Activ Health App as a product – Driving Revenue and Engagement Engagement time – Time spent on app /user/month I Returning users - % of app users visited at least once within a month I *Total unique users in 12 months “One-stop Solution” for Health and Wellness needs Engagement time/user/month 59 Mins Sessions /Month/user 6 4.7 Mn+ Downloads till date Diabetes Eco-system > 6.8 lakh Lifestyle scores Health and Wellness Marketplace > 1 Lakh users* seeking health content 44% QoQ Digital Health Assessment 121 Bn Steps in Q3 Returning users 64% Inhouse built native App 4.7 Star Play-store Rating 50+ Partner Integrations 100+ API Integrations Multilingual AI/ML, AR, Hyper personalised UtilizationSuperior Customer Engagement Acquisition & Retention Self Service Wellness Chronic Care
Page 60
Adopting Digital approach across multiple focus areas Aditya Birla Capital Ltd.MAU - Monthly Active Users | DIY Renewals – Do It Yourself Renewals I *App users vs non app users cohort | AI – Artificial Intelligence | Health Meter – Innovative wearable based product 60 Revenue Engagement Digital Index ▪ Client acquisition through the App ▪ App Engagement-led renewal propensity ▪ DIY renewals 25% YoY Increase in App Downloads 90% QoQ Digital Self-service 69% Reimbursement Claims digital adoption 57% Pre / post claims submitted digitally 87% Digital Renewals 45% DIY Renewals 100% Distributors Onboarded Digitally 26% YoY Increase in App MAU 33% Higher Renewal Propensity* Focus Key Initiatives & Wins ▪ Inhouse & Partner based Ecosystem ▪ Hyper personalized engagement ▪ Habit builders and behavioral trackers ▪ Tech based digital claims transformations ▪ AI driven journeys for superior Customer Experience
Page 61
Leveraging AI & Data Science across Value Chain ML – Machine Learning | AI – Artificial Intelligence| VRM – Virtual Relationship Manager | LLM – Large Language Model61 Aditya Birla Capital Ltd. +226 Cr. ~2% Improvement in Persistency ~70%Lead based cross- sell / Up-sell uplift Enhanced Fraud Detection Savings Sales Growth Back Office & Productivity Risk Management Customer Experience & Retention Customer segmentation→ leveraging loss ratios, well-being score 30% Underwriting Productivity Uplift Data-Driven Power Users: Gen-AI enabled Data Visualization and Insights Robust Industrial Scale Data Platform: Move to fully-functional Data Lake Foundation Voice-AI calling for customer onboarding (welcome) and NPS collection Gen-AI Intelligent case summary for increased Underwriting Productivity AI/ML driven Superior FWA Detection model AI/ML Predictive Claims Forecasting ML-driven enhanced Underwriting decision basis Health Risk and Non-disclosure intent Voice AI for customer lead qualification to improve sales efficiency Conversational AI driven VRM for advisor sales enablement ML-driven Hyper-personalized nudges and engagement Agentic AI for Renewal to improve productivity and sales quality Superior Sales Conversion → end-to-end lead activity management tracking Gen-AI enabled Deep Listening for customer insights and call quality improvement Customer segmentation→ leveraging loss ratios, well-being score
Page 62
Business Outcomes 62 Combined Ratio (%) Lives covered (Mn) Profit Before Tax2 (` Cr.) Revenue (` Cr.) 1 1,120 1,642 2,3101,280 1,695 2,341 9M FY24 9M FY25 9M FY26 2,400 3,337 4,651+39% Retail Group (incl. Rural) 7 3 7 4 5 7 12 16 3 21 19 24 Retail and Group Rural Byte 1. GWP based on 1/n basis w/o Multi year 2,646 2,310 4,956 w/o Multi year 108% w/o Multi year -145 121% 114% 111% -270 -195 -178 9M FY26 9M FY 24 9M FY25 9M FY26 9M FY26 9M FY24 9M FY25 9M FY26 9M FY24 9M FY25 9M FY26 9M FY26 2. As Per IND AS & includes impact of loss of GST input credit & impact of ~ ` 10 Cr due to new labour code in Q3 FY26 and 9M FY26
Page 63
P&L - Aditya Birla Health Insurance 63 (₹ crore) FY25 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Retail premium 2,759 646 879 999 1,863 2,646 Group Premium 2,494 689 731 887 1,642 2,310 Gross written premium (without 1/n) 5,252 1,335 1,610 1,886 3,505 4,956 Gross written premium (with 1/n) 4,940 1,167 1,482 1,812 3,337 4,651 Revenue 4,622 1,093 1,401 1,700 3,161 4,383 Operating expenses (including claims)1 4,616 1,173 1,465 1,776 3,357 4,561 Profit Before Tax (Without 1/n) 75 (31) (52) (70) (149) (145) Profit Before Tax (With 1/n) 6 (81) (66) (76) (195) (178) 1. Includes impact of loss of GST input credit & impact of ~ ` 10 Cr due to new labour code in Q3 FY26 and 9M FY26
Page 64
Our Approach – Health First Data-driven Model 64 Differentiated Health First approach Diversified Distribution Digital Capabilities Data & Analytics Prioritize identified targeted customer segments Incentivise healthy customer behaviour and manage chronic conditions through targeted interventions Data driven Customer Risk stratification for superior customer understanding Most Diversified Distribution across Proprietary, Bancassurance, Digital, etc. Tech Led Distribution Transformation Invest in growing Proprietary businesses Hyper-personalized customer engagement (N=1) Health behavior led digital product proposition Digitally enabled Distribution with deep partner integrations Robust Industrial Scale Data Lake Gen AI enabled Insights and Universal Access Analytics based capabilities including FWA management, Persistency, Cross Sell & PASA Models
Page 65
65 Financial statements
Page 66
Consolidated P&L – Aditya Birla Capital 66 (₹ crore) FY25 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Revenue 40,360 9,370 10,595 11,952 28,146 32,050 Profit Before Tax (before share of profit/(loss) of JVs 4,196 957 1,134 1,299 3,030 3,504 Add: Share of Profit/(loss) of associate and JVs 417 62 77 90 223 275 Less: Exceptional Items - - - 68 - 68 Profit before tax 4,613 1,019 1,212 1,322 3,252 3,712 Less: Provision for taxation 1,422 304 329 356 946 1,013 Profit after tax before MI (Continued Operation) 3,191 715 882 966 2,306 2,699 Add: Profit after tax before MI (Discontinued Operation) 28 - - - 28 - Profit after tax 3,219 715 882 966 2,334 2,699 Less: Minority Interest 78 16 27 21 57 64 Net Profit (after Minority Interest) 3,142 699 855 945 2,277 2,635 Gain on Sale of stake in Subs/associate (net of tax) 191 9 - - 191 - Reported Profit After Tax 3,332 708 855 945 2,468 2,635
Page 67
Thank You 67
Page 68
Disclaimer The information contained in this presentation is provided by Aditya Birla Capital Limited (“ABCL or the Company”), formerly known as Aditya Birla Financial Services Limited, to you solely for your reference. Any reference herein to "the Company" shall mean Aditya Birla Capital Limited, together with its subsidiaries / joint ventures/affiliates. This document is being given solely for your information and for your use and may not be retained by you and neither this presentation nor any part thereof shall be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) re-circulated, redistributed, passed on, published in any media, website or otherwise disseminated, to any other person, in any form or manner, in part or as a whole, without the prior written consent of the Company. This presentation does not purport to be a complete description of the markets conditions or developments referred to in the material. Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the information is subject to change without notice, its accuracy, fairness or completeness is not guaranteed and has not been independently verified and no express or implied warranty is made thereto. You must make your own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate for such purpose. Neither the Company nor any of its directors, officers, employees or affiliates nor any other person assume any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein, and none of them accept any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. Any unauthorised use, disclosure or public dissemination of information contained herein is prohibited. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of the aforesaid should inform themselves about and observe such restrictions. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. The statements contained in this document speak only as at the date as of which they are made and it, should be understood that subsequent developments may affect the information contained herein. The Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. By preparing this presentation, neither the Company nor its management undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. This document is for informational purposes and private circulation only and does not constitute or form part of a prospectus, a statement in lieu of a prospectus, an offering circular, offering memorandum, an advertisement, and should not be construed as an offer to sell or issue or the solicitation of an offer or an offer document to buy or acquire or sell securities of the Company or any of its subsidiaries or affiliates under the Companies Act, 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, each as amended, or any applicable law in India or as an inducement to enter into investment activity. No part of this document should be considered as a recommendation that any investor should subscribe to or purchase securities of the Company or any of its subsidiaries or affiliates and should not form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax, investment or other product advice. The Company, its shareholders, representatives and advisors and their respective affiliates also reserves the right, without advance notice, to change the procedure or to terminate negotiations at any time prior to the entry into of any binding contract for any potential transaction. This presentation contains statements of future expectations and other forward-looking statements which involve risks and uncertainties. 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. These statements can be recognised by the use of words such as “expects,” “plans,” “will,” “estimates,” or words of similar meaning. Such forward- looking statements are not guarantees of future performance and involve risks and uncertainties and actual results, performances or events may differ from those in the forward-looking statements as a result of various factors, uncertainties and assumptions including but not limited to price fluctuations, actual demand, exchange rate fluctuations, competition, environmental risks, any change in legal, financial and regulatory frameworks, political risks and factors beyond the Company’s control. 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. No assurance can be given that future events will occur, or that assumptions are correct. 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. 68