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Q2 FY27 FINANCIAL RESULTS INVESTOR PRESENTATION October 30, 2026 01 A Leading Financial Services Conglomerate
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Aditya Birla Capital: Diversified Financial Services Platform 02 Grasim Industries 53.0% Promoter & Promoter Group 15.8% 100% 74% Housing Finance Company Aditya Birla Housing Finance 86% 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% As of September 2026. 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.
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03 Performance Highlights for Q2 FY27
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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. For NBFC and HFC 3. Asset under management of AMC, Life and Health Insurance Consolidated financial performance Total lending2 portfolio of ₹ 2,33,930 crore (↑ 32% y-o-y & ↑ 7% q-o-q) Total AUM3 of ₹ 12,33,906 Cr (↑ 116% y-o-y) Life insurance first year individual premium of ₹ 2,342 crore (↑ 25% y-o-y) in H1 FY27 Revenue1 at ₹ 16,545 Cr (↑ 31% y-o-y) in Q2 FY27 Profit after tax at ₹ 1,288 Cr (↑ 38% y-o-y) in Q2 FY27 Health insurance gross written premium of ₹ 4,543 crore (↑ 48% y-o-y) in H1 FY27
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Strong growth momentum across businesses 05 1. As of September 30, 2026 2. For Q2 FY27 3. For September 2026 4. For H1 FY27 5. Among SAHI players Standalone - NBFC segment 26% y-o-y Profitability2 Credit Quality1 ( GS2+GS3) QAAUM Growth2 Domestic QAAUM Profitability2 Quality Equity QAAUM Operating Revenue ₹ 484 crore Premium Growth4 Margin & Combined Ratio4 Persistency & Market Share4 Individual FYP 25% y-o-y Gross Premium 48% y-o-y50% y-o-y Combined Ratio 107% Housing Net VNB Margin 16.1% 5% q-o-q 11% q-o-q ₹ 1,76,557 crore ₹ 57,373 crore ₹ 4,41,787 crore ₹ 2,09,230 crore Market Share5 14.2% 5% y-o-y 13th month 83% PAT ₹ 1,008 crore 2.45% RoA PAT ₹ 260 crore 2.12% RoA 72 bps y-o-y 45 bps y-o-y 12 bps q-o-q 13 bps q-o-q 2.31% 0.65% Individual MAAUM3 ₹ 2,17,740 crore Folios1 11.41 mn 61st month 61%5% y-o-y 70 bps y-o-y Lending AUM1 Asset Management Life Insurance Health Insurance Profit After Tax ₹ 221 crore41% y-o-y 73% y-o-y 6% y-o-y 447 bps y-o-y 4% y-o-y 9% y-o-y 8% y-o-y
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Consolidated revenue and PAT 06 Consolidated Revenue and PAT 31% y-o-yRevenue (₹ cr)1 Profit after tax (₹ cr) Business-wise Profitability Businesses (₹ crore) Q2 FY26 Q2 FY27 Lending (excluding HFC) 956 1,352 HFC 194 335 Asset Management 316 296 Life Insurance 67 85 Health Insurance 105 27 Others2 (84) (50) Aggregate PBT 1,553 2,046 Less: Provision for Taxes 403 557 Less: Minority Interest 216 201 Profit after tax 934 1,288 41% Y-o-Y 6% 27% 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 73%12,007 12,598 16,545 Q2 FY25 Q2 FY26 Q2 FY27 834 934 1,288 Q2 FY25 Q2 FY26 Q2 FY27 38% y-o-y 38% 32% 74%
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Standalone profit & loss statement Profit & Loss Statement FY26 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Interest income 16,150 3,942 4,631 4,884 7,734 9,515 Fee and other income 1,124 271 370 327 521 697 Total income 17,274 4,213 5,001 5,211 8,254 10,211 Interest expense 9,112 2,208 2,645 2,736 4,381 5,382 Net Interest income 8,162 2,005 2,355 2,475 3,874 4,830 Dividend income 311 311 - 331 311 331 Employee expenses 1,340 321 431 384 617 815 Other expenses 1,384 390 348 402 656 750 Total expenses 2,724 710 779 786 1,272 1,565 Provisions 1,569 379 400 359 778 759 Profit before tax 4,180 1,227 1,177 1,660 2,135 2,837 Tax 1,062 311 283 423 543 706 Profit after tax 3,118 916 893 1,237 1,592 2,130 Exceptional Items (net of tax) (9) - - - - - Reported profit after tax 3,109 916 893 1,237 1,592 2,130 Return on equity1 15.1% 14.2% 16.2% 15.9% 14.3% 16.7% 07 1. Excluding gain on stake sale and adjusted for dividend income and investments in subsidiaries, JVs and associates Q2-o-Q2 24% 11% 35% 35% 23%
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Standalone balance sheet and ratios ₹ crore June-26 Sep-26 Loans 1,57,089 1,65,729 Investments 17,859 18,066 Other financial assets 4,108 5,129 Non-financial assets 1,288 1,396 Total assets 1,80,344 1,90,321 Borrowings & debt securities 1,42,798 1,50,402 Other financial liabilities 3,407 4,205 Non-financial liabilities 438 532 Net worth 33,700 35,182 Total liabilities and equity 1,80,344 1,90,321 D/E 4.24 4.28 Tier 1 ratio 15.95% 15.63% Total CRAR 18.82% 18.76% 08
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9 Omnichannel architecture
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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 1,015 co-located branches across 258 locations Dedicated customer service managers for cross sell 2 lakh+ channel partners 10 1,822 branches across businesses …providing complete flexibility to customers to choose preferred channel of interaction 10
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UDYOG PLUS: Addressing 360o needs of MSMEs 11 Architecture ~ 2.42 mn Registrations ~53% Contribution to NBFC’s unsecured business loan book ~ 34% 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) ₹ 7,262 Cr AUM Progress
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ABCD: A D2C Omnichannel Platform 26+ product categories to serve the Finance360 needs of customers Leveraging AI across the customer lifecycle Lending Personal Loans, Home Loans, Business Loans, Gold Loan, LAP, LRD, LAMF & LAS Insurance Health, Life, Motor, General Investments Mutual Funds, Digi Metals, Deposits, Stock Broking MyTrack Portfolio Track, Spends Track, Credit Track, Health Track, Rewards Track 01 Intent Generation ▪ AI-powered contextual nudges ▪ SimpliFi chatbot ▪ Voice bot 02 Fulfilment ▪ Agentic AI-led calling ▪ Personalized nudges across middle & bottom funnel 03 Customer Experience & Engagement ▪ Market Pulse — personalised market insights & updates ▪ Portfolio Insights — across investment classes ▪ Know Your Policy — insurance policy discovery 1.32 Cr Customers acquired till date1 26+ Product categories 59 Lakh VPAs created till date1 1. As on 30th Sept 2026 Payments UPI, BBPS, Cards, PPI, UPI Lite, Rupay CC on UPI
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B2D Platform: Stellar 13 Go –Digital – Upgraded Sales enablement tool including personal website, digicard Unified distributor experience Increase distributor engagements Enhance productivity & cross sell CRM 4 U – Manage the lead digitally, on the Go Consolidated Dashboard – Business KPI & Earnings Application tracker – ABSLI Policy & Finverse Quick access to LOB existing applications Seamless Onboarding into Insurance & loans SELECT R&R – Point & shortfall, Gamification of Rewards Learning & Training – ABC Learning app, Finwise+ & AI powered Sales Reels Case level earning visibility for ABHFL Distributors PDD visibility for ABHFL partners
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1414 Building ABCL as a Frontier AI Organisation AI for Underwriting & Operations AI based Voice bots • Agentic AI based Underwriting summary and CAM • AI based for document checklist and disbursement checklist verification 30-35% improvement in underwriting Productivity AI for Sales Productivity AI for Top of the funnel Customer engagement • Succeedo & Finwise Gen AI based sales assist for product and process query • AI Role Play for practicing objection handling and pitch 1.17x Sales Productivity in HFL,LI & HI • Agentic AI Personalized nudges and assistance for customers on SimpliFi bot • Agentic AI Top of the funnel engagement on WhatsApp 1597 Cr Top line impact across Renewal premium, GMV and AUM AI for Customer Service and Retention • Gen AI based Service Assist for contact center agents • Gen AI based Email bots with multi-intent handling 46% customer email serviced through email bot • Multi Agent Voice Bots for lead qualification and drop off • AI Voice bots for distributor engagement – welcome calling, insights and activation AI for Marketing 55.6K marketing collaterals generated • Marketing collateral generation for mailers, social media posts • AI assisted video generation for internal communications AI based Software Development • AI assisted BRD & Test Case Generation • AI assisted Drag & Drop UI Builder for ABCD app 80% reduction in TAT for BRD & Test case generation AI for Audit & Compliance • AI enabled tools to automate audit execution • Audit Assist for Audit Check list and Risk Control matrix 7000+ controls tested using Agents 12 lac hyper personalized Agentic AI powered Nudges
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1515 Reimagining the Onboarding & Underwriting with AI From assisted processing to faster, more consistent and scalable decisions across lending and insurance SELECTED LIVE OUTCOMES NBFC AutoCAM - SME Agentic AI led onboarding & underwriting assist • Document Checklist Validation • Triangulation • CAM Generation 80% Reduction In FTR & CAM Turnaround Time HOUSING FINANCE Fintellect Agentic AI led Login Checklist & AI CAM • Document Sufficiency Checks & triangulation • Auto population in application • CAM with AI insights 75% Reduction In Effort Per File LIFE INSURANCE Saras Rules-led underwriting multi agentic solution • Document Checklist Validation • Underwriting Rule Validation • Case Summary Note 40% Reduction In Assessment Time Per Case HEALTH INSURANCE Gen AI UW Summary Agentic underwriting assist to prepare case summary • Domain-specific underwriting reasoning • Unstructured medical hand- written processing • Case Summary Note 35% Improvement In Underwriter Productivity AI is moving from point solutions to reusable operating capabilities, improving productivity, turnaround time and control
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16 Business-wise performance
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17 NBFC
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01 8 Performance Highlights for Q2 FY27 485 branches as of Sep’26 RoA: 2.45% Disbursements: ↑ 17% Q-o-Q GS2 & GS33 ↓ 72 bps Y-o-Y ↓ 12 bps Q-o-Q 2.31% PBT ↑ 41.4% Y-o-Y ↑ 10.7% Q-o-Q ₹ 1,352 crore NII2 ↑ 24.7% Y-o-Y ↑ 4.6% Q-o-Q ₹ 2,488 crore AUM ↑ 26.5% Y-o-Y ↑ 5.4% Q-o-Q ₹ 1,76,557 crore Retail, SME & HNI loans1 ↑ 31% Y-o-Y ↑ 5% Q-o-Q 1Categorized basis customer segment | 2Includes fee income | 3As per financials ₹ 1,20,171 crore
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Strong Growth in AUM… AUM (₹ crore) Sep’25 Jun’26 Sep’26 Sep’26 Mix Q-o-Q Y-o-Y Unsecured business 13,663 18,780 20,910 12% 11% 53% Secured business 63,869 76,319 80,209 45% 5% 26% Total Business loans 77,532 95,099 1,01,119 57% 6% 30% Personal & Consumer loans 18,218 23,267 24,955 14% 7% 37% Corporate / Mid-market 43,834 49,090 50,483 29% 3% 15% Total AUM 1,39,585 1,67,456 1,76,557 100% 5% 26% 01 9 …across Personal & Consumer & Business Loans Note: Disbursements are non-LOC. Disbursements (₹ crore) Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY27 Mix Q-o-Q Y-o-Y Unsecured business 1,498 1,388 1,515 6% 9% 1% Secured business 7,968 8,343 9,737 39% 17% 22% Total Business loans 9,466 9,730 11,252 46% 16% 19% Personal & Consumer loans 4,970 5,577 5,877 24% 4% 18% Corporate / Mid-market 7,554 5,893 7,579 31% 29% 0% Total Disbursements 21,990 21,201 24,708 100% 17% 12%
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19% 17% 16% 22% 22% 23% 2% 1% 0% 57% 59% 62% 43,834 49,090 50,483 Sep-25 Jun-26 Sep-26 TL / WCDL Structured Finance Construction Finance Project Finance 15% y-o-yCorporate / Mid-market Portfolio Mix 02 0 Personal & Consumer 37% y-o-y Secured business 26% y-o-y 15% 14% 13% 85% 86% 87% 13,663 18,780 20,910 Sep-25 Jun-26 Sep-26 Business Loans Supply Chain 53% y-o-yUnsecured business 42% AUM covered under Central Govt. schemes (Sep’26) 5% q-o-q7% q-o-q 11% q-o-q 3% q-o-q 59% 58% 58% 4% 2% 3%21% 19% 18%17% 20% 21%63,869 76,319 80,209 Sep-25 Jun-26 Sep-26 LAS TL / WCDL LRD LAP 94% 95% 94% 6% 5% 6% 18,218 23,267 24,955 Sep-25 Jun-26 Sep-26 Consumer Loan Personal Loan
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Well Diversified Product Portfolio 1 Sourcing Mix is for Q2 FY27 2 ATS has been derived basis closing AUM to active customers, and represents an approximate figure as on Sep 30, 2026 02 1 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 SecuritiesProfessional LoanGold Loan 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 :: 17 : 14 : 70 DSA : Direct : Digital :: 85 :13 : 2Sourcing Mix1 DSA : Direct :: 36 : 64 Direct :: 100% ~ ₹ 1.8 Lac ~ ₹ 20 LacATS2 ~ ₹ 1.3 Crs ~ ₹ 76.0 Crs ~71% of loan book is SecuredSecurity
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Customer Onboarding 94% 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 2 Gen AI based voice bots for Inbound contact center calls Conversational Analytics for improving quality of voice and email interactions. Gen AI based Email Bot enabling contextual and personalized responses autonomously. 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
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Customer Profile ❖ Utilization of Scorecard for better Customer Selection ❖ Usage of Alternate Data in credit decisioning ❖ STP process for faster TAT 1% 2% 33% 64% 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 >97% loans with credit score 700+ Underwriting Approach in Personal and Consumer Loans 02 3
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Note: Loan book and ratios are as per Financials Prudent Risk Management Practices… Particulars Sep’25 Jun’26 Sep’26 % ₹ Crore % ₹ Crore % ₹ Crore Stage 1 96.97% 1,30,345 97.57% 1,55,078 97.69% 1,63,805 Stage 2 1.35% 1,812 1.13% 1,804 1.03% 1,731 Stage 3 1.68% 2,261 1.30% 2,063 1.28% 2,148 Stage 2 and 3 3.03% 4,073 2.43% 3,867 2.31% 3,879 Total Loan book 100% 1,34,409 100% 1,58,945 100% 1,67,685 Stage 3 PCR 44.2% 48.2% 48.4% Segment Asset Quality Sep’25 Jun’26 Sep’26 GS 2 (%) GS 3 (%) GS3 PCR GS 2 (%) GS 3 (%) GS3 PCR GS 2 (%) GS 3 (%) GS3 PCR Personal & Consumer 1.6% 2.1% 66.4% 1.1% 1.3% 81.9% 1.0% 1.3% 78.6% Unsecured business 1.5% 1.9% 44.2% 0.9% 1.2% 52.4% 0.7% 1.0% 52.7% Secured business 2.1% 1.2% 30.1% 1.9% 1.1% 32.5% 1.7% 1.2% 33.6% Corporate / Mid-market 0.0% 2.1% 46.0% 0.1% 1.7% 50.3% 0.1% 1.6% 51.9% Total 1.3% 1.7% 44.2% 1.1% 1.3% 48.2% 1.0% 1.3% 48.4% 02 4 …leading to stable and healthy asset quality *Unsecured business - 46% of Stage 3 book is covered under Govt. Guarantee Schemes, excluding which GS 3 is 0.6%
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02 5 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 ₹ 10,077 crore in Q2 FY27 (₹ 9,280 crore in Q1 FY27) Cumulative Surplus / (Gap) 54% 29% 33% 31% 41% 18% 7% Note: Borrowings with contractual maturity less than 1 year are considered as floating. 57% 70% 43% 30% Borrowings Advances Fixed Floating Asset Liability Mix Funding Mix 39% 35% 9% 10% 7% Term Loan NCD CP ECB CC/WCDL/Others Sep’26 Sep’25 42% 34% 8% 9% 7% 5% 10% 14% 22% 34% 77% 100% 8% 13% 18% 26% 45% 85% 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
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^ Includes Fee Income P&L and Key Ratios – NBFC Business Key Ratios (in percent) FY 26 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Average Yield^ 12.68 12.68 12.58 12.55 12.70 12.57 Interest Cost / Avg. Lending Book 6.62 6.62 6.52 6.55 6.68 6.54 Net Interest Margin^ 6.06 6.06 6.07 6.00 6.02 6.03 Opex / Avg. Lending Book 1.93 2.03 1.95 1.84 1.89 1.89 Cost-to-Income Ratio 31.50 33.06 31.81 30.44 30.97 31.11 Credit Provision / Avg. Lending Book 1.18 1.16 1.03 0.92 1.23 0.97 RoA 2.25 2.20 2.39 2.45 2.22 2.42 Profit & Loss Statement (₹ crore) FY26 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Gross Revenue^ 16,977 4,147 4,911 5,179 8,069 10,090 Interest Cost 8,807 2,153 2,533 2,692 4,216 5,225 Net Interest Income 8,170 1,994 2,377 2,488 3,853 4,865 Operating Expenses 2,574 659 756 757 1,193 1,513 Credit Provisioning 1,573 379 400 378 778 778 Profit Before Tax 4,023 956 1,222 1,352 1,882 2,574 Tax 1,022 242 295 344 478 639 Profit After Tax 3,001 714 927 1,008 1,403 1,935 26
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Housing Finance 27
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Performance Highlights for Q2 FY27 28 2.12% RoA 11.47% RoE 0.65% Stage 2 and 3 Loans ↓ 45 bps y-o-y ↓ 13 bps q-o-q 1 Includes fee income 17.5% ABG ecosystem contribution to retail disbursements ↑ 50% Y-o-Y ↑ 11% Q-o-Q ↑ 73% Y-o-Y ↑ 12% Q-o-Q ↑ 55% Y-o-Y ↑ 19% Q-o-Q ↓ 24 bps Y-o-Y ↓ 4 bps Q-o-Q ↑ 53% Y-o-Y ↑ 12% Q-o-Q ₹ 57,373 crore ₹ 335 crore₹ 8,957 crore 0.37%₹ 641 crore AUM PBTDisbursement GS3NII1
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26% 26% 25% 21% 20% 20% 28% 29% 29% 10% 10% 10% 15% 15% 15% Q2 FY26 Q1 FY27 Q2 FY27 Prime-HL Prime-LAP Aff-HL Aff-LAP CF Continued growth in disbursements and AUM… 29 Growth in AUM (₹ crore) 1,08,400 1,45,400No. of Customers1 1,59,700 30 30ATS2 (₹ Lacs) 30 55% y-o-y 50% 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 38,270 51,833 57,373 5,787 7,515 8,957 Q2 FY26 Q1 FY27 Q2 FY27
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…with focus on portfolio quality 30 Particulars Sep’25 Jun’26 Sep’26 % ₹ Crore % ₹ Crore % ₹ Crore Stage 1 98.90% 34,440 99.22% 46,854 99.35% 51,879 Stage 2 0.49% 172 0.37% 177 0.29% 150 Stage 3 0.61% 212 0.41% 192 0.37% 192 Stage 2 and 3 1.10% 383 0.78% 369 0.65% 341 Total 100.0% 34,823 100.0% 47,223 100.0% 52,221 Stage 3 PCR 57.6% 57.1% 57.0% Stage 2+3 loans declined by 45 bps y-o-y from 1.10% in Sep’25 to 0.65% in Sep’26 Healthy stage 3 PCR at 57.0% 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
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Strong balance sheet with well-matched ALM 31 Note: NCD includes sub-debt • Long-term credit rating of AAA (Crisil, ICRA, India ratings) • Average cost of borrowings of 7.47% in Q2 FY27 Borrowing MixALM optimised for liquidity and costs (on Sep 30, 2026) Cumulative Surplus / (Gap) 12% 10% 9% 15% 0% 3% 0% 29% 10% 50% 11% Sep-25 Term Loan NHB NCD Others 35% 10% 40% 14% Sep-26 6% 10% 13% 19% 33% 76% 100% 7% 11% 14% 22% 33% 79% 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
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P&L and Key Ratios - Aditya Birla Housing Finance 32 1 NII including fee (net of DSA Expenses and Processing Cost) (₹ crore) FY26 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Net Interest Income (Incl. fee income)1 1,756 420 572 641 797 1,213 Operating expenses 829 197 243 273 392 516 Operating profit 927 222 329 368 405 697 Credit provisioning 94 28 29 32 57 62 Profit before tax 832 194 300 335 348 635 Tax 185 44 67 75 78 142 Profit after tax 647 151 233 260 270 494 Net Worth 5,979 4,552 8,930 9,188 4,552 9,188 Borrowings and debt securities 37,891 31,411 39,273 44,003 31,411 44,003 Key ratios (in percent) FY26 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Effective Interest rate (EIR) 10.60 10.62 10.27 10.22 10.69 10.25 Net Interest cost / Avg. Loan book 6.51 6.60 6.00 6.11 6.60 6.06 Other Income / Avg. Loan book 1.00 1.05 0.93 1.11 0.96 1.03 Net Interest Income (Incl. Fee Income) 5.09 5.07 5.20 5.21 5.06 5.22 Opex / Avg. Loan book 2.40 2.39 2.21 2.22 2.48 2.22 Cost-to-income Ratio 47.23 47.05 42.48 42.59 49.13 42.54 Credit Provisioning/ Avg. Loan book 0.27 0.34 0.27 0.26 0.36 0.26 RoA 1.88 1.82 2.12 2.12 1.71 2.12 RoE 14.27 13.95 11.29 11.47 13.15 11.39 Debt-to-equity 6.34 6.90 4.40 4.79 6.90 4.79 Total CRAR 18.98 16.87 24.52 23.48 16.87 23.48 Tier -1 15.39 14.09 21.34 19.80 14.09 19.80
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Our Approach 33 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 246 branches as of Sep 30, 2026, covering ~ 85% of TAM Sourcing driven by micro market penetration strategy Continue the growth momentum and expand market share Business loans Growth Service excellence Digital reinvention Growth Distribution network
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AMC 34
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Performance Highlights for Q2 FY27 35 Market share2 5.69% Mutual fund QAAUM1 ₹ 4,41,787 crore Market share 3.92% Mix 47.4% Equity QAAUM1 ₹ 2,09,230 crore PAT ₹ 221 crore 1.For Q2 FY27; 2.Excluding ETF share; 3.Includes STP PBT ₹ 296 crore ↑ 4% Y-o-Y Total Revenue ₹ 526 crore SIP3 Contribution ₹ 1,094 Crore for Sep-26 Serviced 11.41 mn folios as of Sep-26 6% Y-o-Y Individual MAAUM ₹ 2,17,740 Crore for Sep-26 5% Y-o-Y 8% Y-o-Y down6% Y-o-Y down
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Strong growth in AUM… 36 Mutual fund closing assets under management1 Total quarterly average assets under management1 Equity MF mix of 47.4% Equity MF mix of 48.9% 1.All figures in ₹ Crores *Mutual Fund Debt includes ETF ; Alternate Assets - Others includes mandate QAAUM of Rs 6,52,762 Cr as on Sep 2026 140% y-o-y1% y-o-y 1,92,401 1,98,722 2,09,230 74 287 1,69,100 1,58,651 1,50,453 63,670 70,302 82,1048,677 8,654 8,74226,970 1,91,542 6,54,7894,60,817 6,27,945 11,05,605 Q2 FY26 Q1 FY27 Q2 FY27 Mutual Fund - Equity Mutual Fund - SIF Mutual Fund - Debt* Mutual Fund - Liquid Alternate Assets - Equity Alternate Assets - Others 1,85,985 1,98,969 1,97,877 1,64,880 1,50,075 1,38,763 56,473 66,823 68,134 4,07,337 4,15,868 4,04,775 Q2 FY26 Q1 FY27 Q2 FY27 Mutual Fund - Equity Mutual Fund - Debt* Mutual Fund - Liquid
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…backed by growth in retail franchise 37 1. Includes STP ; 2. Based on tenure at the time of registration of all live SIPs as on Sep 30, 2026 Building sustainable SIP (1) Contribution Contributing SIP1 accounts (mn) % Count of Total SIPs Long Tenure (2) SIP Book B-30 MAAUM (₹ Crore) 5% y-o-y Individual MAAUM (₹ Crore) 4% y-o-y SIP1 Contribution in ₹ Crore 93% 88% Over 5 years Over 10 years 2,06,554 2,17,740 Sep-25 Sep-26 74,909 78,036 Sep-25 Sep-26 1,100 1,094 Sep-25 Sep-26 3.90 4.17 Sep-25 Sep-26
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Strong growth alternate assets 38 ^Includes mandates QAAUM of INR 6,52,762 Cr as on Sep 2026 1QAAUM as on Sep 2026 Offshore INR 7,861 Cr ₹ 5,062 Cr ₹6,57,609 Cr^ AUM1 Growth Funds Launched/ Pipeline PMS/AIF Offshore Q2 FY26 Q2 FY27 ₹ 30,250 Cr ₹ 6,57,609 Cr↑ 2074% Q2 FY26 Q2 FY27 Fund Raising underway ABSL India Special Opportunities Fund Series II ABSL Structured Opportunities Fund II ABSL Money Manager Fund ABSL India Select Sector Fund Fund Raising underway ABSL Flexi Cap Fund (IFSC) Product Pipeline ABSL Emerging Market Equity Fund (Retail) ABSL Global Innovators Fund (Retail) ABSL India Growth Fund (Retail) ABSL Nasdaq 100 Fund of Fund (Retail) ABSL S&P500 100 Fund of Fund(Retail) ABSL MSCI India Fund (AIF) ₹ 4,795 Cr ↑ 6% ₹ 5,062 Cr Real Estate AUM1 at ₹ 860 Cr. Fund raising underway for Aditya Birla Real Estate Credit Opp. Fund II (^Includes mandates)
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Building Passive Business 39 ~17,89,000 Investor Folios Serviced 3x growth since Sep-23 50 Extensive product bouquet 1. Quarterly Average AUM for ETFs/ FoFs/ Index Funds; . 2. Based on QAAUM as on Sep 30, 2026 ₹ 6,117 Cr ↑ 2x ₹ 20,269 Cr ₹ 21,114 Cr ₹ 1,473 Cr ₹ 6,121 Cr↑ 4x Q2 FY24 Q2 FY27 ₹ 39,859 Cr ↑ 1x₹ 27,859 Cr ₹ 39,859 Cr Passive AUM1 ETF AUM FOF AUMIndex AUM INR 7,861 Cr Rank 1 In Debt Index2 ₹ 12,624 Cr 10 % Y-o-Y growth in Passive AUM
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Pan-India distribution network 40 310+ Locations Overall Asset Sourcing Mix1 Over 80% are in B30 cities 96,000+ MFDs 90+ Banks 100+ Emerging Market Locations 360+ National Distributors 130+ Digital Partners Servicing Investors across 19,000+ Pan-India pin codes Broad based sourcing of Equity Assets 1Excluding ETF Continue to expand distributor base and empaneled 3,800+ new MFDs in H1 FY27 44% 43% 44% 32% 33% 31% 16% 16% 17% 8% 9% 8% Q2 FY26 Q1 FY27 Q2 FY27 Bank National Distributor MFDs Direct 17% 18% 18% 53% 52% 52% 20% 20% 20% 10% 10% 10% Q2 FY26 Q1 FY27 Q2 FY27 Bank National Distributor MFDs Direct
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P&L - Aditya Birla Sunlife AMC 41 (₹ crore) FY26 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Revenue from Operations 1,845 461 463 484 909 947 Costs 794 191 219 230 384 450 Operating Profit 1,051 270 244 254 525 497 Other Income 214 46 162 42 163 205 Profit before tax 1,266 316 406 296 688 702 Tax 291 75 97 75 170 172 Profit after tax 975 241 309 221 518 530 Mutual fund AAUM 4,26,937 4,25,171 4,27,675 4,41,787 4,14,325 4,34,731 Mutual fund equity AAUM 1,92,350 1,92,401 1,98,722 2,09,230 1,86,293 2,03,976 Alternate assets equity AAUM 9,955 8,677 8,654 8,742 15,386 8,698 Total equity AAUM 2,02,305 2,01,078 2,07,376 2,17,972 2,01,679 2,12,674
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Our Approach 42 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
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Life Insurance 43
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Performance Highlights for H1 FY’27 44 ↑ 90% Y-o-Y ↑ 447 bps Y-o-Y↑ 25% Y-o-Y ↑ 16% Y-o-Y↑ 42% Y-o-Y 1.Single premium @ 10% and cash premium only 2.Individual + Group Risk Renewal Premium ↑ 20% Group FYP Net VNB2Individual FYP1 Total Premium AUM ₹ 2,342 cr 16.1%₹ 4,232 cr ₹ 12,656 cr ₹ 120,736 cr NOP Growth ↑ 23%Embedded Value at ₹17,213 cr ↑ 18% Y-o-Y
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Industry Performance Group FYP (Single Premium at 100%)Individual FYP1 (Single Premium at 10%) 1,578 1,880 2,342 H1 FY’25 H1 FY’26 H1 FY’27 2,834 2,223 4,232 H1 FY’25 H1 FY’26 H1 FY’27 Y-o-Y Growth ABSLI 25% Private Players 12% Industry 13% 90% 35% 25%Y-o-Y Growth ABSLI Private Players Industry 2 Yr CAGR2 22% 10% 7% 22% 27% 17%2 Yr CAGR2 ABSLI Market Share3 5.4% (LYSP 4.9%) ABSLI Market Share3 9.0% (LYSP 6.4%) 1 Individual FYP adjusted for 10% of single premium 2 2 Year CAGR H1 FY’27 over H1 FY’25 3 Market Share among private players ` crore ` crore 55 bps market share gain 263 bps market share gain
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Diversified and scaled up distribution mix… 46 4,100+ Cities 440+ Own Branches 68,200+ Agents 121 Banca Tie-ups 28,500+ Bank Branches Growth across channels (H1 FY’27 ` In Cr) Channel Mix Proprietary Partnerships 10% 31% 664 1,678 Proprietary Partnership 65% 68% 72% 35% 32% 28% H1 FY’25 H1 FY’26 H1 FY’27 1 Axis Bank, Bank of Maharashtra, DB, DBS, DCB, Equitas SFB, HDFC Bank, Indian Bank, IDFC First Bank, KVB, Ujjivan & IndusInd Bank Product Mix by Channel 33% 34% 28% 42% 14% 8%18% 13%7% Proprietary 4% Partnerships Protection Annuity PAR NON PAR ULIP
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Value Accretive Products leading to expansion in margins… 47 Product Mix ` crore VNB1 7.4% 11.6% 16.1%18% 20.6% 20%+ Smart Wealth Pension Plan - Launched in Sep’26 contributed Rs. 99 Cr and comes with following benefits - ❖ 3 Plan Options – Advantage, Prime & Elite ❖ Market-linked growth to build a dedicated retirement corpus ❖ Higher benefit for Female lives ❖ Pre-Approved Sum Assured (PASA) contribution stands at 37% of FYP in H1 FY’27 against 33% in H1 FY’26 ❖ 43% Upsell contribution of Individual FYP in H1 FY’27 against 42% in H1 FY’26 ❖ 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 238 1,055 H1 FY’26 FY’26 424 H1 FY’27 FY’27 E 1Individual + Group Risk 36% 31% 34% 51% 43% 38% 3% 16% 10% 7% 14% 3% 5% H1 FY’25 6% H1 FY’26 4% H1 FY’27 Protection Annuity PAR NON PAR ULIP Product Mix 135 818 H1 FY’25 FY’25
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Strong digital adoption… 48 Customer Onboarding Digital Renewal Customer Self Servicing AI Adoption100% 85% 92% 100% New business processed digitally 25% reduction in Underwriting turnaround time 59% of total application were Auto under written AI & AutomationCustomer Retention Digital collection at 85% 92% Auto pay adoption at onboarding stage 99% of customer requests successfully processed within TAT1 ZARA (Bot) collected ~ 954 Cr. (16.9 % of Individual Renewal Premium) ~ 140+ AI agents deployed across multiple functions Customer Experience 83% services available digitally and 67% services are STP WhatsApp contributed 8% in H1 FY’27 Digital Adoption share of 92% Customer Centricity 1.TAT as per IRDAI prescribed timelines Increase wrt LYSP Decrease wrt LYSP Same as LYSP 97% adoption of AI-led Contactless Digital Verification (Insta – verify) for customers 97% … with focused Investment in AI
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49 Renewal Growth ↑ 14% Y-o-Y Digital Renewal 77% Stable Persistency across cohorts Controlled Operating expenses Δ 2Y 3.6% 2.0% 3.7% 0.4% 3,942 4,664 5,578 H1 FY’25 H1 FY’26 H1 FY’27 13M25M37M61M 83.4% 84.5% 87.0% 70.8% 74.6% 72.8% 69.3% 66.4% 65.6% 60.7% 58.2% 60.3% H1 FY’27 H1 FY’26 H1 FY’25 H1 FY’25 H1 FY’26 H1 FY’27 20.6% 24.6% 21.0% 19% - 2Yr CAGR ↑ 20% Y-o-Y Digital Renewal 85%3 Total Renewal Premium ( ₹ crore) Persistency1 Opex Ratio2 1 12month rolling block as per revised IRDAI Circular (Excluding single premium policies and fully paid-up policies) 2 Opex (including commission) to Total Premium 3 Individual Renewal Premium …leading to consistent improvement in persistency and productivity
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Robust investment process and performance… 50 Composition of AUM • Growth of 12% in AUM vis-à-vis H1 FY’26 • 95.60% of debt investments are AAA rated or sovereign instruments as of Sep 30, 2026 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 14% - 2Yr CAGR 75% 25% Sep’24 76% 24% Sep’25 77% 23% Sep’26 95,553 104,492 120,736Debt Equity 23% 52% 22% 2% 3.2% 2.6% 1 yr 4.6% 5.5% 5 yr -0.1% 0.4% 1 yr 4.6% 5.4% 5 yr -6.0% -4.3% 1 yr 4.8% 6.6% 5 yr Equity & others Debentures & Bonds Govt securities Money Market Instruments …with 64.3% of the funds returning higher than benchmark returns2
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P&L and Key Ratios - Life Insurance 51 1 FYP@100% 2 Consolidated nos. including Aditya Birla Sun Life Pension Management Company Limited (₹ crore) FY26 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Individual First year Premium1 5,275 1,173 1,117 1,729 2,053 2,846 Group First year Premium 7,314 1,488 1,281 2,950 2,224 4,231 Renewal Premium 12,190 2,686 2,345 3,233 4,664 5,578 Total Gross Premium 24,779 5,347 4,743 7,913 8,941 12,656 Operating expenses (Incl. Commission) 5,256 1,211 1,178 1,486 2,203 2,664 Profit Before Tax2 257 67 61 85 106 146 Profit After Tax2 171 50 38 52 74 90 Key ratios (in percent) FY26 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Opex to Premium (Incl. Commission) 21.2% 22.6% 24.8% 18.8% 24.6% 21.0% Solvency Ratio 178% 188% 201% 190% 188% 190%
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Our Approach 52 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 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%+ CAGR over the next three years and keep expanding VNB margin above 20% Growth Growth Risk management and quality Distribution Data Analytics Penetrate more Bank partner branches to increase spread of business
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Health Insurance 53
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Performance Highlights for H1’FY27 54 GWP (Sales^) ^ Sales GWP (inc. Reinsurance inward business) | 1. Basis Sales GWP | 2. As per IFRS | 3. Health Returns (HR) – Monetary reward for good health behavior (incl. 100% return of premium) 106.5%46 Crs Market Share1 4,543 Cr 14.2% SAHI PBT2 Combined Ratio2 +70 bps ▲YoY 76 Crs (LY)~48% YoY Scale up of Health First model & Superior Customer Experience Distribution footprint expansion 32We continue to maintain healthy growth momentum 1 12.7% Eligible Customers earned HR3 49% YoY ↑ in MAU on App 62% YoY ↑ in App downloads 43%1 YoY diversified growth across Retail business Growth in Proprietary ~51% 1+ YoY One of the fastest growing SAHI where Sales GWP grew ~48% growth YoY Onboarded Indian Overseas Bank 103.1% (LY)
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Market Share 55 Source- Market segment reports *Market accretion is calculated as Incremental GWP of company / Incremental GWP of all SAHI players on GWP ABHI SAHI Industry* YTD Sep’25 (Sales) +36% +19% +20% YTD Sep’26 (Sales) +33% | +48%** +27% +20% We are consistently growing Fast1 **With Reinsurance Inward YTD Sep’26 SAHI 1 SAHI 2 SAHI 3 ABHI SAHI 5 18% 36% 26% 33% 35% Market share expanded by ~0.7% Market accretion | YTD Sep'26 ABHI MARKET SHARE Basis Sep’25 Sep’26 Δ ppt Sales 13.6% 14.2% +0.7 Player (Rs crs) SAHI 1 SAHI 2 SAHI 3 ABHI SAHI 5 Others Total SAHI YTD Sep’26 (Sales) 1,558 1,782 1,021 975 366 126 5,828 YTD Sep’25 (Sales) 981 748 741 781 227 53 3,530 2 3 48%**
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Scaled-up, Diversified and Digitally enabled Retail Distribution 56 Retail Product Mix Geographical Mix (Tier wise) 73% 69% 1. Proprietary includes Agency & Direct business | All Revenue nos. as per Sales GWP basis | Tier-I includes Metro Retail Channel Mix1 21% 20% 24% 28% 29% 24% 26% 28% 21% 20% 24% 28% 29% 24% 26% 28% H1’ FY26 H1’ FY27 Proprietary Banks Digital CA/Brokers 21% 20% 24% 28% 29% 24% 26% 28% 21% 20% 24% 28% 29% 24% 26% 28% 21% 20% 24% 28% 29% 24% 26% 28% 21% 20% 24% 28% 29% 24% 26% 28% 5000+ Cities 230+ Branches 240K+ Agents 6300+ Sales Force 20 Bank Partners 17.9K+ Network Hospitals 12K+ OPD Network 26% 34% 41% H1’ FY26 26% 33% 41% H1’ FY27 Tier-I Tier-II Tier-III 80% 20% H1’ FY26 87% 13% H1’ FY27 Indemnity Fixed Benefits
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Retail Distribution Mix and Growth 57 1. Sales Gross written premium | 2. Proprietary includes Agency & Direct business Retail GWP 1 (` Crores) Proprietary Growth delivered → Improved productivity & Sourcing quality Banca Deepen Mid size partners to transform to large partnerships | Productivity & Cost optimization Digital Retain mind share & momentum in existing partners | Identify & invest in next market leaders Highly Diversified Distribution Mix | Delivered robust Growth across channels YoY 51%Proprietary2 Channels Banks Digital CA / Brokers 18% 68% 38% CA/ Brokers Value focused Partnerships → enhanced productivity 432 652 484 570 390 657 341 470 Retail TotalRs 1,647 Cr Rs 2,349 Cr 43% H1’26 H1’27
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First of its kind product for YOUNG India LISTENING TO YUVA FOR YUVA Features for the diverse health and wellness needs of the Yuva segment Get rewarded for staying active 100% Earn up to 100% of your premium back as HealthReturns Complete 10K steps daily / 300 calories in a session and maintain good health Eat Log 2 meals a day Move Avg. 7.5K+ steps or 250+ calories per session Heal 7–8 hours of sleep Use across benefits: OPD, hospitalization, wearables and renewal premium payments Key features Unlimited sum insured Income Protect & OPD benefit Yuva Credit Cover 11x in 11 years Worldwide Maternity Cover ON / OFF Insurance Enhanced HealthReturns OPD: Outpatient department. HealthReturns: Incentivized wellness benefits.
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Digital DeliveryData Driven ▪ Well-Being Score ▪ BMI Calculator ▪ Eat , Move and Heal ▪ Diabetes Risk Prediction ▪ Expert Health Coaching ▪ Teleconsultation ▪ Food Scan ▪ Sleep Tacking ▪ PHR Scan ▪ Hyper personalised nudges ▪ Upto 100% Health Returns ▪ Personalised Diet Chart ~12.7% Eligible Customers Earned Health Returns in YTD Sep’26 with 6%+ lower loss ratio1 & 12%+ improved persistency1 1 Absolute difference b/w customers earning health behavior based incentives vs non-earners of the incentives as of Sep’26 rolling 12 M | * Average during Apr’26 till date HA DHA Activ Dayz & Health Returns are on 12M rolling as of Sep’26 with 1 month lag. | WBS Count is for active customers as of Sep’26 | Lives intervened since ITD Impact Digitally powered health first Differentiated Model NEW 59 Get RewardedKnow your Health Improve your Health Health Assessments Lives Intervened Eligible Customers earning HR* Scale 6.6L+ 4.17L+ 12.7% 9.4% 11.25%2.7L+ 1.8L+ 3.7L+Sep’26 Mar’26 Sep’25 8.3L+ Sep’26 Mar’26 Sep’25 Sep’26 Mar’26 Sep’25 ~6.1L customers engaged in WBS Journey ~2.69 L customers earned Health returns ~16.77% eligible customers earning Activ Dayz35.61%+ customers administered HA/DHA ~31.7L+ risk stratification score WBS generated 15.5K+ customers earned 100% Health Returns ‘My Family’ Health app (enabling Tracking of all family members)
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Driving Higher Engagement for better outcomes 6060 Loss Ratio* of physically active and engaged customers is significantly lower than Inactive Persistency** of physically active and engaged customers is higher than inactivePersistency Sep’26 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 6%+ lower loss ratio of customers earning health behaviour based incentives vs non- earners of the incentives 12%+ better persistency ratio of customers earning health behaviour based incentives vs non-earners of the incentives Health Risk Management 3.7+ Lakhs lives Intervened ~16.69% Better loss ratio1 HR Non- Earners 4 to 9 AD 10 to 12 AD 13 & above AD 100% 99% 97% 77% Loss Ratio Sep’ 26 HR Non- Earners 4 to 9 AD 10 to 12 AD 13 & above AD 100% 115% 117% 124% Monthly Active Days
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Resulting in industry leading engagement 61 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 74 Mins Sessions /Month/user 6.67 6.1 Mn+ Downloads till date > 18.4 lakh Lifestyle scores in H1 94% YoY Health Assessment 415 Bn Steps in H1 Returning users 70% Eat, Move & Heal Inhouse built native App 4.6 Star Play-store Rating 50+ Partner Integrations 100+ API Integrations Multilingual AI/ML, AR, Hyper personalised Utilization Superior Customer Engagement Acquisition & Retention Self Service Wellness Chronic Care Monthly active users 7.3L+ Data is for H1 | YoY growth is H1 FY’26 vs H1 FY’27 Activ Yuva Eat Move Heal ~21% logged Meals on App ~16% Activ Days ~12% logged Sleep on App
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Adopting Digital approach across multiple focus areas 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 product62 Acquisition & Retention Engagement Digital Servicing ▪ App led Client acquisition & lead generation ▪ App based nudges → renewal propensity | DIY renewals | Simplified journeys 62% YoY Increase in App Downloads 89% Digital Self-service 74% Reimbursement Claims digital adoption 74% Pre / post claims submitted digitally 89% Digital Renewals 55% DIY Renewals 100% Distributors Onboarded Digitally 49% YoY Increase in App MAU Focus Key Initiatives & Wins ▪ Insurance & health ecosystem ▪ Capabilities around Eat | Move | Heal ▪ Habit builders and behavioral trackers ▪ End to end simplified DIY claims ▪ AI driven journeys for superior Customer Experience 62
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63 Leveraging AI across Customer Life-stage Revenue Generation Underwriting & Policy Issuance Customer Service & Engagement Health Proposition Claims Management Retention & Upsell Voice-AI based Advisor Activation to increase Sales Productivity Hyper Personalized Communication Gen AI: Underwriting Case Summarization ML based STP/NSTP Decisioning, Agentic AI personalized Renewal Calling to remind and guide renewal on call AI/ ML based claim auto adjudication ML-Driven Proprietary Customer Health & Wellbeing Score Deep Listening for Health Coaching Insights Enhanced FWA Detection Model leveraging Industry data ML-based No Calling Cohort Identification GenAI Chatbot for Sales for Underwriting Queries ML-driven Lead Propensity Scoring for Cross-Sell Intelligent Customer Cohorting for Effective Communication AI-enabled Chronic Care Management Program Deep Listening to Voice of Customer (Speech Analytics) Customer Preferred Mode and Time Front-Line Beat-Map Analysis for enhanced Productivity Customer-facing ML- Claims Expense Calculator Business IMPAct BUSINESS IMPACT +35% Productivity Uplift in Underwriting 100% AI Calling outreach for Welcome Call ML- Machine Learning | STP- Straight through processing | Health returns → health behavior-based incentives * ~10% of active agents 63 Voice-AI enabled Purpose Agent to nudge customers for earning ActivDayz ML driven Health Risk Scoring model Voice AI driven Welcome calling to onboard new customers 75% AI-led Cashless Claims Processing 10%* Inactive Advisors activated due to AI-led outreach
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Business Outcomes 64 Combined Ratio(%) Lives covered (Mn) Profit Before Tax2 (` Cr.) Revenue (` Cr.) 490 692 1,070551 768 1,126 490 692 1,070551 768 1,126 953 1,423 2,1931,217 1,647 2,349 H1’ FY25 H1’ FY6 H1’ FY27 2,171 3,070 4,543+45% p.a. Retail Group (incl. Rural) 4 4 5 6 7 8 13 15 4 4 5 6 7 8 13 15 7 8 6 7 7 14 16 Sep’24 3 Sep’25 3 Sep’26 21 23 26 +11% p.a. Retail and Group Rural Byte 1. GWP based without 1/n basis | 2. H1’25 as per IGAAP | Transition to IFRS from 1st Apr 26 | H1’FY26 and H1’FY27 on IFRS 111.9% 103.1% 106.5% H1’ FY25 H1’ FY26 H1’ FY27 IFRSIFRS -102 76 46 PBT H1’ FY27H1’ FY26 H1’ FY25
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P&L - Aditya Birla Health Insurance 65 (₹ crore) FY26 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Sales GWP 7,292 1,610 2,196 2,346 3,070 4,543 Insurance Revenue 5,773 1,427 1,842 1,937 2,679 3,780 Insurance Service Expenses (6,033) (1,418) (1,953) (2,074) (2,763) (4,027) Net Inc./(Exp). from Reinsurance contracts 33 25 51 72 30 123 Total (227) 34 (60) (64) (54) (125) Investment Income 360 90 108 113 177 222 Net other Income/(Expenses) (72) (20) (30) (21) (46) (51) Profit/ (Loss) as per Ind AS 61 105 18 27 76 46 Combined operating ratio 104.5% 99.4% 106.0% 107.1% 103.1% 106.5% Combined insurance service ratio 105.0% 99.0% 104.2% 104.4% 103.3% 104.3% IFRS has been adopted from 1st April 2026, and previous period numbers have been restated
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66 Financial statements
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Consolidated P&L – Aditya Birla Capital 67 (₹ crore) FY26 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Revenue 45,509 10,595 12,180 14,003 20,098 26,183 Profit Before Tax (before share of profit/(loss) of JVs) 4,874 1,134 1,495 1,724 2,205 3,220 Add: Share of Profit/(loss) of associate and JVs 461 156 146 110 266 256 Less: Exceptional Items 54 - - - - - Profit before tax 5,281 1,290 1,641 1,835 2,472 3,476 Less: Provision for taxation 1,407 329 417 482 657 899 Profit after tax 3,874 961 1,224 1,353 1,815 2,577 Less: Minority Interest (99) (27) (49) (66) (43) (115) Net Profit (after Minority Interest) 3,774 934 1,175 1,288 1,772 2,462
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Thank You 68
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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. 69