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Performance Review Half Year Ended September 2026 October 15, 2026 IIFL FINANCE LTD. | Bloomberg: IIFL IN | NSE:IIFL | BSE:532636 Annexure B
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1 1 IIFL Finance Consolidated 3 – 14 2 FY27 Strategy 15 – 19 3 IIFL Finance Standalone 20 – 26 4 IIFL Home Finance 27 – 32 5 IIFL Samasta Finance 33 – 38 Contents | H1FY27 2 6 Corporate Information 39 – 48
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IIFL FINANCE (CONSOLIDATED) H1FY27 Update 3
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Notes 1: ROA & ROE are H1FY27 annualized 2: Consolidated CRAR of 23.5% is computed. CRAR for IIFL Finance (Standalone) 17%, IIFL Home Finance 39%, IIFL Samasta Finance 26%. Loan AUM ₹124,268 Cr ▲ 8% QoQ Gross NPA 1.48% ▼ 7 bps QoQ Net NPA 0.87% ▲ 5 bps QoQ PAT (pre NCI) ₹805 Cr ▲ 13% QoQ Book Value ₹351.5 PPOP ₹1,355 Cr ROA 3.1% 1 ROE 20.1% 1 CRAR 23.5% 2 Branches 5,091 EPS (H1FY27) ₹33.9 not annualized Liquidity ₹13,805 Cr ▲ 8% QoQ IIFL Finance (Consolidated) Q2FY27 Performance at a Glance 4 ▲ 5% QoQ
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2.3 2.1 1.6 1.5 1.6 1.5 1.1 1.0 0.8 0.7 0.8 0.9 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Asset Quality (%) GNPA% NNPA% 83,889 90,122 98,336 1,08,180 1,15,523 1,24,268 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 AUM (₹ Cr) 274 418 501 623 713 805 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Profit After Tax (₹ Cr) 4.0 4.0 3.9 3.6 3.4 3.3 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Opex to Avg AUM (%) IIFL Finance (Consolidated): Key Highlights (1/2) 5 38 36 32 30 29 27 33 38 44 49 51 53 12 11 10 9 9 10 11 9 9 8 8 8 6 6 5 4 3 2 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 AUM Mix (%) Home Loan Gold Loan MSME loan MFI Others 836 1,033 1,075 1,173 1,252 1,355 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 PPOP (₹ Cr)
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1.6 2.2 2.5 3.0 3.1 3.2 7.6 11.9 14.4 17.9 19.5 20.8 0 5 10 15 20 25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 ROA / ROE (%) ROA ROE 55,027 58,211 61,650 69,176 73,994 83,794 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Borrowing (₹ Cr) 35 34 35 35 35 35 25 26 24 23 20 19 13 11 10 8 7 7 14 15 14 16 19 20 13 14 17 18 19 19 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Borrowing Mix (%) Term Loan Debentures Refinance ECB Securitization & CP 3.4x 3.6x 3.6x 3.8x 4.0x 4.1x Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Net Gearing 9.2 9.1 9.1 9.0 9.1 9.1 9.0 7.1 7.1 7.3 7.4 7.4 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Interest Spread (%) COF % Spread % 18.2 16.2 16.2 16.3 16.5 IIFL Finance (Consolidated): Key Highlights (2/2) 6 16.528.4 28.2 27.7 25.3 24.3 23.5 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 CRAR (%) Note: Consolidated CRAR is computed. ROA & ROE are quarterly annualized
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IIFL Finance (Consolidated): Income Statement 7 ₹ Cr Q2FY27 Q1FY27 Q-o-Q% Q2FY26 Y-o-Y% H1FY27 H1FY26 Y-o-Y% Interest income 3,389.8 3,030.0 12% 2,447.0 39% 6,419.8 4,712.2 36% Interest expense (1,908.6) (1,719.5) 11% (1,381.9) 38% (3,628.1) (2,670.7) 36% Net interest income 1,481.1 1,310.5 13% 1,065.1 39% 2,791.7 2,041.5 37% Income from Off-book assets 730.1 786.3 (7%) 747.3 (2%) 1,516.4 1,307.4 16% Other Income 128.4 105.6 22% 90.3 42% 234.0 191.7 22% Total income 2,339.6 2,202.4 6% 1,902.7 23% 4,542.0 3,540.6 28% Operating expense (984.5) (950.0) 4% (870.2) 13% (1,934.5) (1,671.9) 16% Pre provision operating profit 1,355.1 1,252.4 8% 1,032.5 31% 2,607.5 1,868.6 40% Loan losses & provision (280.8) (294.2) (5%) (500.3) (44%) (575.0) (1,012.8) (43%) Net Gain/(Loss) on Fair Value Changes (0.6) (29.6) --- 24.5 --- (30.2) 57.2 --- Profit before tax 1,073.7 928.6 16% 556.7 93% 2,002.3 913.0 119% Profit after tax (pre NCI) 805.0 713.1 13% 417.9 93% 1,518.1 692.1 119% Minority Interest (38.6) (38.1) 1% (41.6) (7%) (76.7) (82.4) (7%) Profit after tax (post NCI) 766.4 675.1 14% 376.3 104% 1,441.5 609.7 136% Total Comprehensive Income (post NCI) 787.5 679.8 16% 372.2 112% 1,467.3 597.1 146% Book value per share (₹) 351.5 333.9 5% 296.8 18% 351.5 296.8 18% Earnings per share (₹ basic, not annualized) 18.0 15.9 13% 8.9 103% 33.9 14.3 136%
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ASSETS (₹ Cr) LIABILITIES & EQUITY (₹ Cr) IIFL Finance (Consolidated): Balance Sheet 8 Financial Assets Cash and Bank Balances 8,321 Receivables 74 Loan Assets 84,173 Investments 6,183 Other financial assets 2,750 Total Financial Assets (A) 101,501 Non-Financial Assets Current & Deferred tax 779 PP&E 1,598 Other non-financial assets 596 Total Non-Financial Assets (B) 2,973 Total (A)+(B) 104,474 Financial Liabilities Payables 308 Debt Securities 29,943 Borrowings (Other) 48,223 Subordinated Liabilities 5,628 Other financial liabilities 2,364 Total Financial Liabilities (A) 86,466 Non-Financial Liabilities (B) 793 Equity share capital 85 Other Equity 15,347 Shareholder's Equity (C) 15,432 Non-Controlling Interest (D) 1,782 Total (A)+(B)+(C)+(D) 104,474
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77% 76% 75% 79% 88% 89% 90% 23% 24% 25% 21% 12% 11% 10% FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 Loan AUM (₹ Cr) Secured Unsecured IIFL Finance (Consolidated): Loan Mix and Growth * Discontinued Business: Personal Loan and Unsecured Business Loan in IIFL Standalone Entity Loan AUM (₹ Cr) Q2FY27 Mix % Q2FY27 Q1FY27 QoQ% Q2FY26 YoY% Home Loan 27.2% 33,789 33,030 2% 32,034 5% Gold Loan 52.9% 65,729 58,406 13% 34,577 90% MSME Loan 9.6% 11,948 10,808 11% 9,540 25% a) MSME Secured 9.3% 11,596 10,459 11% 8,999 29% b) Supply Chain 0.3% 352 348 1% 541 (35%) Microfinance 7.6% 9,489 9,473 0% 8,362 13% Core Business 97.3% 120,956 111,717 8% 84,513 43% Discontinued Business* 1.6% 2,008 2,507 (20%) 4,054 (50%) CRE 0.6% 753 872 (14%) 942 (20%) Capital Market 0.4% 551 427 29% 613 (10%) Total 100% 124,268 115,523 8% 90,122 38% 9 51,210 1,24,268 64,638 78,960 78,341 1,15,523 1,08,180
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10 Yield % Q2FY27 Q1FY27 QoQ Q2FY26 YoY Home Loan 10.39% 10.50% (0.11%) 10.75% (0.36%) Gold Loan 18.72% 18.57% 0.15% 18.56% 0.16% MSME Loan 15.43% 16.35% (0.92%) 17.67% (2.23%) a) MSME Secured 15.44% 16.42% (0.98%) 17.89% (2.45%) b) Supply Chain 15.28% 14.09% 1.19% 13.94% 1.34% Microfinance 24.04% 24.66% (0.62%) 24.33% (0.29%) Core Business 16.42% 16.49% (0.07%) 16.07% 0.35% Discontinued Business 21.96% 19.86% 2.10% 20.62% 1.33% CRE 15.27% 15.59% (0.32%) 15.64% (0.37%) Capital Market 11.90% 11.55% 0.35% 12.02% (0.12%) Total Yield 16.50% 16.53% (0.03%) 16.24% 0.26% Total Cost of Borrowing 9.08% 9.05% 0.03% 9.07% 0.01% 8.5 9.0 9.0 9.4 9.0 9.1 9.1 6.1 7.4 8.2 6.7 7.3 7.4 7.4 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 Yield, Cost of Borrowing, Spread (%) Cost of Borrowing Spread 14.6 16.4 17.2 16.1 16.3 16.5 IIFL Finance (Consolidated): Yield, Cost and Margins 16.5
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3.15 1.84 2.32 2.23 1.46 1.55 1.48 1.83 1.08 1.20 1.05 0.73 0.82 0.87 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 GNPA & NNPA Trend (%) GNPA% NNPA% The Overall Provision Coverage stands at 91% as on 30th September, 2026 IIFL Finance (Consolidated): Asset Quality 11 GNPA % Q2FY27 Q1FY27 QoQ Q2FY26 YoY Home Loan 1.04% 1.02% 0.02% 1.40% (0.36%) Gold Loan 0.90% 0.61% 0.29% 0.12% 0.78% MSME Loan 3.03% 3.67% (0.64%) 5.05% (2.02%) a) MSME Secured 3.04% 3.69% (0.65%) 5.25% (2.21%) b) Supply Chain 2.86% 3.18% (0.32%) 2.68% 0.18% Microfinance 2.90% 3.39% (0.49%) 5.03% (2.13%) Core Business 1.37% 1.36% 0.01% 1.76% (0.39%) Discontinued Business 5.69% 8.88% (3.19%) 7.70% (2.01%) CRE 5.98% 2.29% 3.69% 2.96% 3.02% Capital Market 0.00% 0.00% 0.00% 0.00% 0.00% Total 1.48% 1.55% (0.07%) 2.14% (0.66%)
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IIFL Finance (Consolidated): Asset Quality & Provisioning 12 Loan Book (₹ Cr) 0 dpd 1-30 31-90 90+ Total S1 Prov% S2 Prov% S3 Prov% RBI ECL Home Loan 93.1% 3.1% 2.8% 1.0% 22,152.5 0.5% 4.2% 35.7% 109.3 209.9 Gold Loan 86.8% 7.1% 5.2% 0.9% 40,499.3 0.6% 1.0% 13.9% 210.3 307.1 MSME Loan 87.3% 6.1% 3.6% 3.0% 8,681.3 1.2% 8.8% 44.8% 88.6 246.1 a) MSME Secured 87.3% 6.0% 3.6% 3.0% 8,329.0 1.2% 9.1% 43.7% 86.3 234.4 b) Supply Chain 87.1% 6.9% 3.1% 2.9% 352.2 1.3% 1.9% 71.8% 2.4 11.6 Microfinance 95.9% 0.6% 0.6% 2.9% 7,618.8 0.8% 17.0% 70.7% 162.4 225.4 Core Business 89.5% 5.2% 3.9% 1.4% 78,951.9 0.7% 2.7% 37.7% 570.7 988.5 Discontinued Business 88.2% 2.6% 3.4% 5.7% 1,443.6 0.2% 18.8% 71.6% 18.6 70.6 CRE 80.7% 7.6% 5.8% 6.0% 753.1 0.4% 1.4% 72.4% 28.8 36.1 Capital Market 100.0% 0.0% 0.0% 0.0% 551.0 0.4% 0.0% 0.0% 2.2 2.4 Total 89.5% 5.2% 3.9% 1.5% 81,699.7 0.7% 2.9% 41.3% 620.3 1,097.6
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IIFL Finance (Consolidated): Liquidity and Funding Asset Liability Match (ALM) - Surplus across all buckets 13 Well covered Debt Repayment Schedule Equity raise update At the AGM held on 24th July 2026, shareholders approved a Special Resolution to raise equity capital through one or more permitted routes. 35% 34% 35% 35% 35% 35% 25% 26% 24% 23% 20% 19% 13% 11% 10% 8% 7% 7% 14% 15% 14% 16% 19% 20% 14% 14% 17% 18% 19% 19% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Term Loan Debentures Refinance ECB Securitization & CP 55,027 58,211 73,99461,650 69,176 Diversified Borrowing Mix (Outstanding on-Book exposure) 83,794 Total borrowings ₹ Cr (₹ Cr)(₹ Cr) 3,554 8,522 14,996 18,027 20,661 24,632 26,385 27,967 29,998 32,410 34,133 36,700 Principal Free Cash + undrawn lines = ₹13,805 Cr 1,604 4,533 8,626 13,871 20,571 31,528 74,541 87,474 1,12,354 10,788 16,507 24,455 30,354 44,886 56,854 86,278 95,895 1,12,354 14 days 1 month 2 months 3 months 6 months 1 year 3 years 5 years All
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IIFL Finance (Standalone): New Funding Initiative 14 US$300mn Issue Size ~2.3x Oversubscribed 3.5 years Tenor Transaction Size: ₹25 Crore India’s First Tokenized Bond Transaction by a Non-PSU NBFC Tokenized Bonds Social Bonds: Tap Issuance Blockchain-based bonds offer potential for faster, more transparent processing. Investor rights and issuer obligations unchanged. Execution: MSEI Framework: SEBI Regulatory Sandbox 144A / Reg S off GMTN Listed on India INX & NSE IX SPO Provider: Sustainable Fitch
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FY27 STRATEGY Resilient, Capital-Efficient Growth 15
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Focussing on secured priority sector lending for superior asset quality and bank partnerships Our 5 Strategic Pillars 1 Secured PortfolioAnchor Gold Loans + Mortgages (HL/LAP) → Lower risk, stable growth, superior asset quality 2 3 4 5 Strategy Flywheel Secured Lending Focus Focused | Capital -Efficient | Financial Inclusion | Risk Mitigation | Sustained Growth FY27 Strategy: Resilient, Capital-Efficient Growth Reinforces Secured Lending Dominance Capital Light Growth Asset Quality & Trust Higher Customer Lifetime Value Faster Growth Stronger Branch Economics 16 Bharat + MSME Flywheel Unbanked MSMEs + households → Lifetime journey: Gold → MSME → Mortgage AI-Led Operating Model Underwriting| Fraud | Collections | Cross-sell → Lower credit cost + higher productivity Branch-Led Distribution Engine Multi-producthubs with hyperlocal sourcing → Higher per-branch AUM & profitability Capital Light Growth Bank partnerships | DA / PTC / Co-lending mix → Optimised RWA + liquidity comfort + risk sharing
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₹1,24,268 Cr Consolidated AUM ₹ 42,796 Cr Assignment and Co-lending Off-book (34%) 18 Active bank co-lending partners IIFL Pioneer Status ✓ ₹1.7+ lakh Cr cumulative assignment + co-lending originated FY14-Q2FY27 ✓ Diversified product partnerships — Gold, Home, MSME, MFI Capital Light Growth: Co-lending & Direct Assignments 14,757 7,083 3,445 1,780 10,473 4,554 704 Gold Loan Home Loan MSME Micro finance Assignment book Co-lending book Assignment: Co-lending mix Assignment and Co-lending book by Product (Q2FY27) 17 57% 61% 62% 62% 64% 63% 43% 39% 38% 38% 36% 37%26,599 30,469 34,565 38,100 40,792 42,796 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Assignment book Co-lending book Note: Co-lending includes Co-origination.
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AI Strategy: Q2FY27 Deployment and Scale Q2 extends the Q1 portfolio across growth, credit, productivity, risk and frontline operations. 18 C U S T O M E R A C Q U I S I T I O N <1% Gold-loan acquisition cost in pilot (as % of loan value) Voice AI sales calling Live in gold-loan; western rollout underway. Target cost < 0.3% of loan value at scale. C R E D I T 85%+ of SME LAP applications AI credit assessment Applications processed through AI for credit assessment memo generation. P R O D U C T I V I T Y 30%+ Time saved in scoped processes Routine automation Selected finance, operations and audit processes; scaling across functions. C U S T O M E R S E R V I C E 20 Gold-loan branches pilot AI face recognition Pilot completed successfully; network-wide rollout across all branches now underway. R I S K 11 lakh+ Gold jewelry images analyzed Fraud detection with AI Image analysis solution for detecting spurious collateral implemented across all gold loan branches T R A I N I N G 12k+ Sales employees engaged AI video-based sales training Interactive and customized video training at scale for sales teams in their own language
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AI Strategy: Critical FY27 Initiatives Continuing deployment and scale-up across three project families 19 # Critical initiatives Scale-up Target Current progress 1 Branch Productivity Enhancement 1.1 Face recognition across gold-loan branches Q4 FY27 Pilot completed, Scaling up 1.2 Branch video analytics for security and audit Q4 FY27 Pilot preparation 1.3 AI-generated training content and personalised learning Q4 FY27 In use; expanding 1.4 AI assistant for branch queries and workflow support Q4 FY27 Enhancements underway 2 Analytics with AI 2.1 Collections prioritisation, field allocation and recovery analytics Q3 FY27 Deployed; expanding 2.2 Customer win-back and existing-customer lead analytics Q3 FY27 In use; expanding 2.3 Knowledge graphs, call transcripts and continuous insight agents Q4 FY27 Foundation in place 3 Cost Optimization and Process Automation 3.1 Finance and accounting process automation Q4 FY27 Pilot completed, Scaling up 3.2 Risk-based audit scheduling, routes and fraud triggers Q4 FY27 Implementation underway 3.3 Procurement workflows and spend optimization Q4 FY27 Implementation planned
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IIFL FINANCE (STANDALONE) H1FY27 Update 20
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Loan AUM ₹70,382 Cr ▲ 11% QoQ PPOP ₹894 Cr ▲ 10% QoQ 1.30% ▲ 3 bps QoQ Yield — Secured AUM 97 % Opex to avg AUM 3.1% ROE 25.6%* Branches 3,128 Avg ticket size ₹ 1.23 lakh Customers 25.4 lakh IIFL Finance (Standalone): Q2FY27 Performance Summary 21 Spread 9.2%18.6% Gross NPA ▲ 11 bps QoQ CRAR 17.0% ▲ 12 bps QoQ * ROE is H1FY27 annualized ▲ 117 bps QoQ
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IIFL Finance (Standalone): Financial Performance 22 ₹ Cr Q2FY27 Q1FY27 Q-o-Q% Q2FY26 Y-o-Y% H1FY27 H1FY26 Y-o-Y% Interest income 2,034.2 1,729.7 18% 1,256.6 62% 3,763.9 2,336.0 61% Interest expense (1,195.9) (1,036.8) 15% (758.4) 58% (2,232.7) (1,459.8) 53% Net interest income 838.3 692.9 21% 498.2 68% 1,531.2 876.2 75% Income from Off-book 540.4 579.0 (7%) 467.8 16% 1,119.4 812.1 38% Other Income 39.7 35.9 11% 29.1 36% 75.6 75.7 0% Total income 1,418.4 1,307.8 8% 995.2 43% 2,726.2 1,764.0 55% Operating expense (524.5) (497.6) 5% (513.6) 2% (1,022.1) (936.9) 9% PPOP 893.9 810.2 10% 481.6 86% 1,704.1 827.2 106% Loan losses & provision (136.5) (154.0) (11%) (211.6) (35%) (290.5) (394.1) (26%) Net gain/(loss) on Fair Value Changes (14.4) (51.3) --- 13.5 --- (65.8) 28.8 --- PBT 743.0 604.9 23% 283.5 162% 1,347.9 461.9 192% Profit after tax 548.5 467.1 17% 210.7 160% 1,015.6 343.5 196%
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33,605 40,450 49,027 57,604 63,170 70,382 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 AUM (₹ Cr) 133 211 301 509 467 549 Q1FY26 Q2FY26 Q3FY26 Q4FY26 * Q1FY27 Q2FY27 Profit After Tax (₹ Cr) 1.5 2.2 2.8 4.4 3.7 3.8 8.3 12.6 17.3 28.5 24.6 28.6 Q1FY26 Q2FY26 Q3FY26 Q4FY26* Q1FY27 Q2FY27 ROA / ROE (%) ROA ROE 1.7 1.4 1.5 1.2 1.3 1.3 0.6 0.5 0.7 0.6 0.7 0.9 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Asset Quality (%) GNPA% NNPA% 18.3 18.6 18.9 17.8 17.1 17.0 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 CRAR (%) 5.6 5.5 4.7 3.8 3.3 3.1 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Opex to Avg AUM (%) IIFL Finance (Standalone): Key Highlights (1/2) 23 *Q4FY26 includes dividend of ₹122 Cr received from subsidiaries * * Note: ROA & ROE are quarterly annualized
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28,880 30,930 34,702 38,740 43,035 51,340 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Borrowing (₹ Cr) 3.8x 4.0x 4.2x 4.3x 4.5x 4.7x Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Net Gearing 9.5 9.4 9.4 9.3 9.4 9.4 8.8 9.2 8.8 8.8 9.1 9.2 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Interest Spread (%) COF % Spread % 0.99 0.99 0.94 0.97 1.04 1.23 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Average Ticket Size (₹ lakhs) 18.3 18.6 18.2 18.1 IIFL Finance (Standalone): Key Highlights (2/2) 24 18.5 81 85 89 91 92 93 3 3 3 2 3 3 16 12 8 7 5 4 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 AUM Mix (%) Gold Loan MSME LAP+SCF Others 27 27 28 29 29 28 26 27 24 24 20 18 24 23 21 18 24 26 3 2 2 1 1 2 20 21 25 28 26 26 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Borrowing Mix (%) Term Loan Debentures ECB Refinance Securitization & CP 18.6
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IIFL Finance (Standalone): Gold Loan Risk Management 25 Independent gold valuation by 2 ValuersBureau & AI-led fraud checks Lower of two valuations used Branch walk-in Upload KYC docs e-KYC or On-boarding: Fraud checks, Bureau Checks, Lower of two independent valuations Storage – Gold and Documents Gold is stored in vaults in a tamper-proof packet. The loan account number is mentioned on the packet AI-led image fraud detection: Flags potential fraud, duplicate pledging, quality mismatches and suspicious patterns Day-end Analytics-based red flags investigated by off-site Audit team Scheduled & surprise audits by internal / third-party audit team - Purity verification of near 100% packets Audit Physical guards & IP-camera surveillance Real-time central monitoring & controlled vault access OTP-based vault opening Cellular vaults & auto-hooters Branch Security Insurance Adequate Insurance — gold & cash in vault & transit; GPS trackers
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GOLD LOAN | ₹65,729 Cr | 93.4% of Total ATS ₹1.2L Yield 18.7% LTV 70% Gold Tonnage 69.3 MT Gold Loan AUM (₹ Cr) 16,228 20,733 23,354 21,022 52,581 58,406 65,729 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 MSME LOAN | ₹ 1,936 Cr | 2.8% of Total Secured MSME (LAP) ₹ 1,584 Cr ATS: ₹218.8L | Yield: 13.8% Focus on mid-sized MSMEs in emerging markets Supply Chain Finance ₹352 Cr ATS: ₹28.1L | Yield: 15.3% Slowed down, given current market outlook MSME Loan AUM (₹ Cr) 56 42 684 1,035 1,375 1,661 1,936 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 NON-CORE | ₹2,716 Cr | 3.9% of Total CRE ₹157 Cr Winding down Capital Market ₹551 Cr Discontinued business ₹2,008 Cr Digital, Personal loan, Unsecured BLQ2FY27 Update • Opened 105 new branches • 3.5L new customers added IIFL Finance (Standalone): Loan Mix and Growth Synergistic business 362 719 2,911 2,938 2,603 2,543 2,280 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 Security Receipts* (₹ Cr) 26 * Net of provisions
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IIFL HOME FINANCE H1FY27 Update 27
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IIFL Home Finance: Q2FY27 Performance Summary 28 AUM ₹43,070 Cr ▲ 4% QoQ PPOP ₹330 Cr ▲ 6% QoQ Gross NPA 1.38% Yield Portfolio / Incremental 11.4% / 11.8% ▼ 9 bps / ▲ 33 bps QoQ PAT (pre NCI) ₹188.7 Cr ▲ 2% QoQ Disbursements ₹ 3,498 Cr DSA Sourcing 39% Home Loan Share 78.5% CRAR 39.2% Branches 350 ▼ 8 bps QoQ ▲ 10% QoQ
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₹ Cr Q2FY27 Q1FY27 Q-o-Q% Q2FY26 Y-o-Y% H1FY27 H1FY26 Y-o-Y% Interest income 816.2 787.8 4% 745.6 9% 1,604.0 1,475.8 9% Interest expense (491.0) (477.3) 3% (436.5) 12% (968.3) (855.7) 13% Net interest income 325.2 310.6 5% 309.2 5% 635.8 620.1 3% Income from off-book 124.6 155.8 (20%) 184.8 (33%) 280.3 355.2 (21%) Other Income 70.3 38.5 82% 41.1 71% 108.8 89.3 22% Total income 520.0 504.9 3% 535.1 (3%) 1,024.9 1,064.6 (4%) Operating expense (190.1) (193.6) (2%) (133.0) 43% (383.7) (294.2) 30% PPOP 330.0 311.3 6% 402.1 (18%) 641.2 770.4 (17%) Loan losses & provision (83.3) (79.3) 5% (131.0) (36%) (162.6) (245.9) (34%) Net Gain/(Loss) on Fair Value Changes (5.4) 7.1 --- (3.2) --- 1.7 1.1 --- PBT 241.3 239.1 1% 267.8 (10%) 480.3 525.6 (9%) Profit after tax (pre NCI) 188.7 185.5 2% 203.9 (7%) 374.2 405.2 (8%) IIFL Home Finance: Financial Performance 29
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40,111 40,023 39,628 40,075 41,540 43,070 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 AUM (₹ Cr) 201 204 181 177 186 189 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 PAT (₹ Cr) 2.9 2.8 2.5 2.4 2.3 2.3 10.7 10.5 9.2 8.9 9.1 9.0 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 ROA / ROE (%) ROA ROE 2.3 2.2 0.9 1.2 1.5 1.4 1.6 1.4 0.6 0.8 0.9 0.9 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Asset Quality (%) GNPA% NNPA% 47.4 46.8 47.7 42.1 41.7 39.2 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 CRAR (%) 1.6 1.3 1.7 1.8 1.9 1.8 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Opex to Avg AUM (%) IIFL Home Finance: Key Highlights (1/2) 30Note: ROA & ROE are quarterly annualized
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19,314 20,237 19,964 22,713 23,059 23,967 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Borrowing (₹ Cr) 2.5x 2.5x 2.5x 2.8x 2.7x 2.8x Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Net Gearing 8.4 8.4 8.2 8.1 8.2 8.2 3.8 3.6 3.5 3.5 3.4 3.2 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Interest Spread COF % Spread % 15.07 15.51 16.50 16.85 17.29 17.81 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Average Ticket Size (₹ lakhs) IIFL Home Finance: Key Highlights (2/2) 31 80 80 80 80 79 79 18 18 18 18 19 20 2 2 2 2 2 1 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 AUM Mix (%) Home loan MSME Secured Construction finance 44 44 46 43 43 46 21 21 20 18 17 16 28 25 24 21 21 19 3 7 7 16 16 15 4 3 3 2 3 4 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Borrowing Mix (%) Term Loan Debentures Refinance ECB Securitization & CP 12.2 12.0 11.7 11.6 11.6 11.4
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HOME LOAN | ₹33,789 Cr | 78.5% of total ATS ₹16.9 Lakhs Yield 10.4% Tenor Up to 25 years AUM Trend (₹ Cr) MSME SECURED (LAP) | ₹8,685 Cr | 20.2% of total ATS ₹19.5 Lakhs Yield 15.3% Tenor Up to 15 years AUM Trend (₹ Cr) AFFORDABLE PROJ FINANCE | ₹596 Cr | 1.3% of total ATS ₹761.0 Lakhs Yield 14.8% Disbursal Tenor Up to 5 years AUM Trend (₹ Cr) IIFL Home Finance: Loan Mix and Growth • Loans to fund purchase, construction and renovation of homes esp. for EWS and LIG • Secure Business Loans for small businesses to meet working capital requirements & for business expansion • Loans to fund construction projects, such as residential, commercial, or infrastructure development 17,727 21,800 27,438 31,588 32,125 33,030 33,789 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 5,346 5,905 7,250 7,464 7,184 7,807 8,685 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 544 807 810 680 767 703 596 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 32
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IIFL SAMASTA FINANCE H1FY27 Update 33
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IIFL Samasta Finance: Q2FY27 Performance Summary Disbursements ₹1,744 Cr AUM ₹10,816 Cr 0% QoQ Gross NPA 2.82% ▼ 46 bps QoQ Net NPA 0.86% PAT ₹69.0 Cr ▲ 13% QoQ 34 CRAR 26.0% ROE 13.2% * Branches 1,613 Avg ticket size ₹ 0.70 Lakh Customers 20.7 lakh ▼ 14 bps QoQ * ROE is H1FY27 annualized ▼ 11% QoQ
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₹ Cr Q2FY27 Q1FY27 Q-o-Q% Q2FY26 Y-o-Y% H1FY27 H1FY26 Y-o-Y% Interest income 514.4 488.2 5% 404.9 27% 1,002.6 828.5 21% Interest expense (222.1) (208.2) 7% (192.7) 15% (430.4) (378.4) 14% Net interest income 292.3 280.0 4% 212.1 38% 572.2 450.1 27% Income from Off-book 64.4 51.9 24% 94.7 (32%) 116.3 140.1 (17%) Other Income 40.1 57.0 (30%) 65.2 (39%) 97.1 121.3 (20%) Total income 396.7 388.9 2% 372.0 7% 785.5 711.4 10% Operating expense (264.3) (257.3) 3% (223.5) 18% (521.6) (441.1) 18% PPOP 132.4 131.5 1% 148.5 (11%) 263.9 270.4 (2%) Loan losses & provision (60.9) (60.9) 0% (157.7) (61%) (121.8) (372.8) (67%) Net Gain/(Loss) on Fair Value Changes 19.2 14.6 31% 14.0 38% 33.8 26.2 29% PBT 90.6 85.3 6% 4.7 1,833% 175.9 (76.2) --- Profit after tax (pre NCI) 69.0 61.2 13% 2.9 2,279% 130.2 (57.9) --- IIFL Samasta Finance: Financial Performance 35
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10,173 9,650 9,681 10,501 10,813 10,816 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 AUM (₹ Cr) -61 3 19 61 61 69 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 PAT (₹ Cr) -2.7 0.1 0.8 2.6 2.4 2.6 -12.7 0.6 1.1 13.0 12.6 13.9 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 ROA / ROE (%) Return on Assets Return on Equity 4.6 5.0 4.8 3.8 3.3 2.8 1.4 1.5 1.4 1.2 1.0 0.9 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Asset Quality (%) GNPA% NNPA% 28.4 33.4 30.0 26.5 24.9 26.0 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 CRAR (%) 8.2 9.5 9.1 9.8 9.7 9.7 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Opex to Avg AUM (%) IIFL Samasta Finance: Key Highlights (1/2) 36Note: ROA & ROE are quarterly annualized
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6,833 7,044 6,983 7,723 7,899 8,488 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Borrowing (₹ Cr) 2.8x 2.8x 2.8x 2.9x 3.0x 3.1x Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Net gearing 77 77 78 80 81 82 12 13 14 13 12 125 5 4 3 3 36 5 4 4 4 3 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 AUM mix (%) Microfinance MSME Secured Dairy cattle loan MSME Unsecured 10.1 9.7 10.0 9.9 9.8 9.7 14.0 14.4 14.1 14.4 14.6 14.3 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Interest spread COF % Spread % 0.56 0.59 0.63 0.68 0.69 0.70 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Average ticket size (₹ lakhs) 24.1 24.1 24.1 24.3 24.4 IIFL Samasta Finance: Key Highlights (2/2) 37 47 40 43 44 49 48 27 37 36 36 33 34 11 9 7 5 4 3 15 14 14 15 14 15 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Borrowing mix (%) Term Loan Debentures Refinance Securitization & CP 24.0
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GROUP LOANS (MFI) | ₹8,847 Cr | 82% of Total ATS ₹0.6L Yield 23.9% MFI Loan AUM (₹ Cr) 5,821 9,072 11,891 8,735 8,352 8,721 8,847 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 MSME LOAN | ₹1,663 Cr | 15% of Total Secured MSME (LAP) ₹1,327 Cr ATS: ₹4.8L | Yield: 22.9% For graduating MFI customers Unsecured MSME Loan ₹336 Cr ATS: ₹2.2L | Yield: 26.7% All incremental under CGFMU MSME Loan AUM (₹ Cr) 488 1,049 1,604 1,760 1,787 1,744 1,663 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 DAIRY CATTLE LOAN | ₹306 Cr | 3% of Total 175 430 717 598 362 348 306 FY22 FY23 FY24 FY25 FY26 Q1FY27 Q2FY27 • All disbursals made in H1FY27 will be covered under CGFMU IIFL Samasta Finance: Loan Mix and Growth ATS ₹0.7L Yield 24.3% • Small-ticket loans for purchasing dairy cattle CGFMU Cover 90% of book Dairy Cattle Loan AUM (₹ Cr) 38
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CORPORATE INFORMATION Group Structure, Strategy & Governance 39
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Gold Loan Secured MSME Loan Microfinance Other Retail ~ 80% ~ 100% IIFL Samasta FinanceIIFL Home Finance IIFL Finance: Group Structure and Ownership Home Loan Secured MSME, CRE IIFL Finance (Listed) 2010 2016 2011 2022 (Formerly CDC Group) (20% in HFC subsidiary) Since inception, marquee global investors have reposed faith in our business & management Shareholding Pattern % holding Promoters 24.8 Institutional Investors 48.8 Fairfax 13.6 Bank Muscat India Fund 3.3 Abakkus 3.2 Theleme 2.8 Vanguard 2.2 Bavaria Industries AG 1.9 Capital Group 1.9 Blackrock 1.3 Whiteoak 1.3 Alliance Bernstein 1.1 Public & Others 26.4 As of September 30, 2026 40
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Fairfax Nominee Gopalakrishnan Soundarajan Non-Executive Director Former Dy Governor, RBI B. P. Kanungo Chairman & Independent Director CEO, IIFL Home Finance Girish Kousgi Managing Director & CEO Former President, ICAI Nihar Niranjan Jambusaria* Independent Director Former MD, Equifax Kalengada Mandanna Nanaiah Independent Director ADIA Nominee Kabir Mathur Nominee Director Former COO, Titan Bijou Kurien Independent Director Former MD & CEO, SBI-SG Sistla Uma Shanmukhi Independent Director Former CRO, HDFC Limited Mathew Joseph Independent Director Former Corporate Finance Head, Standard Chartered Venkataramanan Anantharaman Independent Director LIC Nominee T S Ramakrishnan Non-Executive Nominee Director MD, IIFL Samasta Finance N Venkatesh Managing Director Partner, ANB Global Nirma Bhandari Independent Director ADIA Nominee Vinod Padikkal Nominee Director Former Director General, Income Tax, Mumbai M. V. Bhanumathi Independent Director Co-founder, IIFL Group R Venkataraman* Joint Managing Director Founder, IIFL Group Nirmal Jain* Managing Director IIFL Home Finance Board IIFL Samasta Finance Board IIFL Finance Board *Denotes common directors on the board of parent and subsidiaries Distinguished Board of Directors in the Company & its Subsidiaries 41 ED, Accenture Mohan Sekhar Independent Director Former Chairman, NHB Srinivasan Sridhar Chairman & Non-Executive Director Former Chairman, NABARD Govinda Rajulu Chintala Chairman & Independent Director
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N Venkatesh MD, IIFL Samasta Finance Leadership program in Microfinance at Harvard Vikas Jain Chief Financial Officer CA, CISA,CISM, PMP Preeti Kannan Chief Human Resource Officer MBA-HR, MS-Psychotherapy & Counselling Rahul Sanklecha Chief Risk Officer FRM, MBA, BE Girish Kousgi MD & CEO, IIFL Home Finance MBA, BCom Anubhav Rajput Chief Technology Officer PGDM - SPJIMR Experience of 25+ years Founder, Samasta Microfinance prior to acquisition by IIFL Experience of 21+ years Hinduja Leyland Finance, Bajaj Finance, Bajaj Housing Finance, PWC Experience of 29+ years Kotak Bank, Bajaj Finance, Fujitsu, Oracle, Mindtree 19+ years of credit & policy experience Poonawalla Fincorp, Lendingkart, ICRA Experience of 25+ years PNB Housing, Can Fin Homes, Tata Capital, IDFC Bank, ICICI Bank Experience of 26+ years PNB Housing Finance, Cholamandalam, MS General Insurance, Max Bupa Health Insurance Nirmal Jain Managing Director PGDM-IIMA, CA, CWA R Venkataraman Joint Managing Director PGDM-IIMB, B.E – IIT, Kharagpur Founded and led IIFL since 1995. Worked with Unilever for 5 years Co-founder of IIFL. Worked with ICICI Bank, Barclays Shivalingam Pillai Chief Compliance Officer CA, CWA, CS Experience of 25+ years Mahindra Finance, HDFC Sales Kirti Timmanagoudar Head – Strategy & IR MBA - TAPMI Experience of 25+ years Brick Eagle, Frost & Sullivan, Geojit, First Global Mayank Sharma Business Head – Gold MBA, Leadership programs from IIMC, ISB Experience of 27+ years in lending, wealth management, broking and insurance in IIFL Group of companies K S Praveen Head – Audit Assurance MS, Kings College, London, MBA, CAIIB Experience of 23+ years with 19+ years serving RBI and a brief stint with Bank of England in Insurance Supervision Samrat Sanyal Company Secretary & Compliance Officer BCom (Honors), CS Bank of America group, Motilal Oswal group, Birla group, TIL group and Martin Burn An Experienced Senior Management with Strong Credentials Govind Modani Head, Treasury CA, BCom Experience of 21+ years in Finance Diversified experience in Treasury Products Swapnil Pawar Head – AI Strategy MBA-IIMA, B.Tech-IITB Experience of 26+ years Scient Capital, ASQI, Engineers Gate 42
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ESG at IIFL Finance: Strategy & Performance Embedding sustainability into the core of business — recognised by external ratings Environmental Climate-conscious operations • ISO 14001:2015 certified for 3 large branches (Mumbai, Thane, Bangalore). • IoT-based energy monitoring system deployed at large offices. • Miyawaki Plantation in Udaipur, Rajasthan- IIFL Foundation planted 11,000 trees in Udaipur using the Miyawaki methodology to enhance biodiversity, increase green cover, and create a self-sustaining native forest ecosystem. Social Inclusive growth + community • CSR in aspirational districts: Baran, Sirohi, Jaisalmer, Baramulla, Kupwara • Sakhiyon Ki Baadi- 715 learning centers benefiting 18,706 girl children • Partnered with Rajasthan Government for the Holistic Development of 102 Government Schools in Udaipur which will benefit 18,256 children. • 11,000 Warkari pilgrims provided with medical assistance in Pandharpur, Maharashtra. • 710 youth empowered through skill development initiatives across India. Governance Strong oversight & transparency • Board-level ESG Committee oversees and approves all ESG initiatives • The Sustainability Report is currently being finalized and is under external assurance review. • Sustainability Report aligned with GRI Standards 2021 + IFRS SDS • First year of external BRSR Core assurance — no major observations (TUV India) • MD chairs FICCI NBFC Committee — sector advocacy & policy engagement External ESG Ratings & Recognition As at September 2026 | All ratings improved or stable vs March 2026 | Reflects strengthened governance, disclosures, and ESG integration Sustainalytics Risk Rating 19.1 (25.9 earlier) Medium Risk → Low Risk S&P Global CSA 2025 46 Maiden participation ESG Risk.ai 70 (69 earlier) Rating: Strong NSE 69 (66 earlier) Rating: Aspiring CRISIL 66 (60 earlier) Rating: Strong 43
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Strong board oversight, audited disclosures, and sector leadership Board-Level ESG Committee Oversees and approves all ESG initiatives. ESG function undergoes annual internal audit in addition to limited external assurance of the Sustainability Report conducted by BDO India First Year of External BRSR Assurance Reasonable Assurance for BRSR Core (ISAE 3000 Revised, ISAE 3410) by TUV India. FY26 assurance completed with no major observations. Globally Aligned Disclosures Among the few Indian companies preparing Sustainability Report per GRI Standards 2021 (in accordance) and aligned with relevant sections of IFRS Sustainability Disclosure Standards(S1& S2). Policy Architecture Strengthened (FY27) Enhanced transparency, governance Public Disclosure 5 key policies (IT policy, HR handbook, etc.) moved from internal to public domain on website Policies Adopted Tax Policy and Human Rights Policy adopted with Board approval ABAC Policy Refresh Anti-Bribery and Anti-Corruption Policy modified and re-approved by the Board Industry Leadership Mr. Nirmal Jain, Founder & MD of IIFL Finance, chairs the FICCI NBFC Committee — driving sector advocacy on credit delivery to unbanked / underbanked populations, diversified funding access, and bank-NBFC co-lending. Governance, Disclosures & External Recognition 44
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Q2FY27 (₹ Cr) Standalone Home Finance Samasta Intergroup & Other Subsidiaries Consolidated Interest income 2,034.2 816.2 514.4 25.0 3,389.8 Interest expense (1,195.9) (491.0) (222.1) 0.4 (1,908.6) NII 838.3 325.2 292.3 25.4 1,481.1 Non-fund income 580.1 194.8 104.4 (21.0) 858.4 Total income 1,418.4 520.0 396.7 4.4 2,339.6 Operating expense (524.5) (190.1) (264.3) (5.6) (984.5) PPOP 893.9 330.0 132.4 (1.2) 1,355.1 Loan losses (136.5) (83.3) (60.9) 0.0 (280.8) Core PBT 757.4 246.6 71.5 (1.2) 1,074.3 FV changes (14.4) (5.4) 19.2 0.0 (0.6) PBT 743.0 241.3 90.6 (1.2) 1,073.7 Profit after tax (pre NCI) 548.5 188.7 69.0 (1.2) 805.0 Reconciliation: Consolidated Results with Group Entities 45
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Financial Targets: FY27 & 3-Year Plan Near-term FY27 targets alongside the medium-term (FY28–FY30) trajectory across key performance metrics FY27 TARGETS ~25% AUM Growth 1.5-1.7% Credit Costs 3.1–3.3% ROA 16–20% ROE Equity raise amount will have impact 35–40% Off-book Loan Assets 3-YEAR PLAN (FY28 –FY30) ~20% AUM CAGR 1.0–1.2% Credit Costs 3.6–3.8% ROA 18–20% ROE ~40% Off-book Loan Assets 46 These targets are forward-looking statements based on current assumptions, are subject to risks, uncertainties, and factors beyond management's control.
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Link to databook 47 Click here to download databook Click here to download databook Data reported across previous quarters is now continued to be reported in a Data Book, maintained in an excel format on our website. The Link for the data book is hosted below.
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Thank You Published October 2026 IIFL Finance Ltd. All rights reserved. Regd. Off: IIFL House, Sun Infotech Park, Road No. 16V, Plot No.B-23, Thane – 400604. This report is for information purposes only and does not construe to be any investment, legal or taxation advice. It is not intended as an offer or solicitation for the purchase and sale of any financial instrument. Any action taken by you on the basis of the information contained herein is your responsibility alone and IIFL Finance Ltd (hereinafter referred as IIFL) and its subsidiaries or its employees or directors, associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained herein, but do not represent that it is accurate or complete. IIFL or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this publication. The recipients of this report should rely on their own investigations. IIFL and/or its subsidiaries and/or directors, employees or associates may have interests or positions, financial or otherwise in the securities mentioned in this report. I I F L F I N A N C E L T D . 48