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L&T FINANCE Investor Digital Day Tech Vision & Execution Roadmap L&T FINANCE
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L&T FINANCE 2 Disclaimer L&T Finance Limited (formerly known as L&T Finance Holdings Limited) (the “Company”) offers a range of financial products and services under the L&T Finance (LTF) brand. The information provided in this presentation by the Company is for information purposes only. This presentation or any information herein shall not be used, reproduced, copied, photocopied, duplicated or otherwise reproduced in any form or by any means, or re-circulated, redistributed, passed on, published in any media, website or otherwise disseminated, to any other person, in any form or manner. This presentation does not constitute an offer or invitation or inducement to purchase or sell or subscribe to, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment thereof. This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement or an offer document to purchase or sell securities under the Companies Act, 2013 and the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Securities and Exchange Board of India (Issue and Listing of Non-convertible Securities) Regulations, 2021 or any other applicable law, as amended from time to time. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. No representation, warranty, guarantee or undertaking, express or implied, is or will be made or any assurance given as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information, estimates, projections or opinions contained herein. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. The statements contained in this presentation speak only as at the date as of which they are made, and 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. Neither the Company nor any of its affiliates, its board of directors, its management, advisers or representatives, or any other persons that may participate in any offering of securities of the Company, shall have any responsibility or liability whatsoever (in negligence or otherwise) for any loss (direct or indirect) howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. Certain statements made in this presentation may be “forward looking statements” for purposes of laws and regulations of India and other than India. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition, general business plans and strategy, the industry in which the Company operates and the general, business, competitive and regulatory environment of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions, including future changes or developments in the Company’s business, its competitive environment, information technology and political, economic, legal, regulatory, environmental and social conditions in India, which the Company believes to be reasonable in light of its operating experience in recent years. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. The distribution of this presentation in certain jurisdictions may be restricted by law and persons in whose possession this presentation comes should inform themselves about, and observe, any such restrictions. The financial figures, information, data and ratios (audited and unaudited) other than consolidated PAT, provided in this presentation are management representation based on internal financial information system of the Company. These financial figures are based on restatement of certain line items in the consolidated financial statements of the Company and describe the manner in which the management of the Company monitors the financial performance of the Company. There is a possibility that these financial results for the current and previous periods may require adjustments due to changes in financial reporting requirements arising from new standards, modifications to the existing standards, guidelines issued by the Ministry of Corporate Affairs and RBI. By accessing this presentation, you accept this disclaimer and that any claims arising out of or in connection with this presentation shall be governed by the laws of India and the courts in Mumbai, India shall have exclusive jurisdiction over the same. Disclaimer clause of RBI: The Company has a valid certificate of registration dated April 29, 2024 issued by the RBI under section 45 IA of the RBI Act (pursuant to the change in name from LTFH to LTF). However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the Company, or for the correctness of any of the statements or representations made or opinions expressed by the Company, and for repayment of deposits/ discharge of liabilities by the Company.
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L&T FINANCE INTERNAL 3 Mr. Sudipta Roy Managing Director & CEO With L&T Finance since : July, 2023 Total years of experience : 29 years Past Experience : ICICI Bank, Deutsche Bank, Citibank N.A. Educational Qualification : MBA - XLRI Jamshedpur B.Tech. (Hons.) - IIT Kharagpur
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4 What did we achieve since we last met?
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5 5 1. We accelerated our core businesses & added new growth engines Disbursement in ₹ Cr 39% 5,758 8,009 Oct'24 Oct'25 RETAIL FINANCE 42% 1,528 2,169 Oct'24 Oct'25 21% 994 1,204 Oct'24 Oct'25 49% 2,489 3,697 Oct'24 Oct'25 17% 411 482 Oct'24 Oct'25 Rural Business Finance Farmer Finance Urban Finance SME Finance - 457 Oct'24 Oct'25 Gold Loan Finance Highest ever monthly retail disbursement by LTF in Oct’25 New Business % Growth%
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6 6 2. We scaled our proprietary AI powered risk administration stack Project Cyclops 1 Mn+ Lines of code 55+ Algorithms 75+ Engineers & Data scientists 50 - 700 Milliseconds Avg Latency (model –wise) ~ 1 Mn Loans underwritten 2 Mn+ API Calls/month Project Nostradamus (Beta) 13+ Algorithms 200+ Banking Variables 30+ Engineers & Data Scientists Q1 FY25 Q2 FY25 Q3 FY25 Q1 FY26 Q4 FY25 ◆ Cyclops extended to select dealerships in TW . ◆ Launched Beta version of Cyclops in TW. Conceptualization of Nostradamus ◆ Scaleup in Farm &TW finance. Launched in SME business,. Initiated build of Nostradamus ◆ Fully operationalized “Cyclops 2.0” & extended to 100% dealers in Farm ◆ Project Cyclops 100% live in SME Finance. Launched beta version of Nostradamus for TW ◆ 100% dealer coverage in TW Finance. Launched cyclops in Farm 11+ Dashboards
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7 7 3. We scaled up digital partnership disbursements to meaningful volumes Launched in Home Loans & Two-Wheeler Extended to Personal Loans Ramped up partnerships Q1 FY25 Q2 FY25 Q3 FY25 Q1 FY26 Q2 FY26 Q4 FY25 Launched partnership Launched partnership Launched partnership Ramped up partnerships - 13 157 415 651 1,138 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Big Tech partnerships disbursements AI/ML Based offer model SaaS Stack for LOS 100+ APIs for real time verification Launched partnership 57% 75% % Growth% Long runway of untapped growth potential available through our large partnerships Disbursement in ₹ Cr
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8 4. We started gold loans to introduce a high yield low risk product ▪ LTF’s strategy to expand into high yield secured gold loans, market growing at CAGR of 20%+ ▪ ₹ ~17K crores of gold loans borrowed by existing micro loans customer, potential to enable cross sell ▪ Inorganic acquisition resulting in quick go-to-market with ~700 employees & 130 branches ▪ End-to-end tech & business integration completed in 3 months ▪ Opportunity to scaleup organically through new branches; 200+ new branches to be opened by Mar’26 Rationale for acquisition of Gold Loan Business Launched the first new Sampoorna Gold Loan branch in Ujjain on 30th Oct’25 Rapid scale up of gold loan business to create meaningful share of AUM in long term 8
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L&T FINANCE 9 * Data as on Sep’25 Planning & execution rigour have been the cornerstone of our delivery 19% YoY growth in Oct’25 with Retail book over 1 lac Cr* | Retailisation @98% Sustained RoA @ 2.4%* despite headwinds across sectors Disbursement growth of 39% YoY from Oct’24 to Oct’25 Improved Oct’25 CE to 99.57% in RBF in a holiday dense festive month Gold Loan acquisition completed & fully integrated, AUM of ~ ₹ 1500 Crs Customer Franchise of 27 Mn, with 2 Mn addition over last 12 months Stronger and Visible Brand - 32%** brand association with Retail, Digital & Sustainable ** As per Marketvistas July’25
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10 A day in LTF
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1111 Video – A Day at LTF CONFIDENTIAL
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12 Future proofing organization through conscious culture change Credit Culture Focus on right customer selection across distribution & support teams followed by rigorous portfolio review processes Collaboration Culture Silo to Matrix structure implemented through zonal retail business heads has ensured faster time-to- market implementation of initiatives & policies. Focus on implementing non-political & non-hierarchical implementation mindset Learning & Caring Organization 20+ offices upgraded, special focus on health & safety of women employees .Company subsidised MBA programs started for employees. Introduction of emergency care & response system for employees Growth Orientation Rigorous Long Range Planning exercise along with granular review mechanisms instituted to ensure acceleration of sustainable growth momentum Tech Mindset Huge push to lift the “Tech DNA” of the organization including democratization of AI tools down to field force & up-skilling of non-tech professionals through customized technology training programs Innovation Mindset Focus on technology experimentation & tolerance to failure has led to innovative solutioning of high impact problems in a short time frame Can Do, Will Do, Will Get It Done
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13 Let us hear what our employees & partners have to say about us
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1414 CONFIDENTIAL
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15 Our culture change initiatives are starting to pay dividends Product mindset developed within engineering teams has enabled blitzscaling of technology products & solutions Distribution teams have started focusing on risk calibrated granular distribution Adoption of Cyclops by TW distribution team has led to market share gain due to improved confidence by the dealer community on the robustness of underwriting Percolating tech mindset down to frontline helping in rapid tech tools adoption & productivity gains Multi product Sampoorna branches to leverage local cross sell potential & defray cost across multiple business line Initiatives in talent management & building a caring organization has resulted in annualized attrition drop by 5% & 30% increase in female headcount in organization Build of risk calibrated mindset across business & risk teams with singular focus on minimizing credit cost Movement to matrix structure has made P&L ownership visible down to the branch level Instant inter-departmental feedback loops sharpening outcome delivery
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16 Accelerated culture change to speed up organisation transformation Faster rollout of product variants cutting time to market Increased acquisition momentum of existing lines of business at lower Customer Acquisition Cost Lower attrition rates leading to stability of talent density & longevity Focus on AI & tech to allow us to leapfrog market share gain resistance Continuously improving risk-cost trajectory, while eliminating cyclicality Kick-start the flywheel for further profitability improvement
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17 Planning for the road ahead
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18 18 Demographic dividend & urbanization accelerating credit growth ✓ Expansion beyond metros ✓ Emerging informal segments ✓ Evolving aspirational spending ✓ Digital borrowing behaviour Young and Gen Z borrower will drive credit growth Key Growth Drivers Semi-Urban and Rural credit demand expected to grow and outpace Urban Metro Fast emergence of Semi Urban and Rural geographies ✓ Rising income & consumption ✓ Govt led Infrastructure push ✓ Govt Schemes catalysing growth ✓ Digitalization & Financial inclusion Key Growth Drivers Government’s Manufacturing and Exports push to drive MSME contribution to overall GDP Large unmet MSME credit growth demand offers substantial growth opportunity ✓ Manufacturing & Export push ✓ Rapid MSME formalisation ✓ Cashflow based lending ✓ Digital platforms Key Growth Drivers Strong macro-economic fundamentals to drive industry credit growth LTF uniquely placed to take advantage of strong rural & urban footprint
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19 19 Fully implemented India stack will turbo charge credit growth Functionality Core Impact Aadhaar Biometric Authentication Digital ID enabling verified access to public and private services 1.4Bn people enrolled 1.1Bn+ linked bank accounts ULI (Unified Lending Interface) Digital-first access to credit by facilitating credit delivery 56 Lenders Onboarded to ULI Account Aggregator AA framework enabling seamless consent-based financial account access 220 Mn Linked accounts e-KYC Instant, verifiable digital KYC for frictionless onboarding 23.9Bn e-KYC done e-Sign Legally valid digital authentication 310Mn e-signs issued Digilocker - store, retrieve, digital docs Digital document wallet to store authentic documents 9.25Bn+ documents stored UPI - pay/ make transfer using standard user ID Instant real time payment system developed by NPCI 172Bn Transactions in 2024 ONDC (Open Network for Digital Commerce) Open, interoperable network for digital commerce 0.7Mn sellers Registered on ONDC OCEN (Open Credit Enablement Network) Framework of APIs for interaction between lenders, loan agents and etc. 0.7Mn sellers Onboarded on OCEN pilot project Source: UIDAI Aadhar Dashboard, RBI Hub / ULI, Department of Financial Services, DigiLocker, ONDC, NPCI Statistics FREE AI – Regulatory principles for AI in the BFSI industry in India
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20 20 Engines powering LTF’s future growth story People Right mix of vintage & fresh talent for symbiotic growth Event like RAISE has converted us into a magnet for technology talent Risk & Controls Seasoned risk, policy & compliance team for risk calibrated scaleup Strengthen Model Risk Management team in line with increase in AI/ML models Data & AI Cyclops & Nostradamus offers a competitive edge by strengthening credit underwriting & portfolio monitoring Depth of distribution Our presence across rural & urban India will drive business growth in emerging markets & geographies Technology Platforms Modular neo tech stack with microservices API FY27 focus on service intelligence,system resilience & performance
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21 Focused objectivesfor us in next 12 to 18 months Build an AI based next generation collection stack to improve collection yields & optimize collection costs Initiate & complete build of Service Intelligence layer Drive 20 – 25% risk calibrated AUM growth Achieve an RoA in the corridor of 2.8 – 3.0% by Q4FY27 Drive credit cost down towards a 2% threshold Announcement of Lakshya 31 goals in Q1FY27
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22 To become India's pre-eminent Risk first, Technology first, multi- product retail financier of choice
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L&T FINANCE INTERNALMr. Ramesh Aithal Chief Digital Officer With L&T Finance since : February, 2024 Total years of experience : 28 years Past Experience : Elastic Search BV, Zenefits, Goldman Sachs, Ness Technologies, Citibank N.A. Educational Qualification : B.E. - NIT Surathkal 23
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L&T FINANCE 24 Where is the tech BFSI industry headed... MULTIMODAL AUTHENTICATION Enhance security by combining multiple verification methods - like biometrics, voice, and behaviour- to ensure seamless and fraud-resistant user access MULTI-STEP WORKFLOWS WITH AI-BASED AUTOMATION Systems that plan, execute and optimise multi-step workflows rather than only respond CONTEXTUAL FINANCE Customise every interaction, product, pricing, recommendation based on customer behaviour, context, life-events, predictive analytics. VOICE AND CONVERSATIONAL BANKING Embedded into voice interfaces so users transact, ask questions, get advice just by speaking Agentic AI AI system that can accomplish a specific goal with limited supervision INTERNAL 24
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L&T FINANCE 25 Implementing Futuristic Digital Architecture – Vision 1.0 Customer Intelligence Credit Intelligence Portfolio Intelligence Service Intelligence Customer Consent & Verification Branch FLS/DSA Call Centre App Social Media Website Acquisition Layer Portfolio Layer External Data Sources CUSTOMER DATA REPOSITORY Unified Customer Experience Information Security Product Technology Stack Open API & Microservice based architecture External Marketplaces DATA INTELLIGENCE LEARNING LAYER
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L&T FINANCE 26 Implementing Futuristic Digital Architecture – Vision 2.0 Customer Intelligence Credit Intelligence Portfolio Intelligence Service Intelligence Customer Consent & Verification Branch FLS/DSA Call Centre App Social Media Website Acquisition Layer Portfolio Layer Real time Intelligence and Learning Layer Technology Modernization across value chain DATA INTELLIGENCE Unified Customer Experience Zero Trust Architecture Product Technology Stack Open API & Microservice based architecture Bureau, AA Unified customer data platform External Marketplaces Project Cyclops Nostrad- amus PLANET External Data Sources
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L&T FINANCE 27 Implementing Futuristic Digital Architecture – Vision 2.0 Customer Intelligence Credit Intelligence Portfolio Intelligence Service Intelligence Customer Consent & Verification Branch FLS/DSA Call Centre App Social Media Website Acquisition Layer Portfolio Layer Real time Intelligence and Learning Layer Technology Modernization across value chain DATA INTELLIGENCE External Data Sources Unified Customer Experience Zero Trust Architecture Product Technology Stack Open API & Microservice based architecture Bureau, AA, tech signals Unified CDP External Marketplaces Project Cyclops Nostrad amus PLANET Acquisition layer
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L&T FINANCE 28 Accelerate business Gold Loans New business acquisition Embedded Finance 2.0 A vast ecosystem of partners increasing the funnel Micro LAP (RBF) New product launched for LAP loans for our rural customer Supply Chain Finance (SME) Catering to the working capital requirements of organizations Product Launches
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L&T FINANCE 29 Gold loans: Acquired business to LTF Pre-Go live set up & Day 0 readiness End-to-end tech integration completed in 9 weeks Multiple live-live Command Centers 24x7 Monitoring 2000+ CCTVs across 130+ branches Centrally controlled two-factor authentication for vaults A transformation built on discipline and speed Technology upgraded to match enterprise benchmarks Loan journey, Collections and D2C set up 100% regulatory and risk compliance 100% Connectivity for all branches One Time Code (OTC) Vault set up Employee transition and HRMS set up
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L&T FINANCE 30 Customer acquisition at scale and low latency Cloud native Smart load balancing Microservices based architecture Engineered for faster partner onboarding Modular journeys Open API stack Self testing frameworks: (Testing, blackbox, policy, model) March'25 Sept'25 Value creation Disbursement increase → 2.5x 3 10 Mar'25 Sept'25 7+ market place partners onboarded in 6 months Deliverable tailored to each partner API orchestration Credit policy Deployment Embedded Finance 2.0 And this is how finance becomes invisible, intuitive and truly embedded *Mentioned list of brands is not an exhaustive list – it has been placed for an indication
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L&T FINANCE 31 Accelerate business Gold Loans product launch End-to-end set up and integration completed in 9 weeks Embedded Finance 2.0 A vast ecosystem of partners increasing the funnel Micro Enterprise Loans (RBF) New Product launched for individual entrepreneurs in rural segment Supply Chain Finance Catering to the working capital requirements of organizations Product Launches AI-ML based sales augmentation AI based outbound calling Introduced AI voice agent for outbound calling for pre-qualified leads: Personal loans Loan offer pod <> Gold Loans New business acquisition Embedded Finance 2.0 A vast ecosystem of partners increasing the funnel Supply Chain Finance (SME) Catering to the working capital requirements of organizations Product Launches AI-ML based sales augmentation AI-based outbound calling Introduced AI voice agent for outbound calling for pre-qualified leads: Personal loans Loan offer pod A central repository to manage all the loan offers Micro LAP (RBF) New product launched for LAP loans for our rural customer
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L&T FINANCE 32 AI-based outbound calling Introduced AI voice agent for outbound calling for pre-qualified leads: Personal loans Real-time Dashboards Live performance metricsQuick Lead Filtering Identify high-quality prospects quickly Parallel Calling Handles multiple calls at once Rapid feedback loops and always-on sales team Improved lead engagement TAT 80% ✓ Human-like, dynamic dialogue ✓ Multi-lingual ✓ Pitch the offer correctly
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L&T FINANCE 33 Impact Live nudges to customers Multi-product pre-approved Full end-to-end automation Augmented with Agentic AI Real time offer delivery & expiry Upgraded process Loan Offer Engine Customer- facing channels Analytics Mart Automated feedback loop Offer nudge Real-time Offer Push/ Pull ML Models Loan offer pod Maximize customer lifetime value by increasing product per customer Status quo Largely manual Compromised customer experience
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L&T FINANCE 34 Login Login Event-Driven Microservices Identity checks Contactability Digilocker -100%* V-KYC -100%* Address checks, dedupe Geo spatial checks Land verification Face match - 100% Liveliness - 100% • 10K+ API calls / minute Credit decisioning – a dense ecosystem engineered for scale, complexity and accuracy Autonomous decision layer Cognitive Risk Layer (AI + ML Models) Anomaly detection AML repository Fraud risk Internal dedupe Ensemble • 50+ validations to approve 1 case *Metrics for specific products ^BGV: Background Verification Industry & Cross- Entity Intelligence Risk assessment Income assessment Business rule engine Cyclops Nostradamus Score cards Trust signals Alt data Unique ID EWS Data vitals
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L&T FINANCE 35 Model decision TAT < 3 Sec | 20+ APIs, 55+ Models Cyclops Next gen credit underwriting engine Thick file case processing Banking + credit score card NA/RejApproved Payments AA NA/RejApproved Payments AA + credit score card credit score card NA/RejApproved NA/RejApproved Banking / AA NA/RejApproved1 2 3 4 5 Cyclops: Built strong, designed for volumes, velocity, variety and veracity End-to-end traceability of Models Model transparency and early anomaly detection Real-time monitoring & performance benchmarking Ability to give an output with unstructured data sets SME Loan (100% Live in Sep’25) Personal Loan (Under implementation) Farm Finance (100% Live in Aug’25) Two-Wheeler (100% Live in Jan’25) Rural Business Finance (Specs formulation) Mortgages Loan (Specs formulation)
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L&T FINANCE 36 Implementing Futuristic Digital Architecture – Vision 2.0 Customer Intelligence Credit Intelligence Portfolio Intelligence Service Intelligence Customer Consent & Verification Branch FLS/DSA Call Centre App Social Media Website Acquisition Layer Portfolio Layer Real time Intelligence and Learning Layer Technology Modernization across value chain DATA INTELLIGENCE External Data Sources Unified Customer Experience Zero Trust Architecture Product Technology Stack Open API & Microservice based architecture Bureau, AA, tech signals Unified CDP External Marketplaces Project Cyclops Nostrad amus PLANET Portfolio layer
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L&T FINANCE 37 Automated allocation engine Personalized outreach Collections 360 Best-in-class collections models Internal + External data Automated Digital curricula Bionic contact center High performing field agencies GenAI content factory ⚠ Reminder: Upcoming EMI! Payment of Rs 43,000 is due on 5th May against your Personal Loan ending with 3434. M DUS 124 SMS GenAI knowledge assist Collections Command Center Best-in-Class Journeys Feet-on-street app Collections CRM Payment, Settlement, Charges.. Planet App Agent assist, automated refer-out Automated FOS allocation Whatsapp, VoiceAI Re-allocation decisions Refer-out decisions Unstructured data extraction with GenAI Data & Analytics Allocation engine Optimized channels Command center Self-cure, roll-forward, settlement Real-time Alerts, Insights, Action GenAI quality monitoring Full stack collection – AI based Smarter collections, stronger portfolio performance
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L&T FINANCE 38 PLANET 3.0: Bigger, Better, Bolder Collections Smart, automated collection journeys delivering growth through digital nudges, predictive insights, and cost-efficient recovery 360 business enablement Comprehensive coverage across the complete business landscape, driving multi-segment growth Engagement Unlocking data-driven engagement at scale, with robust user activity and smart personalization that fosters retention and upsell Servicing Delivering industry-best digital servicing with 230+ options, enabling instant resolutions and enhancing post-loan experience.
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L&T FINANCE 39 PLANET 3.0: Cost-efficient collection engine Smart digital nudges and disciplined execution H1 FY25 Collections: ~1,200 Cr Collections: ~2,500 Cr H1 FY26 54% 11% 7% 5% 1% 22% 43% 15% 4% 6% 2% 30% Foreclosure PaymentsPart PaymentsEMI Payments Charge Collections Debtor Collections Upcoming EMI 120 Cr+ High DPD collections 20K+ Mandate swap resolutions 35 Cr + Charge collections 2X
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L&T FINANCE 40 PLANET 3.0: Industry best servicing Branch 2% Call Center 5% Chatbot + Whatsapp 3% 88% IVR 2% Providing seamless experience with 236 servicing options, ensuring convenience at every step Servicing channel distribution Payments EMI Advance EMI Part payment Document Servicing • Welcome Kit • SOA • RPS • Interest certificate • Foreclosure report • NOC Kit • Welcome Letter • Sanction Letter and more….. Profile view & update • Registered number • Alternate number • Vehicle details • Address Customer feedback In-app customer feedback Compliant journey Refer a friend Foreclosure
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L&T FINANCE 41 PLANET 3.0: Force multiplying business volumes Accelerated growth 20 + Digital business journeys Personal Loan 1,400 Disb (₹ in Cr) HL & LAP 300 Business Loan 1,400 Two Wheeler Loan 55 H1 FY24 H1 FY25 H1 FY26 650 1,500 2,500 Cross-sell & Up -sell (in Cr) 4 X Enhanced Cross-sell Unified data and contextual journeys allow intelligent product recommendations, helping customers discover relevant offerings and boosting portfolio growth Integrated Journeys 20+ digital journeys seamlessly connect users across loan, payment, and service touchpoints, ensuring a smooth experience that drives higher engagement and conversions Smart Digital Enablers Faster Fulfilment The app enables customers to express interest for any LTF product with just a few basic details, instantly providing personalized offers and a seamless application experience H1 FY24 H1 FY25 H1 FY26 220 570 650 New to LTF (in Cr) 3 X H1 FY26 metrics Rural Loan 100 *Two wheeler loan journey built in FY26
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L&T FINANCE 42 PLANET 3.0: Customer Engagement Introducing 1st in industry conversational agent ‘1st in industry’ is basis an internal assessment of peer applications in the BFS sector available in the public domain
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L&T FINANCE 43 PLANET 3.0: Customer Engagement Introducing 1st in industry conversational agent Voice agent capabilities Loan servicing and query handling Existing & new loans User Experience Response time, acknowledgements, language switching Live – Oct’25 (CUG) Factual correctness of policy, loan details and process Real time transcripts Emotional aware response Interruptions Handling ‘1st in industry’ is basis an internal assessment of peer applications in the BFS sector available in the public domain Multi-lingual capabilities
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L&T FINANCE 44 PLANET 3.0: Impacting the ecosystem Customers Organization PartnersFintech ecosystem
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45 45 Introducing The All New Partner PLANET
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46 46 Building a smarter dealer ecosystem Personalized dashboard
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47 47 Building a smarter dealer ecosystem One step TA withdrawal
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48 48 Building a smarter dealer ecosystem Comprehensive TA details
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49 49 Building a smarter dealer ecosystem Real Time Retail dashboard
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50 50 Building a smarter dealer ecosystem Complete Portfolio summary When our partners win, we win
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L&T FINANCE 51 Implementing Futuristic Digital Architecture – Vision 2.0 Customer Intelligence Credit Intelligence Portfolio Intelligence Service Intelligence Customer Consent & Verification Branch FLS/DSA Call Centre App Social Media Website Acquisition Layer Portfolio Layer Real time Intelligence and Learning Layer DATA INTELLIGENCE External Data Sources Unified Customer Experience Zero Trust Architecture Product Technology Stack Open API & Microservice based architecture Bureau, AA, tech signals Unified CDP External Marketplaces Project Cyclops Nostrad amus PLANET Technology Modernization across value chain Tech modernization for sustainable growth
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L&T FINANCE 52 Tech modernization for sustainable growth Agentic AI Engineering Resilience Product mindset
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L&T FINANCE 53 Tech modernization for sustainable growth Agentic AI Engineering Resilience Product mindset
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INTERNAL 54 Leveraging Agentic AI • Identity & fraud protection • Risk prediction, credit and sanction 2. DECISION MAKING Document Intelligence Anomaly Detection, Fraud scores 1. CUSTOMER EXPERIENCE • Virtual Assistants, Servicing Agents • Product Offerings Conversation Agent – PLANET App AI Sales Co-pilot, Sales Outbound Calls 3. PRODUCTIVITY • Product development • Production support 54
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L&T FINANCE 55 Leveraging Agentic AI: Product development Product design Launch Requirement creation Infrastructure and architecture designProduct development Testing AI Test assist Product requirement agent Agentic workforce for legacy application migration AI code assist Standard software development process Early outcomes of adoption giving positive results 60% Adoption rate 30% code acceptance rate 15% improvement in productivity
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L&T FINANCE 56 Leveraging Agentic AI: Production support 1 Predictive monitoring - Detecting inconsistencies in performance, latency, or load patterns before impact 2 Intelligent scaling - AI-driven capacity forecasting and automated infra right- sizing 3 Auto-remediation - Agentic bots executing predefined recovery playbooks 4 Security intelligence AI-based threat detection and behavior anomaly spotting
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L&T FINANCE 57 Tech modernization for sustainable growth Agentic AI Engineering Resilience Product mindset
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L&T FINANCE 58 Product mindset Build products for strategic competitive advantage Better end user experience Faster Go-to- market Full control and customization Data Security & Compliance Cyclops Multibureau BRAKE App Dockerized rule engine Loan offer pod Nostradamus Consent framework API factory
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L&T FINANCE 59 Tech modernization for sustainable growth Agentic AI Engineering Resilience Product mindset
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L&T FINANCE 60 60
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L&T FINANCE 61 Resilience @Scale Observability Compute & scalability Always ‘on’ architecture Operational continuity • Real-time APM, AI-driven Anomaly Detection for proactive alerting • 70% incidents prevented before impact • 99% System availability • Fault-Tolerant microservices & planned system redundancies • Asynchronous communication • Third party resilience • Interdependency mitigation • Business continuity management • 100% Customers application on cloud • On demand resource provisioning • Auto scaling to handle peak transaction loads
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L&T FINANCE 62 Cyclops dashboard Infra dashboard Nostradamus dashboard Services dashboard Sourcing stagewise tracking GKE dash oard Resilience @Scale
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L&T FINANCE 63 Resilience @Scale H1FY25 H1FY26 Increased deployment throughput H1FY25 H1FY26 Increased overall API calls H1FY25 H1FY26 Reduced user support tickets H1FY25 H1FY26 Reduced disaster recovery time 2.5x 2.1x 2x2.5x
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L&T FINANCE 64 227 54 714 46 Payment model Geo model 1 Banking model Geo model 2 Model wise Average Latency (ms) 149 30 147 AA Status Alternate data 1 Trust score AA Response API wise Average Latency (ms) 8.03 8.42 9.87 9.89 10.70 15.04 22.34 Apr'25 May'25 Jun'25 Jul'25 Aug'25 Sept'25 Oct'25 Transactions/ month (#API calls) Peak Volume days (#API calls) (API call in lacs) Dhanteras Diwali Day 2 Navratri 2024 2025(API call in lacs) 2.8x increase in 7 months Data as on 30th Oct’25 Latency better than industry benchmarks < 200 ms Horizontal architecture supports massive volume handling Resilience @Scale - Cyclops
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INTERNAL 65 Cyclops doesn’t BLINK Engineered for Zero Downtime
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66 Looking ahead 1 Re-engineer business workflows for scale through innovation in architecture, automation, and digital design 2 Strengthen the AI-driven collections stack for intelligent, automated, and insight- led recoveries 3 Advancing toward an AI-led service ecosystem that anticipates needs, personalizes engagement, and acts proactively 4 Augment in-house productization by designing modular, reusable and outcome- oriented platforms that power business growth 5 Evolve our “always-on” digital backbone into a self-healing, adaptive, and continuously optimized ecosystem — ensuring reliability at scale
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L&T FINANCE INTERNAL With L&T Finance since : April, 2024 Total years of experience : 25+ years Past Experience : Agoda, Flipkart, Jio, Intel Educational Qualification : Ph.D. in AI - Stanford University, MS - University of Tennessee, B.Tech (Hons.) - IIT Kharagpur 67 Dr. Debarag Banerjee Chief AI & Data Officer
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68 Optimized LTV Prime Segment Growth Onboarding Yield ROA AI: Improving ROA and Market Growth Operating cost Cost of funds Collection cost Credit Cost Credit Cost Cyclops ROA Collection cost Nostradamus Credit Cost Cyclops ROA Agentic AI Operating cost Collection cost Nostradamus Credit Cost Cyclops ROA
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69 02 Nostradamus 01 Cyclops 03 Agentic AI Agenda 04 Data Governance 69
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70 02 Nostradamus 01 Cyclops 03 Agentic AI Agenda 04 Data Governance 70
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71 Next Gen Underwriting – Two-Wheeler (TW) Cyclops TW Cyclops 1.5 TW Cyclops 2.0 Addition of New External Data sources Digital Footprint Credit Bureau Index Additional Features Dealer Scorecard Fraud Model ML Model Credit Bureau Model Banking Model Geo Location Model First-time Borrower Model Payment Model Ensemble Models Bureau + Banking First-time Borrower + Banking Model Bureau + Payment First-time Borrower + Payment Model First-time Borrower + Geo Location Model Raw Data Credit History Bank Statements Payments Info Home Location Customer’s Past Performance Segmentation Segment 5 Segment 4 Segment 3 Segment 2 Segment 1 17 Scorecards TW Cyclops 1.0 INTERNAL 71
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72 Cyclops 3.0 to Incorporate Shikhandi (Mule) Model How we are catching a Shikhandi (mule)? Actual Buyer (Bad Credit) Borrower on File (Good Credit) Shikhandi Model Lender (LTF) L&T Finance Data Relations Applicant Asset Credit Insurance Probability to default reduces by 66% Catching Shikhandi through data Probability of default appears Low but is actually High L&T Finance has overcome the significant challenge of mule detection, a problem that has long troubled the financial industry INTERNAL Mule Customer Predicts if the Applicant is a Mule 72
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73 Taking Cyclops to Production: Collaboration Cyclops Teams Testing Ensures project quality by identifying defects and validating functionalities. IT Infra & Networking Ensures robust infrastructure and seamless network performance Digital Builds a strong backend & ensuring smooth API functionality Model Risk Management Ensures models are accurate, reliable, and used appropriately by identifying, assessing, and mitigating model risks Infosec Protects the project’s data and systems by ensuring security policies, risk management, and compliance with cybersecurity standards Business Defines requirements, sets priorities, and ensures business value is delivered Legal & Compliance Ensures compliance, manages risk, and handles legal documentation. Credit Combining Business rules with ML models to decide loan amount & Interest rates. Data Designs and maintains the data architecture that powers enterprise reporting and analytical models Decision Science Develops analytical models to enhance underwriting decisions by leveraging customer data While 95% of AI initiatives fail to make it to production, Cyclops stands out as a proven success story built on effective multi-team collaboration INTERNAL 73
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74 AI is at the forefront of the innovation initiatives at LTF LTF in AI AI Team • Analytics team (72) • No AI team • Data was part of IT AI Systems AI Initiatives AI Community Before *MC – Managing Committee LTF in AI AI Team • New Team (137) • Enabled Org (led by MC*) • Data + AI Together AI Systems AI Initiatives • RAISE 24 • Pearl Challenge • RAISE 25 AI Community After • Nascent Cloud • Only Gemini 1.5 • Adhoc tools • Basic AI prompting • Cyclops in planning • No tech branding • MultiCloud • Multi-LLM • Data Governance tool • AI Ops Systems • Agentic AI • Cyclops • Nostradamus • Underwriting Copilots • KAI – Knowledgeable AI • Voice bots 2024 2025 INTERNAL 74
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75 Two-Wheeler Cyclops-Beyond Deployment: Evaluate, Improve & Evolve AB testing Nov ‘23 Early Idea July ‘24 Go Live Cyclops 1.0 (5 Dealers) Aug ‘24 Live (25 Dealers) Sept ‘24 Live (55 Dealers) Dec ‘24 Live (All Dealers) Jan ‘25 Live Cyclops 1.5 Apr ‘25 Live Cyclops 2.0 Jan ‘27 Closure of 1st Book Actual Realisation Multiple Version Development • POC of External data • Build model • Digital Backend Orchestration • Field agent app upgrade • MRM/Infosec/Credit/Legal/Business Deployment is the starting line, not the finish line INTERNAL 75
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76 Two-Wheeler Cyclops Performance: Measuring the AI impact GNS% has witnessed a decline post Cyclops launch. Pre Cyclops Customers’ 6 months and 12 months performance was deteriorating. Cyclops_v2 has been a success. Subsequent releases of Cyclops improved Two-Wheeler Portfolio; Cyclops V2 likely to cut credit costs by more than half *GNS - Customer has not even paid the very first installment +Effective GNS for October considering National Holiday Gross Non-Starter (GNS*%) 1 2 3 4 5 6 7 8 9 10 11 12 Percentage of Portfolio MOB Borrowers who are 30+ Days Past Due (DPD) Pre_Cyclops12M Pre_Cyclops6M NON_CYCLOPS CYCLOPS_V1 CYCLOPS_V1.5 CYCLOPS_V2 34% of original 63% of initial GNS* V1 100% Live V2 Launch + 76
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77 Expanding Cyclops Engine to the Farm Business Soil Type Alluvial Desert Black Mixed Red & Black Red Grey and Brown Laterite Mountain 28.8 7 142.34 959.70 Temperature 18.02 75.21 689.20 Rainfall 3.0 4 42.46 485.67 Rainfall 10.30 17.61 19.15 Temperature 24.83 Desert 22.8 28.57 33.8 7 Temperature Alluvia l 26.67 31.19 33.35 Temperature 10.76 19.10 25.2 3 Temperature Soil Depth Deep Shallo w Black Brow n Red & Black Red Geographical, Satellite & Meteorological data improves delinquency prediction of tractor loans • Asset cost • Asset make • Cultivated area • Total land holding area • Non-Agricultural Income Geo Intelligence Model Agro Model App-FI* Model • Account type • Ownership • Credit limit • Disbursed amount • Defaulted loans • Soil type • Soil depth • Min Temp • Max Temp • Annual Rainfall • Night light • Roads • Civic Infra • Area Income • Bank Deposits *App-FI: Application and Field Investigators’ Model Bureau Model
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78 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan'25 Feb'25 Mar'25 Apr'25 May'25 Jun'25 Jul'25 Aug'25 Sept'25 Oct'25 Farm Cyclops A/B Experiment Cyclops cases Non-Cyclops cases Farm Cyclops: Growing A/B Experiment; Promising Early Indicators Next Gen Underwriting engine for Farmer Finance customer Expanding Cyclops *NNS (Net Non-Starter) - Customer has not even paid the very first installment after End of Month Cyclops NNS* Trends Cyclops Non-Cyclops 8X NNS* fall in Cyclops vs non- Cyclops 78
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79 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Farm Cyclops - # Disbursed cases Cyclops Disbursed Cases Continue to Increase Total Disbursement cases for Farm Cyclops: Near 50K Upcoming Cyclops: LOBs Go Live Date PL Cyclops Dec'25 HL Cyclops Q1FY27 RBF Cyclops Q2FY27 0 200 400 600 800 1000 1200 1400 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 SME Cyclops - # Disbursed Cases Total Disbursement cases for SME Cyclops: Near 3K Building on its successfully demonstrated business value, L&T Finance is expanding Cyclops to other businesses 0 20000 40000 60000 80000 100000 120000 140000 160000 TW Cyclops - # Disbursed Loans Total Disbursement cases for TW Cyclops: Approx. 9L 79
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80 02 Nostradamus 01 Cyclops 03 Agentic AI Agenda 04 Data Governance 80
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81 Customer Application registration is done Documents are submitted LTF Cyclops Underwriting Process Loan Disbursed Pre Disbursement ₹ 1.2 Lakh TW Loan Prime Customer ₹ 25 Lakh SME Loan Car Loan ₹ 10 Lakh PL ₹ 20 Lakh LAP Credit Card ₹ 75 Lakh HL Post Disbursement 0+ DPD 30+ DPD 60+ DPD 90+ DPD Project Nostradamus: AI Based Portfolio Monitoring Defaulting Customer Inspiration Behind Nostradamus: Events in the customer life post loan disbursements, highly impact their financial behavior Onboarding 81
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82 Nostradamus in Action • Customer’s internal LTF loan payment data • Customer Loan Application Data Internal Data • Macro Economic Data • GDP Economic Data • Bureau Data • Banking Data • Competition Data Financial Data • Device Data • Digital Footprints • Location Data Digital Data Output ✓ Portfolio monitoring ✓ Early warning signals ✓ Identify green shoots ✓ Collection actions & insights ✓ Self serve dashboards ✓ Trace skip customers Nostradamus AI Engine & Dashboard Predicts Early Warning Signals & monitors customer behavior using economic indicators, industry patterns, prevailing trust si gnals and customer data 82
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83 Nostradamus Insight: TW portfolio performance @ PAN India 30+ 6 MOB has improved in last 12 months by 221 bps (Cyclops impact) Emerging riskGood Critical Attention Data is for illustrative purpose & for selected geographies only
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84 Nostradamus Insight: Single district for deep dive (Coimbatore) Opportunity to improve business in Coimbatore district with Platinum dealers; The Bronze dealers are doing better In Coimbatore district, the 30+ in 12MOB has improved by 388 points
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85 Project Orion - Nostradamus Copilot: Empowering Credit Team Next-Generation AI Conversational Assistant for Portfolio Monitoring System Key Highlights Conversational Intelligence Understands Context, intent, and nuance; human-like interactions Real-Time Awareness Tracks live portfolio performance & delivers instant, actionable updates Evolving Intelligence Learns from user behavior & portfolio trends to refine responses, personalize insights, and grow smarter Self Serve Empowers insights, generate reports, and execute portfolio queries 85
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86 Cyclops & Nostradamus for Optimized Decision Making Data (Internal & External) Cyclops Underwriting Models Onboarding decision Cyclops Decision making Self serve Actions Dashboard Actions Quantum Optimization (Experimental) Nostradamus Roll Forward models Collection Actions Allocation Efficiency Nostradamus Dashboards Nostradamus CoPilot Disbursement Portfolio Automated Actions New Data Sources Nostradamus Engine (Data Sources, Machine Learning Models, DataMart's)
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87 02 Nostradamus 01 Cyclops 03 Agentic AI Agenda 04 Data Governance 87
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88 Project Helios - Underwriting AI Co-Pilot: Enabling Underwriters Agentic AI that eenables SME underwriters make faster, consistent, and accurate decisions Input Bank Statement GST Statement Customer Bureau Commercial Bureau Credit Policy Co-pilot Banking Analysis Automated Deviation Matrix Consumer Bureau Insights Personal Discussion Questionnaires Commercial Bureau Insights • TAT Reduction & • Standardized Decision • Increased Efficiency (10% Productivity improvement) • Enhanced Accuracy • Reduction in credit losses Impact Output Copilot Hits - 2155Underwriting Co-Pilots are a prime example of AI augmenting human expertise. Input 88
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89 Conversational Agentic AI expert for loan sourcing, servicing, advisory and assistance KAI - Knowledgable AI My Loan Services I need a New Loan 89
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90 KAI: Multi-lingual AI assistance for every customer, everywhere Supporting 11+ languages: English, Hindi, Marathi, Gujarati, Bangla, Tamil, Telegu, Malayalam, Odia, Kannada, Assamese INTERNAL 90
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91 Agentic AI: AI Generated Collection Calls Marathi Hindi Zone PL Collections Sept’25 EMI Collected EAST 47% NORTH 57% SOUTH 56% WEST 59% Grand Total 53% Multilingual English, Hindi, Kannada, Tamil, Telugu, Marathi, Gujarati, Odia, Bengali, Malayalam, and Assamese Integrated (Real-time) SMS, WhatsApp, Payment system, CRM Deployments expected in next 12 months LOB Usage PL ABND, Settlement TW PDM, ABND, Self-Cure, Settlement, Bucket-X SME PDM, ABND, Self-Cure, Settlement, Bucket-X Farm PDM, Self-Cure, Bucket-X RBF Enquiry-based Pragati Retarget HR Policy, Incentive, Leave, etc. Customer Call Centre NOC, Payment Details, etc. 91
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92 GenAI for Rural Micro-LAP customer Lead Qualification Customer is given an online form to fill & upload photos of their house Customer self clicks the photos of the house within the App Images sent to AI solution for Evaluation Gen AI solution integrated for pre lead qualification while Rural Micro-LAP customer oonboarding • Prompt Engineering • Multi-shot Learning • GenAI based Ratings • Lead Management • System integration Pursue Skip 92
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93 GenAI to Better Assess Value of Repossessed Tractors Gen AI is prompted with set of tractor images from yard to assess the vehicle condition The tractor condition has 12% contribution in asset pricing equation Poor Average Good Tractor condition work illustration with ratings 93
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94 Gold Vault Surveillance Automatically detects and alerts for suspicious activities in Gold Loan branches CCTV Surveillance camera footages Operations Assets Process Monitoring ~130 branches across India Over 2000+ CCTV Cameras Control Command Centre in Kalina & Chandigarh 24/7 continuous monitoring ➢ Security Personnel Monitoring ➢ Customer & Public Activity Monitoring ➢ Facility & System Integrity Checks ➢ Operational & Staff Compliance ➢ Real-Time Alert & Response Key Detection Scenarios Benefits • Scalability & Reliability • Increased Efficiency • Faster Response Time • Improved Security *Videos for Representation Purpose only 94
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95 Democratizing AI: Empowering Every Employee with GenAI Internal AI democratization initiative to equip all employees with the skills to use Generative AI in their daily work, driving company-wide productivity and innovation. INTERNAL 03 Evaluate Evaluate ideas based on impact Best Ideas will win prizes Scale Contest Launch AI contest for Prompt Recipes For LTF employees, to come up with their best productivity ideas Enable Tech Seminars on AI awareness Give all LTF employees access to Gemini 01 02 04 F R A M E W O R K Put best ideas into production RAISE ‘25 Business As Usual 95
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96 02 Nostradamus 01 Cyclops 03 Agentic AI Agenda 04 Data Governance 96
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97 DATA - The fuel for AI Application Layer Internal • Sourcing • Collections • Disposition • Planet • Enterprise External • Bureau • Banking • Payments • Location • Macro ESI • Device • App Info • Files • Metadata • Logs Raw Data Collection Denormalization Segregation To ensure our data ecosystem is standardized, discoverable, and governed from the source by improving visibility, efficiency and reducing operational risk. Data Mart Layer Sourcing Collection Finance External Macro Disposition Cyclops Gen AI models KAI Voice Nostradamus KAI 97
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L&T FINANCE INTERNAL With L&T Finance since : June, 2008 Total years of experience : 26 years Past Experience : Bank of Baroda Educational Qualification : MBA – XLRI Jamshedpur PG – Kerala University 98 Ms. Sonia Krishnankutty Chief Executive – Rural Business Finance
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99 Building on a resilient rural business franchise Where are we today? Scale achieved through deep rural presence and customer connect JLG Portfolio 60 lac+ customers Pan India rural presence 26,000+ Cr Book Strong Credit Discipline & Collections track record INTERNAL 99
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100 Scale achieved through deep rural presence and customer connect JLG Portfolio 60 lac+ customers Pan India rural presence 26,000+ Cr Book Strong Credit Discipline & Collections track record Micro LAP Building a secured high yield product Scaling rural business across adjacent opportunities 2 lac Cr Industry size* Targeting micro entrepreneurs Strong upsell opportunity on JLG customer base Higher income customer profile What are we building on? *Source: Bureau data as on Sep’25 Building on a resilient rural business franchise 100
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101 ~2,00,000 Villages 20,500+ Employees 17 States, 350+ Dist. 2,100+ Branches Vintage business model since 2008 7% Market Share in 3.5L Cr JLG Industry # 2nd largest JLG Book in the industry * 130L Captive Customer Base 61L Active Customer Base LTF Presence PB HR RJ GJ MH KN KL TN MP UP BH WB OR CG TS AP AS Book (Cr) >3,000 1,000 – 3,000 <1,000 7,549 12,476 12,495 12,207 13,278 18,693 24,673 25,838 26,617 1,5 00 6,5 00 11, 500 16, 500 21, 500 26, 500 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q2FY26 Growth Trajectory empowered through Digital tech driven credit calibrated framework Book (Cr.) # Market share mentioned as per bureau data * Source: Market disclosure High quality rural franchise built over the past 17 years 101
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102 ~2,00,000 Villages 20,500+ Employees 17 States, 350+ Dist. 2,100+ Branches 5.5% 6.6% 5.3% 4.8% 4.8% 5.5% 5.6% 6.8% 7.6% -0.50% 0.5 0% 1.5 0% 2.5 0% 3.5 0% 4.5 0% 5.5 0% 6.5 0% 7.5 0% 8.5 0% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q2FY26 Growth Trajectory empowered through Digital tech driven credit calibrated framework Market Share Vintage business model since 2008 7% Market Share in 3.5L Cr JLG Industry # 2nd largest JLG Book in the industry * 130L Captive Customer Base 61L Active Customer Base LTF Presence PB HR RJ GJ KN TN UP OR CG TS AP Book (Cr) >3,000 1,000 – 3,000 <1,000 Market Share >7% 4% - 7% <4% RJ GJ MH MP BH WB OR CG AS Book (Cr) >3,000 1,000 – 3,000 <1,000 Market Share >7% 5% - 7% <5% # Market share mentioned as per bureau data * Source: Market disclosure Calibrated geo-expansion driven by market share 102
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103 100% digital journey through home-grown custom LOS and in house digital application Disbursement Credit Check Data entry QR Code / Digilocker based KYC validation 3rd party API integrations for real time customer data verification Customer liveliness check for recognizing customer legitimacy Geo-tagging of customers for geo-limit validation Rule based Internal dedupe checks Instant credit sanction in <1 minute Tailor made offers leveraging bureau data Inbuilt system calculator for household income assessment Penny-fuzzy check for authenticating customer a/c details Data driven analytics enabled risk-based pricing Customer on-boarding through e-sign Servicing through MERC/Planet App Employee movement trackingGeo route mappingKYC validationOCR for KYC documents & liveliness checkE Sign facility Account Aggregator Digital Partnerships Monthly Disbursement (Cr) 42%FY23 Q2FY26 1,400 → 2,000 18%FY23 Q2FY26 7% → 25% % of DB through STP process 1.5 days FY23 Q2FY26 4 days → 2.5 days Sourcing to DB TAT 100%FY23 Q2FY26 a0% → 100% Paperless Disbursements Driving growth & efficiencies through data & technology Disbursement & Productivity 103
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104 Portfolio Tracking Mechanisms Pin code level bureau analysis On-us and Off-us performance tracking Trigger based EWS Tracking of Association & Exposure trends Collection Performance and Tracking Automated route maps for field efficiency Real time Receipting 100% mandate registration for MLAP Account Aggregator for consolidated banking data Digital Collection Modes QR code in Passbooks Planet App BBPS PayU link 99.5% Regular CE 96% Full group collection 35% digital collections 2.6% 90+ DPD Book 96% 0 DPD Book Figures are as on Q2FY26 Driving growth & efficiencies through data & technology Collections and Portfolio Management 104
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105 Geo expansion Customer lifestyle index Customer Identification Customer Acquisition Customer Appraisal Collections Use of real-time alerts of customer bureau inquires for lead generation ML based repeat propensity model DIY journeys on Planet App Leveraging alternate data for customer insights Psychometric based customer Credit Assessment Proactive delinquency management through Bot calling Data driven settlement module to drive recoveries Leveraging AI Capabilities Group collections Sales Helpline Capturing of group image during collection to mark presence Identifying areas for geo- expansion and enhancing portfolio distribution AI enabled bot calling helpline for real time query resolution of field staff AI Based lifestyle index calculator to evaluate customer’s living standards Capitalizing on Data and AI for efficiency enhancement 105
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106 Business Update
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107 38% 26% 18% 10% 7% 41% 27% 18% 8% 5% 43% 28% 18% 7% 3% 45% 29% 18% 6% 2% 48% 30% 18% 4% 1% 49% 30% 17% 3% 1% LTF Only LTF + 1 LTF + 2 LTF + 3 LTF + >=4 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 % of Portfolio with >3 lenders LTF + >=3 sharply reduced from 17% to 4% over last 5 quarters Lender 1 10% 9% Q1 FY25 Q1 FY26 Lender 4 14% 7% Q2 FY25 Q1 FY26 Lender 2 25% 11% Q2 FY25 Q1 FY26 L&T Finance 17% 5% Q1 FY25 Q1 FY26 Lender 3 NA 10% Q1 FY25 Q1 FY26 Association-wise split of portfolio Source: Bureau data and Market disclosure Conservative sourcing norms resulting in resilient portfolio mix 107
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108 99.3% 99.3% 99.4% 99.4% 99.0% 99.4% 99.3% 99.4% 99.4% 99.5% 99.5% 99.5% 99.6% 98.1% 97.9% 97.9% 97.9% 97.6% 97.6% 97.5% 97.5% 97.8% 97.9% 98.0% 98.2% 98.3% Oct'24 Nov'24 Dec'24 Jan'25 Feb'25 Mar’25 Apr’25 May’25 Jun’25 Jul’25 Aug'25 Sep'25 Oct'25 0 DPD CE 0-90 DPD CE Maintaining Industry best asset quality trends* Collection Efficiency Trend Source: Bureau Data * Data on indexation basis 100% 111% 112% 111% 111% 115% 119% 121% 123% Industry Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 111% 112% 111% 111% 115% 119% 121% 123% 126% Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 100% 29% 24% 24% 23% 18% 14% 15% 14% 12% Industry Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26L… 29% 24% 24% 23% 18% 14% 15% 14% 12% Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 0 DPD Book % 90+ Book % Robust collection performance through challenging times 108
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109 1,490 1,409 1,559 1,586 1,555 1,801 1,853 1,781 1,812 1,989 2,072 2,061 2,083 Oct'24 Nov'24 Dec'24 Jan'25 Feb'25 Mar’25 Apr’25 May’25 Jun’25 Jul’25 Aug'25 Sep'25 Oct'25 Sustained AUM during adverse market conditions Monthly Disbursement Trend (Cr) Lender 1 40,510 33,650 Q1FY25 Q1FY26 17% Lender 3 37,046 28,408 Q1FY25 Q1FY26 23% Lender 2 25,542 24,271 Q1FY25 Q1FY26 5% Lender 4 15,768 12,961 Q1FY25 Q1FY26 18% L&T Finance 25,795 25,962 Q1FY25 Q1FY26 3% Source: Market disclosure Business momentum regained amidst Industry headwinds 109
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110 JH RJ PB HR BH WB OR MH GJ MP CG KN TN KL AP TS UP Phase 1 Phase 2 17,722 Cr 27,950 Cr 15,800 Cr 10,587 Cr 18,164 Cr 8,733 Cr 18,823 Cr 5,460 Cr 16,007 Cr 20,506 Cr 4,766 Cr Industry Market Size* 11 43 92 178 316 482 654 843 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Book Growth (Cr) * Source: Bureau data as on Sep’25 10 32 49 87 141 172 172 207 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Quarterly Disbursement Trend (Cr) Key Portfolio Metrices Avg FOIR 47% Avg LTV 52% Portfolio Yield 18% - 20% Regular CE 99.9% 175 points of presence across 6 states Building a secured Micro LAP portfolio 110
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111 Scale achieved through deep rural presence and customer connect JLG Portfolio 60 lac+ customers Pan India rural presence 26,000+ Cr Book Strong Credit Discipline & Collections track record FUTURE READY RURAL FRANCHISE ❖ Deep Penetration ❖ Strong Connect ❖ Resilient Performance ❖ Secured product ❖ Higher ticket size ❖ Lower credit cost Micro LAP Building a secured high yield product 2 lac Cr Industry size* Targeting micro entrepreneurs Strong upsell opportunity on JLG customer base Higher income customer profile *Source: Bureau data as on Sep’25 Moving towards a diversified sustainable business model 111
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L&T FINANCE INTERNALMr. Asheesh Goel Chief Executive – Farmer Finance With L&T Finance since : April, 2019 Total years of experience : 31 years Past Experience : Citi, Aditya Birla Finance Educational Qualification : Chartered Accountant 112
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113 LTF Farmer Finance : Business Overview How does FY26 looks so far 159% 135% 99% 85% 75% 64% 58% 43% 39% 45% 55% 38% 75% 50% 38% 43% 40% 35% Apr-24May-24Jun-24 Jul-24 Aug-24Sep-24 Oct-24 Nov-24Dec-24 Jan-25 Feb-25Mar-25 Apr-25May-25Jun-25 Jul-25 Aug-25Sep-25 Base month Mar2024 Indexed NNS% 100% Indexed representation of Farm Net Non-Starters (NNS) % Sourcing Quality WRF MTM 1% WRF Disb. 55% New Tractor Disb. 13% Productivity 14% 100% 91% 87% 85% 79% Industry Q3FY25 Q4FY25 Q1FY26 Q2FY26 Indexed representation of Industry Delinquency vs LTF (%) Delinquency is calculated as 12 MOB over 90+ performance Industry LTFS Water Reservoir 5% Customer Served 11 Lac+ Active Dealerships 2500+ AUM 15000 Cr+ Rainfall 8% Rabi Harvest 19% Kharif Sowing 0.6% Industry Source – Economic Affairs Dept., Bureau Data 113
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114 Collection Performance Enhancing portfolio health and collection efficiency through digital transformation 88.4% 91.1% 91.8% 90.7% 90.8% 91.5% 89.8% 92.2% 93.0% 92.4% 91.4% 92.1% Apr May Jun Jul Aug Sep FY25 FY26 Key Drivers 65% 70% H1FY25 H1FY26 Bankable (%) ▲5% 38% 46% 8% 8%20% 16% H1FY25 H1FY26 Central Clearance Digital Cash 66% 70% ODD Collection (%) 58% 66% H1FY25 H1FY26 Clearance (%) ▲8% 85.3% 87.1% H1FY25 H1FY26 0 DPD Book (%) ▲180 bps E-NACH Penetration (%) 60% 88% H1FY25 H1FY26 ▲28% E-NACH Clearance (%) 68% 72% H1FY25 H1FY26 ▲4% CD CE (%) Farmer Finance : Collection Overview 114
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115 `Objectives Enhanced QualityPersonalised Offerings Leveraging Cyclops for driving superior quality sourcing, enhanced efficiency & differentiated offerings Optimised TAT Apr’25 90% 8% 2% Sep’25 91% 7% 2% Better Offer Same Offer Lower Offer 66.7%LTV (%) 5.3 LTicket Size 70.2%LTV (%) 5.5 LTicket Size Personalized Offerings Optimized TAT Enhanced Quality 16%Cyclops Dealers Apr’25 Sep’25 19% 81% STP NSTP 36% 64% STP NSTP 100%Cyclops Dealers 1.9% 0.2% Non-Cyclops Cyclops 1.7% 118 04NNS (#) NNS 6123 1818Pool (#) Sep’25 23% 17% Non-Cyclops Cyclops GNS 6% 6123 1818Pool (#) 1396 300GNS (#) Sep’25 Farmer Finance : Early Impact of Cyclops 115
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116 Launch of Partner Planet App `Objectives One-Stop Shop for Dealers Transparency & Control Ease of doing Business Farmer Finance : Automating dealer interface 116
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118 Launch of Partner Planet App End-to-End solutions for all dealer needs Key Features Impact Seamless limit enhancement and renewal Sanction within hours On-the-go TA Withdrawals Disbursement in 20 minutes Real-Time TA & Retail Disbursement tracking Better Control & Visibility Update post sanction documents & view RC TAT reduced by 12 hours TA disbursement increase by 25% TA Dealers Increase by 12% `Objectives One-Stop Shop for Dealers Transparency & Control Ease of doing Business Farmer Finance : Automating dealer interface 118
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119 Novel Initiatives in Digital Collections Journey Scaling digital initiatives in the neo collections framework for farm loans Key Features Impact Paperless User Journeys Money Collection A/c Settlement QR Code Payment Link Simplified Repayments Resource Management Real-Time Visit Tracking Dynamic Feedback Litigation Management Legal Goes Digital Interactive Legal Bot Touch-Free Coll. increase by 9% Productivity increase by 5% Settlement TAT decrease by 2 days `Objectives Unified Field Collection Platform Optimize Field Force Efficiency Improved Litigation Management Brake Collections UniverseApp & Web Portal Flexible & Integrated Farm Loan Activity Monitoring Litigation Management Farmer Finance : Traditional to Digital Collections 119
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120 Improvising analytics-driven collections framework for robust portfolio health management Predictive Analytics Modelling Customer Risk Decile Scores EMI Bounce Prediction LTF Analytics Geo Location Real-Time Dynamic Adaptive Scalable Versatile Integrated Customer Banking Repayment Behaviour Loan Parameters Demographics Crop & Land Data Bureau Data & Analytics led collection strategy Key Features Impact 0 DPD RF%* decrease by 156 bps Bounce Rate decrease by 944 bps `Objectives Pre-Emptive & personalized Collection Efforts Right Customer - Right Channel - Right Time *RF% indicates cases roll forward post resolution Farmer Finance : Leveraging Data & Analytics in Collections Strategy 120
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L&T FINANCE INTERNALMr. Jinesh Shah Chief Executive – Urban Secured Assets & Third Party Products With L&T Finance since : February, 2025 Total years of experience : 30 years Past Experience : Standard Chartered Bank, ICICI Bank, HSBC, Citibank NA, GE Countrywide Educational Qualification : MMS - Welingkar Institute of Management B Com. (Accounting & Finance) - HR College of Commerce & Economics 121
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122 7,483 11,840 16,130 18,868 10,134 FY22 FY23 FY24 FY25 H1FY26 Disbursement (Cr.) CAGR 36% Book (Cr.) Third Party Insurance Products H1 FY26 Mortgage : 54% TW : 46% 18,127 22,370 29,648 37,250 40,420 FY22 FY23 FY24 FY25 H1FY26 CAGR 27% H1 FY26 Mortgage : 68% TW : 32% Retail Cross Sell Pilot launch planned in Q3 API Integrations, Commercials & Insurance Tie-up completed Urban Secured Finance: Portfolio at a Glance as of Oct 25 Yields Range % Average tenure (Months) Geo Presence (Branches) # DSA / Dealer # Headcount 0 DPD CE % Mortgage : 7.75+ TW : 14% - 20% Mortgage : 228 TW : 28 160+ 9,500+ ~6,000 Mortgage : 99.7% TW : 98.7% ~87 LacsCustomer Franchise 100 % 123 % FY25 H1 FY26 Income per case Indexed 95% FY26 Disb % Insured Life Health Asset EMI Protect
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123 123 Two Wheeler Loans
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124 100% Digital Journey Major highlights 10+ years of vintage 80 Lac + customers serviced in urban India 8,500+ Sourcing Points 160+ Locations 28 Months Tenor 1.10 Lacs ATS ~5,100 Sales Staff The Upgrade: From traditional underwriting to CYCLOPS 5,100 Cr 8,700 Cr Book (~13,800 Cr.) Pre Post • 63% of current book is through Cyclops 100%Disbursement Post • 100% disbursals via Cyclops (Planet App) from Jan’25 18 25Productivity (INR lacs) Pre Post • Significant improvement in Prime Share – 61% to 87% Post ~19% ~18%Yield + Fee (%) Pre Post • “Risk adjusted return” improved by 161 bps vs Q2FY25 Unwavering Benchmarks Two-Wheeler Finance - Overview Performance metrics are benchmarked YoY, comparing Sept’24 results with Oct’25 | Pre Cyclops Book as of Oct’25 2 mins Sanction TAT ~20 Lacs Active count of customers; ~9 lacs on CYCLOPS Amongst leading financiers 124
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125 100% 84% 90% 75% 80% 67% 60% 68% 58% 66% 60% 66% 57% Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 Jun'25 Jul'25 Aug'25Sep'25 Oct'25 Nov'25 Disbursement (INR Cr.) GNS % (Indexed) 0 DPD Bounce % (Indexed) Jun’24 Initial Launch • Go Live with CUG dealers • Approval rate monitoring • Performance monitoring & Insights Disbursement Trend Jul’24 4% LTV Recalibration • Recalibration of model Offerings based on early Indicators like GNS% Oct’24 Oct’24 56% Sourcing quality • 100% dealers in cyclops • Prime definition basis cyclops Dec’24 Updated Bureau Norms • Update in Bureau policy Norms Sep’24 Sep’24 23% Scorecard Implementation • Dealer Scorecard • Fraud Scorecard Nov’24 Dec’24 66% Next-Gen data insights • Expanded API ecosystem via 2 critical integrations Feb’25 Jan’25 100% Cyclops Journey: Last 12 months performance 100% cyclops implemented619 507 327 646 568 644 667 672 789 747 824 941 1,623495 295 171 Oct'24 Nov'24Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25Jun'25 Jul'25 Aug'25Sep'25 Oct'25 Cyclops NonCyclops 100% 89% 85% 87% 88% 83% 77% 75% 73% 73% 71% 73% 69% Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 Jun'25 Jul'25 Aug'25Sep'25 Oct'25 Nov'25 100% cyclops implemented Oct’25 G S & Bounce uptick (festive-led) normalized with post-holiday extra collections 125
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126 Performance metrics are benchmarked YoY, comparing Sept’24 results with Oct’25, G S & Bounce Post % as of ov’25 Source : Internal Research , Segmentation: TU CIBIL | GDP: Gold, Diamond & Platinum Pre Post Banking Mix GNS Bounce21% 11.6% 20.6% 0 DPD CE 98.0% 63% 7.2% 12.2% 99.1% Bad Rate* Sept’25 1.5% 3.8% TU CIBILTW Segmentation >12% • Segment 1 (Low Risk) • Segment 2 (Medium Risk) • Segment 3 (High Risk) GDP dealers LTV Dealer preference- 75% 85% Approval Rate (GDP) 55% 1800+ 79% 89% 64% Cyclops – Enabling holistic value realization across networks KEY STAKEHOLDERS CHANNEL PARTNERS CUSTOMER Improved GNS & Bounce % Substantial Risk mitigation Direct channels leading to low cost Enhanced Trade Advance Differential rates & LTV Attractive Interest Rate Better Eligibility & Superior Service Ease of Financing; <2 mins TAT Pre Cyclops ~39% ~48% ~47% ~48% Weighted Avg bad rate ~5% ~3% Improved Banking Penetration ~13% ~5% LTF Sourcing Pre Post *Bad Rate: 90+ at 12MOB; 80% LGD 126
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127 Collection Transformation Book Size Bucket Shrinkage (Indexed)Focus on Collections is creating sustained P&L impact Personalized Treatment Bounce Prediction Self-Cure Roll-forward Risk Pre-Qualified Settlement Digital Collections Bionic Contact Center Personalized Treatment Intense pre- delinquency action Automated Digital collections GenAI powered personalization Improved payment Journeys GenAI bot- calling Dialler strategy automation Automated contactability enrichment Centralized Settlement Desk Performance based automated allocation 100% App-based collections Automated legal action Sustained success seen in early buckets Initiated focus on mid and late buckets X Bkt.1-3 Bkt. 100% 91% 88% 84% 87% 84% 84% 100% 95% 91% 88% 84% 83% 80% 100% 96% 90% 86% 82% 80% 79% 100% 116% 109% 101% 97% 93% 91% Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 1 2 3 X bkt. down from 100% to 84%, significant improvement over 7 months. Oct’25 G S & Bounce uptick (festive-led) normalized with post-holiday extra collections Bkt X: 0 DPD Bounced Book, Bkt 1: 1-30 DPD, Bkt 2: 31-60 DPD, Bkt 3: 61-90 DPD 127
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128 QR Journey QR based instant bureau sanction offers for customers OEM Integration HERO & Honda integration live in Sept’25 for smoother operations Festive Schemes NO Cost EMI EMI Lite Scheme Prompt Payment Rebate Pre-Approved Sanction DIY journey enabling sanction anytime anywhere Other strategic digital levers for portfolio resilience and growth Project Nostradamus Next-gen portfolio governance engine for early risk management Dealer App Ver 2.0 TA disbursement, RC pendency update & Payout details 128
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129 INTERNAL
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130 Disbursement (INR Cr.) Increasing trend in Login & Disbursement ATS (INR Lacs) Substantial gain in self cure: Achieving 2.8x growth Increased ATS while tenor remains unchanged Savings in both collection cost and credit cost Login (# in Lacs) Avg. Tenor (Months) 0 DPD CE% 0 DPD Bounce % (Indexed) Self-Cure (Indexed) Cost (Indexed) 7.1 7.5 Q2FY25 Q2FY26 5% 2.8x 2,393 2,512 Q2FY25 Q2FY26 5% 98.0% 98.7% Sep 24 Oct 25 Overall benefits: Driving & Creating business & cost efficiencies 100% 280% Sep 24 Oct 25 1.06 1.10 Sep 24 Oct 25 28.5 28.5 Sep 24 Oct 25 100% 79% Sep 24 Oct 25 100% 53% 100% 89% Q2FY25 Q2FY26 Credit Cost Collection Cost 130
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131 Mortgage Loans 131
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132 Mortgage – Business Overview Major Highlights Vintage of >10 years with Book* 27,784 Cr. Indexed Delinquency Vs Industry (100%) HL – 24% LAP – 9% Loan to Value* Average Ticket Size (lacs)* HL - 67 LAP - 90 HL – 64% LAP – 59% Market share : Internal research & Available CRIF data as of Q2FY26; *Book, LTV & ATS as on Oct’25 12 MOB 90+ Ever performance in Jul’24 – Jun 25 for disbursements over Jul’23 – Jun’24 period (Transunion CIBIL) Comparative Advantages & Driving Factors Strong Footprint Pristine Customer Base Reaching Target Audience Digital Experience Expansive Product Suite Strengthened distribution : 44 Cities; 19 new spoke locations Growing share in NBFC/HFC : NCR(~6%), Gujarat (~10%), Mumbai (~15%) Focus on Prime customer segment: reducing risk & maintaining quality Higher loan eligibility to prime customers Mortgage Plus (high yield) and Home Décor Loans Foray into industrial LAP to penetrate MSME segment Upgraded Neo2 digital platform : 100% paperless First in industry AI chatbot “KA ” Large Fintech partnerships (Cred, PhonePe) : increase low- cost sourcing Customer centric product offering; optimized channel mix Pre-approved Home decor customer base of >550 cr. 132
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133 ▪ Salaried : <=4 days (65%) ▪ Self-employed : <=5 days (47%) ▪ Lowest TAT of 1 day for both profiles Status updated as of Oct 25 API - Application Programming Interface; CAM - Credit Appraisal Memorandum >83% 730+ bureau Customers % Sanction TAT post legal & technical ▪ Underwriter’s Productivity up by 22% CAM Automation Impact Key digital Initiatives Moving up the curve with Digital journey ✓ 100% Digitally assisted journey ✓ End to End API led info capture ✓ Bureau, docs check, E-KYC, etc.. ✓ Multi-banking Account Aggregator ✓ Automated CAM ✓ E- Sanction letter ✓ Agreement E-sign Upgraded Digital Journey Salaried : ✓ Triangulation of Bureau, banking, Income Tax, etc. Self Employed : ✓ Closed User Group Successful; Go live in Q3 Credit Assessment Memo automation ✓ Rule based allocation for efficient TAT (Turn around time) management (Underwriter productivity, count of open cases, leave schedule, etc..) ✓ Built-in Manual support for greater flexibility Smart allocation for Centralised underwriting ✓ Co-Pilot: launch in Q4’26 to Improve underwriter productivity further 133
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134 Book Increasing trend in disbursement with robust book growth High yield product (Indexed) Increasing trends of CE reflects drop in delinquent book High Yield business 5.8x since Oct 24; Increased customer satisfaction >99.7% of collections is through digital method – UPI, NEFT, RTGS, planet application etc. which has resulted in improved quality across parameters with reduced costs Strengthened digital sourcing channels with minimal manual touchpoints (DSA also can share document and view query) – increasing ease of sourcing Continuous decrease in delinquency reflecting decrease in cost Disbursement Net promoter Score 0 DPD CE% Credit Cost % (Indexed) 0+ & 30+ DPD (Indexed) Collection Cost % (Indexed) Overall Business: Driving & Creating business & cost efficiencies 100% 583% Oct 24 Oct 25 56 87 Q2FY25 Q2FY26 99.6% 99.7% Sep 24 Oct 25 100% 83% 100% 83% Sep 24 Oct 25 0+ DPD% 30+ DPD% 2,531 2,713 Q2FY25 Q2FY26 7% 55% 21,731 27,407 Q2FY25 Q2FY26 26% 100% 78% Q2FY25 Q2FY26 100% 54% Q2FY25 Q2FY26 134
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135 Backward Integration • Property Search & Market scoping • Valuation, price assessment • Augmented Reality Tour • Legal services, property tax, stamp duty calculator • Vastu Consultation • Loan eligibility assessment Forward Integration • Interior designing • Integrated furnishing, contracting • Pre-renovation virtual reality tour • Packers & Movers services • Housekeeping & Maintenance • 360o Leasing & rental services Going Beyond Finance : Diversifying income streams through creating a housing ecosystem Application form Banking details Property details Legal documents DisbursementKYC details Technical valuation Sanction Digital Integration required SelectionClosure Preparation360o Establishment Enlisting Developers | E2E Channel servicing Integrating Builder & DSA portal Developing the Ecosystem – “A Digital Home Loan Marketplace” 135
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136 INTERNALMr. Manish Kumar Gupta Chief Executive – Urban Unsecured Assets, Payments & Partnerships With L&T Finance since : May, 2025 Total years of experience : 24 years Past Experience : ICICI Bank, Deutsche Bank, HSBC, DBS Bank, InMobi, Transunion CIBIL Educational Qualification : B.Tech. (Hons.) – IIT Delhi MBA - ISB Hyderabad Certified Financial Planner & CertICM holder
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137 Embracing digital and AI innovations to build a quality portfolio Fostering Mega Partnerships – Now contributes 43% of sourcing 11% 30% 2% 57% 10% 20% 43% 27% DSA Digital Loan Originators Large Partnerships Cross Sell Sep-24 Oct-25 Next gen underwriting architecture Revamp of underwriting policy in Q4’2024 show results in FY2026 Cyclops go live in Q3 FY2026 37% Increase in salaried customers % Sep-24 57% Oct-25 54% Increase in 750+ CIBIL segment sourcing FY2025 69% FY2026 21% Increase in secured dominant tradeline % Sep-24 37% Oct-25 Large partnerships: Big Tech Partners 137
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138 Business scale-up through digital sourcing Represents go-live All figures in ₹ Cr 144 202 195 160 222 236 12 72 213 251 438 500 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Digital Loan Originators Large Partnerships 1,170 476 PARTNER 1 PARTNER 2 PARTNER 3 PARTNER 4 Large partnerships: Big Tech Partners 138
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139 With improved portfolio quality Bounce rate % 8.2% Sep-24 Oct-25 Self Cure* 15.6% 34.0% Sep-24 Oct-25 GNS 2.9% Sep-24 Oct-25 NNS 0.16% Sep-24 Oct-25 Efficient collection through data driven mechanisms 119%-42% -44% -70% Data and tech driven pre-delinquency management calling Increased self cure through multilingual BOTs and data driven models * Self Cure strategy nudges a customer to pro-actively pay off their outstanding balance by reminding customers only through digital means 14.1% 5.2% 0.53% 139
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140 Created strong tech stack for E2E digital experience InternalAPI Gateway External API Layer Strong customer monitoring Loan Origination System Loan Management System Lead Generation Underwriting Risk Management 140
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141 Large Partnerships Tie-up with big tech players Distribution Risk & Policy Collections Best in class Native Journeys with Digital partners Use of Alternate data in underwriting Gen AI Bot Tech enabled collections for both early buckets & settlement Early warning signals Focused Pre- Delinquency Management Technology led data driven Allocation Data & Technology based sourcing for Cross Sell Microservices API stack for seamless integration DIY journeys for Settlement through Planet App Driving Transformation in PL business H1 2026 Data Room Exercise (DRE) for use of partner data in digital partnerships Digital underwriting with strong risk management Large partnerships: Big Tech Partners 141
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142 Distribution Risk & Policy Collections Preparing for the future – Initiatives in H2 2026 Pre-Approved Blackbox For all Digital Partners Multilingual Bot for sales calls for cross sell Agentic Voice and chat-based journeys Revamp Consumer Journey Best in class digital experience Project Cyclops AI/ML driven underwriting engine Agency Value Maximization Intensified late-stage action Mandatory Account Aggregator based bank account monitoring Nostradamus Better portfolio monitoring Automated contactability enrichment with consent Loan offer Pod for cross sell to existing customers 142
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L&T FINANCE INTERNALMr. Abhishek Sharma Chief Executive – SME Finance With L&T Finance since : April, 2009 Total years of experience : 21 years Past Experience : Captain in the Indian Army Educational Qualification : MBA – XLRI Jamshedpur Bachelors in Business Economics – Delhi University 143
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144 SME Industry origination overview Inquiries show a slight uptick, while sanctions have moderated; Portfolio is shifting towards higher ticket sizes with improv ing 90+ DPD metrics 100 107 86 112 119 94 116 Aug'23 Dec'23 Apr'24 Aug'24 Dec'24 Apr'25 Aug'25 2.7 2.8 2.5 10.1 9.3 8.3 0 2 4 6 8 10 12 1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 Jul'23 Jul'24 Jul'25 Sanctioned amt (in LCr) Trades (in Lakhs) 23% 22% 22% 41% 41% 43% 36% 37% 35% Jul'23 Jul'24 Jul'25 Exposure upto 1Cr Exposure upto 10Cr Exposure upto 50Cr 2.3% 2.0% 1.8% Jul'23 Jul'24 Jul'25 Inquiry Volume (Indexed at Aug-23) Originations Origination amt by borrower type 90+ DPD (%) Source: CIBIL Commercial Lending overview 144
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145 Decoding LTF’s SME Business model With robust underwriting, digital-first initiatives & strengthened in-house collections, we are well positioned to drive quality book growth • Ability to expand to locations exponentially • Ability to increase the channel partner and Partnership network • Ability to manage better TAT due to Digital Customer onboarding process 200+ 7000+ 6-7 days 45% Resolution by self cure & CC 99.5% CD CE *CD CD: Current Due Collection Efficiency | NCL: Net Credit Loss | CC: Call Centre • Proactive approach to emerging risks and micro segment specific interventions • Project Cyclops for razor sharp customer identification Curated Customer segmentation for better offering with Project Cyclops: Premium Core Value Strong underwriting standards • Strong CD CE maintained across 48 months • Enhanced governance through dedicated bucket teams for improved NCL containment • Integrated in-house collection & AI driven self-cure models to maintain strong portfolio control Strengthened collection framework Digital Native play 145
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146 LTF’s Risk resilient portfolio Month ATS- Industry* ATS- LTF Sep-23 16 24 Dec-23 16 24 Mar-24 17 24 Jun-24 17 24 Sep-24 17 25 Dec'24 17 26 Mar’25 17 27 Jun’25 17 28 Sept’25 18 29 Ticket Size 90+ DPD Portfolio 5-10 Lakh 1x 10-25 Lakh 0.7x 25-50 Lakh 0.4x 50-75 Lakh 0.4x 75 lakh – 1 Cr 0.4x ATS Vs Market All figures in ₹ Lakhs, Portfolio for ticket size ₹5-100 lacs Source: CRIF 90+ DPD Portfolios indexed against 5-10 Lakh 90+ DPD marked at 1x Risk resilient customer segment leading to better than industry delinquency performance Quality of Origination Vs Market CIBIL Category Portfolio Onboarding Distribution Super Prime (>790) 11% Prime Plus (771-790) 25% Prime (731-770) 54% Near Prime (681-730) 10% Sub Prime (300-680) 0% CMR Category Industry LTF Low Risk 30% 46% Medium Risk 27% 48% High Risk 6% 5% Unranked 5% 1% NTC 32% 0% Parameter LTF Industry* Standard % 109 100 1-30 % 22 100 31-60 % 37 100 61-90 % 37 100 90+ % 50 100 Portfolio Distribution in ticket size ₹5-100 lacs as on Sept’25 *Industry includes all lenders Source: CRIF LTF values indexed against Industry figures marked at 100 Portfolio Distribution Vs Market CMR: CIBIL MSME Rank || Source: CIBIL Commercial Lending overview 146
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147 Business Highlights 1,378 3,905 6,519 7,370 1,473 3,657 5,000 2,740 Disbursements (in Rs Cr)Book (in Rs Cr) 3 Partnerships & Direct Sales Team • Shifted focus on building tie-ups for increasing customer funnel • Onboarded 10+ partners and Direct Sales Team with a focus to increase Direct Sourcing, current contribution upwards of 13% to overall disbursements of H1FY26 1 Geographic expansion • 6.23%* LTF market share amongst existing locations across India • Target to increase the market share from 7% with deepening our network base into existing and new locations 2 Feature Adjacencies Increased loan limit up to Rs 1 Cr across all feature variants which will enable access to a wider customer base *CRIF Highmark data as of Q1FY26 ended CAGR 50% FY23 FY24 FY25 H1FY26 FY23 FY24 FY25 H1FY26 CAGR 68% 147
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148 Strengthening collection strategy 99.80% 99.70% 99.50% 99.50% FY23 FY24 FY25 FY26 (E) Policy Measures Team Structure bifurcation • Separate teams for higher bucket resolutions for focused resolutions • X bucket handled at Call Centre level first and thereafter at field • Focused approach on ODBC collection • Turnover / Cash profit capping • Profile rationalization under GST Program • Enquiry based norms • Location specific bank statement analysis for SEP CD CE (%) SEP: Self Employed Professional | ODBC: Overdue & Bounce Charges 148
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149 01 Productivity Enhancements Credit manager TAT has reduced by 50% while enabling sharper decisioning 02 Credit Cost Control Data led underwriting will help us drive early risk control and sustained credit cost reduction Old Process: Pre Cyclops Impact on P&L Absence of Unified Eligibility View Multiple back and forth checks required across underwriting programs, leading to delays and inefficiencies Improved customer segmentation Evaluates multidimensional data to classify by risk, behaviour and growth potential- enabling tailored credit offerings and sharper portfolio targeting Smarter risk assessment Integrates bureau, banking and alternate data for holistic borrower evaluation Current state: Post Cyclops Consistency & Accuracy Minimises manual errors through rule-based and machine-learning led segmentation Limited Data integration Absence of a unified engine to merge bureau, banking and alternate data sources High TAT Lengthy manual credit evaluation processes due to absence of multiple data points led to Higher TAT and customer dissatisfaction Project Cyclops 149
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150 Portfolio distribution Non Cyclops v/s Cyclops Premium Value Core Pre-Cyclops Post Cyclops 37% 41% 22% 40% 40% 20% GNS (%) Non-Cyclops Cyclops 4.1% 5.7% Premium Customer cohort has moved 300 basis point vis-à-vis pre-cyclops outcome & Cyclops GNS is 160 basis points lower as compared to Non -Cyclops GNS Likely PD rates Indexed at Value PD rates 0.2x 1x 0.7x Above data points are of October’25 150
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151 Way forward: Digital Initiatives Empowering team with Agentic AI Projects Launched Project Cyclops ➢ Real-time decisioning ➢ Strengthened scorecards ➢ Improved customer segmentation TAT reduction 32 hours to 24 hours Performance metrics Upcoming Projects Project Helios Phase1 ➢ Reduce Turnaround Time ➢ Reduce human errors ➢ Increase Efficiency 3-4 hours to 30 mins Legal & Technical checks via AI Secured BL with AI enabled legal & technical checks ➢ AI document validations of title chain validation ➢ Encumbrance & Litigation check ➢ Fraud detection in property collaterals ✓ Reduction in TAT ✓ Detects early frauds / ownership issues ✓ Continuous portfolio risk monitoring Universal Partner API Enabler to onboard multiple partners quickly and efficiently ➢ Plug and play APIs for deeper integration with partners ➢ Lead generation & customer sourcing ➢ Predictive lead sourcing ✓ Better Quality leads ✓ Higher conversions ✓ Better customer experience Project Helios Phase 2 & 3 ➢ Loan sheet rationalisation with the help of AI ➢ Integration with Perfios for banking ➢ Anomaly detection for fake docs / fraud etc First step in the AI world, leveraging the generative AI capabilities for credit bureau analysis TAT reduction Performance metrics 5-6 hours to 30 mins Alongside upcoming initiatives, the existing business journey will continually evolve through the integration of automation & AI across all possible stages 151
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152 Use case of AI Agentic Bureau Analyser Manual review of extensive bureau reports delays underwriting Turnaround Time (TAT) & is prone to human error Manual checks of crucial inquiries & subjective interpretation leads to assessment inaccuracies, increasing rework & inconsistency Absence of case-specific data & Personal Discussion recommendations in current reports hindered deep analytical understanding. Challenges faced… Agentic bureau analyser has helped to reduce time by 50% Enquiries vs Loans Disbursed (Last 6m) Overall Credit Summary Derogatory Information Table Case-Specific Insights & PD Questions Deviation Analysis (Policy View) 152
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153 Way forward: Business strategy Feature Variant: Semi Secured Supply Chain Finance Anchors Tapping into new markets Exploring markets with LTF presence Building focus on Partnerships Gold Farm Two wheeler Increased Customer funnel at lower acquisition cost Anchors Partners Fixed Deposits Mutual Funds Mortgages Gold Insurance policies 4 onboarded 2 onboarded Vendor Financing Semi-Secured (FD, BG, Mortgages) Invoice Discounting Product Variants Focus on risk resilient customer segments to drive quality book growth 153
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L&T FINANCE INTERNALMr. Raju Dodti Chief Operating Officer With L&T Finance since : November, 2015 Total years of experience : 27 years Past Experience : IDFC, Rabo, ABN Amro, Societe Generale, Global Trust Bank Educational Qualification : AMP – The Wharton School LLB & B.Com.– Mumbai University 154
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155 Acquisition Recap Acquisition Context Acquisition Journey Opportunity to enter a high yield, secured product (₹ 2.5L crore BFC industry) Potential to cross sell to RBF customer base (~17K cr) Leverage existing physical presence (~2K MCs, ~250 branches) Paul Merchants Finance Private Limited (North, West) acquired through slump sale Deal Execution: • Comprehensive Due Diligence (incl. gold audit) • Definitive documents executed • Integration completed Acquisition live on 9 June, 2025
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156 Key business metrics At Acquisition Post Acquisition ₹ 1,289 Cr POS ~130 Branches ~1.0 Lac Customers ~696 Employees 1,289 1,318 1,361 1,385 1,442 1,495 9th June Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 POS trajectory (in ₹ Cr) CAGR - 30% Disbursements (in ₹ Cr) 235 317 244 423 457 Jun-25* Jul-25 Aug-25 Sep-25 Oct-25 *Full month
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157 Principles of Integration & technology progress in first 100 days Focus on business continuity Additional Command Center (Mumbai) Infosec strengthened the acquired system through relevant guardrails Security resilience Existing LOS & LMS - smooth integration Seamless customer onboarding Employee orientation E-sign implementation IBJA automation and caratage automation Automation of key regulatory reports Day 100 progress
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158 Technology themes going forward Customer Interaction • KYC automation • PLANET and Web journey linkages • Further reduction of TAT from ~30 mins Gold Assaying • AI based gold assessment tool (in-house) • Karatmeter (XRF*) Disbursement/Top-up • IMPS • One-tap top-ups through PLANET app Security • 12+ AI enabled security layers Service & Experience • Hindi voice-bots • Email-bots *XRF – X-Ray Fluorescence
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159 AI based command center use cases Current Command Centers across the industry… AI enabled Command Centers of the future… OTP based safe access Facial recognition enabled by AI to open safe locks STP Manual camera checks for guard/customers/etc. AI checks camera feeds and gives access Security guard frisks customers for weapons/security hazard Camera feeds with AI detect weapons/security hazards Customer registers maintained for walk-ins Branch footfalls counted by AI enabled camera We are currently in discussion for implementing a future-enabled command center, leveraging both in-house and vendor provided use cases
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160 We are in process of expanding our existing 130 branches by 200 in FY26 to establish pan-India presence We have a strong branch presence across North and West… …and are expanding at a branch a day to become pan-India Rajasthan (24) WestNorth East South Punjab (18) Haryana (20) Delhi (14) UP (10) Jammu (4) Uttarakhand (2) Himachal (3) Madhya Pradesh (23) Gujarat (9) Maharashtra (6) W. Bengal (22) Odisha (21) Assam (4) Karnataka (12) Telangana (4) Punjab (42) Haryana (32) Gujarat (20) Uttarakhand (11) Delhi (6) Madhya Pradesh (6) Rajasthan (4) Jammu (4) Chandigarh (3) Daman & Diu (1) Uttar Pradesh (1) Aspiration to grow AUM by 10x in 2 years via cross sell & branch expansion Andhra (4)
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161 We have launched the first Sampoorna Gold Finance Branch in Ujjain
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L&T FINANCE INTERNALMs. Kavita Jagtiani Chief Marketing Officer With L&T Finance since : October, 2023 Total years of experience : 26 years Past Experience : Pidilite, General Mills, ICICI Bank Educational Qualification : MBA – Sydenham Institute of Management Studies, Mumbai M.Com. – Mumbai University 162
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163
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164 Cricket is not just a Sport .. It’s a religion INTERNAL
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165 Launching Our Brand Ambassador Speed and Style
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166 Launching Our Brand Ambassador Game changer Speed and Style
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167 Launching Our Brand Ambassador Game changer
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168 Launching Our Brand Ambassador
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169 Brand refresh through two Integrated Marketing Campaigns (IMCs)
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170 Two-Wheeler loan IMC Bumrah + Asia Cup = Amplified Brand Power Ad spots in Asia Cup’25 Branding across Outdoor, 1400+ Cabs & Buses – Metro announcements Digital reach within YouTube and other tactical placements
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171 Leveraging technology to maximize contextual screen visibility Connecting Bumrah’s unmatched bowling speed to two-wheeler loans, turning a live sports moment into a clever, memorable brand association. Contextual Aston Bands During Live Stream via technology + pre-programmed content of custom Aston bands is superimposed & fed to the Live uplink
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172 Extending the speed promise to transit media Contextual programmatic content in transit media Real-time optimisation kept our message visible from morning rush to evening wind down, stating relevant messaging all day
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173 BowlLikeBumrah.com – An AI-powered engagement platform A unique, gamified activation to link Bumrah's unique style directly to the brand, driving engagements and brand visibility
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174 Delivering at scale 76 Mn Reach on Asia Cup Live TV 40 Mn views on Digital platforms 5 Mn social media engagements Key results - Two-Wheeler IMC
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175 Launching Our Brand Ambassador
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176 Brand refresh through two Integrated Marketing Campaigns (IMCs)
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177 Business Loan IMC Extend Bumrah to celebrate business owners as Game Changers TV spots and strategic Outdoor Digital Video and tactical ad placements Engagements within Business communities
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178 AI-enabled campaign for Business Owners Business Poster With Bumrah A unique activation for SME owners to create a Business Poster for their company through AI, also leveraging Bumrah.
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179 AI-enabled campaign for Business Owners Business Poster With Bumrah A unique activation for SME owners to create a Business Poster for their company through AI, also leveraging Bumrah.
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180 AI-enabled campaign for Business Owners Business Poster With Bumrah Digital Billboard activation, creating user interactions
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181 Delivering at scale 11 Mn Reach to Business Owners 29 Mn views on Digital platforms 4.5 Mn social media engagements Key results - Business Loan IMC
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182 Delivering at scale 11 Mn Reach to Business Owners 29 Mn views on Digital platforms 4.5 Mn social media engagements Key results - Business Loan IMC 12% 31% BRAND AW ARENESS BRAND AWARENESS Pre Post 8% 23% BRAND AW ARENESS BRAND CONSIDERATION Pre Post
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183 0.29% 0.42% 0.60% 1% 1.01% 0.82% 0.98% Apr May June July Aug Sep Oct Leveraging Gen AI into Martech 3.4X growth in CTRDussehra Diwali Durga Pooja 21% 56% 60% 57% 56% June July Aug Sep Oct .Contribution to Personal Loan Cross-Sell business Sanction Banking Application
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184 0.29% 0.42% 0.60% 1% 1.01% 0.82% 0.98% Apr May June July Aug Sep Oct Leveraging Gen AI into Martech 3.4X growth in CTRDussehra Diwali Durga Pooja 21% 56% 60% 57% 56% June July Aug Sep Oct .Contribution to Personal Loan Cross-Sell business Sanction BankingApplication
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185 Driving Marketing Efficiencies through AI Sab Honge Kaamyaab with L&T Finance Fully AI-generated Diwali theme song 45 Mn Views on Instagram 90k engagements
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186 Driving Marketing Efficiencies through AI Sab Honge Kaamyaab with L&T Finance Fully AI-generated Diwali theme song 45 Mn Views on Instagram 90k engagements