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Piramal Finance January 2026 Investor Presentation
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2 Table of contents A Our blueprint for value creation 03 B Overview 08 C Q3 FY26 Results Summary 17 D Retail 22 E Wholesale 2.0 38 F Legacy (discontinued) business 44 G Financials 46 H Appendix 52
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Our blueprint for value creation 1 2 3 % Growth Profitability Predictability RoAUM >3%2x AUM in ~3 years Stable Risk Steady Earnings 4 Build a future-proof, AI native company Click here to access Piramal.ai presentation 3 ₹ 1.5 lac Cr AUM by Mar-28 With target AUM-to-equity of 4.5-5.0x
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4 1 Growth – On track for ₹ 1.5 L Cr AUM by FY28 0.8 1.0 1.5 0.78 0.97 Mar-25 Mar-26P Mar-28P Dec-24 Dec-25 In ₹ L Cr CAGR We expect FY28 total AUM to cross ₹ 1.5 L Cr 23% 24-26%
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5 2 Profitability – On track to achieve long range goals 2. AUM-to-equity1. Growth business RoAUM Excluding POCI recovery related profits 1.5% 1.6% 1.8% 1.1% 1.0% 1.1% 1.7% 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% 3.25% Q1 Q2 Q3 Q4 FY26 FY25 Long range goal 2.1 2.1 2.3 2.6 2.6 2.6 2.8 2.9 3.0 3.2 3.3 3.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY23 FY24 FY25 FY26 Long range goal
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6 3 Predictability – Steady profit growth over last 8 quarters Stable consol profitsSteady risk 90+ DPD in Retail 0.7% 1.1% 1.1% 0.7% 0.8% 0.7% 0.6% 0.6% 0.6% 0.7% 0.8% 0.8% 0.8% 0.8% 0.8% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY23 FY24 FY25 FY26 Consol. PAT, in ₹ Cr. 8,155 -1,536 3,545 -196 509 48 -2,378 137 181 163 39 102 276 327 401 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY23 FY24 FY25 FY26
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7 4 Piramal.ai strategy delivering value across 5 key dimensions Vintage Risk (30+ at 6MOB) - retail Consistent retail disbursement growth Customer complaints in retail 2.6 2.8 2.5 2.8 2.1 1.8 1.2 0.4 0.3 0.3 0.4 0.4 0.4 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 X-axis represents quarter of origination 54% of overall code now written by AI In ₹ Cr. 5.6% 4.7% 3.7% 2.3% 2.4% 1.8% 1.7% 1.3% 1.3% 1.1% 1.1% 1.0% 0.8% 0.6% 0.9% Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 18,371 28,555 33,135 23,243 30,170 FY23 FY24 FY25 9M FY25 9M FY26 30% 55% 16% YoY % 1. Underwrite Better 3. Improve CX 2. Drive Growth 5. Build More 4. Enhance Productivity Disb. per employeeDisb. per branch Trailing 12 months, ₹ Cr 64 80 Q3 FY25 Q3 FY26 2.3 2.7 Q3 FY25 Q3 FY26 (Per 1,000) AI Spotlight: Q3 FY26 Collections.ai ➢ Reinforcement learning models are optimizing allocation channel for resolution ➢ STT (Speech-to-Text) models have made collection disposition richer and real-time, with a natural human interface to our app ➢ Our AI collection bots are matching human performance. We now aim to use an AI + Human Call Centre in tandem to maximize resolution ➢ Implemented Self Cure model across secured and unsecured businesses
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Overview
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9 Illustrative examples 1 Strong promoter group with demonstrated ability to raise equity and debt across market cycles Management team with track record brought on board to scale the platform across businesses verticals Successfully transitioned to a retail led business growing with High Tech + High Touch approach Building a granular, diversified and profitable Wholesale 2.0 book Significantly de-risked business with Legacy AUM set to be <5% of total AUM by end-FY26 Well capitalized and liquid balance sheet primed for future growth 2 3 4 5 6 A growing diversified lending business being built by a credible management team and backed by a solid promoter group The Piramal Finance Story
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› 100 Years ago, Piramal Chaturbhuj arrived in Bombay & built a thriving cotton trade business > 1988 › Entered the pharma space by acquiring Nicholas Laboratories > 1999 › Acquired Ceylon Glass Company, Sri Lanka › In 1984, at just 34, Ajay Piramal took charge of the group. Amid a strike that crippled the textile industry, Ajay Piramal pivoted the Group away from textiles. > 1984 › Entered the glass manufacturing space by acquiring Gujarat Glass > 1970 › His son Gopikisan Piramal expanded the legacy by acquiring VIP Industries & Miranda Tools in 1970s 10 > 1935 › Acquired India’s oldest cotton mill, Morarjee Mills, taking a step beyond cotton trading > 1920s
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11 Last 30 years journey of Piramal Group Notes : (1) The transaction happened at 9x FY10 Sales and 30x FY10 EBITDA, creating new industry benchmarks for valuation > 2013-14 › Invested ₹46 Bn in Shriram group of companies > 2016 › Piramal Realty launched its two signature projects - Piramal Aranya, and forays into commercial real estate with Piramal Agastya > 2017-20 › Raised ₹180 Bn through equity raises and asset sale > 2019 › Piramal Foundation partnered with Gates Foundation and Rockefeller Foundation > 2020 › Piramal Pharma announces completion of 20% strategic growth investment by Carlyle > 2021 › DHFL acquisition for ₹ 343 Bn consideration, 1st financial services company to get resolved through IBC > 2022 › Piramal pharma demerged › PEL received its NBFC License > 2024 › Announced merger of Piramal Enterprises with its subsidiary Piramal Finance > 2025 › Raised US$815 Mn from global debt capital markets › Merger of PEL with PFL completed New businesses and corporate actions Fund raises, investments & exits 2006 - 2015 2016 - 2020 2021 - 2026 › Sold global glass packaging business, Piramal Glass to Blackstone for ~$1 Bn 2006> › Launched Piramal Foundation, Group’s philanthropic arm > 2010 › Sold domestic formulations business to Abbott for $3.8 Bn1 > 2011 › Entered Financial Services by acquiring Indiareit › Invested ₹59 Bn in Vodafone (₹89 Bn exit in 2014) > 2012 › Established Piramal Realty › Commenced NBFC operations › Acquired DRG (Healthcare analytics business) for $650 Mn (~$1 bn exit in 2020) > 2026 › Crisil assigns AA+ to long term debt › Inaugural $350mn DFI funding
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12 Piramal Group: At a glance Financial services Pharma Real Estate Foundation Piramal Finance Piramal Pharma Piramal Realty Piramal Foundation Total AUM | ₹ 96,690 Cr Investments in Shriram | ~₹1.7k Cr (3) Key partners - Gates Foundation, NITI Aayog, Tata Steel Foundation, The Bridgespan Group, Emory University & Harvard among others Improving local SDG goals across 112 aspirational districts (5) A design led, delivery focused real estate company, with an aim to enrich lives by setting gold standards for customer-centricity, architectural design, quality & safety Focus on improving lives of vulnerable communities by strengthening Government & community systems Offers a portfolio of differentiated products and services through 17 global development & manufacturing facilities and a global distribution network in over 100 countries A leading, listed, diversified NBFC, with prominent presence across retail and wholesale lending, alternatives and insurance Promoter owned private entityMarket Cap : c. ₹ 202bn (2) Not-for-profit organization Ajay Piramal Group Notes: (1) Carlyle holds 18% stake; (2) Market Cap as of 23rd Jan 2026: (3) Book value as on the balance sheet: (4) FY25 Gross Written Premium; (5) Most underdeveloped districts identified by GOI “Established 40+ year legacy in India; All businesses operating independently with no cross holdings or intercompany transactions” Listed Companies Privately Held Companies Alternatives | ~$1.3 Bn Committed funds Life insurance GWP | ~₹2.1k Cr (4) Other assets Joint venture Contract Development and Manufacturing Organization Complex Hospital Generics Piramal Consumer Healthcare 15 sites 6k+ customers (Hospitals) ~180k+ customers (Chemists & cosmetics shops) | | | 49% stake in Abbvie Therapeutics (51% held by Abbvie) a leader in Ophthalmology formulations in the India 33.33% strategic investment in Yapan Bio a CDMO that specializes in Vaccines and Biologics ~12+ Mn sq. ft of residential & commercial real estate in Mumbai (MMR) 21 towers & 4,200+ units delivered across projects, another 3000 homes under construction Delivered India's 2nd tallest residential tower, reaching a height of 282+ meters Partnership with leading global firms HOK, CallisonRTKL, HBA, Conran & Partners London, Super Potato Japan, L&T Construction, Hafeez Contractor among others across in construction, design, & interiors Impacted 143+ Mn lives across 27 states in India c. 35% (1)c. 46% Market Cap : c. ₹ 396bn (2)
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13 Illustrative examples Strong management team on-board Group President Former MD at KKR India NYU Stern School of Business Rupen Jhaveri Executive Chairman Harvard Business School University of Pennsylvania Anand Piramal MD & CEO Former CFO and President (Retail Lending & Payments) at Axis Bank IIT Delhi, IIM Calcutta Jairam Sridharan CFO Chartered Accountant Vikash Singhla CEO, Piramal Alternatives Former MD at AION Capital ( JV of Apollo & ICICI) Bombay University and Member of CFA Institute Kalpesh Kikani CEO, Retail Lending Former President – Retail lending at Axis Bank Jagdeep Mallareddy CEO, Wholesale Lending Former MD & CEO at KKR – RE Lending business London Business School Yesh Nadkarni
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14 Illustrative examples Board with industry leaders having deep expertise in FS and Tech Anjali Bansal Independent Director Founder, Avaana Capital Rajiv Mehrishi Independent Director Former Principal Finance Secy., GoI1 Gautam Doshi Independent Director Former Chairman, WIRC of ICAI Nitin Nohria Senior Advisor Former Dean, Harvard Business School Advisory Committee Notes: (1) Government of India (2) Economic Law Practice Shikha Sharma Non-Executive Director Former MD & CEO, Axis bank Asheet Mehta Independent Director Former Senior Partner, McKinsey & Company Kunal Bahl Independent Director Co-Founder & Former CEO, Snapdeal Suhail Nathani Independent Director Managing Partner, ELP2 Anand Piramal Executive Chairman Harvard Business School University of Pennsylvania Jairam Sridharan MD & CEO Former CFO and President (Retail Lending & Payments) at Axis Bank Ajay G. Piramal Chairman – Piramal Group
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15 Illustrative examples Business snapshot ₹ 79,413 Crore Multi-product retail platform – Housing loans, LAP, Used car loans, Business loans, Salaried PL and Digital loans Retail AUM Wholesale 2.0^ AUM ₹ 12,047 Crore Real estate and corporate mid market loans (CMML) GROWTH BUSINESS ~$ 1.3 Billion Alternatives Committed Funds ₹ 2,074 Crore^ Life Insurance GWP ~₹ 1,700 Crore* Investments in Shriram Legacy (discontinued) AUM ₹ 5,230 Crore Notes: (*) Book value as on the balance sheet (^) FY25 Gross Written Premium OTHER ASSETS Strong capitalization levels and low leverage provide firepower to sustained AUM growth. GNPA 2.6% / NNPA 1.9%AUM / Equity: 3.5x Capital Adequacy: 20.3% Net Worth: ₹ 27,872 Cr Total AUM: ₹ 96,690 Cr LEGACY (Discontinued) BUSINESS
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16 Business transformation in recent years 9% 34% 82% Pre-DHFL merger Jun-21 Post-DHFL merger Sep-21 Dec-25 % Retail in Consol. AUM 43k 14 301 518 Pre-DHFL merger Jun-21 Post-DHFL merger Sep-21 Dec-25 # Retail branches 66% 5% Mar-22 Dec-25 Legacy AUM (₹ Cr.) % Total AUM -88% Retail now forms 82% of total AUM We now have 518 branches Value unlocking in recent years 65k 64k 69k 81 97k Mar-22 Mar-23 Mar-24 Mar-25 Dec-25 22k 79k 12k Mar-22 Dec-25 WS 2.0 Retail 4.2x 22k Simplified corporate structure Pharma demerger in 2022; PEL-PFL merger in 2025 Non-core divestments INR 6.3k Cr monetized; balance in motion Available tax shield Assessed carry forward losses of INR 14.5k Cr In ₹ Cr. Total AUM Legacy AUM In ₹ Cr.In ₹ Cr. Growth AUM 91k Up 23% YoY 46% CAGR since Mar-22 Down at 43% CAGR since Mar-22 5k
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Q3 FY26 Results Summary
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18 Q3 FY26 Summary – Steady progress across parameters Consol. AUM growth & NIM are increasing Q3 FY26 Results Summary 1/4 Consol NIM is up 51bps YoY to 6.3% 2 Retail opex-to-AUM continues to decline – down 10bps QoQ to 3.8% 3 Stable asset quality: Total GNPA flat, Growth business credit cost down 10 bps QoQ to 1.6% 4 RoAUM at 1.9% (Growth business ), vs 1.7% in Q2 FY26 and 1.5% in Q1 FY26 9M FY26 Growth business PBT at ₹ 1,066 Cr 5 Leverage: AUM/E now at 3.5x, led by sustained AUM scale-up 6 In Dec’25, Announced monetisation of Shriram Life Insurance stake for ₹ 600 Cr 7 1 Total AUM are up 23% YoY, led by Growth AUM (up 34% YoY; at 95% of total AUM) -1% 5% 4% 8% 10% 12% 16% 17% 22% 22% 23% 4.3% 4.7% 4.9% 4.6% 4.9% 5.1% 5.8% 5.8% 5.9% 6.1% 6.3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY24 FY25 FY26 Consol. AUM YoY growth Consol. NIM In Jan’26, Crisil assigns AA+ to long term debt | Inaugural $350mn DFI funding from IFC & ADB 8
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19 Illustrative examples Consol. AUM ₹ 96,690 Cr up 23% YoY / 6% QoQ Growth : Legacy AUM mix 95 : 5 87 : 13 in Q3 FY25 Consol. PAT ₹ 401 Cr up 940% YoY Legacy AUM ₹ 5,230 Cr 5% of total AUM Growth business PBT* ₹ 427 Cr up 101% YoY Borrowings ₹ 75,532 Cr up 22% YoY Net worth ₹ 27,872 Cr Debt to equity: 2.7x Notes: (*) Pro forma business P&L Business Snapshot – Q3 FY26 Growth business RoAUM* 1.9% 1.4% in FY25 32% 24%5% 7% 6% 1% 4% 3% 3% 9% 5% Housing loans LAP Used car loans Salaried PL Unsecured business loans (UBL) Microfinance Digital loans Other retail CMML New real estate Legacy AUM mix Q3 FY26 Q3 FY26 Results Summary 2/4
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20 Growth business profitability* Notes: (*) Pro forma business P&L; (#) AUM = Loans (on-book) + off-book assets (^) RoAUM = PBT / Avg. AUM; assuming zero tax rate Opex & PPOP 3 As % of AUM Credit cost RoAUM^ Total POCI recoveries PBT ex-POCI recoveries Q3 FY26 Results Summary 3/4 Interest margin Total Retail fee Interest income 1 2 Ratios on AUM Ratios on loans As % of loans As % of loansAs % of AUM# DA/Co-lending income Net total income Off-B/S asset as % of AUM Total 13.4% 13.6% 13.4% 13.4% 13.2% 1.4% 0.8% 0.9% 0.9% 1.0% 14.8% 14.4% 14.3% 14.4% 14.3% FY24 FY25 Q1 FY26 Q2 FY26 Q3 FY26 6.5% 8.2% 7.3% 7.1%7.3% 7.0%7.3% 7.1%7.2% 7.1% Interest expense Interest margin FY24 FY25 Q1 FY26 Q2 FY26 Q3 FY26 8.1% 6.7% 6.3% 6.3% 6.3% 0.2% 0.6% 0.5% 0.5% 0.6% 8.4% 7.2% 6.9% 6.9% 6.9% FY24 FY25 Q1 FY26 Q2 FY26 Q3 FY26 3.0% 9.5% 10.3% 10.6% 11.5% 5.1% 3.2% 4.2% 3.0% 3.9% 3.0% 3.6% 3.3%3.5% 3.5% Opex PPOP FY24 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Includes ₹35 Cr impact of new labor code 4 Total incomeNet income margin 1.8% 1.2% 1.4% 1.6% 1.8% 0.6% 0.2% 0.04% 0.05% 0.1% 2.4% 1.4% 1.5% 1.7% 1.9% FY24 FY25 Q1 FY26 Q2 FY26 Q3 FY26 1.4% 1.8% 1.4% 1.7% 1.6% -0.6% -0.2% -0.04% -0.05% -0.1% 0.8% 1.6% 1.4% 1.7% 1.6% FY24 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Credit cost ex-POCI recoveries POCI recoveries Reported credit cost
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21 FY25 17% 36% 80% 6,920 485 FY26 Target 25% 30% 80-85% 3,000-3,500 1,300-1,500 Total AUM - YoY growth Growth AUM - YoY growth Retail share in total AUM Legacy AUM (₹ Cr) Consol. PAT (₹ Cr) AUM growth and mix On track to meet all FY26 targets 9M FY26 23% 34% 82% 5,230 1,004 1 2 3 4 5 Q3 FY26 Results Summary 4/4 ₹ 1,066 Cr (Growth PBT)
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Retail
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23 Snapshot - Retail Lending AUM ₹ 79,413 Cr 34% YoY Presence 518 Branches Mortgages AUM (HL+LAP) ₹ 53,958 Cr Opex to AUM AUM yield 13.6% Steady QoQ 90+ DPD 0.8% Stable portfolio over four years 3.8% 270bps in eleven quarters 35% YoY | 68% of retail AUM 429 Cities 26 States * Weighted average of all live loan accounts (excl. fee income)
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24 Illustrative examples Agile tech framework seamlessly integrated with unique ‘High Tech / High Touch’ model (cont’d) High Touch Sales and Sourcing Eligibility checks Underwriting (u/w) and sanction Monitoring CollectionsHome loan as an example A C High Tech B C D E F G A. Strong branch led presence along with deep DSAs & connectors network A B. Parameterized lending with multiple checks C. In-house scorecards & AI/ML model driven “Ventile based” decision making B C High Tech and High Touch are strongly blended D. PDs(1) and Appraisal (2) done to ascertain payment capacity E. Parallel processing through seamless integration D E E. Real time tracking through automated dashboards (PowerBI) F F. Large on- ground collections team G Focused on building a sustainable lending franchise through use of technology and personal touch across customer journey Notes: (1) Personal discussions (2) Involves process of valuing and appraising the property on -site
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25 Total (₹ Cr) In ₹ Cr. Retail disbursements 67% 52% 46% 41% 39% 27% 22% 22% 27% 29% 2% 4% 6% 6% 3% 6% 9% 9% 5% 6% 7% 7% 3% 2% 2% 1% 9% 8% 4% 5% 6% 4% 4% 4% 21,552 32,144 47,927 64,652 79,413 FY22 FY23 FY24 FY25 Q3 FY26 Others* Digital loans Microfinance UBL Salaried PL Used car loans LAP Housing loans TotalRetail AUM 2,459 3,973 5,111 6,828 5,707 6,246 7,692 8,910 6,816 8,065 8,362 9,892 8,718 10,954 10,498 Q1 Q2 Q3 Q4 FY23 FY24 FY25 FY26 Note: (*) Others includes loan against mutual fund (LAMF) (₹ 1,276 Cr as of Q3 FY26), SRs (₹ 1,414 Cr as of Q3 FY26) & pass -through certificates (PTC) (₹ 96 Cr as of Q3 FY26) Retail AUM up 34% YoY, disbursements up 26% YoY +26% YoY (Q3 FY26) +30% YoY (9M FY26)
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26 Steady AUM growth momentum across secured products Disbursement Average ticket size Average LTV Average CIBIL score Disbursement yield ₹ 23 Lac 57% 751 11.9% Average ticket size Average LTV Average CIBIL score Disbursement yield Average ticket size Average LTV Average CIBIL score Disbursement yield ₹ 25 Lac 45% 754 13.3% ₹ 6.5 Lac 72% 751 15.3% AUM (In ₹ Cr) FY24 (In ₹ Cr)FY25FY26 25,287 26,661 28,034 29,550 30,650 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 14,740 17,180 19,067 21,285 23,308 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 3,530 4,039 4,357 4,797 5,082 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 1,908 2,313 2,313 2,891 1,846 2,509 2,476 2,692 2,416 2,777 2,664 Q1 Q2 Q3 Q4 851 1,024 1,607 1,918 1,508 2,144 2,396 3,129 2,617 3,240 2,916 Q1 Q2 Q3 Q4 269 331 450 644 574 748 720 807 668 821 721 Q1 Q2 Q3 Q4 LAP Used car loansHousing loans +21% YoY +58% YoY +44% YoY +8% YoY (Q3 FY26) +22% YoY (Q3 FY26) +0.2% YoY (Q3 FY26) +15% YoY (9M FY26) +45% YoY (9M FY26) +8% YoY (9M FY26)
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27 Disbursement AUM FY24 (In ₹ Cr) (In ₹ Cr) FY25FY26 Strong AUM growth across unsecured products Average ticket size Average CIBIL score Disbursement yield Average ticket size Average CIBIL score Disbursement yield ₹ 4.5 Lac 756 17.4% ₹ 1.1 Lac 762 14.3%₹ 6.5 Lac 754 19.3% Average ticket size Average CIBIL score Disbursement yield Notes: (*) In Q1 FY26, AUM of ₹ 1,043 Cr from self-employed cross-sell customers have been re-classified from Salaried PL to UBL (^) Excluding MFI; Q3FY26 MFI AUM is ₹ 1,144 Cr and disbursement is ₹ 539 Cr * * 4,997 5,975 5,615 6,434 7,008 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 4,031 4,247 5,264 5,564 5,695 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 2,852 2,898 3,138 3,425 3,740 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 471 465 592 591 539 688 639 704 618 886 768 Q1 Q2 Q3 Q4 1,431 1,123 1,397 1,223 836 562 718 930 1,167 1,364 1,566 Q1 Q2 Q3 Q4 Digital loans +31% YoY UBL (Unsecured Business Loans)^ +41% YoY Salaried PL +40% YoY 443 564 891 976 708 948 1,316 1,564 1,110 1,459 1,324 Q1 Q2 Q3 Q4 +1% YoY (Q3 FY26) +20% YoY (Q3 FY26) +118% YoY (Q3 FY26) +31% YoY (9M FY26) +22% YoY (9M FY26) +94% YoY (9M FY26)
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28 Customer profile for branch-based acquisition Age group Income band (monthly) Note : All donut charts are for number of customers acquired in Q3 FY26; (*) Excluding 76 microfinance branches 41% 32% 20% 7% 18 - 34 yrs. 35 - 44 yrs. 45 - 54 yrs >=55 yrs. 22% 18% 49% 12% Metro adjacent Tier-1 Tier-2 Tier-3 32% 36% 17% 14% <INR 30k INR 30k - 59k INR 60k - 99k >=INR 1 lakh 45% 55% Salaried Self empoyed Employment category Geography Customers acquired through branch network represent 91% of total retail AUM 518 Branches* 26 States Geographic split of branches 30 6 6 13 5 1 1 19 1 3 52 19 83 7 1 59 19 29 1 46 8 13 18% 11% 11% 9% 9% 9% Share in retail AUM % No. of branches 82% customers outside tier-1 marketsMedian customer earns ₹49k monthly 30 25 40 55% customers are self-employedMedian customer at 38 years of age 1
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29 Cross-sell franchise | 25-30% of unsecured disb. through cross-sell Q3 FY25 4.5 3.4 2.9 2.5 (56.1%) Q3 FY26 5.4 4.1 3.5 3.1 (57.1%) 2.8 3.3 In Mn Total customer franchise up 22% YoY to 5.4 Mn Total customer franchise Credit segment filtered customers Overall cross-sell franchise Non delinquent customers Cross-sell franchise Cross-sell% 23% 27% 11,099 11,330 FY25 9M FY26 8% 10% 32,998 30,170 FY25 9M FY26 Total (₹ Cr) Cross-sell Unsecured disbursements Total retail disbursements Cross-sell is lower risk & lower opex compared to open market sourcing 100 77 Open market sourcing Cross-sell 90+ DPD for unsecured 100 75 Open market sourcing Cross-sell Program-wise Opex For Q3 FY26, Indexed at 100 for open market sourcing
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30 Productivity improvement to continue Note: (1) >=4 years bracket in Q3 FY26 mostly represent DHFL branches acquired in Sep’21 ; (2) Only for branch led products We have moderated the pace of branch expansion… 1 105 86 27 1 FY 23 FY 24 FY 25 9M FY26 …and are focusing more on increasing product penetration into existing branches 2 No. of branches Products offered Mar-23 Mar-24 Mar-25 Dec-25 Housing loans 398 470 512 514 LAP 343 461 512 513 Used car loans 169 307 363 400 Salaried PL 127 225 319 383 UBL 93 168 293 360 Total branches 404 490 517 518 Our branches are also becoming more mature… 3 # branches, by vintage 75 43 9 41 47 22 4 6 117 99 45 282 275 109 125 8 270 66 8 278 404 490 517 518 Mar-23 Mar-24 Mar-25 Dec-25 >=4 yrs. 3-4 yrs. 2-3 yrs. 1-2 yrs. 6 months-1 yr. <6 months Total Total 1 Benchmark monthly disbursement2 per branch by vintage …and, hence, productivity will further increase 4 ₹ Cr 0.5 2.2 2.3 3.4 4.2 7.5 <6 months 6 months-1 yr. 1-2 yrs. 2-3 yrs. 3-4 yrs. >=4 yrs. We are restarting branch opening in Q4 FY26
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31 Stable income profile – operating leverage playing out well Opex ratio reduced ~270 bps over last 11 quarters DA/co-lending transactions Interest income As % of loans Fee income As % of loans 1 2 3 (₹ Cr) Off-B/S assets as % of AUM Amortization of processing fee led to a drop in reported fee income (from 1.5% in FY24), which is now normalizing. DA/co-lending income 4 As % of AUM 13.3% 13.3% 13.2% Q3 FY24 Q3 FY25 Q3 FY26 1.0% 1.1% 1.2% 0.8% 1.0% 1.0% 1.2% Q1 Q2 Q3 Q4 FY26 FY25 336 2,107 2,309 2.0% 9.4% 13.2% Q3 FY24 Q3 FY25 Q3 FY26 0.2% 0.7% 0.7% Q3 FY24 Q3 FY25 Q3 FY26 Long range goal 6.5% 5.8% 5.8% 5.5% 5.3% 4.9% 4.7% 4.5% 4.3% 4.2% 3.9% 3.8% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25% 6.50% 6.75% Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY27-28 25 bps reduction in Opex guidance Q3FY26 Includes impact of new labor code
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32 Retail risk (1/2) – Overall stable 90+ DPD reflects diversified AUM mix 0.6% 0.9% 1.0% 0.6% 0.6% 0.4% 0.4% 0.3% 0.4% 0.5% 0.5% 0.5% 0.5% 0.5% 0.6% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Housing loans FY23 FY24 FY25 FY26 0.7% 1.6% 1.5% 0.7% 0.6% 0.6% 0.3% 0.2% 0.3% 0.3% 0.4% 0.5% 0.5% 0.6% 0.6% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 LAP FY23 FY24 FY25 FY26 0.7% 1.1% 0.9% 0.8% 1.0% 0.9% 0.8% 0.7% 0.7% 1.0% 1.1% 0.9% 1.3% 1.4% 1.4% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Used car loans FY23 FY24 FY25 FY26 UBL 0.3% 0.6% 0.8% 0.8% 1.2% 1.2% 1.2% 1.2% 1.2% 1.5% 1.7% 1.6% 1.5% 1.5% 1.5% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY23 FY24 FY25 FY26 0.3% 0.0% 0.0% 0.1% 0.6% 0.9% 0.9% 0.9% 0.9% 1.0% 0.9% 0.9% 0.8% 0.8% 0.8% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Salaried PL FY23 FY24 FY25 FY26 2.4% 1.8% 1.6% 1.5% 2.2% 2.7% 2.5% 2.1% 2.5% 3.0% 3.0% 2.5% 1.7% 1.5% 1.3% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Digital loans FY23 FY24 FY25 FY26 0.7% 1.1% 1.1% 0.7% 0.8% 0.7% 0.6% 0.6% 0.6% 0.7% 0.8% 0.8% 0.8% 0.8% 0.8% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Retail overall FY23 FY24 FY25 FY26 AUM as of Q3 FY26 (₹ Cr) % of consol. AUM as of Q3 FY26 90+ DPD Microfinance 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.6% 1.2% 1.4% 2.5% 5.5% 6.9% 7.0% 3.7% 1.8% 0% 2% 3% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY23 FY24 FY25 FY26 30,650 32% 23,308 24% 5,082 5% 5,695 6%7,008 7% 3,740 4% 79,413 82% 1,144 1%
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33 Housing loans LAP Used car loans UBL Salaried PL Digital loans AUM as of Q3 FY26 (₹ Cr) % of consol. AUM as of Q3 FY26 * 90+ DPD 12 months on book Microfinance Retail risk (2/2) – vintage risk* : controlled quality of new originations X-axis represents quarter of origination 1.5% 0.6% 0.4% 0.4% 0.5% 0.4% 0.5% 0.3% 0.5% 0.5% 0.5% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY23 FY24 FY25 0.6% 0.9% 0.5% 0.4% 0.2% 0.4% 0.4% 0.4% 0.5% 0.6% 0.7% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY23 FY24 FY25 6.3% 3.9% 2.6% 2.3% 2.4% 2.3% 2.3% 2.7% 2.3% 2.5% 2.2% 0% 2% 3% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY23 FY24 FY25 2.6% 2.1% 2.4% 1.9% 1.9% 1.6% 1.6% 1.4% 1.6% 1.6% 1.5% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2.2% 4.3% 4.0% 2.7% 2.9% 2.0% 1.8% 1.6% 2.0% 2.3% 2.3% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 5.1% 5.0% 6.2% 4.2% 4.1% 3.8% 3.6% 3.2% 3.6% 2.7% 3.0% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0.0% 0.5% 0.9% 2.2% 3.4% 3.8% 6.2% 7.4% 9.0% 8.7% 3.1% 0% 2% 3% 5% 6% 8% 9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 5.5% 4.2% 2.5% 2.0% 2.2% 2.4% 2.4% 2.4% 2.7% 3.9% 3.7% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 30,650 32% 23,308 24% 5,082 5% 5,695 6%7,008 7% 3,740 4% 79,413 82% 1,144 1% Retail overall
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34 Superior data driven underwriting capabilities Origination Initial Assessment Detailed Due Diligence Approval & Loan Negotiation Disbursement Monitoring Monitoring Process through dashboards & Collection escalation Paths Post-disbursement follow-ups Repayment monitoring Bank transfer & Accounting entry Execution of agreements Lien registration / collateral charge creation Approval memo / documentation stage Internal credit, Legal & technical teams decide on case Negotiation of interest rate, tenor, security Property Site Visits & Legal Checks (Ownership, encumbrances) Financial analysis (bank statements, ITR, financials) Personal discussions / references Preliminary internal score / risk band KYC & AML checks Creditworthiness and eligibility assessment Lead generation (e.g. direct, partner referrals) Pre-screening criteria
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35 Superior data driven underwriting capabilities (contd.) 850+ Credit managers in Branches 150+ Credit managers in Central Processing Unit 2,40,000+ PD Visits in 9M FY26 Mobile shop owner from Bhilwara Tailor Master from Gwalior Marble Trader From Shahpura Visuals from physical PD Personal Discussion based underwriting
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36 Superior data driven underwriting capabilities (contd.) Road constructor from Bangalore Hotel owner from Aurangabad Govt. servant from Jalna Appraisal staff on site In-house Collateral appraisal1 and Legal Approvers 250+ On-roll Appraisal Staff 1,60,000+ Appraisal Visits in 9M FY26 2+ appraisals mandatory where property value > INR 50 lacs 75+ On-roll Legal Staff Note: (1) Involves process of valuing and appraising the property on-site
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37 Illustrative examples Are our Credit scorecards doing a good job? 16% of people we reject get a loan elsewhere, but their risk is 2.8x of those we approve Off-Us analysis1 of the reject base (All products) Risk on the portfolio2 Total loan applications (100) 1x 2.8x Notes: (1) Off-Us take ups are identified from the bureau data scrubbed post rejection; Off -Us take ups is an event where the client avails a similar loan product Off-Us post Piramal rejection (2) Risk considered is ever 30+ in 6 months on book
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38 Wholesale 2.0
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39 Snapshot – Wholesale 2.0 AUM ₹ 12,047 Cr 35% YoY Mix 74 : 26 Real estate Disbursements ₹ 2,166 Cr Average ticket size Portfolio EIR (Effective interest rate) 14.5% Repayments as % of disbursements 66% High repayments reflect strong underwriting ₹ 54 Cr 4% YoY CMML Steady QoQ
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40 Illustrative examples Wholesale 2.0: Tapping opportunity in underpenetrated real estate and corporate mid-market lending Why Real Estate Financing Market? Corporate Mid-market Lending: A Large Untapped Market in India OPPORTUNE TIMING Beginning of growth cycle as affordability at all time high DEVELOPER CONSOLIDATION Resulting in better quality ecosystem GAP IN HFC / NBFC SPACE Sector getting vacated resulting in major market gap TIER 2/3 MARKETS Underpenetrated and less competition Creation of developer ecosystem to provide end to end solution through Retail & Wholesale partnership; Building a specialized team within wholesale to cater to this segment Predominantly OpCo loans Backed by cashflow / assets Mid-sized companies with revenues of up to USD 300mn Investment grade and above (externally rated A to BBB-) Diversified sectors manufacturing, services & NBFC
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41 AUM Disbursements Total repayments (including pre-payments) Total In ₹ Cr. ▪ Performing well, in line with or ahead of underwriting, as reflected in prepayments ▪ Since inception (Q2 FY22), we have disbursed ₹ 22,727 Cr across 341 loans and received total repayments of ₹ 10,641 Cr ▪ In Q3 FY26, we received pre-payments worth ₹ 610 Cr | Repayments (₹ 1,428 Cr) were 66% of the disbursements +35% YoY +7% QoQ +4% YoY +6% QoQ Building a diversified and granular book backed by cash flows and assets Total Total 6,744 6,680 7,764 8,608 8,891 2,172 2,437 2,661 2,687 3,156 8,916 9,117 10,425 11,295 12,047 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 CMML Real estate 1,450 911 1,672 1,518 1,186 625 797 630 525 980 2,075 1,708 2,302 2,043 2,166 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 CMML Real estate 596 970 591 662 918 431 526 409 503 509 1,027 1,496 999 1,165 1,428 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 CMML Real estate
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42 Granular and diversified build-out A granular build-out AUM, in ₹ Cr. Average loan tenure (Charts represents data for outstanding AUM) In years, represents average residual tenor 8,916 9,117 10,425 11,295 12,047 54 51 53 54 54 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 WS 2.0 AUM Average ticket size 3.3 3.2 3.1 3.0 2.8 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 62%12% 3% 3% 3% 3% 3% 2% 10% Residential Commercial Broking NBFC - MFI NBFC - Fintech NBFC - Others Steel Education Other corporates Overall asset diversity (AUM mix) Real estate As of Dec 2025 Mix by ticket size range # Number of deals; Dec 2025 188 24 10 <INR 100 Cr >INR 100 Cr to INR 200 Cr >INR 200 Cr
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43 Portfolio analysis Repayment analysis In ₹ Cr. Repayment + Prepayment + Exits Portfolio EIR^ CMML AUM by ratings* Effective Interest Rate (EIR)* As of Dec 2025 Notes: (*) Represents data for outstanding AUM (^) Portfolio EIR % includes fee income Real estate AUM by geographic exposure* 700 567 545 704 818 1,027 1,496 999 1,165 1,428 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Contracted repayment Actual repayment 3,888 3,974 4,133 4,128 4,924 5,028 5,143 6,292 7,167 7,124 8,916 9,117 10,425 11,295 12,047 14.4% 14.4% 14.5% 14.5% 14.5% Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 <14% >14% WS 2.0 AUM WS 2.0 Total WS2.0 AUM (₹ Cr.) As of Dec 2025 22% 18% 19% 12% 15% 8% 7% Bangalore MMR Chennai Pune Hyderabad NCR - Delhi Others 36% 40% 1% 23% A and better BBB- upto A- BB+ or below Not rated
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44 Legacy (discontinued) business
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45 We reiterate bringing Legacy AUM to below ₹ 35bn by March 2026 AUM compositionAUM down 88% since March 2022 -49% YoY -4% QoQ Total (₹ Cr) 51,436 45,429 44,411 43,175 29,053 14,572 6,920 5,230 91% 89% 91% 66% 45% 21% 9% 5% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q3 FY26 Legacy AUM (₹ Cr.) % Total AUM -33% YoY -50% YoY -53% YoY -49% YoY 10% 13% 19% 21% 7% 22% 28% 32% 15% 7% 6% 4% 5% 5% 12% 10% 17% 24% 5% 4% 46% 27% 29% 29% 29,053 14,572 6,920 5,230 FY23 FY24 FY25 Q3 FY26 Stage-1 loans Stage-2 loans Stage-3 loans AIF SRs Land & receivables Total Legacy
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Financials
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4747 Profit and loss statement – consolidated Notes: (1) Interest Income includes DA upfront income of ₹ 135 Cr in Q3FY26 , ₹ 112 Cr in Q2FY26, ₹ 100 Cr in Q3FY25, ₹ 347 Cr in 9M FY26, and ₹ 256 Cr in 9M FY25 (2) Tax includes cash refund of (₹ 72 Cr) in Q3FY26 (3) In Q2FY26, One-time exceptional expense includes merger related expenses (₹ 60 Cr), and a one -off tax expense (₹ 21 Cr) In ₹ Cr. Consolidated income statement Q3 FY26 Q3 FY25 YoY % Q2 FY26 QoQ % 9M FY26 9M FY25 YoY % Interest income1 2,878 2,318 24% 2,702 7% 8,084 6,527 24% Less: interest expense 1,651 1,378 20% 1,570 5% 4,714 3,900 21% Net interest income 1,227 940 31% 1,132 8% 3,369 2,627 28% Fee & commission 124 107 16% 121 3% 359 318 13% Dividend 12 12 3% 9 36% 36 44 -18% Others 116 86 35% 67 74% 280 266 5% Other income 252 205 23% 196 29% 676 628 8% Total income 1,480 1,145 29% 1,328 11% 4,045 3,256 24% Less: Operating expenses 821 786 4% 813 1% 2,446 2,231 10% Pre-provision operating profit (PPOP) 659 358 84% 515 28% 1,600 1,025 56% Less: loan loss provisions & FV loss / (gain) 370 272 36% 248 49% 821 542 51% Profit before tax & associate income 289 86 235% 267 8% 779 482 61% Add: associate income 39 5 760% 63 -38% 180 46 289% of which: Alternatives 57 30 87 213 97 Pramerica Life Insurance (18) (26) (24) (33) (50) Profit before tax 328 91 262% 330 -1% 959 529 81% Less: current & deferred tax2 (73) 52 (78) (126) 146 Add: exceptional expense3 (81) (81) Reported net profit after tax 401 39 940% 327 23% 1,004 383 162%
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48 Data from previous quarters now available on our website Click here to download the ‘Data Sheet Q3 FY26’ Overview Pro forma business wise P&L Asset quality Story in charts Link to Data Sheet Q3 FY26
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49 Quarterly P&L* - Growth business In ₹ Cr. Total POCI recoveries PBT ex-POCI recoveries Notes: (*) Pro forma business P&L Opex PBT Net total income PPOP Credit Cost 1,194 1,316 1,313 1,430 1,548 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 695 697 748 743 773 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 499 619 565 687 775 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 287 313 270 344 348 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 9M FY26 ₹1,066 Cr 185 292 288 334 412 212 307 295 344 427 27 15 7 10 15 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26
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50 Balance sheet In ₹ Cr. Consolidated balance sheet Particulars Q3 FY26 Q2 FY26 Q3 FY25 Assets Cash & liquid investments 7,504 7,238 8,277 Gross asset under management 86,194 82,323 72,811 ECL provision 1,763 1,708 3,101 Net assets under management 84,431 80,616 69,710 Investments in Shriram group 1,708 1,708 1,708 Investments in alternatives and others 3,616 3,520 3,469 Fixed assets 2,505 2,556 2,666 Net other assets / (liabilities) 3,639 3,419 3,225 Total assets 1,03,404 99,056 89,055 Liabilities Net worth 27,872 27,447 26,924 Gross debt 75,532 71,609 62,131 Total liabilities 1,03,404 99,056 89,055 Capital Adequacy 20.3% 20.7% 23.7%
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51 Liabilities COB – We have seen 26 bps rate cut transmission in last one year Positive ALM gaps throughout 1,291 3,059 2,523 5,818 8,844 14,840 +5% +11% +8% 20% +28% 52% Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 GAP % In ₹ Cr, period-end 8.65% 8.64% 8.64% 8.73% 8.93% 8.94% 9.12% 9.17% 9.13% 9.12% 8.93% 8.91% Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 58% 49% 6% 10% 1% 9%1% 8%12% 9%9% 6%5% 3%8% 6% FY23 Q3 FY26 Others* Employee Benefit & Trust Insurance Individuals / HUFs / Corporates Securitisation ECB Mutual funds Banks Borrowings^ (₹ Cr) Long term ratings ICRA & CARE: AA Outlook Stable Short term ratings CRISIL, ICRA, CARE: A1+ Other domestic ratings Borrowing by instrument type 40% 37% 5% 9% 8% 1% Loans NCDs / Bonds CP ECB Securitization Public Issue S&P: BB- Moody’s: Ba3 International ratings 448% 1032% 672% 702% 624% Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 PFL's consol. LCR % - period end Regulatory LCR% requirement (NBFCs) High levels of LCR % 100% Q3 FY26 consol. LCR of 407% on period average basis Note: (*) Includes NHB, & other financial institutions which contribute 2% and 3% respectively to overall borrowings (^) Small variance between total borrowings and gross debt mentioned in balance sheet is primarily due to Ind AS adjustments and fair value of ECB Diversification via MFs, ECB & securitisation 48.8k 74.5k Borrowing by lender type As of Dec‘25 New domestic long-term ratings CRISIL: AA+ / Stable
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52 Appendix
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Total assets (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 82,144 78,385 66,474 Stage 2 1,715 1,671 3,967 Stage 3 2,118 1,994 1,903 Sub-Total 85,977 82,050 72,343 POCI 216 274 467 Total AUM* 86,194 82,323 72,810 Total provisions (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 966 916 1,210 Stage 2 206 205 954 Stage 3 590 587 938 Total 1,763 1,708 3,102 Provision coverage ratio (%) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 1.2% 1.2% 1.8% Stage 2 12.0% 12.3% 24.1% Stage 3 27.9% 29.4% 49.3% Total provisions as a % of total AUM 2.1% 2.1% 4.3% GNPA ratio (%) 2.6% 2.6% 2.8% NNPA ratio (%) 1.9% 1.8% 1.5% 53 Asset classification: Total assets Note: (*) Excludes Direct Assignment (DA) (₹ 8,230 Cr, as of Q3 FY26, ₹ 7,345 Cr as of Q2 FY26, and ₹ 4,959 Cr as of Q3 FY25), Co -lending (₹ 2,266 Cr as of Q3 FY26 ₹ 3,686 Cr, ₹ 1,779 Cr as of Q2 FY26, and ₹ 593 Cr as of Q3 FY25)
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Total assets (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 77,633 73,695 59,617 Stage 2 1,503 1,525 1,363 Stage 3 1,611 1,382 1,011 Sub-Total 80,747 76,602 61,991 POCI 216 274 467 Total AUM* 80,964 76,876 62,457 Total provisions (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 744 690 671 Stage 2 183 186 146 Stage 3 524 465 407 Total 1,452 1,341 1,224 Provision coverage ratio (%) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 1.0% 0.9% 1.1% Stage 2 12.2% 12.2% 10.7% Stage 3 32.5% 33.7% 40.3% Total provisions as a % of total AUM 1.8% 1.8% 2.0% 54 Asset classification: Growth assets Note: (*) Excludes Direct Assignment (DA) (₹ 8,230 Cr, as of Q3 FY26, ₹ 7,345 Cr as of Q2 FY26, and ₹ 4,959 Cr as of Q3 FY25), Co -lending (₹ 2,266 Cr as of Q3 FY26 ₹ 3,686 Cr, ₹ 1,779 Cr as of Q2 FY26, and ₹ 593 Cr as of Q3 FY25)
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55 Asset classification: Legacy assets Total assets (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 4,511 4,689 6,857 Stage 2 212 146 2,604 Stage 3 507 612 892 Total AUM* 5,230 5,448 10,353 Total provisions (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 222 226 539 Stage 2 23 19 808 Stage 3 66 122 530 Total 311 366 1,877 Provision coverage ratio (%) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 4.9% 4.8% 7.9% Stage 2 10.7% 13.0% 31.0% Stage 3 13.0% 19.9% 59.4% Total provisions as a % of total AUM 5.9% 6.7% 18.1%
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56 Multi-product retail lending platform across the risk-reward spectrum – Q3 FY26 Product Segments Products Average disbursement ticket size (₹ lakh) Disbursement yield Share in disbursements AUM yield Share in AUM* Housing 22.6 11.9% 25.4% 11.7% 38.6% Secured MSME (LAP) 25.1 13.3% 27.8% 13.0% 29.4% Used car loans 6.5 15.3% 6.9% 15.2% 6.4% Business loan 6.5 19.3% 7.3% 19.4% 7.2% 0.5 18.3% 5.1% 17.7% 1.4% Salaried PL 4.5 17.4% 12.6% 17.4% 8.8% Digital loan 1.1 14.3% 14.9% 15.8% 4.7% Total / weighted average 14.4 14.4% 13.6% Mass affluent housing Budget housing Affordable housing Loan against property (LAP) LAP plus Secured business loan Pre-owned car loans Microfinance loans Salaried personal loans Unsecured business loans (UBL) Digital purchase finance Digital personal loans Note: (*) The balance 3.5% (to make the total 100%) consists LAMF (₹ 1,276 Cr as of Q3 FY26), SRs (₹ 1,414 Cr as of Q3 FY26) & pass -through certificates (PTC) (₹ 96 Cr as of Q3 FY26) Merchant BNPL Micro LAP
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57 Strong ESG Framework Environmental Governance Social ▪ Trained ~297 K partners ▪ Conducted financial literacy sessions for beneficiaries ▪ 30.7% of women borrowers ▪ Increase in affordable housing customer base ▪ Increase women representation ▪ Monitor equal pay across levels ▪ Quarterly review of ESG performance by the Board ▪ Identification and monitoring of ESG risk for portfolio ESG ▪ Fund green RE projects ▪ Focus on launching new sustainability linked funds Sustainable Finance ▪ Monitor water consumption across offices and branches ▪ Conduct water audits Climate Strategies and Emission Management ▪ Target 100% e-waste recycle ▪ Energy audits at all offices and branches in phased manner Energy and Waste Management ▪ Ensure digitalisation of MIS across functions and locations ▪ 65% service queries to be met through digital mediums in Retail business Digitalisation Corporate Governance and Compliance ▪ Implementation of exclusion list across portfolio Responsible Lending Risk Management Diversity and Inclusion Financial Inclusion Community Development ▪ Grievance redressal mechanism in place ▪ Human rights training to all the employees Human Rights
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58 Disclaimer Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as 'will', 'aim', 'will likely result', 'would', 'believe', 'may', 'expect', 'will continue', 'anticipate', 'estimate', 'intend', 'plan', 'contemplate', 'seek to', 'future', 'objective', 'goal', 'likely', 'project', 'on-course', 'should', 'potential', 'pipeline', 'guidance', 'will pursue' 'trend line' and similar expressions or variations of such expressions may constitute 'forward-looking statements’. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include but are not limited to Piramal Finance Limited’s ability to successfully implement its strategy, the Company’s growth and expansion plans, obtain regulatory approvals, provisioning policies, technological changes, investment and business income, cash flow projections, exposure to market risks as well as other risks. Piramal Finance Limited does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof. These materials are not a prospectus, a statement in lieu of a prospectus, an offering circular, an invitation or an advertisement or an offer document under the Companies Act, 2013 rules thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, or any other applicable law in India. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States or in any other jurisdiction.
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Thank You For Investors: Ruchika Jain VP - Investor Relations and Sustainability ruchika.jain@piramal.com Ravi Singh Head of Investor Relations, Strategy and Sustainability singh.ravi@piramal.com