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Piramal Finance Limited 19 October 2026 Results Presentation Q2 and H1 FY27
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2 Table of contents A Our blueprint for value creation 03 B Q2 FY27 Results Summary 08 D Liabilities 15 E Retail lending 19 F Wholesale lending 35 G Financials 40 Appendix 47
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3 Our blueprint for value creation 4 Build a future-proof, AI-native company 1 2 3 % Growth Profitability Predictability RoAUM >3%2x AUM in ~3 years Stable Risk Steady Earnings Long range goals as disclosed in August 2023 ₹ 1.5 lac Cr AUM by Mar-28 With AUM-to-equity of 4.5-5.0x by Mar-28
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Our Growth AUM are scaling up at 30% YoY 4 1 51% 45% 40% 36% 38% 37% 34% 33% 32% 30% 10% 12% 16% 17% 22% 22% 23% 25% 25% 24% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY25 FY26 FY27 Growth AUM*, YoY growth Total AUM, YoY growth Note: (*) Growth AUM include Retail and Wholesale AUM and exclude the discontinued Legacy business, Growth AUM are now 98.5% of total AUM. Legacy AUM down 32% QoQ (down 69% YoY) to ₹1,673 Cr (1.5% of Total AUM)
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Profitability – we are progressing towards our long-range goals 5 2 1.1% 1.0% 1.1% 1.7% 1.5% 1.6% 1.8% 2.1% 1.8% 2.0% 2.5% 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 FY25 FY26 FY27 2.1 2.3 2.6 2.6 2.6 2.8 2.9 3.0 3.2 3.3 3.5 3.6 3.7 3.6 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY24 FY25 FY26 FY27 2. AUM-to-equity1. Growth business RoAUM, annualized Excluding POCI# recovery related profits Long range goal* Long range goal* Note: (*) Long range goals as disclosed in August 2023; (#) POCI (purchased or originated credit impaired) recoveries represent recover ies from the acquired stressed retail book from DHFL Q4 FY27 target as disclosed at end-FY26 Equity capital raise in Q2FY27
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Predictability – Profits are growing steadily with stable risk 6 3 8,155 -1,536 3,545 -196 509 48 -2,378 137 181 163 39 102 276 327 401 502 461 545 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY23 FY24 FY25 FY26 FY27 Stable consol profits in last 11 quarters Consol. PAT, in ₹ Cr. Steady 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% 0.6% 0.7% 0.7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY23 FY24 FY25 FY26 FY27 Wholesale Stage 2+3 assets <0.1%
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# Bn Piramal.ai – Use of Gen-AI has grown more than 5x in the last year 7 4 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 0.3 0.3 0.2 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 X-axis represents quarter of origination 57% of overall code now written by AI 55% 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 80 93 Q2 FY26 Q2 FY27 2.7 3.0 Q2 FY26 Q2 FY27 (Per 1,000 customers) 31% 18,371 28,555 32,996 43,275 FY23 FY24 FY25 FY26 16% 15 23 32 63 91 131 178 320 476 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY25 FY26 FY27 Impact of AI across five key business areas Token volume Total SLM and LLM token usage 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% 0.7% 0.7% 0.8% Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26
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8 Q2 FY27 Results Summary
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9 Q2 FY27 Summary – Continued momentum on AUM and profit growth Q2 FY27 Results Summary 1/6 Total Capital raise of ₹3,850 Cr | QIP of ₹2,100 Cr + preferential allotment of warrants of ₹1,750 crore to the promoter group 2 AUM ₹1,13,112 Cr, up 24% YoY | Retail AUM ₹97,462 Cr, up 30% YoY 3 NIM 6.5%, up 35bps YoY and stable QoQ | COB: H1 FY27 incremental cost of long-term borrowing at 8.46% vs 8.67% in H2 FY26 4 Retail opex-to-AUM 3.48%, continues to decline – down 41bps YoY | Company cost-to-income 52.1%, vs 61.2% in Q2 FY26 5 Stable asset quality: GNPA 2.4% (vs 2.6% in Q2 FY26) and stable Growth business credit cost 1.5% 6 1 PAT ₹545 Cr, up 67% YoY | RoAUM 2.0% (Growth business), vs 1.7% in Q2 FY26 Growth AUM up 30% YoY 2.0% Growth book RoAUM PAT up 67% YoY AUM/E 3.6x | Average LCR 442% | Cash & equivalents ₹ 6,899 Cr (6% of assets) 7
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10 Business Snapshot Notes: (*) Pro forma business P&L; (#) Other retail includes gold loans (₹ 65 Cr as of Q2 FY27), SRs (₹ 1,182 Cr as of Q2 FY27) & pass -through certificates (PTC) (₹ 79 Cr as of Q2 FY27) AUM ₹1,13,112 Cr up 24% YoY / 6% QoQ Retail : Wholesale AUM mix 86 : 14 82 : 18 in Sep-25 PAT ₹545 Cr up 67% YoY PBT* Growth business ₹538 Cr up 57% YoY Borrowings ₹85,802 Cr up 20% YoY Net worth ₹31,180 Cr Debt to equity: 2.8x RoAUM* Growth business Q2 FY27 Q2 FY27 2.0% up 34bps YoY Q2 FY27 AUM mix Sep-26 Q2 FY27 Results Summary 2/6 RetailWholesale # 30% 27% 5% 2% 8% 6% 2% 6% 1% 4% 8% 1% Housing loans Loan against property (LAP) Used car loans Loan against securities (LAS) Salaried personal loans Unsecured business loans Rural micro loans Digital loans Other retail Corporate mid market loans (CMML) Real estate Legacy
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DHFL merger Effective Sep-21 5 years since DHFL merger in Sept 2021 – A transformational journey Particulars Acquired ₹ Cr Residual ₹ Cr Retail loans ~18,000 ~5,000 Retail off-book (not included in reported AUM) ~20,500 ~4,500 Wholesale loans ~2,000 ~20 Wholesale SRs ~450 - Wholesale PTC ~250 - Total ~41,000 ~9,500 Pre-merger Sep-26 Used car loans Loans against securities Salaried personal loans Unsecured business loans Rural micro loans Digital loans CMML Real estate Housing loans Loan against property Real estate Housing loans Loan against property 1 P&L gains of more than ₹3,000 Cr from recoveries in the DHFL’s stressed book 2 O/s assessed carry forward losses of ~₹16,000 Cr 3 10-year fixed rate low-cost borrowings of ~₹19,500 Cr at the time of merger In ₹ Cr. 4,327 22,628 1,11,440 Pre-merger Post-merger Sep-26 5x 14 301 838* Pre-merger Post-merger Sep-26 3x Q2 FY27 Results Summary 3/6 Notes: (*) Includes 535 Urban branches, 203 Rural branches, and 100 Gold branches ~800 ~6,500 ~18,500 Pre-merger Post-merger Sep-26 3x 11 Originally acquired book is now down by 77%Built a truly multiproduct franchise since DHFL merger Created P&L value in multiple ways Growth AUM up 5xBranch network up ~3x Employees count up 3x
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12 Our retail scale-up (along with declining opex and controlled risk) is among the fastest ones in industry …while reducing our opex-to-AUM by ~300 bps over last 14 quarters, and… We are one of the fastest among retail NBFCs* to grow AUM from ₹20k Cr to ₹90k Cr… AUM ₹ k Cr Years Source : Company data (*) 6 peers across Diversified and Vehicle financiers …keeping a tight control on retail 90+ DPD Long range goal 25 bps reduction in Opex guidance 1 2 3 - 10 20 30 40 50 60 70 80 90 Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 2 NBFC A in ~5 yrs 3 NBFC B in ~8 yrs 4 NBFC C in ~9 yrs 1 Piramal Finance in ~4 yrs 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% 0.6% 0.7% 0.7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY23 FY24 FY25 FY26 FY27 6.5% 5.8% 5.8% 5.5% 5.3% 4.9% 4.7% 4.5% 4.3% 4.2% 3.9% 3.8% 3.59% 3.54% 3.48% 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25 FY26 FY27 Retail Q2 FY27 Results Summary 4/6
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13 Notes: (1) Pro forma business P&L; (2) AUM = Loans (on-book) + off-book assets; (3) RoAUM = PAT / Avg. AUM; (4) Q2FY27 value as % of loans, for total income would be 14.2% (int. inc. of 13.2% + retail fee of 1.0%) and for CoF would be 7.0%. Total income 1 Ratios on AUM2, annualized Opex & PPOP 4 Credit cost RoAUM3 5 6 4 Growth business profitability 13.4% 13.3% 13.4% 13.1% 13.0% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 6.9% 6.9% 7.0% 6.8% 6.8% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 3.3% 3.5% 3.7% 3.5% 3.5% PPOP 1.7% 1.6% 1.5% 1.6% 1.5% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 1.7% 1.9% 2.1% 1.9% 2.0% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 2 Interest expense Net income margin 3 6.48% 6.41% 6.39% 6.26% 6.21% CoF (as % AUM) Q2 FY27 Results Summary 5/6 1 4 8.95% 8.95% 8.84% 8.80% 8.79% CoB (as % of debt) Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 3.6% 3.5% 3.4% 3.3% 3.2% Opex Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27
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14 On track to meet all FY27 targets Q2 FY27 Results Summary 6/6 1 FY26 FY27 Target 25% ~25% Total AUM - YoY growth 1 210% ~50% Consol. PAT - YoY growth 2 2.1% ~2.5% RoAUM, Annualized Exit quarter (Q4) 3 Q2 FY26: 1.7% Q2 FY27: 2.0% Q2 FY26: 101% Q2 FY27: 67% Q2 FY26: 22% Q2 FY27: 24%
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15 Liabilities
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Liabilities (1/3) – a diversified and well-matched borrowings mix 16 Diversification via MFs, ECB & securitisation Borrowing by instrument typeBorrowing by lender type As of Sep‘26 As of Sep‘26 42% 31% 1% 20% 6% 1% Loans NCDs / Bonds CP ECB Securitization Public Issue 45% 5% 20% 6% 8% 5% 3% 8% Banks Mutual funds ECB Securitisation Individuals / HUFs / Corporates Insurance Employee Benefit & Trust Others* Notes: (^) Small variance between total borrowings and gross debt mentioned in balance sheet is primarily due to Ind AS adjus tments and fair value of ECB; (*) Includes NHB, & other financial institutions which contribute 2% and 6% respectively to overal l borrowings Fixed : Floating rate mixLarge Share of Borrowings insulated from near-term repricing As of Sep‘26 As of Sep‘26 39% 31% 30% Fixed rate MCLR linked Market rate linked Fixed rate Floating rate AssetsLiabilities₹83.8k Cr Borrowings^ ₹51k Cr ₹33k Cr ₹56k Cr ₹51k Cr
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Liabilities (2/3) – Incremental COB is lower than cost of maturing debt 17 Domestic | Jan-26 International | Jan-26 Domestic | Feb-26 Domestic | Mar-26 International | Mar-26 International | Jul-26 International | Jul-26 International | Sep-26 Assigned AA+ / Stable Upgraded to BB Upgraded to AA+ / Stable Outlook upgraded to ‘Positive’ Upgraded to AA+ / Stable Upgraded to Ba2 / Stable Assigned BBB / Stable Assigned BBB / Stable In Q4FY26 our credit rating got upgraded… Cost of incremental debt raised vs cost of debt due for maturity for long-term borrowings 13,845 23,082 13,327 8,516 28,840 9.36% 8.67% 8.46% 9.08% 9.07% H1 FY26 Debt raised H2 FY26 Debt raised H1 FY27 Debt raised H2 FY27 Maturing Debt FY28 Maturing Debt In ₹ Cr Cost of maturing debt Cost of incremental debt raised Cost of borrowing stock: ~5bps decline since rating upgrades despite upward shift in market rates 8.64% 8.64% 8.73% 8.93% 8.94% 9.12% 9.17% 9.13% 9.13% 8.95% 8.95% 8.84% 8.80% 8.79% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY24 FY25 FY26 FY27 …that lowered our incremental borrowing costs,… …driving a reduction in cost of borrowings, at stock level
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Liabilities (3/3) – Strongly positioned on ALM and liquidity 18 In ₹ Cr, period-end Q2 FY27 consol. LCR of 442% on period average basis 702% 928% 553% Sep'25 Mar'26 Sep'26 PFL's consol. LCR % - period end Regulatory LCR% requirement (NBFCs) 100% 8,844 15,358 16,103 28% 51% 47% Sep'25 Mar'26 Sep'26 Gap % 5,520 10,004 13,792 17,595 28,410 50,695 98,060 1,21,846 1,67,579 1,034 3,939 5,516 8,094 16,949 34,591 85,446 1,03,670 1,44,441 up to 14d up to 1m up to 2m up to 3m up to 6m up to 1 yr up to 3 yrs up to 5 yrs > 5 yrs Cumulative Inflows Cumulative Outflows +154% +150% +117% +68% +47% +15% +18% +16% +434% Cumulative GAP (%) Positive ALM gaps throughout In ₹ Cr, period-end In ₹ Cr, as of Sep’26* Notes: (*) Based on contractual ALM for wholesale and behavioral ALM for the retail portfolio Asset-liability profile – Positive gaps maintained across all cumulative buckets LCR significantly above regulatory requirements
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19 Retail lending
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20 Q2 FY27 Snapshot – Retail Lending AUM ₹ 97,462 Cr 30% YoY Presence 838 Branch network Mortgages AUM (HL+LAP) ₹ 64,650 Cr Opex to AUM AUM yield 13.6% Steady QoQ 90+ DPD 0.7% Stable portfolio over four years 3.48% ~300 bps in over last 14 quarters27% YoY | 66% of retail AUM 621 Cities 25 States (excl. fee income)
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21 Note: (*) Others includes gold loans (₹ 65 Cr as of Q2 FY27), SRs (₹ 1,182 Cr as of Q2 FY27) & pass-through certificates (PTC) (₹ 79 Cr as of Q2 FY27) (#) Retail disbursements in Q2FY27 includes Loan against securities and net disbursements for other revolving credit products Retail AUM up 30% YoY, disbursements up 34% YoY 2,459 3,973 5,111 6,828 5,707 6,246 7,692 8,910 6,816 8,065 8,362 9,754 8,718 10,958 10,498 13,101 12,527 14,646 Q1 Q2 Q3 Q4 FY23 FY24 FY25 FY26 FY27 Total (₹ Cr) In ₹ Cr. Retail disbursementsRetail AUM +34% YoY+30% YoY % Unsecured 19% 23% 22% 23% 24% 67% 52% 46% 41% 37% 35%27% 22% 22% 27% 30% 31% 4% 6% 6% 6% 1% 2% 2% 6% 9% 9% 9% 5% 6% 7% 7% 7% 2% 2% 2% 2% 9% 8% 4% 5% 6% 6% 4% 3% 2% 1% 21,552 32,144 47,927 64,652 85,885 97,462 FY22 FY23 FY24 FY25 FY26 Q2FY27 Others* Digital loans Rural micro loans UBL Salaried PL Loan against securities Used car loans LAP Housing loans Total #
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22 Stable income profile – operating leverage playing out well 13.4% 13.4% 13.3% 13.3% 13.2% 13.8% 13.3% 13.1% 1.7% 1.8% 1.7% 1.8% 2.0% 1.7% 1.5% 1.5% 15.1% 15.2% 15.0% 15.2% 15.1% 15.5% 14.7% 14.6% FY25 FY26 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Other Income Interest Income Total Income Total income as% of AUM 14.0% 13.3% 13.4% 13.3% 13.3% 12.8%13.4% Total Income Long range goal 25 bps reduction in Opex guidance 6.5% 5.8% 5.8% 5.5% 5.3% 4.9% 4.7% 4.5% 4.3% 4.2% 3.9% 3.8% 3.59% 3.54%3.48% 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25 FY26 FY27 Opex ratio has entered our guided range, and continues to fallAs % of loansRetail total income As % of AUMStrategic choice to reduce Direct Assignment (DA) run-rate resulted in lower other income 12.9%
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23 Housing loans LAP Used car loans UBLSalaried PL Digital loans Retail overall Rural micro loans 34,164 30% 30,486 27% 6,008 5% 6,523 6%9,179 8% 6,299 6% 97,462 86% 1,762 2% AUM as of Q2 FY27 (₹ Cr) % of total AUM as of Q2 FY27 90+ DPD 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% 0.5% 0.6% 0.6% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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% 0.5% 0.6% 0.6% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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% 1.2% 1.2% 1.2% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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% 0.7% 0.7% 0.7% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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% 1.2% 1.2% 1.1% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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% 1.0% 0.9% 0.9% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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% 0.9% 0.6% 0.4% 0% 2% 4% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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% 0.6% 0.7% 0.7% 0% 1% 2% 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Retail risk (1/2) – Stable asset quality across all products FY23 FY24 FY25 FY26 FY27 FY23 FY24 FY25 FY26 FY27 FY23 FY24 FY25 FY26 FY27 FY23 FY24 FY25 FY26 FY27 FY23 FY24 FY25 FY26 FY27 FY23 FY24 FY25 FY26 FY27 FY23 FY24 FY25 FY26 FY27 FY23 FY24 FY25 FY26 FY27
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24 Housing loans LAP Used car loans UBLSalaried PL Digital loans Retail overall Rural micro loans * 90+ DPD 12 months on book Retail risk (2/2) – vintage risk* : New originations have been of improving / stable quality 2.6% 2.1% 2.4% 1.9% 1.9% 1.6% 1.6% 1.4% 1.6% 1.6% 1.5% 1.1% 1.2% 1.2% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1.5% 0.6% 0.4% 0.4% 0.5% 0.4% 0.5% 0.3% 0.5% 0.5% 0.5% 0.4% 0.5% 0.8% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0.6% 0.9% 0.5% 0.4% 0.2% 0.4% 0.4% 0.4% 0.5% 0.6% 0.7% 0.6% 0.6% 0.8% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 6.3% 3.9% 2.6% 2.3% 2.4% 2.3% 2.3% 2.7% 2.3% 2.5% 2.2% 2.0% 1.9% 1.5% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2.2% 4.3% 4.0% 2.7% 2.9% 2.0% 1.8% 1.6% 2.0% 2.3% 2.3% 2.0% 1.7% 1.6% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 5.5% 4.2% 2.5% 2.0% 2.2% 2.4% 2.4% 2.4% 2.7% 3.9% 3.7% 2.7% 2.7% 2.1% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 5.1% 5.0% 6.2% 4.2% 4.1% 3.8% 3.6% 3.2% 3.6% 2.7% 3.0% 2.2% 2.4% 2.5% 0% 1% 2% 3% 4% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0.0% 0.5% 0.9% 2.2% 3.4% 3.8% 6.2% 7.4% 9.0% 8.7% 3.1% 1.7% 1.0% 0.9% 0% 2% 3% 5% 6% 8% 9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 X-axis represents quarter of origination
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25 Mortgage and its sub-segments Housing loans LAP DisbursementsAUM (In ₹ Cr) +7% YoY (In ₹ Cr) DisbursementsAUM (In ₹ Cr) +18% YoY (In ₹ Cr) Average ticket size Average LTV Average CIBIL score Disbursement yield ₹ 62 Lac 63% 750 11.0%Mass affluent >₹35 L ₹ 15 Lac 56% 751 12.3%Affordable <₹35 L ₹ 24 Lac 60% 750 11.7%Total Average ticket size Average LTV Average CIBIL score Disbursement yield ₹ 3.4 Cr 52% 744 11.1%LAP Plus >₹1.5 Cr ₹ 22 Lac 49% 745 13.4%LAP <₹1.5 Cr ₹ 29 Lac 49% 744 12.9%Total 19,893 21,989 9,654 12,176 29,547 30,648 31,854 33,079 34,164 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 1,908 2,313 2,313 2,891 1,846 2,509 2,476 2,692 2,416 2,777 2,664 2,927 2,770 2,958 Q1 Q2 Q3 Q4 18,362 25,387 2,924 5,098 21,286 23,309 25,983 28,121 30,486 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 851 1,024 1,607 1,918 1,508 2,144 2,396 3,129 2,617 3,244 2,916 3,800 3,372 3,824 Q1 Q2 Q3 Q4 +16% YoY +43% YoY FY24FY25FY26FY27 +26% YoY +11% YoY +74% YoY +38% YoY
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26 Notes: (*) Loans against securities Used car loans AUM +25% YoY Disbursements +4% YoY 4,797 5,082 5,538 5,760 6,008 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 269 331 450 644 574 748 720 807 668 821 721 966 768 858 Q1 Q2 Q3 Q4 FY24FY25FY26FY27 (In ₹ Cr) Other secured – Used car loans, gold loans and loan against shares ₹ 6.8 Lac Average ticket size 69% Average LTV 751 Average CIBIL score 15.5% Disbursement yield LAS* AUM +45% YoY Net disbursements +65% YoY₹ 31 Lac Average ticket size 50% Average LTV 761 Average CIBIL score 9.7% Disbursement yield 9 28 58 177 65 163 156 280 127 121 92 178 59 200 Q1 Q2 Q3 Q4 FY24FY25FY26FY27 (In ₹ Cr) 1,185 1,276 1,455 1,514 1,714 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Gold loans 22 67 100 Mar-26 Jun-26 Sep-26 Branch count reached 100 On-track to reach 200 branches by end-FY27 (#) 0 6 59 Q4 FY26 Q1 FY27 Q2 FY27 Net disbursements up 10x QoQ (In ₹ Cr) 0.0 7.9 25.0 Mar-26 Jun-26 Sep-26 Branch productivity up 3x (In ₹ Lac) Avg. monthly net disb. per branch 0 6 65 Mar-26 Jun-26 Sep-26 AUM up 10x QoQ (In ₹ Cr) ₹ 1.4 Lac Average ticket size 16.6% Disbursement yield 12 months Tenure
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27 Unsecured products – Growth picked up strongly across all products Notes: (^) Unsecured business loans excluding Rural loans; Q2FY27 Rural loans AUM is ₹ 1,762 Cr and disbursement is ₹ 610 Cr Salaried PL UBL^ Digital loans ₹ 5.5 Lac Average ticket size 763 Average CIBIL score 16.6% Disbursement yield ₹ 5.2 Lac Average ticket size 752 Average CIBIL score 18.6% Disbursement yield ₹ 91 k Average ticket size 761 Average CIBIL score 14.9% Disbursement yield AUM (In ₹ Cr) +43% YoY Disbursements +31% YoY AUM +17% YoY AUM +84% YoY Disbursements +21% YoY Disbursements +131% YoY 6,434 7,008 7,744 8,381 9,179 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 5,564 5,695 6,081 6,249 6,523 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 3,425 3,740 4,409 5,236 6,299 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 443 564 891 976 708 948 1,316 1,492 1,110 1,459 1,324 1,658 1,695 1,912 Q1 Q2 Q3 Q4 471 465 592 591 539 688 639 637 618 886 768 1,083 916 1,075 Q1 Q2 Q3 Q4 1,431 1,123 1,397 1,223 836 562 718 930 1,167 1,364 1,566 2,097 2,514 3,150 Q1 Q2 Q3 Q4 FY24FY25FY26FY27 14 Programs live across 9 Partners
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28 Micro-loan is first product in our emerging rural strategy AUM (In ₹ Cr) +97% YoY Micro-loans disbursements (In ₹ Cr) +50% YoY 894 1,144 1,384 1,547 1,762 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 456 466 97 66 123 408 539 571 487 610 Q1 Q2 Q3 Q4 Rural branch network 76 76 136 178 203 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Across 6 states – Uttar Pradesh, Karnataka, Orissa, Tamil Nadu, Rajasthan, and Madhya Pradesh # branches BC branch* 192 Note: (*) Business Correspondent (BC) branches in addition to rural branches; (^) Weighted average of organic and BC originations 192 192 192 192 ₹ 57 k Average ticket size 24-30 months Tenure 21.4%^ Disbursement yield 99% of rural loans originated are 1st round loans FY25FY26FY27 Kirana shop owner| 5+ yrs in business ₹76k for purchasing stock Dairy business owner| 6+ yrs in business ₹65k for purchasing cattle
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29 Branch network is expanding across various formats Our branch network # branches, by category 404 490 517 543 535 535 56 136 178 203 22 67 100 404 490 573 701 780 838 Mar-23 Mar-24 Mar-25 Mar-26 Jun-26 Sep-26 Gold Rural Urban Total Total 838 Branch network 25 States Geographic split of branch network 31 6 6 13 6 1 1 22 1 3 56 19 80 7 1 61 19 32 1 46 8 13 17% 11% 11% 9% 9% 11% Share in retail AUM % No. of urban branches 27 26 49 1 No. of rural branches No. of gold branches 42 50 35 51 50 51 16 8
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30 Profile of customers acquired at urban branches Age group Income band (monthly) Employment category Geography 59% customers are self-employedMedian customer at 38 years of age 81% customers outside tier-1 marketsMedian customer earns ₹49k monthly Customers acquired through urban branch network represent 90% of total retail AUM Note : All charts are for number of customers acquired in Q2 FY27 38% 34% 21% 7% 18 - 34 yrs. 35 - 44 yrs. 45 - 54 yrs >=55 yrs. 20% 19% 48% 13% Metro adjacent Tier-1 Tier-2 Tier-3 30% 39% 17% 14% <INR 30k INR 30k - 59k INR 60k - 99k >=INR 1 lakh 41% 59% Salaried Self empoyed Mobile shop owner from Bhilwara Tailor Master from Gwalior Marble Trader From Shahpura Road constructor from Bangalore Hotel owner from Aurangabad Govt. servant from Jalna 30
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31 Cross-sell franchise | 30% of unsecured disb. through cross-sell Q2 FY26 5.2 3.9 3.5 2.9 (55.5%) Q2 FY27 6.5 4.9 4.4 3.7 (56.2%) 3.1 3.9 In Mn Total customer franchise up 26% YoY to 6.5 Mn Total customer franchise Credit segment filtered customers Overall cross-sell franchise Non delinquent customers Cross-sell franchise Note : (*) Disbursements exclude pool purchases, if any Cross-sell% Total (₹ Cr) Cross-sell Unsecured disbursements* Total retail disbursements* 30% 30% 3,776 6,339 Q2 FY26 Q2 FY27 11% 14% 10,619 14,186 Q2 FY26 Q2 FY27
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32 Urban branch productivity improvement to continue Note: (1) 4-5 years bracket in Mar-26 mostly represent DHFL branches acquired in Sep’21 ; (2) Only for branch led products We are expanding our urban branch network in a calibrated manner… 1 105 86 27 26 -8 FY 23 FY 24 FY 25 FY 26 H1 FY27 …and are focusing on increasing product penetration into existing branches 2 No. of branches Products offered Mar-23 Mar-25 Sep-26 Housing loans 398 512 529 LAP 343 512 530 Used car loans 169 363 296 Salaried PL 127 319 531 UBL 93 293 402 Total branches 404 517 535 Our urban branches are also becoming more mature… 3 # branches, by vintage 75 43 9 25 41 47 22 2 25 6 117 99 31 11 282 275 109 99 65 270 109 120 2 269 43 6 8 8 271 404 490 517 543 535 Mar-23 Mar-24 Mar-25 Mar-26 Sep-26 5-6 yrs. 4-5 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 may further increase 4 ₹ Cr 0.5 1.1 2.8 3.2 4.2 5.7 9.0 <6 months 6 months-1 yr. 1-2 yrs. 2-3 yrs. 3-4 yrs. 4-5 yrs. 5-6 yrs. Closed 8 branches in Q1FY27
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33 Piramal.ai – Use case dashboard Category # AI Solution Metric Q2 FY26 Q2 FY27 Drive Growth 1 ARYA (work assistant / coach / friend) # Queries on ARYA 3,85,000 5,56,400 2 AI driven contest management # AI assisted contest gamification messages 1,68,000 2,11,600 3 Disbursements via conversational AI ₹ Quarterly cross-sell disbursals through conversational AI assistant - ₹102 Cr Underwrite Better 4 AI assisted bank statement analysis # of bank statement processed & analyzed through AI for underwriter 1,82,551 1,94,486 5 Image intelligence # of image processed through AI for input in credit decisioning 59,362 2,12,757 6 Document fraud intelligence # Documents being scanned for tampering and fraud through AI 1,13,732 6,06,712 7 Fraud decisioning AI engine # Cases where fraud alerts are given by AI agents 10,85,760 20,93,724 Intelligent Collections 8 Hands-free collections ₹ Monthly collections through hands free collections ₹300 Cr ₹754 Cr Audit and Compliance 9 Masking # of documents identified for masking / Aadhaars masked 13,11,335 20,84,295 Improve CX 10 AI enabled customer resolutions % serviced by WhatsApp, Mobile app and Email automation 67% 74% 11 Voice + Chat bots # Bots live 12 49 12 Customer onboarding % Share on bot onboarded to total onboarded 11% 41% AI led people management 13 AI led hiring # of RMs interviewed by AI - 2,648
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Our Q2 FY27 AI spotlight – CX.ai 34 Boosting productivity, digital engagement and cross-sell through AI-led solutions GenAI email automation By automating routine service emails, we have freed human agents to focus on cross-selling 5x Cross-sell productivity vs pre-automation Piramal Instant Assistant (PIA) Self-service AI assistant interacts with users on WhatsApp and Piramal App for queries, payments and new loan offers 6.3 lac Interactions in Q2 FY27 AI assisted lead generation AI generates cross-sell leads from across WhatsApp, Piramal App and call centers ~29k Leads generated through PIA (+26% QoQ), which is 20% of total leads generated Conversational AI powered cross-sell PIA* now drives end-to-end cross-sell, from lead generation to disbursement ₹102 Cr Cross-sell via conversational AI in Q2 FY27 AI-led digital collections Without human intervention, PIA executes end-to-end collections (overdue EMI & fee collections via WhatsApp and Piramal App) with real-time payment settlements ₹172 Cr Digital collections in Q2 FY27 +3x QoQ +54% YoY +54% YoY Voice bot coverage AI-powered voice bots handles welcome calls, EMI reminders and promise-to-pay follow-ups ~5 lac Calls through Voice AI in Q2 FY27 ➢ AI Spotlight for previous quarters : Q1 FY27 – Credit.ai | Q4 FY26 – Collections.ai | Q3 FY26 – Operations.ai (*) PIA (Piramal Instant Assistant) is our in-house GenAI-powered Conversational AI Assistant 1 4 2 5 3 6 +2x QoQ
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35 Wholesale lending
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36 Q2 FY27 Snapshot – Wholesale lending AUM ₹ 13,978 Cr 24% YoY Mix 68 : 32 Real estate Disbursements ₹ 2,615 Cr Average ticket size (On outstanding AUM) Portfolio EIR (Effective interest rate) 14.1% Repayments as % of disbursements 72% Repayments rate remains strong with strong environment for borrower cashflows ₹ 55 Cr 28% YoY CMML Q2 FY27 Q2 FY27
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37 Building a diversified and granular book backed by cash flows and assets AUM Disbursements Total ▪ Performing well, in line with or ahead of underwriting, as reflected in prepayments ▪ Since inception (Q2 FY22), we have disbursed ₹ 30,728 Cr across 460 loans and received total repayments of ₹ 16,730 Cr ▪ In Q2 FY27, we received pre-payments worth ₹ 793 Cr | Repayments (₹ 1,889 Cr) were 72% of the disbursements +24% YoY +28% YoY Total Total Total repayments (including pre-payments) In ₹ Cr. 8,608 8,891 9,191 9,216 9,491 2,687 3,156 3,347 4,022 4,487 11,295 12,047 12,538 13,238 13,978 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 CMML Real estate 1,518 1,186 1,747 1,124 1,445 525 980 1,035 1,480 1,170 2,043 2,166 2,782 2,604 2,615 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 CMML Real estate 662 918 1,423 1,126 1,182 503 509 845 807 707 1,165 1,428 2,268 1,932 1,889 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 CMML Real estate
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38 Granular and diversified build-out A granular build-out AUM, in ₹ Cr. Average loan tenure In years, represents average residual tenor Overall asset diversity (AUM mix) Mix by ticket size range Note : Charts represents data for outstanding AUM 11,295 12,047 12,538 13,238 13,978 54 54 53 56 55 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Wholesale AUM Average ticket size 3.0 2.9 2.9 2.7 2.6 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 56% 12% 7% 2% 5% 5% 4% 1% 7% Residential Commercial Broking Steel NBFC - Fintech NBFC - MFI NBFC - MSME, Gold, Others Renewable Energy Other corporates 211 36 6 <INR 100 Cr >INR 100 Cr to INR 200 Cr >INR 200 Cr As of Sep 2026 # Number of deals; Sep 2026 Real estate
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Portfolio analysis Repayment analysis In ₹ Cr. Repayment + Prepayment + Exits Portfolio EIR^ Effective Interest Rate (EIR)* 704 818 851 902 1,096 1,165 1,428 2,268 1,932 1,889 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Contracted repayment Actual repayment 4,128 4,924 5,180 5,902 6,416 7,167 7,124 7,358 7,336 7,562 11,295 12,047 12,538 13,238 13,978 14.5% 14.5% 14.4% 14.2% 14.1% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 <14% >14% Wholesale AUM Wholesale 22% 22% 17% 13% 11% 12% 4% MMR Bangalore Chennai Pune Hyderabad NCR - Delhi Others Real estate AUM by geographic exposure* As of Sep 2026 Annualized prepayment Rate# 17% 21% 49% 34% 24% 32% 36% 38% 40% 38% 40% 40% 37% 37% 37% 2% 1% 1% 26% 23% 23% 23% 25% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Not rated BB+ or below BBB- upto A- A and better CMML AUM mix by ratings* 39 Notes: (*) Represents data for outstanding AUM; (^) Portfolio EIR % includes fee income; (#) As % of average AUM Total Wholesale AUM (₹ Cr.)
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40 Financials
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41 Profit and loss statement – consolidated Note: (1) Interest Income includes DA upfront income of ₹ 82 Cr in Q2FY27, ₹ 112 Cr in Q2FY26, and ₹ 85 Cr in Q1FY27 (2) Q2FY26 exceptionals includes merger related expenses (₹ 60 Cr), and a one -off tax expense (₹ 21 Cr) (*) Q1FY27 Interest income and loan loss provisions & FV loss / (gain) have been reclassified lower by ~₹5 Cr each to conform to current period(s) classification +24% YoY AUM growth +33% YoY Total Income +67% YoY Net Profit +13% YoY Opex Consolidated income statement Q2 FY27 Q2 FY26 YoY % Q1 FY27 QoQ % H1 FY27 H1 FY26 YoY % Interest income1 3,358 2,702 24% 3,174 6% 6,532 5,206 25% Less: interest expense 1,828 1,570 16% 1,736 5% 3,564 3,064 16% Net interest income 1,530 1,132 35% 1,438 6% 2,968 2,142 39% Fee & commission 131 121 9% 127 3% 258 235 10% Dividend 10 9 5% 18 -48% 28 24 16% Others 96 67 44% 106 -9% 202 165 22% Other income 237 196 20% 251 -6% 487 424 15% Total income 1,767 1,328 33% 1,689 5% 3,455 2,566 35% Less: Operating expenses 921 813 13% 889 4% 1,811 1,625 11% Pre-provision operating profit (PPOP) 846 515 64% 799 6% 1,645 940 75% Less: loan loss provisions & FV loss / (gain) 302 248 22% 455 -34% 757 451 68% Profit before tax & associate income 543 267 103% 344 887 490 81% Add: associate income 37 63 -41% 99 136 141 -4% of which: Alternatives 49 87 -43% 82 132 157 -16% Pramerica Life Insurance (12) (24) 48% 17 4 (15) 127% Profit before tax 580 330 76% 443 1,023 631 62% Less: current & deferred tax 35 (78) (18) 17 (53) Add: exceptionals2 (81) (81) Net Profit 545 327 67% 461 18% 1,006 603 67% In ₹ Cr. * *
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42 Balance sheet – consolidated In ₹ Cr. Particulars Sep-26 Sep-25 Jun-26 Assets Cash & liquid investments 6,899 7,238 6,925 Gross asset under management 1,01,296 82,323 95,369 ECL provision 2,457 1,708 2,167 Net assets under management 98,840 80,616 93,203 Investments in Shriram group 1,372 1,708 1,372 Investments in alternatives and others 3,192 3,520 3,105 Fixed assets 2,468 2,556 2,460 Net other assets / (liabilities) 4,211 3,419 4,186 Total assets 1,16,982 99,056 1,11,251 Liabilities Net worth 31,180 27,447 28,906 Gross debt 85,802 71,609 82,345 Total liabilities 1,16,982 99,056 1,11,251 Capital Adequacy 20.10% 20.70% 18.85%
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43 Link to Data Sheet Q2 FY27 and Pia (Piramal Investor Assistant) Data from previous quarters now available on our website Click here to download the ‘Data Sheet Q2 FY27’ Pro forma business wise P&L Story in charts Our AI-powered investor relations agent Pia (Piramal Investor Assistant) What can Pia do for you? Pia is trained to understand the complex financial and operational nuances of our business and is available to respond to you round-the-clock! You can work with Pia to: Parse Financials: Query specific line items, margin trends, or capital allocation history across multiple quarters without digging through PDFs. Synthesise Transcripts: Ask for direct summaries or specific management commentary from past earnings calls regarding operational milestones or headwinds. Access Pia directly through our secure portal here: https://www.piramalfinance.com/investors 19th & 20th Nov’26 Upcoming event :
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44 Quarterly P&L* - Growth business Note: (*) Pro forma business P&L In ₹ Cr. Opex PBT Net total income PPOP Credit Cost 1,430 1,548 1,632 1,716 1,827 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 743 773 782 839 874 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 687 775 850 877 953 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 344 348 355 407 415 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 344 427 495 470 538 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27
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45 Consol ROEs have steadily risen Growth RoE Consol RoE 5.0% 4.1% 3.9% 5.6% 5.2% 5.8% 7.0% 8.1% 7.3% 7.7% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Q1 Q2 Q3 Q4 FY25 FY26 FY27 2.7% 2.4% 0.6% 1.5% 4.1% 4.7% 5.8% 7.3% 6.5% 7.2% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Q1 Q2 Q3 Q4 FY25 FY26 FY27 Q1FY25 and Q2FY25 RoE benefited from POCI related recoveries
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EPS (Trailing 12 months) in ₹ 23.1 21.6 25.7 32.9 48.9 66.5 74.6 83.9 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 +155% YoY 46 Earnings per share (EPS) and Book value per share (BVPS) BVPS in ₹ 1,194 1,202 1,202 1,211 1,230 1,244 1,275 1,318 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 +9% YoY
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47 Appendix
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48 Asset classification: Growth assets Note: (*) Excludes Direct Assignment (DA) (₹ 9,948 Cr as of Q2 FY27, ₹ 9,560 Cr as of Q1 FY27, and ₹ 7,345 Cr as of Q2 FY26,, Co-lending (₹ 1,868 Cr as of Q2 FY27, ₹ 2,010 Cr as of Q1 FY27, and ₹ 1,779 Cr as of Q2 FY26) Total assets (₹ Cr.) Sep-26 Jun-26 Sep-25 Stage 1 95,894 89,287 73,695 Stage 2 1,580 1,640 1,525 Stage 3 2,071 1,862 1,382 Sub-Total 99,545 92,790 76,602 POCI 78 127 274 Total AUM* 99,624 92,917 76,876 Total provisions (₹ Cr.) Stage 1 1,048 889 690 Stage 2 230 229 186 Stage 3 718 646 465 Total 1,997 1,764 1,341 Provision coverage ratio (%) Stage 1 1.1% 1.0% 0.9% Stage 2 14.6% 14.0% 12.2% Stage 3 34.7% 34.7% 33.7% Total provisions as a % of total AUM 2.0% 1.9% 1.8%
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49 Asset classification: Total assets Total assets (₹ Cr.) Sep-26 Jun-26 Sep-25 Stage 1 96,666 90,692 78,385 Stage 2 2,165 2,344 1,671 Stage 3 2,386 2,206 1,994 Sub-Total 1,01,218 95,242 82,050 POCI 78 127 274 Total AUM* 1,01,296 95,369 82,323 Total provisions (₹ Cr.) Stage 1 1,359 1,099 916 Stage 2 348 374 205 Stage 3 749 695 587 Total 2,457 2,167 1,708 Provision coverage ratio (%) Stage 1 1.4% 1.2% 1.2% Stage 2 16.1% 15.9% 12.3% Stage 3 31.4% 31.5% 29.4% Total provisions as a % of total AUM 2.4% 2.3% 2.1% GNPA ratio (%) 2.4% 2.4% 2.6% NNPA ratio (%) 1.7% 1.6% 1.8% Note: (*) Excludes Direct Assignment (DA) (₹ 9,948 Cr as of Q2 FY27, ₹ 9,560 Cr as of Q1 FY27, and ₹ 7,345 Cr as of Q2 FY26,, Co-lending (₹ 1,868 Cr as of Q2 FY27, ₹ 2,010 Cr as of Q1 FY27, and ₹ 1,779 Cr as of Q2 FY26)
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50 Note : (*)The drop in FY25 Growth Net Income Margin was due to amortization of retail processing fee; (#) AUM = Loans (on-book) + off-book assets Growth book now drives our company financials 1,044 896 1,560 295 344 427 495 470 538 -1,684 485 1,506 276 327 401 502 461 545 FY24 FY25 FY26 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Growth PBT Company PAT 8.4% 8.5% 8.5% 8.2% 7.1% 6.9% 7.3% 7.6% 6.9% 6.9% 6.9% 7.0% 6.8% 6.8% 4.9% 5.4% 5.8% 6.0% 5.4% 5.5% 6.0% 6.4% 6.1% 6.2% 6.3% 6.5% 6.5% 6.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY24 FY25 FY26 FY27 Growth NIM Company NIM As % AUM# ₹ Cr. Company NIM getting closer to Growth NIMCompany profits have essentially been same as Growth book profits over the last 6 quarters *
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51 Legacy AUM now 1.5% of total AUM AUM down 96% since March 2022 -69% YoY -32% QoQ 43,175 29,053 14,572 6,920 2,807 1,673 66% 45% 21% 9% 3% 1.5% FY22 FY23 FY24 FY25 FY26 Q2 FY27 Legacy AUM (₹ Cr.) % Total AUM Expect to discontinue separate Legacy disclosures after the Dec’26 quarter 2 Legacy AUM reduced by ₹1,134 Cr in H1 FY27 with no PBT impact; further run-down to remain PBT-neutral 3 1 ₹459 Cr ECL provision pool available against the remaining Legacy book
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52 Cost-to-income ratio continues to come down Cost-to-income: Growth business 62% 62% 58% 53% 57% 52% 50% 48% 49% 48% Q1 Q2 Q3 Q4 FY25 FY26 FY27 72% 65% 69% 58% 66% 61% 55% 55% 53% 52% Q1 Q2 Q3 Q4 FY25 FY26 FY27 Cost-to-income: Company
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53 Multi-product retail lending platform across the risk-reward spectrum – Q2 FY27 Product Segments Products Average disbursement ticket size (₹ lakh) Disbursement yield Share in disbursements AUM yield Share in AUM* Housing 24 11.7% 20.2% 11.7% 35.0% Secured MSME (LAP) 29 12.9% 26.1% 13.0% 31.3% Other Secured 6.8 15.5% 5.9% 15.3% 6.2% 31 9.7% 1.4% 10.0% 1.8% 1.4 16.6% - 16.0% - Salaried PL 5.5 16.6% 13.1% 17.0% 9.4% Business loan 5.2 18.6% 7.3% 19.1% 6.7% 0.6 21.4% 4.2% 20.2% 1.8% Digital loan 0.9 14.9% 21.5% 15.1% 6.5% Total / weighted average 14.3 14.2% 13.6% Mass affluent housing Budget housing Affordable housing Loan against property (LAP) LAP plus Secured business loan Used car loans Salaried personal loans Small ticket personal loans Large ticket personal loans Note: (*) The balance 1.4% (to make the total 100%) consists gold loans (₹ 65 Cr as of Q2 FY27), SRs (₹ 1,182 Cr as of Q2 FY27) & pass-through certificates (PTC) (₹ 79 Cr as of Q2 FY27) Merchant cash advance Micro LAP Gold loan Loan against securities (LAS) Rural micro loans Unsecured business loans (UBL)
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54 Glossary Term Description 90+ DPD delinquency 90 to 180 days past due (DPD) % of AUM (DPD 0 to 180) AUM Loans (on-book) + off-book assets AUM yield (retail) Weightage average yield excludes POCI and pertains to all customers outstanding as of 30th Sep 2026 Average AUM Average of periodic average total AUM CMML Corporate mid market loans Cost of Borrowings (CoB) CoB = interest expense / average interest-bearing liabilities Cost of funds (CoF) COF = Interest expense / average total AUM NIM (net Income Margin) Lending book total income as % average total AUM ALM Gap % ALM Gap % = Net flows (i.e., cumulative inflows – cumulative outflows) as a % of cumulative outflows Geography Population considered Tier 1: 40+ lacs, Tier2: 10-40 lacs, Tier3: <10 lacs; metro adjacent locations carved out from tier 1/2/3 for centers in peripheries of metros. Growth AUM Include Retail and Wholesale AUM, excluding Legacy (<2% of total AUM) Growth NIM (net Income Margin) Growth book total income as % average total AUM of Growth business LCR % Liquidity coverage ratio % Loans On-book loans POCI POCI (purchased or originated credit impaired) represents the stressed retail book acquired from DHFL at discounted value. Retail AUM It includes on-book loans, POCI, SRs, PTC, DA, co-lending & excludes acquired off-book assets in the nature of DA & PTC as part of the DHFL acquisition RoAUM Return on average AUM Total income Total income = Interest income + non-interest income – interest expense Vintage risk 90+ DPD at 12 months on book ( MoB ) mark Wholesale It refers to loans sanctioned under real estate (RE) and corporate mid market loans (CMML) from FY22 onwards Customer franchise and Cross-sell: Total customer franchise It includes existing / past borrowers as well as co-borrowers Credit segment filtered customers Customer base after removing industry level delinquent behavior Overall cross-sell franchise Customer base after removing minimum seasoning norm with us Non delinquent customers Customer base after removing internal defaults Cross-sell franchise Customer base after removing low score customers
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55 Disclaimer PLEASE READ THIS DISCLAIMER CAREFULLY AND AGREE WITH THE TERMS AND CONDITIONS OF THIS DISCLAIMER BEFORE CONTINUING. IT APPLIES TO ALL PERSONS WHO VIEW THIS. PLEASE NOTE THAT THE DISCLAIMER SET OUT BELOW MAY BE ALTERED OR UPDATED. 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 of the Company 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. Nothing herein constitutes an offer of securities for sale in any jurisdiction where it is unlawful to do so. Any person seeking access to this represents and warrants to the Company that they are doing so for information purposes only. Making press announcements, information and other documents available in electronic format does not constitute an offer to sell or the solicitation of an offer to buy securities of the Company. Further, it does not constitute a recommendation by the Company, or any other party to sell or buy securities of the Company.
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56 Dial-in details for Q2 FY27 earnings conference call Event details Location & time Telephone numbers Conference call on 19 October 2026 India – 4:45 PM (India standard time) Universal dial-in +91 22 6280 1264 / +91 22 7115 8165 USA – 7:15 AM (Eastern time – New York) Toll free number 1 866 746 2133 UK – 12:15 PM (London time) Toll free number 0 808 101 1573 Singapore – 7:15 PM (Singapore time) Toll free number 800 101 2045 Hong Kong – 7:15 PM (Hong Kong time) Toll free number 800 964 448 Online Registration Express Join with DiamondPass Click here to pre-register We recommend pre-registering through the DiamondPass link to receive the dial-in numbers, passcode, and a unique PIN via email for direct access to the call without operator assistance. Alternatively, if using the dial-in numbers above, please dial in 10 minutes before the scheduled start of the call to ensure you are connected on time.
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57 Thank You! For Investors: investor.relations@piramal.com Ashish Raj Senior Manager – IR and Strategy Ruchika Jain VP – IR and Sustainability