Piramal Finance Limited · NSE:PIRAMALFIN
Piramal Finance — Non-Deal Roadshow (November 2025)
64 slides from Piramal Finance's roadshow presentation, Nov 7, 2025
Slide 1: Intimation of Investor Presentation to stock exchanges
7th November, 2025 BSE Limited National Stock Exchange of India Limited 1st Floor, New Trading Wing, Exchange Plaza, 5th Floor, Rotunda Building, P. J. Towers, Plot No. C/1, G Block, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai - 400 051 BSE Scrip Code: 544597 NSE Sy
Slide 2: Piramal Finance Investor Presentation November 2025
Piramal Finance Investor Presentation November 2025
Slide 3: Table of contents
Table of contents A Our blueprint for value creation 03 B Overview 08 C Q2 FY26 Results Summary 17 D Retail 24 E Wholesale 2.0 41 F Legacy (discontinued) business 48 G Financials 50 H Appendix 55 2
Slide 4: Our blueprint for value creation
Our blueprint for value creation 1 2 3 % Growth Profitability Predictability 2x AUM in ~3 years RoAUM >3%* Stable Risk Steady Earnings 4 Build a future-proof, AI native company (*) With target AUM-to-equity of 4.5-5.0x Click here to access Piramal.ai presentation 3
Slide 5: Growth - Industry leading growth in retail
1 Growth - Industry leading growth in retail Consistent retail disbursement growth over years We expect FY28 total AUM to cross ₹ 1.5 L Cr FY23 FY24 FY25 FY26 In ₹ L Cr In ₹ Cr. CAGR 1.5+ 10,954 9,892 24-26% 8,718 8,362 8,065 1.0 8,910 22% 0.9 6,816 0.8 7,692 0.7 6,828 6,246 5,707 5,111 3,973 2,459
Slide 6: Profitability – On track to achieve targets
2 Profitability – On track to achieve targets 1. Growth business RoAUM Excluding POCI recovery related profits 2. Revising Retail Opex-AUM target lower 6.75% 3.25% 6.5% Long range goal 6.50% 3.00% 6.25% 5.8% 5.8% 2.75% 6.00% FY26 FY25 5.75% 5.5% 2.50% 5.3% 5.50% 2.25% 5.25% 4.9% 5.00% 4.7% 2.00% 4.7
Slide 7: Predictability through risk management
3 Predictability through risk management Steady risk Stable Profit Consol. PAT, in ₹ Cr. 90+ DPD in Retail 8,155 3,545 509 327 276 1.1% 1.1% 181 163 137 102 48 39 0.8% 0.8% 0.8% 0.8% 0.8% 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% -196 -1,536 -2,378 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q
Slide 8: Piramal.ai strategy is leading to tangible benefits across several dimensions
4 Piramal.ai strategy is leading to tangible benefits across several dimensions 1. Underwrite Better 2. Enhance Productivity 3. Drive Growth Vintage Risk (30+ at 6MOB) - retail Productivity up YoY across Retail Lending Functions Consistent retail disbursement growth In ₹ Cr. FY23 FY24 FY25 FY26 5.6%
Slide 9: Overview
6 Piramal Finance Overview
Slide 10: The Piramal Finance Story
The Piramal Finance Story Illustrative examples A growing diversified lending business being built by a credible management team and backed by a solid promoter group 1 Strong promoter group with demonstrated ability to raise equity and debt across market cycles Management team with track record brou
Slide 11: 100 years ago, Piramal Chaturbhuj arrived in Bombay
> 1920s › 100 Years ago, Piramal Chaturbhuj arrived in Bombay & built a thriving cotton trade business > 1935 › Acquired India’s oldest cotton mill, Morarjee Mills, taking a step beyond cotton trading > 1970 › His son Gopikisan Piramal expanded the legacy by acquiring VIP Industries & Miranda Tools
Slide 12: Last 30 years journey of Piramal Group
Last 30 years journey of Piramal Group New businesses and corporate actions > 2006 › Launched Piramal Foundation, Fund raises, investments & exits Group’s philanthropic arm > 2010 › Sold domestic formulations business > 2016 › Piramal Realty launched its two to Abbott for $3.8 Bn1 › DHFL acquisition
Slide 13: Piramal Group: At a glance
Piramal Group: At a glance Ajay Piramal Group c. 46% c. 35% (1) Financial services Pharma Real Estate Foundation Piramal Finance Piramal Pharma Piramal Realty Piramal Foundation A leading, listed, diversified NBFC, with prominent Offers a portfolio of differentiated products and services Aimed to en
Slide 14: Strong management team on-board
Strong management team on-board Illustrative examples Anand Piramal Jagdeep Mallareddy Executive Chairman CEO, Retail Lending Harvard Business School Former President – Retail lending at Axis Bank University of Pennsylvania Jairam Sridharan Yesh Nadkarni MD & CEO CEO, Wholesale Lending Former CFO an
Slide 15: Board with industry leaders having deep expertise in FS and Tech
Board with industry leaders having deep expertise in FS and Tech Illustrative examples Advisory Committee Anand Piramal Shikha Sharma Rajiv Mehrishi Gautam Doshi Anjali Bansal Executive Chairman Non-Executive Director Independent Director Independent Director Independent Director Harvard Business Sc
Slide 16: Business snapshot
Business snapshot Illustrative examples GROWTH BUSINESS Retail Wholesale 2.0^ AUM AUM Multi-product retail platform – Housing loans, ₹ 74,704 LAP, Used car loans, Business loans, Salaried ₹ 11,295 Real estate and corporate mid market loans (CMML) Crore PL and Digital loans Crore LEGACY OTHER (Discon
Slide 17: Executive Summary 1/7: Business transformation in recent years
Business transformation in recent years Total AUM Up 22% YoY Growth AUM 48% CAGR over 3.5 years Legacy AUM Down at 45% CAGR over 3.5 years In ₹ Cr. In ₹ Cr. In ₹ Cr. 86k Legacy AUM (₹ Cr.) 91k 81 WS 2.0 11k 43k % Total AUM Retail 65k 69k 3.9x 64k -87% 66% 75k Executive Summary 1/7 22k 5k 22k 6% Mar-
Slide 18: Q2 FY26 Results Summary
6 Piramal Finance Q2 FY26 Results Summary
Slide 19: Business Snapshot – Q2 FY26
Business Snapshot – Q2 FY26 Illustrative examples Housing loans Consol. AUM ₹ 91,447 Cr 9% 6% LAP Used car loans up 22% YoY / 7% QoQ 3% 32% Salaried PL 3% Unsecured business loans (UBL) 4% AUM mix Microfinance 1% Q2 FY26 Digital loans 94 : 6 6% Other retail Growth : Legacy Q2 FY26 Results Summary 1/
Slide 20: Consol. AUM up 22% YoY | Consol. PAT up 101% YoY
Consol. AUM up 22% YoY | Consol. PAT up 101% YoY PEL – PFL merger is now complete | seamless transition of reported consol. financials from PEL to PFL | PFL stock listed on 7th Nov 2025 Growth ▪ Consol AUM growth of 22% YoY ▪ Retail AUM up 36% YoY Q2 FY26 Results Summary 2/6 ▪ Wholesale 2.0 AUM up 4
Slide 21: Consolidated financials improving and becoming less volatile
With Growth-Legacy mix shift, consol. financials are improving and becoming less volatile 1 Consol. AUM growth and NIM are increasing,… 2 …volatility in net profit is reducing, and… Consol. PAT, in ₹ Cr. 6.1% 8,155 3,545 509 Consol. AUM YoY growth 327 Consol. NIM* 276 5.8% 5.9% 181 163 137 102 48 39
Slide 22: Growth business profitability
Growth business profitability* Ratios on loans Ratios on AUM 1 Total income Total 2 Net total income 3 Net total income + DA/co-lending income Retail fee As % of loans As % of loans As % of AUM# Total Interest income FY24 FY25 Q1 FY26 Q2 FY26 DA/Co-lending income 14.8% 8.2% Net total income 14.4% 14
Slide 23: We met FY25 targets
We met FY25 targets FY25 – stated targets FY25 - actual ~80 81 ✓ Growth and mix Total AUM (INR ‘000 Cr) (up ~15% YoY) (up 17% YoY) Q2 FY26 Results Summary 5/6 Retail : Wholesale mix 75 : 25 80 : 20 ✓ Legacy AUM INR 6,000 - 7,000 Cr INR 6,920 Cr ✓ Legacy book INR 1,700 over 2 years AIF gains (FY25 &
Slide 24: On track to meet all FY26 targets
On track to meet all FY26 targets FY25 H1 FY26 FY26 Target 1 Total AUM - YoY growth 17% 22% 25% AUM growth and mix Q2 FY26 Results Summary 6/6 2 Growth AUM - YoY growth 36% 37% 30% 3 Retail share in total AUM 80% 82% 80-85% 4 Legacy AUM (₹ Cr) 6,920 5,448 3,000-3,500 5 Consol. PAT (₹ Cr) 485 603 1,3
Slide 25: Retail
Retail
Slide 26: Snapshot - Retail Lending
Snapshot - Retail Lending AUM ₹ 74,704 Cr Presence 518 429 26 36% YoY Branches Cities States Mortgages AUM ₹ 50,834 Cr Opex to AUM 3.9% (HL+LAP) 37% YoY | 68% of retail AUM 260bps in ten quarters AUM yield 13.6% 90+ DPD 0.8% Steady QoQ Stable portfolio over three years * Weighted average of all live
Slide 27: Strong and experienced retail leadership team
We are guided by a strong & experienced leadership team driving the scale-up Jairam Sridharan MD & CEO 25+ years 25+ years 20+ years 20+ years 15+ years 20+ years 20+ years Jagdeep Mallareddy Sunit Madan Saurabh Mittal Markandey Upadhyay Arvind Iyer Nirav Adani Parneet Soni CEO – Retail Chief Operat
Slide 28: Agile tech framework with 'High Tech / High Touch' model
Agile tech framework seamlessly integrated withIllustrative unique examples ‘High Tech / High Touch’ model (cont’d) Home loan Sales and Underwriting (u/w) Eligibility checks Monitoring Collections as an example Sourcing and sanction D A High Touch G C High Tech B C E F A. Strong branch A B. Paramete
Slide 29: Growth momentum across product verticals
Growth momentum across product verticals Retail AUM up 36% YoY Disbursements up 36% YoY In ₹ Cr. FY23 FY24 FY25 FY26 10,954 9,892 8,910 8,718 8,362 Total (₹ Cr) 8,065 7,692 6,816 6,828 6,246 5,707 5,111 3,973 2,459 Q1 Q2 Q3 Q4 28 Note: (*) Others includes loan against mutual fund (LAMF) (₹ 1,185 Cr
Slide 30: Sustained growth momentum across secured products
Sustained growth momentum across secured products (In ₹ Cr) Housing loans +23% YoY LAP +63% YoY Used car loans +56% YoY 29,550 21,285 4,797 28,034 19,067 4,357 26,661 4,039 25,287 17,180 23,965 3,530 14,740 AUM 13,040 3,077 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 F
Slide 31: Actively managing disbursements to navigate risk
Actively managing disbursements to navigate risk (In ₹ Cr) Salaried PL +57% YoY UBL (Unsecured Business Loans)^ +48% YoY Digital loans +11% YoY 6,434 5,564 5,975 5,264* 3,425 5,615 * 3,076 3,138 4,997 4,247 2,852 2,898 4,031 3,757 AUM 4,102 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4
Slide 32: Customer profile for branch-based acquisition
Customer profile for branch-based acquisition Median customer at 38 years of age 56% customers are self-employed Geographic split of branches 518 26 7% Branches* States 20% 1 41% 18 - 34 yrs. No. of branches Employment 44% Salaried 35 - 44 yrs. Share in retail AUM % Age group category Self empoyed 4
Slide 33: Cross-sell franchise
Cross-sell franchise | 25-30% of unsecured disb. through cross-sell Cross-sell% in unsecured disbursements Total customer franchise up 23% YoY to 5.2 Mn 4,116 Q2 FY25 Q2 FY26 3,126 3,017 27% 2,664 2,770 In Mn 29% 26% 17% 30% 4.2 Total customer franchise 5.2 Total (₹ Cr) Cross-sell 3.2 Credit segment
Slide 34: Productivity improvement to continue
Productivity improvement to continue 1 We are moderating the pace of branch expansion… 2 …and focusing more on increasing product penetration into existing branches No. of branches 105 Products offered Mar-23 Mar-24 Mar-25 Sep-25 86 Housing loans 398 470 512 514 LAP 343 461 512 513 Used car loans 16
Slide 35: Stable income profile – operating leverage playing out well
Stable income profile – operating leverage playing out well 1 Interest income 2 Fee income As % of loans As % of loans Amortization of processing fee led Opex ratio reduced ~260 bps over last 10 quarters to a drop in reported fee income 13.4% 13.4% 13.3% (from 1.5% in FY24), which is now normalizing
Slide 36: Retail risk (1/2) – Overall stable 90+ DPD
Retail risk (1/2) – Overall stable 90+ DPD reflects diversified AUM mix Housing loans 29,550 32% LAP 21,285 23% Used car loans 4,797 5% 3% 3% 3% 2% 2% 1.6% 1.5% 2% 1.3% 1.3% 1.1% 1.0% 1.0% 1.1% 0.9% 0.9% 1.0% 0.9% 0.8% 0.9% 0.8% 0.7% 0.7% 0.6% 0.6% 0.6% 0.7% 0.7% 0.6% 0.6% 1% 0.7% 1% 0.4% 0.4% 0.5%
Slide 37: Retail risk (2/2) – vintage risk
Retail risk (2/2) – vintage risk* : controlled quality of new originations Housing loans 29,550 32% LAP 21,285 23% Used car loans 4,797 5% 6.3% 6% 6% 6% 5% 5% 3.9% 5% 4% 4% 2.6% 2.4% 2.3% 2.7% 2.5% 3% 3% 3% 2.3% 2.3% 2.3% 1.5% 2% 2% 0.9% 0.6% 0.4% 0.4% 0.5% 0.4% 0.5% 0.3% 0.5% 0.5% 0.6% 0.5% 0.4% 0.
Slide 38: Superior data driven underwriting capabilities
Superior data driven underwriting capabilities Detailed Due Approval & Loan Origination Initial Assessment Disbursement Monitoring Diligence Negotiation Lead generation (e.g. Financial analysis Internal credit, Legal & Execution of Post-disbursement direct, partner KYC & AML checks (bank statements,
Slide 39: Superior data driven underwriting capabilities (contd.)
Superior data driven underwriting capabilities (contd.) 700+ Credit managers in Branches Visuals from physical PD 150+ Personal Discussion Credit managers based underwriting in Central Processing Unit Mobile shop owner Tailor Master Marble Trader from Bhilwara from Gwalior From Shahpura 1,30,000+ PD
Slide 40: Superior data driven underwriting capabilities (contd.)
Superior data driven underwriting capabilities (contd.) 250+ On-roll Appraisal Staff Appraisal staff on site 50+ On-roll Legal Staff In-house Collateral appraisal1 and Legal Approvers 1,00,000+ Appraisal Visits in FY25 Road constructor Hotel owner Govt. servant from Bangalore from Aurangabad from Ja
Slide 41: Are our Credit scorecards doing a good job?
Are our Credit scorecards doing a good job? Illustrative examples 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 1x Total loan applications (100) 2.8x Notes: (1) Off-Us take ups are id
Slide 42: Wholesale 2.0
iramal Finance Pp G Wholesale 2.0
Slide 43: Snapshot – Wholesale 2.0
Snapshot – Wholesale 2.0 AUM ₹ 11,295 Cr Mix 76 : 24 43% YoY Real estate CMML ₹ 2,043 Cr Disbursements 11% YoY Average ticket size ₹ 71 Cr Portfolio EIR (Effective interest rate) 14.5% Repayments as 57% Steady QoQ % of disbursements High repayments reflect strong underwriting 42
Slide 44: Experienced and strong leadership team to drive wholesale business
Experienced and strong leadership team to driveIllustrative wholesale examples business Yesh Nadkarni CEO, Wholesale Origination Credit Asset Mgmt VEG* Sriram S Arpit B Abhishek M Laxman M Abhijeet V Sandeep A Khodadad P Rohit G 20+ years 15+ years 20+ years 19+ years 18+ years 20+ years 20+ years 2
Slide 45: Wholesale 2.0: Tapping opportunity in real estate and corporate mid-market lending
Wholesale 2.0: Tapping opportunity in underpenetrated real estate Illustrative examples and corporate mid-market lending Corporate Mid-market Lending: Why Real Estate Financing Market? A Large Untapped Market in India OPPORTUNE TIMING Predominantly OpCo loans Beginning of growth cycle as affordabili
Slide 46: Building a diversified and granular book backed by cash flows and assets
Building a diversified and granular book backed by cash flows and assets In ₹ Cr. AUM +43% YoY +8% QoQ Disbursements +11% YoY -11% QoQ Total repayments (including pre-payments) Total 11,295 Total Total CMML 10,425 CMML 2,302 CMML 1,496 Real estate Real estate Real estate 2,687 2,075 2,043 9,117 8,91
Slide 47: Granular and diversified build-out
Granular and diversified build-out (Charts represents data for outstanding AUM) A granular build-out WS 2.0 AUM Average loan tenure AUM, in ₹ Cr. Average ticket size In years, represents average residual tenor 75 77 70 74 71 11,295 3.3 10,425 3.2 3.2 3.1 8,916 9,117 3.0 7,889 Q2 FY25 Q3 FY25 Q4 FY25
Slide 48: Portfolio analysis
Portfolio analysis Repayment analysis In ₹ Cr. Effective Interest Rate (EIR)* <14% >14% WS 2.0WS2.0 Total AUM AUM WS(₹2.0 Cr.) Contracted repayment Portfolio 14.3% 14.4% 14.4% 14.5% 14.5% Actual repayment 1,496 EIR^ Repayment + Prepayment + Exits 11,295 10,425 1,165 8,916 9,117 1,028 1,027 7,889 999
Slide 49: Legacy (discontinued) business
Legacy (discontinued) business 48
Slide 50: Bringing Legacy AUM to below ₹ 35bn by March 2026
We reiterate bringing Legacy AUM to below ₹ 35bn by March 2026 AUM down 87% since March 2022 -55% YoY -14% QoQ AUM composition 51,436 Legacy AUM (₹ Cr.) Total (₹ Cr) % Total AUM Stage-1 loans 45,429 29,053 Stage-2 loans 44,411 43,175 Stage-3 loans AIF 91% 91% 89% SRs Land & receivables 46% Total Leg
Slide 51: Financials
6 Piramal Finance Financials
Slide 52: Profit and loss statement – consolidated
Profit and loss statement – consolidated In ₹ Cr. Consolidated income statement Q2 FY26 Q2 FY25 YoY % Q1 FY26 QoQ % H1 FY26 H1 FY25 YoY % Interest income1 2,702 2,198 23% 2,504 8% 5,206 4,209 24% Less: Interest expense 1,570 1,317 19% 1,494 5% 3,064 2,522 21% Net interest income 1,132 881 29% 1,010
Slide 53: Link to Data Sheet Q2 FY26
Link to Data Sheet Q2 FY26 Data from previous quarters now available on our website Click here to download the ‘Data Sheet Q2 FY26’ Story in charts Asset quality Pro forma business wise P&L Overview 52
Slide 54: Balance sheet
Balance sheet In ₹ Cr. Consolidated balance sheet Particulars Q2 FY26 Q1 FY26 Q2 FY25 Assets Cash & liquid investments 7,238 9,070 6,039 Gross asset under management 82,323 77,572 70,720 ECL provision 1,708 1,829 3,118 Net assets under management 80,616 75,743 67,601 Investments in Shriram group 1,7
Slide 55: Liabilities
Liabilities COB – Down 19bps QoQ to below 9% after 5 quarters Positive ALM gaps throughout 9.17% In ₹ Cr, period-end +28% 9.12% 9.13% 9.12% GAP % 8,844 8.93% 8.94% 8.93% +20% 8.73% 5,818 8.65% 8.64% 8.64% +11% +8% +5% 3,059 2,523 Q4 FY25 Q4 FY23 Q4 FY24 Q3 FY24 Q3 FY25 Q1 FY25 Q2 FY25 Q1 FY24 Q2 FY2
Slide 56: Appendix
6 Piramal Finance Appendix
Slide 57: Asset classification: Total assets
Asset classification: Total assets Total assets (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 78,385 73,568 64,041 Stage 2 1,671 1,641 4,085 Stage 3 1,994 2,047 1,973 Sub-Total 82,050 77,256 70,100 POCI 274 315 620 Total AUM* 82,323 77,572 70,720 Total provisions (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 91
Slide 58: Asset classification: Growth assets
Asset classification: Growth assets Total assets (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 73,695 68,263 55,975 Stage 2 1,525 1,416 1,181 Stage 3 1,382 1,251 878 Sub-Total 76,602 70,930 58,034 POCI 274 315 620 Total AUM* 76,876 71,245 58,654 Total provisions (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 690
Slide 59: Asset classification: Legacy assets
Asset classification: Legacy assets Total assets (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 4,689 5,305 8,067 Stage 2 146 225 2,904 Stage 3 612 796 1,096 Total AUM* 5,448 6,327 12,066 Total provisions (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 226 362 561 Stage 2 19 27 744 Stage 3 122 175 719 Total 366 56
Slide 60: Multi-product retail lending platform across the risk-reward spectrum
Multi-product retail lending platform across the risk-reward spectrum – Q2 FY26 Average disbursement Disbursement Share in Product Segments Products AUM yield Share in AUM* ticket size (₹ lakh) yield disbursements Affordable housing Housing Mass affluent housing 22.0 11.9% 25.4% 11.7% 39.6% Budget h
Slide 61: Strong ESG Framework
Strong ESG Framework ▪ Identification and monitoring of Risk Management ESG risk for portfolio Responsible ▪ Implementation of exclusion list Lending across portfolio ▪ Quarterly review of ESG Corporate performance by the Board Governance and ▪ At least 1 ESG expert on the Board Compliance ▪ Increas
Slide 62: Glossary
Glossary Term Description 90+ DPD delinquency 90 to 180 days past due (DPD, % of average on-book AUM) for secured loans; and 90 to 170 days DPD for unsecured loans ALM Profile Based on contractual ALM for wholesale and behavioral ALM for the retail portfolio AUM Loans (on-book) + off-book assets AUM
Slide 63: Disclaimer
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', 'pl
Slide 64: Thank You
Thank You For Investors: Ravi Singh Head of Investor Relations, Strategy and Sustainability singh.ravi@piramal.com Ruchika Jain VP - Investor Relations and Sustainability ruchika.jain@piramal.com