Canara Robeco Asset Management Co. Ltd. · NSE:CRAMC
Canara Robeco Asset Management — Investor Presentation (February 2026)
40 slides from Canara Robeco Asset Management's investor presentation, Feb 27, 2026
Slide 1: Introducing Canara Robeco Banking and Financial Services Fund
Powering India’s financial Introducing CANARA ROBECO BANKING AND FINANCIAL SERVICES FUND (An open-ended equity scheme investing in Banking and Financial Services Sector) New Fund Offer Opens on: February 27th, 2026 | New Fund Offer Closes on: March 13th, 2026 Scheme Re-opens for continuous sale and
Slide 2: Index
Index 01 BFSI Ecosystem – 04 Portfolio Construct and Transformation Journey Strategy 02 Why BFSI is Important to 05 Fund Features & Investors? Other Details 03 Why BFSI Now? Note: BFSI refers to Banking, Financial Services and Insurance Industries
Slide 3: BFSI Ecosystem Transformation Journey
BFSI Ecosystem Transformation Journey
Slide 4: Transformation of the Sector
Transformation of the Sector Moving from Traditional Banking BANKING, FUNDING, SAVINGS, INVESTMENT Traditional Banking Modern Banking • Branch banking Pre 1991 1991-2010 • Cheques/ ATMs • Corporate heavy • Home loan scale up • PSU dominance • Entry of private banks • Safety of money • Savings and de
Slide 5: Savings Pattern has evolved over the years
Savings Pattern has evolved over the years Moving from Safety to Leverage to Investment Household (HH) Financial Borrowings and Deposits Increasing IncreasingFinancialisation of Household Financialisation of HouseholdSavings Savings 7 Incremental HH financial borrowings rising faster than incrementa
Slide 6: Households getting comfortable with increasing leverage
Households getting comfortable with increasing leverage Frequency of Loans per individual going up Transition from Asset-backed Borrowing to Behaviour-backed Borrowing Shift In Borrowing Behavior – no longer event driven but lifestyle driven Early Credit Adoption & Longer Credit Lifecycle Rising Loa
Slide 7: Changing Mix of BFSI
Changing Mix of BFSI Market share across segments have moved from public to private Banks : Market Share by Advances (%) Life Insurance : Market Share by APE (%) FY90 FY25 FY90 FY25 4% 4% 5% 35% 39% 100% 65% 92% 56% Public Private Foreign Public Private General Insurance : Market Share by GWP (%) As
Slide 8: Businesses are Evolving
Businesses are Evolving Value migration happening even at Lender’s end Large Financial Groups Have Expanded Beyond Core Banking and Lending PSU Bank (s) Private NBFC (s) Private Bank (s) Banking NBFC Asset Management Insurance Capital Markets Source : Internal Analysis
Slide 9: JAM Trinity: Major Driver for Transformation
JAM Trinity : Major Driver for Transformation The 3 I’s- Inclusion, Integrity, Innovation JAM Trinity Revolution in Indian Banking JAN DHAN Accounts Aadhar Mobile Brought the unbanked into formal Created digital identity-needed for Internet/ digital access- foundation financial system- 3x growth in
Slide 10: Drivers of Digital Banking
Drivers of Digital Banking Low Data Cost and Access to Smartphone - Leading to increase in Internet users Smartphone Penetration (%) in India Coupled with one of the lowest Led to increase in Active Indian data cost globally Internet Users (mn) 90.00 Average Price (USD/GB) 1,200 79.13 80.00 6.0 1,01
Slide 11: Digital transactions witnessed surge post covid
Digital transactions witnessed surge post covid Within Digital - UPI gained center stage Growth of Digital Transactions post Covid UPI transaction value share rose sharply from 71% in FY21 to 91% in FY25 180 Debit Debit PPI Debit PPI PPI Cards Credit Cards 4% Cards 3% 2% 12% Cards 4% 145 7% 9% Credi
Slide 12: Why BFSI is Important to Investors?
Why BFSI is Important to Investors?
Slide 13: BFSI – Diversified play on the Economy
BFSI – Diversified play on the Economy Sectoral but Diversified Banking, Financial Services and Insurance Lending Financials Non Lending Financials Capital Markets Banks Insurance Brokerages • Private Banks • Life Insurance • Public Sector Banks • General Insurance • Small Finance Banks Exchanges Ho
Slide 14: BFSI Sector has Huge Profit Opportunity
BFSI Sector has Huge Profit Opportunity Profit Pool is only increasing with the advent of Fintech in FY 2025 Banks Structural Growth Drivers PAT FY’2025 = `3.7Tn 10 Yr CAGR = ~18% Credit and Income Growth: Life Formalisation, Rising per capita income, Insurance NBFCs Improving Balance Sheets PAT FY’
Slide 15: Financial sector is an important part of India's Growth Story
Financial sector is an important part of India's Growth Story Rising Profit Share and Contribution to GDP PAT Contribution of Financials in BSE 500 BFSI Weight in BSE 500 rose to BFSI MCap as % of GDP grew to 25% in FY 2025 27% in FY 2025 45% 30% Market cap of BFSI (INR Trillions) 40% 39% BFSI Marke
Slide 16: BFSI has grown at a pace superior than Indian Economy
BFSI has grown at a pace superior than Indian Economy Profit growth of BFSI companies is higher than non BFSI companies Last 15 Years Approximate CAGR across Nifty Financial Services TRI vs Nifty 50 TRI BFSI & Economy (rebased to 100 from 1st Apr’10) Banks NBFC Insurance Capital Markets Fintech & Ot
Slide 17: Nifty Financial Services TRI Journey
Nifty Financial Services TRI Journey Challenging but Rewarding Nifty Financial Services TRI Annualized CAGR from 1st April 2010 to 31st January 2026 is ~14%. 40,000 GST Rate Fed starts an Failures of Cuts 35,000 unprecedented certain US & tightening European 30,000 cycle Banks PMC gets into trouble
Slide 18: Financial Services Index has performed better than Broader Index
Financial Services Index has performed better than Broader Index across time frame Rolling Returns Higher than Nifty 50 TRI Nifty Financial Services TRI has outperformed Average Daily Rolling Returns from Nifty 50 TRI – 10 Yr Daily Rolling Returns 1st Jan 2014 to 31st Jan 2026 Nifty Financial Servic
Slide 19: Why BFSI Now?
CANARA ROBECO Mutual Fund
Slide 20: Under-penetration across Segments
Under-penetration across Segments Long Way to Go Total Credit to Private Sector, % of GDP MF AUM as a % of GDP 250% 202% 140% 132% 180% 200% 157% 171% 120% 150% 134% 139% 142% 100% 91% 74% 78% 92% 93% 80% 63% 100% 60% 39% 60% 40% 50% 40% 18% 22% 0% 20% Mexico Brazil India UK Germany USA Malaysia Sin
Slide 21: India Stack – Low Penetration Provides Opportunities
India Stack – Low Penetration Provides Opportunities Population 147 Aadhar Card holders 143 Internet Users 100 Smartphone Users 75 UPI Users 49 E-Commerce Users 34 Credit Active Population 27.7 Unique Demat Accounts 12.2 Mutual Fund Investors 5.8 5.6 Private Health Insurance Users Note: All figures
Slide 22: Market Cap Share has shifted towards Non-Lending in Developed Economies
Market Cap Share has shifted towards Non-Lending in Developed Economies Similar Pattern being observed in Indian BFSI Space as well UK BFSI Space - Market Cap Indian BFSI Space - Market Cap US BFSI Space - Market Cap Share (%) Share (%) Share(%) FY15 FY19 FY21 FY25 FY15 FY19 FY23 FY25 FY15 FY19 FY23
Slide 23: Emerging Opportunities in Non-Lending Segment
Emerging Opportunities in Non-Lending Segment Fintech Entities AMCs Emerging Opportunities in Non-Lending Space Exchanges NBFCs Note: NBFCs - Non Banking Financial Corporations; AMCs - Asset Management Companies. The purpose is to showcase the incremental opportunities available in the Non-Lending S
Slide 24: Improved Balance Sheet And Financial Health
Improved Balance Sheet And Financial Health Better Underwriting Efforts aided by Regulatory Oversights Banking Sector NPLs are at a Multi Decade Low Sector PCR is at a Multi Decade High 14% Gross NPA (%) Net NPA (%) 90% 78% 80% 12% 11% 11% 70% 64% 10% 60% 8% 50% 41% 6% 40% 30% 4% 2% 2% 20% 2% 10% 0%
Slide 25: Corporate Leverage at 15 Year Lows
Corporate Leverage at 15 Year Lows Credit Growth poised to increase NSE 500 Companies Debt/Equity Ratio* 1.0 0.90 0.91 0.9 0.87 0.83 0.83 0.81 0.81 0.81 0.79 0.78 0.8 0.76 Average = 0.73 times 0.75 0.72 0.70 0.70 0.68 0.7 0.67 0.65 0.64 0.65 0.59 0.60 0.6 0.54 0.56 0.5 0.4 0.3 FY25 FY02 FY03 FY04 FY
Slide 26: Valuation seems reasonable
Valuation seems reasonable Trading below Historical Averages Nifty Financial Services - Price to Earnings (Trailing) Nifty Financial Services - Price to Book (Trailing) 40 4.5 35 30 3.5 2.9 23.5 25 20 18.6 2.5 2.7 15 10 1.5 Dec-17 Jan-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Jul-18 Jan-20 Jan-21
Slide 27: Portfolio Construct and Strategy
Portfolio Construct and Strategy
Slide 28: Banking and Financial Services Sector
Banking and Financial Services Sector Earnings have been superior in Mid cap, Small cap & Non-lending segment vs Index Positioning Index* Portfolio skewed towards Lending & Large Caps… …..But Earnings Growth depicts otherwise 8% 100% Large Cap Mid Cap Small Cap 60% 34% 24% Large Cap 20% 22% 19% Mid
Slide 29: Play on Value Migration
Canara Robeco Banking and Financial Services Fund: Play on Value Migration Value Migration already underway Exchanges Asset Management Companies 25 PAT (₹ bn) Mkt cap (₹ bn) (RHS) 1,250 60 1,750 PAT (₹ bn) Mkt cap (₹ bn) (RHS) 50 1,500 20 1,000 40 1,250 15 750 1,000 30 10 500 750 20 500 5 250 10 250
Slide 30: Our Approach towards Portfolio Construction
Canara Robeco Banking and Financial Services Fund Our Approach towards Portfolio Construction Value Migration Execution Risk Intrinsic Value Business Management Regulation Valuations Strong Competitive Long Term Vision, Mgmt. Good Track Record of Premium Multiples for Good Advantage, Expanding Credi
Slide 31: Our Portfolio Structure – Targeting Stability and Growth
Canara Robeco Banking and Financial Services Fund Our Portfolio Structure – Targeting Stability and Growth Steady Compounders Growth Accelerators and Disruptors Established Leader High Growth Potential Strong Balance Sheet Challenger Low Risk Market Share Expansion Proven Track Record Innovative Bus
Slide 32: Our Portfolio Stock Selection Approach
Canara Robeco Banking and Financial Services Fund Our Portfolio Stock Selection Approach Value Migration 261 Entities in the overall sector ROE Growth Acceleration Expansion or Turnaround in Business 70 Investible names in our Universe High Conviction Portfolio Earnings Sector Upgrade Tailwinds Impr
Slide 33: Our Fund's Proposition
Canara Robeco Banking and Financial Services Fund Our Fund’s Proposition Tapping Emerging Opportunities in Scouting Newer Opportunities that can Non-lending Space – Fintech and Challenge the Leaders or Disrupt the Capital Markets Industry Trend Balanced Portfolio Construction with Focus on Value Mig
Slide 34: Who Should Invest In This Fund?
Who Should Invest In This Fund? Who understands Growth Oriented Sector Concentration Portfolios Investors with a very high-risk Investors aiming for capital appetite who understand appreciation by investing sectoral concentration risk and Investors seeking across banks, NBFCs, Sectoral Exposure equi
Slide 35: Fund Features & Other Details
Fund Features & Other Details
Slide 36: Fund Features
Fund Features Name of the Scheme CANARA ROBECO BANKING AND FINANCIAL SERVICES FUND Type An open-ended equity scheme investing in Banking and Financial Services Sector. The objective of the scheme is to generate long term capital appreciation by investing predominantly in equity and equity Investment
Slide 37: Fund Managers
Fund Managers Amit Shridatta Kadam Bhandwaldar • Over 15 years of experience • Over 20 years of experience : • Amit Kadam is Fund Manager – Equities at Canara Robeco Asset management • Shridatta Bhandwaldar is Chief Investment Officer – Equities at Canara Robeco Asset Company Limited. Amit had joine
Slide 38: Auto Switch Facility
Auto Switch Facilty March 13, 2026, You get to relax, Apply into any of Allotment of units in is the NFO Closure avoid last day the specified the approved Debt date for Canara Robeco rush to apply for Debt funds fund as per realization Banking and Financial the NFO Services Fund Purchase application
Slide 39: Disclaimer
Disclaimer The information used towards formulating this document has been obtained from sources published by third parties. The above content is for information purpose only and does not constitute any guidelines or recommendation on any course of action to be followed by the reader. Recipients of
Slide 40: Canara Robeco Mutual Fund
CANARA ROBECO Mutual Fund
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