Edelweiss Financial Services Limited · NSE:EDELWEISS
Edelweiss Financial Services — Q2 FY2026 Earnings Presentation
57 slides from Edelweiss Financial Services's earnings presentation, November 2025
Slide 1: Edelweiss Financial Services Limited Earnings update – Quarter and Six Months ended Sep 25
Edelweiss Financial Services Limited Earnings update – Quarter and Six Months ended Sep 25
Slide 2: Contents
CONTENTS Overview 03 Performance highlights 06 Strategic updates 16 Business performance 32 Governance & corporate responsibility 50
Slide 3: Overview
Overview Quarter and Six Months ended Sep 25 3
Slide 4: Edelweiss at a glance – quarter ended Sep 25
Edelweiss at a glance – quarter ended Sep 25 INR 5,636 Cr INR 11,330 Cr Net Worth Net Debt INR 47 INR 175 Cr (FV ₹1) Consolidated PAT BVPS 4
Slide 5: Diversified with seven high-quality businesses
Diversified with seven high-quality businesses In INR Edelweiss Financial Services Ltd (EFSL) Asset Housing General Life Alternative Mutual Fund NBFC Asset Mgt Reconstruction Finance Insurance Insurance Edelweiss Asset EAAA India Edelweiss Asset Nido Home Zuno General Edelweiss Life Reconstruction E
Slide 6: Performance Highlights
Performance Highlights Quarter and Six Months ended Sep 25 6
Slide 7: Performance highlights
Performance highlights 1 Steady growth in PAT and key metrics of underlying businesses PAT of underlying businesses grew by 15% YoY and consol PAT increased by 25% YoY in six months Alternative Asset Mgt AUM at INR 65,460 Cr, up by 14% YoY MF Equity AUM increased by 30% YoY to INR 77,100 Cr MSME and
Slide 8: Earnings distribution across businesses
1 Earnings distribution across businesses INR Cr Quarter Ended Six Months Ended Profit after Tax Sep 25 Sep 24 Sep 25 Sep 24 Alternative Asset Management 69 58 125 124 Mutual Fund 17 15 45 41 Asset Reconstruction 87 91 177 176 NBFC 4 11 10 37 Housing Finance 6 3 9 3 General Insurance (12) (11) (18)
Slide 9: Key business highlights (1/2)
1 Key business highlights (1/2) EAAA launched India’s first Alternative Fund raise of INR 5,182 Cr in six Energy Transition Fund anchored Asset Mgt months, up 3x YoY by European Investment Bank Robust growth in Equity AUM to Altiva SIF launched India’s first Mutual Fund INR 77,100 Cr, up 30% YoY; AU
Slide 10: Key business highlights (2/2)
1 Key business highlights (2/2) Disbursals of INR 168 Cr in MSME Wholesale book reduced by 36% NBFC loans in the quarter, up 2.5x YoY YoY to INR 2,400 Cr Housing Disbursals of INR 564 Cr in the AUM grew by 15% YoY to Finance quarter, up 2x YoY INR 4,598 Cr General Gross Written Premium grew by 7% Lo
Slide 11: Net debt reduced by INR 2,250 Cr, 17% YoY
2 Net debt reduced by INR 2,250 Cr, 17% YoY Net Debt INR Cr Business Sep 25 Sep 24 17% 13,580 NBFC 2,470 3,655 Housing Finance 1,950 1,465 11,330 Alternative Asset Mgt 425 380 Asset Reconstruction (125) 830 Corporate 6,610 7,250 Net Debt 11,330 13,580 Sep 24 Sep 25 QoQ increase in Corporate Net Debt
Slide 12: Total customer reach grew by 31% YoY
3 Total customer reach grew by 31% YoY In Lakhs Total Customer Reach Mutual Fund Folios General Insurance Customers 120 83 30 91 62 20 Sep 24 Sep 25 Sep 24 Sep 25 Sep 24 Sep 25 31% YoY 49% YoY 35% YoY 12
Slide 13: Strong balance sheet with well capitalised businesses
4 Strong balance sheet with well capitalised businesses Business Metric Value NBFC Capital Adequacy 33.5% Housing Finance Capital Adequacy 30.6% Asset Reconstruction Capital Adequacy 93.6% General Insurance Solvency Ratio 189% Life Insurance Solvency Ratio 176% 13
Slide 14: Comfortable liquidity position over next 1 year
4 Comfortable liquidity position over next 1 year Oct 25 to Sep 26 INR Cr Opening Available Liquidity (A) 5,000 Inflows Expected Inflows 8,700 Fresh Borrowings 2,200 Total Inflows (B) 10,900 Outflows Repayments 6,200 Disbursements 4,600 Total Outflows (C) 10,800 Closing Available Liquidity (A+B-C) 5
Slide 15: Assets in each tenor range adequately cover liabilities
4 Assets in each tenor range adequately cover liabilities INR Cr Assets Liabilities Excess / (Gap) Up to 1 year 10,800 9,900 900 1-3 years 10,500 10,100 400 3 years+ 8,700 4,400 4,300 15
Slide 16: Strategic Updates
Strategic Updates 1. Update on Key Priorities 2. EAAA IPO Update 3. Update on Strategic Investment in Mutual Fund 16
Slide 17: Update on key priorities
Update on key priorities A Scale up in profits of underlying businesses B Insurance businesses on track to breakeven by FY27 C Focused reduction in corporate net debt 17
Slide 18: Scale up in profits of underlying businesses
A Scale up in profits of underlying businesses INR Cr PAT for six months ended September 24% CAGR 295 257 193 Sep 23 Sep 24 Sep 25 18
Slide 19: Insurance businesses on track to breakeven: Losses
B Insurance businesses on track to breakeven: Losses 55% INR Cr PAT for six months ended September General Insurance Life Insurance Sep 23 Sep 24 Sep 25 (21) (18) (71) (53) (103) (72) (87) (124) 55% (158) 19
Slide 20: Strategic focus on reducing corporate net debt
C Strategic focus on reducing corporate net debt … INR Cr 7,315 10% 7,250 6,610 Sep 23 Sep 24 Sep 25 Corporate net debt is now on the path to reduction 20
Slide 21: Clear plan to be at near zero net debt over next 3 years
C … with a clear plan to be at near zero over the next 3 years INR Cr Corporate Net Debt 6,610 Expected cash inflows over the next 3 years: Current value of Property and 3,000 Investments Dividends from Businesses 1,500 Stake Sale in Businesses 2,000 - 3,000 21
Slide 22: Strategic Updates
Strategic Updates 1. Update on Key Priorities 2. EAAA IPO Update 3. Update on Strategic Investment in Mutual Fund 22
Slide 23: EAAA IPO update – next steps
EAAA IPO update – next steps We are on track to launch the EAAA IPO around April 2026 The IPO marks the first step towards building EAAA as a standalone, institutionalized platform As a listed entity, EAAA will be better positioned to pursue inorganic growth and further strengthen its institutio
Slide 24: Scale up of EAAA – At a glance
Scale up of EAAA – At a glance 24
Slide 25: Pioneer in yield strategies in Indian Alternatives
Pioneer in yield strategies in Indian Alternatives Private Credit Real Assets Performing Credit Special Situations Infrastructure Yield Commercial RE Energy Transition Core Credit InvIT Fund • Consistent cashflows & Customised solutions • Stable, inflation-linked cashflows • Diversification & Capita
Slide 26: Backed by a diversified and expanding client base
Backed by a diversified and expanding client base AUM by Geography 5000+ 1000+ 5% Unique client 22% Repeat clients across 17% relationships across the multiple strategies world ~50% 12 56% of AUM from a diverse Clients with AUM of over base of institutional North America India ~INR 800 Cr ($100 Mn)
Slide 27: Proven track record of consistent returns
Proven track record of consistent returns Funds raised Deployments Realisations INR 44,000 Cr INR 35,000 Cr INR 36,000 Cr Proven & Repeatable: Key strategies are now entering their 3rd and 4th vintage Funds raised, Deployments and Realisations represent the approximate cumulative totals since FY21 2
Slide 28: Robust growth trajectory over the years
Robust growth trajectory over the years INR Cr Assets Under Management Profit After Tax 65,460 231 30,200 29 Sep 21 Sep 25 Sep 21 Sep 25 Evolving into a scaled, multi-strategy platform PAT figures are based on TTM 28
Slide 29: Strategic Updates
Strategic Updates 1. Update on Key Priorities 2. EAAA IPO Update 3. Update on Strategic Investment in Mutual Fund 29
Slide 30: Update on strategic investment by WestBridge in Mutual Fund
Update on strategic investment by WestBridge in Mutual Fund WestBridge Capital is acquiring a 15% stake in Edelweiss Mutual Fund for a consideration of INR 450 Cr Regulatory approvals are in process The transaction values the business at 57x P/E on FY25 PAT of INR 53 Cr, which aligns with industry b
Slide 31: Process and next steps
Process and next steps SEBI Approval CCI Approval Nov 2025 Oct 2025 (Expected) Share Purchase and Share Transfer to Shareholders’ WestBridge Capital Agreements Execution Dec 2025 (Expected) Aug 2025 31
Slide 32: Business Performance
Business Performance Quarter and Six Months ended Sep 25 32
Slide 33: Alternative Asset Mgt: Business performance snapshot
Alternative Asset Mgt: Business performance snapshot Key Metrics for the quarter Business Update ARR AUM (INR Cr) 47,670 Fund raise of INR 5,182 Cr in six months, up 3x YoY AUM grew by 14% YoY to INR 65,460 Cr AUM (INR Cr) 65,460 Raised INR 4,500 Cr within 6 months entirely from domestic investors i
Slide 34: Alternative Asset Mgt: Financial performance snapshot
Alternative Asset Mgt: Financial performance snapshot INR Cr Quarter ended Quarter ended Sep 25 Sep 24 AUM 65,460 57,250 ARR AUM 47,670 44,540 Equity 1,023 869 Total Earnings 217 215 Opex 132 141 Profit After Tax 69 58 34
Slide 35: Alternative assets overview
Alternative assets overview AUM – Strategy wise AUM – Geography wise ARR AUM – Strategy wise 1% 5% 2% 22% 17% 34% INR 65,460 Cr INR 65,460 Cr INR 47,670 Cr 49% 49% 65% 56% Private Credit Real Assets Others North America India Private Credit Real Assets Others Europe Rest of the world 35
Slide 36: Mutual Fund: Business performance snapshot
Mutual Fund: Business performance snapshot Key Metrics for the quarter Business Update Equity AUM (INR Cr) 77,100 Equity AUM at INR 77,100 Cr, up 30% YoY; AUM grew by 10% YoY to INR 1,54,600 Cr Net equity inflows of INR 4,300 Cr in the quarter; INR 13,900 Cr in trailing twelve months AUM (INR Cr) 1,
Slide 37: Mutual Fund: Financial performance snapshot
Mutual Fund: Financial performance snapshot INR Cr Quarter ended Quarter ended Sep 25 Sep 24 AUM 1,54,600 1,40,500 Equity AUM 77,100 59,400 Equity 243 243 Revenue 72 61 Opex 50 41 Profit After Tax 17 15 37
Slide 38: Robust growth in AUM and customer base
Robust growth in AUM and customer base Equity AUM (INR Cr) Debt AUM (INR Cr) 77,100 81,100 78,000 77,500 59,400 34,200 Sep 23 Sep 24 Sep 25 Sep 23 Sep 24 Sep 25 SIP Book (INR Cr) Active Folios (# in Lakhs) 490 30 20 312 12 175 Sep 23 Sep 24 Sep 25 Sep 23 Sep 24 Sep 25 Growing SIP book adds to the pr
Slide 39: Asset Reconstruction: Business performance snapshot
Asset Reconstruction: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 2,961 Recovered INR 1,225 Cr in the quarter Fee Paying AUM (INR Cr) 9,936 INR 356 Cr of retail assets were acquired in the quarter Share of retail assets in capital employed increased to 2
Slide 40: Asset Reconstruction: Financial performance snapshot
Asset Reconstruction: Financial performance snapshot INR Cr Quarter ended Quarter ended Sep 25 Sep 24 Fee Paying AUM 9,936 15,884 Capital Employed 2,669 4,058 Wholesale assets 2,012 3,487 Retail assets 657 571 Equity 2,961 3,326 Revenue 170 240 Opex 29 36 Profit After Tax 87 91 Edelweiss’ share in P
Slide 41: NBFC: Business performance snapshot
NBFC: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 2,103 Disbursals of INR 168 Cr in MSME loans in the quarter, up 2.5x YoY; 22% of these were under co-lending model AUM (INR Cr) 3,309 Partnership with Central Bank of India, IDFC First Bank Capital Adequa
Slide 42: NBFC: Financial performance snapshot
NBFC: Financial performance snapshot INR Cr Quarter ended Quarter ended Sep 25 Sep 24 AUM 3,309 5,962 Gross Loan Book 1,162 1,753 Gross Revenue 170 184 Net Revenue 41 23 Opex 33 42 Credit Cost 3 (30) Profit After Tax 4 11 GNPA 3.35% 2.47% NNPA 1.94% 1.77% 42
Slide 43: ECLF wholesale book on a steady downward trajectory
ECLF wholesale book on a steady downward trajectory INR Cr 75% 9,500 5,700 3,750 2,400 Sep 22 Sep 23 Sep 24 Sep 25 Reduced by INR 7,100 Cr in last 3 years 43
Slide 44: Housing Finance: Business performance snapshot
Housing Finance: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 836 Disbursals of INR 564 Cr in the quarter, up 2x YoY; 30% of these were via CLM AUM (INR Cr) 4,598 AUM at INR 4,598 Cr, up 15% YoY Capital Adequacy 30.6% Partnership with State Bank of India
Slide 45: Housing Finance: Financial performance snapshot
Housing Finance: Financial performance snapshot INR Cr Quarter ended Quarter ended Sep 25 Sep 24 AUM 4,598 3,987 Gross Loan Book 3,430 3,158 Gross Revenue 145 127 Net Revenue 56 48 Opex 45 42 Credit Cost 4 2 Profit After Tax 6 3 GNPA 2.47% 1.93% NNPA 2.00% 1.59% 45
Slide 46: General Insurance: Business performance snapshot
General Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 381 Gross written premium (GWP) increased by 7% YoY in the quarter GWP (INR Cr) 261 Gross direct premium income (GDPI) increased by 8% YoY in the quarter Motor segment GDPI grew 6% YoY in the
Slide 47: General Insurance: Financial performance snapshot
General Insurance: Financial performance snapshot INR Cr Quarter ended Quarter ended Sep 25 Sep 24 Gross Written Premium 261 243 Net Premium Income 162 149 Investment Income & 58 72 Other Income Total Income 220 221 Policy benefits & 135 126 insurance policy liability Other expenses 98 105 Profit Af
Slide 48: Life Insurance: Business performance snapshot
Life Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 686 Gross premium of INR 503 Cr in the quarter Individual APE (INR Cr) 130 Issued 14,463 policies in the quarter, up 20% YoY Total AUM at INR 9,782 Cr, up 12% YoY Policies Issued 14,463 Embedded
Slide 49: Life Insurance: Financial performance snapshot
Life Insurance: Financial performance snapshot INR Cr Quarter ended Quarter ended Sep 25 Sep 24 Gross Premium 503 481 Net Premium Income 493 472 Investment Income & (20) 339 Other Income Total Income 473 811 Policy benefits & 327 657 insurance policy liability Other expenses 202 208 Profit After Tax
Slide 50: Governance & Corporate Responsibility
Governance & Corporate Responsibility 50
Slide 51: 7 Member Board with 4 Independent Directors
7 Member Board with 4 Independent Directors Mr. Ashok Kini Independent Director Former Managing Director (National Banking Group) State Bank of India Served as an advisor to the Thorat Committee on Financial Inclusion at RBI 35 years of banking experience Dr. Ashima Goyal Independent Director Profes
Slide 52: Significant institutional ownership
Significant institutional ownership Shareholding Pattern as on Sep 30, 2025 Key Shareholders Holding TIAA CREF Funds 4.0% LIC 2.6% Vanguard Group 2.4% 32.7% Promoter Group DIIs, Non Flowering Tree Investment Institutions 1.7% Management & Others 47.5% Pabrai Investment Funds 1.5% Blackrock 1.3% 0.6%
Slide 53: Our contribution to building a more sustainable tomorrow
Our contribution to building a more sustainable tomorrow Under the leadership of EdelGive Foundation we have, since inception … Assisted over 60% of Ensured long term INR 1,573 Cr association with NGO Partnered with over 294 EdelGive’s NGO partners to mobilized through partners with an average high
Slide 54: Our investment in communities
Our investment in communities EdelGive Foundation’s commitment to investing in communities As on Sep 25 Impact metrics since inception Sustainable Women Quality Education 78 Districts Livelihoods Empowerment across 16 States t 2.2 Cr children impacted t 2.60 lakh Individuals trained t 2.73 lakh wome
Slide 55: Trusted partner: EdelGive funding partners & networks
Trusted partner: EdelGive funding partners & networks Foundations, Corporates and HNIs partner with Edelgive Platform for their philanthropic allocation 55
Slide 56: Safe Harbour
Safe Harbour DISCLAIMER : This presentation and the discussion may contain certain words or phrases that are forward looking statements, which are tentative, based on current expectations of the management of Edelweiss Financial Services Ltd. or any of its subsidiaries and associate companies (“Edel
Slide 57: Safe Harbour
Safe Harbour Net worth figures include MI. PAT figures are presented pre MI unless stated otherwise. Slide 4,7,11,20, 21,41,44: Debt excludes CBLO and securitisation liabilities. Net debt is gross debt minus high quality liquid assets. The equity stake held in Nuvama Wealth Management Ltd is not net
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