Slide 1: Arman Financial Services Limited Investor Presentation – February 2026
Arman Financial Services Limited Investor Presentation – February 2026 1
Slide 2: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Arman Financial Services Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for an
Slide 3: Agenda
Business Update Page 4 - Page 6 About the Company Page 7 - Page 13 Presence in Attractive Retail Page 14 - Page 20 Lending Segments Efficient Liability Management Page 21 - Page 24 Strong Financial Performance Page 25 - Page 39
Slide 4: Business Update
Business Update Business Update
Slide 5: 9MFY26 Performance Highlights
9MFY26 Performance Highlights INR 2,274 Crore INR 131 Crore* Assets Under Provisions Cumulative Provisions stood at INR 74 Crore as on 31 st Management and Write offs December 2025 (6.8% Q-o-Q) (covering 3.2% of the consolidated AUM, 4.0% on book) INR 1,482 Crore GNPA: 3.40% Disbursement Asset Quali
Slide 6: Track Record of Capital Raising
Track Record of Capital Raising 2018: Investment by SAIF Partners Shareholding Pattern as on 30 th September 25, on Fully diluted • In 2018, raised Rs. 50 crore by issuing compulsorily convertible debentures (CCDs) to SAIF Partners, a Business Performance basis leading private equity firm 22.0% 2022
Slide 7: About the Company
About the Company About the Company
Slide 8: About Arman Financial Services
About Arman Financial Services About the Company Business Performance Efficient Liability Management • A diversified NBFC focusing on large under-served rural & semi-urban • Consistent rating upgrades backed by strong financial & operating retail markets performance • Namra & Arman credit rating rea
Slide 9: Journey so Far
Journey so Far 1992 1995 1998 2010 2011 2013 • Company Incorporated • Listing on BSE – • Launched 2W Loans • Launched Microfinance • Raised PE funding Issue subscribed business • Demerged MFI • Started bill discounting from Incofin 22x operations into “Namra & Machine leasing • Disbursement Finance”
Slide 10: Geographical Footprint
Geographical Footprint Geographical AUM Mix Number of (Consolidated) 9MFY26 9MFY25 Branches 1% 4% 3% 2% 1% Microfinance 401 392 2% 30% 9% MSME 119 90 3 11 11% 2W & Rural 2W 4 4 102 60 62 Total 524 486 16% 21% 99 19 86 Gujarat Rajasthan Haryana 45 Uttar Pradesh Maharashtra Karnataka 27 Madhya Pradesh
Slide 11: Strong Underwriting by Leveraging Digital Transformation
Strong Underwriting by Leveraging Digital Transformation Loan Management Instant Verification Of Key Details • Loan Utilization check • The LOS* & LMS* System facilitates instant verification • Instant pre-closure and pre-settlement and its • KYC Validation through OCR and face recognition simulatio
Slide 12: Eminent Board of Directors
Eminent Board of Directors Alok N. Prasad Jayendrabhai B. Patel Aalok J. Patel Chairman Whole Time Director* Vice Chairman & Managing Director* • A veteran banker with over 35 years of regulatory, banking and • He has been an entrepreneur for 45 years. He was involved in a • He has 16 years of banki
Slide 13: Competitive Moat
Competitive Moat Focus on small ticket retail loans to the large under served informal segment customer in rural & semi urban geographies Diversifying products, geographies, sources of funds and delivering growth by increasing volumes rather than ticket sizes Competitive Conservative operations fram
Slide 14: Presence in Attractive Retail Lending Segments
Presence in Attractive Retail Lending Segments
Slide 15: Product Offerings across Verticals
Product Offerings across Verticals 58.58% 21.5% 4.0% Microfinance - JLG MSME Loans Two-Wheeler Loans Average Ticket Size : INR 50,000 Average Ticket Size: Average Ticket Size: (Cycle 1 & 2 -INR 25K – 60K INR 75,000 INR 76,000 Cycle 3+ -INR 25K – 75K) Tenur e: 12 - 24 Months Tenure: 24 Months Tenure:
Slide 16: Microfinance Loans
Microfinance Loans (INR Crore) AUM* Disbursement Total Income Profit After Tax Avg. Ticket Size (INR) 1,768 1,060 402 8 51,000 1,618 47,000 839 316 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 -16 9MFY25 9MFY26 9MFY25 9MFY26 *Includes Individual Business Loans • Disbursement: 100% Cashless • JLG model
Slide 17: MSME Loans
MSME Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 489 311 124 79,000 108 73,000 410 262 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 • Individual enterprise /working capital loans for small rural businesses in low competition • Disbursement: 100% Cashless areas •
Slide 18: LAP Loans
LAP Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 77 50 11 5,50,000 4,30,000 18 19 2 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 • Disbursement: 100% Cashless • Credit Checks: CIBIL & CRIF Score; Home & Business Field Investigation, • Company launched and piloted
Slide 19: 2W and Rural 2W Loans
2W and Rural 2W Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 91 61 15 15 74,000 75,000 83 51 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 • Hypothecation (secured) loans given to self-employed /cash-salaried customer in the • Disbursement: 100% Cashless informal
Slide 20: Collection Efficiency
Collection Efficiency Microfinance MSME Two-Wheeler Total 95.6% 96.0% 96.4% 95.7% 96.0% 95.9% 95.8% 95.6% 95.6% 95.6% 96.0% 96.3% Oct-25 Nov-25 Dec-25 Oct-25 Nov-25 Dec-25 Oct-25 Nov-25 Dec-25 Oct-25 Nov-25 Dec-25 Two- Update on Collections Particulars (INR Crore) Microfinance MSME Wheeler Total • W
Slide 21: Efficient Liability Management
Efficient Liability Management
Slide 22: Strong Capitalization with Sufficient Liquidity
Strong Capitalization with Sufficient Liquidity Capital Adequacy Ratio Net worth (INR Crore) ALM Position (in Months) 57.8% 892 17 52.3% 859 874 861 872 16 16 16 16 16 16 48.4% 50.1% 15 15 15 45.7% 39.5% 37.3% 38.2% 38.7% 38.3% 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 Dec-24 Mar-25 Jun-25 S
Slide 23: Borrowing Profile
Borrowing Profile Borrowing Mix (%) (INR Crore) Top 5 Lending Partners 1,765 1,769 1,621 1,695 1,880 Top 5 Lenders % of Borrowings 23.8% Lender 1 – TL & DA 15.63% 33.9% 32.2% 32.8% 30.2% Lender 2 - TL & DA 6.11% 1.7% 2.6% Lender 3 - TL & DA 6.66% 3.7% 18.2% 4.3% 3.4% 12.3% 14.6% Lender 4 – TL & DA 5
Slide 24: Lending Partnerships
Lending Partnerships Borrowings Bank Borrowings Non-Bank Securitization NCDs & ECB Partners The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only 24
Slide 25: Financial Performance
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Slide 26: 9MFY26 Consolidated Profit & Loss Statement
9MFY26 Consolidated Profit & Loss Statement Particulars (INR Crore) Q3FY26 Q3FY25 YoY % Q2FY26 QoQ% 9MFY26 9MFY25 YoY % Income from Operations 160.1 164.8 159.2 470.3 530.7 Other Income 0.0 0.0 0.0 0.0 0.0 Gross Total Income 160.1 164.8 -3% 159.2 1% 470.3 530.7 -11% Finance Costs 50.8 57.0 49.6 152.
Slide 27: Balance Sheet – 31st December 2025
Balance Sheet – 31st December 2025 Particulars (INR Crore) Consolidated Standalone Particulars (INR Crore) Consolidated Standalone ASSETS Dec-25 Mar-25 Dec-25 Mar-25 LIABILITIES & EQUITY Dec-25 Mar-25 Dec-25 Mar-25 Financial Assets Equity Share capital 10.5 10.5 10.5 10.5 Cash and cash equivalents 1
Slide 28: Consolidated Business Performance
Consolidated Business Performance (INR Crore) AUM Disbursement Gross Total Income 2,280 2,245 2,274 618 199 2,156 2,130 544 165 159 160 475 151 390 338 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Net Total Income Pre-provision Operating Pr
Slide 29: Consolidated Business Performance
Consolidated Business Performance Net Interest Margin (%) Cost to Income Ratio (%) Yield (%) 16.7% 16.6% 49.9% 24.8% 25.1% 25.5% 25.9% 25.9% 16.0% 16.0% 48.7% 15.2% 44.0% 35.9% 31.1% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Asset Qualit
Slide 30: PAR Movement
PAR Movement PAR 31-90 (%) Movement GNPA (%) 5.0% 4.7% 4.4% 3.7% 3.8% 4.3% 3.6% 3.2% 3.8% 3.7% 6.8% 2.8% 3.9% 3.4% 6.1% 2.2% 3.4% 3.4% 2.4% 2.9% 0.16% 0.31% 4.5% 4.7% 4.6% 3.9% Mar-23 Mar-24 Mar-25 Jun-25 Sep-25 Dec-25 4.0% 2.3% 3.0% NNPA (%) 2.9% 1.6% 2.1% 1.4% 1.9% 1.3% 1.9% 1.1% 1.6% 1.6% 1.3% 1.
Slide 31: 9MFY26 – Standalone P&L Statement (2W, MSME & LAP)
9MFY26 – Standalone P&L Statement (2W, MSME & LAP ) Particulars (INR Crore) Q3FY26 Q3FY25 YoY% Q2FY26 QoQ% 9M FY26 9M FY25 YoY% Income from Operations 53.6 45.0 51.7 155.6 131.3 Other Income 0.3 -0.1 0.4 1.2 -0.8 Gross Total Income 54.0 44.9 20% 52.1 4% 156.9 130.5 20% Finance Costs 14.0 10.5 13.8 3
Slide 32: Standalone Business Performance
Standalone Business Performance (INR Crore) AUM Disbursement Gross Total Income* 657 163 51.6 623 151 48.9 49.2 572 140 47.5 560 75 91 12 32 43.3 5.6 512 125 6.1 4.9 4.9 78 75 117 16 5.0 83 25 13 473 489 130 99 115 40.6 41.8 454 460 41.6 40.7 410 91 94 37.3 75 77 10 25 16 19 28 36 9 9 0.9 1.2 1.9 3.
Slide 33: 9MFY26 - Namra Finance Profit & Loss Statement
9MFY26 - Namra Finance Profit & Loss Statement Particulars (INR Crore) Q3FY26 Q3FY25 YoY% Q2FY26 QoQ% 9MFY26 9MFY25 YoY % Income from Operations 106.5 120.9 107.5 315.8 402.1 Other Income 0.0 0.0 0.0 0.0 0.0 Gross Total Income 106.5 120.9 -11.9% 107.5 -0.9% 315.8 402.1 -21.5% Finance Costs 36.9 47.6
Slide 34: Microfinance Business Performance – Namra Finance (1/2)
Microfinance Business Performance – Namra Finance (1/2) (INR Crore) AUM Disbursement Gross Total Income 1,768 1,686 455 150 1,554 1,618 1,507 393 121 335 107 107 102 270 214 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Net Total Income Pre-
Slide 35: Microfinance Business Performance – Namra Finance (2/2)
Microfinance Business Performance – Namra Finance (2/2) Net Interest Margin (%) Cost to Income Ratio (%) Yield (%) 14.8% 47.9% 50.1% 49.7% 23.4% 24.2% 14.0% 22.1% 22.6% 21.6% 11.9% 12.0% 12.4% 35.8% 29.5% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY
Slide 36: AUM and Disbursements Trends
AUM and Disbursements Trends Total AUM (INR Crore) Total Disbursements (INR Crore) 2,639 2,297 14% 2,245 3% 14% 1,943 20% 1,767 3% 1,713 13% 13% 3% 1% 3% 3% 23% 1,233 4% 1,024 13% 83% 880 860 4% 778 14% 82% 814 16% 4% 685 17% 84% 75% 12% 84% 11% 15% 6% 547 12% 10% 509 72% 453 14% 10% 15% 83% 248 0%
Slide 37: Historical Metrics
Historical Metrics Gross and Net Total Income Yield & NIM (%) Asset Quality (INR Crore) COVID-19 Demonetization COVID-19 Demonetization 730 6.7% Demonetization COVID-19 662 28.3% 27.4% 26.7% 25.5% 24.4% 25.2% 25.2% 22.9% 491 21.5% 424 4.6% 396 16.5% 16.5% 15.9% 15.4% 3.3% 14.0% 14.3% 14.2% 13.8% 2.6
Slide 38: Annexure
Annexure • Gross Interest Income = Interest Income + processing fees / other charges • Net Interest Margins = Net Interest Income / Average AUM (On + Off -Book) • Yields = Gross Interest Income / Avg. AUM (On + Off Off -Book) • Cost-to -Income Ratio = Opex (excl. provisions) / Net Total Income • GNP
Slide 39: Thank You!
Contact Information Company: Arman Financial Services Limited CIN: L55910GJ1992PLC018623 Mr. Vivek Modi Executive Director & Group CFO Thank You! Email : vivek@armanindia.com www.armanindia.com Investor Relations Advisors: Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285 Mr. Abhishek S