Aye Finance Limited · NSE:AYE
Aye Finance — Q3 FY26 Earnings Presentation
40 slides from Aye Finance's earnings presentation, Mar 6, 2026
Slide 1: Exchange filing cover letter
AYE FINANCE LIMITED (formerly known as AYE FINANCE PRIVATE LIMITED) CIN: U65921DL1993PLC283660 March 6, 2026 To, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001 Mumbai – 40
Slide 2: Aye Finance Limited Investor Presentation Q3FY26
Aye Finance Limited Investor Presentation Q3FY26 Redefining business l e n d i n g, one small business at a time
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”) which have been prepared by Aye Finance Limited (the “Company”) have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities a
Slide 4: Presentation Summary
Presentation Summary Key Business Highlights Asset Quality Business Overview Liability & ALM Financial Statements Company Overview 3
Slide 5: Key Business Highlights
Key Business Highlights »
Slide 6: Key Highlights - Q3FY26
Key Highlights - Q3FY26 Strong Growth Trajectory 5,534 6,356 3,984 4,291 4,463 3,502 • 23.5% YoY Growth in AUM 2,357 2,722 • 35% YoY Growth in Disbursement • 41,015 New borrowers added in Q3FY26 Mar-23 Mar-24 Mar-25 Q3FY26 Mar-23 Mar-24 Mar-25 9MFY26 AUM Disbursement Consistent improvement in Credit
Slide 7: Business Highlights – Q3FY26
Business Highlights – Q3FY26 AUM Disbursement PAR X GNPA PAT RoA Q3FY26 6356 1310 7.64% 4.94% 43 2.40% YoY 23.5% 35.0% +38 bps +115 bps 87.1% +85 bps Q3FY25 5145 973 7.26% 3.79% 23 1.54% Q3FY26 6356 1310 7.64% 4.94% 43 2.40% QoQ 5.5% 2.8% -39 bps +9 bps 23.4% +40 bps Q2FY26 6028 1275 8.03% 4.85% 35
Slide 8: Asset Quality
Asset Quality »
Slide 9: Asset Quality
Asset Quality PAR X PAR 30 GNPA/NNPA -39 bps +38 bps -15 bps +66 bps +9/+20 bps +115/+59 bps 6.76% 4.85% 4.94% 4.84% 8.03% 6.61% 6.36% 3.79% 7.64% 7.26% 7.25% 5.95% 1.78% 1.98% 1.90% 1.31% Q3FY25 Q2FY26 Q3FY26 Feb-26 Q3FY25 Q2FY26 Q3FY26 Feb-26 Q3FY25 Q2FY26 Q3FY26 Feb-26 Credit Cost Collection Effi
Slide 10: Collection and PAR Trends
Collection and PAR Trends Collection Efficiency (Non-OD) PAR X 99.3% 99.3% 99.4% 99.2% 99.1% 8.09% 8.03% 7.93% 7.64% 7.49% 7.25% 99.0% Sep-25 Oct-25 Nov-25 Dec-25 Jan-25 Feb-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-25 Feb-25 All States Collection Efficiency (Bucket 1) PAR 30 6.84% 6.85% 6.85% 6.67% 6.57%
Slide 11: Collection and PAR Trends in Key states
Collection and PAR Trends in Key states Collection Efficiency (Non-OD & Bucket 1) PAR X Bihar 5.65% 5.69% 5.68% 5.54% 5.38% 5.12% 36.6% 33.5% 38.5% 38.8% 36.8% 40.0% Non-OD Bucket 1 Sep-25 Oct-25 Nov-25 Dec-25 Jan-25 Feb-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-25 Feb-25 Collection Efficiency (Non-OD & Bu
Slide 12: Collection and PAR Trends in Key states
Collection and PAR Trends in Key states Collection Efficiency (Non-OD & Bucket 1) PAR X Rajasthan 60.9% 61.9% 66.3% 6.78% 6.73% 6.60% 6.38% 6.25% 6.03% 48.0% 51.7% 56.3% Sep-25 Oct-25 Nov-25 Dec-25 Jan-25 Feb-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-25 Feb-25 Collection Efficiency (Non-OD & Bucket 1) PAR
Slide 13: Delinquency Management – Portfolio Vintage
Delinquency Management – Portfolio Vintage Majority of portfolio has been originated post the volatile period of market over-lending Origination % 83% 17% Before Jun-24 After Jun-24 Negligible Active Restructured Portfolio 0.13 % Amounts in Cr 12
Slide 14: Summary of Provisions
Summary of Provisions Particulars (INR Mn) Stage 1 Stage 2 Stage 3 Total As of 31 December 2025 Gross loans outstanding 5,530 82 292 5,904 ECL provision 31 33 176 240 Net loans outstanding 5,499 49 116 5,663 Provision % 0.57% 40.16% 60.36% 4.07%* As of 30 September 2025 Gross loans outstanding 5,250
Slide 15: Business Overview
Business Overview » AYE [314]
Slide 16: Customer segment & Our unique positioning
Customer segment & Our unique positioning Marginal- Wage Earners Marginal - Self employed Unorganised Micro MSME Organised Micro MSME & Contract workers Farmers, Skill based-Plumber, No Financial docs GST, Fin Returns SEGMENTS Carpenter etc. Turnover Rs 30 lacs - 1 crs pa Turnover Rs 1-10 crs pa Inc
Slide 17: Comprehensive Product Offerings for Micro Scale MSMEs
Comprehensive Product Offerings for Micro Scale MSMEs Q3FY26 Q3FY25 to Q3FY26 Q3FY26 AUM ATS in Lacs Concentration change SPL 1.6% Mortgage Mortgage Loans 4.8 1,328 11.5% >> 20.9% Loans 20.9% ‘Saral’ Property 1.9 101 2.1% >> 1.6% AUM Dec’25 Loans (SPL) INR 6,356 Secured 1.5 2,543 44.1% >> 40.0% Hypo
Slide 18: Pan India presence with geographic diversification
Pan India presence with geographic diversification Branch Network – 571 Branches in 18 states and 3 UTs AUM by Zone 14% North 0.19% 34% 3.99% J&K Branches PB 1.14% 4.37% HP 180 23% 0.19% HR 1.52% CH UK 0.38% DL 13.31% 29% West 10.84% UP Branches RJ 8.37% BR North East West South 3.80% East 3.80% 7.4
Slide 19: Efficiency drivers – Technology
Efficiency drivers – Technology Technology platform is enhanced by Data Science & Visualization of trends Loan Origination 100% Paperless 100% inhouse Underwriting 32% with AI/ML scores 68% with Cluster Methodology Disbursements 100% Cashless Repayments 96.84% Customers activated on NACH 8
Slide 20: Efficiency drivers – Branch Network
Efficiency drivers – Branch Network AUM Growth is driven by deepening branch portfolios Upto 2 Y 4.8 2 to 4 Y 8.8 4+ Y 14.5 Avg AUM by Branch Vintage 44 Split branches of FY26 are included in their Parent branch (4+ Y) category. Pre-split avg. AUM of 4+ year old branches was 14.5 Cr. AUM growth
Slide 21: Efficiency drivers - Repeat business
Efficiency drivers - Repeat business Repeat program ensures retention of good customers with low origination cost Repeat loan use Machine Learning models to target quality customers Repeat Data Science ‘Low Risk’ Customers Loan Review Model Eligible Customers Repayment Behavior Repeat Loans and
Slide 22: Efficiency drivers - Mortgage business
Efficiency drivers - Mortgage business Longer tenor brings AUM stability and enhanced long term profitability Between FY24 and FY26 we have deployed 1020 dedicated staff in “Primary ML Channel” in 180 branches Primary channel (Decentralized underwriting) – 180 branches Mortgage Business Branch BAU
Slide 23: Liability & ALM
Liability & ALM »
Slide 24: Diversified lender base with reducing cost of borrowing
Diversified lender base with reducing cost of borrowing Borrowing Mix – Instrument Type CoB Incremental CoB A (stable)* 11.70% 11.43% 11.24% 11.04% 10.96% 40.40% 11.34% 26.36% 10.76% 10.40% 10.31% 21.56% FY25 Q1FY26 Q2FY26 Q3FY26 Term Loan Securitization *Rating was upgraded to Debt raised 1820.37 8
Slide 25: Liability Profile – December 2025
Liability Profile – December 2025 Net Worth* – 1773 CRAR – 31.45% ALM 7,105 6,493 5,072 5,316 3,789 2,486 2,230 1,804 1,193 783 Inflows Outflows Up to 3 months Up to 6 months Up to 1 year Up to 3 years Up to 5 years No ALM mismatch in cashflow in any tenor bucket Well positioned to increase the aver
Slide 26: Financial Statements
Financial Statements » AYE [314]
Slide 27: P&L Summary Q3FY26
P&L Summary Q3FY26 Quarter Ended Growth % Particulars Q3FY26 Q2FY26 Q3FY25 QoQ YoY Interest Income 393 373 337 5.47% 16.73% Fee & Other Income 56 55 33 1.52% 67.67% Total Income 449 428 370 4.96% 21.32% Finance Cost 141 133 115 6.13% 22.04% Operating Expense 172 168 133 2.40% 29.50% Pre Provisioning
Slide 28: P&L Summary 9MFY26
P&L Summary 9MFY26 Period Ended Growth % Particulars 9MFY26 9MFY25 YoY Interest Income 1,127 977 15.35% Fee & Other Income 154 104 48.58% Total Income 1,282 1,081 18.54% Finance Cost 400 345 15.96% Operating Expense 490 369 32.82% Pre Provisioning Operating Profit 392 368 6.65% Credit Cost 256 193 3
Slide 29: RoE Tree
RoE Tree Quarter Ended Growth % Particulars Q3FY26 Q2FY26 Q3FY25 QoQ YoY Interest Income on ATA 22.12% 21.65% 22.82% 0.47% (0.70%) Finance Cost on ATA 7.91% 7.69% 7.80% 0.22% 0.10% Net Interest Margin on ATA 14.21% 13.96% 15.02% 0.25% (0.81%) Fee & Other Income on ATA 3.15% 3.20% 2.26% (0.05%) 0.89%
Slide 30: Balance Sheet Summary
Balance Sheet Summary As on period ended Particulars (INR Mn) 31 December 2025 31 December 2024 Assets Cash & Bank balance 1,029 1,092 Loans 5,665 4,693 Investments 109 37 Other financial assets 125 26 Other non-financial assets 186 144 Total Assets 7,113 5,992 Liabilities & Equity Borrowings 5,174
Slide 31: 3-year vision
3-year vision Growth Credit Cost Opex Return Profile 28%-33% CAGR 3.25%-3.75% 7%-7.5% RoA : 4%-4.5% RoE : 17%-20% 30
Slide 32: Company Overview
Company Overview »
Slide 33: Our Customers are micro scale MSMEs from diversified business clusters across India
Our Customers are micro scale MSMEs from diversified business clusters across India Horizontal Clusters Vertical Clusters Understanding of over 70 business clusters Manufacturing, Trading, service and allied Grocery shop Dairy Shoes Glasswork Woodwork agriculture sector Tailor Leather goods Ir
Slide 34: Effective Loan Origination and Underwriting
Effective Loan Origination and Underwriting Underwriting Challenges How we Mitigate 1 Estimation of business cash flows and profit margins of a specific category of business, namely a Limited Business Documentation ‘business cluster’* 2 Reviewing the nature of business, cash flows and credit history
Slide 35: Robust Multi-Tiered Collection Capabilities
Robust Multi-Tiered Collection Capabilities Controlling Bounce using Securing collection through a strong Aiding recoveries with Legal Data Science backed models 500+ Branch infrastructure Remedies Strong Feet-on-Street network Specialized Legal unit Integrated models for optimization - Bounce Likel
Slide 36: Management Team
Management Team Sanjay Sharma Niraj Kaushik Ujual George Sovan Satyaprakash Gaurav Seth Jinu Joseph Founder, MD & CEO Deputy CEO Chief Operating Officer CFO (Interim) Head Investor Relations Chief Technology Officer Experience: Experience: Experience: Experience: Experience: Experience: Tamweel Inte
Slide 37: Board of Directors
Board of Directors Independent Independent Independent Independent Non-Independent Chairman MD and Co-Founder Director Director Director Director Director Professor in the Former MD of PNB Currently serves on Former Chief General department of Currently a Director of Former Chairman of Former CEO of
Slide 38: People
People 97 Trust 87 97 Credibility 88 Ranked 3rd in 2025 TIME and Statista Top 10 across industries since 2021 ‘India's Best Employers 2025 97 Respect 87 97 10,785 Employees Fairness 85 92.4% employees based in branches 98 29.8% Attrition Pride 90 <10% attrition at AVP+ levels, 7% attrition from top
Slide 39: Past Year Trends
Past Year Trends AUM Disbursement PAT 6,356 3,939 4,291 5,534 3,609 172 175 4,463 2,357 108 2,722 1,728 1,304 40 Mar-22 Mar-23 Mar-24 Mar-25 9MFY26 Mar-22 Mar-23 Mar-24 Mar-25 9MFY26 Mar-22 Mar-23 Mar-24 Mar-25 9MFY26 -51 Opex on ATA Credit Cost on ATA RoA/RoE RoA RoE 10.80% 5.45% 5.15% 5.08% 10.32%
Slide 40: Contact Information
Empowering the transformation of micro enterprises Contact Information Sovan Satyaprakash Interim CFO sovan.satyaprakash@ayefin.com Gaurav Seth Head - Investor Relations gaurav.seth@ayefin.com