Edelweiss Financial Services Limited · NSE:EDELWEISS
Edelweiss Financial Services — Shareholder Meeting (September 2026)
39 slides from Edelweiss Financial Services's shareholder meeting presentation, Sep 28, 2026
Slide 1: Cover letter to stock exchanges: 31st AGM presentation
EW/Sec/2026-27/280 September 28, 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Bandra (E), Mumbai – 400 001. Mumbai – 400 051. Scrip Code: - 532922 Symbol: – EDELWEISS Dear Sir/Madam, Sub: 31st Annual General Meeting -
Slide 2: Edelweiss Financial Services Limited 31st Annual General Meeting
EDELWEISS FINANCIAL SERVICES LIMITED 31ST ANNUAL GENERAL MEETING
Slide 3: Contents
Contents 01 Edelweiss today The year ended March 2026 03 02 Transformation through the years De-risking of NBFC, compounding, the pivot to capital-light 11 03 Understanding the EFSL P&L Where earnings come from - and why they are sustainable 26 04 Intrinsic Value Our compass for long-term value crea
Slide 4: Edelweiss today
01 Edelweiss today The year ended March 2026 3
Slide 5: Profit up, Debt down, Value compounding
EDELWEISS AT A GLANCE · YEAR ENDED MAR 2026 Profit up, Debt down, Value compounding Consolidated PAT (Post MI) Consolidated Net Debt Net Worth Book Value per Share ₹547 Cr ₹10,430 Cr ₹5,944 Cr ₹49 ▲ 37% YoY ▼ (7%) YoY 4
Slide 6: Seven high-quality businesses
DIVERSIFIED BUSINESS MODEL Seven high-quality businesses Edelweiss Financial Services Ltd (EFSL) Alternative Asset Housing General Life Life Mutual Fund NBFC Asset Mgt Reconstruction Finance Insurance Insurance Insurance EAAA India Edelweiss Asset Edelweiss Asset ECL Finance Nido Home Zuno General E
Slide 7: FY26: growth, de-leveraging and strategic milestones
KEY HIGHLIGHTS FOR THE YEAR FY26: growth, de-leveraging and strategic milestones Robust earnings growth ▲ 37% YoY Broader customer franchise ▲ 31% YoY 01 02 Consolidated PAT (Post MI) rose to Total customer reach expanded to ₹547 Cr 14 Mn Continued de-leveraging ▼ (7%) YoY Strategic milestones deliv
Slide 8: Consol PAT up 37% YoY driven by Asset Management businesses
01 EARNINGS DISTRIBUTION ACROSS BUSINESSES Consol PAT up 37% YoY driven by Asset Management businesses ₹ Cr Profit After Tax FY26 FY25 Alternative Asset Management 265 230 Mutual Fund 85 53 Asset Reconstruction 350 385 NBFC 14 55 Housing Finance 23 19 General Insurance (57) (48) Life Insurance (159)
Slide 9: Total customer reach: 135 Lakh
02 TOTAL CUSTOMER REACH A franchise reaching 14 million customers, up 31% YoY Total Customer Reach Mutual Fund Folios General Insurance Customers Lakhs Lakhs ▲ 46% YoY ▲ 31% YoY 135 Lakh 37 93 26 70 ▲ 31% YoY From 103 lakh in Mar 25 Mar 25 Mar 26 Mar 25 Mar 26 8
Slide 10: Consol net debt down by 7% YoY
03 NET DEBT Consol net debt down by 7% YoY ₹ Cr Business Mar 26 NBFC 2,375 Housing Finance 1,805 Alternative Asset Management 340 Asset Reconstruction (500) Corporate 6,410 Net Debt 10,430 ▼ (7%) YoY 9
Slide 11: Enhancing value through strategic transactions
04 UPDATE ON STRATEGIC PRIORITIES Enhancing value through strategic transactions Mutual Fund Nido Home Finance Edelweiss Alternatives Strategic investment by Carlyle as a strategic majority IPO in Q3FY27 WestBridge Capital investor Completed Completed On track 10
Slide 12: Transformation through the years
02 Transformation through the years Systematic de-risking of NBFC · Patient compounding of businesses · Intentional pivot to a capital-light Edelweiss 11
Slide 13: Systematic de-risking of NBFC
1· SYSTEMATIC DE-RISKING OF NBFC Amidst one of the deepest credit cycles, our first priority was clear - strengthen the NBFC balance sheet by systematically reducing both leverage and the wholesale book 12
Slide 14: We have delivered on both
1· SYSTEMATIC DE-RISKING OF NBFC We have delivered on both NBFC Net Debt NBFC Wholesale Book NBFC Equity 2019 ₹23,500 Cr ₹18,000 Cr ₹4,300 Cr 2026 ₹2,375 Cr ₹1,750 Cr ₹2,030 Cr ↓ (90%) ↓ (90%) Net debt reduced by ~₹21,000 Cr; Wholesale book almost wound down 13
Slide 15: Patient compounding of businesses
2· PATIENT COMPOUNDING OF BUSINESSES While NBFC de-risked, other businesses continued building Through the entire credit cycle, our operating businesses kept compounding — in AUM, in customers and in profit 14
Slide 16: Operating businesses grew through the cycle
2· PATIENT COMPOUNDING Operating businesses grew through the cycle Alternative Asset Management Mutual Fund General Insurance Fee Paying AUM Equity AUM Gross Written Premium +24% CAGR +51% CAGR +42% CAGR Life Insurance Asset Reconstruction Housing Finance Asset Under Management Cumulative Recoveries
Slide 17: Alternative Asset Management: AUM up 4x, Profit up 12x
2· PATIENT COMPOUNDING Alternative Asset Management: AUM up 4x, Profit up 12x Fee Paying AUM Profit After Tax ₹ Cr ₹ Cr +24% CAGR +51% CAGR 44,710 265 30,400 175 16,800 12,250 49 23 Mar 20 Mar 22 Mar 24 Mar 26 Mar 20 Mar 22 Mar 24 Mar 26 16
Slide 18: Mutual Fund: Equity AUM up 12x, Profit up 70x
2· PATIENT COMPOUNDING Mutual Fund: Equity AUM up 12x, Profit up 70x Equity AUM Profit After Tax ₹ Cr ₹ Cr +51% CAGR +103% CAGR 78,000 85 43,700 38 25,800 20 6,500 1 Mar 20 Mar 22 Mar 24 Mar 26 Mar 20 Mar 22 Mar 24 Mar 26 17
Slide 19: General Insurance: Premium up 8x
2· PATIENT COMPOUNDING General Insurance: Premium up 8x Gross Written Premium Asset Under Management ₹ Cr ₹ Cr +42% CAGR +33% CAGR 1,294 1,691 851 1,122 360 457 303 159 Mar 20 Mar 22 Mar 24 Mar 26 Mar 20 Mar 22 Mar 24 Mar 26 18
Slide 20: Life Insurance: AUM tripled, EV doubled
2· PATIENT COMPOUNDING Life Insurance: AUM tripled, EV doubled Asset Under Management Embedded Value ₹ Cr ₹ Cr +23% CAGR +10% CAGR 10,425 2,363 7,990 1,951 5,485 1,574 1,336 3,082 Mar 20 Mar 22 Mar 24 Mar 26 Mar 20 Mar 22 Mar 24 Mar 26 19
Slide 21: Asset Reconstruction: ₹66,200 Cr recovered since FY16
2· PATIENT COMPOUNDING Asset Reconstruction: ₹66,200 Cr recovered since FY16 Cumulative Recoveries ₹ Cr 66,200 22,600 Mar 20 Mar 26 20
Slide 22: NBFC: Building the MSME franchise
2· PATIENT COMPOUNDING NBFC: Building the MSME franchise MSME AUM ₹ Cr +10% CAGR 1,431 1,275 967 Mar 22 Mar 24 Mar 26 21
Slide 23: Housing Finance: Disbursements more than doubled
2· PATIENT COMPOUNDING Housing Finance: Disbursements more than doubled Disbursements ₹ Cr +24% CAGR 2,171 1,324 928 Mar 22 Mar 24 Mar 26 22
Slide 24: The outcome: capital-light growth for Edelweiss
3· THE OUTCOME This journey has resulted in capital-light growth for Edelweiss 23
Slide 25: A capital-light compounder: 10x the profit, ⅓rd the debt
3· THE OUTCOME A capital-light compounder: 10x the profit, ⅓rd the debt Consolidated PAT (Post MI) Consolidated Net Debt ₹ Cr 10x ₹ Cr ⅓rd 547 28,750 421 18,400 15,340 189 10,430 55 Mar 20 Mar 22 Mar 24 Mar 26 Mar 20 Mar 22 Mar 24 Mar 26 More profit, far less capital — a testimony to our capital-lig
Slide 26: Systematic. Intentional. Patient.
TO SUMMARIZE . . . WE HAVE TRANSFORMED OVER THE YEARS Systematic. Intentional. Patient. Amidst one of the deepest credit cycles – the NBFC rebuilt its balance sheet, while the operating businesses compounded. The result: a fundamentally different, capital-light Edelweiss. 10x ⅓ rd Capital-light Grow
Slide 27: Understanding the EFSL P&L
03 Understanding the EFSL P&L Where the earnings come from — and why they are sustainable 26
Slide 28: Consolidated PAT is the sum of two elements
THE BUILDING BLOCKS OF CONSOLIDATED PAT Consolidated PAT is the sum of two elements Operating Business PAT Corporate PAT Consolidated PAT = Robust and predictable + Episodic, range-bound ₹(100) – 100 Cr Expect to grow at 20–25% on an annual basis 27
Slide 29: Operating Business PAT more than doubled since FY20
OPERATING BUSINESS PAT Operating Business PAT more than doubled since FY20 Operating Business PAT ₹ Cr 2.5x 520 220 Mar 20 Mar 26 Core driver of Consolidated PAT; expect to compound at 20-25% 28
Slide 30: Corporate PAT – episodic and range-bound
CORPORATE PAT Corporate PAT – episodic and range-bound Net interest expense Falls as corporate net debt keeps declining FY20 FY26 Operating expense ₹(164) Cr ₹161 Cr Remains broadly steady Net capital gains Episodic fair-value gains — inherently volatile across quarters 29
Slide 31: Together drove a 10x jump in Consolidated PAT
CONSOLIDATED PAT (POST MI) Together drove a 10x jump in Consolidated PAT Consolidated PAT (Post MI) ₹ Cr 10x 547 55 Mar 20 Mar 26 A compounding engine + a shrinking drag - 10x the profit, ⅓rd the debt 30
Slide 32: Intrinsic Value
04 Intrinsic Value Our compass for long-term value creation 31
Slide 33: How we think about long-term value creation
INTRINSIC VALUE — OUR COMPASS How we think about long-term value creation Intrinsic Value reflects the estimated true worth of each business – considering 1 Fundamentals, not price quantitative and qualitative factors Markets in the mid-term may over or undervalue businesses, but eventually align in
Slide 34: Total Intrinsic Value of Operating Businesses shared given Edelweiss Alternatives listing
Given Edelweiss Alternatives is in the process of listing in Q3FY27, we find it prudent not to disclose business-wise Intrinsic Value at this stage. Hence, we are sharing the Total Intrinsic Value of Operating Businesses 33
Slide 35: Delivering consistent growth in Intrinsic Value
INTRINSIC VALUE OF OPERATING BUSINESSES Delivering consistent growth in Intrinsic Value Total Value of Businesses Edelweiss Intrinsic Value FY26 ₹ Cr ₹ Cr ₹ Cr ▲ 15% YoY ▲ 15% YoY Total Value of Businesses 37,100 37,100 32,000 32,300 27,800 Add: Corporate assets 4,600 Less: Net corporate debt 6,400
Slide 36: Focus on capital-efficient growth
IN SUMMARY Focus on capital-efficient growth Grow Deliver Operating Business PAT Intrinsic Value Growth 20–25% CAGR 15–20% CAGR 35
Slide 37: Systematic. Intentional. Patient. Thank You
Systematic. Intentional. Patient. SIP isn’t a sprint. It is a marathon — and we are built for the long run. Thank You 36
Slide 38: Disclaimer
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 (“Edelweiss”). Actu
Slide 39: Safe Harbour
Safe Harbour Net worth figures include MI. BVPS is calculated on net worth post MI. Business PAT figures are presented pre MI unless stated otherwise. PAT of businesses for year ended Mar 26 include exceptional items. Exceptional items include labour code impact and ESOP expenses across businesses a
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