Edelweiss Financial Services Limited · NSE:EDELWEISS
Edelweiss Financial Services — Q3 FY2026 Earnings Presentation
52 slides from Edelweiss Financial Services's earnings presentation, February 2026
Slide 1: Earnings update – Quarter and Nine Months ended Dec 25
Edelweiss Financial Services Limited Earnings update – Quarter and Nine Months ended Dec 25
Slide 2: Contents
CONTENTS Overview 03 Performance highlights 06 Strategic updates 17 Business performance 27 Governance & corporate responsibility 45
Slide 3: Overview
Overview Quarter and Nine Months ended Dec 25 3
Slide 4: Edelweiss at a glance – quarter ended Dec 25
Edelweiss at a glance – quarter ended Dec 25 INR 5,866 Cr INR 11,390 Cr Net Worth Net Debt INR 50 INR 270 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 Nine Months ended Dec 25 6
Slide 7: Performance highlights
Performance highlights 1 Steady growth in PAT and key metrics of underlying businesses Consol PAT grew by 45% YoY in nine months Alternative Asset Mgt FPAUM grew by 33% YoY to INR 41,920 Cr MF Equity AUM increased by 33% YoY to INR 83,000 Cr MSME and Housing Finance disbursements grew by 84% and 38%
Slide 8: Earnings distribution across businesses
1 Earnings distribution across businesses INR Cr Quarter Ended Nine Months Ended Profit after Tax Dec 25 Dec 24 Dec 25 Dec 24 Alternative Asset Management 80 60 222 184 Mutual Fund 28 12 79 53 Asset Reconstruction 77 100 254 276 NBFC 5 6 15 43 Housing Finance 13 6 23 9 General Insurance (18) (24) (3
Slide 9: Key business highlights (1/2)
1 Key business highlights (1/2) Alternative FPAUM INR 41,920 Cr Fund raise INR 7,576 Cr in nine months Asset Mgt up 33% YoY up 67% YoY Equity AUM INR 83,000 Cr SIP Book INR 558 Cr Mutual Fund up 33% YoY up 55% YoY Asset Recoveries in the quarter Capital employed in retail Reconstruction INR 842 Cr 2
Slide 10: Key business highlights (2/2)
1 Key business highlights (2/2) MSME Disbursals in the quarter Wholesale book INR 2,400 Cr NBFC INR 298 Cr down 34% YoY Housing Disbursals of INR 559 Cr in the quarter AUM INR 4,804 Cr Finance up 36% YoY up 21% YoY General GWP at INR 404 Cr in the quarter Issued 2,54,080 policies in the quarter Insu
Slide 11: Total customer reach grew by 31% YoY
2 Total customer reach grew by 31% YoY In Lakhs Total Customer Reach Mutual Fund Folios General Insurance Customers 128 89 34 97 66 23 Dec 24 Dec 25 Dec 24 Dec 25 Dec 24 Dec 25 31% YoY 46% YoY 34% YoY 11
Slide 12: With a steady growth in customer assets
2 With a steady growth in customer assets INR Cr Customer Assets Alternative Asset Mgt AUM Mutual Fund AUM 2,44,580 1,65,300 2,25,925 68,175 1,40,300 57,775 Dec 24 Dec 25 Dec 24 Dec 25 Dec 24 Dec 25 8% YoY 18% YoY 18% YoY 12
Slide 13: Strong balance sheet with well capitalised businesses
3 Strong balance sheet with well capitalised businesses Business Metric Value NBFC Capital Adequacy 30.1% Housing Finance Capital Adequacy 29.5% Asset Reconstruction Capital Adequacy 85.2% General Insurance Solvency Ratio 165% Life Insurance Solvency Ratio 181% 13
Slide 14: Net debt across businesses
3 Net debt across businesses INR Cr Business Dec 25 Dec 24 NBFC 2,660 3,089 Housing Finance 1,790 1,293 Alternative Asset Mgt 520 414 Asset Reconstruction (100) 299 Corporate 6,520 6,496 Net Debt 11,390 11,590 14
Slide 15: Comfortable liquidity position over next 1 year
3 Comfortable liquidity position over next 1 year Jan 26 to Dec 26 INR Cr Opening Available Liquidity (A) 5,600 Inflows Expected Inflows 8,900 Fresh Borrowings 2,400 Total Inflows (B) 11,300 Outflows Repayments 6,700 Disbursements 4,800 Total Outflows (C) 11,500 Closing Available Liquidity (A+B-C) 5
Slide 16: Assets in each tenor range adequately cover liabilities
3 Assets in each tenor range adequately cover liabilities INR Cr Assets Liabilities Excess / (Gap) Up to 1 year 11,000 10,100 900 1-3 years 11,700 11,400 300 3 years+ 8,800 4,100 4,700 16
Slide 17: Strategic Updates
Strategic Updates 1. EAAA IPO 2. Mutual Fund Stake Sale 3. Housing Finance Stake Sale and Capital Raise 4. Key Priorities 17
Slide 18: EAAA IPO – next steps
1 EAAA IPO – next steps Filing of DRHP Review by SEBI Listing EAAA filed DRHP for IPO on Approval of the DRHP RHP filing and IPO January 20, 2026 Completed Awaited Post SEBI approval 18
Slide 19: Update on strategic investment by WestBridge in Mutual Fund
2 Update on strategic investment by WestBridge in Mutual Fund Final approval from regulator received in November Sale duly consummated in accordance with the agreed terms in December 19
Slide 20: Strategic majority investment by Carlyle in Housing Finance
3 Strategic majority investment by Carlyle in Housing Finance Global investment firm Carlyle will invest INR 2,100 Cr in Nido Home Finance (Nido), including both primary and secondary investment. The transaction is subject to regulatory approvals Carlyle will acquire a 45% stake in Nido through a se
Slide 21: The transaction is a win-win-win for all stakeholders
3 The transaction is a win-win-win for all stakeholders For Edelweiss For Nido For Carlyle Advances the objective Reinforces the growth A strategic opportunity t t t of value creation and momentum by to enter a high-growth value unlock in its infusion of fresh housing financing sector businesses cap
Slide 22: Next steps
3 Next steps Regulatory and Other Customary Approvals Investment and Share Transfer and Shareholders’ Issuance to Carlyle Agreements Execution 22
Slide 23: Update on key priorities
4 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 23
Slide 24: Scale up in profits of underlying businesses
4.a Scale up in profits of underlying businesses INR Cr PAT for nine months ended December Total Underlying Business Alternative Asset Mgt Mutual Fund 452 222 79 306 136 32 Dec 23 Dec 25 Dec 23 Dec 25 Dec 23 Dec 25 22% CAGR 28% CAGR 57% CAGR 24
Slide 25: Insurance businesses on track to breakeven: Losses
4.b Insurance businesses on track to breakeven: Losses 39% INR Cr PAT for nine months ended December General Insurance Life Insurance Dec 23 Dec 25 (34) (93) (107) (138) (142) 39% (232) 25
Slide 26: Corporate net debt reduction on track
4.c Corporate net debt reduction on track INR Cr 15% 7,650 6,520 Dec 23 Dec 25 26
Slide 27: Business Performance
Business Performance Quarter and Nine Months ended Dec 25 27
Slide 28: Alternative Asset Mgt: Business performance snapshot
Alternative Asset Mgt: Business performance snapshot Key Metrics for the quarter Business Update FPAUM (INR Cr) 41,920 Fund raise of INR 7,576 Cr in nine months, up 67% YoY FPAUM grew by 33% YoY to INR 41,920 Cr AUM (INR Cr) 68,175 Anzen, energy focused InvIT: Investors list finalised for preferenti
Slide 29: Alternative Asset Mgt: Financial performance snapshot
Alternative Asset Mgt: Financial performance snapshot INR Cr Quarter ended Quarter ended Dec 25 Dec 24 AUM 68,175 57,775 FPAUM 41,920 31,446 Equity 990 918 Total Earnings 239 186 Opex 133 119 Profit After Tax 80 60 29
Slide 30: Alternative assets overview
Alternative assets overview AUM – Strategy wise AUM – Geography wise FPAUM – Strategy wise 1% 2% 36% 45% 46% INR 68,175 Cr INR 68,175 Cr INR 41,920 Cr 55% 52% 63% Private Credit Real Assets Others India Rest of the world Private Credit Real Assets Others 30
Slide 31: Mutual Fund: Business performance snapshot
Mutual Fund: Business performance snapshot Key Metrics for the quarter Business Update Equity AUM (INR Cr) 83,000 Equity AUM at INR 83,000 Cr, up 33% YoY AUM grew by 18% YoY to INR 1,65,300 Cr AUM (INR Cr) 1,65,300 Net equity inflows of INR 4,050 Cr in the quarter; INR 13,800 Cr in trailing twelve m
Slide 32: Mutual Fund: Financial performance snapshot
Mutual Fund: Financial performance snapshot INR Cr Quarter ended Quarter ended Dec 25 Dec 24 AUM 1,65,300 1,40,300 Equity AUM 83,000 62,200 Equity 240 205 Revenue 85 56 Opex 50 40 Profit After Tax 28 12 32
Slide 33: Robust growth in AUM and customer base
Robust growth in AUM and customer base Equity AUM (INR Cr) Debt AUM (INR Cr) 83,000 81,500 80,200 78,000 62,200 40,000 Dec 23 Dec 24 Dec 25 Dec 23 Dec 24 Dec 25 SIP Book (INR Cr) Active Folios (# in Lakhs) 558 34 360 23 200 14 Dec 23 Dec 24 Dec 25 Dec 23 Dec 24 Dec 25 Growing SIP book adds to the pr
Slide 34: Asset Reconstruction: Business performance snapshot
Asset Reconstruction: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 2,959 Recovered INR 842 Cr in the quarter Share of retail assets in capital employed increased to Fee Paying AUM (INR Cr) 9,479 25%, up from 15% YoY Well matched ALM across all durations C
Slide 35: Asset Reconstruction: Financial performance snapshot
Asset Reconstruction: Financial performance snapshot INR Cr Quarter ended Quarter ended Dec 25 Dec 24 Fee Paying AUM 9,479 14,685 Capital Employed 2,727 3,612 Wholesale assets 2,042 3,063 Retail assets 686 549 Equity 2,959 3,426 Revenue 152 197 Opex 27 27 Profit After Tax 77 100 35
Slide 36: NBFC: Business performance snapshot
NBFC: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 2,106 Disbursals of INR 298 Cr in MSME loans in the quarter, up 5.7x YoY AUM (INR Cr) 3,622 Partnership with Central Bank of India, IDFC First Bank and Godrej Capital continues to deepen Capital Adequacy
Slide 37: NBFC: Financial performance snapshot
NBFC: Financial performance snapshot INR Cr Quarter ended Quarter ended Dec 25 Dec 24 AUM 3,622 5,370 Gross Loan Book 1,481 1,334 Gross Revenue 207 165 Net Revenue 77 34 Opex 59 35 Credit Cost 12 (9) Profit After Tax 5 6 GNPA 2.79% 2.32% NNPA 1.55% 1.46% 37
Slide 38: ECLF wholesale book on a steady downward trajectory
ECLF wholesale book on a steady downward trajectory INR Cr 73% 8,950 4,150 3,650 2,400 Dec 22 Dec 23 Dec 24 Dec 25 Reduced by INR 6,550 Cr in last 3 years 38
Slide 39: Housing Finance: Business performance snapshot
Housing Finance: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 848 Disbursals of INR 559 Cr in the quarter, up 36% YoY; 27% of these were via CLM AUM (INR Cr) 4,804 AUM at INR 4,804 Cr, up 21% YoY Capital Adequacy 29.5% Partnership with State Bank of India
Slide 40: Housing Finance: Financial performance snapshot
Housing Finance: Financial performance snapshot INR Cr Quarter ended Quarter ended Dec 25 Dec 24 AUM 4,804 3,972 Gross Loan Book 3,509 3,065 Gross Revenue 164 132 Net Revenue 75 50 Opex 52 44 Credit Cost 8 3 Profit After Tax 13 6 GNPA 2.53% 2.19% NNPA 2.09% 1.79% 40
Slide 41: General Insurance: Business performance snapshot
General Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 360 Gross written premium (GWP) increased by 47% YoY in the quarter GWP (INR Cr) 404 Gross direct premium income (GDPI) increased by 29% YoY in the quarter Motor segment GDPI grew 23% YoY in
Slide 42: General Insurance: Financial performance snapshot
General Insurance: Financial performance snapshot INR Cr Quarter ended Quarter ended Dec 25 Dec 24 Gross Written Premium 404 275 Net Premium Income 168 147 Investment & Other Income 73 43 Total Income 241 191 Policy liability & claims paid 145 113 Other expenses 114 101 Profit After Tax (18) (24) 42
Slide 43: Life Insurance: Business performance snapshot
Life Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 624 Gross premium of INR 514 Cr in the quarter, up 15% YoY Individual APE (INR Cr) 159 Issued 42,935 policies in nine months, up 40% YoY Policies Issued 19,320 Total AUM at INR 10,486 Cr, up 17%
Slide 44: Life Insurance: Financial performance snapshot
Life Insurance: Financial performance snapshot INR Cr Quarter ended Quarter ended Dec 25 Dec 24 Gross Premium 514 447 Net Premium Income 503 437 Investment & Other Income 270 (9) Total Income 773 428 Policy liability & claims paid 620 276 Other expenses 207 200 Profit After Tax (54) (48) 44
Slide 45: Governance & Corporate Responsibility
Governance & Corporate Responsibility 45
Slide 46: 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 47: Significant institutional ownership
Significant institutional ownership Shareholding Pattern as on Dec 31, 2025 Key Shareholders Holding TIAA CREF Funds 3.6% LIC 2.6% Vanguard Group 2.4% 32.7% Promoter Group DIIs, Non Flowering Tree Investment Institutions 1.7% Management & Others 48.3% Pabrai Investment Funds 1.5% Blackrock 1.3% 0.6%
Slide 48: 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 65% of Ensured long term INR 1,608 Cr association with NGO Partnered with over 294 EdelGive’s NGO partners to mobilized through partners with an average high
Slide 49: Our investment in communities
Our investment in communities EdelGive Foundation’s commitment to investing in communities As on Dec 25 Impact metrics since inception up to quarter ended Sep 25 Sustainable Women Quality Education 76 Districts Livelihoods Empowerment across 19 States t 2.2 Cr children impacted t 2.61 lakh Individua
Slide 50: Trusted partner: EdelGive funding partners & networks
Trusted partner: EdelGive funding partners & networks Foundations, Corporates and HNIs partner with Edelgive Platform for their philanthropic allocation 50
Slide 51: 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 52: Safe Harbour
Safe Harbour Net worth figures include MI. PAT figures are presented pre MI unless stated otherwise. PAT of businesses for the quarter ended Dec 25 and nine months ended Dec 25 are presented excluding exceptional items. Exceptional items include labour code impact and ESOP expenses (pre-tax) across
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