Piramal Finance Limited · NSE:PIRAMALFIN
Piramal Finance — Jefferies 2nd India NBFC Access Day (March 2026)
60 slides from Piramal Finance's conference presentation, Mar 17, 2026
Slide 1: Intimation of Analyst/Institutional Investor Meeting
17th March, 2026 BSE Limited National Stock Exchange of India Limited 1st Floor, New Trading Wing, Exchange Plaza, 5th Floor, Rotunda Building, P.J. Towers, Plot No. C/1, G-Block, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 001 Mumbai – 400 051 BSE Scrip Code: 544597 NSE Sym
Slide 2: Piramal Finance Investor Presentation
Piramal Finance Investor Presentation January 2026
Slide 3: Table of contents
Table of contents A Our blueprint for value creation 03 B Overview 08 C Q3 FY26 Results Summary 17 D Retail 22 E Wholesale 2.0 38 F Legacy (discontinued) business 44 G Financials 46 H Appendix 52 2
Slide 4: Our blueprint for value creation
Our blueprint for value creation 1 2 3 % Growth Profitability Predictability 2x AUM in ~3 years RoAUM >3% Stable Risk Steady Earnings ₹ 1.5 lac Cr AUM by Mar-28 With target AUM-to-equity of 4.5-5.0x 4 Build a future-proof, AI native company Click here to access Piramal.ai presentation 3
Slide 5: Growth – On track for ₹1.5 L Cr AUM by FY28
1 Growth – On track for ₹ 1.5 L Cr AUM by FY28 We expect FY28 total AUM to cross ₹ 1.5 L Cr In ₹ L Cr CAGR 1.5 24-26% 1.0 0.97 23% 0.8 0.78 Mar-25 Mar-26P Mar-28P Dec-24 Dec-25 4
Slide 6: Profitability – On track to achieve long range goals
2 Profitability – On track to achieve long range goals 1. Growth business RoAUM Excluding POCI recovery related profits 2. AUM-to-equity 3.25% 5.0 Long range goal Long range goal 3.00% 4.5 2.75% FY26 FY25 4.0 2.50% 3.5 2.25% 3.5 3.3 3.2 3.0 2.00% 2.9 1.8% 3.0 2.8 2.6 2.6 2.6 1.75% 1.6% 1.5% 2.5 2.3
Slide 7: Predictability – Steady profit growth over last 8 quarters
3 Predictability – Steady profit growth over last 8 quarters Steady risk 90+ DPD in Retail Stable consol profits Consol. PAT, in ₹ Cr. 8,155 3,545 509 401 1.1% 1.1% 327 276 181 163 137 102 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 48 39 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% -196 -1,536 -2,378 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 8: Piramal.ai strategy delivering value across 5 key dimensions
4 Piramal.ai strategy delivering value across 5 key dimensions 1. Underwrite Better 2. Drive Growth Vintage Risk (30+ at 6MOB) - retail Consistent retail disbursement growth In ₹ Cr. AI Spotlight: Q3 FY26 YoY % 5.6% 4.7% 16% 33,135 30,170 3.7% 28,555 30% 55% Collections.ai 2.4% 2.3% 23,243 1.8% 1.7%
Slide 9: Overview
6 Piramal Finance Overview
Slide 10: The Piramal Finance Story
The Piramal Finance Story Illustrative examples A growing diversified lending business being built by a credible management team and backed by a solid promoter group 1 Strong promoter group with demonstrated ability to raise equity and debt across market cycles Management team with track record brou
Slide 11: 100 years ago, Piramal Chaturbhuj arrived in Bombay
> 1920s › 100 Years ago, Piramal Chaturbhuj arrived in Bombay & built a thriving cotton trade business > 1935 › Acquired India’s oldest cotton mill, Morarjee Mills, taking a step beyond cotton trading > 1970 › His son Gopikisan Piramal expanded the legacy by acquiring VIP Industries & Miranda Tools
Slide 12: Last 30 years journey of Piramal Group
Last 30 years journey of Piramal Group New businesses and corporate actions > 2006 › Launched Piramal Foundation, Fund raises, investments & exits Group’s philanthropic arm > 2010 › Sold domestic formulations business > 2016 › Piramal Realty launched its two > 2021 › DHFL acquisition for ₹ 343 Bn to
Slide 13: Piramal Group: At a glance
Piramal Group: At a glance Ajay Piramal Group c. 46% c. 35% (1) Financial services Pharma Real Estate Foundation Piramal Finance Piramal Pharma Piramal Realty Piramal Foundation A leading, listed, diversified NBFC, with prominent Offers a portfolio of differentiated products and services A design le
Slide 14: Strong management team on-board
Strong management team on-board Illustrative examples Anand Piramal Jagdeep Mallareddy Executive Chairman CEO, Retail Lending Harvard Business School Former President – Retail lending at Axis Bank University of Pennsylvania Jairam Sridharan Yesh Nadkarni MD & CEO CEO, Wholesale Lending Former CFO an
Slide 15: Board with industry leaders having deep expertise in FS and Tech
Board with industry leaders having deep expertise in FS and Tech Illustrative examples Advisory Committee Anand Piramal Shikha Sharma Rajiv Mehrishi Gautam Doshi Anjali Bansal Executive Chairman Non-Executive Director Independent Director Independent Director Independent Director Harvard Business Sc
Slide 16: Business snapshot
Business snapshot Illustrative examples GROWTH BUSINESS Retail Wholesale 2.0^ AUM AUM Multi-product retail platform – Housing loans, ₹ 79,413 LAP, Used car loans, Business loans, Salaried ₹ 12,047 Real estate and corporate mid market loans (CMML) Crore PL and Digital loans Crore LEGACY OTHER (Discon
Slide 17: Business transformation in recent years
Business transformation in recent years Total AUM Up 23% YoY Growth AUM 46% CAGR since Mar-22 Legacy AUM Down at 43% CAGR since Mar-22 In ₹ Cr. In ₹ Cr. In ₹ Cr. 91k 97k Legacy AUM (₹ Cr.) WS 2.0 12k 43k % Total AUM 81 Retail 65k 69k 4.2x 64k -88% 66% 79k 22k 5k 22k 5% Mar-22 Mar-23 Mar-24 Mar-25 De
Slide 18: Q3 FY26 Results Summary
6 Piramal Finance Q3 FY26 Results Summary
Slide 19: Q3 FY26 Results Summary 1/4
Q3 FY26 Summary – Steady progress across parameters 1 Total AUM are up 23% YoY, led by Growth AUM (up 34% YoY; at 95% of total AUM) Consol. AUM growth & NIM are increasing Consol. AUM YoY growth 6.3% 2 Consol NIM is up 51bps YoY to 6.3% Consol. NIM 6.1% 5.8% 5.9% Q3 FY26 Results Summary 1/4 5.8% 23%
Slide 20: Q3 FY26 Results Summary 2/4
Business Snapshot – Q3 FY26 Illustrative examples Housing loans Consol. AUM ₹ 96,690 Cr 9% 5% LAP Used car loans up 23% YoY / 6% QoQ 3% 32% Salaried PL 3% Unsecured business loans (UBL) 4% 1% AUM mix Microfinance Q3 FY26 Digital loans 6% Growth : Legacy 95 : 5 Other retail Q3 FY26 Results Summary 2/
Slide 21: Q3 FY26 Results Summary 3/4
Growth business profitability* Ratios on AUM Ratios on loans 1 RoAUM^ Total 2 Net income margin Total income Total Retail fee POCI recoveries As % of AUM# Total As % of loans PBT ex-POCI recoveries Interest income DA/Co-lending income 2.4% Net total income 14.8% 14.4% 14.4% 8.4% Off-B/S asset as % o
Slide 22: On track to meet all FY26 targets
On track to meet all FY26 targets FY25 9M FY26 FY26 Target 1 Total AUM - YoY growth 17% 23% 25% AUM growth and mix Q3 FY26 Results Summary 4/4 2 Growth AUM - YoY growth 36% 34% 30% 3 Retail share in total AUM 80% 82% 80-85% 4 Legacy AUM (₹ Cr) 6,920 5,230 3,000-3,500 5 Consol. PAT (₹ Cr) 485 1,004 1
Slide 23: Retail
Retail
Slide 24: Snapshot - Retail Lending
Snapshot - Retail Lending AUM ₹ 79,413 Cr Presence 518 429 26 34% YoY Branches Cities States Mortgages AUM ₹ 53,958 Cr Opex to AUM 3.8% (HL+LAP) 35% YoY | 68% of retail AUM 270bps in eleven quarters AUM yield 13.6% 90+ DPD 0.8% Steady QoQ Stable portfolio over four years * Weighted average of all li
Slide 25: Agile tech framework with 'High Tech / High Touch' model
Agile tech framework seamlessly integrated withIllustrative unique examples ‘High Tech / High Touch’ model (cont’d) Home loan Sales and Underwriting (u/w) Eligibility checks Monitoring Collections as an example Sourcing and sanction D A High Touch G C High Tech B C E F A. Strong branch A B. Paramete
Slide 26: Retail AUM up 34% YoY, disbursements up 26% YoY
Retail AUM up 34% YoY, disbursements up 26% YoY Retail AUM Retail disbursements +30% YoY (9M FY26) +26% YoY (Q3 FY26) In ₹ Cr. 79,413 4% FY23 FY24 FY25 FY26 5% 1% 7% 10,954 64,652 10,498 4% 9% 9,892 4% 2% 7% 6% 8,910 8,718 47,927 9% 8,362 Total (₹ Cr) 8,065 4% 6% 7,692 8% Others* 2% 29% Digital loan
Slide 27: Steady AUM growth momentum across secured products
Steady AUM growth momentum across secured products (In ₹ Cr) Housing loans +21% YoY LAP +58% YoY Used car loans +44% YoY 23,308 5,082 29,550 30,650 21,285 4,797 28,034 19,067 4,357 26,661 4,039 25,287 17,180 3,530 14,740 AUM Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3
Slide 28: Strong AUM growth across unsecured products
Strong AUM growth across unsecured products (In ₹ Cr) Salaried PL +40% YoY UBL (Unsecured Business Loans)^ +41% YoY Digital loans +31% YoY 7,008 5,564 5,695 3,740 6,434 5,264 * 3,425 5,975 3,138 5,615 * 2,898 4,247 2,852 4,997 4,031 AUM Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26
Slide 29: Customer profile for branch-based acquisition
Customer profile for branch-based acquisition Median customer at 38 years of age 55% customers are self-employed Geographic split of branches 518 26 7% Branches* States 20% 1 41% 18 - 34 yrs. No. of branches 35 - 44 yrs. Employment 45% Salaried Share in retail AUM % Age group category Self empoyed 4
Slide 30: Cross-sell franchise
Cross-sell franchise | 25-30% of unsecured disb. through cross-sell Cross-sell% Total customer franchise up 22% YoY to 5.4 Mn Unsecured disbursements Total retail disbursements 11,099 11,330 32,998 30,170 Q3 FY25 Q3 FY26 23% 27% 8% 10% In Mn 4.5 Total customer franchise 5.4 Total (₹ Cr) Cross-sell 3
Slide 31: Productivity improvement to continue
Productivity improvement to continue 1 We have moderated the pace of branch expansion… 2 …and are focusing more on increasing product penetration into existing branches No. of branches 105 We are restarting branch opening in Q4 FY26 Products offered Mar-23 Mar-24 Mar-25 Dec-25 86 Housing loans 398 4
Slide 32: Stable income profile – operating leverage playing out well
Stable income profile – operating leverage playing out well 1 Interest income 2 Fee income As % of loans As % of loans Amortization of processing fee led to a drop in reported fee income Opex ratio reduced ~270 bps over last 11 quarters 13.3% 13.3% 13.2% (from 1.5% in FY24), which is now normalizing
Slide 33: Retail risk (1/2) – Overall stable 90+ DPD
Retail risk (1/2) – Overall stable 90+ DPD reflects diversified AUM mix Housing loans 30,650 32% LAP 23,308 24% Used car loans 5,082 5% 3% 3% 3% 2% 2% 1.6% 1.5% 2% 1.3% 1.4% 1.4% 1.1% 1.0% 1.0% 1.1% 0.9% 0.9% 1.0% 0.9% 0.8% 0.9% 0.8% 0.7% 0.7% 0.6% 0.6% 0.6% 0.7% 0.7% 0.6% 0.6% 1% 0.7% 1% 0.4% 0.4%
Slide 34: Retail risk (2/2) – vintage risk
Retail risk (2/2) – vintage risk* : controlled quality of new originations Housing loans 30,650 32% LAP 23,308 24% Used car loans 5,082 5% 6.3% 6% 6% 6% 5% 5% 3.9% 5% 4% 4% 2.6% 2.3% 2.4% 2.3% 2.3% 2.7% 2.3% 2.5% 3% 3% 3% 2.2% 1.5% 2% 2% 0.9% 0.6% 0.4% 0.4% 0.5% 0.4% 0.5% 0.3% 0.5% 0.5% 0.5% 0.6% 0.
Slide 35: Superior data driven underwriting capabilities
Superior data driven underwriting capabilities Detailed Due Approval & Loan Origination Initial Assessment Disbursement Monitoring Diligence Negotiation Lead generation (e.g. Financial analysis Internal credit, Legal & Execution of Post-disbursement direct, partner KYC & AML checks (bank statements,
Slide 36: Superior data driven underwriting capabilities (contd.)
Superior data driven underwriting capabilities (contd.) 850+ Credit managers in Branches Visuals from physical PD 150+ Personal Discussion Credit managers based underwriting in Central Processing Unit Mobile shop owner Tailor Master Marble Trader from Bhilwara from Gwalior From Shahpura 2,40,000+ PD
Slide 37: Superior data driven underwriting capabilities (contd.)
Superior data driven underwriting capabilities (contd.) 250+ On-roll Appraisal Staff Appraisal staff on site 75+ On-roll Legal Staff In-house Collateral appraisal1 and Legal Approvers 1,60,000+ Appraisal Visits in 9M FY26 Road constructor Hotel owner Govt. servant from Bangalore from Aurangabad from
Slide 38: Are our Credit scorecards doing a good job?
Are our Credit scorecards doing a good job? Illustrative examples 16% of people we reject get a loan elsewhere, but their risk is 2.8x of those we approve Off-Us analysis1 of the reject base (All products) Risk on the portfolio2 1x Total loan applications (100) 2.8x Notes: (1) Off-Us take ups are id
Slide 39: Wholesale 2.0
iramal Finance Pp G Wholesale 2.0
Slide 40: Snapshot – Wholesale 2.0
Snapshot – Wholesale 2.0 AUM ₹ 12,047 Cr Mix 74 : 26 35% YoY Real estate CMML ₹ 2,166 Cr Disbursements 4% YoY Average ticket size ₹ 54 Cr Portfolio EIR (Effective interest rate) 14.5% Repayments as 66% Steady QoQ % of disbursements High repayments reflect strong underwriting 39
Slide 41: Wholesale 2.0: Tapping underpenetrated real estate and mid-market lending
Wholesale 2.0: Tapping opportunity in underpenetrated real estate Illustrative examples and corporate mid-market lending Corporate Mid-market Lending: Why Real Estate Financing Market? A Large Untapped Market in India OPPORTUNE TIMING Predominantly OpCo loans Beginning of growth cycle as affordabili
Slide 42: Building a diversified and granular book backed by cash flows and assets
Building a diversified and granular book backed by cash flows and assets In ₹ Cr. AUM +35% YoY +7% QoQ Disbursements +4% YoY +6% QoQ Total repayments (including pre-payments) Total Total Total CMML CMML CMML 12,047 Real estate Real estate 2,302 Real estate 1,496 11,295 1,428 2,166 10,425 2,075 2,043
Slide 43: Granular and diversified build-out
Granular and diversified build-out (Charts represents data for outstanding AUM) A granular build-out Average loan tenure AUM, in ₹ Cr. WS 2.0 AUM In years, represents average residual tenor Average ticket size 54 53 54 54 51 3.3 3.2 3.1 12,047 11,295 3.0 10,425 2.8 8,916 9,117 Q3 FY25 Q4 FY25 Q1 FY2
Slide 44: Portfolio analysis
Portfolio analysis Repayment analysis In ₹ Cr. Effective Interest Rate (EIR)* <14% >14% Total WS 2.0 WS2.0 AUM AUM (₹ Cr.) WS 2.0 Contracted repayment Portfolio 14.4% 14.4% 14.5% 14.5% 14.5% Actual repayment 1,496 EIR^ 1,428 Repayment + Prepayment + Exits 12,047 11,295 1,165 10,425 8,916 9,117 1,027
Slide 45: Legacy (discontinued) business
Legacy (discontinued) business 44
Slide 46: Bringing Legacy AUM to below ₹35bn by March 2026
We reiterate bringing Legacy AUM to below ₹ 35bn by March 2026 AUM down 88% since March 2022 -49% YoY -4% QoQ AUM composition 51,436 Legacy AUM (₹ Cr.) Total (₹ Cr) % Total AUM Stage-1 loans 45,429 29,053 Stage-2 loans 44,411 43,175 Stage-3 loans AIF 91% 91% 89% SRs Land & receivables 46% Total Lega
Slide 47: Financials
6 Piramal Finance Financials
Slide 48: Profit and loss statement – consolidated
Profit and loss statement – consolidated In ₹ Cr. Consolidated income statement Q3 FY26 Q3 FY25 YoY % Q2 FY26 QoQ % 9M FY26 9M FY25 YoY % Interest income1 2,878 2,318 24% 2,702 7% 8,084 6,527 24% Less: interest expense 1,651 1,378 20% 1,570 5% 4,714 3,900 21% Net interest income 1,227 940 31% 1,132
Slide 49: Link to Data Sheet Q3 FY26
Link to Data Sheet Q3 FY26 Data from previous quarters now available on our website Click here to download the ‘Data Sheet Q3 FY26’ Story in charts Asset quality Pro forma business wise P&L Overview 48
Slide 50: Quarterly P&L - Growth business
Quarterly P&L* - Growth business In ₹ Cr. Net total income PPOP 775 1,548 1,430 687 1,316 1,313 619 1,194 565 499 PBT 9M FY26 ₹1,066 Cr Total POCI recoveries 427 PBT ex-POCI recoveries 15 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 344 307 295 10 15 7 212 27 412 3
Slide 51: Balance sheet
Balance sheet In ₹ Cr. Consolidated balance sheet Particulars Q3 FY26 Q2 FY26 Q3 FY25 Assets Cash & liquid investments 7,504 7,238 8,277 Gross asset under management 86,194 82,323 72,811 ECL provision 1,763 1,708 3,101 Net assets under management 84,431 80,616 69,710 Investments in Shriram group 1,7
Slide 52: Liabilities
Liabilities COB – We have seen 26 bps rate cut transmission in last one year Positive ALM gaps throughout 52% 9.17% In ₹ Cr, period-end 9.12% 9.13% 9.12% GAP % 14,840 8.93% 8.94% 8.93% 8.91% +28% 8.73% 20% 8,844 8.65% 8.64% 8.64% +11% +8% 5,818 +5% 3,059 Q4 FY25 Q4 FY23 Q4 FY24 Q1 FY25 Q3 FY24 Q3 FY
Slide 53: Appendix
6 Piramal Finance Appendix
Slide 54: Asset classification: Total assets
Asset classification: Total assets Total assets (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 82,144 78,385 66,474 Stage 2 1,715 1,671 3,967 Stage 3 2,118 1,994 1,903 Sub-Total 85,977 82,050 72,343 POCI 216 274 467 Total AUM* 86,194 82,323 72,810 Total provisions (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 96
Slide 55: Asset classification: Growth assets
Asset classification: Growth assets Total assets (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 77,633 73,695 59,617 Stage 2 1,503 1,525 1,363 Stage 3 1,611 1,382 1,011 Sub-Total 80,747 76,602 61,991 POCI 216 274 467 Total AUM* 80,964 76,876 62,457 Total provisions (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 7
Slide 56: Asset classification: Legacy assets
Asset classification: Legacy assets Total assets (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 4,511 4,689 6,857 Stage 2 212 146 2,604 Stage 3 507 612 892 Total AUM* 5,230 5,448 10,353 Total provisions (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 222 226 539 Stage 2 23 19 808 Stage 3 66 122 530 Total 311 366 1
Slide 57: Multi-product retail lending platform across the risk-reward spectrum
Multi-product retail lending platform across the risk-reward spectrum – Q3 FY26 Average disbursement Disbursement Share in Product Segments Products AUM yield Share in AUM* ticket size (₹ lakh) yield disbursements Affordable housing Housing Mass affluent housing 22.6 11.9% 25.4% 11.7% 38.6% Budget h
Slide 58: Strong ESG Framework
Strong ESG Framework ▪ Identification and monitoring of Risk Management ESG risk for portfolio Responsible ▪ Implementation of exclusion list Lending across portfolio Corporate ▪ Quarterly review of ESG Governance and performance by the Board Compliance ▪ Increase women Diversity and representation
Slide 59: Disclaimer
Disclaimer Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as 'will', 'aim', 'will likely result', 'would', 'believe', 'may', 'expect', 'will continue', 'anticipate', 'estimate', 'intend', 'pl
Slide 60: Thank You
Thank You For Investors: Ravi Singh Head of Investor Relations, Strategy and Sustainability singh.ravi@piramal.com Ruchika Jain VP - Investor Relations and Sustainability ruchika.jain@piramal.com
Piramal Finance — Jefferies 2nd India NBFC Access Day (March 2026) on 6ix