Slide 1: Arman Financial Services Limited Investor Presentation – May 2026
Arman Financial Services Limited Investor Presentation – May 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: FY26 Performance Highlights
FY26 Performance Highlights INR 2,728 Crore INR 148 Crore* Assets Under Provisions Management and Write offs Cumulative Provisions stood at INR 77 Crore as on 31 st March (21.5% Y-o-Y) 2026 (covering 2.8% of the consolidated AUM, 3.3% on book) INR 2,433 Crore GNPA: 3.43% Disbursement Asset Quality (
Slide 6: Track Record of Capital Raising
Track Record of Capital Raising 2018: Investment by SAIF Partners Shareholding Pattern as on 31 st March 2026 • In 2018, raised Rs. 50 crore by issuing compulsorily convertible debentures (CCDs) to SAIF Partners, a leading private equity firm Business Performance 22.0% 2022: INR 115 Crore Raised via
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) FY26 FY25 Branches 1% 5% 3% Microfinance 404 391 2% 28% 12% MSME 122 95 3 11 2% 2W & Rural 2W 3 3 104 60 16% 10% 62 Total 529 489 2% 98 19 86 21% Gujarat Madhya Pradesh Telangana 46 Rajasthan Karnataka Jharkhand 27 Uttar Pradesh Bi
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 47.15% 20.31% 3.44% Microfinance - JLG MSME Loans Two-Wheeler Loans Average Ticket Size : INR 54,000 Average Ticket Size: Average Ticket Size: (Cycle 1 & 2 -INR 25K – 60K INR 81,000 INR 75,000 Cycle 3+ -INR 25K – 75K) Tenur e: 12 - 24 Months Tenure: 24 Months Tenur
Slide 16: Microfinance Loans
Microfinance Loans (INR Crore) AUM* Disbursement Total Income Profit After Tax Avg. Ticket Size (INR) 1,999 1,798 552 13 67,000 1,686 433 1,232 8 48,000 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 *Includes Individual Business Loans • Disbursement: 100% Cashless • JLG model with small ticket l
Slide 17: MSME Loans
MSME Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 554 482 169 81,000 150 74,000 454 392 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 • Individual enterprise /working capital loans for small rural businesses in low competition • Disbursement: 100% Cashless areas • Credit Checks:
Slide 18: LAP Loans
LAP Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 80 69 15 541,000 435,000 28 27 3 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 • Disbursement: 100% Cashless • Credit Checks: CIBIL & CRIF Score; Home & Business Field Investigation, • Company launched and piloted a new product, Lo
Slide 19: 2W and Rural 2W Loans
2W and Rural 2W Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 94 82 21 21 75,000 75,000 78 62 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 • Hypothecation (secured) loans given to self-employed /cash-salaried customer in the • Disbursement: 100% Cashless informal segment in semi-
Slide 20: Collection Efficiency
Collection Efficiency Microfinance MSME Two-Wheeler Total 96.4% 97.0% 97.0% 96.3% 96.3% 96.4% 95.4% 95.4% 97.7% 96.3% 96.8% 96.9% Jan-26 Feb-26 Mar-26 Jan-26 Feb-26 Mar-26 Jan-26 Feb-26 Mar-26 Jan-26 Feb-26 Mar-26 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% 933 18 52.3% 874 861 872 892 17 17 48.4% 50.1% 16 16 16 16 16 15 15 38.7% 41.0% 37.3% 38.2% 38.3% 27.9% 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 Mar-25 Jun-25 Sep-25 D
Slide 23: Borrowing Profile
Borrowing Profile Borrowing Mix (%) (INR Crore) Top 5 Lending Partners 1,769 1,621 1,695 1,880 2,225 Top 5 Lenders % of Borrowings 23.8% 23.8% Lender 1 – TL & DA 13.61% 32.2% 32.8% 30.2% 1.0% Lender 2 - TL & DA 5.44% 1.7% 2.6% 15.3% Lender 3 - TL & DA 4.58% 3.7% 18.2% 3.4% 12.3% 14.6% 1.8% Lender 4
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: FY26 Consolidated Profit & Loss Statement
FY26 Consolidated Profit & Loss Statement Particulars (INR Crore) Q4FY26 Q4FY25 YoY % Q3FY26 QoQ% FY26 FY25 YoY % Income from Operations 175.6 199.4 160.1 645.9 730.0 Other Income 0.0 0.0 0.0 0.0 0.0 Gross Total Income 175.6 199.4 -12% 160.1 10% 645.9 730.0 -12% Finance Costs 52.8 51.7 50.8 205.4 23
Slide 27: Balance Sheet – 31st March 2026
Balance Sheet – 31st March 2026 Particulars (INR Crore) Consolidated Standalone Particulars (INR Crore) Consolidated Standalone ASSETS Mar-26 Mar-25 Mar-26 Mar-25 LIABILITIES & EQUITY Mar-26 Mar-25 Mar-26 Mar-25 Financial Assets Equity Share capital 10.5 10.5 10.5 10.5 Cash and cash equivalents 87.8
Slide 28: Consolidated Business Performance
Consolidated Business Performance (INR Crore) AUM Disbursement Gross Total Income 2,728 951 199 2,274 176 2,245 2,156 2,130 159 160 151 618 544 475 390 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Net Total Income Pre-provision Operating Pr
Slide 29: Consolidated Business Performance
Consolidated Business Performance Net Interest Margin (%) Cost to Income Ratio (%) Yield (%) 17.2% 51.7% 25.1% 25.5% 25.9% 25.9% 25.6% 16.0% 16.0% 16.7% 16.6% 48.9% 49.9% 44.0% 31.1% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Asset Qualit
Slide 30: PAR Movement
PAR Movement PAR 31-90 (%) Movement GNPA (%) 4.7% 5.0% 4.4% 4.3% 4.0% 3.8% 3.9% 3.6% 3.7% 3.8% 6.8% 2.9% 3.2% 3.8% 3.4% 3.4% 3.4% 3.4% 6.1% 2.2% 0.7% 0.3% 4.6% 4.5% 4.7% Mar-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 4.0% 3.0% 2.9% NNPA (%) 2.5% 2.3% 2.1% 1.6% 1.9% 1.6% 1.9% 1.4% 1.3% 1.6% 1.7% 1.3% 0.9%
Slide 31: FY26 – Standalone P&L Statement (2W, MSME & LAP)
FY26 – Standalone P&L Statement (2W, MSME & LAP ) Particulars (INR Crore) Q4FY26 Q4FY25 YoY % Q3FY26 QoQ% FY26 FY25 YoY % Income from Operations 60.2 50.6 53.6 215.8 181.9 Other Income 0.2 4.2 0.3 1.4 3.4 Gross Total Income 60.4 54.8 10% 54.0 12% 217.2 185.3 17% Finance Costs 17.2 11.8 14.0 57.0 43.
Slide 32: Standalone Business Performance
Standalone Business Performance (INR Crore) AUM Disbursement Gross Total Income* 730 213 55.7 657 21 49.2 51.6 623 94 48.9 47.5 5.9 560 572 91 163 4.9 5.6 75 151 6.1 4.9 78 75 140 32 12 117 16 554 13 172 473 489 41.8 45.5 460 41.6 40.7 40.6 454 130 99 115 94 75 77 80 25 28 36 2 9 10 1 16 2 19 1.2 1.
Slide 33: FY26 - Namra Finance Profit & Loss Statement
FY26 - Namra Finance Profit & Loss Statement Particulars (INR Crore) Q4FY26 Q4FY25 YoY% Q3FY26 QoQ% 9MFY26 9MFY25 YoY % Income from Operations 117.1 150.3 106.5 432.9 552.4 Other Income 0.0 0.0 0.0 0.0 0.0 Gross Total Income 117.1 150.3 -22.1% 106.5 9.9% 432.9 552.4 -21.6% Finance Costs 37.2 41.4 36
Slide 34: Microfinance Business Performance – Namra Finance (1/2)
Microfinance Business Performance – Namra Finance (1/2) (INR Crore) AUM Disbursement Gross Total Income 1,999 738 150 1,686 1,618 1,554 1,507 117 102 107 107 455 393 335 270 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 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% 14.9% 47.9% 50.1% 49.7% 48.6% 23.4% 24.2% 23.1% 14.0% 22.6% 21.6% 12.0% 12.4% 29.5% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY
Slide 36: AUM and Disbursements Trends
AUM and Disbursements Trends Total AUM (INR Crore) Total Disbursements (INR Crore) 2,639 2,728 2,433 2,297 14% 2,245 20% 14% 20% 3% 1,943 3% 20% 3% 1,767 3% 1,713 3% 13% 3% 13% 3% 1% 3% 23% 1,233 4% 13% 1,024 860 4% 83% 880 14% 74% 814 73% 778 4% 82% 685 17% 84% 75% 12% 16% 84% 11% 15% 6% 547 12% 10
Slide 37: Historical Metrics
Historical Metrics Gross and Net Total Income Yield & NIM (%) Asset Quality (INR Crore) COVID-19 Demonetization Demonetization COVID-19 730 6.7% Demonetization COVID-19 662 646 28.3% 27.4% 26.7% 25.5% 24.4% 25.2% 25.3% 23.4% 491 21.5% 22.9% 424 440 396 16.5% 16.5% 4.6% 15.9% 15.4% 15.1% 3.3% 14.0% 1
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