Five-star Business Finance Limited · NSE:FIVESTAR
Five-star Business Finance — Q2 FY2026 Earnings Presentation
59 slides from Five-star Business Finance's earnings presentation, Oct 29, 2025
Slide 1: Exchange filing cover letter
Date: October 29, 2025 The National Stock Exchange of India Limited, BSE Limited Exchange Plaza, Listing department, Bandra-Kurla Complex, First floor, PJ Towers, Bandra (E), Mumbai 400 051 Dalal Street, Fort Mumbai 400 001 Symbol: FIVESTAR Scrip code: 543663 Sub: Investor Presentation on the unaudi
Slide 2: Reaching the Unreached – Investor Presentation Q2FY2026
Reaching the Unreached Five-Star Business Finance Limited Investor Presentation | Q2FY2026 STRICTLY PRIVATE AND CONFIDENTIAL
Slide 3: Safe Harbour
Safe Harbour Five-Star Business Finance Limited | Investor Presentation – Q2FY26 This presentation and the accompanying slides (the “Presentation”) which have been prepared by Five-Star Business Finance Limited (the “Company”) have been prepared solely for information purposes and do not constitute
Slide 4: Glossary
Glossary Five-Star Business Finance Limited | Investor Presentation – Q2FY26 ▪ All amounts are given in ₹ Million unless specified otherwise. ▪ Gross NPA or Gross Stage 3 assets represents loans which are more than 90 days past due (till the quarter ended Sep 2022); for the quarters post Sep 2022, t
Slide 5: Presentation Path
Presentation Path Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Executive Summary SECTION 1 SECTION 2 Business Updates Asset Quality & ECL SECTION 3 SECTION 4 Liability & ALM Financial Statements SECTION 5 SECTION 6 Company Overview 4
Slide 6: Executive Summary
EXECUTIVE SUMMARY
Slide 7: Executive Summary | Q2FY26
Executive Summary | Q2FY26 Five-Star Business Finance Limited | Investor Presentation – Q2FY26 q-o-q y-o-y Branches Loan Disbursement Loan Portfolio 800 ₹ 11,959 Mn ₹ 128,471 Mn +33 +140 -7% -4% +3% +18% Gross NPA 30+ DPD Profit After Tax 2.64% 12.17% ₹ 2,861 Mn +18 bps +1.17% +86 bps +3.73% +7% +7%
Slide 8: Executive Summary | H1FY26
Executive Summary | H1FY26 Five-Star Business Finance Limited | Investor Presentation – Q2FY26 y-o-y Branches Loan Disbursement Loan Portfolio 800 ₹ 24,860 Mn ₹ 128,471 Mn +140 -3% +18% Gross NPA 30+ DPD Profit After Tax 2.64% 12.17% ₹ 5,524 Mn +1.17% +3.73% +6% Net Interest Margin Return on Assets
Slide 9: Q2FY26 Performance – At a glance
Q2FY26 Performance – At a glance Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Scale of Distribution Granular Book Asset Quality Liability Profile Profitability Operations ₹128.5bn / ₹109.3bn 800 100% Secured 2.64% 46 ₹2.9bn / ₹2.7bn AUM in Q2FY26 / Q2FY25 Number of Branches Lo
Slide 10: Last 10-years Financial Snapshot
Last 10-years Financial Snapshot Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Particulars (₹ Mn) FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 I-GAAP I-GAAP I-GAAP IND-AS IND-AS IND-AS IND-AS IND-AS IND-AS IND-AS Operational Information Number of branch
Slide 11: Distinguished Board of Directors
Distinguished Board of Directors Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Promoter Director Lakshmipathy Deenadayalan Chairman & Managing Director Independent / Non- Executive Directors Anand Raghavan T T Srinivasaraghavan Bhama Krishnamurthy Select other Directorships Shr
Slide 12: Profile of Board of Directors
Profile of Board of Directors Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Anand Raghavan T T Srinivasaraghavan Lakshmipathy Deenadayalan Independent / Non-Executive Director Independent / Non-Executive Director Chairman & Managing Director Chairperson – Audit Committee Chairp
Slide 13: Experienced Management Team
Experienced Management Team Five-Star Business Finance Limited | Investor Presentation – Q2FY26 23 23 23 10 23 8 Lakshmipathy Deenadayalan Srikanth Gopalakrishnan Vishnuram Jagannathan Chairman & MD JMD & CFO Chief Operating Officer Education: Bachelor of Engineering Education: B.Com, MBA Education:
Slide 14: Business Updates
BUSINESS UPDATES
Slide 15: Business Updates (1/2)
Business Updates (1/2) Five Star Business Finance Limited | Investor Presentation – Q2FY26 Operations 1. Net Q-o-Q AUM growth of ₹3,893 Mn in Q2FY26 as against ₹5,833 Mn in Q2FY25. AUM was up 18% Y-o-Y at ₹128,471 Mn as of Sep 30, 2025 as against ₹109,272 Mn as of Sep 30, 2024. 2. Disbursements duri
Slide 16: Business Updates (2/2)
Business Updates (2/2) Five Star Business Finance Limited | Investor Presentation – Q2FY26 Liabilities 1. In Q2FY2026, the company received sanctions for incremental debt of ₹17,430 Mn, availing ₹10,680 Mn, at a weighted average rate of 8.34%, and all-inclusive cost of 8.56%. 2. As at the end of Sep
Slide 17: Balance Sheet Indicators
Balance Sheet Indicators Five Star Business Finance Limited | Investor Presentation – Q2FY26 Quarterly Data Last 5 years data All amounts in ₹ Mn Disbursements AUM Net Worth Disbursements 18% 19% 48,814 49,697 (4%) 1,28,471 65,742 68,067 1,24,578 33,914 12,507 12,901 11,959 1,09,272 57,233 17,562 3%
Slide 18: P&L Indicators
P&L Indicators Five Star Business Finance Limited | Investor Presentation – Q2FY26 Quarterly Data Last 5 years data All amounts in ₹ Mn Income Interest Expense Other Expenses Income (19%) 28,660 14% (10%) 21,951 7,912 8,065 2,011 1,936 1,873 1,800 7,058 1,627 15,289 1,631 12,562 10,513 4% 4% 2% Q2FY
Slide 19: Consistent & Best-in-class Spreads
Consistent & Best-in-class Spreads Five Star Business Finance Limited | Investor Presentation – Q2FY26 Portfolio Yield Cost of borrowing Spread 25.00% 14.00% 24.50% 24.18% 12.00% 23.98% 24.18% 24.17% 24.23% 24.27% 24.00% 23.70% 24.22% 24.50% 13.50% 24.05% 24.19% 23.51% 11.50% 24.00% 24.03%13.00% 23.
Slide 20: Well-diversified portfolio cuts
Well-diversified portfolio cuts Five Star Business Finance Limited | Investor Presentation – Q2FY26 AUM by Geography AUM by Ticket Size Q2FY26 2% 1% Q2FY25 Q2FY26 1% 0% Q2FY25 1% 0% 8% 6% 6% 16% 12% 6% 28% 30% 30% 34% ATS for ATS for 19% 19% Q2FY26 Q2FY25 3.89L 3.48L 53% 37% 53% 38% TN AP TS KA MP O
Slide 21: Asset Quality & ECL
ASSET QUALITY & ECL
Slide 22: Asset Quality Indicators (1/2)
Asset Quality Indicators (1/2) Five Star Business Finance Limited | Investor Presentation – Q2FY26 Collections Efficiency (%)* 30+ (%) 12.17 11.31 9.16 9.65 2.64 2.46 8.44 1.62 1.79 1.47 98.5 97.0 98.1 96.7 97.9 96.3 96.3 95.1 96.7 95.1 9.53 7.87 8.85 6.98 7.54 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Sep
Slide 23: Asset Quality Indicators (2/2)
Asset Quality Indicators (2/2) Five Star Business Finance Limited | Investor Presentation – Q2FY26 Amount in ₹ Mn As at Sep 2025 As at June 2025 As at Sep 2024 Bucket AUM % AUM AUM % AUM AUM % AUM Current (Stage-1) 104,920 81.67% 102,704 82.44% 93,974 86.00% 1-30 (Stage-1) 7,919 6.16% 7,783 6.25% 6,
Slide 24: ECL Provisioning
ECL Provisioning Five Star Business Finance Limited | Investor Presentation – Q2FY26 Amount in ₹ Mn As of Sep 30, 2025 Stage 1 Stage 2 Stage 3 Total Loans Outstanding (Gross) 112,838 12,245 3,388 128,471 ECL Provision 295 605 1,531 2,431 Loans Outstanding (Net) 112,543 11,640 1,857 126,040 ECL Provi
Slide 25: Lag NPA
Lag NPA Five Star Business Finance Limited | Investor Presentation – Q2FY26 Amount in ₹ Mn Q2FY2026 Q2FY2025 Q2FY2024 Q2FY2023 Loan Portfolio 128,471 109,272 82,644 57,324 Gross Stage 3 assets 3,388 1,604 1,118 660 Gross Stage 3 assets % 2.64% 1.47% 1.35% 1.15% Gross Stage 3 assets % - 1 year Lag 3.
Slide 26: Liability & ALM
LIABILITY & ALM ; mei
Slide 27: Well-diversified Liability Franchise (1/2)
Well-diversified Liability Franchise (1/2) Five Star Business Finance Limited | Investor Presentation – Q2FY26 Liability franchise consists of a strong set of lenders who can support the company’s plans Number of lenders Lenders to the Company 11 Select Public State Bank of India | Bank of Baroda |
Slide 28: Well-diversified Liability Franchise (2/2)
Well-diversified Liability Franchise (2/2) Five Star Business Finance Limited | Investor Presentation – Q2FY26 Diversified borrowing mix across lender category and product category Borrowing exposure and Cost of borrowing Borrowings 48,193 57,911 63,158 67,239 68,795 73,625 79,220 78,719 83,760 outs
Slide 29: Cashflow Position as of Sep'25 – Cumulative
Cashflow Position as of Sep’25 – Cumulative Five Star Business Finance Limited | Investor Presentation – Q2FY26 No Cumulative mismatches in any of the time buckets Particulars Up to 1M 1-2 M 2-3 M 3-6 M 6M – 1Y 1-3 Y 3-5 Y >5 Y Opening Liquidity 25,122 24,258 24,371 23,359 22,733 20,737 23,188 50,54
Slide 30: Strong Liquidity Position as of Sep'25
Strong Liquidity Position as of Sep’25 Five Star Business Finance Limited | Investor Presentation – Q2FY26 Amount in ₹ Mn Liquidity buffer as of Sep 2025 Unencumbered cash & cash equivalents 23,600 Unavailed sanction from banks / FIs 6,750 Total Liquidity 30,350 Projected Cashflow Schedule Q3FY26 Q4
Slide 31: Financial Statements
FINANCIAL STATEMENTS
Slide 32: Balance Sheet
Balance Sheet Five Star Business Finance Limited | Investor Presentation – Q2FY26 Particulars (₹ Mn) Q2FY2026 Q1FY2026 Q2FY2025 Assets Cash & Cash equivalents 15,230 14,726 12,115 Bank balances other than cash & cash equivalents 7,017 4,439 1,195 Loans 126,072 122,198 110,010 - Loan portfolio 128,47
Slide 33: Profit & Loss Account
Profit & Loss Account Five Star Business Finance Limited | Investor Presentation – Q2FY26 Particulars (₹ Mn) Q2FY2026 Q2FY2025 Q1FY2026 Y-o-Y Q-o-Q H1FY2026 H1FY2025 Y-o-Y Loan Portfolio 128,471 109,272 124,578 18% 3% 128,471 109,272 18% Interest Income (1) 7,731 6,793 7,647 14% 1% 15,378 13,203 16%
Slide 34: RoE Tree
RoE Tree Five Star Business Finance Limited | Investor Presentation – Q2FY26 Particulars Q2FY2026 Q2FY2025 Q1FY2026 HY1FY2026 HY1FY2025 Interest Income (as a % of average portfolio) 23.20% 24.18% 23.51% 23.37% 24.22% Interest Expenses (as a % of average borrowings) 9.27% 9.65% 9.54% 9.40% 9.65% Net
Slide 35: Company Overview
COMPANY OVERVIEW
Slide 36: Our Journey
Our Journey Five-Star Business Finance Limited | Investor Presentation – Q2FY26 2023 2005 – 2015 373 branches; ₹69bn AUM AA- rating BUILDING & 2020 Listing on the bourses STRENGTHENING PHASE 252 branches; ₹39bn AUM Post COVID, back to A rating quality growth Strong portfolio growth 2014 Marquee PE i
Slide 37: Who we are
Who we are Five-Star Business Finance Limited | Investor Presentation – Q2FY26 NBFC providing secured financial solutions to Small Business customers and Self-employed Individuals who are largely cut-off from formal lending ecosystem Deep understanding of customer behavior and strong knowledge of ma
Slide 38: Current Shareholding
Current Shareholding Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Institutional Promoters Top Institutional Investors* (ex-PE and Promoter) Others 2.86% Investor name % stake** Individual Promoter Fidelity Investments 7.66% 14.00% 18.38% & Promoter Group Wasatch 4.95% AIF & QI
Slide 39: Growth Opportunity & Levers (1/2)
Growth Opportunity & Levers (1/2) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Large Market Opportunity to be served through multiple growth levers Large Market Opportunity Five Star Growth Strategy Fiscal 2024E MSME Credit Gap To address the large untapped market opportunity
Slide 40: Growth Opportunity & Levers (2/2)
Growth Opportunity & Levers (2/2) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Growth Strategy shall be borrower led coupled with appropriate increase in ticket size 5,00,000 0.28 4,60,756 4,50,000 0.27 0.27 4,00,000 3,85,966 96.29% 0.26 0.26 3,50,000 0.25 84.22% COVID years w
Slide 41: Customer & Product
Customer & Product Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Well thought out customer & product strategies – helps us remain insulated even during periods of stress Customer Strategy Product Strategy Who are our customers – Small Business Owners and Self- Loan purpose – Lo
Slide 42: Distribution
Distribution Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Gradual growth in newer regions; significant ramp-up upon reaching the comfort state 800 branches | 11 States / UT State-wise portfolio break-up Normal branches – 633; Split branches – 167 No of State Q2FY26 FY25 FY24 F
Slide 43: Cluster Strategy – Ideal Branch Structure
Cluster Strategy – Ideal Branch Structure Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Evolution of Branch Structure at Five-Star Till FY2016 2017 – 2023 2023 till date… Normal Branch Strategy Super Branch Strategy Cluster / Ideal Branch Strategy 5-6 Relationship Officers Add
Slide 44: Robust Proprietary Underwriting (1/2)
Robust Proprietary Underwriting (1/2) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Underwriting strategy fine-tuned over years of experience – to serve a “not so easy to underwrite TAM” Difficulties in evaluating the Addressable Market Segment Five Star’s capabilities Credit a
Slide 45: Robust Proprietary Underwriting (2/2)
Robust Proprietary Underwriting (2/2) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Multiple levels of appraisal – Final sanction can be provided only by the Independent Credit team Branch Appraisal Credit Appraisal Pre-login assessment by the branch – Basic verification of Fie
Slide 46: Strong on-ground Collections infrastructure (1/2)
Strong on-ground Collections infrastructure (1/2) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 First-time business loan borrowers migrating from informal to formal ecosystem necessitates multiple touchpoints On-ground team Typical Recovery Process at Five Star – Parties involv
Slide 47: Strong on-ground Collections infrastructure (2/2)
Strong on-ground Collections infrastructure (2/2) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Focus on Unique Customer Collections Efficiency has contributed to significant improvement in portfolio profile Current Portfolio 30+ Portfolio 83.51% 87.39% 16.78% 74.17% 76.26% 71.
Slide 48: Technology Strategy (1/3)
Technology Strategy (1/3) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Robust investments in technology to efficiently manage the lending process, increase productivity and decrease costs ▪ Manual underwriting process with minimal Till FY2017 technology involvement ▪ Moved to
Slide 49: Technology Strategy (2/3)
Technology Strategy (2/3) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Comprehensive Tech stack to derive productivity and efficiency benefits Loan Origination & Underwriting Loan Servicing & Support Systems Reporting / MIS Loan Management Collections ML Models Customer Self S
Slide 50: Technology Strategy (3/3)
Technology Strategy (3/3) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Focused tech strategy / stack have helped achieved key benefits across functional verticals Loan Origination Credit Underwriting Collections ▪ Consistently improving TAT ▪ Fully rounded view of the borrower
Slide 51: Risk Management & Audit (1/2)
Risk Management & Audit (1/2) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Robust Risk Management and Risk-based Internal Audit Framework ensure strong oversight Board of Directors Risk Management Committee Audit Committee ALCO Credit Committee Business Resource Statutory Audi
Slide 52: Risk Management & Audit (2/2)
Risk Management & Audit (2/2) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Robust Risk Management and Risk-based Internal Audit Framework ensure strong oversight Risk Management Framework Risk based Internal Audit Framework Credit / Collateral / Portfolio Risk Strong framework
Slide 53: ESG @ Five Star (1/5)
ESG @ Five Star (1/5) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 ESG @ Five Star primarily revolves around the aspects of “S” (Social impact) and “G” (Governance) Business Responsibility and Comprehensive ESG and Comprehensive External Sustainability Report (BRSR) BRSR polic
Slide 54: ESG @ Five Star (2/5)
ESG @ Five Star (2/5) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Social Impact Indicators – Financial Inclusion (“Reaching the Unreached”) Company Vision Reaching the Unreached through suitable credit solutions Mission Statement Provide appropriate credit solutions to the hi
Slide 55: ESG @ Five Star (3/5)
ESG @ Five Star (3/5) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Social Impact Indicators – Branch Presence Significant Branch presence in Tier 3 to Tier 6 towns - semi-urban and fast-growing Branch Presence • Significant branch presence in Tier 3 to Tier 6 towns rural geogr
Slide 56: ESG @ Five Star (4/5)
ESG @ Five Star (4/5) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Strong Governance Framework Board of Directors 1 4 1 1 Promoter Director Independent Directors Executive Director Non-Executive Director (including 1 Woman Director) Board Risk Management Nomination & Stakehold
Slide 57: ESG @ Five Star (5/5)
ESG @ Five Star (5/5) Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Robust Corporate Governance supported by Board approved Policies The Board of Directors helps improve Corporate visibility, image and governance and provides strong comfort to external stakeholders. The Board a
Slide 58: Strong Human Capital
Strong Human Capital Five-Star Business Finance Limited | Investor Presentation – Q2FY26 Strong & adequate Human Capital for the size and scale of operations Function No of employees Proportion of Headcount – Branch vs HO Business & Collections 9,381 3% - Relationship Officers 7,503 - Branch Manager
Slide 59: Thank You
Five Star Business Finance Limited | Investor Presentation – Q2FY26 Thank You For further information, you may please email to: ir@fivestargroup.in
Five-Star Business Finance — Q2 FY2026 Earnings Presentation on 6ix