Indostar Capital Finance Limited · NSE:INDOSTAR
Indostar Capital Finance — Q3 FY26 Earnings Presentation
62 slides from Indostar Capital Finance's earnings presentation, Feb 9, 2026
Slide 1: Stock exchange filing cover letter
ICFL/LS/0269/2025-26 February 09, 2026 BSE Limited National Stock Exchange of India Limited Listing Department, 1st Floor, Exchange Plaza, C-1, Block G, P J Towers, Dalal Street, Fort, Bandra Kurla Complex, Bandra, Mumbai - 400 001. (E), Mumbai – 400 051. Scrip Code: 541336 Symbol: INDOSTAR Sub.: In
Slide 2: IndoStar Capital Finance Investor Presentation Dec 2025
INDOSTAR CAPITAL FINANCE Investor Presentation | Dec 2025
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by IndoStar Capital Finance Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for
Slide 4: Index
INDEX Company Overview 01 Business Performance Update 02 Vehicle Finance 03 Micro LAP 04 Borrowing Profile 05 Asset Quality 06 Financial Parameters 07 Standalone Financial Performance 08 Credit, Collection, Information Technology & Risk Management 09 Ownership Structure and Management Team 10 Consol
Slide 5: Company Overview
—! INDOSTAR he Company Overview NS |
Slide 6: Defining our Purpose: Vision, Mission & Values
Defining our Purpose: Vision, Mission & Values Our Vision Our Mission “Partner with our customers on their journey to “To be a major financial service provider to our target financial success.” customers through empowered happy employees, and deliver a competitive shareholder return while maintainin
Slide 7: Transforming NBFC: Retail Centric & Tech Driven
Transforming NBFC: Retail Centric & Tech Driven A strategic transition from large ticket portfolios to retail-led growth, with focus segments on Vehicle Finance and Micro LAP. Asset quality preservation through disciplined underwriting, proactive collections, and tech-led monitoring Exit from Afford
Slide 8: Strong National Footprint: Ready to Scale
Strong National Footprint: Ready to Scale No States 448 Branches Across 23 States 1 ANDHRA PRADESH – 25 # Branches 2 ASSAM – 9 3 BIHAR – 18 441 446 451 441 448 4 CHATTISGARH – 12 2 10 5 GOA - 1 8 6 GUJARAT – 27 7 HARYANA – 11 8 HIMACHAL PRADESH – 2 9 29 33 1 9 JHARKHAND – 13 18 Q3FY25 Q4FY25 Q1FY26
Slide 9: Business Performance Update
Business Performance Update 8
Slide 10: Q3FY26 Performance Highlights
Q3FY26 Performance Highlights Distribution 448 4,090 23 states 39% Number of Branches Number of Employees Pan India presence Direct Sourcing: Loan Portfolio 7,692 crs 1,117 crs 7,155 crs 128 crs AUM Disbursement Vehicle Finance AUM Micro LAP AUM On Book: 7,219 crs Off Book: 473 crs Q3FY25 1,291 crs
Slide 11: Q3FY26 Performance Highlights
Q3FY26 Performance Highlights Liquidity profile Available Liquidity: 807 crs 41.4% 10.3% 9.1% Undrawn limit: 320 crs Cost of borrowings Incremental Cost of borrowings Capital Adequacy Ratio Treasury Asset: 487 crs Q3FY25 28.5% | Q2FY26 37.2% Q3FY25 10.8% | Q2FY26 10.4% Q3FY25 10.2% Profitability 17.
Slide 12: Building a Granular, Retail-Driven Lending Portfolio
Building a Granular, Retail-Driven Lending Portfolio Disbursements: Retail (₹ crs) Asset Under Management (₹ crs)* 1,291 7,877 7,963 52 7,783 7,692 10 16 19 76 7,564 555 510 101 128 475 409 1,117 438 1,080 30 34 927 858 27 27 1,265 7,303 7,401 7,232 7,155 7,025 1,046 1,087 900 831 Q3FY25 Q4FY25 Q1FY
Slide 13: Balanced Portfolio & Regional Diversification
Balanced Portfolio & Regional Diversification Disbursement Mix (Region-Wise) AUM Mix (Region-Wise) 100% 100% 19% 17% 21% 20% 8% 12% 15% 12% 26% 21% 25% 28% 47% 50% 36% 42% Q3FY25 Q3FY26 Q3FY25 Q3FY26 EAST NORTH WEST SOUTH EAST NORTH WEST SOUTH Disbursement Mix (Product- Wise) AUM Mix (Product-Wise)
Slide 14: Strengthening Customer Quality and Profile
Strengthening Customer Quality and Profile Number of Incremental Customers (‘000) Number of outstanding Live Accounts (‘000) 19 19 152 153 157 140 148 16 16 15 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Customer profile Customer Type % Share (Dec 24) % Share (Dec 25) New t
Slide 15: Vehicle Finance
—! INDOSTAR Vehicle Finance
Slide 16: Overview of Vehicle Finance
Overview of Vehicle Finance Vehicle Financing AUM (₹ crs) 7,401 7,155 542 351 5,594 151 3,671 306 6,859 6,804 5,443 3,365 FY23 FY24 FY25 Q3FY26 Off book Onbook Disbursement (₹ crs) Vehicle Finance Portfolio CV Segment Non - CV Segment 1,291 1,081 1,087 Commercial Vehicles (CVs) Passenger vehicles (c
Slide 17: Vehicle Finance: Key Operational Parameters Q3FY26
Vehicle Finance : Key Operational Parameters Q3FY26 Disbursement Mix (Product- Wise) (%) Disbursement Mix (Region-Wise) (%) 6% 17% 3% 5% 19% Dec Dec 10% 50% 2025 21% 2025 33% 62% 13% 11% 12% CV CE Car Farm Equipment M&HCV SCV LCV/ICV PICK UP BUS East West North South AUM Mix (Product-Wise) (%) AUM M
Slide 18: Vehicle Finance: Key Operational Parameters
Vehicle Finance : Key Operational Parameters Average Ticket Size (₹ lakhs) Loan to Value (%) 7.4 6.6 6.3 72.0% 71.1% 70.1% 71.2% 72.8% 5.7 5.6 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Number of incremental Customers (in ’000) Disbursement Yield (%) 18.5% 18.5% 18.4% 19 1
Slide 19: Vehicle Finance: Key Operational Parameters
Vehicle Finance : Key Operational Parameters Gross Stage 3 Net Stage 3 4.7% 2.5% 4.3% 2.3% 3.8% 3.7% 1.7% 1.7% 1.1% 2.7% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Provision Coverage Ratio Overall Provision Coverage Ratio 60.3% 55.4% 54.6% 48.2% 48.6% 3.5% 3.2% 3.3% 3.2% 2
Slide 20: Vehicle Finance: Key Operational Parameters
Vehicle Finance : Key Operational Parameters Gross Stage & Net Stage 3 Stage 3 - Provision Coverage Ratio 4.7% 4.3% 3.8% 60.3% 3.7% 55.4% 54.6% 48.2% 48.6% 2.5% 2.7% 2.3% 1.7% 1.7% 1.1% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Gross Stage 3 Net Stage 3 Overall Provision
Slide 21: Micro LAP
—! INDOSTAR Micro LAP
Slide 22: Overview of Micro LAP
Overview of Micro LAP A dedicated local team of over 300 focuses Launched Micro LAP (Loan Against Property) exclusively on this business in Tamil Nadu, product in 2024 as a strategic risk diversification leveraging shared branch infrastructure for cost initiative for a company predominantly engaged
Slide 23: Micro LAP: Key Operational Metrics
Micro LAP: Key Operational Metrics Disbursement (₹ crs) Disbursement Yield (%) 34 30 27 27 22.9% 22.9% 22.9% 23.0% 22.3% 16 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Disbursement by ticket size Disbursement by Distribution channel 0% 5% 10% 34% Dec 2025 Dec 2025 56% 95% <
Slide 24: Micro LAP: Key Operational Metrics
Micro LAP: Key Operational Metrics AUM (₹ crs) Average Ticket Size (₹ lakhs) 128 6.8 101 6.0 5.9 5.9 76 5.6 52 19 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Loan to Value (%) Number of Live Accounts 2,215 1,784 34.8% 33.3% 34.4% 34.6% 31.8% 1,346 908 348 Q3FY25 Q4FY25 Q1FY
Slide 25: Micro LAP: Key Operational Metrics
Micro LAP : Key Operational Metrics Gross Stage 3 Net Stage 3 0.78% 0.39% 0.19% 0.09% 0.05% 0.03% 0.00% 0.00% 0.00% 0.00% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Provision Coverage Ratio Overall Provision Coverage Ratio 50% 50% 50% 0% 0% 1.0% 1.0% 1.0% 1.0% 0.8% Q3FY25
Slide 26: Borrowing Profile
—! INDOSTAR 7 ee -—_ ‘ ‘ Borrowing Profile s 4
Slide 27: Diversified Borrowing Profile
Diversified Borrowing Profile Investor Category (%)* Instrument Category (%)* 6,996 6,934 6,860 5,670 4,963 6,996 6,934 6,860 5,670 4,963 2% 4% 3% 4% 3% 39% 38% 35% 38% 38% 25% 24% 25% 27% 29% 9% 8% 10% 7% 8% 7% 4% 4% 8% 4% 11% 5% 11% 5% 5% 33% 32% 35% 34% 36% 41% 43% 43% 40% 46% 15% 15% 18% 15% 16%
Slide 28: Strong ALM profile with comfortable liquidity
Strong ALM profile with comfortable liquidity Structural liquidity Statement – Dec -25 Liquidity Buffer (₹ crs) 12,337 11,270 11,164 807 (₹ crs) 9,438 Cumulative inflow 320 Cumulative outflow 6,600 6,800 4,786 3,899 182 Undrawn Line Limit 2,994 High-quality liquid assets for LCR 6 2,378 Unencumbered
Slide 29: Asset Quality
—! INDOSTAR Asset Quality
Slide 30: Non-Performing Assets
Non-Performing Assets NPA trends (%) Collection Efficiency (Inc Overdues)(%) 4.92% 97% 4.52% 4.04% 4.06% 95% 95% 94% 94% 3.04% 2.71% 91% 2.46% 90% 90% 89% 89% 1.68% 1.76% 1.13% Q3 FY25 Q4 FY25 Q1 FY26 Q2FY26 Q3FY26 Q3 FY25 Q4 FY25 Q1FY26 Q2FY26 Q3FY26 Gross Stage 3 Net Stage 3 Collection Efficiency
Slide 31: Expected Credit Loss (ECL) Provisions
Expected Credit Loss (ECL) Provisions Particulars (₹ in crs) Q3 FY26 Q2 FY26 Q3 FY25 Gross stage 1 6,572 6,430 6,593 Gross Stage 1 as % to Loan Asset 88.68% 89.18% 89.15% ECL Provision Stage 1 72 70 80 ECL Provision % Stage 1 1.09% 1.08% 1.21% Gross stage 2 538 560 438 Gross Stage 2 as % to Loan Ass
Slide 32: Security Receipt
Security Receipt Gross Security Receipt (₹ crs) Provision (₹ crs) 1,565 1638 1,333 1,387 1,386 669 744 674 696 437 491 489 620 355 365 369 423 446 896 896 896 896 894 240 250 251 251 250 115 115 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Vehicle Finance De-focused business
Slide 33: Financial Parameters
—! INDOSTAR Financial Parameters
Slide 34: Key Financial Parameters
Key Financial Parameters Revenue From Operations (₹ crs) Finance Cost (₹ crs) 13.8% 13.8% 12.4% 13.1% 13.8% 7.1% 7.2% 6.7% 6.1% 5.5% 193 193 185 374 374 343 357 346 167 137 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Total Revenue % to Total Assets Finance Cost % to Total A
Slide 35: Key Financial Parameters
Key Financial Parameters PPOP (₹ crs) Credit Cost (₹ crs) 2.2% 2.3% 0.7% 2.5% 3.4% 1.8% 1.8% 17.6% 2.2% 3.1% 85 490 69 59 62 19 48 49 59 77 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 PPOP % to Total Assets Credit Cost % to Total Assets Profit Before Tax (₹ crs) * Profit Af
Slide 36: Standalone Financial Performance
Standalone Financial Performance 35
Slide 37: ICF Standalone - Income Statement
ICF Standalone - Income Statement Particulars (₹ in crs) Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y 9M FY26 9M FY25 Y-o-Y Revenue from operations 346.3 356.5 373.2 1,046.3 1,031.4 Interest expenses 137.1 166.7 193.0 489.3 547.5 Net Interest Income 209.2 189.8 10.2% 180.2 16.1% 557.0 483.9 15.1% Other Incom
Slide 38: ICF Standalone – Balance Sheet
ICF Standalone – Balance Sheet Equity & Liabilities (₹ in crs) Dec’25 Sep’25 Dec’24 Assets (₹ in crs) Dec’25 Sep’25 Dec’24 Financial Liabilities Financial Assets Trade payables 0.0 0.0 0.0 Cash and cash equivalents 26.9 34.9 108.1 Debt Securities 2,879.5 3,237.1 3,768.2 Bank balance other than cash
Slide 39: Credit & Collection
—! INDOSTAR 4------ -—_ % ‘ ‘\ Credit & Collection ‘\ 4
Slide 40: Robust Credit & Collections Infrastructure: Build for Control, Design for Scale
Robust Credit & Collections Infrastructure: Build for Control, Design for Scale Strong Credit Underwriting Robust Collections & Monitoring System controls linked to policy to block DSA Monitoring & Breach Control with Independent Valuations & Automated Real-Time Field Integration duplicate UCICs and
Slide 41: Information Technology
—! INDOSTAR 4------ -—_ % ‘ ‘\ Information Technology ‘\ 4
Slide 42: Overall Technology Spread - Software Frameworks & Tools
Overall Technology Spread - Software Frameworks & Tools Interaction Layer Loan Origination CRM Indo Mitra Mobile App Partner Integration Vendor On-boarding Data Storage & Service Layer Incentive Data Repository Loan Management Collections, V-repo Accounting & GL Treasury Management Business Intellig
Slide 43: Holistic Digital Framework of LOS Transformation
Holistic Digital Framework of LOS Transformation Sourcing Real-time KYC validation Integration with Partners OCR & OTP based validations Pre-approved loan offers Document collection through APIs Underwriting Penny drop bank account Rule engine for automated Third party validations Multi Bureau check
Slide 44: Risk Management
—! INDOSTAR Risk Management
Slide 45: Risk Assessment and Management
Risk Assessment and Management Risk oversight is embedded into the Company's operations through a structured framework that identifies, evaluates, and mitigates key financial, operational, and compliance risks. Operational Risk Addressed through defined processes, audits, and staff training Regulato
Slide 46: Risk Management
Risk Management Interest Rate Risk Regulatory Risk • Assesses key factors including customer profiles, competitive landscape, and growth • Ensures strict compliance with applicable regulations through a robust internal control objectives when making interest rate adjustments system. • Actively monit
Slide 47: Capital and Liquidity risk
Capital and Liquidity risk Liquidity: LCR reported is 1.61x-1.78x of ALM: Stringent Internal Threshold RBI mandate on average Time Bucket RBI thresholds ICF Internal thresholds Reported LCR Q3FY25 – Q3FY26 0-7 days -10% -10% 8-14 days -10% -10% 15 days - 1 month -20% -10% 36% 37% • No cumulative neg
Slide 48: Regulatory & Compliance Risk (1/2)
Regulatory & Compliance Risk (1/2) Effective Governance Augmented By A Strong Compliance Function Governance and Compliance Forms the core of every business and functional process Comprehensive Compliance Centralized Compliance Team testing conducted throughout the Experienced Compliance Professiona
Slide 49: Regulatory & Compliance Risk (2/2)
Regulatory & Compliance Risk (2/2) Governance Further Strengthened By Robust Compliance Mechanisms • Annual Review and approval of all key Policies Corporate • Strong oversight by the Board and Management level policies by the Board & Procedures Governance Committees focusing on internal controls an
Slide 50: Cyber risk: Information Security Risk Management Process
Cyber risk: Information Security Risk Management Process to Prevent, Detect and Mitigate Risk Building Resilience Through People, Process, and Technology Dimension Focus Area Key Initiatives A competent and fully enabled security team that drives effective mitigation of cyber risks across the orga
Slide 51: Integrated Governance and Risk Framework
Integrated Governance and Risk Framework Building Resilience Through People, Process, and Technology Board of Directors Risk Management committee Chief Risk Officer Risk management team Oversee entire risk management process Establish framework, tools and Executes the risk strategy through: Meets fo
Slide 52: Ownership Structure and Management Team
Ownership Structure and Management Team 51
Slide 53: Experienced Management Team - IndoStar
Experienced Management Team - IndoStar Randhir Singh 2 31 Jayesh Jain 1 25 Managing Director & Executive Vice Chairman Chief Financial Officer o He began his career at Citibank India in 1995 building deep expertise in banking and capital o He is a Chartered Accountant and has pursued advanced learni
Slide 54: Senior Management Team
Senior Management Team Mr. KV Bharadwaj Ms. Jasmin Bawa Mr. Mihir Bhavsar Chief Credit Officer Chief Human Resources Officer Chief Information Security Officer 3 38 1 15 10 32 Mr. Kekin Savla Mr. P Krishnan Mr. Dipesh Kumar Mehta Head- Finance Principal Officer - Insurance Chief Product Officer 3 34
Slide 55: Esteemed Board of Directors
Esteemed Board of Directors Naina Krishna Murthy Chairperson and Non-Executive Independent Director o She has more than two decades of experience in the legal sector. She is the Founder and Managing Partner of Krishnamurthy & Company o Over the years, Mrs. Murthy has built a strong reputation in cor
Slide 56: Esteemed Board of Directors
Esteemed Board of Directors Bobby Parikh Non-Executive and Non-Independent Director o He has nearly three decades of experience in financial services industry/reorganizations o His area of focus is providing tax and regulatory advice in relation to transactions and other forms of business reorganiza
Slide 57: Large Global Private Equity Parentage – December 25
Large Global Private Equity Parentage – December 25 Shareholding Pattern (As on December 2025) Shareholders (holding more than 1%) % Promoters 70.39 BCP V Multiple Holdings Pte Ltd (Brookfield) 55.98 25.25% IndoStar Capital (Everstone) 14.40 2.09% Domestic Institutional Investors 2.09 70.39% ICICI P
Slide 58: Shareholder's return
Shareholder’s return Book value per share Earning per share 291 293 39.3 260 250 252 0.8 0.9 0.8 0.6 Q3FY25 Q4FY25 Q1FY25 Q2FY26 Q3FY26^ Q3FY25 Q4FY25 Q1FY26* Q2FY26 Q3FY26 ^-includes Impact of warrants-to-equity conversion (2.5 crore shares) *-including Impact of sale of HFC Business 57
Slide 59: Consolidated Financial Performance
Consolidated Financial Performance 58
Slide 60: Consolidated Income Statement incl. Discontinued Operations
Consolidated Income Statement incl. Discontinued Operations Particulars (₹ in crs) Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y 9M FY26 9M FY25 Y-o-Y Revenue from operations 346.4 356.6 373.2 1,046.5 1,031.6 Interest expenses 137.1 166.7 193.0 489.3 547.5 Net Interest Income from continuing operations 209.3
Slide 61: Consolidated Balance Sheet incl. Discontinued Operations
Consolidated Balance Sheet incl. Discontinued Operations Equity & Liabilities (₹ in crs) Dec’25 Sep’25 Dec’24 Assets (₹ in crs) Dec’25 Sep’25 Dec’24 Financial Liabilities Financial Assets Trade payables 0.0 0.0 0.0 Cash and cash equivalents 31.2 39.1 112.9 Debt Securities 2,879.5 3,237.1 3,768.2 Ban
Slide 62: Thank You
COMPANY “Your Path To A Better Life” Indostar Capital Finance Limited CIN: L65100MH2009PLC268160 Email: investor.relations@indostarcapital.com Website: www.indostarcapital.com INVESTOR RELATIONS ADVISORS MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension &
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