Indostar Capital Finance Limited · NSE:INDOSTAR
Indostar Capital Finance — Q2 FY2026 Earnings Presentation
57 slides from Indostar Capital Finance's earnings presentation, Oct 31, 2025
Slide 1: Stock exchange filing cover letter
ICFL/LS/00201/2025-26 October 31, 2025 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 Oct 2025
INDOSTAR CAPITAL FINANCE Investor Presentation | Oct 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
Company Overview
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 441 Branches Across 23 States 1 ANDHRA PRADESH – 25 IndoStar Capital Finance: ICF 2 ASSAM – 9 3 BIHAR – 18 2 438 441 446 451 441 10 4 CHATTISGARH – 13 9 5 GOA - 1 6 GUJARAT – 26 9 7 HARYANA – 11 31 33 1 18 8 HIMACHAL PRADESH – 2 9 JHARKHAND – 12 35
Slide 9: Business Performance Update
Business Performance Update
Slide 10: Q2FY26 Performance Highlights
Q2FY26 Performance Highlights Distribution Direct Sourcing: 38% 441 4,082 23 states Number of Branches Number of Employees Indirect Sourcing: 62% Pan India presence Loan Portfolio 7,564 crs 927 crs 7,025 crs 101 crs AUM Disbursement Vehicle Finance AUM Micro LAP AUM On Book: 7,022 crs Off Book: 542
Slide 11: Q2FY26 Performance Highlights
Q2FY26 Performance Highlights Liquidity profile Available Liquidity: 1,384 crs 3,990 crs 37.2% 10.2% Net-worth Undrawn limit: 246 crs Cost of borrowings Capital Adequacy Ratio Treasury Asset: 1,138 crs Q2FY25 25.9% | Q1FY26 32.7% Q2FY25 10.8% | Q1FY26 10.5% Profitability 10.4 crs 0.4% 17.1% 7.6% PAT
Slide 12: Building a Granular, Retail-Driven Lending Portfolio
Building a Granular, Retail-Driven Lending Portfolio Disbursements: Retail (₹ crs) Break-up of Asset Under Management (₹ crs)* Financial Year View Quarterly View 6,191* 6,493* 7,963 7,564 5,221 54 52 101 (1%) (1%) 873 509 438 2,493 (13%) (6%) (6%) (40%) 4,253 5,594 7,401 7,025 (87%) (93%) (93%) 3,67
Slide 13: Balanced Portfolio & Regional Diversification
Balanced Portfolio & Regional Diversification Disbursement Mix (Region-Wise) AUM Mix (Region-Wise) 100% 100% 17.7% 17.5% 21.1% 20.5% 9.9% 10.1% 17.2% 12.3% 20.7% 31.5% 26.2% 28.0% 51.8% 40.9% 41.0% 33.7% Q2FY25 Q2FY26 Q2FY25 Q2FY26 EAST NORTH WEST SOUTH EAST NORTH WEST SOUTH Disbursement Mix (Produc
Slide 14: Strengthening Customer Quality and Profile
Strengthening Customer Quality and Profile Number of Incremental Customers (‘000) Number of outstanding Live Accounts (‘000) 21 148 152 153 19 19 132 140 16 16 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Customer profile Customer Type % Share (Sep 24) % Share (Sep 25) New t
Slide 15: Vehicle Finance
Vehicle Finance
Slide 16: Overview of Vehicle Finance
Overview of Vehicle Finance Vehicle Financing AUM (₹ crs) 7,401 7,025 542 413 5,594 151 3,671 306 6,859 6,612 5,443 3,365 FY23 FY24 FY25 Q2FY26 Off book Onbook Disbursement (₹ crs) Vehicle Finance Portfolio CV Segment Non CV Segment 5,167 Commercial Vehicles (CVs) Passenger vehicles (cars, pickups),
Slide 17: Vehicle Finance: Key Operational Parameters
Vehicle Finance : Key Operational Parameters Disbursement Mix (Product- Wise) Disbursement Mix (Region-Wise) 70% 20% Sept 44% Sept 2025 2025 14% 23% 2% 3% 7% 4% 14% CE M&HCV BUS ICV/LCV PICK UP CAR/FE/SCV (Focused) East West North South AUM Mix (Product-Wise) (%) AUM Mix (Region-Wise) (%) 38% 21% 11
Slide 18: Vehicle Finance: Key Operational Parameters
Vehicle Finance : Key Operational Parameters Average Ticket Size (₹ lakhs) Loan to Value (%) 6.9 6.6 5.7 6.3 73.1% 72.0% 5.6 71.1% 70.1% 71.2% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Number of incremental Customers (in ’000) Disbursement Yield(%) 18.5% 18.5% 18.5% 18.4%
Slide 19: Vehicle Finance: Key Operational Parameters
Vehicle Finance : Key Operational Parameters Gross Stage 3 Net Stage 3 4.8% 4.7% 2.5% 2.3% 2.3% 4.3% 3.8% 1.7% 1.1% 2.7% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Provision Coverage Ratio Overall Provision Coverage Ratio 60.3% 53.2% 55.4% 48.2% 48.6% 3.8% 3.5% 3.2% 3.3% 2
Slide 20: Micro LAP
—! INDOSTAR
Slide 21: 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 22: Micro LAP: Key Operational Metrics
Micro LAP: Key Operational Metrics Disbursement (₹ crs) Disbursement Yield (%) 34 27 27 23.3% 22.9% 22.9% 22.9% 23.0% 16 3 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Disbursement by ticket size Disbursement by Distribution channel 0% 12% 27% 61% 100% < 3 Lakhs 3 Lakhs to 5
Slide 23: Micro LAP: Key Operational Metrics
Micro LAP: Key Operational Metrics AUM (₹ crs) Average Ticket Size (₹ lakhs) 101 76 5.9 6.0 5.9 5.5 5.6 52 19 3 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Loan to Value (%) Number of Live Accounts 1,784 1,346 34.8% 33.3% 34.4% 30.3% 31.8% 908 348 62 Q2FY25 Q3FY25 Q4FY25 Q1
Slide 24: Micro LAP: Key Operational Metrics
Micro LAP : Key Operational Metrics Gross Stage 3 Net Stage 3 0.78% 0.39% 0.05% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Provision Coverage Ratio Overall Provision Coverage Ratio 50% 50% 10.0% 0% 0% 0% 1.0% 1.0% 1.0% 1.0% Q2FY25
Slide 25: Borrowing Profile
Borrowing Profile
Slide 26: Diversified Borrowing Profile
Diversified Borrowing Profile Investor Category (%)* Instrument Category (%)* 7,253 6,996 6,934 6,860 5,670 7,253 6,996 6,934 6,860 5,670 5% 2% 4% 3% 4% 39% 38% 35% 38% 21% 25% 24% 25% 27% 45% 10% 9% 8% 10% 7% 8% 4% 4% 4% 8% 4% 11% 11% 9% 5% 35% 37% 41% 43% 29% 33% 32% 34% 43% 40% 13% 15% 15% 18% 15
Slide 27: Strong ALM profile with comfortable liquidity
Strong ALM profile with comfortable liquidity Structural liquidity Statement – Sept-25 Liquidity Buffer (₹ crs) 12,756 11,704 11,802 1,384 (₹ crs) 10,011 246 Cumulative inflow Cumulative outflow 7,393 7,656 5,373 630 4,178 Undrawn Line Limit 3,643 Market investments (CP & NCD) 2,393 2,474 1,663 1,96
Slide 28: Asset Quality
Asset Quality
Slide 29: Non-Performing Assets
Non-Performing Assets NPA trends (%) Collection Efficiency (Inc Overdues)(%) 4.97% 4.92% 97% 4.52% 4.04% 95% 94% 94% 3.04% 92% 2.71% 91% 2.50% 2.46% 90% 89% 89% 1.68% 88% 1.13% Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1FY26 Q2FY26 Gross Stage 3 Net Stage 3 Collection Efficienc
Slide 30: Expected Credit Loss (ECL) Provisions
Expected Credit Loss (ECL) Provisions Particulars (₹ in crs) Q2 FY26 Q1 FY26 Q2 FY25 Gross stage 1 6,430 6,524 6,532 Gross Stage 1 as % to Loan Asset 89.18% 88.73% 89.98% ECL Provision Stage 1 70 74 84 ECL Provision % Stage 1 1.08% 1.13% 1.29% Gross stage 2 560 532 444 Gross Stage 2 as % to Loan Ass
Slide 31: Security Receipt
Security Receipt Gross Security Receipt (₹ crs) Provision (₹ crs) 1,565 1,386 1,333 1,387 1,386 355 669 620 674 437 491 490 348 355 364 369 423 1,031 896 896 896 896 203 240 249 251 251 145 115 115 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Vehicle Finance De-focused busin
Slide 32: Financial Parameters
Financial Parameters
Slide 33: Key Financial Parameters
Key Financial Parameters Revenue From Operations (₹ crs) Finance Cost (₹ crs) 13.6% 13.8% 13.8% 12.4% 13.1% 7.3% 7.1% 7.2% 6.7% 6.1% 188 193 193 185 352 373 373 343 356 167 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Total Revenue % to Total Assets Finance Cost % to Total A
Slide 34: Key Financial Parameters
Key Financial Parameters PPOP (₹ crs) Credit Cost (₹ crs) 1.4% 2.2% 2.3% 0.7% 2.5% 0.7% 1.8% 1.8% 17.6% 2.2% 69 490 59 62 37 19 48 49 59 19 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 PPOP % to Total Assets Credit Cost % to Total Assets Profit Before Tax (₹ crs) Profit Afte
Slide 35: Standalone Financial Performance
Standalone Financial Performance
Slide 36: ICF Standalone - Income Statement
ICF Standalone - Income Statement Particulars (₹ in crs) Q2 FY26 Q1 FY26 Q-o-Q Q2 FY25 Y-o-Y H1FY26 H1FY25 Y-o-Y Revenue from operations 356.5 343.5 351.8 699.9 658.3 Interest expenses 166.7 185.5 187.8 352.1 354.6 Net Interest Income 189.8 158.0 20.2% 164.0 15.7% 347.8 303.7 14.5% Other Income 0.3
Slide 37: ICF Standalone – Balance Sheet
ICF Standalone – Balance Sheet Equity & Liabilities (₹ in crs) Sep’25 Mar’25 Sep’24 Assets (₹ in crs) Sep’25 Mar’25 Sep’24 Financial Liabilities Financial Assets Trade payables 0.0 0.1 0.3 Cash and cash equivalents 34.9 91.9 254.5 Debt Securities 3,237.1 3,792.2 3,614.1 Bank balance other than cash
Slide 38: Credit & Collection
Credit & Collection
Slide 39: Robust Credit & Collections Infrastructure
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 40: Information Technology
Information Technology
Slide 41: 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 42: 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 43: Risk Management
Risk Management
Slide 44: Risk Management: Structure & Mitigation Practices
Risk Management : Structure & Mitigation Practices Frauds Segregation of duties, internal controls, and dedicated risk control units curb fraud exposure Operational Regulatory and compliance Strong controls, audits, and SOP adherence Regular reviews and audits ensure full ensure minimal operational
Slide 45: 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 • Centralized Compliance Team Experienced Compliance Professional with collective experience of 40+ years. • Strong ‘Com
Slide 46: 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 47: Ownership Structure and Management Team
Ownership Structure and Management Team
Slide 48: Experienced Management Team - IndoStar
Experienced Management Team - IndoStar Randhir Singh Jayesh Jain Managing Director & Executive Vice Chairman Chief Financial Officer o He began his career at Citibank India in 1995, where he held diverse roles o He is a Chartered Accountant and has pursued advanced learning in for over a decade, bui
Slide 49: Senior Management Team
Senior Management Team Mr. Amit Khan Ms. Jasmin Bawa Mr. Mihir Bhavsar Chief Operating Officer – Micro Chief Human Resources Officer Chief Information Security LAP Officer Mr. KV Bharadwaj Mr. Arvind Uppal Mr. P Krishnan Chief Credit Officer Head - Collections Principal Officer - Insurance Mr. Devra
Slide 50: 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 51: 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 52: Large Global Private Equity Parentage – September 25
Large Global Private Equity Parentage – September 25 Shareholding Pattern (As on September 2025) Shareholders (holding more than 1%) % Promoters 72.96 21.65% BCP V Multiple Holdings Pte Ltd (Brookfield) 55.95 2.49% IndoStar Capital (Everstone) 17.02 2.90% Domestic Institutional Investors 2.49 72.96%
Slide 53: Shareholder's return
Shareholder’s return Book value per share Earning per share 291 293 39.3 250 252 234 1.3 2.0 0.8 0.9 Q2FY25 Q3FY25 Q4FY25 Q1FY25 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26* Q2FY26 *-Impact of HFC Business 52
Slide 54: Consolidated Financial Performance
Consolidated Financial Performance
Slide 55: Consolidated Income Statement incl. Discontinued Operations
Consolidated Income Statement incl. Discontinued Operations Particulars (₹ in crs) Q2 FY26 Q1 FY26 Q-o-Q Q2 FY25 Y-o-Y H1 FY26 H1 FY25 Y-o-Y Revenue from operations 356.6 343.5 351.8 700.1 658.4 Interest expenses 166.7 185.5 187.8 352.1 354.6 Net Interest Income from continuing operations 189.9 158.
Slide 56: Consolidated Balance Sheet incl. Discontinued Operations
Consolidated Balance Sheet incl. Discontinued Operations Equity & Liabilities (₹ in crs) Sep’25 Mar’25 Sep’24 Assets (₹ in crs) Sep’25 Mar’25 Sep’24 Financial Liabilities Financial Assets Trade payables 0.0 0.1 0.3 Cash and cash equivalents 39.1 96.1 259.3 Debt Securities 3,237.1 3,792.2 3,614.1 Ban
Slide 57: 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 &
IndoStar Capital Finance — Q2 FY2026 Earnings Presentation on 6ix