Indostar Capital Finance Limited · NSE:INDOSTAR
Indostar Capital Finance — Q1 FY2027 Earnings Presentation
69 slides from Indostar Capital Finance's earnings presentation, Jul 29, 2026
Slide 1: Regulation 30 disclosure cover letter
ICFL/LS/0082/2026-27 Date: July 29, 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 Dear S
Slide 2: IndoStar Capital Finance Investor Presentation | June 2026
INDOSTAR CAPITAL FINANCE Investor Presentation | June 2026
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 Asset Quality 05 Borrowing Profile 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: IndoStar: Strong Fundamentals, Structured for Scale
IndoStar : Strong Fundamentals, Structured for Scale 1 Strong presence in two large, underserved segments – Used Vehicle Finance and Micro-LAP with first-mover advantage in several Tier-4 and Tier-5 markets and strong brand recall among core customer segments 2 Secured and granular portfolio with he
Slide 7: 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 8: Transforming NBFC: Retail Centric & Tech Driven
Transforming NBFC: Retail Centric & Tech Driven Retail-led NBFC focused on Vehicle Finance and Micro LAP Asset quality preservation through disciplined underwriting, proactive collections, and tech-led monitoring Exit from Affordable Housing Finance – simplified portfolio and Digital tools (Indo Mit
Slide 9: Strong National Footprint: Ready to Scale
Strong National Footprint: Ready to Scale No States 468 Branches Across 24 States & UT Branches & Human Capital 1 ANDHRA PRADESH – 25 # Branches 2 ASSAM – 9 3 BIHAR – 18 4,585 4,752 4 CHATTISGARH – 12 2 4,140 4,082 4,090 5 10 GOA - 1 8 6 GUJARAT – 26 7 HARYANA – 11 8 HIMACHAL PRADESH – 2 9 30 451 44
Slide 10: Business Performance Update
Business Performance Update
Slide 11: Q1FY27 Performance Highlights (1/2)
Q1FY27 Performance Highlights (1/2) Distribution 468 4752 24 25% Number of Branches Number of Employees States & UT Direct Sourcing: Q1FY26 451 | Q4FY26 454 Q1FY26 4140 | Q4FY26 4585 Pan India presence Q1FY26 29% | Q4FY26 28% Loan Portfolio 8,244 Crs 38% 1.6% 2.3% AUM Prime Customer Segment Non-star
Slide 12: Q1FY27 Performance Highlights (2/2)
Q1FY27 Performance Highlights (2/2) Liquidity profile Available Liquidity: 730 crs 34.8% 9.9% 9.1% Undrawn limit: 144 crs Capital Adequacy Ratio Cost of borrowings Incremental Cost of borrowings Treasury Asset: 586 crs Q1FY26 32.9% | Q4FY26 36.1% Q1FY26 10.7% | Q4FY26 10.2% Q1FY26 9.4% | Q4FY26 9.0%
Slide 13: Building a Granular, Retail-Driven Lending Portfolio
Building a Granular, Retail-Driven Lending Portfolio Disbursements: Retail (₹ crs) Asset Under Management (₹ crs) 1,306 8,244 8,056 52 1,235 7,783 175 217 7,564 7,692 302 50 76 128 380 475 101 1,117 438 409 30 927 858 27 27 1,254 7,724 1,185 7,232 7,500 1,087 7,025 7,155 900 831 Q1FY26 Q2FY26 Q3FY26
Slide 14: Balanced Portfolio & Regional Diversification
Balanced Portfolio & Regional Diversification Disbursement Mix (Region-Wise) AUM Mix (Region-Wise) 100% 100% 18% 17% 21% 20% 11% 15% 13% 12% 22% 17% 23% 27% 49% 51% 45% 39% Q1FY26 Q1FY27 Q1FY26 Q1FY27 East North West South East North West South Disbursement Mix (Product- Wise) AUM Mix (Product-Wise)
Slide 15: Building a Stronger & Diversified Customer Base
Building a Stronger & Diversified Customer Base Number of Incremental Customers (‘000) Number of outstanding Live Accounts (‘000) 18 172 17 165 16 16 157 152 153 15 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 14
Slide 16: Improving Customer Quality Across Segments
Improving Customer Quality Across Segments Disbursement Mix by CIBIL Bucket (INR Crs) 100% 100% 63% 70% 79% 75% 84% 24% 21% 18% 17% 12% 13% 9% 4% 7% 4% FY24 FY25 FY26 Q1FY26 Q1FY27 CIBIL >725 CIBIL <725 New to Credit *Data based on total Disbursement Max of Main Applicant and Co-Applicant CIBIL 15
Slide 17: Vehicle Finance
Vehicle Finance
Slide 18: Vehicle Finance: Overview
Vehicle Finance: Overview Vehicle Finance Portfolio Commercial Vehicle Construction Equipment Passenger Vehicle Farm Equipment Used and new Medium & Excavators, Backhoe loaders Cars, SUVs Tractors, Harvesters, Heavy CVs (M&HCV), Light CVs (JCB machines),Cranes, Multi Utility vehicles, Rotavators (LC
Slide 19: Vehicle Finance: Key Parameters - Region Mix
Vehicle Finance : Key Parameters - Region Mix Disbursement Mix (Region-Wise) (%) AUM Mix (Region-Wise) (%) 19% 21% 39% 48% Q1 FY26 Q1 FY26 22% 27% 11% 13% 20% 18% 44% 49% Q1 FY27 Q1 FY27 18% 24% 15% 12% East West North South 18
Slide 20: Vehicle Finance: Key Parameters – Product Mix
Vehicle Finance : Key Parameters – Product Mix Conscious portfolio diversification for resilience Disbursement Mix (Product-Wise) (%) AUM Mix (Product-Wise) (%) 8% 5% 5% 6% 11% 8% 10% 9% 17% 21% 28% 30% 42% 35% 25% 26% 17% 21% 27% 25% 12% 3% 7% 4% Q1FY26 Q1FY27 Q1FY26 Q1FY27 Farm Equipment Construct
Slide 21: Vehicle Finance: Key Loan Parameters
Vehicle Finance : Key Loan Parameters Average Ticket Size (₹ lakhs)* Loan to Value (%)* 7.4 7.6 6.8 72.8% 74.8% 74.7% 6.3 70.1% 71.2% 5.6 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Number of incremental Customers (in ’000) Disbursement Yield (%) 18.4% 17.6% 17.4% 17 17.0%
Slide 22: Vehicle Finance: Key Portfolio Parameters
Vehicle Finance : Key Portfolio Parameters Gross & Net Stage 3 Provision Coverage Ratio (Stage 3) 4.7% 4.4% 3.8% 60.3% 3.7% 55.4% 54.6% 55.2% 47.9% 2.7% 2.5% 2.1% 1.7% 1.7% 1.1% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Gross Stage 3 Net Stage 3 Provision Coverage Ratio (
Slide 23: Micro LAP
—! INDOSTAR
Slide 24: Micro LAP: Overview
Micro LAP: Overview Launched Micro LAP (Loan Against Property) A dedicated local team of ~600, with a strong product in 2024 as a strategic growth & risk footprint across Tier 3 and 4 towns in 4 states diversification initiative for a company with vision to expand in more states. predominantly engag
Slide 25: Scaling Micro LAP Through Existing Branch Infrastructure
Scaling Micro LAP Through Existing Branch Infrastructure 125 Branches Across 5 States & UT # Micro LAP Branches 125 108 91 71 63 7 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 18 No States • Expanded Micro LAP presence by co-housing with existing Vehicle 1 ANDHRA PRADESH – 24 Finance branch network. 24 2 GUJA
Slide 26: Micro LAP: Key Operational Metrics (1/3)
Micro LAP: Key Operational Metrics (1/3) Disbursement (₹ crs) Disbursement Yield (%) 52 50 22.9% 23.0% 22.3% 21.8% 21.4% 30 27 27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Disbursement by ticket size Disbursement by Distribution channel 0% 0% 0% 15% 22% 23% 38% Q1 FY26 Q1
Slide 27: Micro LAP: Key Operational Metrics (2/3)
Micro LAP: Key Operational Metrics (2/3) AUM (₹ crs) Average Ticket Size (₹ lakhs)* 217 8.2 175 7.5 6.8 128 101 5.9 6.0 76 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Loan to Value (%)* Number of Live Accounts 3,420 37.4% 38.9% 2,879 33.3% 34.4% 34.6% 2,215 1,784 1,346 Q1FY
Slide 28: Micro LAP: Key Operational Metrics (3/3)
Micro LAP : Key Operational Metrics (3/3) Gross Stage 3 Net Stage 3 0.19% 0.21% 0.17% 0.09% 0.10% 0.08% 0.05% 0.03% 0.00% 0.00% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Provision Coverage Ratio Overall Provision Coverage Ratio 50% 50% 51% 51% 0% 1.0% 1.0% 0.8% 0.9% 0.9%
Slide 29: Asset Quality
Asset Quality
Slide 30: Asset Quality Parameters
Asset Quality Parameters NPA & PCR Trends (%) Collection Efficiency (Inc Overdue) (%) 9 63.6% 65 59.4% 8 57.8% 57.4% 60 97.3% 7 55 49.9% 94.9% 95.1% 50 94.0% 6 93.7% 45 5 4.8% 4.84% 92.1% 4.0% 4.1% 40 4 90.2% 90.3% 35 89.2% 3.0% 88.8% 3 2.48% 30 2.1% 2 1.7% 1.8% 25 1.1% 1 20 0 15 Q1FY26 Q2FY26 Q3FY2
Slide 31: Expected Credit Loss (ECL) Provisions
Expected Credit Loss (ECL) Provisions Particulars (₹ in crs) Q1 FY27 Q4 FY26 Q1 FY26 Gross stage 1 7,186 7,000 6,524 Gross Stage 1 as % to Loan Asset 88.68% 89.17% 88.73% ECL Provision Stage 1 122 120 74 ECL Provision % Stage 1 1.70% 1.72% 1.13% Gross stage 2 526 475 532 Gross Stage 2 as % to Loan A
Slide 32: Security Receipt
Security Receipt Gross Security Receipt (₹ crs) Net Security Receipt (₹ crs) 45% 43% 42% 63% 64% 1,638 1,608 1,565 1,597 941 891 1,386 744 723 715 766 246 297 669 489 121 589 578 68 60 645 645 644 896 896 894 885 882 521 518 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Vehic
Slide 33: Borrowing Profile
Borrowing Profile
Slide 34: Diversified Borrowing Profile
Diversified Borrowing Profile Investor Category (%) Instrument Category (%) 6,860 5,670 4,963 5,268 5,681 6,860 5,670 4,963 5,268 5,681 3% 4% 3% 5% 5% 35% 38% 38% 37% 25% 27% 29% 39% 30% 29% 11% 11% 5% 7% 8% 7% 9% 6% 4% 5% 5% 5% 4% 5% 7% 35% 34% 36% 40% 43% 34% 40% 46% 48% 49% 18% 15% 16% 14% 13% 14
Slide 35: Strong ALM profile with comfortable liquidity
Strong ALM profile with comfortable liquidity Structural liquidity Statement – June-26 Liquidity Buffer (₹ crs) 12,648 11,719 730 (₹ crs) 11,253 9,968 144 Cumulative inflow Cumulative outflow 175 7,185 7,337 5,023 4,178 393 3,087 2,429 1,953 19 1,525 1,362 986 1,019 Available Liquidity 390 325 549 3
Slide 36: Financial Parameters
Financial Parameters
Slide 37: Key Financial Parameters (1/2)
Key Financial Parameters (1/2) Revenue From Operations (₹ crs) Finance Cost (₹ crs) 12.4% 13.1% 13.8% 14.4% 15.0% 6.7% 6.1% 5.5% 5.5% 6.0% 185 357 364 167 343 346 347 144 137 132 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Total Revenue % to Total Assets Finance Cost % to T
Slide 38: Key Financial Parameters (2/2)
Key Financial Parameters (2/2) PPOP (₹ crs) Credit Cost (₹ crs) 0.7% 2.5% 3.4% 3.9% 3.8% 17.6% 2.2% 3.1% 21.4% 3.4% 93 93 490 517 85 69 19 77 81 59 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 PPOP % to Total Assets Credit Cost % to Total Assets Profit Before Tax (₹ crs) * P
Slide 39: Standalone Financial Performance
Standalone Financial Performance
Slide 40: ICF Standalone - Income Statement
ICF Standalone - Income Statement Particulars (₹ in crs) Q1 FY27 Q4 FY26 Q-o-Q Q1 FY26 Y-o-Y FY26 FY25 Y-o-Y Revenue from operations 363.9 346.6 343.5 1,392.9 1,403.9 Interest expenses 144.4 131.9 185.5 621.2 740.8 Net Interest Income 219.5 214.7 2.2% 158.0 38.9% 771.7 663.1 16.4% Other Income 2.9 0
Slide 41: ICF Standalone – Balance Sheet
ICF Standalone – Balance Sheet Equity & Liabilities (₹ in crs) Jun’26 Mar’26 Jun’25 Assets (₹ in crs) Jun’26 Mar’26 Jun’25 Financial Liabilities Financial Assets Cash and cash equivalents 47.6 31.9 67.6 Trade payables 0.1 0.1 0.0 Bank balance other than cash & cash equivalent 265.7 273.4 324.8 Debt
Slide 42: Credit & Collection
Credit & Collection
Slide 43: 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 44: Information Technology
Information Technology
Slide 45: Data Science Led Credit & Collections Intelligence Ecosystem
Data Science Led Credit & Collections Intelligence Ecosystem Accelerating Growth, Improving Portfolio Quality, and Driving Operational Efficiency Data Science Practice Established in FY’26 Intelligent Collections Analytics Bureau Intelligence & Early Warning IndoStar has accelerated its analytics Fl
Slide 46: Digital Transformation across the Lending Journey
Digital Transformation across the Lending Journey 86% 87% 87% 88% E-NACH adoption reached 88% in Q1FY27, 45% reflecting strong penetration and consistent customer onboarding efficiency E-NACH Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 83% 85% 86% E-Agreement usage improved to 86% in 58% Q1FY27 from 9% in Q1
Slide 47: 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 48: 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 49: Risk Management
Risk Management
Slide 50: Integrated Risk Management Framework
Integrated Risk Management Framework 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 Re
Slide 51: Risk Governance and Control Mechanism
Risk Governance and Control Mechanism 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 sy
Slide 52: Capital and Liquidity risk
Capital and Liquidity risk Liquidity: LCR maintained at 1.53x-1.78x of ALM: Stringent Internal Threshold RBI mandate Time Bucket RBI thresholds ICF Internal thresholds LCR Q1FY26 – Q1FY27 0-7 days -10% -10% 8-14 days -10% -10% 15 days - 1 month -20% -10% 37% 36% • No cumulative negative mismatch acr
Slide 53: 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 54: 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 55: 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 56: 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 57: Ownership Structure and Management Team
Ownership Structure and Management Team
Slide 58: 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 59: Esteemed Board of Directors
Esteemed Board of Directors Aditya Joshi Non-Executive Non-Independent Director o He is a Managing Partner at Brookfield, and heads the private equity business in Asia-Pacific o Prior to Brookfield, he was a Principal at Apax Partners and previously worked at the Blackstone group and Morgan Stanley
Slide 60: 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 61: Experienced Management Team - IndoStar
Experienced Management Team - IndoStar Mr. KV Bharadwaj 4 38 Ms. Jasmin Bawa <1 15 Chief Credit Officer Chief Human Resources Officer o K. V. Bharadwaj, Chief Credit Officer, has over 30 years of experience across credit, risk, o Jasmine has over 15 years of experience in banking and financial servi
Slide 62: Experienced Management Team - IndoStar
Experienced Management Team - IndoStar Mr. Kashinath Palekar 4 21 Mr. Mihir Bhavsar 10 32 Head- Internal Audit Chief Information Security Officer o Kashinath has over 20 years of experience in internal audit, controls, risk, and finance o Mihir, has over 32 years of experience across BFSI and IT/IS,
Slide 63: Experienced Management Team - IndoStar
Experienced Management Team - IndoStar Rohan Sail <1 20 Ashish Madan <1 18 NSM - CE NSM - FE o Mr. Rohan Sail is the National Sales Manager for the o Mr. Ashish Madan is the National Sales Manager for the Construction Equipment (CE) vertical in the Vehicle Finance Farm Equipment (FE) vertical in the
Slide 64: Large Global Private Equity Parentage – June 26
Large Global Private Equity Parentage – June 26 Shareholding Pattern (As on June 2026) Shareholders (holding more than 1%) % Promoters 70.36 BCP V Multiple Holdings Pte Ltd (Brookfield) 55.97 24.87% IndoStar Capital (Everstone) 14.40 2.20% Domestic Institutional Investors 2.57% 2.20 70.36% ICICI Pru
Slide 65: Shareholder return
Shareholder return Book value per share Earning per share 291 293 39.3 260 234 235 0.8 0.6 0.7 -26.3 Q1FY25 Q2FY26 Q3FY26^ Q4FY26 Q1FY27 Q1FY26* Q2FY26 Q3FY26 Q4FY26 Q1FY27 ^-includes Impact of warrants-to-equity conversion (2.5 crore shares) *-including Impact of sale of HFC Business 64
Slide 66: Consolidated Financial Performance
Consolidated Financial Performance
Slide 67: Consolidated Income Statement incl. Discontinued Operations
Consolidated Income Statement incl. Discontinued Operations Particulars (₹ in crs) Q1 FY27 Q4 FY26 Q-o-Q Q1 FY26 Y-o-Y FY26 Revenue from operations 363.9 346.7 343.5 1,393.1 Interest expenses 144.4 131.9 185.5 621.1 Net Interest Income from continuing operations 219.5 214.8 2.2% 158.0 38.9% 772.0 Ot
Slide 68: Consolidated Balance Sheet incl. Discontinued Operations
Consolidated Balance Sheet incl. Discontinued Operations Equity & Liabilities (₹ in crs) Jun’26 Mar’26 Jun’25 Assets (₹ in crs) Jun’26 Mar’26 Jun’25 Financial Liabilities Financial Assets Trade payables 0.1 0.1 0.0 Cash and cash equivalents 51.9 36.2 71.7 Bank balance other than cash & cash equivale
Slide 69: 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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