Arman Financial Services Limited · NSE:ARMANFIN

Arman Financial Services — H1 FY2026 Earnings Presentation

42 slides from Arman Financial Services's earnings presentation, Nov 14, 2025

  1. Slide 1: Covering letter to stock exchanges

    ________________________________________________________________________________________________________________________________________________________________________________________________ _Registered Office: 502-503, SAKAR III, OPP. OLD HIGH COURT, OFF ASHRAM ROAD, AHMEDABAD-380014, GUJARAT, IN

  2. Slide 2: Arman Financial Services Limited Investor Presentation – November 2025

    Arman Financial Services Limited Investor Presentation – November 2025 1

  3. Slide 3: 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

  4. Slide 4: Agenda

    Business Update Page 4 - Page 7 About the Company Page 8 - Page 14 Presence in Attractive Retail Page 15 - Page 22 Lending Segments Efficient Liability Management Page 23 - Page 26 Strong Financial Performance Page 27 - Page 40

  5. Slide 5: Business Update

    Business Update Business Update

  6. Slide 6: H1FY26 Performance Highlights

    H1FY26 Performance Highlights INR 2,130 Crore INR 105 Crore* Assets Under Provisions Cumulative Provisions stood at INR 87.51 Crore as on 30 th Management and Write offs September 2025 (-13.6% Y-o-Y) (covering 4.1% of the consolidated AUM, 5.2% on book) INR 865 Crore GNPA: 3.69% Disbursement Asset Q

  7. Slide 7: Track Record of Capital Raising (1/2)

    Track Record of Capital Raising (1/2) 2018: Investment by SAIF Partners Shareholding Pattern as on 30 th September 25, on Fully diluted • In 2018, raised Rs. 50 crore by issuing compulsorily convertible debentures (CCDs) to SAIF Partners, a Business Performance basis leading private equity firm 22.0

  8. Slide 8: Track Record of Capital Raising (2/2)

    Track Record of Capital Raising (2/2) Calculated as per IND-AS Net worth (INR Crore) Debt/Equity (x) # CRAR (%) 859 874 861 872 1.4 1.3 1.3 57.8% 1.2 45.7% 48.4% 50.1% 39.5% 37.3% 38.2% 38.7% Dec-24 Mar-25 Jun-25 Sep-25 Dec-24 Mar-25 Jun-25 Sep-25 Dec-24 Mar-25 Jun-25 Sep-25 Arman (Standalone) Namra

  9. Slide 9: About the Company

    About the Company About the Company

  10. Slide 10: 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 upg

  11. Slide 11: Journey so Far

    Journey so Far 1992 1995 1998 2010 2011 • Company Incorporated • Listing on BSE – • Launched 2W Loans • Launched Microfinance • Raised PE funding • Started bill discounting Issue subscribed business from Incofin & Machine leasing 22x • Disbursement crosses INR 50 Crore 2019 2018 2017 2014-16 2013 •

  12. Slide 12: Geographical Footprint

    Geographical Footprint Geographical AUM Mix Number of (Consolidated) H1FY26 H1FY25 Branches 2% 11% Microfinance 396 381 2% 30% 4% MSME 109 89 3% 3 11 10% 2W & Rural 2W 4 4 96 58 62 15% Total 509 474 21% 18 97 84 2% Gujarat Rajasthan Bihar 46 Uttar Pradesh Telangana Others 26 Jharkhand Maharashtra Ma

  13. Slide 13: 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

  14. Slide 14: Eminent Board of Directors

    Eminent Board of Directors Alok N. Prasad Jayendrabhai B. Patel Aalok J. Patel Chairman Vice Chairman & Managing Director Joint 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 ban

  15. Slide 15: 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

  16. Slide 16: Presence in Attractive Retail Lending Segments

    Presence in Attractive Retail Lending Segments

  17. Slide 17: Product Offerings across Verticals

    Product Offerings across Verticals 65.8% 22.2% 3.5% Microfinance - JLG MSME Loans Two-Wheeler Loans Average Ticket Size : INR 51,000 Average Ticket Size: Average Ticket Size: (Cycle 1 & 2 -INR 25K – 60K INR 77,000 INR 77,000 Cycle 3+ -INR 25K – 75K) Tenur e: 18 - 24 Months Tenure: 24 Months Tenure:

  18. Slide 18: Microfinance Loans

    Microfinance Loans (INR Crore) AUM* Disbursement Total Income Profit After Tax Avg. Ticket Size (INR) 1,981 625 281 25 51,000 605 46,000 1,507 209 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 -29 H1FY25 H1FY26 H1FY25 H1FY26 *Includes Individual Business Loans • Disbursement: 100% Cashless • JLG model w

  19. Slide 19: MSME Loans

    MSME Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 473 196 82 77,000 77,000 398 172 71 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 • Individual enterprise /working capital loans for small rural businesses in low competition • Disbursement: 100% Cashless areas • C

  20. Slide 20: LAP Loans

    LAP Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 75 35 7 7,50,000 4,60,000 9 11 1 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 • Disbursement: 100% Cashless • Credit Checks: CIBIL & CRIF Score; Home & Business Field Investigation, • Company launched and piloted a

  21. Slide 21: 2W and Rural 2W Loans

    2W and Rural 2W Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 74 75 29 10 10 72,500 77,000 26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 • Hypothecation (secured) loans given to self-employed /cash-salaried customer in the • Disbursement: 100% Cashless informal

  22. Slide 22: MSME Process Overview

    MSME Process Overview MSME Process Overview Sourcing Underwriting Collections • In-house sourcing team (No DSAs) • Credit bureau check (CRIF & CIBIL) • Team member that does sales also • handles collections • Feet-on-Street sales team model Physical FI & PD by in house credit manager at residence &

  23. Slide 23: Collection Efficiency

    Collection Efficiency Microfinance MSME Two-Wheeler Total 95.4% 95.3% 95.6% 95.3% 95.4% 95.4% 95.4% 95.3% 95.8% 95.4% 95.3% 95.6% Jul-25 Aug-25 Sep-25 Jul-25 Aug-25 Sep-25 Jul-25 Aug-25 Sep-25 Jul-25 Aug-25 Sep-25 Two- Update on Collections Particulars (INR Crore) Microfinance MSME Wheeler Total • T

  24. Slide 24: Efficient Liability Management

    Efficient Liability Management

  25. Slide 25: Strong Capitalization with Sufficient Liquidity

    Strong Capitalization with Sufficient Liquidity Capital Adequacy Ratio ALM Position (in Months) 57.8% 19 50.1% 17 48.4% 16 16 16 16 16 45.7% 15 15 15 39.5% 37.3% 38.2% 38.7% 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 Q2 FY 2 5 Q3 FY 2 5 Q4FY25 Q1 FY 2 6 Q2 FY 2 6 Arman (Standalone) Namra Av g T enur e

  26. Slide 26: Borrowing Profile

    Borrowing Profile Borrowing Mix (%) (INR Crore) Top 5 Lending Partners 2,019 1,765 1,769 1,621 1,695 Top 5 Lenders % of Borrowings Lender 1 - TL 13.12% 33.9% 32.2% 32.8% 30.2% 35.9% Lender 2 - TL & DA 9.74% 2.6% Lender 3 - TL & DA 8.78% 3.7% 4.3% 3.4% 4.4% 12.3% 14.6% Lender 4 - DA 5.46% 11.8% 13.0%

  27. Slide 27: Securitization and 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 26

  28. Slide 28: Financial Performance

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  29. Slide 29: Consolidated Profit & Loss Statement

    H1FY25 Consolidated Profit & Loss Statement Particulars (INR Crore) Q2FY26 Q2FY25 YoY % Q1FY26 QoQ% H1FY26 H1FY25 YoY % Income from Operations 159.2 181.5 151.0 310.2 365.9 Other Income 0.0 0.0 0.0 0.0 0.0 Gross Total Income 159.2 181.5 -12% 151.0 5% 310.2 365.9 -15% Finance Costs 49.6 65.3 52.2 101

  30. Slide 30: Balance Sheet – 30th September 2025

    Balance Sheet – 30th September 2025 Particulars (INR Crore) Consolidated Standalone Particulars (INR Crore) Consolidated Standalone ASSETS Sept-25 Mar-25 Sept-25 Mar-25 LIABILITIES & EQUITY Sept-25 Mar-25 Sept-25 Mar-25 Financial Assets Equity Share capital 10.5 10.5 10.5 10.5 Cash and cash equivale

  31. Slide 31: Consolidated Business Performance

    Consolidated Business Performance (INR Crore) AUM Disbursement Gross Total Income 2,465 544 199 2,280 2,245 181 2,156 2,130 475 165 159 390 151 373 338 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Net Total Income Pre-provision Operating Pr

  32. Slide 32: Consolidated Business Performance

    Consolidated Business Performance Net Interest Margin (%) Cost to Income Ratio (%) Yield (%) 16.7% 48.7% 25.4% 24.8% 25.1% 25.5% 25.9% 16.0% 16.0% 15.1% 15.2% 44.0% 35.9% 33.3% 31.1% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Asset Qualit

  33. Slide 33: PAR Movement

    PAR Movement PAR 31-90 (%) Movement GNPA (%) 5.0% 4.7% 4.4% 3.7% 3.6% 3.2% 3.8% 3.8% 6.8% 2.8% 3.9% 6.1% 2.2% 3.4% 3.4% 2.4% 2.9% 4.7% 0.16% 4.5% 4.6% 3.9% Mar-23 Mar-24 Mar-25 Jun-25 Sep-25 4.0% 2.3% NNPA (%) 2.9% 2.1% 1.4% 1.3% 1.9% 1.1% 1.6% 1.6% 1.4% 0.5% 0.3% 0.11% 1.1% 1.1% 0.9% 1.0% Mar-23 Ma

  34. Slide 34: H1FY26 – Standalone P&L Statement (2W, MSME & LAP)

    H1FY26 – Standalone P&L Statement (2W, MSME & LAP ) Particulars (INR Crore) Q2FY26 Q2FY25 YoY% Q1FY26 QoQ% H1FY26 H1FY25 YoY% • Standalone AUM stood at ~INR 623 as on 30 th September 2025 Income from Operations 51.7 44.1 50.3 102.0 86.3 • Disbursement of ~INR 140 Crore in Q2FY26; of Other Income 0.4

  35. Slide 35: Standalone Business Performance

    Standalone Business Performance (INR Crore) AUM Disbursement Gross Total Income* 623 151 48.9 49.2 572 140 47.5 560 75 12 43.3 512 125 42.3 6.1 4.9 4.9 494 78 75 117 16 109 5.2 5.0 85 83 25 13 18 473 130 99 40.6 454 460 41.6 40.7 398 410 91 94 36.6 37.3 86 75 25 11 19 28 36 5 9 9 10 0.6 0.9 1.2 1.9

  36. Slide 36: H1FY26 - Namra Finance Profit & Loss Statement

    H1FY26 - Namra Finance Profit & Loss Statement Particulars (INR Crore) Q2FY26 Q2FY25 YoY % Q1FY26 QoQ% H1FY26 H1FY25 YoY% • Over the years we have steadily expanded and deepened our MFI presence through our wholly owned subsidiary, Namra Finance. This Income from Operations 107.5 138.0 101.8 209.3 2

  37. Slide 37: Microfinance Business Performance – Namra Finance (1/2)

    Microfinance Business Performance – Namra Finance (1/2) (INR Crore) AUM Disbursement Gross Total Income 1,981 393 150 1,768 138 1,686 335 121 1,554 1,507 269 270 102 107 214 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Net Total Income Pre-

  38. Slide 38: Microfinance Business Performance – Namra Finance (2/2)

    Microfinance Business Performance – Namra Finance (2/2) Net Interest Margin (%) Cost to Income Ratio (%) Yield (%) 14.0% 47.9% 50.1% 23.0% 22.6% 23.4% 22.1% 21.6% 12.5% 11.9% 12.0% 12.4% 35.8% 31.2% 29.5% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY

  39. Slide 39: AUM and Disbursements Trends

    AUM and Disbursements Trends Total AUM (INR Crore) Total Disbursements (INR Crore) 2,639 2,297 14% 2,245 3% 14% 1,943 20% 1,767 3% 1,713 13% 13% 3% 1% 3% 3% 23% 1,233 4% 1,024 13% 83% 880 860 4% 778 14% 82% 814 16% 4% 685 17% 84% 75% 12% 84% 11% 15% 6% 547 12% 10% 509 72% 453 14% 10% 15% 83% 248 0%

  40. Slide 40: Historical Metrics

    Historical Metrics Gross and Net Total Income Yield & NIM (%) Asset Quality (INR Crore) COVID-19 Demonetization COVID-19 Demonetization 730 6.7% Demonetization COVID-19 662 28.3% 27.4% 26.7% 25.5% 24.4% 25.2% 25.2% 22.9% 491 21.5% 424 4.6% 396 16.5% 16.5% 15.9% 15.4% 3.3% 14.0% 14.3% 14.2% 13.8% 2.6

  41. Slide 41: 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

  42. Slide 42: Thank You!

    Contact Information Company: Arman Financial Services Limited CIN: L55910GJ1992PLC018623 Mr. Vivek Modi Chief Financial Officer (CFO) Thank You! Email : vivek@armanindia.com www.armanindia.com Investor Relations Advisors: Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285 Mr. Abhishek Sh

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