Piramal Enterprises — Jefferies NBFC Tour (September 2025)
58 slides from Piramal Enterprises's conference presentation, Sep 15, 2025
Slide 1: Intimation of Analyst/Institutional Investor Meeting
15th September, 2025 BSE Limited National Stock Exchange of India Limited 1st Floor, New Trading Wing, Exchange Plaza, 5th Floor, Rotunda Building, P.J. Towers, Plot No. C/1, G-Block, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 001 Mumbai – 400 051 BSE Scrip Code: 500302 NSE
Slide 2: Piramal Enterprises Investor Presentation September 2025
Piramal Enterprises Investor Presentation September 2025
Slide 3: Table of contents
Table of contents A Corporate Overview 03 B PEL’s Equity Story 12 C Strong ESG Framework 53 D Update on Corporate Restructuring Process 55
Slide 4: Corporate Overview
6 Piramal Corporate Overview
Slide 5: 100 years ago, Piramal Chaturbhuj arrived in Bombay
> 1920s › 100 Years ago, Piramal Chaturbhuj arrived in Bombay & built a thriving cotton trade business > 1935 › Acquired India’s oldest cotton mill, Morarjee Mills, taking a step beyond cotton trading > 1970 › His son Gopikisan Piramal expanded the legacy by acquiring VIP Industries & Miranda Tools
Slide 6: Last 30 years journey of Piramal Group
Last 30 years journey of Piramal Group New businesses and corporate actions > 2006 › Launched Piramal Foundation, Fund raises, investments & exits Group’s philanthropic arm > 2010 › Sold domestic formulations business > 2016 › Piramal Realty launched its two to Abbott for $3.8 Bn1 › DHFL acquisition
Slide 7: Piramal Group: At a glance
Piramal Group: At a glance Ajay Piramal Group c. 46% c. 35% (1) c. 58% (2) Financial services Pharma Real Estate Foundation Piramal Enterprises Piramal Pharma Piramal Realty Piramal Foundation A leading, listed, diversified NBFC, with prominent Offers a portfolio of differentiated products and servi
Slide 8: Piramal Enterprises: At a glance
Piramal Enterprises: At a glance Granular and Diversified Lender with stable earnings scaling up steadily Underwriting & Risk Scale Growth Profile Granular Book Distribution Balance Sheet Strength Management INR80,689cr / 0.6% 12% Consol. AUM CAGR Mar’25 Consol. AUM / RoAUM (Mar’23 to Mar’25) INR15l
Slide 9: Board with industry leaders having deep expertise in FS and Tech
Board with industry leaders having deep expertise in FS and Tech Guided by Expert Counsel Vijay Shah Shikha Sharma Rajiv Mehrishi Gautam Doshi Anjali Bansal Non-Executive Director Non-Executive Director Independent Director Independent Director Independent Director Former MD, Former MD & CEO, Former
Slide 10: Strong management team on-board
Strong management team on-board Illustrative examples Anand Piramal Rupen Jhaveri Promoter, Executive Director Group President Harvard Business School Former MD at KKR India University of Pennsylvania NYU Stern School of Business Jairam Sridharan Yesh Nadkarni CEO, Retail Lending CEO, Wholesale Lend
Slide 11: Leadership team to drive retail business
Experienced and strong leadership team to drive retail business Jairam Sridharan CEO, Retail Jagdeep Sunit Saurabh Markandey Vipul Arvind Mallareddy Madan Mittal Upadhyay Agarwal Iyer Chief Chief Chief Chief Data & Business Head Head – Business Officer Operating Officer Technology Officer Analytics
Slide 12: Leadership team to drive wholesale business
Experienced and strong leadership team to drive wholesale business Yesh Nadkarni CEO, Wholesale Origination Credit Asset Mgmt VEG* Sriram S Arpit B Abhishek M Laxman M Abhijeet V Sandeep A Khodadad P Rohit G 20+ years 15+ years 20+ years 19+ years 18+ years 20+ years 20+ years 20+ years Note: (*) Va
Slide 13: PEL's Equity Story
6 Piramal PEL’s Equity Story
Slide 14: PEL's Equity Story
PEL’s Equity Story 1 Well Diversified Book - Building a granular, diversified and profitable book 2 Established branch led sourcing strategy with consistent increase in productivity 3 Superior data driven underwriting capabilities 4 Robust risk management framework leading to superior asset quality
Slide 15: Overview of the Portfolio - Multi-Product Wholesale and Retail lending platform
1 Overview of the Portfolio - Multi-Product Wholesale and Retail lending platform AUM AUM ATS LTV Yield4 90+ DPD5 (INRcr)1 Mix (%)2 (in lakhs)3 Housing 28,034 33% 22 59% 11.7% 0.5% Secured 19,067 22% 25 46% 13.0% 0.5% MSME (LAP) Legacy le sa le olio R f Po o Used Car Loan 4,357 5% 6.5 72% 15.4% 1.3%
Slide 16: Snapshot – Retail Lending
1 Snapshot – Retail Lending June ‘25 June ‘25 AUM INR 69,005 Cr Presence 517 428 26 37% YoY Branches Cities States June ‘25 FY25 I Q1FY26 Mortgages AUM INR 47,101 Cr Opex to AUM 4.6% I 4.2% (HL+LAP) 38% YoY | 68% of retail AUM 230bps in nine quarters June ‘25 June’25 AUM yield ~13.6% 90+ DPD 0.8% St
Slide 17: Retail Lending: Growth momentum across product verticals
1 Retail Lending: Growth momentum across product verticals Retail AUM up 37% YoY Disbursements up 28% YoY In INR Cr. 69,005 FY26 FY25 FY24 FY23 64,652 4% 5% 4% 9,754 4% 8% 9% 8,910 9% 8,718 8,362 47,927 8% 8,066 6% 4% 7,692 6% 8% Total (INR Cr) 6% 6,816 6,828 9% 27% Others * 6,248 32,144 27% 4% Digi
Slide 18: Piramal's commanding position in small-ticket mortgages
1 Retail Lending: Piramal’s commanding position in small-ticket mortgages 1 Large diversified retail NBFCs have grown faster than large monoline 2 Further, in small-ticket mortgages, Piramal is outpacing peers… Mortgage AUM growth - Piramal vs peers3 retail NBFCs Piramal YoY growth Peer group - mort
Slide 19: Strong AUM growth momentum across secured products
1 Retail Lending: Strong AUM growth momentum across secured products (In INR Cr) Housing loans +23% YoY LAP +67% YoY Used car loans +73% YoY 28,034 19,067 26,661 17,180 4,357 22,022 4,039 AUM 16,568 10,590 2,117 6,980 778 Mar'23 Mar'24 Mar'25 June'25 Mar'23 Mar'24 Mar'25 June'25 Mar'23 Mar'24 Mar'25
Slide 20: Actively managing disbursements to navigate risk
1 Retail Lending: Actively managing disbursements to navigate risk (In INR Cr) Salaried PL +59% YoY Business loans +27% YoY Digital loans -11% YoY (UBL1 and Microfinance) 5,975 6,034 * 5,615 * 5,219 AUM 4,282 3,814 3,098 2,898 3,138 2,735 2,448 816 Mar'23 Mar'24 Mar'25 June'25 Mar'23 Mar'24 Mar'25 J
Slide 21: Customer profile for branch-based acquisition
1 Retail Lending: Customer profile for branch-based acquisition Median customers at 38 years age c.55% customers are self-employed 7% 19% 41% 18 - 34 yrs. 35 - 44 yrs. Employment 48% Salaried Age group 52% category Self empoyed 45 - 54 yrs >=55 yrs. 33% Median customers earn INR49k monthly income c.
Slide 22: Cross-sell franchise
1 Retail Lending: Cross-sell franchise | 25 - 30% of unsecured disbursements through cross-sell Cross-sell% in unsecured disbursements Total customer franchise up 21% YoY to 4.8 Mn 3,126 3,017 2,664 2,770 Q1 FY25 Q1 FY26 2,540 29% 26% 15% 17% 30% In Mn 4.0 Total customer franchise 4.8 Total (₹ Cr) C
Slide 23: Wholesale 2.0: Tapping opportunity in underpenetrated real estate and corporate mid-market
1 Wholesale 2.0: Tapping opportunity in underpenetrated real estate and corporate mid-market lending Why Real Estate Financing Market? Corporate Mid-market Lending: A Large Untapped Market in India OPPORTUNE TIMING Predominantly OpCo loans Beginning of growth cycle as affordability at all time high
Slide 24: Wholesale 2.0: Diversified and granular book
1 Wholesale 2.0: Building a diversified and granular book backed by cash flows and assets AUM +47% YoY Disbursements +46% YoY Total repayments (including pre-payments) In INR Cr. 7,192 Total 10,425 Corporate mid market loans 4,397 Real estate 9,117 5,886 2,661 2,425 2,437 2082 1,804 6,347 2,286 2,10
Slide 25: Wholesale 2.0: Granular and diversified build-out
1 Wholesale 2.0: Granular and diversified build-out (Charts represents data for outstanding AUM) A granular build-out WS 2.0 AUM Average loan tenure AUM, in INR Cr. In years, represents average residual tenor Average ticket size 87 79 70 74 3.3 3.3 10,425 3.2 3.1 9,117 6,347 2,792 Mar'23 Mar'24 Mar'
Slide 26: Wholesale 2.0: Portfolio analysis
1 Wholesale 2.0: Portfolio analysis Repayment analysis In INR Cr. Effective Interest Rate (EIR)* <14% >14% Total WS2.0 AUM (INR Cr.) Contracted repayment Portfolio 13.5% 13.7% 14.4% 14.5% Actual repayment EIR^ Repayment + Prepayment + Exits 10,425 9,117 4,398 6,347 6,292 5,143 2,605 2,286 1,922 2,79
Slide 27: Legacy AUM down 85% since March 2022
1 Legacy AUM down 85% since March 2022 AUM down by INR 600 Cr in Q1FY26 -51% YoY -9% QoQ AUM composition 51,436 Total (INR Cr) Legacy AUM (INR Cr.) Stage 1 loans % Total AUM 29,053 Stage 2 loans 45,429 44,411 43,174 Stage 3 loans AIF 91% 91% 89% SRs Lands & receivables -33% YoY 46% Total AUM 29,053
Slide 28: Established branch led sourcing strategy
2 Established branch led sourcing strategy # branches (Mar’25) FY25 Sourcing Mix (% Retail Disbursement) 517 1 Branches DSAs, 37% 1 19 19 13 1 8 26 In-House, 63% States 40 45 6 6 25 3 1 13 Maharashtra, 30 5 20% 7 83 Others, 33% 29 Mar’25 1 30 Retail AUM Mix % Tamil Nadu, 12% ~16,400 52 Mar’25 PEL Wo
Slide 29: Branch and employee productivity are steadily improving
2 Branch and employee productivity are steadily improving AUM per branch In INR Cr Revenue per branch Indexed at 100 as on Mar-23 Revenue per branch (trailing 12 months) 133 177 125 168 98 138 80 100 Mar-23 Mar-24 Mar-25 Jun-25 Mar-23 Mar-24 Mar-25 Jun-25 Disbursement per branch In INR Cr Disburseme
Slide 30: Increasing product penetration at existing branches
2 Increasing product penetration at existing branches, and… We are moderating the pace of branch …and focusing more on increasing 3 …leading to more products being 1 2 expansion… product penetration into existing offered per branch branches … 5 Products 4 Products Branches added in the year 3 Produc
Slide 31: A maturing network to drive productivity expansion
2 …a maturing network to drive productivity expansion In INR Cr 1 Our branches are becoming more mature… 2 …and productivity will further increase Number of branches, by vintage Benchmark monthly disbursement2 per branch by vintage 4.8 490 517 517 8 404 278 Total 294 275 2.8 >=3 yrs.1 2-3 yrs. 282 1
Slide 32: Superior data driven underwriting capabilities
3 Superior data driven underwriting capabilities Detailed Due Approval & Loan Origination Initial Assessment Disbursement Monitoring Diligence Negotiation Lead generation (e.g. Financial analysis Internal credit, Legal & Execution of Post-disbursement direct, partner KYC & AML checks (bank statement
Slide 33: Superior data driven underwriting capabilities (cont'd)
3 Superior data driven underwriting capabilities (cont’d) Visuals from physical PD 700+ Credit managers in Branches 150+ Mobile shop owner Tailor Master Marble Trader Personal Discussion Credit managers from Bhilwara from Gwalior From Shahpura based underwriting in Central Processing Unit Leaders wi
Slide 34: Superior data driven underwriting capabilities (cont'd)
3 Superior data driven underwriting capabilities (cont’d) 250+ On-roll Appraisal Staff Appraisal staff on site 50+ On-roll Legal Staff In-house Collateral appraisal1 and Legal Approvers 1,00,000+ Appraisal Visits in FY25 Road constructor Hotel owner Govt. servant from Bangalore from Aurangabad from
Slide 35: Are our credit scorecards doing a good job?
3 Are our Credit scorecards doing a good job? 16% of people we reject get a loan elsewhere, but their risk is 2.8x of those we approve Off-Us analysis1 of the reject base (All products) Risk on the portfolio2 1x Total loan applications (100) 2.8x Notes: (1) Off-Us take ups are identified from the bu
Slide 36: Asset quality metrics: returned to pre-stress periods
4 Asset quality metrics: Post peak in FY23 have returned to pre-stress periods GNPA & NNPA ratio 4.3% 4.1% 4.0% 3.7% 3.7% 3.7% 3.8% 3.3% 3.4% 3.1% 2.9% 2.8% 2.8% 2.8% 2.8% 2.7% 2.7% 2.4% 2.4% 2.1% 2.2% 1.8% 1.9% 1.9% 2.0% 1.8% 1.8% 1.7% 1.5% 1.6% 1.5% 1.5% 1.5% 1.5% 1.3% 1.1% 1.1% 0.8% Q3 FY21 Q4 FY
Slide 37: Retail risk (1/2) – Stable 90+ DPD
4 Retail risk (1/2) – Overall stable 90+ DPD reflects diversified AUM mix AUM as of Q1 FY26 (₹ Cr) Housing loans 28,034 33% LAP 19,067 22% % of consol. AUM as of Q1 FY26 3% 3% 90+ DPD 2% 2% 1.6% 1.5% 0.9% 1.0% 1% 0.6% 0.6% 0.6% 0.7% 0.7% 0.6% 0.6% 0.4% 0.4% 0.5% 0.5% 0.5% 0.5% 1% 0.5% 0.5% 0.3% 0.4%
Slide 38: Retail risk (2/2) – vintage risk
4 Retail risk (2/2) – vintage risk* : steady improvement in quality of new originations AUM as of Q1 FY26 (₹ Cr) Housing loans 28,034 33% LAP 19,067 22% % of consol. AUM as of Q1 FY26 6% 6% * 90+ DPD at 12 months on book 5% 5% 4% 4% 3% 3% 1.5% 2% 2% 0.9% 0.6% 0.4% 0.4% 0.5% 0.4% 0.5% 0.3% 0.5% 0.6%
Slide 39: Agile tech framework with High Tech / High Touch model
5 Agile tech framework seamlessly integrated with unique “High Tech / High Touch” model A lender that goes beyond just PAPERS and sees the INTENT of the person Who are we? High Touch High Tech Who are our customers? What we do for them? Budget customers of Bharat, residing in Provide credit to the “
Slide 40: High Tech / High Touch model (cont'd)
5 Agile tech framework seamlessly integrated with unique “High Tech / High Touch” model (cont’d) Home loan Sales and Underwriting (u/w) Eligibility checks Monitoring Collections as an example Sourcing and sanction D A High Touch G C High Tech B C E F A. Strong branch A B. Parameterized B High Tech a
Slide 41: AI and Agentic solutions
5 AI and Agentic solutions: Driving real impact on productivity, risk management and customer experience Deployed and scaling Productivity Risk management Customer Experience Revenue Enhancement Partial / early deployment Under development Arya – General purpose AI AI bank statement End-to-end email
Slide 42: Leveraging AI for improving efficiency
5 Leveraging AI for improving efficiency Illustrative examples AI/ML scorecards AI/ML scorecards Automated credit memo Traditional AI 1 Risk management Fraud prevention 10-20% ~80k credit memos generated by credit managers lift in “Bad” capture over bureau scores in FY25 Automated credit memo Genera
Slide 43: Continued digital engagement, service and collections
5 Continued digital engagement, service and collections Mobile App WhatsApp Engagement1 Up 31% YoY MAU up 28% YoY Engagement 34L In Lakh In Lakh 6% 2.3 15% Others 6.7 26L 1.8 7% 6% Branch 17% 21% Email 3.4 10% 14L 7% Phone 7% 25% 16% WhatsApp Q1 FY25 Q4 FY25 Q4 FY24 Q4 FY25 14% 20% 44% Mobile App 40
Slide 44: Focused on continued diversification of borrowings
6 Focused on continued diversification of borrowings Borrowing mix by type of lender Borrowing mix by type of instrument As of June ‘25 48.8k 53.5k 65.8k 68.6k 5% 4% 3% 3% 5% 4% 5% 8% 7% 6% 8% 9% 9% 8% 1% 1% 6% 8% 11% 8% 9% 12% 1% 10% 10% 10% NCDs / Bonds 6% 6% 11% 39% Loans 12% CP 11% ECB 58% 59% 4
Slide 45: Liabilities management
6 Liabilities management Average borrowing cost – stabilized and beginning to fall Leverage ratios Gross debt to equity Net debt to equity 3.1 9.2% 9.1% 9.1% 9.1% 2.5 2.3 2.4 8.9% 8.9% 2.0 2.1 8.8% 8.8% 2.0 2.0 2.5 8.7% 8.7% 1.7 1.6 1.7 8.6% 8.6% 1.5 1.5 2.2 2.0 2.0 1.8 1.9 1.8 1.8 8.4% 1.4 1.5 1.3
Slide 46: Asset-liability profile
6 Asset-liability profile As on June 30, 2025 In INR Cr. Very strong position on liquidity Cumulative inflows PEL's consol. LCR % - period end Cumulative outflows Regulatory LCR% requirement (NBFCs) 1,34,665 1,20,139 1032% 90,405 78,969 71,524 672% 64,510 448% 35,567 29,750 330% 337% 21,456 16,184 2
Slide 47: Financial Overview – Profit and loss statement
7 Financial Overview – Profit and loss statement In INR Cr. Consolidated income statement FY23 FY24 FY25 1 Interest income 7,799 7,423 8,909 Less: Interest expense 4,041 4,400 5,317 Net interest income 3,757 3,022 3,591 Fee & commission 292 560 440 Dividend 92 148 58 Others 905 241 506 Other income
Slide 48: Financial Overview – Balance Sheet
7 Financial Overview – Balance Sheet (INR Cr.) Consolidated balance Consolidated Balance Sheetsheet (INR Cr.) Particulars Mar’23 Mar’24 Mar’25 Assets Cash & liquid investments 7,430 6,247 10,084 Gross asset under management 63,989 67,219 73,685 ECL provision 3,964 3,429 2,042 Net assets under manage
Slide 49: Profit and loss statement Q1FY26 Update
7 Financial Overview – Profit and loss statement Q1FY26 Update In INR Cr. Consolidated income statement Q1 FY26 Q1 FY25 YoY % Q4 FY25 QoQ % Interest income 2,504 2,011 24% 2,381 5% Less: Interest expense 1,494 1,205 24% 1,417 5% Net interest income 1,010 807 25% 964 5% Fee & commission 114 109 5% 12
Slide 50: Balance Sheet June'25 Update
7 Financial Overview – Balance Sheet June’25 Update In INR Cr. Consolidated balance sheet Particulars Q1 FY26 Q4 FY25 Q1 FY25 Assets Cash & liquid investments 9,070 10,084 5,803 Gross asset under management 77,572 73,685 68,053 ECL provision 1,829 2,042 2,997 Net assets under management 75,743 71,64
Slide 51: Financial Overview – RoA Tree
7 Financial Overview – RoA Tree Ratios on on-balance sheet (B/S) assets Ratios on AUM 1 Total income (on-book) Total 2 Net total income (on-book) 3 Net total income + DA/co-lending income Retail fee As % on-B/S assets As % on-B/S assets As % of AUM# Total Interest income FY24 FY25 Q1 FY26 DA/Co-lend
Slide 52: Operating efficiency: Met FY25 targets
7 Met FY25 targets FY25 – stated targets FY25 - actual ~80 81 ✓ Growth and mix Total AUM (INR ‘000 Cr) (up ~15% YoY) (up 17% YoY) Retail : Wholesale mix 75 : 25 80 : 20 ✓ Legacy AUM INR 6,000 - 7,000 Cr INR 6,920 Cr ✓ Legacy book INR 1,700 over 2 years AIF gains (FY25 & FY26) INR 926 Cr in FY25 ✓ Op
Slide 53: On track to meet all FY26 targets
7 On track to meet all FY26 targets FY25 Q1 FY26 FY26 Target 1 Total AUM - YoY growth 17% 22% 25% AUM growth and mix 2 Growth AUM - YoY growth 36% 38% 30% 3 Retail share in total AUM 80% 80% 80-85% 4 Legacy AUM (₹ Cr) 6,920 6,327 3,000-3,500 5 Consol. PAT (₹ Cr) 485 276 1,300-1,500 52
Slide 54: Strong ESG Framework
6 Piramal Strong ESG Framework
Slide 55: Strong ESG Framework
Strong ESG Framework ▪ Identification and monitoring of Risk Management ESG risk for portfolio Responsible ▪ Implementation of exclusion list Lending across portfolio ▪ Quarterly review of ESG Corporate performance by the Board Governance and ▪ At least 1 ESG expert on the Board Compliance ▪ Increas
Slide 56: Update on Corporate Restructuring Process
Update on Corporate Restructuring Process
Slide 57: Proposed merger of PEL with PFL to complete by Q3FY26
Proposed merger of PEL with PFL to complete by Q3FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Board Approval (May 8th, 2024) Blackout Filing of scheme with Stock Exchanges Period ~40-45 Days Approval receipt from • SEBI • RBI NCLT process Receipt of shareholders’ and creators’ approval NCLT
Slide 58: Thank You
Thank You
Piramal Enterprises — Jefferies NBFC Tour (September 2025) on 6ix