Aavas Financiers Ltd. · NSE:AAVAS
Aavas Financiers — H1FY26 Earnings Presentation
37 slides from Aavas Financiers's earnings presentation, Nov 11, 2025
Slide 1: Exchange filing cover letter for investor presentation
Ref. No. AAVAS/SEC/2025-26/791 Date: November 11, 2025 To, To, The National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Mumbai – 400051 Mumbai – 400001 Scrip Symbol: AAVAS Scrip Code: 541988 Dear Sir/Madam,
Slide 2: Investor Presentation H1FY26
INVESTOR PRESENTATION H1FY26
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Aavas Financiers Ltd. (the “Company”), without any specific objectives and solely for information purposes and do not constitute directly or indirectly any advertisement, advise, offer, recom
Slide 4: Executive Summary – H1FY26
Executive Summary – H1FY26 Financial Capital Assets Customers Distribution Performance Structure ₹ 213.6 bn 99.5% ₹ 3,036 mn 405 ₹ 46.8bn AUM Retail Loans PAT* Branches Net Worth ₹ 27.1 bn 67% | 33% 13.08% | 7.85% 14 46.42% Disbursement HL | NHL Yields | CoB States/UTs CRAR ₹ 30.99 bn | 7.82% 2,55,6
Slide 5: Key Performance Highlights – Q2FY26
Key Performance Highlights – Q2FY26 AUM (₹ mn) Disbursement (₹ Mn) 1+ DPD (%) +16% +21% +2 bps 213,566 15,599 183,956 12,940 3.97% 3.99% Sep-24 Sep-25 Q2 FY25 Q2 FY26 Sep-24 Sep-25 Spread (%) NIM (%) PAT (₹ mn) +34 bps +26 bps +11% 5.23% 8.04% 1,644 7.78% 1,478 4.89% Sep-24 Sep-25 Q2 FY25 Q2 FY26 Q2
Slide 6: Pillars of Strength
Pillars of Strength Strengthening through Diverse Geographical Distribution In-house Execution Model IT Transformation Institutionalization Professional Management Experienced Board of Directors Diversified Shareholding Base Team 5 Aavas | Investor Presentation H1FY26
Slide 7: Aavas 3.0: Building a Lasting Institution
Aavas 3.0: Building a Lasting Institution Aavas 1.0 Aavas 2.0 Aavas 3.0 550.0 2012 2016 2023 Change in Promoter AUM (INR Bn) Investment (2016) by: IPO (October 2018) 204.2 213.6 173.1 113.5 141.7 78.0 94.5 40.7 59.4 0.0 1.8 4.1 8.4 16.8 26.9 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY2
Slide 8: Scaled & Resilient Organization Built On Strong Pillars
Scaled & Resilient Organization Built On Strong Pillars People, Processes & Technology Built For Scale Risk Financial Human Capital Technology Capital In-house seasoned Risk and Strong Equity Capital Base & Organization Structure Built For Technology like Bank and Agility of Collections Team support
Slide 9: Diverse Geographical Distribution
Diverse Geographical Distribution Data as on 30th Sept 2025 Geographical diversification journey Branch Vintage (No of Branches) 80% 34 76% 24 <1 yr Punjab Himachal Pradesh 74% 52 4 53 5 71% 1-3 yrs Uttarakhand 69% 105 Haryana 9 67% 116 3-6 yrs 20 Delhi 65% 65% 5 6-9 yrs 162 Rajasthan Uttar Pradesh
Slide 10: Right to Win with In-house Model
Right to Win with In-house Model In-house CSC & E-Mitra: Common service centers Focused on Direct: In-house across India Open market, cold calling, Sourcing canopy activity, etc. Building Four-tiered Institutional collection Partnership Mitra: architecture for Lead People in allied1 generation indus
Slide 11: Major Technology Transformation Completed
Major Technology Transformation Completed 1 2 3 Guiding Be like a Bank Enable Sustainable Growth with Create a Superior Customer Principles by Technology Capabilities Significant Operating Leverage Experience Origination Loan Management System ERP / GL System CRM ✓Consolidation of processes into a s
Slide 12: Technology Transformation Outcomes
Technology Transformation Outcomes Login to Sanction TAT (days) Digital Led Business (Rs. In Mn) 13 ~54% ~1,500 10 11 9 7 6 ~590 FY21 FY22 FY23 FY24 FY25 H1FY26 H1FY25 H1FY26 Unique Customer login in App Gen AI Bot Conversation 39,000+ ~ 35,000 28,000+ ~ 20,000 Q2FY25 Q2FY26 H1FY25 H1FY26 Leveraging
Slide 13: Strong Management depth continues to drive Outperformance
Strong Management depth continues to drive Outperformance Sachinder Bhinder Ghanshyam Rawat Ashutosh Atre Ripudaman Bandral Managing Director & President & Chief President & Chief Risk Chief Credit Officer CEO Financial Officer Officer • 27+ years of experience • 30+ years of experience in financial
Slide 14: New Board bringing in a wealth of experience
New Board bringing in a wealth of experience Kalpana Kaushik Sandeep Tandon Soumya Rajan Mazumdar Chairperson of Board, Independent Director & Independent Director & Independent Director & Chairperson of Nomination Chairperson of Stakeholders Chairperson of Audit & Remuneration Committee Committee R
Slide 15: Diversified Shareholding Base
Diversified Shareholding Base Shareholding Pattern as on Top Institutional Shareholders as on 30th Sept 2025 30th Sept 2025 Investor Details % Holding CVC Capital 48.96 Stewart Investors^ 4.11 Others, 10.93% Axis Max Life 3.12 UTI Asset Management^* 2.99 Wasatch^ 2.95 48.96% IIFL Asset Management^*
Slide 16: Business Performance
Business Performance Healthy Business Growth Business Mix Spreads, Margins and Yields Cost Efficiency and Return Ratios Key Financial Ratios Asset Quality Liability Franchise ALM and Liquidity Position 15 Aavas | Investor Presentation H1FY26
Slide 17: Healthy Business Growth
Healthy Business Growth Assets under Management (AUM) (₹ mn) 2,04,202 2,07,397 2,13,566 2,04,202 1,73,126 1,92,380 1,41,667 1,83,956 1,13,502 94,543 77,961 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 (YoY %) 31% 21% 20% 25% 22% 18% 20% 20% 18% 16% 16% Disbursement 36
Slide 18: Business Wise Mix
Business Wise Mix Average ticket size AUM (Segment wise) AUM (Occupation wise) ₹ 0.72 mn 13% 13% ₹ 0.76 mn ₹ 0.97 mn ₹ 0.98 mn 40% 39% ₹ 0.82 mn 18% 20% ₹ 0.87 mn ₹ 1.04 mn 69% 67% ₹ 1.08 mn ₹ 0.93 mn 60% 61% ₹ 0.97 mn Sep-24 Sep-25 Sep-24 Sep-25 HL MSME LAP Self employed Salaried Disbursement (Segm
Slide 19: Well Diversified Portfolio Mix
Well Diversified Portfolio Mix AUM by Geography AUM by Ticket size (No of Loans) Karnataka, 4% Others, 3% 1% Haryana, 5% 5% Delhi, 5% Rajasthan, 33% Upto ₹ 1.5 Mn 10% Uttar Pradesh, 6% ₹ 1.5 to ₹ 2.5 Mn ATS: ₹0.98 mn ₹ 2.5 to ₹ 5.0 Mn Gujarat, 12% Above ₹ 5.0 Mn Madhya Maharashtra, 84% Pradesh, 12%
Slide 20: Spreads, Margins and Yields
Spreads, Margins and Yields Yield and Cost of Borrowings (%) 14.5% 9.3% 13.63% 13.16% 13.12% 13.13% 13.13% 9.1% 12.66% 14.0% 13.5% 13.04% 13.18% 13.13% 13.13% 13.08% 8.9% 8.7% 13.0% 8.5% 12.5% 8.3% 12.0% 8.24% 8.24% 8.1% 8.44% 8.07% 8.24% 11.5% 8.15% 8.02% 7.9% 7.40% 7.61% 6.88% 7.85% 11.0% 7.7% 10.
Slide 21: Cost Efficiency & Return Ratio
Cost Efficiency & Return Ratio Opex to Asset and Cost to Income (%) 45.2% 45.7% 46.3% 4.5% 41.9% 44.5% 43.4% 4.5% 41.5% 50.0% 39.1% 43.7% 46.0% 42.2% 45.0% 40.9% 40.0% 4.0% 4.0% 3.69% 3.71% 42.0% 3.58% 35.0% 3.45% 3.46% 3.51% 3.38% 30.0% 3.5% 3.32% 3.5% 3.27% 3.18% 25.0% 38.0% 3.01% 20.0% 15.0% 3.0%
Slide 22: Key Financial Ratios
Key Financial Ratios Profit after tax (PAT) Net Worth Without raising Capital (₹ mn) (₹ mn) 46,799 5,743 43,608 6,50 0 6,00 0 5,50 0 4,908 37,733 4,283 32,697 5,00 0 28,086 4,50 0 3,575 3,036 4,00 0 2,903 24,014 20,979 3,50 0 3,00 0 2,50 0 2,491 2,00 0 1,50 0 1,00 0 FY20 FY21 FY22 FY23 FY24 FY25 H1F
Slide 23: Pristine Asset Quality
Pristine Asset Quality Gross Stage 3 (%) Net Stage 3 (%) 1.08% 1.22% 1.24% 0.77% 0.78% 0.81% 0.73% 0.84% 0.85% 1.14% 1.08% 1.08% 0.73% 0.98% 0.99% 0.71% 0.92% 0.94% 0.68% 0.67% FY21 FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 FY21 FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 1+D
Slide 24: Robust Liability Management
Robust Liability Management (₹ bn) AUM – Fixed/ Floating Mix (%) 120 % 184.0 192.4 204.2 207.4 213.6 120 % 100 % 78.0 94.5 113.5 141.7 173.1 204.2 90% 100 % 100 % 80% 80% 70% 80% 59% 60% 56% 60% 66% 60% 68% 69% 70% 70% 70% 60% 70% 50% 60% 40% 40% 40% 30% 41% 40% 44% 40% 20% 34% 32% 31% 30% 30% 30% 2
Slide 25: Diversified Funding Profile & Credit Rating
Diversified Funding Profile & Credit Rating Borrowings Mix (%) (₹ bn) Term Loans Direct Assignment NHB refinance NCDs CP & CC 161.1 172.2 179.5 182.9 120% 69.5 82.7 102.6 125.2 155.6 179.5 186.9 1% 1% 10 0.0 9% 9% 6% 9% 9% 100% 18% 19% 18% 12% 11% 10% 20% 14% 18% 16% 14% 14% 14% 0.0 21% 80% 14% 23%
Slide 26: Disciplined ALM & Comfortable Liquidity Position
Disciplined ALM & Comfortable Liquidity Position Surplus Management ALM Position As on Sep – 25 (₹ mn) Surplus: 13,642 20,277 19,713 22,457 21,615 34,386 48,019 1,94,439 Assets 1,74,097 Liabilities 1,42,335 1,39,712 1,46,420 1,20,719 1,00,163 77,706 48,908 34,508 29,195 20,891 14,231 7,250 <3 months
Slide 27: Financial Statements
Financial Statements Profit and Loss Statement Balance Sheet PAT Reconciliation Net Worth Reconciliation ECL Provisioning 5 Year Financials & ROE Tree ESG 26 Aavas | Investor Presentation H1FY26
Slide 28: Profit And Loss Statement
Profit And Loss Statement Particulars (₹ mn ) Q2 FY26 Q2 FY25 Y-o-Y Q1 FY26 Q-o-Q H1 FY26 H1 FY25 Y-o-Y Interest Income on Loans (incl. Processing Fee) 5,772.9 4,969.7 16.2% 5,598.4 3.1% 11,371.3 9,803.2 16.0% Interest Income on Fixed Deposits 309.3 340.0 - 322.8 - 632.1 665.6 - Upfronting Income on
Slide 29: Balance Sheet
Balance Sheet Particulars (₹ Mn ) 30-Sep-25 31-Mar-25 Sources of Funds Share Capital 791.6 791.5 Reserves & Surplus 46,007.1 42,816.8 Borrowings 1,44,126.4 1,39,184.8 Deferred Tax Liability (Net) 831.4 755.7 Other Liabilities & Provisions 2,653.9 2,635.9 Total 1,94,410.4 1,86,184.7 Application of Fu
Slide 30: PAT Reconciliation
PAT Reconciliation Particulars (₹ mn ) Q2 FY26 Q2 FY25 Y-o-Y Q1FY26 Q-o-Q H1 FY26 H1 FY25 Y-o-Y Net Profit as per IGAAP 1,430.4 1,267.9 12.7% 1,412.5 1.2% 2,842.9 2,557.4 11.1% Add / (Less) : Adjustments as per IndAS on account of: Adoption of effective interest rate (EIR) for amortisation of Income
Slide 31: Net Worth Reconciliation
Net Worth Reconciliation Particulars (₹ mn ) 30-Sep-25 31-Mar-25 Net Worth as per previous GAAP 42,821.6 39,927.1 Adjustments increasing/(decreasing) net worth as reported under previous GAAP: Adoption of EIR for amortisation of Income and expenses - financial assets at (224.3) (230.7) amortised cos
Slide 32: ECL Provisions
ECL Provisions Particulars (₹ mn ) Stage 1 Stage 2 Stage 3* Total For the period ended Sep’25 Gross Loan Principal Outstanding 1,63,191 2,571 2,081 1,67,843 % of Portfolio 97.23% 1.53% 1.24% 100% ECL Provision Amt. 304 245 663 1,212 ECL Provision % 0.19% 9.55% 31.86% 0.72% For the period ended Mar’2
Slide 33: 5-year Financial Snapshot
5-year Financial Snapshot CAGR (FY20 Particulars (₹ bn) FY20 FY21 FY22 FY23 FY24 FY25 to FY25) AUM 78.0 94.5 113.5 141.7 173.1 204.2 21% Disbursement 29.3 26.6 36.0 50.2 55.8 61.2 16% Total Assets 76.6 89.6 110.2 134.1 165.2 186.2 19% Borrowings 53.5 63.5 79.7 98.4 123.4 139.2 21% Net Worth 21.0 24.
Slide 34: ROE Tree - Trend
ROE Tree - Trend Particulars FY20 FY21 FY22 FY23 FY24 FY25 Interest income 11.84% 12.57% 12.10% 12.27% 12.51% 12.40% Less: Interest Expense (incl. Finance Charges) (5.44%) (5.59%) (4.84%) (4.90%) (5.59%) (5.78%) Net Interest Income (NII) 6.41% 6.98% 7.27% 7.38% 6.92% 6.62% Add: Fees and Other income
Slide 35: Environmental, Social & Governance
Environmental, Social & Governance Extra Mile of Corporate Governance Robust Corporate Governance The Board of Directors helps improve corporate credibility and governance 2 Independent Women Director on board. standards and manage risk and independent oversight in the Company. The company has also
Slide 36: Annexure - Glossary
Annexure - Glossary Ratios Formula Used Ratios Formula Used NIM (%) Net Total Income / Average Total Assets A/E (x) Average Total Asset / Average Equity Opex to Asset (%) Operating cost / Average Total Assets ROCI (%) PAT / Capital Invested Cost to Income (%) Operating cost / Net Total Income (NIM)
Slide 37: Thank You
Thank You Microsoft Excel SVG Vector icon PNG Free Download | UXWing Click here for Factsheet Aavas Financiers Limited CIN: L65922RJ2011PLC034297 Mr. Rakesh Shinde – Head of Investor Relations rakesh.shinde@aavas.in / investorrelations@aavas.in Visit us -