Indostar Capital Finance Limited · NSE:INDOSTAR
Indostar Capital Finance — Q4 FY26 Earnings Presentation
69 slides from Indostar Capital Finance's earnings presentation, May 28, 2026
Slide 1: Regulation 30 disclosure cover letter
ICFL/LS/0037/2026-27 Date: May 28, 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 Si
Slide 2: IndoStar Capital Finance Investor Presentation March 2026
INDOSTAR CAPITAL FINANCE Investor Presentation | March 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 Strong presence in two large, underserved segments – Vehicle Finance and Micro-LAP with first-mover advantage in several Tier-4 and Tier-5 1 markets and strong brand recall among core customer segments 2 Secured and granular portfolio with healthy
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 454 Branches Across 24 States & UT 1 ANDHRA PRADESH – 25 # Branches 2 ASSAM – 9 3 BIHAR – 18 446 451 441 448 454 4 CHATTISGARH – 12 2 5 10 GOA - 1 8 6 GUJARAT – 26 7 HARYANA – 11 8 HIMACHAL PRADESH – 2 9 30 32 1 9 JHARKHAND – 12 18 10 KARNATAKA – 2
Slide 10: Business Performance Update
Business Performance Update
Slide 11: FY26 Performance Highlights (1/2)
FY26 Performance Highlights (1/2) Distribution 454 4,585 28% 24 Number of Branches Number of Employees States & UT Pan India presence Direct Sourcing: FY25 446 FY25 4,304 FY25 28% Loan Portfolio 8,056 crs 79.0% 1.05% 2.24% AUM Prime Customer Segment Non-starter Early Delinquency FY25 7,963 crs (CIBI
Slide 12: FY26 Performance Highlights (2/2)
FY26 Performance Highlights (2/2) Liquidity profile Available Liquidity: 599 crs 36.1% 10.4% 9.0% Undrawn limit: 165 crs Capital Adequacy Ratio Cost of borrowings Incremental Cost of borrowings Treasury Asset: 434 crs FY25 28.5% FY25 10.9% FY25 10.0% Profitability 16.9% 7.8% 130.2 crs 1.3% Yield on
Slide 13: Q4FY26 Performance Highlights
Q4FY26 Performance Highlights 8,056 crs 1,306 crs 7,500 crs 175 crs AUM Disbursement Vehicle Finance AUM Micro LAP AUM Q4FY25 7,963 crs | Q3FY26 7,692 crs Q4FY25 1,081 crs | Q3FY26 1,117 crs Q4FY25 7,401 crs | Q3FY26 7,155 crs Q4FY25 52 crs | Q3FY26 128 crs 4.8% 2.1% 57.4% 5.3% Gross Stage 3 Net Sta
Slide 14: Building a Granular, Retail-Driven Lending Portfolio
Building a Granular, Retail-Driven Lending Portfolio Disbursements: Retail (₹ crs) Asset Under Management (₹ crs) 1,306 7,963 8,056 52 7,783 175 52 7,564 7,692 510 76 128 380 475 101 438 409 1,117 1,080 30 34 927 858 27 27 1,254 7,500 7,401 7,232 7,155 7,025 1,046 1,087 900 831 Q4FY25 Q1FY26 Q2FY26
Slide 15: Balanced Portfolio & Regional Diversification
Balanced Portfolio & Regional Diversification Disbursement Mix (Region-Wise) AUM Mix (Region-Wise) 100% 100% 18% 18% 21% 20% 10% 12% 12% 14% 25% 20% 28% 24% 47% 50% 44% 38% Q4FY25 Q4FY26 Mar 25 Mar 26 East North West South East North West South Disbursement Mix (Product- Wise) AUM Mix (Product-Wise)
Slide 16: Building a Stronger & Diversified Customer Base
Building a Stronger & Diversified Customer Base Number of Incremental Customers (‘000) Number of outstanding Live Accounts (‘000) 19 165 17 152 153 157 16 16 148 15 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Customer Profile Transport Entrepreneur Self employed Agricultura
Slide 17: Improving Customer Quality Across Segments
Improving Customer Quality Across Segments 100% 63% 70% 79% 24% 21% 17% 13% 9% 4% FY24 FY25 FY26 CIBIL >725 CIBIL <725 New to Credit 16
Slide 18: Vehicle Finance
Vehicle Finance
Slide 19: 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 20: Vehicle Finance: Key Parameters - Region Mix
Vehicle Finance : Key Parameters - Region Mix Disbursement Mix (Region-Wise) (%) 19% 19% 45% Q4 FY25 48% Q4 FY26 21% 26% 10% 12% East West North South AUM Mix (Region-Wise) (%) 21% 20% 37% 42% FY25 FY26 28% 25% 14% 12% East West North South 19
Slide 21: Vehicle Finance: Key Parameters – Product Mix
Vehicle Finance : Key Parameters – Product Mix Conscious portfolio diversification for resilience Disbursement Mix (Product-Wise) (%) FY26 AUM Mix (Product-Wise) (%) FY26 4% 6% 6% 4% 5% 6% 6% 5% 9% 11% 8% 10% 8% 8% 15% 19% 20% 23% 57% 56% 44% 37% 37% 31% 21% 24% 25% 22% 26% 23% 8% 3% 3% 5% 2% 3% FY2
Slide 22: Vehicle Finance: Key Loan Parameters
Vehicle Finance : Key Loan Parameters Average Ticket Size (₹ lakhs) Loan to Value (%) 7.4 7.6 72.8% 74.8% 6.3 71.1% 70.1% 71.2% 5.7 5.6 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Number of incremental Customers (in ’000) Disbursement Yield (%) 18.5% 18.4% 17.6% 18 17.2% 16
Slide 23: Vehicle Finance: Key Portfolio Parameters
Vehicle Finance : Key Portfolio Parameters Gross & Net Stage 3 Provision Coverage Ratio (Stage 3) 4.3% 4.4% 3.8% 3.7% 60.3% 55.4% 54.6% 55.2% 48.6% 2.7% 2.3% 2.1% 1.7% 1.7% 1.1% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Gross Stage 3 Net Stage 3 Provision Coverage Ratio (
Slide 24: Micro LAP
—! INDOSTAR
Slide 25: Micro LAP: Overview
Micro LAP: Overview Launched Micro LAP (Loan Against Property) A dedicated local team of ~500, 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 26: Scaling Micro LAP Through Existing Branch Infrastructure
Scaling Micro LAP Through Existing Branch Infrastructure 108 Branches Across 4 States # Micro LAP Branches 108 91 71 61 63 4 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 15 ➢ Expanded Micro LAP presence by co-housing with existing Vehicle Finance branch network. 21 No States ➢ The shared branch infrastructure
Slide 27: Micro LAP: Key Operational Metrics (1/3)
Micro LAP: Key Operational Metrics (1/3) Disbursement (₹ crs) Disbursement Yield (%) 52 22.9% 22.9% 23.0% 22.3% 21.8% 34 30 27 27 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Disbursement by ticket size Disbursement by Distribution channel 1% 0% 2% 11% 24% 21% 38% Q4 FY25 Q4
Slide 28: Micro LAP: Key Operational Metrics (2/3)
Micro LAP: Key Operational Metrics (2/3) AUM (₹ crs) Average Ticket Size (₹ lakhs) 7.5 175 6.8 128 5.9 5.9 6.0 101 76 52 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Loan to Value (%) Number of Live Accounts 2,879 37.4% 2,215 34.8% 33.3% 34.4% 34.6% 1,784 1,346 908 Q4FY25 Q1
Slide 29: Micro LAP: Key Operational Metrics (3/3)
Micro LAP : Key Operational Metrics (3/3) Gross Stage 3 Net Stage 3 0.19% 0.21% 0.09% 0.10% 0.05% 0.03% 0.00% 0.00% 0.00% 0.00% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Provision Coverage Ratio Overall Provision Coverage Ratio 50% 50% 51% 0% 0% 1.0% 1.0% 1.0% 0.8% 0.9% Q
Slide 30: Asset Quality
Asset Quality
Slide 31: 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% 97.0% 7 55 94.9% 50 94.0% 6 93.7% 46.7% 45 5 4.8% 92.1% 4.5% 4.0% 4.1% 40 90.6% 4 90.2% 35 89.2% 3.0% 88.8% 3 2.5% 30 2.1% 2 1.7% 1.8% 25 1.1% 1 20 0 15 Q4FY25 Q1FY26 Q2FY26
Slide 32: Expected Credit Loss (ECL) Provisions
Expected Credit Loss (ECL) Provisions Particulars (₹ in crs) Q4 FY26 Q3 FY26 Q4 FY25 Gross stage 1 7,000 6,572 6,672 Gross Stage 1 as % to Loan Asset 89.17% 88.68% 89.39% ECL Provision Stage 1 120 72 76 ECL Provision % Stage 1 1.72% 1.09% 1.14% Gross stage 2 475 538 455 Gross Stage 2 as % to Loan As
Slide 33: Security Receipts
Security Receipts Gross Security Receipts (₹ crs) Net Security Receipts (₹ crs) 1,638 26% 45% 43% 42% 63% 1,565 1,608 1,387 1,386 1,022 744 891 941 669 723 241 491 489 766 246 297 121 589 68 896 896 896 894 885 781 645 662 644 521 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26
Slide 34: Borrowing Profile
Borrowing Profile
Slide 35: Diversified Borrowing Profile
Diversified Borrowing Profile Investor Category (%)* Instrument Category (%)* 6,934 6,860 5,670 4,963 5,268 6,934 6,860 5,670 4,963 5,268 4% 3% 4% 3% 5% 38% 35% 38% 38% 24% 25% 27% 29% 39% 30% 8% 11% 11% 5% 10% 7% 8% 7% 9% 4% 4% 5% 5% 5% 4% 32% 35% 34% 36% 43% 43% 34% 40% 46% 48% 15% 18% 15% 16% 14%
Slide 36: Strong ALM profile with comfortable liquidity
Strong ALM profile with comfortable liquidity Structural liquidity Statement – Mar-26 Liquidity Buffer (₹ crs) 12,720 11,613 11,374 (₹ crs) 599 9,635 165 Cumulative inflow Cumulative outflow 6,869 7,062 180 4,787 4,098 2,878 218 2,396 1,664 1,349 36 1,197 912 457 353 594 383 769 539 Available Liquid
Slide 37: Financial Parameters
Financial Parameters
Slide 38: Key Financial Parameters (1/2)
Key Financial Parameters (1/2) Revenue From Operations (₹ crs) Finance Cost (₹ crs) 13.8% 12.4% 13.1% 13.8% 14.4% 7.2% 6.7% 6.1% 5.5% 5.5% 193 185 374 357 346 347 167 343 137 132 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Total Revenue % to Total Assets Finance Cost % to T
Slide 39: Key Financial Parameters (2/2)
Key Financial Parameters (2/2) PPOP (₹ crs) Credit Cost (₹ crs) 2.3% 0.7% 2.5% 3.4% 3.9% 1.8% 17.6% 2.2% 3.1% 21.4% 93 490 517 85 69 62 19 77 49 59 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 PPOP % to Total Assets Credit Cost % to Total Assets Profit Before Tax (₹ crs) * P
Slide 40: Standalone Financial Performance
Standalone Financial Performance
Slide 41: ICF Standalone - Income Statement
ICF Standalone - Income Statement Particulars (₹ in crs) Q4 FY26 Q3 FY26 Q-o-Q Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Revenue from operations 346.6 346.3 372.5 1,392.9 1,403.9 Interest expenses 131.9 137.1 193.3 621.2 740.8 Net Interest Income 214.7 209.2 2.6% 179.2 19.8% 771.7 663.1 16.4% Other Income 0.1 0
Slide 42: ICF Standalone – Balance Sheet
ICF Standalone – Balance Sheet Equity & Liabilities (₹ in crs) Mar’26 Dec’25 Mar’25 Assets (₹ in crs) Mar’26 Dec’25 Mar’25 Financial Liabilities Financial Assets Cash and cash equivalents 31.9 26.9 91.9 Trade payables 0.1 - 0.1 Bank balance other than cash & cash equivalent 273.4 292.4 325.6 Debt Se
Slide 43: Credit & Collection
Credit & Collection
Slide 44: 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 45: Information Technology
Information Technology
Slide 46: 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 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 1.61x-1.78x of ALM: Stringent Internal Threshold RBI mandate Time Bucket RBI thresholds ICF Internal thresholds LCR Q4FY25 – Q4FY26 0-7 days -10% -10% 8-14 days -10% -10% 15 days - 1 month -20% -10% 37% • No cumulative negative mismatch across
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: 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 59: 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 60: 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 61: 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 62: 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 63: 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 64: Large Global Private Equity Parentage – March 26
Large Global Private Equity Parentage – March 26 Shareholding Pattern (As on March 2026) Shareholders (holding more than 1%) % Promoters 70.38 BCP V Multiple Holdings Pte Ltd (Brookfield) 55.98 24.86% IndoStar Capital (Everstone) 14.40 2.17% 2.59% Domestic Institutional Investors 2.17 70.38% ICICI P
Slide 65: Shareholder return
Shareholder return Book value per share Earning per share 291 293 39.3 260 252 234 0.9 0.8 0.6 -26.3 Q4FY25 Q1FY25 Q2FY26 Q3FY26^ Q4FY26 Q4FY25 Q1FY26* Q2FY26 Q3FY26 Q4FY26 ^-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) Q4 FY26 Q3 FY26 Q-o-Q Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Revenue from operations 346.7 346.4 372.6 1,393.1 1,404.2 Interest expenses 131.9 137.1 193.3 621.2 740.8 Net Interest Income from continuing operations 214.8 209.3
Slide 68: Consolidated Balance Sheet incl. Discontinued Operations
Consolidated Balance Sheet incl. Discontinued Operations Equity & Liabilities (₹ in crs) Mar’26 Dec’25 Mar’25 Assets (₹ in crs) Mar’26 Dec’25 Mar’25 Financial Liabilities Financial Assets Trade payables 0.1 0.0 0.1 Cash and cash equivalents 36.2 31.2 96.0 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 &
IndoStar Capital Finance — Q4 FY26 Earnings Presentation on 6ix