Aye Finance Limited · NSE:AYE
Aye Finance — Q4 FY26 Earnings Presentation
42 slides from Aye Finance's earnings presentation, Apr 27, 2026
Slide 1: Exchange filing cover letter: Investor Presentation
AYE FINANCE LIMITED (formerly known as AYE FINANCE PRIVATE LIMITED) CIN: U65921DL1993PLC283660 April 27, 2026 To, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001 Mumbai – 4
Slide 2: Aye Finance Limited Investor Presentation Q4FY26
Aye Finance Limited Investor Presentation Q4FY26
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”) which have been prepared by Aye 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 any securities
Slide 4: Index
Index 01 Performance Highlights Page 4-9 02 Company Overview Page 10-18 03 Liquidity Profile Page 19-21 04 Asset Quality Page 22-27 05 Key Efficiency Drivers Page 28-34 06 Financial Overview Page 35-41 3
Slide 5: Performance Highlights
Performance Highlights 4
Slide 6: Management Commentary
Management Commentary Commenting on the performance Mr. Sanjay Sharma MD and Co-Founder said : “FY26 was a year of gradual but consistent recovery for India’s MSME sector. While the operating environment remained choppy in the first half, we witnessed a progressive improvement in business activity,
Slide 7: Key Highlights – Q4FY26
Key Highlights – Q4FY26 (Rs. Crores) Assets Under Management Disbursements Gross Total Income +27% +25% +23% 6,656 7,044 1,655 516 420 449 5,534 1,327 1,310 Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 Net Interest Income PPoP Profit After Tax +35% +31% +110% 305 191 86 252 226 146
Slide 8: Key Highlights – Q4FY26
Key Highlights – Q4FY26 Average Yield (%) NIM (%) Cost to Income (%) 22.6% 23.6% 16.4% 55.8% 22.1% 14.7% 50.8% 49.9% 14.2% Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 PAR X (%) Asset Quality (%) Return Ratios (%) Book Value Per Networth Share: Rs. 104 # Rs. 2,533 Crore# 7.6% 7.1%
Slide 9: Key Highlights - FY26
Key Highlights - FY26 (Rs. Crores) Assets Under Management Disbursements Gross Total Income +26% +15% 5,169 +30% 7,044 1,797 5,534 4,291 1,501 3,939 4,463 1,066 Mar-24 Mar-25 Mar-26 Mar-24 Mar-25 Mar-26 Mar-24 Mar-25 Mar-26 Net Interest Income PPoP Profit After Tax +28% +10% +29% 1,033 584 194 858 5
Slide 10: Key Highlights - FY26
Key Highlights - FY26 Average Yield (%) NIM (%) Cost to Income (%) 23.7% 23.7% 15.5% 15.3% 14.6% 51.4% 53.8% 22.2% 50.2% Mar-24 Mar-25 Mar-26 Mar-24 Mar-25 Mar-26 Mar-24 Mar-25 Mar-26 PAR X (%) Asset Quality (%) Return Ratios (%) 7.1% 6.9% 17.3% 4.8% 4.2% 4.7% 3.2% 11.8% 9.3%* 1.8% 1.4% 4.3% 0.9% 2.
Slide 11: Company Overview
Company Overview 10
Slide 12: India's Leading Micro-enterprise Lender
India’s Leading Micro-enterprise Lender • Founded in 2014, Aye Finance is an RBI-registered NBFC-ML focused on enabling credit Rs. 7,044 Crores Rs.5,169 Crores access for underserved MSMEs across India. Assets Under Management Disbursements • Large unmet credit demand in the target segment, with hig
Slide 13: Journey So Far
Journey So Far FY2016 FY2018 FY2020 FY2022 FY2023 FY2024 FY2025 FY2026 Started in North +South +West & East PAN India PAN India PAN India PAN India PAN India Obtained CoR as NBFC from RBI 2014 # States Added 5 5 8 2 1 0 0 0 Total States 5 10 18 20 21 21 21 21 Branches 172 311 398 478 526 571 AUM 1,7
Slide 14: PAN India Presence
PAN India Presence Branch Network – 571 Branches in 18 states and 3 UTs Geographical AUM Mix (%) AUM by Industry (%) North 15% 0.19% 17% 3.99% J&K Branches PB 1.14% 47.3% 49.0% HP 180 51.0% 4.37% 0.19% HR CH 1.52% 11% UK 0.38% 8.7% 9.5% DL 10.0% 13.31% 10.9% 12.5% West 10.84% 7% 14.0% RJ UP 8.37% Br
Slide 15: Unique Positioning: Focused on Unorganised Micro-MSMEs
Unique Positioning: Focused on Unorganised Micro-MSMEs Marginal- Wage Earners Marginal - Self employed Unorganised Micro MSME Organised Micro MSME & Contract workers Farmers, Skill based-Plumber, No Financial docs GST, Fin Returns Segments Carpenter etc. Turnover Rs 30 lacs - 1 crs pa Turnover Rs 1-
Slide 16: Our Customers are Micro Scale MSMEs
Our Customers are Micro Scale MSMEs… …From diversified business clusters across India ✓ Horizontal Clusters Vertical Clusters Understanding of over 70 business clusters ✓ Manufacturing, Trading, service and allied Shoes agriculture sector Grocery shop Brass work Glasswork Woodwork ✓ Permanent busine
Slide 17: Comprehensive Product Offerings
Comprehensive Product Offerings AUM Split (%) ATS on Disbursement Number of Active Product Offerings Collateral as of March 2026 (INR Lakhs) Loans Mortgage Mortgage over SORP/SOCP 5.3 43,060 21.6% Loans (Avg. LTV ~26%) 37.1% 1.5% ‘Saral’ Property Mortgage over Plots & POA sale AUM Mar’26 1.9 12,790
Slide 18: Board of Directors
Board of Directors Sanjay Sharma Sanjaya Gupta Vinay Baijal Govinda Rajulu Chintala MD and Co-Founder Independent Director Independent Director Chairman Former Chairman of NABARD, MD Over 30 years of experience with Former MD of PNB Housing Former Chief General Manager of NABFINS and Director of Ban
Slide 19: Strong Management Team
Strong Management Team Sanjay Sharma Niraj Kaushik Ujual George Gaurav Seth Experience: Experience: Experience: Experience: IIFL Home Loans, Airtel Payments Bank, ICICI Ltd, HDFC Bank, Standard Bajaj Finserv, Religare, Royal Bank of RBL Bank, ADCB, Barclays Bank, HSBC Canara HSBC Life Insurance, HSB
Slide 20: Liquidity Profile
Liquidity Profile 19
Slide 21: Diversified Lender Base with Reducing Cost of Borrowing
Diversified Lender Base with Reducing Cost of Borrowing Banks (34.1%) Cost of Borrowing CoB Incremental CoB 11.24% 11.04% 10.94% 10.87% 10.76% 10.40% 10.31% 10.13% Financial Institutions* (49.2%) Q1FY26 Q2FY26 Q3FY26 Q4FY26 Debt raised 830.2 1,128.1 662.3 670.6 (Rs. Crores) Borrowing Mix - Instrumen
Slide 22: Liability Profile
Liability Profile ALM Position (Cumulative) Capital Adequacy Ratio (%) 42.2% 7,734 32.8% 34.9% 7,079 4,994 5,195 3,925 Mar-24 Mar-25 Mar-26 2,510 2,476 1,806 1,192 Networth (Rs. Crores) 637 Upto 3 months Upto 6 months Upto 1 year Upto 3 years Upto 5 years 2,533 Inflow Outflow 1,658 1,236 No ALM mism
Slide 23: Asset Quality
Asset Quality 22
Slide 24: Asset Quality Trends
Asset Quality Trends PAR X (%) PAR 30 (%) Credit Cost (%) 7.10% 7.64% 6.19% 6.61% 6.16% 6.88% 6.12% 4.67% 4.30% Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 Collection Efficiency % (Non-OD) Collection Efficiency % (Bucket 1) 99.0% 99.2% 99.4% 59.7% 55.2% 38.3% Q4FY25 Q3FY26 Q4FY26
Slide 25: Collection Efficiency and PAR Trends – Overall
Collection Efficiency and PAR Trends – Overall Collection Efficiency % (Non-OD) Collection Efficiency (Bucket 1) 99.5% 58.0% 59.8% 62.5% 99.3% 99.4% 55.0% 57.1% 99.3% 51.8% 99.2% 99.1% Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 PAR X PAR 30 6.9% 6.9% 8.0% 7.9
Slide 26: Collection Efficiency and PAR Trends - Key States
Collection Efficiency and PAR Trends - Key States Bihar Uttar Pradesh Rajasthan Rest States Collection Efficiency % Collection Efficiency % Collection Efficiency % Collection Efficiency % (Non-OD & Bucket 1) (Non-OD & Bucket 1) (Non-OD & Bucket 1) (Non-OD & Bucket 1) 99.2% 99.2% 99.3% 99.4% 99.4% 99
Slide 27: Summary of Provisions
Summary of Provisions Particulars (Rs. Crores) Stage 1 Stage 2 Stage 3 Total As of 31st March 2026 Gross loans outstanding 6,155 68 312 6,535 ECL provision 39 32 196 267 Net loans outstanding 6,116 36 116 6,268 Provision % 0.63% 47.06% 62.82% 4.09%* As of 31st December 2025 Gross loans outstanding 5
Slide 28: Robust Multi-Tiered Collection Capabilities
Robust Multi-Tiered Collection Capabilities Tier 1 — Digital Tier 2 — Field Tier 3 — Legal Controlling bounce using data Securing collection via 500+ Aiding recoveries with legal science models branch infrastructure remedies Specialized legal unit Predictive models Feet-on-street network Dedicated t
Slide 29: Key Efficiency Drivers
Key Efficiency Drivers 28
Slide 30: Efficiency Drivers – Technology
Efficiency Drivers – Technology Technology platform is enhanced by Data Science & Visualization of trends Customer Loan Origination Interface Branch Call Centre Direct Supply Visualization & 100% Paperless (Digital) Chain Analytics Layer 100% inhouse Interface • Tableau Apps Layer Ameyo AYE App Swit
Slide 31: Efficiency Drivers – Mortgage Business
Efficiency Drivers – Mortgage Business Longer tenor brings AUM stability and enhanced long term profitability Between FY24 and FY26, Company has deployed 1,020 dedicated staff in “Primary ML Channel” in 180 branches Primary channel (Decentralized underwriting) – 180 branches Mortgage Business Branch
Slide 32: Efficiency Drivers – Repeat Business
Efficiency Drivers – Repeat Business Repeat program ensures retention of good customers with low origination cost Repeat loan use Machine Learning models to target quality customers ‘Low Risk’ Repeat Data Customers Loan Review Science Model Repeat Loans and Eligible Customers ▪ Repayment Behavior ‘H
Slide 33: Efficiency Drivers – Branch Network
Efficiency Drivers – Branch Network AUM Growth is driven by deepening branch portfolios (Rs. Crores) Upto 2 Y 5 2-4 Y 9 4+Y 15 Avg AUM by Branch Vintage AUM growth has limited dependency on branch expansion Contribution to growth in AUM (Mar-25 to Mar-26) AUM Growth 64.4% 23.5% 27.0% Existing Branch
Slide 34: FY27 Guidance
FY27 Guidance Particulars FY26 FY27 Assets Under Management 25.0% - 30.0% 27.3% Growth (%)* Net Interest Margin (%) 14.6% 14.25% - 14.75% Opex Cost (%) 9.6% 8.25% - 8.75% Credit Cost (%) 4.8% 3.5% - 4.0% Return on Total Assets (%) 2.8% 4.0% - 4.5% *YoY Growth 33
Slide 35: Three Year Vision
Three Year Vision : Growth 01 Asset Quality Compounding current momentum for superior • Maintaining industry-leading quality with a normalized Credit Cost of returns and asset quality 3.25% - 3.75%. 02 Profitability • Delivering strong financial performance with RoA of 4.0% - 4.5% and RoE of 17.0% -
Slide 36: Financial Overview
Financial Overview 35
Slide 37: Profit & Loss Summary
Profit & Loss Summary Particulars (Rs. Crores) Q4FY26 Q4FY25 Y-o-Y Q3FY26 Q-o-Q FY26 FY25 Y-o-Y Interest Income 440 349 393 1,567 1,326 Fee & Other Income 76 71 56 230 175 Total Income 516 420 23% 449 15% 1,797 1,501 20% Finance Cost 135 123 141 534 468 Operating Expense 190 151 172 679 519 Pre Prov
Slide 38: Balance Sheet Summary
Balance Sheet Summary As on period ended Particulars (Rs. Crores) 31st March 2026 31st December 2025 31st March 2025 Assets Cash & Bank balance 1,090 1,063 1,138 Loans 6,266 5,665 4,950 Investments 158 109 42 Other financial assets 107 90 61 Other non-financial assets 152 186 147 Total Assets 7,773
Slide 39: ROE Tree
ROE Tree Particulars (%) Q4FY26 Q4FY25 YoY (bps) Q3FY26 QoQ (bps) FY26 FY25 YoY (bps) Interest Income on ATA 23.65% 23.64% 1 bps 22.12% 153 bps 22.21% 23.65% -145 bps Finance Cost on ATA 7.26% 7.98% -73 bps 7.91% -65 bps 7.57% 8.35% -78 bps Net Interest Margin on ATA 16.39% 14.66% 173 bps 14.21% 218
Slide 40: Shareholding Pattern
Shareholding Pattern More than 5% Shareholders As of 31st March 2026 Investors % 1.6% 3.8% 7.8% Elevation Capital 12.6% 4.9% LGT Capital Invest 10.1% 11.9% Alpha Wave India 7.8% 70.0% CapitalG LP (erstwhile Google Capital) 7.7% British International Investment 7.4% FII AIF A91 Emerging Fund 7.2% Mut
Slide 41: Glossary
Glossary PAR X PAR X is total overdue (all DPD buckets) PAR 30 PAR 30 is total overdue (all DPD 30 day onwards) Collection Efficiency Collection efficiency is calculated on number of accounts and restricted to 1 account if collected Bucket 1 Bucket 1 refers to overdue cases below 30 DPD Leverage Ave
Slide 42: Thank You
Contact Us Contact Information Company: AYE Finance Limited Gaurav Seth – Chief Financial Officer gaurav.seth@ayefin.com Thank You Sovan Satyaprakash - Head of Strategy & Product sovan.satyaprakash@ayefin.com Investor Relations Advisors: Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285