Piramal Finance Limited · NSE:PIRAMALFIN

Piramal Finance — Debt Investor Presentation (October 2026)

68 slides from Piramal Finance's debt investor presentation, Oct 13, 2026

  1. Slide 1: Exchange intimation of investor presentation

    13th October 2026 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: 544597 NSE Sy

  2. Slide 2: Bank Presentation - Tokyo Roadshow

    Piramal Finance Bank Presentation - Tokyo Roadshow 14th October 2026 0

  3. Slide 3: Today's Presenters

    Today’s Presenters Jairam Sridharan Lalit Ostwal Sanjay Jain Managing Director & CEO Head - Group Treasury Head - Group Borrowing & Fundraising 1

  4. Slide 4: Table of Contents

    Table of Contents 1 Corporate Overview 2 Business Overview A Growth Business I Retail Lending II Wholesale 2.0 B Legacy (Discontinued) Business 3 Profitability 4 Liabilities Management 5 Financial Summary 6 Key Credit Highlights 7 Q&A ⏵ Appendix 2

  5. Slide 5: Corporate Overview

    G Piramal Finance Corporate Overview

  6. Slide 6: The Piramal Finance Story

    The Piramal Finance Story Illustrative examples A growing diversified lending business being built by a credible management team and backed by a solid promoter group 1 Strong promoter group with demonstrated ability to raise equity and debt across market cycles Management team with track record brou

  7. Slide 7: Piramal Group history: 100 years ago to 1999

    › 100 Years ago, Piramal > 1920s 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 › His son Gopikisan Piramal > 1970 expanded the legacy by acquiring VIP Industries & Miranda Tools

  8. Slide 8: Last 20 years journey of Piramal Group

    Last 20 years journey of Piramal Group New businesses and corporate actions Fund raises, investments & exits > 2006 › Launched Piramal Foundation, › Piramal Realty launched its two > 2016 signature projects - Piramal › Announced merger of Piramal Group’s philanthropic arm Aranya, and forays into > 2

  9. Slide 9: Piramal Group: At a Glance

    “Established 40+ year legacy in India; All Piramal Group: At a Glance businesses operating independently with no cross holdings or intercompany transactions” Listed Companies Ajay Piramal Group Privately Held Companies Real Estate c. 46% c. 35% (1) Piramal Realty A design led, delivery focused real

  10. Slide 10: Board with industry leaders having deep expertise in FS and Tech

    Board with industry leaders having deep expertiseIllustrative in FS and Tech examples Advisory Committee Anand Piramal Shikha Sharma Rajiv Mehrishi Anjali Bansal Executive Chairman Non-Executive Director Independent Director Independent Director Harvard Business School Former MD & CEO, Former Princi

  11. Slide 11: Strong management team on-board

    Strong management team on-board Illustrative examples Anand Piramal Executive Chairman Harvard Business School University of Pennsylvania Jairam Sridharan Kalpesh Kikani MD & CEO CEO, Piramal Alternatives Former CFO and President (Retail Lending & Former MD at AION Capital ( JV of Apollo & ICICI) Pa

  12. Slide 12: Business Overview: Well-diversified NBFC, led by Retail lending

    Business Overview: Well-diversified NBFC, led by Retail lending 10

  13. Slide 13: Financial Services Business – A Snapshot

    Financial Services Business – A Snapshot Legacy Book 2% OTHER ASSETS Retail 258 Investments in Shriram 1,393 Wholesale 2.0 General & Life Insurance Legacy (Wholesale 1.0) ~USD 144 Mn Total AUM Pramerica Life Insurance USD 11,257 Mn GWP ~USD 248 Mn 9,605 Alternatives Committed Funds Growth Book 98% ~

  14. Slide 14: Business transformation in recent years

    Business transformation in recent years Total AUM 25% YoY Growth AUM 44% CAGR since Mar-22 Legacy AUM Down at 49% CAGR since Mar-22 In USD Bn 11.26 In USD Bn 10.66 In USD Bn Retail 11.0 Legacy AUM 8.49 WS 2.0 1.4 4.54 % Total AUM 7.25 6.86 6.74 4.75x -94% 66% 2.32 9.6 0.00 0.26 2.3 2% Mar-22 Mar-23

  15. Slide 15: Completed AUM mix transition and crossed USD 11 Bn in total AUM

    We have completed our AUM mix transition and crossed USD 10 Bn in total AUM Retail 11,257 WS2.0 258 Total AUM 2% Legacy 1393 USD 11,257 Mn In USD Mn 98% 25% YoY Growth AUM 6,862 Retail : Wholesale 5,158 85 : 15 9605 80 : 20 in Jun-25 4545 88% 4526 48 Growth : Legacy 2269 98 : 2 12% 632 93 : 7 in Jun

  16. Slide 16: Growth Business: Retail Lending

    Growth Business Retail Lending 14

  17. Slide 17: Q1 FY27 Snapshot – Retail Lending

    Q1 FY27 Snapshot – Retail Lending AUM USD 9,605 Mn Presence 780 607 26 32% YoY Branch network Cities States Mortgages AUM USD 6,442 Mn Opex to AUM 3.5% (HL+LAP) 30% YoY | 67% of retail AUM ~300 bps in three years AUM yield 13.6% 90+ DPD 0.7% Steady QoQ Stable portfolio over four years (excl. fee inc

  18. Slide 18: Summary – The Retail Story

    Summary – The Retail Story  Retail AUM of USD 9.6 Bn, up 32% YoY | 780 branches across 607 cities and 26 states Lender at scale  Mortgages (HL + LAP) AUM at USD 6.4 Bn | Up 30% YoY and form 67% of retail AUM  Serving budget customers in Bharat markets Diversified product  Core offering of secure

  19. Slide 19: Retail AUM up 32% YoY, disbursements up 44% YoY

    Retail AUM up 32% YoY, disbursements up 44% YoY Retail AUM +32% YoY Retail disbursements +44% YoY In $ Mn. FY23 FY24 FY25 FY26 FY 27 9,605 9,040 3% 1,456 6% 3% 2% 5% 2% 7% 1,319 7% 9% 1,218 6,806 1,166 9% 4% 6% 1,084 4% 6% 2% 7% Total ($ Mn) 969 990 929 5,045 Others* 896 9% 4% 31% Digital loans 855

  20. Slide 20: Stable income profile – operating leverage playing out well

    Stable income profile – operating leverage playing out well Retail total income As % of loans Opex ratio has entered our guided range, and continues to fall Total Income 6.75% As % of AUM Company chose to do lower Direct Other Income Assignment (DA) in Q1FY27 resulting 6.5% Interest Income in lower

  21. Slide 21: Mortgage and its sub-segments

    Mortgage and its sub-segments AUM (In $ Mn) Disbursements (In $ Mn) +18% YoY +15% YoY 3,482 3,353 308 3,226 3,110 Average Average Disbursement 2,951 Average LTV 292 292 304 ticket size CIBIL score yield 1,215 280 Housing loans 938 264 261 283 Total $ 25 k 60% 750 11.7% 254 243 243 Mass affluent >$ 3

  22. Slide 22: Other secured products – Used car loans and gold loans

    Other secured products – Used car loans and gold loans AUM (In $ Mn) Disbursements (In $ Mn) +32% YoY +15% YoY 107 606 91 583 80 535 $7k 752 81 Used car loans 505 90 Average Average 459 ticket size CIBIL score 74 80 83 72 64 70% 15.5% 50 Average Disbursement LTV yield 37 30 Q1 Q2 Q3 Q4 Q1 FY26 Q2 FY

  23. Slide 23: Unsecured products – Growth picked up strongly

    Unsecured products – Growth picked up strongly across all products (In $ Mn) 184 AUM 815 882 $5k Disbursements 178 162 +49% YoY 738 Average +53% YoY 147 677 166 ticket size 591 Salaried PL 123 146 761 105 108 99 Average CIBIL score 79 63 16.6% 49 Disbursement yield Q1 Q2 Q3 Q4 Jun-25 Sep-25 Dec-25 M

  24. Slide 24: Micro-loan is first product in emerging rural strategy

    Micro-loan is first product in our emerging rural strategy AUM (In $ Mn) Micro-loans disbursements (In $ Mn) +101% YoY +296% YoY FY27 FY26 FY25 163 154 81 127 63 99 60 86 51 52 45 14 11 7 Q1 FY26 Q2 FY26 Q3 FY26 Mar-26 Q1 FY27 Handloom weaver | 7+ yrs in business $421 for purchasing raw material Q1

  25. Slide 25: Retail risk (1/2) – Stable asset quality across all products

    Retail risk (1/2) – Stable asset quality across all products Housing loans 3,482 31% LAP 2,960 26% Used car loans 606 5% 3% 3% 3% 1.6% 1.5% 1.4% 1.4% 2% 2% 2% 1.3% 1.2% 1.2% 1.1% 1.1% 1.0% 1.0% 1.0% 0.9% 0.9% 0.9% 0.9% 0.8% 0.8% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0

  26. Slide 26: Retail risk (2/2) – vintage risk

    Retail risk (2/2) – vintage risk : New originations have been of improving / stable quality Housing loans 3,482 31% LAP 2,960 26% Used car loans 606 5% 6% 6.3% 6% 6% 5% 3.9% 5% 5% 4% 4% 2.7% 2.6% 4% 2.5% 2.4% 2.3% 2.3% 2.3% 2.3% 2.2% 2.0% 3% 1.9% 3% 3% 1.5% 0.9% 0.7% 0.6% 0.6% 0.6% 0.6% 2% 0.5% 0.5%

  27. Slide 27: Retail Business Positioning

    Retail Business Positioning A lender that goes beyond PAPERS and sees the INTENT of the person Who are we? High High Tech Touch Who are our customers? What we do for them? Budget customers of Bharat, residing in Provide credit to the “UNDERSERVED” Tier 2 and Tier 3 geographies of India to achieve th

  28. Slide 28: Robust infrastructure and processes backed by on-ground team

    Robust infrastructure and processes backed by on-ground team Home loan Sales and Underwriting (u/w) as an example Eligibility checks Monitoring Collections Sourcing and sanction D A High Touch G C B C E High Tech F A A. Strong BB. Parameterized High Tech and High Touch FE. Real time G F. Large on- b

  29. Slide 29: Branch network is expanding across various formats

    Branch network is expanding across various formats Geographic split of branch network 780 26 Branch network States Our branch network # branches, by category 1 No. of urban branches No. of rural branches 780 No. of gold branches 1 701 67 19 Share in retail AUM % 1 8 22 22 573 136 178 13 10% 46 11% 4

  30. Slide 30: Profile of customers acquired at urban branches

    Profile of customers acquired at urban branches Median customer at 38 years of age 56% customers are self-employed 6% 21% 39% 18 - 34 yrs. 44% Salaried 35 - 44 yrs. Employment Age group 56% category Self empoyed 45 - 54 yrs >=55 yrs. Mobile shop owner from Bhilwara Tailor Master from Gwalior 33% Med

  31. Slide 31: Cross-sell franchise

    Cross-sell franchise | 25-30% of unsecured disb. through cross-sell Total customer franchise up 24% YoY to 6 Mn Q1 FY26 Q1 FY27 In Mn 4.8 Total customer franchise 6.0 Cross-sell% Unsecured disbursements* Total retail disbursements* 3.7 Credit segment filtered customers 4.1 557 1,284 5,288 12,198 12%

  32. Slide 32: Urban branch productivity improvement to continue

    Urban branch productivity improvement to continue We are expanding our urban branch network in a calibrated …and are focusing on increasing product penetration into 1 2 manner… existing branches No. of branches 105 Products offered Mar-23 Mar-25 Jun-26 86 Housing loans 398 512 532 LAP 343 512 532 Cl

  33. Slide 33: Piramal.ai – Use of Gen-AI has grown more than 5x

    Piramal.ai – Use of Gen-AI has grown more than 5x in the last year Impact of AI across five key business areas 1. Underwrite Better 2. Drive Growth Vintage Risk (30+ at 6MOB) - retail Consistent retail disbursement growth YoY % 2.6% 2.4% 43,275 31% 2.1% 1.9% 1.9% 1.6% 1.6% 1.6% 1.6% Token volume 16%

  34. Slide 34: Piramal.ai – Use case dashboard

    Piramal.ai Piramal.ai– –Use Usecase casedashboard dashboard Category # AI Solution Metric Q1 FY26 Q1 FY27 1 ARYA (work assistant / coach / friend) # Queries on ARYA 1,25,000 3,18,900 2 AI driven sales assistance on Incentive # AI assisted incentive queries answered 54,000 71,800 Drive Growth 3 AI dr

  35. Slide 35: Superior data driven underwriting capabilities

    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 statements,

  36. Slide 36: Superior data driven underwriting capabilities (contd.)

    Superior data driven underwriting capabilities (contd.) 875+ Credit managers in Branches Visuals from physical PD 150+ Personal Discussion Credit managers based underwriting in Central Processing Unit Mobile shop owner Tailor Master Marble Trader from Bhilwara from Gwalior From Shahpura 3,50,000+ PD

  37. Slide 37: Superior data driven underwriting capabilities (contd.)

    Superior data driven underwriting capabilities (contd.) 250+ On-roll Appraisal Staff Appraisal staff on site 75+ On-roll Legal Staff In-house Collateral appraisal1 and Legal Approvers 1,60,000+ Appraisal Visits in FY26 Road constructor Hotel owner Govt. servant from Bangalore from Aurangabad from Ja

  38. Slide 38: Are our credit scorecards doing a good job?

    Are our Credit scorecards doing a good job? Illustrative examples 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 id

  39. Slide 39: Growth Business: Wholesale 2.0

    Growth Business Wholesale 2.0 37

  40. Slide 40: Q1 FY27 Snapshot – Wholesale lending

    Q1 FY27 Snapshot – Wholesale lending AUM $ 1,393 Mn Mix 70 : 30 27% YoY Real estate CMML Q1 FY27 $ 274 Mn Disbursements 13% YoY Average ticket size (On outstanding AUM) $ 5.9 Mn Q1 FY27 Portfolio EIR (Effective interest rate) 14.2% Repayments as 74% % of disbursements Repayments rate remains strong

  41. Slide 41: Wholesale 2.0: Tapping underpenetrated real estate and mid-market lending

    Wholesale 2.0: Tapping opportunity in underpenetrated real estate Illustrative examples and corporate mid-market lending Corporate Mid-market Lending: Why Real Estate Financing Market? A Large Untapped Market in India OPPORTUNE TIMING Predominantly OpCo loans Beginning of growth cycle as affordabili

  42. Slide 42: Building a diversified and granular book backed by cash flows and assets

    Building a diversified and granular book backed by cash flows and assets In $ Mn. AUM +27% YoY Disbursements +13% YoY Total repayments (including pre-payments) Total Total Total  Performing well, in line with or ahead of underwriting, as reflected in prepayments  Since inception (Q2 FY22), we have

  43. Slide 43: Granular and diversified build-out

    Granular and diversified build-out A granular build-out Average loan tenure AUM, in $ Mn. In years, represents average residual tenor WS 2.0 AUM Average ticket size 5.8 5.9 5.9 5.8 5.9 5.6 3.1 3.0 2.9 2.9 2.7 1,393 1,268 1,320 1,189 1,097 960 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q4 FY25 Q1 FY26 Q

  44. Slide 44: Portfolio analysis

    Portfolio analysis Repayment analysis In $ Mn. Effective Interest Rate (EIR)* Total Wholesale AUM ($ Mn.) Contracted repayment Portfolio EIR^ Actual repayment 239 14.5% 14.4% 14.2% 14.5% Repayment + Prepayment + Exits 14.5% 203 1252 1393 1180 1310 1080 150 772 123 734 765 645 745 105 90 95 86 74 621

  45. Slide 45: Legacy (Discontinued) Business: Demonstrated Accelerated Rundown

    Legacy (Discontinued) Business: Demonstrated Accelerated Rundown 43

  46. Slide 46: Legacy AUM are now ~2% of total AUM

    Legacy AUM are now ~2% of total AUM In $ Mn. AUM down 94% since March 2022 -61% YoY -13% QoQ Legacy AUM ($ Mn) % Total AUM 4,545 -33% YoY 66% 3,058 45% -50% YoY 1,534 -53% YoY -59% YoY 21% 728 -61% YoY 295 258 9% 3% 2% FY22 FY23 FY24 FY25 FY26 Q1FY27 44

  47. Slide 47: Profitability

    Piramal Finance Profitability

  48. Slide 48: Growth business profitability

    Growth business profitability 1 Ratios on AUM2 1 Total income 2 Interest expense 3 Net income margin Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 13.5% 13.4% 13.3% 13.4% 13.1% 7.0% 8.95% 8.95% 9.13% 8.84% 8.80% 6.9% 6.9% 6.9% 6.8% 6.48% 6.61% 6.39% 6.41% 6.26% 4 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Co

  49. Slide 49: Growth book now drives our consolidated financials

    Growth book now drives our consolidated financials Consol. NIM getting closer to Growth NIM Growth and Consol profits have been largely identical over the last 5 quarters Growth NIM Consol. NIM 8.4% 8.5% 8.5% As % AUM# Growth PBT Consol. PAT 8.2% $ Mn. 7.6% 7.3% 7.1% 164 7.0% 159 6.9% 6.9% 6.9% 6.9%

  50. Slide 50: Profitability – progressing against the long-range goals

    Profitability – progressing against the long-range goals 1. Growth business RoAUM Excluding POCI recovery related profits 2. AUM-to-equity FY25 FY26 FY27 5.0 3.25% Long range goal* Long range goal* 3.00% 4.5 2.75% Q4 FY27 target as disclosed at end-FY26 2.5% 2.50% 4.0 2.25% 2.1% 3.7 3.6 1.8% ^ 3.5 2

  51. Slide 51: Liabilities Management

    Piramal Finance Liabilities Management

  52. Slide 52: Liabilities management

    Liabilities management Capital Adequacy Leverage ratios Gross debt to equity Consol Net debt to equity 26% 24% 24% 24% 23% 2.8 2.8 21% 20% 2.7 19% 20% 19% 2.6 2.5 2.4 2.3 2.6 2.1 2.5 2.4 2.0 2.0 2.3 2.2 2.0 2.0 1.9 1.8 1.8 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY

  53. Slide 53: Ability to access financing through a wide range of lenders across instruments

    Ability to access financing through a wide range of lenders across instruments ~40 banking relationships across PSU, private & Foreign banks Diversification via MFs, ECB & securitisation As of Jun‘26 Borrowing by lender type Borrowing by instrument type 1% 1% Public Sector Banks USD 514 6% USD 848 9

  54. Slide 54: 2026 witnessed several pivotal credit rating upgrades

    2026 witnessed several pivotal credit rating upgrades 5 1 3 Upgraded to AA+ / Stable Assigned AA+ / Stable from AA / Stable Assigned BBB / Stable Domestic | Jan-26 International | Jan-26 Domestic | Feb-26 Domestic | Mar-26 International | Jul-26 International | Sep -26 2 4 6 Upgraded to BB Upgraded

  55. Slide 55: Financial Summary

    G Piramal Finance Financial Summary

  56. Slide 56: Profit and loss statement – consolidated

    Profit and loss statement – consolidated In $ Mn. Consolidated income statement Q1 FY27 Q1 FY26 YoY % FY26 FY25 YoY % Interest income1 335 264 27% 1,171 938 25% Less: interest expense 183 157 16% 673 560 20% Net interest income 152 106 43% 498 378 32% Fee & commission 13 12 11% 46 46 -1% Dividend 2

  57. Slide 57: Balance sheet – consolidated

    Balance sheet – consolidated In $ Mn. Particulars Jun-26 Mar-26 Mar-25 Assets Cash & liquid investments 729 909 1,061 Gross asset under management 10,039 9,476 7,756 ECL provision 228 194 215 Net assets under management 9,811 9,282 7,541 Investments in Shriram group 144 144 180 Investments in altern

  58. Slide 58: Key Credit Highlights

    6 Piramal Finance Key Credit Highlights

  59. Slide 59: The Piramal Finance Story

    The Piramal Finance Story Illustrative examples A growing diversified lending business being built by a credible management team and backed by a solid promoter group 1 Strong promoter group with demonstrated ability to raise equity and debt across market cycles Management team with track record brou

  60. Slide 60: Piramal Finance

    Piramal Finance G 7 AN oO

  61. Slide 61: Appendix

    G Piramal Finance Appendix

  62. Slide 62: DHFL Acquisition – A Summary

    DHFL Acquisition – A Summary Key Strategic Rationale Major Highlights Diversification : Transformed Piramal into a well-diversified 1st financial services Acquired USD 5 Bn lender, company to be book at 44% of the focused on retail lending resolved through the gross value IBC route Growth: Created o

  63. Slide 63: Consolidation of Financial Services Businesses

    Consolidation of Financial Services Businesses In Sep 2025, the reverse merger of Piramal Enterprises Limited (PEL) into Piramal Finance Limited (PFL) has been successfully completed. Transaction Mechanics(1) PFL was natural choice as surviving entity Shareholders Interest income ~3.8x of PEL Standa

  64. Slide 64: Building a Tech, AI and Engineering led organization

    Building a Tech, AI and Engineering led organization Tech strategy New Digital Assets Created / Launched Agility I Micro-services I 'UX comes first’ I Launched mobile apps on Android and iOS In-house engineering Better Control talent and systems Generic API stack for Embedded Finance partners Qualit

  65. Slide 65: Strong ESG Framework

    Strong ESG Framework  Identification and monitoring of Risk Management ESG risk for portfolio Responsible  Implementation of exclusion list Lending across portfolio Corporate  Quarterly review of ESG Governance and performance by the Board Compliance  Increase women Diversity and representation

  66. Slide 66: Glossary

    Glossary Term Description 90+ DPD delinquency 90 to 180 days past due (DPD) % of AUM (DPD 0 to 180) for secured loans; and 90 to 170 days DPD % of AUM (DPD 0 to 170) for unsecured loans AUM Loans (on-book) + off-book assets AUM yield (retail) Weightage average yield excludes POCI and pertains to all

  67. Slide 67: Disclaimer

    Disclaimer Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as 'will', 'aim', 'will likely result', 'would', 'believe', 'may', 'expect', 'will continue', 'anticipate', 'estimate', 'intend', 'pl

  68. Slide 68: Thank You

    =] ie) > x c © c -

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