Piramal Finance Limited · NSE:PIRAMALFIN
Piramal Finance — Q2 FY26 Earnings Presentation
46 slides from Piramal Finance's earnings presentation, Oct 17, 2025
Slide 1: Piramal Finance Results Presentation Q2 FY26
Piramal Finance Results Presentation Q2 FY26 17 October 2025
Slide 2: Table of contents
Table of contents A Our blueprint for value creation 03 B Q2 FY26 Results Summary 08 C Retail 14 D Wholesale 2.0 25 E Legacy (discontinued) business 30 G Financials 32 H Appendix 38 2
Slide 3: Our blueprint for value creation
Our blueprint for value creation 1 2 3 % Growth Profitability Predictability 2x AUM in ~3 years RoAUM >3%* Stable Risk Steady Earnings 4 Build a future-proof, AI native company (*) With target AUM-to-equity of 4.5-5.0x Click here to access Piramal.ai presentation 3
Slide 4: Growth - Industry leading growth in retail
1 Growth - Industry leading growth in retail Consistent retail disbursement growth over years We expect FY28 total AUM to cross ₹ 1.5 L Cr FY23 FY24 FY25 FY26 In ₹ L Cr In ₹ Cr. CAGR 1.5+ 10,954 9,892 24-26% 8,718 8,362 8,065 1.0 8,910 22% 0.9 6,816 0.8 7,692 0.7 6,828 6,246 5,707 5,111 3,973 2,459
Slide 5: Profitability – On track to achieve targets
2 Profitability – On track to achieve targets 1. Growth business RoAUM Excluding POCI recovery related profits 2. Revising Retail Opex-AUM target lower 6.75% 3.25% 6.5% Long range goal 6.50% 3.00% 6.25% 5.8% 5.8% 2.75% 6.00% FY26 FY25 5.75% 5.5% 2.50% 5.3% 5.50% 2.25% 5.25% 4.9% 5.00% 4.7% 2.00% 4.7
Slide 6: Predictability through risk management
3 Predictability through risk management Steady risk Stable Profit Consol. PAT, in ₹ Cr. 90+ DPD in Retail 8,155 3,545 509 327 276 1.1% 1.1% 181 163 137 102 48 39 0.8% 0.8% 0.8% 0.8% 0.8% 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% -196 -1,536 -2,378 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q
Slide 7: Piramal.ai strategy is leading to tangible benefits across several dimensions
4 Piramal.ai strategy is leading to tangible benefits across several dimensions 1. Underwrite Better 2. Enhance Productivity 3. Drive Growth Vintage Risk (30+ at 6MOB) - retail Productivity up YoY across Retail Lending Functions Consistent retail disbursement growth In ₹ Cr. FY23 FY24 FY25 FY26 5.6%
Slide 8: Q2 FY26 Results Summary
6 Piramal Finance Q2 FY26 Results Summary
Slide 9: Business Snapshot – Q2 FY26
Business Snapshot – Q2 FY26 Illustrative examples Housing loans Consol. AUM ₹ 91,447 Cr 9% 6% LAP Used car loans up 22% YoY / 7% QoQ 3% 32% Salaried PL 3% Unsecured business loans (UBL) 4% AUM mix Microfinance 1% Q2 FY26 Digital loans 94 : 6 6% Other retail Growth : Legacy Q2 FY26 Results Summary 1/
Slide 10: Q2 FY26 Results Summary 2/5
Consol. AUM up 22% YoY | Consol. PAT up 101% YoY PEL – PFL merger is now complete | seamless transition of reported consol. financials from PEL to PFL | PFL stock to list* in November Growth ▪ Consol AUM growth of 22% YoY ▪ Retail AUM up 36% YoY Q2 FY26 Results Summary 2/5 ▪ Wholesale 2.0 AUM up 43%
Slide 11: Consol. financials improving and becoming less volatile
With Growth-Legacy mix shift, consol. financials are improving and becoming less volatile 1 Consol. AUM growth and NIM are increasing,… 2 …volatility in net profit is reducing, and… Consol. PAT, in ₹ Cr. 6.1% 8,155 3,545 509 Consol. AUM YoY growth 327 Consol. NIM* 276 5.8% 5.9% 181 163 137 102 48 39
Slide 12: Growth business profitability
Growth business profitability* Ratios on loans Ratios on AUM 1 Total income Total 2 Net total income 3 Net total income + DA/co-lending income Retail fee As % of loans As % of loans As % of AUM# Total Interest income FY24 FY25 Q1 FY26 Q2 FY26 DA/Co-lending income 14.8% 8.2% Net total income 14.4% 14
Slide 13: On track to meet all FY26 targets
On track to meet all FY26 targets FY25 H1 FY26 FY26 Target 1 Total AUM - YoY growth 17% 22% 25% AUM growth and mix Q2 FY26 Results Summary 5/5 2 Growth AUM - YoY growth 36% 37% 30% 3 Retail share in total AUM 80% 82% 80-85% 4 Legacy AUM (₹ Cr) 6,920 5,448 3,000-3,500 5 Consol. PAT (₹ Cr) 485 603 1,3
Slide 14: Retail
Retail
Slide 15: Snapshot - Retail Lending
Snapshot - Retail Lending AUM ₹ 74,704 Cr Presence 518 429 26 36% YoY Branches Cities States Mortgages AUM ₹ 50,834 Cr Opex to AUM 3.9% (HL+LAP) 37% YoY | 68% of retail AUM 260bps in ten quarters AUM yield 13.6% 90+ DPD 0.8% Steady QoQ Stable portfolio over three years * Weighted average of all live
Slide 16: Growth momentum across product verticals
Growth momentum across product verticals Retail AUM up 36% YoY Disbursements up 36% YoY 74,704 In ₹ Cr. 4% FY23 FY24 FY25 FY26 5% 64,652 1% 7% 10,954 4% 4% 2% 9% 9,892 7% 6% 47,927 9% 8,910 8,718 4% 8,362 6% Total (₹ Cr) 8% 8,065 2% Others* 7,692 27% 28% Digital loans 6% 6,816 6,828 32,144 27% Micro
Slide 17: Sustained growth momentum across secured products
Sustained growth momentum across secured products (In ₹ Cr) Housing loans +23% YoY LAP +63% YoY Used car loans +56% YoY 29,550 21,285 4,797 28,034 19,067 4,357 26,661 4,039 25,287 17,180 23,965 3,530 14,740 AUM 13,040 3,077 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 F
Slide 18: Actively managing disbursements to navigate risk
Actively managing disbursements to navigate risk (In ₹ Cr) Salaried PL +57% YoY UBL (Unsecured Business Loans)^ +48% YoY Digital loans +11% YoY 6,434 5,564 5,975 5,264* 3,425 5,615 * 3,076 3,138 4,997 4,247 2,852 2,898 4,031 3,757 AUM 4,102 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4
Slide 19: Customer profile for branch-based acquisition
Customer profile for branch-based acquisition Median customer at 38 years of age 56% customers are self-employed Geographic split of branches 518 26 7% Branches* States 20% 1 41% 18 - 34 yrs. No. of branches Employment 44% Salaried 35 - 44 yrs. Share in retail AUM % Age group category Self empoyed 4
Slide 20: Cross-sell franchise
Cross-sell franchise | 25-30% of unsecured disb. through cross-sell Cross-sell% in unsecured disbursements Total customer franchise up 23% YoY to 5.2 Mn 4,116 Q2 FY25 Q2 FY26 3,126 3,017 27% 2,664 2,770 In Mn 29% 26% 17% 30% 4.2 Total customer franchise 5.2 Total (₹ Cr) Cross-sell 3.2 Credit segment
Slide 21: Productivity improvement to continue
Productivity improvement to continue 1 We are moderating the pace of branch expansion… 2 …and focusing more on increasing product penetration into existing branches No. of branches 105 Products offered Mar-23 Mar-24 Mar-25 Sep-25 86 Housing loans 398 470 512 514 LAP 343 461 512 513 Used car loans 16
Slide 22: Stable income profile – operating leverage playing out well
Stable income profile – operating leverage playing out well 1 Interest income 2 Fee income As % of loans As % of loans Amortization of processing fee led Opex ratio reduced ~260 bps over last 10 quarters to a drop in reported fee income 13.4% 13.4% 13.3% (from 1.5% in FY24), which is now normalizing
Slide 23: Retail risk (1/2) – Overall stable 90+ DPD
Retail risk (1/2) – Overall stable 90+ DPD reflects diversified AUM mix Housing loans 29,550 32% LAP 21,285 23% Used car loans 4,797 5% 3% 3% 3% 2% 2% 1.6% 1.5% 2% 1.3% 1.3% 1.1% 1.0% 1.0% 1.1% 0.9% 0.9% 1.0% 0.9% 0.8% 0.9% 0.8% 0.7% 0.7% 0.6% 0.6% 0.6% 0.7% 0.7% 0.6% 0.6% 1% 0.7% 1% 0.4% 0.4% 0.5%
Slide 24: Retail risk (2/2) – vintage risk
Retail risk (2/2) – vintage risk* : controlled quality of new originations Housing loans 29,550 32% LAP 21,285 23% Used car loans 4,797 5% 6.3% 6% 6% 6% 5% 5% 3.9% 5% 4% 4% 2.6% 2.4% 2.3% 2.7% 2.5% 3% 3% 3% 2.3% 2.3% 2.3% 1.5% 2% 2% 0.9% 0.6% 0.4% 0.4% 0.5% 0.4% 0.5% 0.3% 0.5% 0.5% 0.6% 0.5% 0.4% 0.
Slide 25: Wholesale 2.0
iramal Finance Pp G Wholesale 2.0
Slide 26: Snapshot – Wholesale 2.0
Snapshot – Wholesale 2.0 AUM ₹ 11,295 Cr Mix 76 : 24 43% YoY Real estate CMML ₹ 2,043 Cr Disbursements 11% YoY Average ticket size ₹ 71 Cr Portfolio EIR (Effective interest rate) 14.5% Repayments as 57% Steady QoQ % of disbursements High repayments reflect strong underwriting 26
Slide 27: 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 ₹ Cr. AUM +43% YoY +8% QoQ Disbursements +11% YoY -11% QoQ Total repayments (including pre-payments) Total 11,295 Total Total CMML 10,425 CMML 2,302 CMML 1,496 Real estate Real estate Real estate 2,687 2,075 2,043 9,117 8,91
Slide 28: Granular and diversified build-out
Granular and diversified build-out (Charts represents data for outstanding AUM) A granular build-out WS 2.0 AUM Average loan tenure AUM, in ₹ Cr. Average ticket size In years, represents average residual tenor 75 77 70 74 71 11,295 3.3 10,425 3.2 3.2 3.1 8,916 9,117 3.0 7,889 Q2 FY25 Q3 FY25 Q4 FY25
Slide 29: Portfolio analysis
Portfolio analysis Repayment analysis In ₹ Cr. Effective Interest Rate (EIR)* <14% >14% WS 2.0WS2.0 Total AUM AUM WS(₹2.0 Cr.) Contracted repayment Portfolio 14.3% 14.4% 14.4% 14.5% 14.5% Actual repayment 1,496 EIR^ Repayment + Prepayment + Exits 11,295 10,425 1,165 8,916 9,117 1,028 1,027 7,889 999
Slide 30: Legacy (discontinued) business
Legacy (discontinued) business 30
Slide 31: Bringing Legacy AUM to below ₹ 35bn by March 2026
We reiterate bringing Legacy AUM to below ₹ 35bn by March 2026 AUM down 87% since March 2022 -55% YoY -14% QoQ AUM composition 51,436 Legacy AUM (₹ Cr.) Total (₹ Cr) % Total AUM Stage-1 loans 45,429 29,053 Stage-2 loans 44,411 43,175 Stage-3 loans AIF 91% 91% 89% SRs Land & receivables 46% Total Leg
Slide 32: Financials
6 Piramal Finance Financials
Slide 33: Profit and loss statement – consolidated
Profit and loss statement – consolidated In ₹ Cr. Consolidated income statement Q2 FY26 Q2 FY25 YoY % Q1 FY26 QoQ % H1 FY26 H1 FY25 YoY % Interest income1 2,702 2,198 23% 2,504 8% 5,206 4,209 24% Less: Interest expense 1,570 1,317 19% 1,494 5% 3,064 2,522 21% Net interest income 1,132 881 29% 1,010
Slide 34: Link to Data Sheet Q2 FY26
Link to Data Sheet Q2 FY26 Data from previous quarters now available on our website Click here to download the ‘Data Sheet Q2 FY26’ Story in charts Asset quality Pro forma business wise P&L Overview 34
Slide 35: Quarterly P&L - Growth business
Quarterly P&L* - Growth business In ₹ Cr. Net total income PPOP 687 1,430 1,316 1,313 619 1,194 565 1,048 499 397 PBT Total POCI recoveries 344 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 PBT ex-POCI recoveries 307 295 24 41 16 212 173 57 36 320 266 279 Opex Credi
Slide 36: Balance sheet
Balance sheet In ₹ Cr. Consolidated balance sheet Particulars Q2 FY26 Q1 FY26 Q2 FY25 Assets Cash & liquid investments 7,238 9,070 6,039 Gross asset under management 82,323 77,572 70,720 ECL provision 1,708 1,829 3,118 Net assets under management 80,616 75,743 67,601 Investments in Shriram group 1,7
Slide 37: Liabilities
Liabilities COB – Down 19bps QoQ to below 9% after 5 quarters Positive ALM gaps throughout 9.17% In ₹ Cr, period-end +28% 9.12% 9.13% 9.12% GAP % 8,844 8.93% 8.94% 8.93% +20% 8.73% 5,818 8.65% 8.64% 8.64% +11% +8% +5% 3,059 2,523 Q4 FY25 Q4 FY23 Q4 FY24 Q3 FY24 Q3 FY25 Q1 FY25 Q2 FY25 Q1 FY24 Q2 FY2
Slide 38: Appendix
6 Piramal Finance Appendix
Slide 39: Asset classification: Total assets
Asset classification: Total assets Total assets (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 78,385 73,568 64,041 Stage 2 1,671 1,641 4,085 Stage 3 1,994 2,047 1,973 Sub-Total 82,050 77,256 70,100 POCI 274 315 620 Total AUM* 82,323 77,572 70,720 Total provisions (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 91
Slide 40: Asset classification: Growth assets
Asset classification: Growth assets Total assets (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 73,695 68,263 55,975 Stage 2 1,525 1,416 1,181 Stage 3 1,382 1,251 878 Sub-Total 76,602 70,930 58,034 POCI 274 315 620 Total AUM* 76,876 71,245 58,654 Total provisions (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 690
Slide 41: Asset classification: Legacy assets
Asset classification: Legacy assets Total assets (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 4,689 5,305 8,067 Stage 2 146 225 2,904 Stage 3 612 796 1,096 Total AUM* 5,448 6,327 12,066 Total provisions (₹ Cr.) Q2 FY26 Q1 FY26 Q2 FY25 Stage 1 226 362 561 Stage 2 19 27 744 Stage 3 122 175 719 Total 366 56
Slide 42: Multi-product retail lending platform across the risk-reward spectrum
Multi-product retail lending platform across the risk-reward spectrum – Q2 FY26 Average disbursement Disbursement Share in Product Segments Products AUM yield Share in AUM* ticket size (₹ lakh) yield disbursements Affordable housing Housing Mass affluent housing 22.0 11.9% 25.4% 11.7% 39.6% Budget h
Slide 43: Glossary
Glossary Term Description 90+ DPD delinquency 90 to 180 days past due (DPD, % of average on-book AUM) for secured loans; and 90 to 170 days DPD for unsecured loans ALM Profile Based on contractual ALM for wholesale and behavioral ALM for the retail portfolio AUM Loans (on-book) + off-book assets AUM
Slide 44: 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
Slide 45: Dial-in details for Q2 FY26 earnings conference call
Dial-in details for Q2 FY26 earnings conference call Event details Location & time Telephone numbers India – 4:00 PM Universal dial-in (India standard time) +91 22 6280 1264 / +91 22 7115 8165 USA – 6:30 AM Toll free number (Eastern time – New York) 1 866 746 2133 UK – 11:30 PM Toll free number (Lon
Slide 46: Thank You
Thank You For Investors: Ravi Singh Head of Investor Relations, Strategy and Sustainability singh.ravi@piramal.com Ruchika Jain VP - Investor Relations and Sustainability ruchika.jain@piramal.com