Transcript of conference call on the Unaudited Financial Results (Standalone & Consolidated) for the quarter ended 30th June 2026

22nd July 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 Symbol: PIRAMALFIN Sub.: Transcript of conference call on the Unaudited Financial Results (Standalone & Consolidated) for the quarter ended 30th June 2026 Dear Sir / Madam, In continuation of our letter dated 10th July 2026 and pursuant to Regulation 30(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the conference call held on 16th July 2026, on the Unaudited Financial Results (Standalone & Consolidated) of the Company for the quarter ended 30th June 2026. The transcript of the said conference call is also hosted on the website of the Company Concall_Transcript_Q1FY27_Piramal Finance Limited_16th July 2026. Kindly take the same on record. Thanking you. Yours faithfully, For Piramal Finance Limited (Formerly known as Piramal Capital & Housing Finance Limited) Bipin Singh Company Secretary Encl.: As above. “Piramal Finance Limited Q1 FY2027 Earnings Conference Call” July 16, 2026 MANAGEMENT: MR. ANAND PIRAMAL – CHAIRMAN MR. JAIRAM SRIDHARAN – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. RUPEN JHAVERI – GROUP PRESIDENT MR. YESH NADKARNI – CHIEF EXECUTIVE OFFICER, WHOLESALE LENDING MR. VIKASH SINGHLA – CHIEF FINANCIAL OFFICER MR. RAVI SINGH – HEAD, INVESTOR RELATIONS, STRATEGY AND SUSTAINABILITY 16 Jul 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q1 FY 2027 earnings conference call hosted by Piramal Finance Limited. As a reminder, all participant lines will be in the listen- only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. The result materials are available on exchanges and the company's website, and you may refer to them during the discussion. Please note that today's discussion may include certain forward-looking statements which must be viewed in conjunction with the risks and uncertainties that the company faces. These statements are based on management's current expectations and are subject to uncertainty and changes. On the call today, we have with us Mr. Anand Piramal, Chairman, Mr. Jairam Sridharan, MD and CEO, Mr. Rupen Jhaveri, Group President, Mr. Yesh Nadkarni, CEO, Wholesale Lending, Mr. Vikash Singhla, CFO, and Mr. Ravi Singh, Head, Investor Relations and Strategy. I now hand the conference over to Mr. Anand Piramal for his opening comments. Thank you and over to you, sir. Anand Piramal: Good afternoon, everyone, and thank you for joining us today on this call to discuss the June quarter FY27 results of Piramal Finance. The company delivered another quarter of consistent performance on AUM growth, profitability, and stability of risk and earnings. Our Growth AUM, which include all our retail and wholesale AUMs, but exclude the discontinued legacy business, now stands at 98% of the total AUM. For the last many quarters, these AUM have been growing at a growth rates in the 30s. In Q1 as well, growth AUM increased by 32% year-on-year. Total AUM grew by 25% year-on- year to Rs. one lakh seven thousand crores. Q1 FY27 ROAUM of growth business was at 1.9% versus 1.5% ROAUM in Q1 of FY26. For several quarters now, Growth business profits have driven our company profits. In Q1 FY27, our PAT was up 67% year-on-year to Rs. 461 crores with underlying Growth business PBT of Rs. 470 crores. Asset quality was stable and healthy across both our retail and wholesale businesses, and we'll share more details later on this call. Along with Q1 results, the board also approved a fund-raise of up to Rs. 4,000 crores, which the company would plan to raise at an appropriate time post shareholder approval. Two Japanese credit agencies, R&I and JCR, Page 2 of 23 16 Jul 2026 have recently assigned us ratings of BBB / Stable. This is one notch below the sovereign rating. As the youngest NBFC by some margin among India's upper layer NBFCs, we are privileged to be already serving about 6 million customers across semi-urban India, combining physical distribution with technology and AI in our processes. With an AA+ rating and demonstrated retail-led diversified business model at scale, we are confident in our ability to deliver steady and healthy earnings growth. With that, I'll hand over to Jairam to share more details on the results. Jairam Sridharan: Thank you, Anand. Good evening, everyone. As you may know, we have aimed to deliver and we judge our performance against a framework of three drivers of value creation: Growth, Profitability, and Predictability. Supporting these value drivers, we have talked about building a future proof AI native company. I'd like to start my comments with an evaluation of our first quarter FY27 performance against this framework. Let's start with Growth. If you look at slide number four, you will see that our AUM was up 25% year-on-year to 1,06,940 crores. The underlying growth in our continuing businesses, the Growth business that Anand mentioned before, was 32% year-on-year. With AUM growth sustaining at these levels for the past several quarters, we stay on track for our earlier disclosed growth aspirations. The second vector of our evaluation is Profitability. If you look at slide number five, you will notice that the return on AUM of our Growth business has increased in the first quarter to 1.9% from 1.5% in the same quarter last year. This 33-basis point improvement year-on- year was driven by a 57-basis point improvement in our OPEX ratio. Leverage, i.e., AUM to equity, also continues to increase as you can see on this page, and it is at 3.7x at the end of Q1. This compares to 3.2x in the same quarter last year, and we continue to progress towards our goal of 4.5 to 5x. The third vector in our value creation framework is Predictability. If you look at slide number six, in the first quarter, we delivered PAT of Rs 461 crores, keeping up the steady and predictable trajectory of the last 8 to 10 quarters. The stability and predictability are also visible in our credit risk outcomes with retail 90 plus delinquencies at 0.7%, stable in a very narrow range of 0.6 to 0.8% over the last four plus years. In the wholesale business, our Page 3 of 23 16 Jul 2026 stage two and stage three assets are below 0.2%, and thus the overall Growth business credit cost has also been broadly stable at 1.6% per annum. Let's now go one level deeper into assessing our business performance, starting with growth. Retail AUM growth remained strong. Financial year 27 started with a strong pickup in our disbursement trajectory. Disbursements grew 44% year-on-year in the first quarter versus 34% in the fourth quarter 26 and 31% in full year FY 26. Retail AUM grew by 32% year-on-year to Rs. 91,249 crores. Our mortgage business, comprising housing loans and LAP, grew by 30% year-on-year to Rs. 61,199 crores. Mortgages account for 57% of the company's AUM and 67% of retail's AUM. Within our HL and LAP books, mass affluent home loans and larger ticket LAP Plus businesses have been growing in recent quarters at a faster rate. With our recent rating upgrade, our ability to serve these segments is significantly higher and you hence you should expect this recent momentum to continue. With risk performance under control, AUM growth in our four unsecured product categories, personal loans, unsecured business loans, digital loans, and rural micro lending have all gained momentum. This category had an AUM growth of 45% year-on-year to Rs. 21,412 crores. These form 20% of the company's AUM and 23% of retail AUM. Wholesale AUM was up 27% year-on-year to Rs. 13,23 [Showing first 8,000 characters — download PDF for full document]