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HDB Financial Services Limited HDB House, Tukaram Sandam Marg, A - Subhash Road, Vile Parle (E), Mumbai – 400057. Web: www.hdbfs.com Tel: 022 – 4911 6350 Fax: 022 – 4911 6666 CIN: L65993GJ2007PLC051028 Email: investorcommunications@hdbfs.com HDB/SLC/2026/1542 October 20, 2026 To, To, Listing Compliance Department Listing Compliance Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No C/1, Block G, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (East), Dalal Street, Fort, Mumbai - 400051 Mumbai - 400001 Scrip Code: HDBFS Scrip Code: 544429 Dear Sir / Madam, Sub.: Transcript of Earnings Call in relation to the Unaudited Financial Results for the quarter and half year ended September 30, 2026 In continuation to our letter dated October 14, 2026, we wish to inform you that pursuant to Regulation 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the Earnings Call with analysts and investors held on October 14, 2026, in relation to the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026, has been made available on the website of the Company at the below link: https://www.hdbfs.com/investors A copy of the transcript is annexed herewith. This is for your information and appropriate dissemination. Thanking you, For HDB Financial Services Limited Dipti Jayesh Khandelwal Company Secretary and Compliance Officer Membership No. F11340 Encl.: As above Registered Office: Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad - 380 009. HDB Financial Services Limited Q2 FY27 Earnings Conference Call Transcript For the Earnings Call held on October 14, 2026, 18:30hrs IST MANAGEMENT: MR. G RAMESH – MD & CEO MR. JAYKUMAR SHAH – CFO MR. VISHAL PATEL – HEAD INVESTOR RELATIONS Page 1 of 16 Q2 FY27 Earnings Call October 14, 2026 Disclaimer: Certain statements in this release are forward looking in nature, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. HDB Financial Services Limited (HDBFS) does not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf. Moderator: Ladies and gentlemen, good day, and welcome to the Q2FY27 Earnings Conference Call hosted by HDB Financial Services. Please note this conference call is only for analysts and investors, and not for media. 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 “*” then “0” on your touchtone phone. I now hand the conference over to Mr. Vishal Patel, Head Investor Relations of HDB Financial Services. Thank you, and over to you. Vishal Patel: Thank you, Yashashri. Good evening. I welcome you all to the Q2FY27 Earnings Call of HDB Financial Services. We have with us Mr. G. Ramesh, MD and CEO; Mr. Jaykumar Shah, CFO and the senior management team of the company. I hope all of you would have had a chance to peruse our financial results, investor presentation, and press release, which were filed with the stock exchanges earlier today and also available on our website www.hdbfs.com. We will start with the management remarks and then open up the call for Q&A. The audio recording of this call will be available on our website shortly after the call ends. I now request our MD and CEO, Mr. G. Ramesh, for his opening remarks, following which our CFO, Mr. Jaykumar Shah, will provide a brief on the financial results before we open up the call for Q&A. G. Ramesh: Thank you, Vishal, and a very good evening to all of you who have joined in today. Starting with the macros: Indian economy remained resilient despite global headwinds. Real GDP growth projections have been revised to 7.1% for FY27, as highlighted by RBI in its Monetary Policy. On the Monetary Policy front, there has been a change in stance to calibrated tightening and increase in repo rate by 25 basis points on October 7, 2026. While sentiments around global uncertainty and deficient monsoon have had some impact, the outlook for H2 is positive with the upcoming festive season and continuing momentum in domestic economic activity. However, the impact of uneven spatial distribution of monsoon on food production and inflation remains a key monitorable. Page 2 of 16 Q2 FY27 Earnings Call October 14, 2026 Coming to vertical-wise commentary, Enterprise Lending: which is a business consisting of Unsecured Loans, Loan against Property, and Gold Loans – Q2 disbursements for the segment grew by 25.5% YoY. Disbursements for LAP + EBL, which is our mortgage book, grew by 30% YoY, and we anticipate this upward trajectory to continue. Our Gold Loan disbursements grew over 60% YoY. Gold loan is positioned for continued traction in the coming quarters. Our Unsecured Business Loans business returned to sequential growth trajectory this quarter. We expect momentum to continue in unsecured business loans going forward as well. Portfolio quality and collections were stable for Enterprise Lending. On Asset Finance: Our Commercial Vehicle book registered a moderate growth of 8% YoY, while our Construction Equipment book grew by 12% in the same period. Festive season demand led by increasing last-mile volume, post-monsoon pickup in construction activity, and stable fleet utilization levels augur well for Asset Finance business as we enter H2 with confidence. We did notice some seasonality effect in our asset quality in asset finance in line with expectations. We expect this to normalize in the coming months. Consumer Finance: Disbursements for Consumer Finance vertical grew over 25% YoY, while the book expanded 22% YoY. Consumer Durables book, which consists of loans for purchase of consumer durables and digital products, that book grew by 49% YoY, and the Auto Loan book grew by 22% YoY. Our Relationship PL, which is our cross-sell product to our customers, grew by 16% YoY. Portfolio quality and collections were stable for the Consumer Finance vertical. So, the festive season is expected to be a big fillip for this business. Overall, in Q2, our disbursements continued on growth trajectory, growing by 18% YoY. Our profit after tax grew 34% YoY. Conversations with our channel and OEM partners indicate strong confidence on the back of festive demand, and we look forward to a strong H2. On the technology front, we spoke to you all about our AI journey Shikhar. Glad to share some updates in terms of the outcomes we are seeing in some of our focus areas.  So, we began a project on AI-led customer onboarding, which basically reduces the time it takes to onboard a customer. That has started for our consumer finance business, and we expect benefits to build as we build and roll out that project to the larger ecosystem. Page 3 of 16 Q2 FY27 Earnings Call October 14, 2026  Collections in early buckets has worked out well. Over 1 in 5 calls of tele-calling that we make on early buckets is now through an AI-powered bot. We will continue to update you on our technology implementation. With that, wishing everyone a very happy festive season ahead. I will now hand over to Jaykumar, our CFO, for an update on the financials. Jaykumar Shah: Thank you, Ramesh, and thank you all for tuning in. Moving on to the financial performance for the quarter:  Customer franchise grew to 24.8 million, with an increase of 18.4% YoY  Disbursements for the quarter ended September 30, 2026, was ₹18,522 crores, up 18.7% YoY.  Gross loan book, as at September 30, 2026, stood at ₹1,24,469 crores, growing 11.7% year-on-year and 2.2% sequentially. Secured loans comprised of 73.9% of the gross loan book.  Profit after tax for the quarter ended September 30, 2026, was ₹780 crores, an increase of 34% YoY.  Gross Stage 3 [Showing first 8,000 characters — download PDF for full document]