Analysts/Institutional Investor Meet/Con. Call Updates

SG Finserve Limited Date: October 21, 2026 Secretary National Stock Exchange of India Ltd Listing Department Exchange Plaza, 5th Floor, BSE Limited Plot No. C/1, G Block, Department of Corporate Services Bandra – Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (E), Dalal Street, Mumbai-400001 Mumbai – 400 051 BSE Scrip Code: 539199 NSE Symbol: SGFIN Sub: Transcript of Conference Call held on October 16, 2026 Dear Sir/Madam, This is with reference to our intimation dated October 09, 2026, regarding Conference Call with investors and analysts on October 16, 2026 (Friday) – 05.00 PM IST. Please find the attached transcript of the aforesaid conference call. The above information is also available on the website of company i.e. SG Finserve Kindly take the same in your record. Thank you For SG Finserve Limited Ankit Sharma Company Secretary & Compliance Officer SG Finserve Limited (CIN: L64990DL1994PLC057941) Regd. Office: 37, Hargobind Enclave, Vikas Marg, East Delhi, Delhi-110092, Ph.: 0120-4041 400 Corporate Office: - 35-36 Kaushambi, Near Anand Vihar Terminal, Ghaziabad, Uttar Pradesh - 201010 E-mail: info@sgfinserve.com, Website: www.sgfinserve.com “SG Finserve Limited Q2 FY27 Earnings Conference Call” October 16, 2026 MANAGEMENT: MR. VINAY GUPTA – CHIEF EXECUTIVE OFFICER – SG FINSERVE LIMITED MR. ANUBHAV GUPTA – GROUP CHIEF STRATEGY OFFICER MR. SANJAY RAJPUT – CHIEF FINANCIAL OFFICER – SG FINSERVE LIMITED MODERATOR: MR. MANEET KHIMAWAT – ELARA SECURITIES SG Finserve Limited October 16, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q2 FY27 Earnings Conference call of SG Finserve hosted by Elara Securities India Private 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 this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Maneet Khimawat from Elara Securities. Thank you and over to you, sir. Maneet Khimawat: Thank you. Good evening, everyone. We welcome you to the Earnings Conference call of SG Finserve to discuss the Q2 FY27 performance of the company. I would now like to hand over the call to Mr. Vinay Gupta, CEO for his opening remarks. Over to you, sir. Vinay Gupta: Thank you team Elara for hosting us today. Jai Hind, everyone and a very good evening. My name is Vinay Gupta, CEO of your NBFC, SG Finserve Limited. I have my senior colleagues Anubhav, our Group Chief Strategy Officer; Sanjay our CFO; Lalit, our CBO; Abhishek, our CRO, and Vivek, our COO here. We have completed 4 years of our operations. In these 4 years, we have generated profits of around INR560 crores, of which we have paid approximately INR145 crores in taxes, and we have accumulated around INR415 crores as part of our equity pool. We are happy to share that the first half of FY27 has been encouraging on all the efforts. We have achieved an all-time high quarterly PAT of INR59 crores in Q2. Our loan book is also at an all-time high of around INR5,700 crores. The PBT for H1 was INR150 crores, which has doubled if you were to compare it from the corresponding H1 of the previous year. We have been successful in implementing our widening and deepening business strategy which we adopted at the beginning of the financial year. We have added more anchors, more borrowers and more business partnerships. We have scaled our existing products. Apart from dealer financing and deep-tier financing, we have started doing Factoring and TReDS. We have also commercialized digital lending and loan against property during the quarter. We continue to be a supply-chain-focused NBFC, supply chain contributing to ~70% of our AUM today. This is despite reduction in our dependency on the group’s ecosystem. The contribution of group’s ecosystem to our book has come down to 25% now. Currently, we are powering the ecosystem of more than 60 brands in the country, providing supply chain financing solutions. We continue to leverage our digital infrastructure and disbursed loans of more than INR16,000 crores in H1, which means volumes of INR32,000 crores on an annualized basis, which translates to less than 2 months of payback cycle for our loan book. This volume, if you were to compare on a year-on-year basis has gone up by 46%. We have also achieved all our key operating parameters: maintained nil NPA, return on assets is more than 4.5% and cost-to-income continues to remain less than 15% and we plan to maintain Page 2 of 20 SG Finserve Limited October 16, 2026 this in quarters to come as well. Over the last one year, our asset-to-equity leverage has improved from 2.8x to 3.7x and during the same time, our quarterly run rate for return on equity has moved up to 15% in Q2’FY27. To augment business growth, we have almost doubled our team strength in last 1 year. Today, we have a strong team of more than 100 people. However, we continue to maintain high productivity. On an annualized basis, our per-employee PAT is more than INR2 crores. We have exited the quarter with net worth of approximately INR1,600 crores, which provides us ample headroom to augment our growth in coming quarters. Given our improved profitability, scaling operations, healthy capital structure and strong parenting, CRISIL has rated us AA- on a long-term scale and A1+ on a short-term scale. At SG Finserve we always believe that sustainable growth matters more than the headline growth and our focus is to build business that is scalable and profitable while maintaining strong credit quality. Today, SG Finserve is among 1% NBFCs in the country who are providing supply chain financing or factoring, or TReDS or digital lending products. With that, I would like to hand over the call back to our host. Moderator: Thank you very much. We will now begin with a question-and-answer session. The first question is from the line of Aaryan Doshi from Divitiae Investments. Please go ahead. Aaryan Doshi: Yeah, can you hear me? Vinay Gupta: Yes Aaryan go ahead. Aaryan Doshi: Yeah. Congratulations on a great set of results and thanks for the opportunity. My question was on leverage. Your borrowings are now close to 3x of the net worth which is close to the ceiling you have set for yourselves, and you have been saying you don't need to raise equity until the book reaches INR10,000 crores. So just to ask you directly, are you looking for an equity raise this financial year? Vinay Gupta: No. Our mid-term target was to not leverage ourselves beyond debt-to-equity of 3x. But now considering the growth which has front-loaded, we are revising our leverage to debt-to-equity of 4x. Today in our board meeting also, board has approved the incremental borrowing, so we would like to leverage ourselves more. Initially, we wanted to leverage to a particular level and with the incremental confidence on performance, we would like to leverage more. Aaryan Doshi: Perfect. And on this new shared services company you have invested in, what will SG will be paying them in a full year? Vinay Gupta: It is just the beginning of the journey. We have not decided anything to pay them. On a headline level, there will be only miniscule amount which will be paid in the initial year because this is a concept which has been done at a group level where we would like to see if there can be some synergies we can built and reduce cost in the process. The objective is to not increase the cost; our objective is to bring synergy and reduce the cost or worst, maintain the cost. Page 3 of 20 SG Finserve Limited October 16, 2026 Aaryan Doshi: Understood. And one last question. There's a disclosure on the project finance in the results. So 12 accounts and none has started a commercial operation. It's been 6 months now. When do you expect the first one to start? Vinay Gupta: These are loans given on [Showing first 8,000 characters — download PDF for full document]