Analysts/Institutional Investor Meet/Con. Call Updates

23rd 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 Symbol: PIRAMALFIN Dear Sir / Madam, Sub.: Transcript of conference call on the Unaudited Financial Results (Standalone & Consolidated) for the quarter and half-year ended 30th September, 2026 In continuation of our letter dated 12th October, 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 19th October 2026, on the Unaudited Financial Results (Standalone & Consolidated) of the Company for the quarter and half year ended 30th September, 2026. The transcript of the said conference call is also hosted on the website of the Company https://www.piramalfinance.com/content/dam/piramalfinance/pdf/financial-results/piramal- finance-limited/quarterly-results/2027/earnings-conference-call-transcript/p6.pdf 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 Q2 and H1 FY27 Earnings Conference Call” October 19, 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 AND STRATEGY Page 1 of 14 Piramal Finance Limited October 19, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 and H1 FY27 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. The result materials are available on the exchange 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 the 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, IR and Strategy. I now hand the conference over to Mr. Anand Piramal for his 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 Q2 FY27 Results of Piramal Finance. I hope you and your families are enjoying the ongoing festive season, and I wish you all happiness and prosperity. An important announcement before we get into Q2 results discussion. I'm delighted to welcome Mr. Dinesh Kumar Khara, who joins today as an Independent Director for a 5-year term. Mr. Khara has been one of the most respected CEOs in the financial services sector. During his tenure, the market cap of SBI moved from $20 billion to $90 billion at a CAGR of 47%. During his career, particularly as Chairman of SBI, he strengthened one of India's most important financial institutions and expanded access to formal banking and credit for millions of Indians. His experience, judgment and deep understanding of financial services will be invaluable, and we look forward to his counsel and guidance. With that, let me now begin with a few observations on the macroeconomic environment and take you through our performance during the quarter. India's financial sector has remained resilient and despite geopolitical upheavals, NBFC Gross NPAs have declined significantly over the last few years alongside robust credit growth, particularly among upper layer institutions. This resilience reflects the strength of the broader Indian economy. International institutions like IMF have revised India's GDP growth projections for FY27 and FY28 upwards, supported by robust consumption, capital expenditure and stable forex reserves. However, rising global inflation will exert pressure on India's cost of capital. H2 FY27 is likely to see a broad- based increase in borrowing costs in line with the RBI shift from a neutral stance to calibrated tightening. Nevertheless, we do not expect any notable slowdown in borrowing activity with liquidity conditions remaining adequate. Emerging global risks warrant close monitoring, particularly rising U.S. and Japanese sovereign bond yields and the prospect of crude oil prices remaining high for longer, which could amplify inflationary pressures and tighten global financial conditions. Moving on to our company's Q2 performance. Our Growth AUM now stands at 98.5% of total AUM. In Q2, Growth AUM increased by a healthy 30% year-on-year. Total AUM grew by 24% year-on-year to INR1,13,112 crores. Q2 FY27 RoAUM of Growth business was at 2% annualized, 34 bps higher than 1.7% RoAUM in Q2 Page 2 of 14 Piramal Finance Limited October 19, 2026 FY26. In Q2 FY27, our PAT was up 67% year-on-year to INR545 crores with underlying Growth business PBT of INR538 crores. Thus, our H1 FY27 PAT is also up 67% year-on-year and crossed the INR1,000 crores mark. Asset quality was stable and healthy across both our retail and wholesale businesses, and we will share more details later on this call. In Q2, we completed a total equity fundraise of INR3,850 crores, including a QIP of INR2,100 crores and preferential allotment of warrants of INR1,750 crores to the promoter group. This was our first fund raise as Piramal Finance, and we are encouraged to see the response to QIP in terms of demand from investors and eventual participation of several marquee domestic and international investors. In September, we completed 5 years since the merger of DHFL in September 2021. In every possible way, this merger has proven to be a transformational one for the company. It provides us a platform on which we could steadily build up further. The acquired product suite of mortgages and real estate lending has expanded to more than 10 key product categories, diversified across secured and unsecured retail and mid-market corporate lending. In 5 years post the merger, our branch network and employee base have further grown by 3x, while AUM have grown 5x in 5 years from INR23,000 crores to INR1.1 lakh crores for the Growth business, making us one of the fastest-growing retail finance stories in the country. While a large part of what we recorded on day 1 of the merged balance sheet has naturally run down, the imprint of this arguably the most consequential FS mergers in India is visible across our businesses, balance sheet and P&L. In these years, we made gains of more than INR3,000 crores from DHFL's stress book. The large pool of long- term low-cost fixed rate borrowing rolled over from erstwhile DHFL continues to support our liabilities base. There is a tax shield of INR16,000 crores of assessed carry-forward losses, mostly arising from DHFL still available to us. As the youngest NBFC among India's upper layer NBFCs, we are privileged to be serving over 6.5 million customers across semi-urban India, combining physical distribution with technology and AI in our processes. With a AA+ rating and demonstrated retail-led diversified business model at scale, we are confident in our ability to deliver steady and healthy earnings growth [Showing first 8,000 characters — download PDF for full document]