Transcript of Investors Earnings Call for the second quarter ended September 30,2026.

SHRIRAM Finance SEC/FILING/BSE-NSE/26-27/68A-B October 27, 2026 BSE Limited National Stock Exchange of India Limited P. J. Towers, Listing Department Dalal Street, Fort, Exchange Plaza, 5th Floor, Plot no. C/1, G- Block, Mumbai – 400 001. Bandra-Kurla Complex, Mumbai – 400 051. Scrip Code: 511218 NSE Symbol: SHRIRAMFIN Dear Sirs, Sub.: Transcript of investors earnings call for the second quarter ended September 30, 2026. Further to our letter dated 23 October 2026, regarding the audio link of the investor’s earnings call for the second quarter ended September 30 2026, we enclose herewith the transcript of the said call. The Transcript is also been uploaded on the Company website www.shriramfinance.in Thanking you. Yours faithfully, For SHRIRAM FINANCE LIMITED U BALASUNDARARAO COMPANY SECRETARY & CHIEF COMPLIANCE OFFICER Encl.:a/a. Shriram Finance Limited Corporate Office: Wockhardt Towers, Level -III, West Wing, C-2, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra. Ph: +91 22 4095 9595 Registered Office. Sri Towers, Plot No.14A, South Phase, Industrial Estate, Guindy, Chennai – 600 032, Tamil Nadu, India. Tel: +91 44 485 24 666 Email: secretarial@shriramfinance.in I Website: www.shriramfinance.in I Corporate Identity Number (CIN) — L65191TN1979PLC007874 ViSHRIRAM Finance “Shriram Finance Limited Q2 FY27 Earnings Conference Call” October 23, 2026 SISHRIRAM C H 0 Finance MANAGEMENT: MR. UMESH REVANKAR – EXECUTIVE VICE CHAIRMAN – SHRIRAM FINANCE LIMITED MR. PARAG SHARMA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – SHRIRAM FINANCE LIMITED MR. S. SUNDER – JOINT MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER – SHRIRAM FINANCE LIMITED MR. SANJAY KUMAR MUNDRA – EXECUTIVE DIRECTOR – INVESTOR RELATIONS HEAD– SHRIRAM FINANCE LIMITED Page 1 of 17 SHRIRAM Shriram Finance Limited Finance October 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Shriram Finance Limited Q2 FY27 Earnings Conference Call. 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 and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited. Thank you, and over to you, sir. Umesh Revankar: Yeah. Thank you. Good evening, friends from India and Asia, and a warm welcome to all of you. Greetings to also to those who have joined the call from the western part of the world. To present our Q2 FY27 call today, I have with me Managing Director and CEO Mr. Parag Sharma, Joint Managing Director and CFO S. Sunder, and Sanjay Kumar Mundra, Executive Director, Investor Relations. It has been a good second quarter of the year for Shriram Finance under current circumstances. Let us first look at the broad economic indicators that have a direct impact or indirect impact on our business. First, on the GDP growth, India's Q1 GDP growth of 7.8 in FY26-'27 has highlighted the resilience of country's economy, with the data pointing towards strong consumption, rising investment, and sustained government capital expenditure as the key drivers of the expansion. The stronger-than-expected performance has reinforced expectation of broad- based economic momentum across multiple sectors. The IMF has raised India's GDP growth forecast to 7% for '26-'27, up from 6.4% in July. The revision in the estimate comes on the back of stronger-than-expected momentum, supported by resilient domestic demand and robust services activity. India's headline retail inflation rose to 5.4% -- 5.54% in September from 4.82% in August, adding pressure on the country's central bank to further tighten monetary policy. Inflation has been on the rise for 11 straight months in the world's fastest-growing economy, and has touched 22 months high in September. This increase is mainly due to higher fuel and food prices, which rose amid West Asia war-driven supply disruption and delay in seasonal rains. India's food inflation climbed to 7.74% in September from 5.97% month prior, with prices rising faster than -- faster in rural areas than cities. India's wholesale price-based inflation climbed to 11.39% in September from 9.92% in August. Among key drivers of wholesale inflation were mineral oils, food articles, crude petroleum and natural gas, coal and lignite, basic metal, chemicals, textile, rubber, plastic product, and electric equipments. Now, coming to the RBI policy, key takeaway of RBI policy: repo rate increased by 25 basis point to 5.5 basis point; policy stance shifted from neutral to calibrated tightening; GDP forecast revised upward to 7.1 from for FY26-'27; CPI inflation forecast '26-'27 raised marginally to 5.2. Coming to the rural economy, which has a major impact on our business, the 2023 southwest monsoon concluded at 87% of long period average, with sharper shortfalls hitting regions like Page 2 of 17 SHRIRAM Shriram Finance Limited Finance October 23, 2026 South Peninsula, Northeast Asia. India received its lowest rainfall in the more than decade, owing to El Niño effect. The below-normal and erratic rainfall has triggered a moisture stress, hurting major kharif crop like rice, soyabean, corn, cotton, and pulses, coupled with fertilizer shortage due to war, will that will lead to some food issues in coming months. India's drought monitor said September 23 that 51.2% of India's geographical area was abnormally dry and/or worse. The India's weak monsoon is beginning to weigh on rural consumption ahead of crucial festive season, with companies seeing pressure on demand for entry-level two-wheeler and cars, discretionary FMCG products, and also consumer appliances. However, India's rural economy is becoming more resilient to weak monsoon as growing share of non-crop activities, diversification into allied sectors, rising irrigation coverage, and reduced dependence on the rains. The RBI report said empirical findings suggest that while rainfall shortfall remains important for agricultural output, their association with allied activities and other rural activity has moderated over time. Other significant indicator is the GST collection. India's gross GST collection rose by 14.7% year-on-year to INR2.04 lakhs in September, compared to INR1.77 lakh crores. On cumulative basis, gross GST revenue for April to September reached INR12.46 lakh crores, compared with INR11.17 lakh crores during corresponding period of 2025-'26, increase of 11.6%. Increased government spend on infrastructure is one positive indication, and GST collection has really helped the infra spend. And OEM sales side, there has been a positive impact throughout the last 1 year post the GST rate cut. The commercial vehicle sales has increased by 28.7% in Q2 FY27, and stands at 3.09 lakh units against 2.4 lakh units sold in the Q2 FY26. Within commercial vehicle, medium and heavy commercial vehicle sales recorded growth of 37% in Q2 FY27, and stands at 1,21,171 units against 88,431 units sold in Q2 FY26. LCV's sales recorded a growth of 23.8% in Q2, and stands at 1.88 lakh units versus 1.52 lakh units sold in the Q2 previous year. Passenger vehicle has recorded highest growth of 30.7%, and stands at 13.61 lakh unit against 10.41 lakh unit in the Q2 2026. Two-wheeler again seen a record growth of 15.2% with sales of 64.33 lakh unit in Q2, against 55.86 lakh unit. Three-wheelers also have recorded a very good healthy growth of 23.6% in Q2, with sales of 2.85 lakh units sold versus 2.31 lakh units sold in Q2 2026. Tractor again has recorded a good growth of 18.26% with 2.91 lakh units sold, as against 2.46 lakh units sold in Q2 2026. Construction equipment has started the growth after decline in growth in the previous year, with 23% growth, with 29,289 units sold against the 23,758 units [Showing first 8,000 characters — download PDF for full document]