Transcript of Conference Call held in respect of the Financial Results for the quarter ended 30.09.2026

Date: October 28, 2026 The Manager The Listing Department Department of Corporate Relationship National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex 25th Floor P. J. Towers, Dalal Street Bandra (East) Mumbai -400 001 Mumbai -400 051 Scrip Code: Equity- 532900 SCRIP SYMBOL: PAISALO NCDs- 975202, 975251, 975329, 975437, 975640, 975865, 976752, 977004, 977097, 977278, 977279, 977358, 977371, 977643, 941165, 941167, 941169, 941171, 941173, 941175, 978172 and CPs- 731434, 731624, 732088, 732666, 732669, 732751, 732753 and 732754 Ref : Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the SEBI (LODR) Regulations) r/w Clause 15 of Part A Para A of Schedule III to the SEBI Listing Regulations Subject : Transcript of Conference Call held in respect of the Financial Results for the quarter ended September 30, 2026 Dear Sir/Madam, In furtherance of our letter dated October 16, 2026, the transcript of Q2 FY2027 investor conference call has been uploaded on the website of the Company at https://www.paisalo.in/pdf/pdf/Transcript_of_Q2_FY2027.pdf Also, enclosed is the transcript (pdf) as attachment for ease of reference. We request you to kindly take the same on record. Thanking you, Yours faithfully, For Paisalo Digital Limited (MANENDRA SINGH) Company Secretary “Paisalo Digital Limited Q2 FY27 Earnings Conference Call” October 22, 2026 MANAGEMENT: MR. SANTANU AGARWAL – DEPUTY MANAGING DIRECTOR MR. HARISH SINGH – EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER MR. GAURAV CHAUBEY – CHIEF BUSINESS OFFICER MODERATOR: MR. MANEET KHIMAWAT – ELARA SECURITIES (INDIA) PRIVATE LIMITED Page 1 of 12 Paisalo Digital Limited October 22, 2026 Moderator: Ladies and gentlemen, good day and welcome to Paisalo Digital Limited Q2 FY27 Earnings Conference Call hosted by Elara Securities (India) Private Limited. Before we begin, let me draw your attention to the fact that today's discussion may include certain forward-looking statements, which are predictions, projections or other estimates about future events. These statements reflect management's current expectations about future performance of the company and are subject to various risks and uncertainties that may cause actual results to differ materially. 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 the conference call over to Mr. Maneet Khimawat from Elara Securities. Thank you and over to you, sir. Maneet Khimawat: Thank you. Hello and good evening, everyone. On behalf of Elara Securities, I thank you all for joining the Q2 FY27 Earnings Conference Call of Paisalo Digital Limited. Today from the management, we have: Mr. Santanu Agarwal, Deputy Managing Director; Mr. Harish Singh, CFO; and Mr. Gaurav Chaubey, Chief Business Officer. I will now hand over the call to Mr. Santanu for his opening remarks, post which we can open the floor for question and answers. Thank you and over to you, sir. Santanu Agarwal: Good afternoon, everyone, and thank you for joining us today for Paisalo Digital's earnings call for the quarter ended September 30, 2026. I hope you have had the opportunity to review our earnings presentation, which has been shared earlier on the exchanges and is also available on our website. We are pleased to share that Paisalo has delivered another quarter of healthy performance with continued progress across growth, distribution, technology and asset quality. More importantly, the investments we have made over the past several quarters are increasingly translating into operating outcomes, reinforcing our confidence in scalability and resilience of our business model. Let me begin with a brief perspective on the operating environment. The Indian economy continues to demonstrate resilience despite global uncertainties supported by healthy domestic demand and broad-based economic activity. The RBI has maintained a constructive outlook revising its FY27 real GDP growth estimate to 7.1% in its latest monetary policy while the recent 25 basis point repo rate increase reflects a calibrated approach to inflation management. At the same time, uneven monsoon conditions have affected sentiment in certain regions and rainfall deficit pockets warrant continued monitoring. Against this backdrop, we remain focused on balancing growth opportunities with disciplined risk management. Our diversified portfolio provides an important degree of resilience in this Page 2 of 12 Paisalo Digital Limited October 22, 2026 environment. Agri and allied segments account for approximately 15% of the portfolio while the balance diversified across food and hospitality, street vendors, health care, education, technology, manufacturing, textiles, transport and other SME and micro enterprise activities. Our geographical presence across 23 states and more than 10,000 pin codes provides significant diversification and granularity, reducing concentration risk while creating access to a vast underserved market opportunity. Over the past several quarters, we have continued to strengthen our technology and risk management capabilities. Our proprietary underwriting framework combines on-ground engagement with geospatial intelligence, alternate data and AI-driven analytics while our AI- enabled portfolio monitoring platform provides real-time visibility, early warning indicators and dynamic risk assessment. These capabilities are reflected in the health of our portfolio with collection efficiency at 98.3%, gross NPA at 0.66% and net NPA at 0.46% at the end of the quarter. This gives us confidence in our ability to scale while maintaining disciplined asset quality. During the first half of this fiscal year, we have made significant progress in broadening and diversifying our access to capital markets. We have successfully raised approximately INR294.9 crores through our public NCD issuance under the INR900 crores shelf program followed by INR124.47 crores listed dual-rated unsecured private placement of NCDs in September. We have also raised over INR177 crores through commercial paper issuances during H1 FY27 further enhancing our funding flexibility and liquidity position. A significant portion of this funding was raised towards the end of the quarter, which temporarily impacted reported yields. We expect yields to normalize and the incremental interest income contribution to progressively follow through. At the same time, the enhanced balance sheet capacity provides greater headroom for an improvement in RoE as deployment scales up. Supported by strong capitalization, increasing operating leverage, a rapidly expanding distribution network and accelerating digital orientation, Paisalo is well positioned to capitalize on the strong demand environment. The festive season, resilient consumption trends and continued execution across our platform provides a solid foundation for sustained growth. Let me now turn to our broader strategy. Our growth is anchored around four reinforcing pillars: distribution, product diversification, technology and AI and liability management. As each of these capabilities scale, they are reinforcing one another and strengthening the quality, efficiency and resilience of the franchise. Distribution remains at the heart of our growth strategy. During Q2, our footprint expanded to 6,415 touchpoints across 23 states comprising 426 branches, 4,299 distribution points and 1,690 business correspondents touchpoints. Importantly, our expansion combines a branch-led presence with an increasingly asset-light distribution model enabling us to deepen penetration in existing markets while expanding into new and contagious geographies. Our customer Page 3 o [Showing first 8,000 characters — download PDF for full document]