Transcript of Investors Earnings Call for the first quarter ended June 30,2026

li t SF IR I R A M SEC/FILING/BSE-NSE/26-27/68A-B July 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 first quarter ended June 30, 2026. Further to our letter dated July 24, 2026, regarding the audio link of the investor’s earnings call for the first quarter ended June 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 SHRIRAM Finance “Shriram Finance Limited Q1 FY '27 Earnings Conference Call” July 24, 2026 liSHRIRAM C FP 0 R <U S • C 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 AND HEAD, INVESTOR RELATIONS – SHRIRAM FINANCE LIMITED Page 1 of 15 SHRIRAM Shriram Finance Limited Finance July 24, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Shriram Finance Limited Q1 FY '27 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 touchtone 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: Thank you. Good evening, friends from India and Asia, and a warm welcome to everyone joining us from Western part of the world. I'm excited to share our Q1 FY '27 earnings call with you today, and I'm joined by our Managing Director and CEO, Parag Sharma; Joint Managing Director and CFO Sunder; and Mr. Sanjay Kumar Mundra, our Executive Director and Investor Relations Head. Looking back, the first quarter of the year has been a positive one for Shriram Finance, especially given the current situation. Let us start by examining some broad economic indicators that affect our business directly or indirectly. India's economy wrapped up FY '25, '26 on a strong note with the GDP growth picking up to 7.8% in the fourth quarter, which was a comfortable beat to the market expectation of 7.3% for the growth trajectory and revised full year real GDP growth rate of 7.7% with updated base year. However, RBI has lowered its economic growth forecast for FY '27 to 6.6%. This adjustment comes as they are concerned about global conflicts, energy prices and weather conditions. India's retail inflation has increased to 4.38% in June, up from 3.93% in May. This rise is mainly due to higher fuel and food prices, which have increased because of supply disruption driven by war in Middle East and delaying seasonal rains. India's wholesale price based inflation jumped to record 9.87% in June, up from 9.68% in May. Fuel and power prices went up a lot, which really pushed this number higher. Food inflation also hit an 18-month high, which affected overall index. Coming to the recent RBI policy, there are main points from June 26 RBI monetary policy. Repo rate stays at 5.25%. Policy stance remains neutral. GDP forecast has been adjusted to 6.6% from earlier 6.9%. CPI inflation forecast has been raised to 5.1%, up from 4.6%. Coming to the rural economy. The biggest challenge for India's economy right now are geopolitical tension in West Asia and uneven rainfall from Southwest monsoon. A big monsoon deficit, a changing monsoon path, inconsistent rainfall could cause problems for agriculture, inflation and overall spending. The IMD recently lowered its forecast for 2026 Southwest monsoon, predicting only 90% of usual rainfall. This is happening as El Nino gets stronger, which might lead to even more rainfall problems during important planting season. The latest Meteorological Department data shows India's Southwest monsoon is in a long dry spell with the total seasonal rainfall now 24% below normal between June 4 to July 16. But the good news is that the country has made some changes like more irrigation, different ways for Page 2 of 15 SHRIRAM Shriram Finance Limited Finance July 24, 2026 people to earn money in the countryside, which makes the whole economy stronger when it rains unpredictably compared to the past. Coming to the GST collection, India's GST collection went up by 13.9% year-on-year to INR1.95 lakh crores in June '26 compared to INR1.71 lakh crores in same month last year. This increase was mainly because of more money coming in for both domestic and imported goods. If you look at the whole April, June period of FY '27, gross GST collection were INR6.32 lakh crores, which is 8.4% increase from INR5.83 lakh crores collected in the same period last year. Coming to the auto industry. On OEM sales side, this quarter has been very good for automobile sector following GST rate cut. It has -- it had a positive impact, leading to significant surge in sales. Commercial vehicle sales increased by 14.1% in Q1 FY '27 and stands at 2.65 lakh units as against 2.24 lakh units in the Q1 '26. Within CV, M&HCV grew at 18.3% and stands at 95,910 units against 84,040 units sold in the Q1 '26. LCV sales recorded growth of 20.8% in Q1 FY '27 and stands at 1.69 lakh units versus 1.4 lakh units sold in the Q1 '26. Passenger vehicle sales in Q1 '27 recorded a growth of 25.9% and stands at 12.74 lakh units as against 10.12 lakh units in Q1 '26. 2-wheeler recorded growth of 20.3% with sales of 56.29 lakh units in Q1 as against 46.78 lakh units. 3-wheelers sales recorded growth of 29.7% in Q1 FY '27 with sales of 2.14 lakh units sold versus 1.65 lakh units sold in Q1 '26. Tractor sales recorded growth of 21.6% with 2.65 lakh units sold against 2.18 lakh units sold in Q1 '26. Construction equipment recorded a growth of 8.8% with 25,176 units being sold against 23.147 units and showing a growth after negative growth in the last financial year. Here, one highlight is the EV sales have gone up significantly, maybe due to the uncertainty about the fuel price, but very positive. The PV sales, passenger vehicle sales increased by 94.8% to 84,665 units against 43,464 units sold in Q1 '26. 3-wheeler sales for Q1 increased by 13.2% to 2.15 lakh units against 1.9 lakh units sold same period last year. 2-wheelers sales for Q1 '27 increased by 69.3% to 5.22 lakh units against 3.08 lakh units sold in Q1 '26. Now I shall ask my colleague, Parag Sharma, to take through the operational performance. Parag Sharma: Thank you. Welcome, everyone, to our Q1 FY '27 earnings call, and I trust you had the opportunity to peruse our results and the related investor presentation, which have been posted on the website of stock exchanges. We registered a disbursement growth of 19.51% Y-o-Y. Our disbursement in Q1 FY '27 this year aggregated to INR49,974.49 crores versus INR41,816.75 crores in Q1 FY '26. Our assets under management as on 30th June 2026 registered a growth of 15.26% over Q1 FY [Showing first 8,000 characters — download PDF for full document]