Analysts/Institutional Investor Meet/Con. Call Updates

Ref. No. AAVAS/SEC/2026-27/3403 Date: November 02, 2026 To, To, The National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Mumbai – 400051 Mumbai – 400001 Scrip Symbol: AAVAS Scrip Code: 541988 Dear Sir/Madam, Subject: Transcript of the Earnings Call for the quarter and half year ended September 30, 2026 Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and with respect to our intimation dated October 13, 2026 bearing ref. no. AAVAS/SEC/2026-27/3317, please find enclosed the transcript of the Earnings Call on the Financial and Operational performance of the Company for the quarter and half year ended September 30, 2026 held on Monday, October 26, 2026. The above information is also available on the website of the Company and can be accessed at https://www.aavas.in/investor-relations/investor-intimation. We request you to take the same on your record. Date and time of occurrence of event/information: October 26, 2026 and Earnings Call commenced at 06:30 P.M. (IST). Thanking You, For AAVAS FINANCIERS LIMITED SAURABH SHARMA COMPANY SECRETARY & COMPLIANCE OFFICER (ACS-60350) LANRETNI “Aavas Financiers Limited Q2FY27 Earnings Conference Call” Oct 26, 2026 Management: Mr. Manu Singh – Managing Director and Chief Executive Officer Mr. Ghanshyam Gupta – Interim, Chief Financial Officer Mr. Rakesh Shinde – Head of Investor Relations This document is a transcription of the conference call conducted on 26-Oct-2026. Click here to listen to the original audio Disclaimer: This transcript is edited for factual errors and does not for imply to be verbatim recordings of the proceedings. The reader is also requested to refer to audio recordings of the call uploaded on the company website. In case of discrepancy, the audio recordings will prevail. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Aavas Financiers Limited. Moderator: Ladies and gentlemen, good evening, and welcome to the Aavas Financiers Ltd Q2FY27 and H1FY27 Earnings Conference Call. This conference call may contain forward- looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant connections will be in a listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference, you may message the operator. I now hand the conference over to Mr. Rakesh Shinde, Head Investor Relations of Aavas Financiers Limited. Thank you, and over to you, sir. Rakesh Shinde: Good evening, everyone, and a very warm welcome to all participants joining us today to discuss the financial and operating performance of Aavas Financiers Limited for Q2FY27 and H1FY27, along with our outlook for the business. The results and the investor presentation have been uploaded to the stock exchanges and are also available on our company website. I hope you’ve had a chance to review them. We have also uploaded an Excel fact sheet containing historical data on our website for your easy reference. Joining me today is the entire management team of Aavas. We will begin this call with opening remarks from our MD & CEO Manu Singh. This will be followed by a Q&A session. With that, let me now hand over the call to Manu. Over to you, Manu. Manu Singh: Thank you, Rakesh. And a very good evening to everyone joining us today. It is a delight to connect with you during this festive season. On behalf of the entire Aavas family, I extend our warmest wishes to you and your loved ones for a joyful, prosperous and fulfilling festive period. Firstly, it gives me immense pleasure and pride to share that Aavas is on track to cross the significant milestone of ₹250 billion in AUM during October 2026, having served nearly 4.5 lakh customers. This achievement reflects the trust reposed in us by our customers and stands as a testament to the collective hard work, dedication and commitment of the entire Aavas team over the years. Aavas is embarked on its next phase of growth. The structural demand for affordable housing, the depth of the underserved customer segment and our expanding distribution, gives us confidence in the long-term potential of the franchise. With an established presence across our core markets and considerable headroom to improve productivity and deepen penetration, we see a credible path toward achieving Rs. 500 bn in AUM. As we pursue this ambition, the quality of growth will be as pertinent as its pace. Our objective is to build a business that delivers sustainable profitable growth through a customer first approach, higher productivity, improved operating leverage, prudent credit underwriting and disciplined liability management. We will continue to scale responsibly, without compromising the asset quality, margins or governance standards that underpin the strength of the Aavas franchise. Technology will serve as a critical force multiplier across this journey. It will allow us to combine the reach and relationships of our physical distribution network with faster digital processes, stronger data-led decision-making and robust system-driven controls. This should help us improve conversion, reduce turnaround time, enhance productivity and deliver a more seamless customer experience. Having completed six months at the helm of Aavas, my priorities are clear: to deliver sustainable profitable growth through consistent improvements in productivity, efficiency and governance. During Q2FY27, Productivity per RO improved to 1.2 files / month, compared with 1.1 files / month in Q1FY27. The momentum strengthened further in September, when productivity reached 1.3 files / month. The improvement reinforces our confidence in the focused execution strategy, stronger field-level accountability and continued emphasis on customer acquisition and continue to lift productivity per resource higher. We aim to improve productivity to approximately 1.5 files / month by the end of FY27 and progressively scale it to 2 files / month. The improvement in productivity during H1FY27 was accompanied by a sharp improvement of 29% in revenue per RO. This demonstrates that our execution rigour. Which is translating into improved resource economics and supporting our objective of delivering sustainable profitable growth. Consequently, our Opex Ratio improved by 18 bps YoY to 3.33% in H1FY27. With further gains in productivity, efficiency and scale, we expect to generate stronger operating leverage and progressively improve the Opex Ratio to below 3%. We have undertaken a comprehensive review and revamp of our operating processes to establish greater accountability and strengthen checks and balances across the organisation. We have introduced system-driven controls, reinforced maker-checker mechanisms across key processes and implemented rigorous training programmes to embed a strong and consistent governance culture throughout Aavas. These initiatives provide us with a stronger operating platform to scale the business responsibly. At Aavas, People drive Performance. During the quarter we continued our endeavour to build a team of people that enables and enhances performance. During the quarter, we continued to strengthen our team with the objective of enhancing organisational capabilities and execution. Several experienced professionals have already joined us across various levels, and we expect to further strengthen the team in the coming months. This has given us the platform to drive strategy and execution as we build towards the business end of the year. These overarching principles are bringing the organisation [Showing first 8,000 characters — download PDF for full document]