Analysts/Institutional Investor Meet/Con. Call Updates

November 4, 2026 The Secretary The Secretary National Stock Exchange of India Limited BSE Ltd. Capital Market – Listing, Exchange Plaza, 25th Floor, Phiroze Jeejeebhoy Towers 5th Floor, Plot No. C/1, G Block, Dalal Street, Fort Bandra-Kurla Complex, Bandra (E), Mumbai 400 001 Mumbai 400 051 NSE SCRIP CODE: CHOLAFIN EQ BSE SCRIP CODE: 511243 Dear Sir/ Madam, Sub.: Transcript of Earnings call for the quarter ended 30 September, 2026 We refer to our letter dated 28 October, 2026, informing you regarding the upload of the audio recording of the Earnings Call conducted in connection with the audited standalone and consolidated financial statements of the Company for the quarter and half-year ended 30 September, 2026. In this regard, we enclose a copy of the Transcript of the Earnings Call, which has also been uploaded on the Company’s website today in the following link: https://www.cholamandalam.com/investors/call-transcript Kindly take the above information on record. Thanking you, Yours faithfully, For Cholamandalam Investment and Finance Company Limited P Sujatha Company Secretary Encl.: as above “Cholamandalam Investment and Finance Company Limited 2Q FY27 Earnings Conference Call” October 28, 2026 MANAGEMENT: MR. VELLAYAN SUBBIAH – EXECUTIVE CHAIRMAN – CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED MR. RAVINDRA KUNDU – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED MR. ARUL SELVAN – CHIEF FINANCIAL OFFICER – CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED MODERATOR: MR. NISCHINT CHAWATHE – KOTAK SECURITIES LIMITED Page 1 of 23 Cholamandalam Investment and Finance Company Limited October 28, 2026 Nischint Chawathe: Good evening everyone. Welcome to the interaction with management of Cholamandalam Investment and Finance Company Limited. We'll discuss 2Q FY27 Earnings today. Management is represented by Mr. Vellayan Subbiah, Executive Chairman; Mr. Ravindra Kundu, Managing Director and CEO; and Mr. Arul Selvan, Chief Financial Officer. I would now like to hand over the call to Vellayan for his opening comments, after which we'll take questions. Vellayan Subbiah: Thank you, Nischint, and thank you, Kotak, for hosting this call. Good evening, everyone. I'm happy to take you through our performance for Q2 FY27. We continued to witness strong momentum across our lending businesses during the quarter with broad-based growth across vehicle finance, SME and consumer finance. Aggregate disbursements grew by 47% year-on-year to INR35,872 crores, reflecting healthy demand conditions, execution strength and continued expansion of our distribution franchise. This translated into an AUM of INR2,68,009 crores, registering a growth of 25% year-on-year. In vehicle finance, industry volumes remained robust across key segments, supported by replacement demand, improving economic activity and healthy freight utilization. We are particularly pleased that Chola continued to grow materially ahead of the industry, driven by market share gains, deep customer engagement, strong dealer relationships and disciplined execution on the ground. Vehicle finance disbursements grew by 31% year-on-year to INR17,801 crores, resulting in an AUM of INR1,29,787 crores, a growth of 21% year-on-year. The secured SME finance business across all key product lines, including LAP, SME and SBPL continued its strong growth trajectory for the quarter with disbursements increasing by 42% year-on-year to INR9,345 crores. This growth was driven by our focused market penetration strategy, strong on-ground execution and deep engagement with channel partners. We witnessed consistent growth across all product lines, resulting in an overall AUM growth of 27% year-on-year to INR72,356 crores with LAP at INR57,447 crores, a growth of 24%, SME at INR10,943 crores, a growth of 45% and SBPL at INR3,966 crores, a growth of 35%. This reflects both the scalability of the franchise and increasing acceptance of our offerings amongst customers. Our consumer loans business, comprising housing loans, CSEL and gold loans continued to scale rapidly during the quarter, driven by our expansion of our distribution footprint and stronger relationships with channel partners. CSEL and consumer durable financing continued their momentum, leveraging our digital lending platforms. These businesses are playing an increasingly important role in diversifying our portfolio while creating a strong runway for sustainable future growth. Consumer loan disbursements grew by 103% year-on-year to INR8,726 crores, resulting in an AUM of INR45,902 crores, up 32% year-on-year. Growth was broad-based across product Page 2 of 23 Cholamandalam Investment and Finance Company Limited October 28, 2026 segments with housing loans, CSEL and gold loans registering disbursement growth of 43%, 103% and 320%, respectively. AUM in home loans stood at INR25,240 crores, CSEL at INR17,216 crores and gold loans at INR3,446 crores. The strong business momentum across these segments reflects our ability to leverage multiple distribution channels, deepen customer engagement and address a wide spectrum of retail credit needs. We maintained NIMs at healthy levels despite a volatile interest rate environment. Our strong portfolio performance led to a reduction in credit cost by 37 bps. Consequently, our profitability improved with margins, our PBT ROA expanding by 40 bps year-on-year. This translated into a stronger return profile with ROE improving to 19.4% compared to 18.1% a year ago. Gross Stage 3 improved to 3.25% in September '26 from 3.29% in June '26. GNPA as per RBI norms improved to 4.44% in September '26 from 4.50% in June '26. The company continues to maintain a strong liquidity and capital position with total liquid assets of INR21,974 crores, including undrawn sanctioned credit lines. As of September 2026, the capital adequacy ratio stood at 20.62% with Tier 1 capital at 16.02%. As on September 2026, the conversion of CCDs into equity shares were completed. Given the strong growth momentum across our businesses, the Board has approved a proposal to raise up to INR5,000 crores of capital, subject to shareholder and regulatory approvals. The proposed fundraise will strengthen our capital base and provide adequate flexibility to support our future growth aspirations while maintaining healthy capital adequacy. Nischint, thanks so much. I'll stop with that. We'll be happy to turn it over to all of you for questions. Nischint Chawathe: We start with Viral Shah of IIFL. Viral Shah: First of all, congrats on a great set of numbers. I would like to, first of all, congratulate, I would say, the -- for the delivery and the kind of, I would say, execution that all of you have done over the last, I would say, decade, 1.5 decades through the diversification, scale-up of ROA accretive segments. Vellayan, if you can throw some light in terms of, say, the capital that we are planning to raise, like what would be the strategy for us, say, over the next 3 years? Are there any new sub- segments that we plan to enter and basically also some timing on that? Vellayan Subbiah: On the capital raise, our announcement should be viewed in the context of maintaining a strong balance sheet and adequate capital buffers. As you are aware, our last capital raise was approximately three years ago, and we continuously evaluate opportunities to strengthen our Capital Adequacy Ratio (CAR) and support the long-term growth. The proposed capital raise is Page 3 of 23 Cholamandalam Investment and Finance Company Limited October 28, 2026 therefore primarily aimed at reinforcing our balance sheet and ensuring we remain well positioned to capture future growth opportunities. Growth momentum across the business remains strong. While we continue to evaluate new opportunities, we believe we already have a comprehensive portfolio of business segments, and a significant part of our future growth is expected to come from scaling the [Showing first 8,000 characters — download PDF for full document]