Analysts/Institutional Investor Meet/Con. Call Updates

JSFB/SEC/2026-27/68 21st July 2026 BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai 400001, Bandra (East), Mumbai 400051, Maharashtra Maharashtra. Dear Sir/ Madam, Subject: Transcript of earnings conference call for the quarter ended 30th June 2026 Ref: Regulations 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 In continuation to our earlier intimation regarding the earnings conference call with the investors/ analysts meet for the quarter ended 30th June 2026. Please find enclosed the transcript for the Q1 of FY27 earnings conference call conducted after the meeting of Board of Directors held on 15th July 2026. Thanking you Yours faithfully, For Jana Small Finance Bank Limited Lakshmi R. N Company Secretary and Compliance Officer JAMA KARO, JANA KARO. Registered Office: Jana Small Finance Bank Limited The Fairway Business Park, # 10/1, 11/2 & 12/2B, Telephone : 080-46020100 E-mail : customercare@jana.bank.in Off Domlur, Koramangla Inner Ring Road, Next to 080-37620100 Website : www.jana.bank.in Embassy Golf Links, Challaghatta, Bengaluru -560071. Toll-free No. : 1800 2080 CIN: L65923KA2006PLC040028 “Jana Small Finance Bank Limited Q1 FY27 Earnings Conference Call” July 15, 2026 MANAGEMENT: MR. AJAY KANWAL – MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER MR. KRISHNAN SUBRAMANIA RAMAN – EXECUTIVE DIRECTOR MR. ABHILASH SANDUR – CHIEF FINANCIAL OFFICER MODERATOR: MR. CHINTAN SHAH – ICICI SECURITIES LIMITED Page 1 of 13 Jana Small Finance Bank Limited July 15 2026 Moderator: Ladies and gentlemen, good day, and welcome to Q1 FY27 Earnings Call for Jana Small Finance Bank, hosted by ICICI Securities Limited. 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 “*”, then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference call over to Mr. Chintan Shah from ICICI Securities. Thank you, and over to you, sir. Chintan Shah: Yes. So thank you, Iqra. Good evening, everyone, and welcome to the Q1 FY27 Results Conference Call of Jana Small Finance Bank. So first of all, I would like to congratulate Jana for the very strong performance in Q1. So from the management side, we have Mr. Ajay Kanwal, our Managing Director and CEO; Mr. Krishnan Subramania Raman, Executive Director; Mr. Abhilash Sandur, Chief Financial Officer; and other senior management team members. So now without further ado, I would now like to hand over the floor to Ajay, sir. Thank you, and over to you, sir. Ajay Kanwal: Thank you, Chintan. Let's move, folks, to our investor deck. I will speak of the deck. I will start with Slide number 3. And before I start, apologies, I think we are slightly late. So our profit for the first quarter, which is PAT, is INR155 crore. I think importantly, we have seen that our NIM has backed up now to 7.5%. It is made up of two real important contributions, the NIM increase. One is the cost of fund, which has been declining. So it's a 50 basis points decline year-on-year. And second is the reduced slippage and NPA primarily on unsecured, which is why the interest in suspense is reduced and NIMs are improving. And of course, we have also see in our second quarter now sequentially of unsecured growth. So we have got the NIMs back up to where it should have been had there been no microfinance stress. So 7.5% NIM is what we see. If you look ahead in the year, we would imagine our cost of funds would be flattish. Things have become a bit harder in terms of pricing of deposits in the first quarter, and we expect that to stay there for some time. And in terms of our assets, we have seen most of the change, which is improvement in both NPA as well as growth in unsecured. Slippage is very important because it's not only lower year-on-year, it's also lower quarter-on- quarter. And especially people who have been on this call with Jana every quarter will remember that our first quarter last year was really a difficult one for us. So for us, there is an extra pleasure in seeing the first quarter come out well. Our net credit cost is flat to our quarter 4 at 0.45%. Our secured assets grew at 29%. Slight increase in overall SMA, which we have pointed out here, more to do with the way the first quarter works than anything challenging that we can see in our books. Deposits have grown strong year-on-year, though the first quarter has been flattish. And CASA growth has been great, 31% year-on-year, and first quarter has been very strong. So our retail deposit growth in CASA has been great in the first quarter, but overall deposits flat. Page 2 of 13 Jana Small Finance Bank Limited July 15 2026 Folks who have been following us do know that we did raise some capital, out of which the first INR103 crore have been received by the bank. Once the TVS Group is approved by the Reserve Bank of India, we will certainly be receiving the next INR80-odd crore, and the balance, 75% of the total INR728 crore will come over the period of 18 months. So overall, a very important quarter for us. It kind of cemented quarter 4, because quarter 4 was a real MFI is behind us, we have a very strong secured book. And first time we saw the PAT really come through. This is second quarter following that, and it's a very important quarter from that perspective. And during the first quarter of the year where things get a bit difficult, that ending like this gives us great confidence. I will now move to Page number 4. We've never addressed this holding company rating downgrade in the past in such an obvious manner, which I thought I'll use the opportunity to. So as you all must know or probably should know, because Jana Holding and JCL have been our promoters for the longest period, they are the ones who hold the approvals. The job of the holding company really is to invest in the bank, and they right now hold 16.9% stake. Their peak was at 44%. So last 4 years, they have been either mostly diluted because they've not been giving the bank capital. So bank has been raising capital since June '22, either through IPO or other private investors, but not through its holding company, which is why the 44% has been coming down. And the last 4.99%, they've committed to sell to TVS Motors. So again, that 21% to 22% odd is down to a 16.9%. We really don't have any other connection other than the holding are promoter name. There are no Board members which are common. There are no cross-default linkage etcetera. However, India ratings felt that since they had to downgrade the JHL and JCL rating, which fundamentally was a technical default to our minds because the NCD holders wanted more time to sell the shares and they've asked for 6 more months. There are no retail investors, there's nobody going to quote over it. It's just an issue investors felt that our bank share price possibly has more opportunity in the future, next 6 months than they saw it currently, which is why they want 6 more months they want the extension done. But because of extension, it was a change in the original conditions of NCD issue, so it became a default moment. We have seen both our share price and our business, and we find that our investors and clients have understood it. We are very thankful to both, and it is BAU for us. Following this action, which was on the 1st of July, CARE took their action where they said they are not putting us on watch, they're not doing anything. They obviously had anticipated this that some days, some challenge could happen, but didn't find that should impact the bank's rating or put it under watch. So that's putting this promoter event behind us as a nonissue, but I've also explained it that there's really no challenge except people [Showing first 8,000 characters — download PDF for full document]