Analysts/Institutional Investor Meet/Con. Call Updates

ICFL/LS/0086/2026-27 August 05, 2026 BSE Limited National Stock Exchange of India Limited Listing Department, 1st Floor, Exchange Plaza, C-1, Block G, P J Towers, Dalal Street, Fort, Bandra Kurla Complex, Mumbai - 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 541336 Symbol: INDOSTAR Dear Sir / Madam, Subject: Transcript of analyst(s) / institutional investor(s) call Please find enclosed herewith transcript of analyst(s) / institutional investor(s) call held on Thursday, July 30, 2026, at 12:00 noon (IST), pertaining to the unaudited Financial Results of the Company for the quarter ended June 30, 2026. The transcript is also available on the website of the Company at www.indostarcapital.com. Kindly take the above on record. Thanking you, Yours faithfully, For IndoStar Capital Finance Limited Shikha Jain Company Secretary & Compliance Officer (Membership No. A59686) Enclosed: a/a IndoStar Capital Finance Limited Registered Office: Silver Utopia, Third Floor, Unit No 301-A, Opposite P & G Plaza, Cardinal Gracious Road, Chakala, Andheri (E), Mumbai - 400099, India. | T +91 22 4315 7000 | contact@indostarcapital.com | www.indostarcapital.com CIN: L65100MH2009PLC268160 “IndoStar Capital Finance Limited Q1 FY27 Earnings Conference Call” July 30, 2026 MANAGEMENT: MR. RANDHIR SINGH – MANAGING DIRECTOR AND EXECUTIVE VICE CHAIRMAN – INDOSTAR CAPITAL FINANCE LIMITED MR. JAYESH JAIN – CHIEF FINANCIAL OFFICER – INDOSTAR CAPITAL FINANCE LIMITED MODERATOR: MS. AYUSHI GUPTA – MUFG INTIME PRIVATE LIMITED Page 1 of 16 IndoStar Capital Finance Limited July 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to IndoStar Capital Finance Limited Q1 FY27 Earnings Conference Call hosted by MUFG InTime. 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 moderator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Ayushi Gupta. Thank you, and over to you, ma'am. Ayushi Gupta: Thank you. Good afternoon, everyone. I welcome you all to the Q1 FY27 Earnings Conference Call for IndoStar Capital Finance Limited. To discuss this quarter's performance, we have from the management, Mr. Randhir Singh, Managing Director and Executive Vice Chairman; and Mr. Jayesh Jain, Chief Financial Officer. Before we proceed with the call, I would like to mention that some of the statements made in the today's call may be forward-looking and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Without further ado, I would like to hand over the call to the management for their opening remarks, and then we can open the floor for Q&A. Thank you, and over to you, sir. Randhir Singh: Thanks, Ayushi. Good afternoon, everyone, and thank you for joining us today. This is Randhir Singh, Managing Director of IndoStar Capital Finance Limited. I'm pleased to welcome you to our Q1 FY27 Earnings Conference Call. We truly appreciate your support as we continue to build long-term value. I hope you had a chance to review our financial results and investor presentation, which are available on our website and on the stock exchanges. I'll begin with a strategic review of our business and operating performance for the quarter, following which Jayesh will take you through the financial performance in detail. Before I discuss our quarterly performance, let me briefly touch upon the current macroeconomic environment and industry outlook. The operating landscape continues to be influenced by global geopolitical uncertainties, concerns around an uneven monsoon, and the potential impact of El Nino. Reflecting these challenges, the Reserve Bank of India has revised its FY27 GDP growth forecast to 6.6%. While the domestic economy continues to demonstrate resilience, global conflicts, elevated energy prices and weather-related uncertainties remain key risks that could impact both urban and rural demand. After the relatively dry June, monsoon rainfall during July is expected to remain below normal due to El Nino conditions, which could impact kharif sowing and reservoir levels in certain regions. At the same time, retail inflation increased to 4.38% in June from 3.93% in May, largely driven by higher food and fuel prices. Page 2 of 16 IndoStar Capital Finance Limited July 30, 2026 Against this backdrop, the Monetary Policy Committee has maintained the repo rate at 5.25%, while retaining a neutral policy stance, reflecting a balanced approach towards supporting growth, while keeping inflation under control. Turning to the industry outlook. ICRA expects domestic commercial vehicle wholesale volumes to grow by 4% to 6% in FY27, reflecting a normalization after the strong growth witnessed in FY26. While the pace of growth is expected to moderate due to higher base, the underlying demand environment remains healthy, supported by continued government infrastructure spending, replacement demand and better affordability following the reduction in GST rates. The used commercial vehicle segment continues to present an opportunity driven by replacement demand, rising new vehicle prices and the lower cost of ownership. CRISIL also expects used vehicle financing to remain a key growth driver for NBFCs, which augurs well for our business. As we highlighted earlier, FY26 was a defining year in our transformation journey, and we are building on that momentum by strengthening our vehicle finance and Micro LAP businesses. Our focus remains on improving collections, enhancing technology-led monitoring and early warning systems, system-integrated underwriting through proprietary and product-specific scorecards and investing in digital tools. Let me now move to our operating performance, beginning with disbursements. As discussed in our previous calls, we strengthened our credit underwriting framework starting in Jan 2025 and continue to refine our customer selection, asset selection and risk filters based on portfolio trends and experience. While this led to a conscious moderation in disbursement growth initially, it has helped us build a stronger and a more resilient portfolio. In parallel to refinement in credit underwriting, we also took several steps to spur growth like launch of Prime segment, alignment of channel payouts, about 30% increase in our field sales force, addition of new branches, conversion of micro branches to full-fledged branches and significant hiring of specialized talent, including for verticalization of vehicle finance business across our 4 key verticals of commercial vehicle, passenger vehicle, construction equipment and farm equipment. As a result, our retail disbursements stood at INR1,235 crores compared to INR1,306 crores in the previous quarter and INR858 crores in the same period last year, reflecting a healthy 44% year-on-year growth. The improvement in origination is clearly visible in the quality of our customer base. The share of customers with a CIBIL score above 725 has steadily increased from 63% in FY24 to 79% in FY26 and further to 84% in Q1 FY27. At the same time, our new to credit exposure has reduced from 13% in FY24 to 4% in Q1 FY27. These numbers reflect the disciplined customer selection and stronger underwriting standards that we have consistently implemented over the last 2 years. Our vehicle finance portfolio also has become more diversified. On a year-on-year basis, the disbursement mix during the quarter continues to diversify further with the share of passenger vehicle disbursement increasing to 30% from 28% and construction equipment improving to 11% from 9%. While it's often easier to drive growth through large Page 3 of 16 IndoStar Capital Finance Limited July 30, 2026 ticket financing, we have consciou [Showing first 8,000 characters — download PDF for full document]