Piramal Enterprises Limited

rs,

28th February 2025 BSE Limited 1st Floor, New Trading Wing, Rotunda Building, P. J. Towers, Dalal Street, Fort, Mumbai - 400 001 BSE Scrip Code: 500302 National Stock Exchange of India Lim

10%

2.0 book Significant de-risking by accelerated run down of Legacy Book with target to bring it to <10% of AUM by end-FY25 6 Well capitalized and liquid balance sheet primed for future growth 4 Gro

46%

h 4 Group structure and 14 years history timeline in financial Services Ajay Piramal Group c. 46% c. 35% (1) c. 58% (2) Financial Services Pharma Real Estate Piramal Enterprises Ltd. (PEL)

35%

roup structure and 14 years history timeline in financial Services Ajay Piramal Group c. 46% c. 35% (1) c. 58% (2) Financial Services Pharma Real Estate Piramal Enterprises Ltd. (PEL) Piramal

58%

re and 14 years history timeline in financial Services Ajay Piramal Group c. 46% c. 35% (1) c. 58% (2) Financial Services Pharma Real Estate Piramal Enterprises Ltd. (PEL) Piramal Pharma Ltd.

INR 203

e Piramal Enterprises Ltd. (PEL) Piramal Pharma Ltd. Piramal Realty Pvt. Ltd. Market Cap : c. INR 203bn (3) Market Cap : c. INR 279bn(3) Promoter owned private entity 100% Piramal Capital and Hous

INR 279

EL) Piramal Pharma Ltd. Piramal Realty Pvt. Ltd. Market Cap : c. INR 203bn (3) Market Cap : c. INR 279bn(3) Promoter owned private entity 100% Piramal Capital and Housing Finance Ltd. (PCHFL) List

100%

Ltd. Market Cap : c. INR 203bn (3) Market Cap : c. INR 279bn(3) Promoter owned private entity 100% Piramal Capital and Housing Finance Ltd. (PCHFL) Listed Companies Privately Held Companies FY

18%

ntly with no cross holdings or intercompany transactions FY24 / 25 Notes: ` (1) Carlyle holds 18% stake (2) Balance held by Goldman Sachs and Warburg Pincus (3) Market Cap as of 25th Feb 2025 FS

INR566

services through fund management and NBFC entities Scaled up wholesale book Stood at an AUM of INR566bn, primarily real estate developer financing DHFL merger DHFL merger leads a pivot to retail

INR 784

lending Pharma demerger Demerger and simplification of corporate structure Pureplay FS AUM of INR 784bn with 75 : 25, retail : wholesale mix Announce merger of lending entities to create single brand

INR46

tail-led NBFC Simplification of corporate structure 5 Shriram investments ▪ ▪ 2014 Invested INR46bn in Shriram group of companies 2023 & 2024 ▪ ▪ Bulk of Shriram stake divested with residual sta

“AUM growth & margins continue to improve due to mix shift 1 Growth business has higher AUM growth rate & higher NIM 2 The portfolio has been shifting towards Growth business… 40% 7.1%* -1.2% NIM^ Q3FY25 Growth Legacy 40% 60% 36% 64% 28% 72% 21% 79% 18% 82% 16% 84% 13% 87% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Legacy % Growth % -45% YoY AUM growth Q3FY25 3 …resulting in higher consol.”

“NIM 16% 12% 10% 8% 5.7% 5.1% 4.9% 4.9% 4.7% 4.6% 4.3% 5% 4% -1% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25”

“NIM also benefitted from a change in calculation methodology of Growth business’ pro forma NIM in Q3 FY25.”

“(^) Based upon pro forma business wise P&L 11 Growth business now 87% of total AUM Total AUM up 16% YoY- Growth AUM dominate the AUM mix Growth AUM 65,185 63,989 78,362 68,845 13% 21% 44,668 45% 66% 56,624 50,963 68,009 13% 87% Q3 FY25 Total (INR Cr) Wholesale 2.0 AUM Retail AUM 22,010 2% 98% FY22 91% 89% 88% 87% 79% Retail – Rapid Scale Up In INR Cr.”

“FY25 FY24 8,910 8,362 7,692 +9% YoY +4% QoQ 8,066 6,248 6,816 5,706 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q1 Q2 Q3 Q4”

“(*) Others includes loan against mutual fund (LAMF) (INR 656 Cr as of Q3 FY25), SRs (INR 1,634 Cr as of Q3 FY25) & pass-through certificates (PTC) (INR 126 Cr as of Q3 FY25) 19 Strong growth led by core business drivers Years taken to go from INR 10K Cr to INR 50K Cr retail AUM AUM growth led by product expansion In INR Cr Piramal * 3 yrs.”

“of branches Branch addition in the quarter 49 Products offered Mar-23 Mar-24 Dec-24 21 24 23 20 27 11 16 11 7 6 Housing loans LAP Used car loans Business loans Salaried PL Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Branch network 398 343 169 93 127 404 470 461 307 168 225 490 503 501 358 198 256 514 3 Our branches are becoming more mature… No.”

“Reiterate bringing legacy to <10% of AUM in FY25 & <5% in FY26 14,572 21% 12,975 12,066 18% 16% 10,353 13% 14,572 > 7,000 Achieved Expected 4,219 Rundown in 9M FY25 6,000 – 7,000 FY19 FY20 FY21 FY22 FY23 FY24 Q1 FY25 Q2 FY25 Q3 FY25 The haircut taken for 9M FY25 rundown is 24% | same as the haircut taken over FY23 & FY24”

“Also includes AIF provisions of INR 2,373 Cr taken in FY24, we expect a full recovery of this.”

“LCR % - period end Regulatory LCR% requirement (NBFCs) Regulatory LCR% requirement (HFCs) 83,424 69,763 64,647 51,840 330% 337% 226% 230% 448% 85% 70% 6,902 602 9,965 2,812 12,003 7,806 14,093 12,716 19,730 18,026 31,928 28,869 up to 14d up to 1m up to 2m up to 3m up to 6m up to 1 yr up to 3 yrs up to 5 yrs > 5 yrs Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Cumulative GAP (%) +1047% +254% +54% +11% +9% +11% +25% +20% +10% Q3 FY25 consol.”

Note

12

Notes

9

For Investors

1

Notes

` (1) Carlyle holds 18% stake (2) Balance held by Goldman Sachs and Warburg Pincus (3) Market Cap as of 25th Feb 2025 FS entry Piramal Group enters financial services through fund management and NBFC entities Scaled up wholesale book Stood at an AUM of INR566bn, primarily real estate developer financing DHFL merger DHFL merger leads a pivot to retail lending Pharma demerger Demerger and simplification of corporate structure Pureplay FS AUM of INR 784bn with 75 : 25, retail : wholesale mix Announce merger of lending entities to create single brand – Piramal Finance Entry and scale-up as a wholesale lender Start of transformation into a retail-led NBFC Simplification of corporate structure 5 Shriram investments ▪ ▪ 2014 Invested INR46bn in Shriram group of companies 2023 & 2024 ▪ ▪ Bulk of Shriram stake divested with residual stake of INR17bn book value Conversion into listed NBFC ▪ ▪ Piramal pharma demerged ▪ Piramal Enterprises converts from 2022 a corporate Holdco to an NBFC Corporate

Notes

(1) Government of India (2) Economic Law Practice (3) World Bank Group 8 8 Business snapshot GROWTH BUSINESS LEGACY (Discontinued) BUSINESS Retail AUM Wholesale 2.0^ AUM INR 59,093 Crore Multi-product retail platform – Housing loans, LAP, Used car loans, Business loans, Salaried PL and Digital loans INR 8,916 Crore Real estate and corporate mid market loans (CMML) OTHER ASSETS Legacy (discontinued) AUM INR 10,353 Crore Investments in Shriram ~INR 1,700 Crore* Life Insurance GWP Alternatives Committed Funds INR 1,919 Crore^ ~$ 1.0 Billion Strong capitalization levels and low leverage provide firepower to sustained AUM growth. Total AUM: INR 78,362 Cr Net Worth: INR 26,924 Cr Capital Adequacy: 23.7% Debt / Equity: 2.3x GNPA 2.8% / NNPA 1.5%

Notes

(*) Book value as on the balance sheet (^) FY24 Gross Written Premium 9 Growth business Consol. AUM growth & margins continue to improve due to mix shift 1 Growth business has higher AUM growth rate & higher NIM 2 The portfolio has been shifting towards Growth business… 40% 7.1%* -1.2% NIM^ Q3FY25 Growth Legacy 40% 60% 36% 64% 28% 72% 21% 79% 18% 82% 16% 84% 13% 87% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Legacy % Growth % -45% YoY AUM growth Q3FY25 3 …resulting in higher consol. AUM growth… 4 …and higher consol. NIM 16% 12% 10% 8% 5.7% 5.1% 4.9% 4.9% 4.7% 4.6% 4.3% 5% 4% -1% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25

Notes

(*) In addition to mix change, consol. NIM also benefitted from a change in calculation methodology of Growth business’ pro forma NIM in Q3 FY25. (^) Based upon pro forma business wise P&L 11 Growth business now 87% of total AUM Total AUM up 16% YoY- Growth AUM dominate the AUM mix Growth AUM 65,185 63,989 78,362 68,845 13% 21% 44,668 45% 66% 56,624 50,963 68,009 13% 87% Q3 FY25 Total (INR Cr) Wholesale 2.0 AUM Retail AUM 22,010 2% 98% FY22 91% 89% 88% 87% 79% Retail – Rapid Scale Up In INR Cr. 59,093 Revamped Wholesale 2.0 In INR Cr. 55% 34% Total (INR Cr) Legacy AUM Growth AUM 9% 11% FY19 FY20 12% FY21 FY22 FY23 FY24 Q3 FY25 21,552 DHFL acquisition in FY22 kick-started the rapid scale up of the growth business FY22 Q3 FY25 458 FY22 8,916 Q3 FY25 12 Growth business Q3 FY25 ROA tree – on a path to steady state profitability (All ratios as % of average AUM of growth business) A steady reduction in opex ratio will be the primary driver of consistent improvement in PBT-ROA over the medium

Notes

(1) Personal discussions (2) Involves process of valuing and appraising the property on-site 18 Retail – growth across product verticals Retail AUM up 37% YoY +37% YoY +8% QoQ 54,737 4% 6% 7% 10% 6% 24% 50,530 4% 7% 7% 9% 5% 47,927 4% 8% 6% 9% 4% 22% 23% 43,028 4% 9% 5% 9% 4% 22% 38,605 5% 9% 4% 9% 3% 21% 35,219 5% 9% 3% 8% 3% 21% 50% 49% 47% 46% 45% 44% 43% 59,093 4% 5% 8% 9% 6% Total (INR Cr) 25% Others * Digital loan Salaried PL Business loan Used car LAP Housing Total (INR Cr) Disbursements up 9% YoY – unsecured disb. slowed down In INR Cr. FY25 FY24 8,910 8,362 7,692 +9% YoY +4% QoQ 8,066 6,248 6,816 5,706 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q1 Q2 Q3 Q4

Note

(*) Others includes loan against mutual fund (LAMF) (INR 656 Cr as of Q3 FY25), SRs (INR 1,634 Cr as of Q3 FY25) & pass-through certificates (PTC) (INR 126 Cr as of Q3 FY25) 19 Strong growth led by core business drivers Years taken to go from INR 10K Cr to INR 50K Cr retail AUM AUM growth led by product expansion In INR Cr Piramal * 3 yrs. From 20k Cr to 50k Cr post DHFL acquisition; 4 years overall from 10K to 50 K Cross-sell 59,093 Branch productivity 20% NBFC-A NBFC-B NBFC-C NBFC-D 7 yrs. 8 yrs. 8 yrs. 9 yrs. Geographic expansion 28% Product expansion 12% 40% 21,552 Going from INR 10k Cr to INR 50k Cr has typically been a 5–10 years journey for retail NBFCs