Piramal Enterprises Limited

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26th May, 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

17%

81k In INR Cr. WS 2.0 Retail 8 / 1 y r a m m u S e v i t u c e x E FY22 FY23 FY24 FY25 Up 17% YoY in FY25 Growth AUM 50% CAGR over 3 years Legacy AUM Down at 46% CAGR over 3 years 74k 9k

50%

il 8 / 1 y r a m m u S e v i t u c e x E FY22 FY23 FY24 FY25 Up 17% YoY in FY25 Growth AUM 50% CAGR over 3 years Legacy AUM Down at 46% CAGR over 3 years 74k 9k 65k FY25 3.3x 22k 22k F

46%

FY22 FY23 FY24 FY25 Up 17% YoY in FY25 Growth AUM 50% CAGR over 3 years Legacy AUM Down at 46% CAGR over 3 years 74k 9k 65k FY25 3.3x 22k 22k FY22 In INR Cr. 43k 66% FY22 Legacy AUM

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FY25 Up 17% YoY in FY25 Growth AUM 50% CAGR over 3 years Legacy AUM Down at 46% CAGR over 3 years 74k 9k 65k FY25 3.3x 22k 22k FY22 In INR Cr. 43k 66% FY22 Legacy AUM (INR Cr.) % Total AU

3.3x

Growth AUM 50% CAGR over 3 years Legacy AUM Down at 46% CAGR over 3 years 74k 9k 65k FY25 3.3x 22k 22k FY22 In INR Cr. 43k 66% FY22 Legacy AUM (INR Cr.) % Total AUM -84% 7k 9% FY25

66%

gacy AUM Down at 46% CAGR over 3 years 74k 9k 65k FY25 3.3x 22k 22k FY22 In INR Cr. 43k 66% FY22 Legacy AUM (INR Cr.) % Total AUM -84% 7k 9% FY25 Retail now forms 80% of total AUM %

84%

k 65k FY25 3.3x 22k 22k FY22 In INR Cr. 43k 66% FY22 Legacy AUM (INR Cr.) % Total AUM -84% 7k 9% FY25 Retail now forms 80% of total AUM % Retail in Consol. AUM We now have 517 branches

9%

Y25 3.3x 22k 22k FY22 In INR Cr. 43k 66% FY22 Legacy AUM (INR Cr.) % Total AUM -84% 7k 9% FY25 Retail now forms 80% of total AUM % Retail in Consol. AUM We now have 517 branches # Retai

80%

In INR Cr. 43k 66% FY22 Legacy AUM (INR Cr.) % Total AUM -84% 7k 9% FY25 Retail now forms 80% of total AUM % Retail in Consol. AUM We now have 517 branches # Retail branches Value unlocking

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% Retail in Consol. AUM We now have 517 branches # Retail branches Value unlocking in recent years 80% 34% 9% Pre-DHFL merger Jun-21 Post-DHFL merger Sep-21 FY25 517 Simplified corporate structu

34%

l in Consol. AUM We now have 517 branches # Retail branches Value unlocking in recent years 80% 34% 9% Pre-DHFL merger Jun-21 Post-DHFL merger Sep-21 FY25 517 Simplified corporate structure Pha

“(*) Pro forma business P&L Q4 FY25 highlights (1/2) .”

“Q4 FY25 PAT at INR 102 Cr (Q3 FY25: INR 39 Cr) Retail 80% of total AUM ▪ Retail AUM up 35% YoY | 80% of total AUM | 78% of retail AUM in secured assets ▪ Wholesale 2.0 AUM up 44% YoY | Avg.”

“ticket size INR 70 Cr Stable credit costs ▪ Retail 90+ DPD at 0.8% (Q3 FY25: 0.8%) | Wholesale 2.0 maintains 100% collection efficiency ▪ Growth business credit cost at 1.8% (Q3 FY25: 1.7%) Steady RoAUM ▪ Growth business PBT-RoAUM* of 1.8% (Q3 FY25: 1.3%) Retail operating performance strengthening ▪ Stable AUM yield ▪ Opex to AUM down 220bps in eight quarters to 4.3% ▪ Sustained productivity gains with a maturing network and widening products reach”

“2,300 Crores) through ECB ▪ In all, USD 815 million raised in FY25 from global debt capital markets RBI approves PEL-PFL merger ▪ Piramal Finance is now an Upper Layer NBFC and one of top-10 private sector NBFCs in India ▪ Changed name of ‘Piramal Capital & Housing Finance Limited’ to ‘Piramal Finance Limited’; Piramal Finance surrendered HFC license and converted into an NBFC.”

“Expect to complete the merger by around Sep 2025 7 With mix shift from Legacy to Growth… 1 Consol.”

“FY25 FY24 FY23 9,754 8,910 6,828 8,362 7,692 5,111 8,066 6,248 3,973 6,816 5,706 2,459 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Q4”

“G Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ~12.0% ~12.0% ~11.0% ~11.0% ~14.0% ~14.0% ~13.0% ~13.0% ~12.5% ~12.5% ~13.5% ~13.5% ~17.0% ~17.0% ~15.0% ~15.0% FY24 FY25”

“Employment category 55% 45% Salaried Self empoyed Median customers earn INR30k-60k monthly income c.58% customers in tier-2/3 markets 16% 24% 19% Income band (monthly) 40% <INR 30k INR 30k - 59k INR 60k - 99k >=INR 1 lakh 13% 24% Geography 45% 19% Metro adjacent Tier-1 Tier-2 Tier-3 Note : All donut charts are for number of customers acquired in FY24 & FY25 Customers acquired through branch network represent 91% of total retail AUM 18 Cross-sell franchise | ~30% of unsecured disb.”

“(1) >=3 years bracket in Q4 FY25 mostly represent DHFL branches acquired in Sep’21 (2) Only for branch led products 22 Stable income profile – operating leverage kicking in Stable income levels in a range Total income Fee income Income exc.”

“ALM gap (up to 1 year) – continues to be positive In INR Cr, period-end Neutralised fixed-floating gap between assets & liabilities GAP % Fixed rate Floating rate Gap (INR Cr) +14% 3,611 +11% 2,973 +11% 3,059 +8% 2,523 +5% 1,291 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 41% 59% 11.1k 68% 32% 50% 50% 4.2k 62% 38% 59% 57% 0.4k 41% 43% Assets Liabilities Assets Liabilities Assets Liabilities FY23 FY24 FY25 *”

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(*) Pro forma business P&L Q4 FY25 highlights (1/2) . l o s n o C s s e n i s u b h t w o r G 8 / 3 y r a m m u S e v i t u c e x E AUM up 17% YoY ▪ Total AUM of INR 80,689 Cr | Growth AUM up 36% YoY - now at 91% of total AUM ▪ Consol. Q4 FY25 PAT at INR 102 Cr (Q3 FY25: INR 39 Cr) Retail 80% of total AUM ▪ Retail AUM up 35% YoY | 80% of total AUM | 78% of retail AUM in secured assets ▪ Wholesale 2.0 AUM up 44% YoY | Avg. ticket size INR 70 Cr Stable credit costs ▪ Retail 90+ DPD at 0.8% (Q3 FY25: 0.8%) | Wholesale 2.0 maintains 100% collection efficiency ▪ Growth business credit cost at 1.8% (Q3 FY25: 1.7%) Steady RoAUM ▪ Growth business PBT-RoAUM* of 1.8% (Q3 FY25: 1.3%) Retail operating performance strengthening ▪ Stable AUM yield ▪ Opex to AUM down 220bps in eight quarters to 4.3% ▪ Sustained productivity gains with a maturing network and widening products reach

Notes

(*) Pro forma business P&L | RoAUM calculated as % of average managed AUM (On Book + Off Book AUM) 6 Q4 FY25 highlights (2/2) 8 / 4 y r a m m u S e v i t u c e x E s s e n i s u b y c a g e L t e e h s e c n a a B l r e g r e M e t a d p u AUM at <10% of total AUM ▪ Reduced Legacy AUM by INR 3,433 Cr QoQ in line with the plan ▪ Legacy AUM at 9% of total AUM vs 21% at end FY24 Strong AIF Recoveries in the quarter ▪ AIF recoveries of INR 802 Cr including gains of INR 369 Cr | FY25 gains of INR 926 Cr. Strong liquidity and Capital position ▪ Cash and liquid investments of INR 10,084 Cr (11% of total assets) and total capital adequacy at 23.6% Access to global debt capital markets ▪ Raised USD 265 million (~Rs. 2,300 Crores) through ECB ▪ In all, USD 815 million raised in FY25 from global debt capital markets RBI approves PEL-PFL merger ▪ Piramal Finance is now an Upper Layer NBFC and one of top-10 private sector NBFCs in India ▪ Changed name of ‘Piramal Capital & Housing Finance Limited’

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(*) Pro forma business P&L (1) Total income = Yield + fees + other income (2) Cost of funds (incl. equity) (3) Net total income = Total income – Cost of funds PBT - RoAUM Total POCI recoveries & other gains PBT ex-POCI recoveries & other gains Q4 FY25 RoAUM tree 2.8% 1.5% 1.3% 2.4% 0.6% 1.8% 1.4% 0.3% 1.1% FY23 FY24 FY25 9 Met FY25 targets FY25 – stated targets FY25 - actual Total AUM (INR ‘000 Cr) ~80 (up ~15% YoY) Retail : Wholesale mix 75 : 25 81 (up 17% YoY) 80 : 20 Legacy AUM INR 6,000 - 7,000 Cr INR 6,920 Cr AIF gains INR 1,700 over 2 years (FY25 & FY26) INR 926 Cr in FY25 Exit quarter opex to AUM - Growth business 4.6% 4.0% 8 / 7 y r a m m u S e v i t u c e x E x i m d n a h t w o r G k o o b y c a g e L g n i t a r e p O y c n e i c i f f e ✓ ✓ ✓ ✓ ✓ 10 Improving FY26 outlook ahead YoY growth – Total AUM YoY growth – Growth AUM FY25 17% YoY (INR 81k Cr) 36% (INR 74k Cr) Retail share in total AUM 80% Legacy book (INR Cr) 6,920 (9% of total AUM) Consol. PAT (INR Cr) 485 Growth bu

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(*) Others includes loan against mutual fund (LAMF) (INR 936 Cr as of Q4 FY25), SRs (INR 1,626 Cr as of Q4 FY25) & pass-through certificates (PTC) (INR 118 Cr as of Q4 FY25) 14 Piramal’s commanding position in small-ticket mortgages Piramal is among the largest small-ticket mortgage lenders… Mortgage AUM leaderboard – FY25 …and growing much faster than the relevant market segment Mortgage AUM growth - Piramal vs peers 44 k 38 k AUM (INR Cr) ~12.0% Mortgage yield Piramal YoY growth Peer group - mortgage YoY growth 38% 37% 37% 35% 34% 24 k 20 k 14 k 12 k 10 k 8 k 27% 23% 24% 23% 20% 20% 24% 22% 21% 20% 18% Piramal Co. A Co. B Co. C Co. D Co. E Co. F Co. G Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ~12.0% ~12.0% ~11.0% ~11.0% ~14.0% ~14.0% ~13.0% ~13.0% ~12.5% ~12.5% ~13.5% ~13.5% ~17.0% ~17.0% ~15.0% ~15.0% FY24 FY25

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(*) We have used data from seven affordable housing finance companies for comparison – Aadhar, Aavas, Aptus, Home First, IIFL HF, India Shelter and Repco HF 15 Strong AUM growth momentum across secured products M U A t n e m e s r u b s i D Housing loans 22,022 22,706 23,965 25,287 +21% YoY 26,661 LAP 10,590 11,398 +62% YoY Used car loans 17,180 14,740 13,040 3,530 3,077 2,524 2,117 (In INR Cr) +91% YoY 4,039 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 * Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 * Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 2,509 2,476 2,313 2,313 1,908 1,846 -7% YoY 2,887 2,692 Q1 Q2 Q3 Q4 +63% YoY 3,129 1,918 2,396 1,607 Q3 Q4 574 269 Q1 748 331 Q2 1,508 851 Q1 2,144 1,024 Q2 FY25 FY24 (In INR Cr) +25% YoY 807 644 720 450 Q3 Q4 24 Lac Average ticket size 65% 754 11.6% Average LTV Average CIBIL score Disbursement yield 24 Lac Average ticket size 48% 749 12.9% Average LTV Average CIBIL score Disbursement yield 7 Lac Average ticket size 72% 748 15.3% Average LTV Average CIBIL sco

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(1) Unsecured business loans (2) Split of Q4FY25 disbursements of INR 703 Cr (Q3FY25: 736 Cr): UBL at 637 Cr (Q3FY25: 639 Cr) & Microfinance at 66 Cr (Q3FY25: 97 Cr) 17 Customer profile for branch-based acquisition Median customers at 35-40 years age c.55% customers are self-employed 8% 21% 37% Age group 34% 18 - 34 yrs. 35 - 44 yrs. 45 - 54 yrs >=55 yrs. Employment category 55% 45% Salaried Self empoyed Median customers earn INR30k-60k monthly income c.58% customers in tier-2/3 markets 16% 24% 19% Income band (monthly) 40% <INR 30k INR 30k - 59k INR 60k - 99k >=INR 1 lakh 13% 24% Geography 45% 19% Metro adjacent Tier-1 Tier-2 Tier-3 Note : All donut charts are for number of customers acquired in FY24 & FY25 Customers acquired through branch network represent 91% of total retail AUM 18 Cross-sell franchise | ~30% of unsecured disb. through cross-sell Total customer franchise up 24% YoY to 4.7 Mn Q4 FY24 In Mn 3.8 Total customer franchise Q4 FY25 4.7 2.9 Credit segment filtered customer