Piramal Enterprises Limited

Jairam Sridharan Ceo

Retail Lending,

Vishal Goenka Co

Founder

rs,

4th June 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

6X

nesses. Formerly the CFO of Axis Bank, he also led its Retail Lending & Payments division, driving 6X growth & positioning it among India’s top five retail lenders. He has held key roles at Capital O

91%

latform across businesses verticals Three years of transformation complete with Growth AUM now at 91% of total AUM Strong Retail business built up – Retail 80% of Total AUM; Diversified, Granular Whol

80%

ormation complete with Growth AUM now at 91% of total AUM Strong Retail business built up – Retail 80% of Total AUM; Diversified, Granular Wholesale 2.0 book Stabilized Profitability, driven by mix sh

3X

en by mix shift from Legacy to Growth Strong Growth book ROA in Q4 FY25; Positive PAT in FY 25; 2.5-3X Profit growth outlook for FY 26 6 Strong Balance Sheet High Capital Adequacy; Abundant liquidity

46%

Promoter Net worth: USD 3.4bn(1) Successfully raised c. USD 2.0bn in equity during NBFC crisis c. 46% c. 35%(2) c. 58% (3) Financial Services Pharma Real Estate Rights Issue ~INR 3,638 Cr Prefe

35%

Net worth: USD 3.4bn(1) Successfully raised c. USD 2.0bn in equity during NBFC crisis c. 46% c. 35%(2) c. 58% (3) Financial Services Pharma Real Estate Rights Issue ~INR 3,638 Cr Preferential

58%

USD 3.4bn(1) Successfully raised c. USD 2.0bn in equity during NBFC crisis c. 46% c. 35%(2) c. 58% (3) Financial Services Pharma Real Estate Rights Issue ~INR 3,638 Cr Preferential Allotment

INR 3,638

NBFC crisis c. 46% c. 35%(2) c. 58% (3) Financial Services Pharma Real Estate Rights Issue ~INR 3,638 Cr Preferential Allotment ~ INR 1,746 Cr Shriram Stake Sale ~ INR 2,294 Cr Sale of DRG ~ INR 6,9

INR 1,746

3) Financial Services Pharma Real Estate Rights Issue ~INR 3,638 Cr Preferential Allotment ~ INR 1,746 Cr Shriram Stake Sale ~ INR 2,294 Cr Sale of DRG ~ INR 6,925 Cr Pharma Fund Raised ~ INR 3,261 Cr

INR 2,294

l Estate Rights Issue ~INR 3,638 Cr Preferential Allotment ~ INR 1,746 Cr Shriram Stake Sale ~ INR 2,294 Cr Sale of DRG ~ INR 6,925 Cr Pharma Fund Raised ~ INR 3,261 Cr Piramal Enterprises Ltd. (PEL)

INR 6,925

3,638 Cr Preferential Allotment ~ INR 1,746 Cr Shriram Stake Sale ~ INR 2,294 Cr Sale of DRG ~ INR 6,925 Cr Pharma Fund Raised ~ INR 3,261 Cr Piramal Enterprises Ltd. (PEL) Piramal Pharma Ltd. Pirama

“WS 2.0 Retail 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 AUM -84% 7k 9% FY25 FY22 FY23 FY24 FY25 Retail now forms 80% of total AUM % Retail in 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”

“5,385 43,175 30,120 9,337 27,096 (All ratios as % of average AUM of growth business) Also includes AIF provisions of INR 2,373 Cr taken in FY24, we expect a full recovery of this.”

“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 14.3% 2.8% 1.5% 1.3% 2.4% 0.6% 1.8% 1.4% 0.3% 1.1% FY23 FY24 FY25 7.6% -6.7% 3.6% -4.0% Opex 1.8% -1.8% Credit cost PPOP PBT-RoAUM Cost of funds Total income Net total income 30 With mix shift from Legacy to Growth… 1 Consol.”

“LCR % - period end Regulatory LCR% requirement (NBFCs) 1032% 87,827 76,807 69,674 63,397 8,303 11,769 13,867 16,025 11,809 1,084 3,174 7,443 34,953 32,430 21,957 17,843 330% 337% 226% 448% 230% 85% 100% 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 Mar'25 Cumulative GAP (%) +666% +271% +86% +36% +23% +8% +10% +14% +10% Q4 FY25 consol.”

Notes

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(*) Pro forma business P&L 10 10 Three years of transformation Total AUM In INR Cr. 65k 64k 69k 81k In INR Cr. WS 2.0 Retail 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 AUM -84% 7k 9% FY25 FY22 FY23 FY24 FY25 Retail now forms 80% of total AUM % 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 structure Pharma demerger in 2022; PEL-PFL merger ongoing Non-core divestments INR 6.3k Cr monetized; balance in motion 301 14 Pre-DHFL merger Jun-21 Post-DHFL merger Sep-21 FY25 Available tax shield Assessed carry forward losses of INR 14.5k Cr 11 11 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

Note

(*) 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) 17 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 +62% YoY Used car loans 17,180 14,740 13,040 10,590 11,398 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 1,508 851 Q1 2,144 1,024 Q2 FY25 FY24 (In INR Cr) 748 720 +25% YoY 807 644 331 Q2 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

Notes

(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) 19 Snapshot – Wholesale 2.0 AUM INR 9,117 Cr 44% YoY Mix 73 : 27 Real estate CMML Disbursements INR 7,192 Cr 22% YoY in FY25 Average ticket size ~INR 70 Cr Portfolio EIR (Effective interest rate) ~14.4% Steady QoQ Pre-payments as % of disbursements 45% In FY25 Strong underwriting reflects in high prepayments as well 20 Wholesale 2.0: Building a diversified and granular book backed by cash flows and assets AUM In INR Cr. Total CMML Real estate 7,071 2,156 6,347 2,104 4,915 4,243 +44% YoY +2% QoQ Disbursements +18% YoY -18% QoQ Total repayments (including pre-payments) 8,916 9,117 2,172 2,437 7,889 1,988 1,572 1,448 310 560 2,075 625 1,708 1,837 443 6,744 6,680 5,901 1,394 1,450 1,138 1,012 797 911 1,496 526 970 1,028 1,027 846 514 611 659 296 363 332 417 431 596 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q4 FY24 Q1 FY25 Q2 FY2

Notes

(*) Represents data for outstanding AUM (^) Portfolio EIR % includes fee income 23 Legacy (discontinued) business Legacy AUM down 84% in three years AUM down by INR 3,433 Cr QoQ -53% YoY -33% QoQ AUM composition 51,436 45,429 91% 89% 44,411 91% 43,174 Legacy AUM (INR Cr.) % Total AUM -33% YoY 29,053 66% 29,053 10% 15% 7% 5% 17% 46% 14,572 13% 7% 22% 5% 24% 27% 45% -50% YoY FY23 FY24 Potential P&L items to consider from the legacy business 14,572 -53% YoY 21% 6,920 9% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Provision Carried Gains from AIF Shriram Stake - Insurance Piramal Imaging SA Carry forward losses Total (INR Cr) Lands & receivables AIF SRs Stage 3 loans Stage 2 loans Stage 1 loans Total AUM 6,920 19% 28% 12% 30% FY25 6% 5% 728 crs ~ 800 crs ~ 1,000 crs ~ 1,100 crs ~ 14,500 crs

Note

(*) Average yield % includes fee income 25 Some details on the legacy AUM rundown Overall haircut of ~30% during the rundown since FY22 In INR Cr. Net-worth movement since end-FY22 In INR Cr. 5,385 43,175 30,120 9,337 27,096 (All ratios as % of average AUM of growth business) Also includes AIF provisions of INR 2,373 Cr taken in FY24, we expect a full recovery of this. Excluding this, haircut on legacy AUM rundown would be ~25% (26,891) (14,749) 6,920 5,771 -14,059 -4,073 Legacy AUM Mar-22 Interest earned* Cashflow Haircut Legacy AUM Mar -25 Legacy Book Run down 1 Mar-22 2 One-off gains Dividend & Equity buyback 3 Others Mar-25

Notes

(1) Opening net worth (INR 30,120 Cr) in FY23 excludes pharma business (2) One-off gains include reversal of income tax provisions from DHFL merger (INR 3,327 Cr), gain of on Shriram restructuring (INR 717 Cr), Shriram Finance Limited (SFL) gain (INR 855 Cr) and income from Shriram investments stake sale (INR 871 Cr) (3) Others include operating profit, other provisions, taxes and other miscellaneous movements * Includes other Miscellaneous Adjustment 26 Asset Quality Retail risk (1/2) – Overall stable 90+ DPD reflects diversified AUM mix Housing loans 3% 2% 1% 0.6% 0.9% 1.0% 0.6% 0.6% 0% 26,661 41% LAP 17,180 27% % of retail AUM as of Q4 FY25 AUM as of Q4 FY25 (INR Cr) 0.4% 0.4% 0.3% 0.4% 0.5% 0.5% 0.5% 3% 2% 1% 0% 1.6% 1.5% 0.7% 0.7% 0.6% 0.6% 0.3% 0.2% 0.3% 0.3% 0.4% 0.5% 90+ DPD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25 FY23 FY24 FY25 Used car loans 4,039 6% Retail AUM 64,662 Business loans* 5,219 8% 3% 2% 0.7% 1% 0% 1.1% 0.9% 0.8% 1.0%