Piramal Enterprises Limited

rs,

15th September, 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 Limi

₹ 343

anya, and forays into commercial real estate with Piramal Agastya > 2021 › DHFL acquisition for ₹ 343 Bn consideration, 1st financial services company to get resolved through IBC > 2011 › Entered F

₹59

et resolved through IBC > 2011 › Entered Financial Services by acquiring Indiareit › Invested ₹59 Bn in Vodafone (₹89 Bn exit in 2024) > 2017-20 › Raised ₹180 Bn through equity raises and asset

₹89

BC > 2011 › Entered Financial Services by acquiring Indiareit › Invested ₹59 Bn in Vodafone (₹89 Bn exit in 2024) > 2017-20 › Raised ₹180 Bn through equity raises and asset sale > 2022 › Pirama

₹180

by acquiring Indiareit › Invested ₹59 Bn in Vodafone (₹89 Bn exit in 2024) > 2017-20 › Raised ₹180 Bn through equity raises and asset sale > 2022 › Piramal pharma demerged › PEL received its NBFC

20%

business) for $650 Mn (~$1 bn exit in 2020) > 2020 › Piramal Pharma announces completion of 20% strategic growth investment by Carlyle > 2025 › Raised US$815 Mn from global capital markets >

₹46

nvestment by Carlyle > 2025 › Raised US$815 Mn from global capital markets > 2013-14 › Invested ₹46 Bn in Shriram group of companies › Sold global glass packaging business, Piramal Glass to Blackst

9x

er of PEL with PFL 2006 - 2015 2016 - 2020 2021 - 2025 Notes : (1) The transaction happened at 9x FY10 Sales and 30x FY10 EBITDA, creating new industry benchmarks for valuation 5 Piramal Group: A

30x

2006 - 2015 2016 - 2020 2021 - 2025 Notes : (1) The transaction happened at 9x FY10 Sales and 30x FY10 EBITDA, creating new industry benchmarks for valuation 5 Piramal Group: At a glance Ajay Pi

46%

eating new industry benchmarks for valuation 5 Piramal Group: At a glance Ajay Piramal Group c. 46% c. 35% (1) c. 58% (2) Financial services Pharma Real Estate Foundation Piramal Enterprises

35%

ew industry benchmarks for valuation 5 Piramal Group: At a glance Ajay Piramal Group c. 46% c. 35% (1) c. 58% (2) Financial services Pharma Real Estate Foundation Piramal Enterprises Piramal

58%

benchmarks for valuation 5 Piramal Group: At a glance Ajay Piramal Group c. 46% c. 35% (1) c. 58% (2) Financial services Pharma Real Estate Foundation Piramal Enterprises Piramal Pharma Pira

“(1) Carlyle holds 18% stake; (2) Balance held by Goldman Sachs and Warburg Pincus; (3) Market Cap as of 11th Aug 2025: (4) Book value as on the balance sheet: (5) FY25 Gross Written Premium; (6) Most underdeveloped districts identified by GOI 6 Piramal Enterprises: At a glance Granular and Diversified Lender with stable earnings scaling up steadily Scale Growth Profile Granular Book Distribution Underwriting & Risk Management Balance Sheet Strength INR80,689cr / 0.6% Mar’25 Consol.”

“AUM CAGR (Mar’23 to Mar’25) 45% Growth Biz AUM CAGR (Mar’23 to Mar’25) INR15lakh FY25 ATS on Retail Loan (Basis Disbursements) 26 States/UTs Served through 517 Branches 0.8% Retail 90+DPD4 (FY25) AA/Stable Credit ratings by ICRA (Mar ’25) INR485cr FY25 Consol.”

“PAT INR896cr FY25 Growth Biz PBT2 INR40,188cr FY25 Growth Biz Disbursements 9% Growth Biz PBT CAGR (FY23 to FY25) INR81cr FY25 ATS on Real Estate (Basis AUM) ~10,300 # of Sales Team out of total PEL workforce of ~16,400 Nil Delinquencies in WS2.0 book (FY25) INR27,096cr / 23.6% FY25 Net worth / CRAR% % 38% Growth Biz disbursement CAGR (FY23 to FY25) INR40cr FY25 ATS on CMML3 (Basis AUM) Multi - Channel High Touch and High-Tech Distribution model 2.8% / 1.9% Consol.”

“(*) In Q1 FY26, AUM of ₹ 1,043 Cr from self-employed cross-sell customers have been re-classified from Salaried PL to UBL.”

“(1) >=3 years bracket in Q1 FY26 mostly represent DHFL branches acquired in Sep’21 (2) Only for branch led products 30 3 Superior data driven underwriting capabilities Origination Initial Assessment Detailed Due Diligence Approval & Loan Negotiation Disbursement Monitoring Lead generation (e.g.”

“(^) AUM as of Q1FY26 for Unsecured business loans (UBL) is ₹ 5,264 Cr and Microfinance is ₹ 770 Cr 37 AUM as of Q1 FY26 (₹ Cr) % of consol.”

“AUM as of Q1 FY26 * 90+ DPD at 12 months on book Overall UBL 6,034 7% 9.0% Microfinance 5 Agile tech framework seamlessly integrated with unique “High Tech / High Touch” model A lender that goes beyond just PAPERS and sees the INTENT of the person Who are we?”

“LCR % - period end Regulatory LCR% requirement (NBFCs) 1,34,665 1,20,139 90,405 78,969 71,524 64,510 7,156 574 10,433 2,871 12,613 6,198 14,832 9,893 35,567 29,750 21,456 16,184 330% 337% 226% 448% 230% 85% 1032% 672% 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 Jun'25 Cumulative GAP (%) +1,146% +263% +104% +50% +33% +20% +11% +14% +12% Q1 FY26 consol.”

“(*) Pro forma business P&L; (#) Total AUM = On-B/S assets + off-book assets (^) Last quarter, Q4 FY25 credit cost included a negative impact of about ₹ 45 Cr due to ECL rebalancing mainly in microfinance.”

Notes

11

Note

6

Notes

(1) Carlyle holds 18% stake; (2) Balance held by Goldman Sachs and Warburg Pincus; (3) Market Cap as of 11th Aug 2025: (4) Book value as on the balance sheet: (5) FY25 Gross Written Premium; (6) Most underdeveloped districts identified by GOI 6 Piramal Enterprises: At a glance Granular and Diversified Lender with stable earnings scaling up steadily Scale Growth Profile Granular Book Distribution Underwriting & Risk Management Balance Sheet Strength INR80,689cr / 0.6% Mar’25 Consol. AUM / RoAUM INR73,769cr / 1.4% Mar’25 Growth Biz1 AUM / RoAUM 12% Consol. AUM CAGR (Mar’23 to Mar’25) 45% Growth Biz AUM CAGR (Mar’23 to Mar’25) INR15lakh FY25 ATS on Retail Loan (Basis Disbursements) 26 States/UTs Served through 517 Branches 0.8% Retail 90+DPD4 (FY25) AA/Stable Credit ratings by ICRA (Mar ’25) INR485cr FY25 Consol. PAT INR896cr FY25 Growth Biz PBT2 INR40,188cr FY25 Growth Biz Disbursements 9% Growth Biz PBT CAGR (FY23 to FY25) INR81cr FY25 ATS on Real Estate (Basis AUM) ~10,300 # of Sales T

Notes

(1) Government of India (2) Economic Law Practice (3) World Bank Group 8 Strong management team on-board Illustrative examples Anand Piramal Promoter, Executive Director Harvard Business School University of Pennsylvania Jairam Sridharan CEO, Retail Lending Former CFO and President (Retail Lending & Payments) at Axis Bank IIT Delhi, IIM Calcutta Rupen Jhaveri Group President Former MD at KKR India NYU Stern School of Business Yesh Nadkarni CEO, Wholesale Lending Former MD & CEO at KKR – RE Lending business London Business School Kalpesh Kikani Vikash Singhla CEO, Piramal Alternatives Former MD at AION Capital ( JV of Apollo & ICICI) Bombay University and Member of CFA Institute CFO, Piramal Finance Chartered Accountant 9 Experienced and strong leadership team to drive retail business Jairam Sridharan CEO, Retail Jagdeep Mallareddy Sunit Madan Saurabh Mittal Markandey Upadhyay Vipul Agarwal Chief Business Officer Chief Operating Officer Chief Technology Officer Chief Data & Analytics Of

Note

(*) Others includes loan against mutual fund (LAMF) (INR 1,064 Cr as of Q1 FY26), SRs (INR 1,587 Cr as of Q1 FY26) & pass-through certificates (PTC) (INR 109 Cr as of Q1 FY26) 16 1 1 Retail Lending: Piramal’s commanding position in small-ticket mortgages Large diversified retail NBFCs have grown faster than large monoline retail NBFCs 2 Further, in small-ticket mortgages, Piramal is outpacing peers… Mortgage AUM growth - Piramal vs peers3 Piramal YoY growth Diversified NBFCs YoY growth 1 Monoline NBFCs YoY growth 2 29% 29% 30% 28% 27% 24% 24% 23% 22% 16% 16% 16% 16% 16% 16% 16% 16% 16% 38% 24% 27% 23% Peer group - mortgage YoY growth 37% 37% 35% 34% 38% 22% 21% 20% 18% 18% Q3 Q4 Q1 Q2 Q3 Q4 FY24 FY25 Q1 FY26 23% 20% Q1 24% 20% Q2 3 …while being among the largest players in the segment Mortgage AUM leaderboard – June 2025 47 k 39 k AUM (₹ Cr) Mortgage yield 26 k 21 k 15 k 13 k 11 k 9 k Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY24 FY25 Q1 FY26 Piramal Co. A Co. B Co. C Co. D Co. E ~12.0% ~11.0% ~14.0% ~

Notes

(1) Data from six diversified retail NBFCS for analysis – Bajaj Finance, Chola Finance, Aditya Birla Finance, L&T Finance, Poonawalla and IIFL Finance (2) Data from eight monoline retail NBFCS for comparison – Shriram, Sundaram, Mahindra Finance, Muthoot Finance,, Credit Access G Bajaj HF, LIC HF and PNB HF (3) Data from seven affordable housing finance companies for comparison – Aadhar, Aavas, Aptus, Home First, IIFL HF, India Shelter and Repco HF 17 1 Retail Lending: Strong AUM growth momentum across secured products Housing loans +23% YoY LAP +67% YoY Used car loans 26,661 28,034 17,180 19,067 M U A 16,568 22,022 10,590 6,980 2,117 778 (In INR Cr) +73% YoY 4,039 4,357 Mar'23 Mar'24 Mar'25 June'25 Mar'23 Mar'24 Mar'25 June'25 Mar'23 Mar'24 Mar'25 June'25 +31% YoY +73% YoY (In INR Cr) +16% YoY t n e m e s r u b s i D 9,424 9,523 6,614 2,416 3,126 9,178 5,400 2,617 810 2,849 1,694 668 FY23 FY24 FY25 Q1FY26 FY23 FY24 FY25 Q1FY26 FY23 FY24 FY25 Q1FY26 22 Lac Average ticket size 59% 755 1

Notes

(*) In Q1 FY26, AUM of ₹ 1,043 Cr from self-employed cross-sell customers have been re-classified from Salaried PL to UBL. (1) Unsecured business loans 19 1 Retail Lending: Customer profile for branch-based acquisition Median customers at 38 years age c.55% customers are self-employed 7% 19% 41% Age group 33% 18 - 34 yrs. 35 - 44 yrs. 45 - 54 yrs >=55 yrs. Employment category 48% 52% Salaried Self empoyed Median customers earn INR49k monthly income c.58% customers in tier-2/3 markets 13% 29% 19% Income band (monthly) 39% <INR 30k INR 30k - 59k INR 60k - 99k >=INR 1 lakh 12% 23% Geography 48% 18% Metro adjacent Tier-1 Tier-2 Tier-3 Customers acquired through branch network represent 91% of total retail AUM Note : All donut charts are for number of customers acquired in Q1FY26 20 1 Retail Lending: Cross-sell franchise | 25 - 30% of unsecured disbursements through cross-sell Q1 FY25 In Mn 4.0 Total customer franchise up 21% YoY to 4.8 Mn Cross-sell% in unsecured disbursements Q1 FY26 2,54

Notes

(*) Represents data for outstanding AUM (^) Portfolio EIR % includes fee income 25 1 Legacy AUM down 85% since March 2022 AUM down by INR 600 Cr in Q1FY26 -51% YoY -9% QoQ AUM composition 51,436 45,429 44,411 43,174 91% 89% 91% Legacy AUM (INR Cr.) % Total AUM -33% YoY 29,053 66% 45% -50% YoY 14,572 -53% YoY 21% 6,920 -51% YoY 6,327 9% 7% Total (INR Cr) Stage 1 loans Stage 2 loans Stage 3 loans AIF SRs Lands & receivables Total AUM 14,572 27% 24% 5% 7% 22% 13% 6,920 30% 12% 28% 19% 5% 6% 6,327 28% 13% 30% 19% 4% 6% 29,053 46% 17% 5% 15% 7% 10% Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 June'25 Mar'23 Mar'24 Mar'25 June'25 26 2 Established branch led sourcing strategy # branches (Mar’25) FY25 Sourcing Mix (% Retail Disbursement) 1 1 19 1 19 13 8 40 45 25 29 30 83 1 52 1 19 59 30 517 Branches 26 States Maharashtra, 20% 6 13 1 6 3 7 5 Others, 33% Delhi, 7% Mar’25 Retail AUM Mix % Tamil Nadu, 12% Uttar Pradesh, 11% Telangana, 9% Karnataka, 9% 54% Of Branches with >=3 years vintage 68