Sbfc Finance Limited has informed the Exchange about Investor Presentation
1st November, 2025
National Stock Exchange of India Limited, Exchange Plaza, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051. NSE Symbol: SBFC
BSE Limited, Phiroze Jeejeebhoy Towers, 21st Floor, Dalal Street, Mumbai – 400001. BSE Scrip Code: 543959
Sub: Investor Presentation
Dear Sir/Madam,
In furtherance to our letter dated 29th October, 2025 intimating about Earnings Conference Call, please find enclosed the investor presentation which will be referred during the earnings call scheduled to be held today i.e Saturday, 1st November, 2025 at 04:00 P.M. (IST) with investors in connection with the financial results of the Company for the quarter and half year ended 30th September, 2025.
The presentation would also be available on website of the Company at https://www.sbfc.com/investors.
We request you to take this on record.
Thanking you,
Yours faithfully, For SBFC Finance Limited
Namrata Sajnani Company Secretary & Chief Compliance Officer
Encl: as above
Registered Office: Unit No. 103, 1st Floor, C&B Square, Sangam Complex, Andheri Kurla Road, Village Chakala, Andheri (East) Mumbai - 400 059
T. : +91-22-67875300 • F : +91-22-67875334 • www.SBFC.com • Email: complianceofficer@sbfc.com CIN No : L67190MH2008PLC178270
SBFC Finance Limited
Investor Presentation Q2 FY 2026
Safe Harbor
This presentation and the accompanying slides (‘Presentation”), which have been prepared by SBFC Finance Limited (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Forward looking statements concerning the Company's future business prospects and business profitability are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of the forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.
2
Executive Summary – Sept 2025
1
2
3
4
5
Profitability Profit after tax grew 30% YoY to ₹109 crore for the quarter
Growth AUM grew 29% YoY to ₹9,938 crore. The company achieved an AUM of ₹10,000 crore during the month of October 2025.
Credit Quality Gross NPA at 2.77% with PCR of 46.17%
Operating Efficiency Cost-to-AUM ratio improved to 4.40%
Return Ratios RoA of 4.56% and RoE of 14.09%
3
Executive Summary – Q2 FY26
Asset Under Management
9,938
+29%
+6%
Gross NPA
2.77%
Disbursement1
815
YoY
QoQ
Branches
220
+21%
+1%
+28
+5
Yield/Spread
18.01% / 9.05%
Opex to AAUM
4.40%
+8 bps
-1 bp
+32 / +68 bps
+2 / +38 bps
-20 bps
-19 bps
PAT
109
RoAAUM
4.56%
RoATE
14.09%
+30%
+8%
+0 bps
+6 bps
+142 bps
+56 bps
1Secured MSME All figures are in Rs. crore
4
220 branches 174 Cities 16 States 2 UTs
Executive Summary
Team: Experienced, cycle-tested, professional management with strong corporate governance backed by marquee investors
Focused Segment: Offering Secured MSME loan to small businesses with focus on ₹5 lakh - ₹30 lakh ticket size
Opportunity: Market size (₹5 lakh - ₹30 lakh MSME financing) of ₹41 lakh crore, growing at 24%2
Pan-India Footprint: Diversified pan-India network with presence in 16 states & 2 UTs
Credit Underwriting: Understanding of segment with a tested credit underwriting and risk management framework
1 As of Mar-25 (Source – CRIF Data); 2 CAGR period over FY18 to FY25 (Source – CRIF Data)
5 5
SBFC Focus Segment – Customers Borrowing ₹5 Lakh to ₹30 Lakh Large segment within MSME of ₹4 lakh cr and growing at CAGR 24%
Segment
>₹0.3 cr
₹0.05– 0.3 cr
<₹0.05 cr
Total
Source: CRIF Data; 1 As of Mar-25; 2 CAGR period over FY18 to FY25
Market Size1 (₹ tn)
CAGR2 (%)
19.4%
24.4%
25.8%
18.5%
Focus Segment
9.7
4.0
0.7
14.4
6
Our Journey
100 Branches
AUM of INR 1000cr
Investment by Clermont and Arpwood group
778
3
2018
1,156
25
2019
All figures in ₹ Cr
AUM
PAT
1,648
36
2020
Equity Listing on NSE and BSE. India ratings upgraded us to ‘AA -’ Included in MSCI Global Small Cap Index
CARE, ICRA Ratings Upgraded us to ‘AA-’ in Q2 FY25. 1,50,000 customers
8,747
PAT crossed INR 200cr in Half year
9,938
6,822
237
210
345
1,00,000 customers 150 Branches 150 cr PAT Credit rating upgraded to ‘A +’
4,943
150
3,192
65
50,000 customers
2,221
85
2021
2022
2023
2024
2025
H1 2026
7
Management Experienced, cycle-tested, professional management
Aseem Dhru
Mahesh Dayani
Narayan Barasia
Sanket Agrawal
Rajiv Thakkar
MD & CEO
Executive Director
Chief Financial Officer
Chief Strategy Officer, Analytics & IR
Chief Risk Officer
Ganesh Vaidya
Sai Prashant Menon
Sumeet Ghai
Namrata Sajnani
Agnivesh Kumar
Chief Technology Officer
Chief Collection Officer
Chief Human Resource Officer
Chief Compliance Officer & CS
Head - Operations
Board of Directors Strong corporate governance backed by long term investors
Independent
Neeraj Swaroop Chairman of the Board Ex CEO – SCB, Singapore
Ravi Venkatraman Ex Executive Director & CFO, Mahindra & Mahindra Financial Services
John Mescall Managing Director Clermont Group
Rajesh Agrawal Jt. Managing Director, Ajanta Pharma
Koni Uttam Nayak Ex Senior Vice President, Visa Direct Organization at Visa
Jonathan Tatur Senior Vice President Clermont Group
Surekha Marandi Ex Executive Director, RBI
Leroy James Langeveld Assistant General Counsel Clermont Group
Executive Directors
Aseem Dhru MD & CEO
Mahesh Dayani Executive Director
9
Shareholding
Category of Shareholders
% Share#
Promoter
Clermont Group
Other Major Shareholders
SBI Mutual Fund
Amansa Capital
Malabar Funds
Aditya Birla Sun Life
Management & Employees hold 6.9% of diluted share capital
# Non-diluted Status as on September 30, 2025
10
Shareholding Pattern
13.75%
52.98%
18.20%
8.20%
4.05%
3.83%
3.14%
7.01%
52.98%
Promoters
Foreign Portfolio Investors
Mutual Funds, AIF, Insurance, Banks
Individuals, Bodies Corporate
Business Momentum Delivering Consistent AUM Growth
CAGR: 33%
6,822
15%
1%
8,747
17%
83%
4,943
17%
3%
79%
84%
82%
YoY : 29%
QoQ : 6%
9,351
17%
9,938
17%
83%
83%
7,715
17%
1%
Mar-23
Mar-24
Mar-25
Q2 FY 25
Q1 FY 26
Q2 FY 26
Secured MSME
LAG
Others
Secured MSME
LAG
Others
All figures in ₹ Cr.
AUM
11
Business Momentum – Secured MSME
AUM
YoY: 29%
7744
QoQ: 6%
8196
ATS in ₹ Lakhs
Disbursement Value
Disbursement Volume
YoY: 21%
QoQ: 1%
809
815
YoY: 15%
QoQ: -6%
8619
8130
6365
672
7080
9.49
9.38
10.02
Q2 FY 25
Q1 FY 26
Q2 FY 26
Q2 FY 25
Q1 FY 26
Q2 FY 26
Q2 FY 25
Q1 FY 26
Q2 FY 26
AUM Secured MSME All figures in ₹ Cr
12
Business Momentum Co-origination – Validates our profitable origination
Co-origination Disbursement (₹ Cr)
Co-origination AUM (₹ Cr)
%1
17%
12%
15%
21%
20%
19%
114
94
123
1,523
1,593
1,322
Q2 FY 25
Q1 FY 26
Q2 FY 26
Q2 FY 25
Q1 FY 26
Q2 FY 26
1Percentage is on Total Secured MSME Loans
13
Business Momentum No concentration risk & well distributed growth
Present in 16 states, 2 UTs covering 174 cities via 220 branches
Driven by steady rise in AUM per branch
1
1 13 3
4
8
36
10 6
15
13
12
5
24 6
30
23
13
1
8
75
49
66
Branch Mix
30
South East North West
15.1%
37.4%
₹9,938 Cr AUM Mix
33.9%
13.6%
South North
East West
# Branches
37
57
126
220
<12 months
>12 & <36 months
>36 months
54
22
62
65
₹ Cr
27
26
5
6
8
Q2 FY 25
Q1 FY 26
Q2 FY 26
Vintage =<12M
12M<Vintage<36M
Vintage>=36M
70
60
50
40
30
20
10
0
14
Technology Landscape
Lead Generation
Feet on Street
• Digital Form • • Mobile App •
Customer Reference
Cloud Services
Security Layer
Web Layer
Data/DMS & Presentation Layer
Customer Onboarding
• OKYC/EKYC • PAN Verification • ITR Verification • Legal Verification • Banking Check • Property Valuation • Bureau Check • Udyam Verification
Credit Underwriting
Pre-Disbursal
Loan Disbursal
Loan Servicing
• PD with customer • CAM Summary Assessment
• Online Valuation report
assessment
• BRE based Customer
segmentation
• E-Nach • E-Sign • Document verification on
• Digital Disbursal IMPS/RTGS/NEFT • WhatsApp based
digital platform • BRE based system
Deviations
welcome Kit delivery • Digital document storage
• Customer App • CRM Platform • Call Center • WhatsApp • Digital Collection • Collections App • Robotic Processes • BBPS enabled payments • Payment Aggregators
API Integration Layer
Compliance & Regulatory
Monitoring & Logging
15
Credit Underwriting Tailored to service underserved, underbanked informal customers
Most small businesses in India have challenges
Partial Income Proof
Limited Commercial Credit History
Collateral with local nuances
Bank Statements with Limited Transactions
Small scale businesses lack resilience
•
•
• •
• •
• •
• •
SBFC's business model, backed by experience in this segment
Credit officer spends time to understand income & cash flow (documented + non-documented) at family level Evaluation of historical asset creation
SBFC customers are often first-time commercial borrowers with past consumer loans Reference check from the neighbourhood, locality and their customer and suppliers
Local team with knowledge of local nuances and local collateral dynamics Spouse or parent act as co-borrower on all loans
Analytics driven ‘customer segmentation’ Triangulation of income sources from multiple data points
Focus on services/ trading/ retailing businesses Customer with businesses in essential services - less impacted by macro down-cycles
Deep understanding of customer behavior & strong knowledge of local markets
16
Credit Underwriting Quality borrowers with credit score above 700
Over 88% AUM from customers with CIBIL >7001
Granular loan book with high quality collateral1
0/-1
<650
7.5% 1.2% 6.6%
> 650 & < 700
6.7% 0.8% 5.6%
6.1% 0.7% 5.1%
> 700
84.7%
86.9%
88.1%
Mar'24
Mar'25
Sep'25
CIBIL Score
> 700
> 650 & < 700
<650
0/ -1
1Pertains to secured MSME Loans
17
94% AUM secured by self occupied residential / commercial property
42.4% LTV
100% co-borrower Spouse, parent acting as one
95% women Borrowers / co-borrowers
No industry >15% Sector exposure not more than 15% of our loan portfolio
Credit Indicators
Gross NPA %1
2.69%
2.78%
2.77%
Net NPA %2
1.63%
1.57%
1.51%
Q2 FY 25
Q1 FY 26
Q2 FY 26
Q2 FY 25
Q1 FY 26
Q2 FY 26
1+ DPD %3
6.33%
8.12%
8.72%
PCR%4
40.17%
44.38%
46.17%
Q2 FY 25
Q1 FY 26
Q2 FY 26
Q2 FY 25
Q1 FY 26
Q2 FY 26
Note: 1. 2. 3. 4.
Gross NPA% (Stage 3%) as per IND AS (including EIR adjustment). Net NPA% is as per IND AS. 1+ DPD % is for secured MSME at AUM level PCR is defined as provisions made against Stage 3 loans
18
ECL Provisions Summary
As on September 30, 2025 Gross Loans Outstanding ECL Provision Net Loans Outstanding ECL Provision %
As on June 30, 2025 Gross Loans Outstanding ECL Provision Net Loans Outstanding ECL Provision %
As on September 30, 2024 Gross Loans Outstanding ECL Provision Net Loans Outstanding ECL Provision %
All figures in ₹ Cr
Stage 2 326 16 310 4.87%
Stage 2 308 18 290 5.88%
Stage 2 212 11 201 5.18%
Stage 1 8,174 30 8,144 0.37%
Stage 1 7,672 30 7,642 0.38%
Stage 1 6,322 35 6,287 0.56%
19
Stage 3 242 112 130 46.17%
Stage 3 228 101 127 44.38%
Stage 3 181 73 108 40.17%
Total 8,742 158 8,584 1.81%
Total 8,208 149 8,059 1.81%
Total 6,715 119 6,596 1.78%
Collections Approach In-house, on-ground collections teams – 99% collected digitally
On-ground Teams
Scalable Structure
Adaptable collection strategy as per loan stage
Branch staff from local area
+
Branch area- limited radius
quick attention to customer issues
In-house legal team
Backed By Tech
Analytics early warning
E-Collect for focused efforts
Loan Stage
Normal
• Call center autodial
Independent collection vertical dedicated to ensure collection efficiencies
Initial stages of delinquency
• Soft collections + SMS reminders • Initiate recovery in case of
default
NPA
• Legal action if unable to recover
Tele Calling
Field Collection
Legal collection
Real-time mobile tracking
Call centre - autodial
20
Financial Performance Quarterly Trends in KPIs
AUM
Yield
Spread
(₹cr)
7,715
9,351
9,938
17.69%
17.99%
18.01%
8.37%
8.67%
9.05%
Q2 FY 25
Q1 FY 26
Q2 FY 26
Q2 FY 25
Q1 FY 26
Q2 FY 26
Q2 FY 25
Q1 FY 26
Q2 FY 26
Opex to AAUM
Gross NPA
RoAAUM
Cost/Income
39.63%
39.07%
37.30%
4.60%
4.59%
4.40%
2.69%
2.78%
2.77%
12.67%
4.56%
13.53%
14.09%
RoATE
4.50%
4.56%
Q2 FY 25
Q1 FY 26
Q2 FY 26
Q2 FY 25
Q1 FY 26
Q2 FY 26
Q2 FY 25
Q1 FY 26
Q2 FY 26
21
Financial Performance Half-yearly Trends in KPIs
(₹cr)
7,715
AUM
8,747
9,938
Yield
17.85%
17.64%
18.00%
8.31%
8.52%
8.86%
Spread
H1 FY 25
H2 FY25
H1 FY26
H1 FY 25
H2 FY25
H1 FY26
H1 FY 25
H2 FY25
H1 FY26
Opex to AAUM
Gross NPA
RoAAUM
Cost/Income
40.23%
39.78%
38.15%
4.70%
4.62%
4.49%
2.69%
2.74%
2.77%
12.49%
4.56%
12.95%
13.82%
RoATE
4.51%
4.53%
H1 FY 25
H2 FY25
H1 FY26
H1 FY 25
H2 FY25
H1 FY26
H1 FY 25
H2 FY25
H1 FY26
22
Sources of Borrowing
Lenders to the Company
Diversified Borrowing Mix – Q2 FY26
4.7%
17.2%
2.2%
13.5%
44.8%
17.6%
Bank Rupee Loan
NCD
Co-origination
ECB & FCNR
Securitisation
DFI's & FI's
AA– (Stable)
Public Sector Banks
Private Sector Banks
Financial Institutions (FIs)
Foreign Banks
Development Financial Institutions (DFIs)
NCD
23
ALM – September 2025
Upto 3 months
Upto 6 months
Upto 1 Year
Upto 3 Years
Upto 5 Years
All figures in ₹ Cr
896
1,635
1,398
2,680
2,303
3,655
5,390
5,903
6,336
8,125
Liablilities
Asset
24
Surplus
739
1,282
1,352
513
1,789
SBFC – H1 FY26 Performance
Size and Growth
Distribution
Granular Book
Asset Quality
Liability Profile
Profitability
9,938 AUM YoY +29%
8,196 Secured MSME AUM YoY +29%
220 # Branches
4,484 Employees
100% % Secured
9.70* | 1.15* Average Ticket Size: Secured MSME / LAG (Lakh)*
%
2.77% GNPA YoY +8 bps
%
1.51% NNPA YoY -12 bps
3,174 Tangible Net worth
210 PAT YoY +29%
CRAR 34.05% Capital Adequacy
4.53% Return on AAUM
YoY -3 bps
1,624 Secured MSME Disbursal Value YoY +35%
16 States & 2 UTs Pan India presence
1,84,424 # live customers
1.20% Credit Cost YoY +25 bps
9.14% Cost of Borrowing YoY -19 bps
16,749 Secured MSME Disbursal Volume YoY +30%
100% in-house Sourcing
LTV 42.4% / 55.0% Secured MSME / LAG
46.17% PCR
AA- (Stable) Credit rating
Note: All values in ₹ Cr unless stated otherwise, All metrics as of / for H1 FY26;
25
18.00% Yield YoY +36 bps
%
8.86% Spread YoY +55 bps
Summary Financial Statements – Profit & Loss Statement for Q2 FY26
Particulars
Interest Income on Loans Interest Income other than on Loans Fee & Other Income Total Income Finance Cost Operating Expenses Pre-Provisioning Operating Profit Credit Cost Tax Expense Profit after Tax Basic EPS (Not Annualized) Diluted EPS (Not Annualized)
All figures in ₹ Cr
Quarter Ended
Growth (%)
June 2025
350 5 34 389 125 103 161 25 35 101 0.93 0.91
September 2024
281 8 25 314 100 85 129 19 26 84 0.78 0.76
Q-o-Q
Y-o-Y
7.2%
33.5%
5.8%
30.8%
10.2%
37.1%
8.2%
30.0%
September 2025
375 4 32 411 129 105 177 31 37 109 1.00 0.99
26
Summary Financial Statements – Profit & Loss Statement for H1 FY26
Half Year Ended
Growth (%)
Annual
Particulars
Interest Income on Loans
Interest Income other than on Loans
Fee & Other Income
Total Income
Finance Cost
Operating Expenses
Pre-Provisioning Operating Profit
Credit Cost
Tax Expense
Profit after Tax
Basic EPS (Not Annualized)
Diluted EPS (Not Annualized)
All figures in ₹ Cr
September 2025
September 2024
544
16
52
612
195
168
249
34
52
163
1.52
1.48
725
9
66
800
254
208
338
56
72
210
1.93
1.90
27
Y-o-Y
33.3%
30.7%
35.5%
29.1%
March 2025
1,167
29
110
1,306
419
355
532
74
113
345
3.20
3.15
ROE Tree
Ratios
Q2 FY26
Q1 FY26
Q2 FY25
H1 FY26
H1 FY25
Interest Income on Loans/ Average Loan Book
18.01%
17.99%
17.69%
18.00%
17.64%
Fee & Other Income/ Average AUM
Borrowing Cost/ Average Borrowings
Spread
1.32%
8.96%
9.05%
1.50%
9.32%
8.67%
1.39%
9.32%
8.37%
1.41%
9.14%
8.86%
1.46%
9.33%
8.31%
Net Interest Margin/ Average AUM
10.48%
10.25%
10.21%
10.37%
10.22%
Operating Expenses/ Average AUM
Credit Cost/ Average AUM
Profit after Tax/ Average AUM
Leverage (Avg AUM/ Avg Tangible Equity)
4.40%
1.29%
4.56%
3.09
4.59%
1.11%
4.50%
3.01
4.60%
1.03%
4.56%
2.78
4.49%
1.20%
4.53%
3.05
4.70%
0.95%
4.56%
2.74
RoATE
14.09%
13.53%
12.67%
13.82%
12.49%
28
Balance Sheet
Particulars
Assets Cash and Bank Balances Derivative Assets Receivables Loan Assets Investments Other financial assets Current & Deferred tax assets (Net) Property, Plant and Equipment etc. Other non-financial assets Total Assets Liabilities and Equity Derivative Liabilities Payables Borrowings Other financial liabilities Non-Financial Liabilities Equity & Reserves Total Liabilities and Equity All figures in ₹ Cr
As On
September 2025
493 31 31 8,584 357 4 8 309 6 9,823
- 17 6,176 188 8 3.434 9,823
29
June 2025
258 - 26 8059 479 4 6 310 6 9,148
18 14 5,723 76 18 3,299 9,148
THANK YOU!
For further information, please contact
Mr. Sanket Agrawal (Chief Strategy Officer & IR) Email - sanket.agrawal@sbfc.com
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PRIVATE & CONFIDENTIAL