Sbfc Finance Limited has informed the Exchange about Investor Presentation
25th April, 2026
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 22nd April, 2026 intimating about Earnings Conference Call, please find enclosed the investor presentation which will be referred during the earnings call scheduled to be held on Monday, 27th April, 2026 at 09:00 AM (IST) with investors in connection with the financial results of the Company for the quarter and year ended 31st March, 2026.
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
Narayan Barasia Chief Financial 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 Q4 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 – Mar 2026
1
2
3
4
5
Profitability Profit after tax grew 31% YoY to ₹451 crore for the year
Growth AUM grew 29% YoY and 7.56% QoQ to ₹11,270 crore.
Credit Quality Gross NPA at 2.61% with PCR of 42%
Operating Efficiency Cost-to-AUM ratio improved to 4.19% from 4.65% for the year
Return Ratios RoA of 4.58% and RoE of 14.18% for the year, exit RoE at 14.48%
3
Executive Summary – FY26
YoY
Asset Under Management
Disbursement1
11,270
+29%
Gross NPA
2.61%
-13 bps
PAT
451
+31%
1Secured MSME All figures are in Rs. crore
3,107
+16%
Yield/Spread
17.84% / 8.99%
+9 / +57 bps
RoAAUM
4.58%
+5 bps
4
Branches
251
+46
Opex to AAUM
4.19%
-46 bps
RoATE
14.18%
+146 bps
Executive Summary – Q4 FY26
Asset Under Management
11,270
+29%
+8%
Gross NPA
2.61%
Disbursement1
785
YoY
QoQ
Branches
251
3%
12%
+46
+21
Yield
Spread
17.61%
9.09%
Opex to AAUM
3.93%
-13 bps
-10 bps
-27 bps
-17 bps
+56 bps
+5 bps
-69 bps
0 bps
PAT
123
RoAAUM
4.57%
RoATE
14.48%
+30%
+4%
+5 bps
-10 bps
+134 bps
-8 bps
1Secured MSME All figures are in Rs. crore
5
251 branches 199 Cities 18 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 18 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)
6 6
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
7
Our Journey
Investment by Clermont and Arpwood group
778
3
2018
100 Branches
AUM of INR 1000cr
1,156
25
2019
1,648
36
2020
All figures in ₹ Cr
AUM
PAT
AUM crossed INR 10,000cr in Q3 FY26
11,270
CARE, ICRA Ratings Upgraded us to ‘AA-’ in Q2 FY25. 1,50,000 customers
8,747
345
451
Equity Listing on NSE and BSE. India ratings upgraded us to ‘AA -’ Included in MSCI Global Small Cap Index
6,822
237
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
2026
8
Management Experienced, cycle-tested, professional management
Aseem Dhru
Mahesh Dayani
Narayan Barasia
Sanket Agrawal
Rajiv Thakker
Executive Vice Chairman
MD & CEO
Chief Financial Officer
Chief Strategy Officer, Analytics & IR
Chief Risk Officer
Ganesh Vaidya
Sumeet Ghai
Agnivesh Kumar
Namrata Sajnani
Akruti Mashkaria
Chief Technology Officer
Chief Human Resource Officer
Head - Operations
Chief Compliance Officer & CS
Head – Internal Audit
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
Koni Uttam Nayak Ex Senior Vice President, Visa Direct Organization at Visa
Surekha Marandi Ex Executive Director, RBI
Jonathan Tatur Senior Vice President Clermont Group
Leroy James Langeveld Country Head - UAE Clermont Group
Executive Directors
Aseem Dhru Executive Vice Chairman
Mahesh Dayani MD & CEO
10
Shareholding
Category of Shareholders
% Share#
Promoter
Clermont Group
Other Major Shareholders
SBI Mutual Fund
Aditya Birla Sun Life
Amansa Capital
Malabar Funds
52.35%
8.10%
5.18%
4.00%
3.33%
Management & Employees hold 7.2% of diluted share capital
# Non-diluted Status as on March 31, 2026
11
Shareholding Pattern
13.19%
21.97%
6.27%
6.22%
52.35%
Promoters Foreign Companies Individuals, Bodies Corporate
Foreign Portfolio Investors Mutual Funds, AIF, Insurance, Banks
Business Momentum Delivering Consistent AUM Growth
CAGR: 29%
8,747
17%
83%
6,822
15%
1%
84%
11,270
21%
79%
YoY : 29%
QoQ : 8%
10,478
19%
11,270
21%
81%
79%
8,747
17%
83%
Mar-24
Mar-25
Mar-26
Q4 FY 25
Q3 FY 26
Q4 FY 26
Secured MSME
LAG
Others
Secured MSME
LAG
Others
All figures in ₹ Cr.
AUM
12
Business Momentum – Secured MSME
ATS in ₹ Lakhs
Disbursement Value
Disbursement Volume
AUM
YoY: 22%
QoQ: 4%
QoQ: 12%
YoY: 3%
8497
8873
766
785
7926
699
7249
9.66
10.07
10.34
YoY: -4%
QoQ: 9%
7597
6940
Q4 FY 25
Q3 FY 26
Q4 FY 26
Q4 FY 25
Q3 FY 26
Q4 FY 26
Q4 FY 25
Q3 FY 26
Q4 FY 26
AUM Secured MSME All figures in ₹ Cr
13
Business Momentum Co-origination – Validates our profitable origination
Co-origination Disbursement (₹ Cr)
Co-origination AUM (₹ Cr)
%1
16%
16%
16%
20%
19%
19%
122
122
112
1,481
1,650
1,708
Q4 FY 25
Q3 FY 26
Q4 FY 26
Q4 FY 25
Q3 FY 26
Q4 FY 26
1Percentage is on Total Secured MSME Loans
14
Business Momentum No concentration risk & well distributed growth
Present in 18 states, 2 UTs covering 199 cities via 251 branches
Driven by steady rise in AUM per branch
# Branches
54
54
143
251
1
1 1 15 3
4
12
39
11 6
21
16
2
16
5
26 6
31
25
13
1
8
58
78
Branch Mix
76
39
South East North West
23.11%
31.07%
₹11,270 Cr AUM Mix
30.28%
15.54%
South North
East West
70
60
50
40
30
20
10
0
15
<12 months
>12 & <36 months
>36 months
59
66
66
₹ Cr
24
5
27
26
8
7
Q4 FY 25
Q3 FY 26
Q4 FY 26
Vintage =<12M
12M<Vintage<36M
Vintage>=36M
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
• EKYC • PAN Verification • Legal Verification • Banking Check • Property Valuation • Bureau Check • Udyam Verification
Credit Underwriting
Pre-Disbursal
Loan Disbursal
Loan Servicing
• AI enabled PD with
customer
• CAM Summary Assessment
• Online Valuation report
assessment
• BRE based Customer
segmentation
• E-Nach • E-Sign • BRE based system
Deviations
• Digital Disbursal IMPS/RTGS/NEFT • WhatsApp based
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
16
Engineering the Lending Lifecycle Through Technology Paperless, multilingual and API-led workflows are reducing friction from onboarding to disbursal while improving control, governance and customer experience.
DIGITAL CORE AT SCALE
01
02
03
04
eKYC choice set across OTP, biometric, retina and face-based authentication
Regional language documents with eSign eliminate physical handling and signing errors
In-house SAHAYAK app integrates validation, fee collection, AA , geo-tagging and collateral capture
Lower turnaround time
Paperless execution
Stronger auditability
Verify identity
Capture digitally
Sign in language
Disburse seamlessly
eKYC across OTP, biometric, retina and face; PAN, mobile and bank validation.
Faster onboarding
In-house lead app capture's location, fees, AA data and collateral photos in-field.
Regional language application, MITC and pledge documents with end-to-end eSign.
Verified bank payout supported by a digital document repository and audit trail.
Higher field productivity
Lower error / rework
Better control & service
Gold
MSME
97%
89%
75%
95%
83%
E-Sign Loans
EKYC Customers
Loan Account Aggregator
Documents Digitally Sent
E-Sign Loans
17
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
18
Credit Underwriting Quality borrowers with credit score above 700
Over 89% 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%
5.5% 0.6% 4.7%
> 700
84.7%
86.9%
89.2%
Mar'24
Mar'25
Mar'26
CIBIL Score
> 700
> 650 & < 700
<650
0/ -1
1Pertains to secured MSME Loans
19
94% AUM secured by self occupied residential / commercial property
42.6% 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
2.74%
2.71%
2.61%
Net NPA %2
1.51%
1.48%
1.54%
Q4 FY 25
Q3 FY 26
Q4 FY 26
Q4 FY 25
Q3 FY 26
Q4 FY 26
1+ DPD %3
7.09%
8.72%
8.44%
PCR%4
45.69%
46.21%
41.64%
Q4 FY 25
Q3 FY 26
Q4 FY 26
Q4 FY 25
Q3 FY 26
Q4 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
20
ECL Provisions Summary
As on March 31, 2026 Gross Loans Outstanding ECL Provision Net Loans Outstanding ECL Provision %
As on December 31, 2025 Gross Loans Outstanding ECL Provision Net Loans Outstanding ECL Provision %
As on March 31, 2025 Gross Loans Outstanding ECL Provision Net Loans Outstanding ECL Provision %
All figures in ₹ Cr
Stage 2 296 49 247 16.66%
Stage 2 318 21 297 6.74%
Stage 2 238 14 224 6.08%
Stage 1 9,433 27 9,406 0.28%
Stage 1 8,665 31 8,634 0.36%
Stage 1 7,195 28 7,167 0.38%
21
Stage 3 260 108 152 41.64%
Stage 3 250 116 134 46.21%
Stage 3 209 96 113 45.69%
Total 9,989 184 9,805 1.84%
Total 9,233 168 9,065 1.82%
Total 7,642 138 7,504 1.80%
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
22
Financial Performance Quarterly Trends in KPIs
AUM
Yield
Spread
(₹cr)
8,747
10,478
11,270
17.88%
17.78%
17.61%
8.53%
9.04%
9.09%
Q4 FY 25
Q3 FY 26
Q4 FY 26
Q4 FY 25
Q3 FY 26
Q4 FY 26
Q4 FY 25
Q3 FY 26
Q4 FY 26
Opex to AAUM
Gross NPA
Cost/Income
39.67%
34.27%
34.41%
4.62%
3.93%
3.93%
2.74%
2.71%
2.61%
RoAAUM
14.56%
4.67%
13.14%
4.52%
14.48%
RoATE
4.57%
Q4 FY 25
Q3 FY 26
Q4 FY 26
Q4 FY 25
Q3 FY 26
Q4 FY 26
Q4 FY 25
Q3 FY 26
Q4 FY 26
23
Financial Performance Yearly - Trends in KPIs
AUM
Yield
Spread
(₹cr)
8,747
11,270
17.75%
17.84%
8.42%
8.99%
FY 25
FY 26
FY 25
FY 26
FY 25
FY 26
Opex to AAUM
Gross NPA
RoAAUM
Cost/Income
39.98%
36.16%
4.65%
2.74%
4.19%
2.61%
12.72%
4.53%
14.18%
4.58%
RoATE
FY 25
FY 26
FY 25
FY 26
FY 25
FY 26
24
Sources of Borrowing
Lenders to the Company
Diversified Borrowing Mix – Q4 FY26
2.7%
16.1%
46.2%
1.7%
9.4%
23.9%
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
25
ALM – March 2026
Upto 3 months
936
1,879
Upto 6 months
1,442
Upto 1 Year
Upto 3 Years
Upto 5 Years
All figures in ₹ Cr
3,132
2,657
4,530
6,031
6,841
Surplus
943
1,690
1,873
810
7,312
9,266
1,954
Liablilities
Asset
26
SBFC – FY26 Performance
Size and Growth
Distribution
Granular Book
Asset Quality
Liability Profile
Profitability
11,270 AUM YoY +29%
8,873 Secured MSME AUM YoY +22%
251 # Branches
5,025 Employees
100% % Secured
9.93* | 1.23* Average Ticket Size: Secured MSME / LAG (Lakh)*
%
2.61% GNPA YoY -13 bps
%
1.54% NNPA YoY +3 bps
3,465 Tangible Net worth
451 PAT YoY +31%
CRAR 32.84% Capital Adequacy
4.58% Return on AAUM
YoY +5 bps
3,107 Secured MSME Disbursal Value YoY +16%
18 States & 2 UTs Pan India presence
2,02,683 # live customers
1.27% Credit Cost YoY +30 bps
8.85% Cost of Borrowing YoY -48 bps
31,286 Secured MSME Disbursal Volume YoY +11%
100% in-house Sourcing
LTV 42.6% / 59.9% Secured MSME / LAG
41.64% PCR
AA- (Stable) Credit rating
Note: All values in ₹ Cr unless stated otherwise, All metrics as of / for FY26.
27
17.84% Yield YoY +9 bps
%
8.99% Spread YoY +57 bps
Summary Financial Statements – Profit & Loss Statement for Q4 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
December 2025
393 4 29 426 136 99 191 33 40 118 1.08 1.06
March 2025
322 7 32 361 118 96 147 21 32 94 0.87 0.86
Growth (%)
Q-o-Q
Y-o-Y
5.5%
28.6%
6.7%
25.7%
5.6%
37.2%
4.0%
30.1%
March 2026
414 8 32 454 147 106 201 37 41 123 1.12 1.11
28
Summary Financial Statements – Profit & Loss Statement for FY26
Financial Year Ended
Growth (%)
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
March 2025
1,167
29
110
1,306
419
355
532
74
113
345
3.20
3.15
Y-o-Y
31.3%
28.6%
37.0%
30.6%
March 2026
1,532
22
125
1,679
537
413
729
125
153
451
4.13
4.10
29
ROE Tree
Ratios
Q4 FY26
Q3 FY26
Q4 FY25
FY26
FY25
Interest Income on Loans/ Average Loan Book
17.61%
17.78%
17.88%
17.84%
17.75%
Fee & Other Income/ Average AUM
Borrowing Cost/ Average Borrowings
Spread
1.18%
8.52%
9.09%
1.13%
8.74%
9.04%
1.52%
9.35%
8.53%
1.27%
8.85%
8.99%
1.44%
9.33%
8.42%
Net Interest Margin/ Average AUM
10.24%
10.33%
10.12%
10.33%
10.20%
Operating Expenses/ Average AUM
Credit Cost/ Average AUM
Profit after Tax/ Average AUM
Leverage (Avg AUM/ Avg Tangible Equity)
3.93%
1.38%
4.57%
3.17
3.93%
1.29%
4.67%
3.12
4.62%
1.00%
4.52%
2.90
4.19%
1.27%
4.58%
3.10
4.65%
0.97%
4.53%
2.81
RoATE
14.48%
14.56%
13.14%
14.18%
12.72%
30
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
March 2025
429 - 15 7,504 327 3 3 309 5 8,595
10 10 5,264 112 9 3,190 8,595
March 2026
646 80 20 9,805 192 4 16 316 6 11,085
- 13 7,161 177 8 3.726 11,085
31
Corporate Social Responsibility – Building Livelihood
SBFC Shiksha – Enabling Holistic Education
SBFC Gurukul – Executive Training Program
Enhanced infrastructure in a rural school to support students with: •
Smart classrooms, ergonomic furniture & value-based wall art. Playground equipment and school cab facilities. 2 new classrooms added, bringing total to 7 smart classrooms. Enrollment growth: Total from 54 → 205, Girls from 12 → 101 Provided “Solar Power System” promoting sustainable development & reduced operational cost.
• • •
Executive Training Program •
Total beneficiaries 908, out of which 538 have been certified till date and 370 are pursuing the program. 48% of total certified Executive Trainees are absorbed by SBFC. Out of 908, 38% are female beneficiaries in the program.
•
•
32
Corporate Social Responsibility – Building Livelihood
SBFC – Vikas & Paryavaran
SBFC Aarogya – Essential eyecare services
Enhanced rural infrastructure through sustainable development, A Step towards improving rural safety, reducing carbon footprint and promoting renewable energy. • • • •
Area Covered: 445,930 square meters Solar lights installed: 147 Population Impacted: ~1700 Intervals: 70 meters
Enabled screenings at well-equipped centers for children from remote schools • Total children screened: 6,433 • Children identified with refractive errors: 200 • Glasses provided to children: 200
33
THANK YOU!
34
PRIVATE & CONFIDENTIAL