Piramal Finance Limited

rs,

28th May 2026 BSE Limited 1st Floor, New Trading Wing, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai - 400 001 BSE Scrip Code: 544597 National Stock Exchange of India Lim

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53 55 65 2 Our blueprint for value creation 1 2 3 Growth % Profitability Predictability 2x AUM in ~3 years RoAUM >3% Stable Risk Steady Earnings ₹ 1.5 lac Cr AUM by Mar-28 With AUM-to-eq

3%

t for value creation 1 2 3 Growth % Profitability Predictability 2x AUM in ~3 years RoAUM >3% Stable Risk Steady Earnings ₹ 1.5 lac Cr AUM by Mar-28 With AUM-to-equity of 4.5-5.0x by Mar-28

₹ 1.5

owth % Profitability Predictability 2x AUM in ~3 years RoAUM >3% Stable Risk Steady Earnings ₹ 1.5 lac Cr AUM by Mar-28 With AUM-to-equity of 4.5-5.0x by Mar-28 4 Build a future-proof, AI native c

5.0x

ears RoAUM >3% Stable Risk Steady Earnings ₹ 1.5 lac Cr AUM by Mar-28 With AUM-to-equity of 4.5-5.0x by Mar-28 4 Build a future-proof, AI native company Mar-28 targets as disclosed in FY24 Click h

23%

entation 3 1 Growth – On track for ₹ 1.5 L Cr AUM by FY28 In ₹ L Cr YoY growth 1.5+ ~1.25 22-23% 1.0 ~25% 0.8 25% Mar-25 Mar-26 Mar-27P Mar-28P 4 2 Profitability – On track to achieve lo

25%

1 Growth – On track for ₹ 1.5 L Cr AUM by FY28 In ₹ L Cr YoY growth 1.5+ ~1.25 22-23% 1.0 ~25% 0.8 25% Mar-25 Mar-26 Mar-27P Mar-28P 4 2 Profitability – On track to achieve long range go

1.5%

Growth business RoAUM Excluding POCI recovery related profits 2. AUM-to-equity Long range goal* 1.5% 1.6% 1.8% 1.1% 1.0% 1.1% FY26 FY25 2.1% 1.7% 3.25% 3.00% 2.75% 2.50% 2.25% 2.00% 1.

1.6%

business RoAUM Excluding POCI recovery related profits 2. AUM-to-equity Long range goal* 1.5% 1.6% 1.8% 1.1% 1.0% 1.1% FY26 FY25 2.1% 1.7% 3.25% 3.00% 2.75% 2.50% 2.25% 2.00% 1.75% 1

1.8%

ess RoAUM Excluding POCI recovery related profits 2. AUM-to-equity Long range goal* 1.5% 1.6% 1.8% 1.1% 1.0% 1.1% FY26 FY25 2.1% 1.7% 3.25% 3.00% 2.75% 2.50% 2.25% 2.00% 1.75% 1.50%

1.1%

AUM Excluding POCI recovery related profits 2. AUM-to-equity Long range goal* 1.5% 1.6% 1.8% 1.1% 1.0% 1.1% FY26 FY25 2.1% 1.7% 3.25% 3.00% 2.75% 2.50% 2.25% 2.00% 1.75% 1.50% 1.25%

1.0%

xcluding POCI recovery related profits 2. AUM-to-equity Long range goal* 1.5% 1.6% 1.8% 1.1% 1.0% 1.1% FY26 FY25 2.1% 1.7% 3.25% 3.00% 2.75% 2.50% 2.25% 2.00% 1.75% 1.50% 1.25% 1.00%

“(*) Book value as on the balance sheet (^) FY25 Gross Written Premium 14 Business transformation in recent years Total AUM In ₹ Cr.”

“81 WS 2.0 Retail 65k 64k 69k 4.5x 22k 22k Up 25% YoY Growth AUM 45% CAGR since Mar-22 Legacy AUM Down at 50% CAGR since Mar-22 98k 13k 86k In ₹ Cr.”

“AUM ₹1,01,230 Cr up 25% YoY / 5% QoQ Growth : Legacy AUM mix 97 : 3 91 : 9 in Q4 FY25 Illustrative examples AUM mix Q4 FY26 Consol.”

“PAT Q4 FY26 FY26 ₹502 Cr ₹1,506 Cr up 390% YoY up 210% YoY Net worth ₹28,191 Cr Debt to equity: 2.8x Q4 FY26 FY26 Growth business PBT* ₹495 Cr up 61% YoY ₹1,560 Cr up 74% YoY Borrowings ₹79,945 Cr up 22% YoY 9 / 5 y r a m m u S s t l u s e R 6 2 Y F r a e y l l u f & 4 Q Growth business RoAUM* Q4 FY26 FY26 2.1% up 36bps YoY 1.8% up 40bps YoY”

“As % AUM# 9 / 7 y r a m m u S s t l u s e R 6 2 Y F r a e y l l u f & 4 Q Note : (*)The drop in FY25 Growth Net Income Margin was due to amortization of retail processing fee; (#) AUM = Loans (on-book) + off-book assets 23 * 1,044 896 1,560 295344427495-1,684485 1,506 276327401502FY24FY25FY26Q1 FY26Q2 FY26Q3 FY26Q4 FY26Growth PBTConsol.”

“fee income) 90+ DPD 0.6% Stable portfolio over four years 27 Retail AUM up 33% YoY, disbursements up 34% YoY Retail AUM Retail disbursements +31% YoY (FY26) +34% YoY (Q4 FY26) In ₹ Cr.”

“servant from Jalna Note : All donut charts are for number of customers acquired in Q4 FY26 38 Cross-sell franchise | 25-30% of unsecured disb.”

“LCR % - period end Regulatory LCR% requirement (NBFCs) 928% 672% 702% 624% Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 100% Domestic ratings New long-term ratings CRISIL, ICRA & CARE: AA+ Outlook Stable Short-term ratings CRISIL, ICRA, CARE: A1+ International ratings S&P: BB Moody’s: Ba3 Q4 FY26 consol.”

Notes

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Corporate Mid-market Lending

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For Investors

1

Notes

(1) Carlyle holds 18% stake; (2) Market Cap as of 24th Apr 2026: (3) Book value as on the balance sheet: (4) FY25 Gross Written Premium; (5) Most underdeveloped districts identified by GOI 11 Strong management team on-board Illustrative examples Anand Piramal Executive Chairman Harvard Business School University of Pennsylvania Yesh Nadkarni CEO, Wholesale Lending Former MD & CEO at KKR – RE Lending business London Business School Jairam Sridharan MD & CEO 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 Kalpesh Kikani CEO, Piramal Alternatives Former MD at AION Capital ( JV of Apollo & ICICI) Bombay University and Member of CFA Institute Vikash Singhla CFO Chartered Accountant 12 Board with industry leaders having deep expertise in FS and Tech Illustrative examples Anand Piramal Executive Chairman Harvard Business School University of Pennsylvania Shikha Sharma No

Notes

(1) Government of India (2) Economic Law Practice 13 Business snapshot Illustrative examples GROWTH BUSINESS LEGACY (Discontinued) BUSINESS Retail AUM Wholesale 2.0^ AUM ₹ 85,885 Crore Multi-product retail platform – Housing loans, LAP, Used car loans, Business loans, Salaried PL and Digital loans ₹ 12,538 Crore Real estate and corporate mid market loans (CMML) OTHER ASSETS Legacy (discontinued) AUM ₹ 2,807 Crore Investments in Shriram ~₹ 1,400 Crore* Life Insurance GWP Alternatives Committed Funds ₹ 2,074 Crore^ ~$ 1.3 Billion Strong capitalization levels and low leverage provide firepower to sustained AUM growth Total AUM: ₹ 1,01,230 Cr Net Worth: ₹ 28,191 Cr Capital Adequacy: 19.8% AUM / Equity: 3.6x GNPA 2.3% / NNPA 1.6%

Notes

(*) Book value as on the balance sheet (^) FY25 Gross Written Premium 14 Business transformation in recent years Total AUM In ₹ Cr. 101k In ₹ Cr. 81 WS 2.0 Retail 65k 64k 69k 4.5x 22k 22k Up 25% YoY Growth AUM 45% CAGR since Mar-22 Legacy AUM Down at 50% CAGR since Mar-22 98k 13k 86k In ₹ Cr. 43k 66% -93% Legacy AUM (₹ Cr.) % Total AUM 3k 3% Mar-26 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-22 Mar-26 Mar-22 Retail now forms 85% of total AUM % Retail in Consol. AUM We now have 701 branches # Branch network Value unlocking in recent years 701 Simplified corporate structure Pharma demerger in 2022; PEL-PFL merger in 2025 85% 301 Non-core divestments INR 6.3k Cr monetized; balance in motion 34% 9% 14 Pre-DHFL merger Jun-21 Post-DHFL merger Sep-21 Mar-26 Pre-DHFL merger Jun-21 Post-DHFL merger Sep-21 Mar-26 Available tax shield Assessed carry forward losses of INR 24.6k Cr 15 Q4 and full year FY26 Results Summary We have completed our AUM mix transition and crossed ₹1,00,000 Cr in total AUM 9 /

Notes

(*) Pro forma business P&L Legacy AUM ₹2,807 Cr 3% of total AUM 21 31%26%5%8%6%1%4%3%3%9%3%Housing loansLAPUsed car loansSalaried PLUnsecured business loansRural micro loansDigital loansOther retailCMMLNew real estateLegacy Our retail scale-up (along with declining opex and controlled risk) is among the fastest ones in industry 1 We are the fastest among Retail NBFCs* to grow AUM from ₹20k Cr to ₹85k Cr… 2 …while reducing our opex-to-AUM by ~290 bps over last 12 quarters, and… 9 / 6 y r a m m u S s t l u s e R 6 2 Y F r a e y l l u f & 4 Q AUM ₹ k Cr 90 80 70 60 50 40 30 20 10 - Retail 1 Piramal Finance in 4 yrs 2 NBFC A in ~5 yrs Long range goal 25 bps reduction in Opex guidance 3 …keeping a tight control on retail 90+ DPD 3 NBFC B in ~8 yrs 4 NBFC C in ~9 yrs 1.1% 1.1% 0.7% 0.7% 0.8% 0.7% 0.6% 0.6% 0.6% 0.7% 0.8% 0.8% 0.8% 0.8% 0.8% 0.6% Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Years Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25 FY26 Source : Company data (*) 6 peer

Notes

(1) Pro forma business P&L; (2) AUM = Loans (on-book) + off-book assets; (3) RoAUM = PAT / Avg. AUM; (4) Q4FY26 values, as % of loans, for total income would be 14.6% (int. inc. of 13.7% + retail fee of 0.8%) and for CoF would be 7.2%. 24 4.2%3.0%3.6%3.4%3.9%3.0%3.6%3.3%3.5%3.5%3.4%3.7%OpexPPOPFY25FY26FY27Q1 FY26Q2 FY26Q3 FY26Q4 FY261.6%1.5%1.4%1.7%1.6%1.5%FY25FY26Q1 FY26Q2 FY26Q3 FY26Q4 FY267.2%6.9%6.9%6.9%6.9%7.0%FY25FY26Q1 FY26Q2 FY26Q3 FY26Q4 FY261.4%1.8%1.5%1.7%1.9%2.1%FY25FY26Q1 FY26Q2 FY26Q3 FY26Q4 FY269.09%8.96%9.13%8.95%8.95%8.84%CoB (as % of debt)FY25FY26FY27Q1 FY26Q2 FY26Q3 FY26Q4 FY2614.1%13.4%13.5%13.4%13.3%13.4%FY25FY26Q1 FY26Q2 FY26Q3 FY26Q4 FY266.86%6.46%6.61%6.48%6.41%6.39%CoF (as % AUM) FY27 outlook – 25% growth in AUM; 50% growth in profits FY26 FY27 Target 1 Total AUM - YoY growth 25% ~25% 2 Consol. PAT - YoY growth 210% ~50% 3 RoAUM Exit quarter (Q4) 2.1% ~2.5% 9 / 9 y r a m m u S s t l u s e R 6 2 Y F r a e y l l u f & 4 Q 25 Retail Snapshot - Retail Lending AUM ₹

Note

(*) Others includes loan against mutual fund (LAMF) (₹ 1,455 Cr as of Q4 FY26), SRs (₹ 1,348 Cr as of Q4 FY26) & pass-through certificates (PTC) (₹ 90 Cr as of Q4 FY26) 28 67%52%46%41%37%27%22%22%27%30%2%4%6%6%3%6%9%9%5%6%7%7%3%2%2%2%9%8%4%5%6%4%4%3%21,552 32,144 47,927 64,652 85,885 FY22FY23FY24FY25FY26Others*Digital loansRural micro loansUBLSalaried PLUsed car loansLAPHousing loansTotal2,459 3,973 5,111 6,828 5,707 6,246 7,692 8,910 6,816 8,065 8,362 9,754 8,718 10,958 10,498 13,101 Q1Q2Q3Q4FY23FY24FY25FY26 Stable income profile – operating leverage playing out well Retail total income Total Income As % of loans Opex ratio has entered our guided range, and continues to fall As % of AUM Long range goal 25 bps reduction in Opex guidance Total income as% of AUM 14.0% 13.3% 13.4% 13.3% 13.3% 13.4% 29 6.5%5.8%5.8%5.5%5.3%4.9%4.7%4.5%4.3%4.2%3.9%3.8%3.6%3.00%3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%5.75%6.00%6.25%6.50%6.75%Q4 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4