Interim report
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Shriram Finance Limited Corporate Office: Wockhardt Towers, Level -III, West Wing, C-2, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra. Ph: +91 22 4095 9595 Registered Office. Sri Towers, Plot No.14A, South Phase, Industrial Estate, Guindy, Chennai – 600 032, Tamil Nadu, India. Tel: +91 44 485 24 666 Email: secretarial@shriramfinance.in I Website: www.shriramfinance.in I Corporate Identity Number (CIN) — L65191TN1979PLC007874 January 23, 2026 BSE Limited P. J. Towers, Dalal Street, Fort, Mumbai – 400 001 Scrip Code: 511218 National Stock Exchange of India Limited Listing Department Exchange Plaza, 5th Floor, Plot no. C/1, G- Block, Bandra-Kurla Complex, Mumbai – 400 051 NSE Symbol: SHRIRAMFIN Dear Sir/Madam, Sub.: Outcome of Board Meeting Re.: Regulation 30, 33, 51, 52 and 54 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) In furtherance of our intimations dated December 30, 2025 and January 16, 2026, we inform you that the Board of Directors of the Company at their meeting held today i.e. January 23, 2026 has inter-alia: 1. Approved and taken on record the unaudited standalone and consolidated financial results of the Company for t he third quarter and nine months ended December 31, 2025, prepared pursuant to Regulation 33 and 52 of the Listing Regulations. 2. Approved periodical resource mobilisation plan including issuance of debt securities viz. redeem able non -convertible debentures (‘NCDs’) / subordinated debentures, bonds on private placement basis and/or public issue in one or more tranches or any other methods of borrowing in onshore/offshore market for the purpose of business of the Company from February 1, 2026 to April 30, 2026. Please find enclosed herewith: a) Unaudited standalone and consolidated financial results of the Company for the third quarter and nine months ended December 31, 202 5 (unaudited financial results) together with the limited review reports issued thereon by M/s. G D Apte & Co. and M/s M M Nissim & Co LLP, Joint Statutory Auditors of the Company and the disclosures in accorda nce with Regulation 52(4) and 54(3) of the Listing Regulations.
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Shriram Finance Limited Corporate Office: Wockhardt Towers, Level -III, West Wing, C-2, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra. Ph: +91 22 4095 9595 Registered Office. Sri Towers, Plot No.14A, South Phase, Industrial Estate, Guindy, Chennai – 600 032, Tamil Nadu, India. Tel: +91 44 485 24 666 Email: secretarial@shriramfinance.in I Website: www.shriramfinance.in I Corporate Identity Number (CIN) — L65191TN1979PLC007874 b) The disclosure in accordance with Regulation 52(7) and 52(7A) of the Listing Regulations regarding utilization of issue proceeds of non-convertible securities and a Nil statement for materi al deviation in the use of proceeds for the quarter ended December 31, 2025. c) Independent Auditor's certificate on Security Cover as at December 31, 202 5 pursuant to Regulation 54 of the Listing Regulations read with SEBI Master Circular No. SEBI/HO/DDHS-PoD-1/P/CIR/2025/117 dated August 13, 2025. d) Press Release and Investor Update on the said unaudited financial results. The extract from the said unaudited financial results also containing a Quick Response (QR) code would be published in one English and one vernacular newspaper as required under Regulation 47 and Regulation 52(8) of the Listing Regulations. The said unaudited financial results are also being uploaded on the Company's website (www.shriramfinance.in) as required under Regulation 46 of the Listing Regulations. This is an intimation/disclosure under Regulation 30, 33, 51, 52, 54 and other applicable regulations of Listing Regulations. Kindly take the same on record. The Meeting of Board of Directors commenced at 11.00 A.M. and concluded at 1.45 P.M. Thanking you, Yours faithfully, For Shriram Finance Limited U Balasundararao Company Secretary & Chief Compliance Officer Encl. a/a
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M M NISSIM & CO LLP Chartered Accountants Barodawala Mansion, B wing, 3 rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai 400018 G. D. Apte & Co. Chartered Accountants GDA House, Plot No. 85, Right Bhusari Colony, Paud Road, Kothrud, Pune 411 038 Independent Auditor's Review Report on Unaudited Standalone Financial Results of Shriram Finance Limited for the quarter and nine months ended December 31, 2025, pursuant to Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Shriram Finance Limited 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Shriram Finance Limited (the "NBFC" or "Company"), for the quarter and nine months ended December 31, 2025 ("the Statement") attached herewith, being submitted by the NBFC pursuant to the requirements of Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63(2) of the Securities and Exchange Board of India ("the SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). We have initialled the Statement for identification purpose only. 2. This Statement, which is the responsibility of the NBFC's Management and approved by the Board of Directors of the NBFC, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 'Interim Financial Reporting' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 ("the Act") as amended read with relevant rules issued thereunder and the circulars, guidelines and directions issued by Reserve Bank of India ("RBI") from time to time, applicable to the NBFC ("RBI Guidelines") and other accounting principles generally accepted in India, and in compliance with Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63(2) of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Pei fbrmed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India ("ICAI"). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. A review of interim financial information consists of making enquiries, primarily with the personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing Specified under Section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters t might be identified in an audit. Accordingly, we do not express an audit opi SIM FR 107122 -o cp* PTE 0 -"en &1UMBAI $. ii)kb ACCO' ‘P/P04141 Aco Page 1 of 2
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M M NISSIM & CO LLP G. D. Apte & Co. Chartered Accountants Chartered Accountants 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the hid AS 34, prescribed under Section 133 of the Act, as amended read with relevant rules issued thereunder, the RBI guidelines and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63(2) of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by RBI in respect of income recognition, asset classification, provisioning, to the extent applicable to the NBFC, and other related matters. For M M NISSIM & CO LLP For G. D. Apte & Co. Chartered Accountants Chartered Accountants Firm Registration Number: 107122W/ WI 00672 Firm Registration Number: 100515W \ssIM 4 FRN : 107122W/ * W100672 7,. Manish Singhania s/1)6D AGO Partner Membership No.: 155411 ICAI UDIN: 2-6/6 6 1-W- . L.Z16.1.A.) 2-12-4 1q PTE Umesh S. Abhyankar e d Acc Partner Membership No.: 113053 ICAIUDIN: 26113053R2-R3A41-47cRi Mumbai Mumbai January 23, 2026 January 23, 2026 Page 2 of 2
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SIIRIRAM FINANCE LIMITED CIN: L65191 TN1979PLC007874 Regd. Office: Sri Towers, 14A, South Phase, Industrial Estate, Guindy, Chennai - 600032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramfinance.in, Email-secretarial@shriramfinance.in STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR TIIE QUARTER AND NINE MONTHS PERIOD ENDED DECEMBER 31, 2025 (Rs. in crores Sr. no. Particulars Quarter ended Nine months ended Year ended 31.12.2025 (Unaudited) 30.09.2025 (Unaudited) 31.12.2024 (Unaudited) 31.12.2025 (Unaudited) 31.12.2024 (Unaudited) 31.03.2025 (Audited) Revenue from operations (i) Interest income 11,833.14 11,550.56 10,340.84 34,556.92 29,518.13 40,307.61 (ii) Dividend income - 1.84 - 1.84 1.69 1.69 (iii) Fees and commission income 137.02 106.55 133.28 343.20 351.31 681.93 (iv) Net gain on fair value changes 58.05 96.71 87.25 289.42 89.67 200.94 (v) Net gain on derecognition of financial instruments under amortised cost category - - 28.75 - 119.04 132.64 (vi) Other operating income 137.54 152.13 108.19 417.79 300.35 509.58 (I) Total revenue from operations 12,165.75 11,907.79 10,698.31 35,609.17 30,380.19 41,834.42 (II) Other income 25.83 8.94 7.16 40.90 19.03 25.05 (III) Total income (1 + II) 12,191.58 11,916.73 10,705.47 35,650.07 30,399.22 41,859.47 Expenses (i) Finance costs 5,259.10 5,524.79 4,751.26 16,184.65 13,230.59 18,454.58 (ii) Fees and commission expenses 203.30 166.88 154.28 512.49 402.39 572.46 (iii) Impairment on financial instruments 1,310.32 1,333.33 1,325.83 3,929.34 3,748.37 5,311.66 (iv) Employee benefits expenses (Refer note 4) 1,237.26 943.93 970.41 3,157.66 2,745.43 3,651.16 (v) Depreciation, amortisation and impairment 176.58 174.44 161.92 524.13 474.26 645.32 (vi) Other expenses 644.82 663.34 582.62 1,964.85 1,620.91 2,275.04 (IV) Total expenses 8,831.38 8,806.71 7,946.32 26,273.12 22,221.95 30,910.22 (V) Profit before exceptional items and tax (Ill - IV) 3,360.20 3,110.02 2,759.15 9,376.95 8,177.27 10,949.25 (VI) Exceptional items (net) (Refer note 7) • - - 1,656.77 - 1,656.77 1,656.77 (VII) Profit before tax (V + VI) 3,360.20 3,110.02 4,415.92 9,376.95 9,834.04 12,606.02 (VIII) Tax expense: (i) Current tax 1,118.27 1,029.17 1,282.40 3,126.86 3,092.88 3,590.88 (ii) Deferred tax (279.74) (226.33) (436.24) (734.49) (880.45) (745.86) (IX) Profit for the period (VII - VIII) 2,521.67 2,307.18 3,569.76 6,984.58 7,621.61 9,761.00 (X) Other comprehensive income A (i) Items that will not be reclassified to profit or loss Remeasurement gain/ (loss) on defined benefit plan 12.29 3.05 8.31 7.33 (0.75) (12.40) Gain/ (loss) on fair valuation of quoted investments in equity shares 2.39 3.07 31.27 6.69 3(1.89 30.97 (ii) Income tax relating to items that will not be reclassified to profit or loss (0.81) (2.39) (9.97) (1.49) (7.50) (4.67) Subtotal (A) 13.87 3.73 29.61 12.53 22.55 13.90 B (i) Items that will be reclassified to profit or loss Cash flow hedge reserve Gain/ (loss) on effective portion of hedging instruments in a cash tlow hedge 73 21 241.18 111.44 371.63 221 21 (276.66) (ii) Income tax relating to items that will be reclassified to profit or loss (18.42) (60.70) (28.04) (93.53) (55.67) 69.63 Subtotal (B) 54.79 180.48 83.40 278.10 165.54 (207.03) Other comprehensive income for the period (A + B) 68.66 184.21 113.01 290.63 188.09 (193.13) (XI) Total comprehensive income for the period (IX + X) 2,590.33 2,491.39 3,682.77 7,275.21 7,809.70 9,567.87 (XII) Paid -up equity share capital (face value Rs. 2/- per share) 376.27 376.20 376.06 376.27 376.06 376.08 (XIII) Other equity 55,904.49 (XIV) Earnings per equity share (not annualised for the interim periods) Basic (Rs.) 13.40 12.27 18.99 37.14 40.55 51.92 Diluted (Rs.) 13.39 12.26 18.96 37.10 40.49 51.85 \sSIM cc FRN • * 107122W 1, W100672 MUMBAI Q N. \\\-v 'epACCO- edAcc,
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SHRIRAM FINANCE LIMITED CIN: L65191TN1979PLC007874 Regd. Office: Sri Towers, 14A, South Phase, Industrial Estate, Guindy, Chennai - 600 032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramfinance.in, email-secretarialO,shriramfinance.in Notes: I The above results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors in their respective meetings held on January 23, 2026. 2 The standalone financial results (the `Statement' or `Results') together with the results for the comparative reporting periods have been prepared in accordance with recognition and measurement principles laid clown in Indian Accounting Standard ('Ind AS') 34 - Interim Financial Reporting and as prescribed under section 133 of the Companies Act, 2013 (`the Act') read with Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time and the other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 read with Regulation 63(2) of Securities and Exchange Board of India ('SEBI') (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the `Listing Regulations'). These standalone financial results would be available on the website of the Company (www.shriramfinance.in) and on the ‘vebsite of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com). 3 The Company has applied its material accounting policies in the preparation of this statement consistent with those followed in the standalone financial statements for the year ended March 31, 2025. Any application of guidance/ clarification/ directions issued by Reserve Bank of India (RBI) or other regulators are implemented prospectively when they become applicable. 4 The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four Labour Codes viz. Code on wages 2019, Codes on Social Security 2020, industrial Relation Code 2020, and Occupational Safety, Health and Working Condition Code 2020 (collectively referred to as the New Labour Codes). These Codes have been made effective from November 21, 2025. The corresponding draft rules under these codes have been issued by the Government. Employee benefits expenses for the quarter and nine months period ended December 31, 2025 include incremental impact on gratuity of Rs. 131.71 crores and on long-term compensated absences of Rs. 65.24 crores due to change in definition of wages under the New Labour Codes. The Company continues to monitor the final isation of Central/ State Rules and clarifications from the Government on other aspects of the New Labour Codes and would provide appropriate accounting effect on the basis of such developments as required. 5 The standalone financial results for the quarter and nine months period ended December 31, 2025 have been reviewed by the joint statutory auditors, viz. M M Nissim & Co LLP, Chartered Accountants and G. D. Apte & Co., Chartered Accountants. 6 The Board of Directors at its meeting held on December 19, 2025 approved the preferential issue of 471,121,055 fully paid-up equity shares of face value of Rs. 2/- each at a price of Rs. 840.93 per share representing 20% of the post-preferential equity share capital on a fully diluted basis to MUFG Bank Ltd ("Investor"), a company incorporated under the laws of Japan for an amount aggregating to Rs. 39,617.98 crores. An 'Investment Agreement' in this regard was executed on the same date. The requisite resolutions were approved by the shareholders at the extraordinary general meeting on January 14, 2026. Currently, the preferential issue is awaiting necessary statutory and regulatory approvals. Upon completion of the proposed preferential issue, the Investor will become a minority public shareholder of the Company. 7 The Board of Directors of the Company in its meeting held on May 13, 2024 had approved the disinvestment of the Company's entire stake in Shriram Housing Finance Limited (SI WU) now renamed as Truhome Finance Limited, a debt-listed non-material then subsidiary of the Company. Post receipt of requisite regulatory approvals, the Company had transferred 308,111,107 equity shares of face value of Rs. 10/- each fully paid up of SI-iFL to the Purchaser for a consideration of Rs. 3,929.03 crores on December 11, 2024. Consequently, SHFL had ceased to be a subsidiary of the Company with effect from December 11, 2024. The exceptional item disclosed in the financial results for the quarter and nine months period ended December 31, 2024 and year ended March 31, 2025 represents resultant gain of Rs. 1,656.77 crores (Rs. 1,489.39 crores net of tax) on account of disinvestment of SHFL. The gain is after adjusting the carrying amount of investments in SHFL as on the date of sale, expenses incurred on the sale transaction, indemnity obligations as per the terms of the share purchase agreement and derecognition of goodwill of Rs. 217.28 crores allocated to the investments in SHFL as per Ind AS 36 - Impairment of Assets. \sS1M & c FRN 107122 *c- W100672 - • MUMBAI A, c-,$) :J .!) ACCT "?' 1,PTE Pod ACCP c
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SHRIRAM FINANCE LIMITED CIN: L65191 TN1979PLC007874 Regd. Office: Sri Towers, 14A, South Phase, Industrial Estate, Guindy, Chennai - 600 032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramfinance.in, email-secretarial@shriramfinance.in Notes: 8 On September 26, 2025, the Company made further investment of Rs. 300.01 crores in Shriram Overseas Investments Limited ('Shriram Overseas') (formerly Shriram Overseas Investments Private Limited), wholly owned subsidiary of the Company by subscribing 19,025,000 equity shares of face value of Rs. 10/- each at a premium of Rs. 147.69 per equity share through rights issue. The Board of Directors of Shriram Overseas in its meeting held on May 12, 2025 had approved sale of entire 81.63% stake in its subsidiary - Bharath Investments Pte. Ltd. Singapore ('BIPL'), within 6-12 months. 9 The Board of Directors in their meeting held on October 31, 2025 declared interim dividend of (240%) Rs. 4.80 per equity share of face value of Rs. 2/- each fully paid up for the financial year 2025-26 amounting to Rs. 9,029,319,312/- (gross) subject to deduction of tax at source as per the applicable rate(s) to all the eligible shareholders. The record date for payment of interim dividend was November 07, 2025. The interim dividend was paid to eligible Members on November 17, 2025. 10 During the quarter ended December 31, 2025, the Company allotted 354,218 equity shares of face value of Rs. 2/- each fully paid up at an exercise price of Rs. 38.71 per equity share (including premium of Rs. 36.71 per equity share) under Shriram Finance Limited Employee Stock Option Scheme 2023 (No. 1) on various dates. 11 Disclosures pertaining to RBI Direction - RBI/DOR/2025-26/359 DOR.ACC.REC.No.278/21.04.018/2025-26 - Reserve Bank of India (Non-Banking Financial Companies — Financial Statements: Presentation and Disclosures) Directions, 2025 dated November 28, 2025 : (i) Read with RBI Direction - RBI/DOR/2025-26/352DOR.STR.REC.271/21.04.048 /2025-26 - Reserve Bank of India (Non-Banking Financial Companies - Transfer and Distribution of Credit Risk) Directions, 2025. a) The Company has not transferred any loan not in default through assignment during the quarter and nine months period ended December 31, 2025. b) Details of loans not in default acquired through assignment during the quarter and nine months period ended December 31, 2025. Particulars Quarter ended December 31, 2025 Nine months period ended December 31, 2025 Unsecured loans Count of loans accounts acquired - 65,617 Amount of loan accounts acquired (Rs. in crores) - 466.04 Weighted average maturity (in months) - 14 Weighted average holding period (in months) - 17 Retention of beneficial economic interest by the acquirer (%) - 90.00% Coverage of tangible security - NA Rating wise distribution of rated loans - Not rated c) The Company has not transferred any stressed loans during the quarter and nine months period ended December 31, 2025. d) The Company has not acquired any stressed loans during the quarter and nine months period ended December 31, 2025. (ii) Read with RBI Direction - RBUDOR/2025-26/347DOR.CRE.REC.266/07-01-008/2025-26 - Reserve Bank of India (Non-Banking Financial Companies— Credit Facilities) Directions, 2025 dated November 28, 2025. a) The Company has not lent any funds during the quarter ended December 31, 2025 for project finance activities nor has any recoverable balance as at the same date. 12 Information as required by regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached in Annexure 1. * \sS1M FR 107122 / W100672 MUMBAI 60 ACC * .1\PTE wedAcc 0 U) O
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SHRIRAM FINANCE LIMITED CIN: L65191TN1979PLC007874 Regd. Office: Sri Towers, 14A, South Phase, Industrial Estate, Guindy, Chennai - 600 032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramlinance.in, email-secretarial@shriramfinance.in Notes: 13 The Company's secured non-convertible debentures of Rs. 40,095.07 crores as on December 31, 2025 are secured by specific assets covered under hypothecation loan agreements and by way of exclusive charge and mortgage of immovable property and with a cover of 100% and above as per the terms of issue. As on December 31, 2025 the security cover available in respect of secured non-convertible debt securities is 1.07 times. The security cover certificate as per Regulation 54(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached as Annexure 2. 14 The Company is primarily engaged in the business of financing and there are no separate reportable segments identified as per Ind AS 108 - Operating segments. The Company operates in a single geographical segment i.e. domestic. 15 The figures for the previous periods/ year have been regrouped/ rearranged wherever necessary to conform to the current period presentation. There are no significant regroupings/ reclassification for the quarter under report. For Shriram Finance Limited \\A N Place: Mumbai Date: January 23, 2026 SIM FRN 107122V W100672 MUMBAI 4 ACC -o PTE d Acc, Parag Managin Director and CEO DIN: 02916744
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SiIRIRAM FINANCE LIMITED C1N: L6519 I TNI979PLC007874 Regd. Office: Sri Towers, 14A, South Phase, Industrial Estate, Guindy, Chennai - 600032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramlinance.in, Email-secretarial@shriramfinance.in Information as required by Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Annexure 1 Sr. no. Particulars Standalone Quarter ended Nine months ended Year ended 31.12.2025 (Unaudited) 30.09.2025 (Unaudited) 31.12.2024 (Unaudited) 31.12.2025 (Unaudited) 31.12.2024 (Unaudited) 31.03.2025 (Audited) I Debt-equity ratio (times) I 4.05 3.88 4.06 4.05 4.06 4.16 2 Debt service coverage ratio 2 NA NA NA NA NA NA 3 interest service coverage ratio 2 NA NA NA NA NA NA 4 Outstanding redeemable preference shares (quantity) Nil Nil Nil Nil Nil Nil 5 Outstanding redeemable preference shares (value) (Rs. in crores) Nil Nil Nil Nil Nil Nil 6 Capital redemption reserve (Rs. in crores) 53.88 53.88 53.88 53.88 53.88 53.88 7 Debenture redemption reserve (Rs. in crores) 119.02 119.02 134.25 119.02 134.25 119.02 8 Net worth 3 (Rs. in crores) 62,230.23 60,610.02 55,039.22 62,230.23 55,039.22 56,708.53 9 Net profit after tax (Rs. in crores) 2,521.67 2,307.18 3,569.76 6,984.58 7,621.61 9,761.00 10 Earnings per equity share (not annualised for the interim periods) Basic (Rs.) Diluted (Rs.) 13.40 13.39 12.27 12.26 18.99 18.96 37.14 37.10 40.55 40.49 51.92 51.85 11 Current ratio2 NA NA NA NA NA NA 12 Long term debt to working capital 2 NA NA NA NA NA NA 13 Bad debts to accounts receivable ratio 22 NA NA NA NA NA NA 14 Current liability ratio 2 NA NA NA NA NA NA 15 Total debts 4 to total assets 0.79 0.78 0.79 0.79 0.79 0.80 16 Debtors turnover 2 NA NA NA NA NA NA 17 inventory turnover 2 NA NA NA NA NA NA 18 Operating margin (%) 2 NA NA NA NA NA NA 19 Net profit margin (%) 5 20.68% 19.36% 28.27% 19.59% 23.58% 22.29% Net profit margin (%) (excluding exceptional items)' 20.68% 19.36% 19.43% 19.59% 20.17% 19.76% 20 Sector specific equivalent ratios 20.27% 4.54% 2.38% 48.77% 334.93% 20.68% 4.57% 2.49% 46.70% 297.21% 21.00% 5.38% 2.68% 51.64% 265.24% 20.27% 4.54% 2.38% 48.77% 334.93% 21.00% 5.38% 2.68% 51.64% 265.24% 20.66% 4.55% 2.64% 43.28% 286.73% Capital adequacy ratio (%) 6 Gross NPA ratio (%) 7 Net NPA ratio (%) 8 NPA provision coverage ratio (%) 9 Liquidity coverage ratio (%) 10 Notes I Debt-equity ratio = (Debt securities + Borrowings (other than debt securities) + Deposits + Subordinated liabilities)/ (Equity share capital + Other equity). 2 The Company is registered under the Reserve Bank of India Act, 1934 as Non-Banking Financial Company, hence these ratios are generally not applicable as per proviso to Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. 3 Net worth = Total equity - Capital reserve (created due to amalgamation) - Other comprehensive income reserve. 4 Total debts to Total assets = (Debt securities + Borrowings (other than debt securities) + Deposits + Subordinated liabilities)/ Total assets. 5 Net profit margin = Net profit after tax/ (Total income + Exceptional items of income). 6 Capital adequacy ratio = Total capital funds/ Risk weighted assets, calculated as per applicable RBI guidelines. 7 Gross NPA ratio (%) = Gross stage 3 loans/ Gross loans. 8 Net NPA ratio (%) = Net stage 3 loans/ (Gross loans - ECL on stage 3 loans) where Net stage 3 loans = Gross stage 3 loans - ECL on stage 3 loans. 9 NPA provision coverage ratio (%) = ECL on stage 3 loans/ Gross stage 3 loans. 10 Liquidity coverage ratio is calculated as per RBI Directions - RBI/DoR/2025-26/355DoR.LRG.REC.No.274/13-10-004/2025-26 - Reserve Bank,of India (Non-Banking Financial Companies — Asset Liability Management) Dir Is, 2025 dated November 28, 2025. • PTE \W‘A/ 11 NPA = Non-performing assets. \sSIM FRN . ( 107122W W100672 MUMBAI -v O 'eV Acc 4)6.0 ACC
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SHRIRAM FINANCE LIMITED CIN: L65191TN1979PLC007874 Regd. Office: Sri Towers, 14A, South Phase, Industrial Estate. Guindy, Chennai - 600 032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramfinance.in. email-secretarialOshriramfinance.in Annexure 2 Standalone security cover certificate as per regulation 54(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as on December 31, 2025 (Rs. in crores) A B C D E F G H I J K L M N O Particulars Description of asset for which this certificate relate Exclusive charge Exclusive charge Pari-passu charge Pari-passu charge Pari-passu charge Debt not backed by any assets offered as security Assets not offered as security Elimination (amount in negative) (Total C to H) Related to only those items covered by this certificate Debt for which this certificate being issued Other Secured Debt Debt for which this certificate being issued Assets shared by pari-passu debt holder (includes debt for which this certificate is issued & other debt with pa ri- passu charge) Other assets on which there is pa ri- passu charge (excluding items covered in column F) Debt amount considered more than once (due to exclusive plus pari- passu charge Market value for assets charged on exclusive basis Carrying/ book value for exclusive charge assets where market value is not ascertainable or applicable Market value for pari- passu charge assets Carrying value/ book value for pa ri- passu charge assets where market value is not ascertainable or applicable Total value (K + L + M + N) Relating to Column F Book value Book value Yes/ No Book value Book value ASSETS Property. plant and equipment Freehold land and building 0.14 - - - - 425.73 - 425.87 1.34 - - - 1.34 Capital work-in-progress - - - - - - - - - - - - - Right of use assets - - - - - 678.53 - 678.53 - - - - - Goodwill - - - - - 1,189.45 - 1,189.45 - - - - - Other intangible assets - - - - - 42S.17 - 428.17 - - - - - Intangible assets under development - - - - - - - - - - - - - Investments - - - - - 15,990.88 - 15,990.88 - - - - - Loans Loans/ advances given (net of provisions, NPAs and sell down portfolio) 43.064.37 162,157.12 - - - 67,140.53 - 272,362.02 - 43,064.37 - - 43,064.37 Inventories - - - - - - - - - - - - - Trade receivables - - - - - 44.69 - 44.69 - - - - - Cash and cash equivalents - - - - - 14,299.99 - 14,299.99 - - - - - Bank balances other than cash and cash equivalents - - - - - 1,932.34 - 1,932.34 - - - - - Others - - - - - 10,867.4S - 10,867.48 - - - - - Total 43,064.51 162,157.12 - - - 112,997.79 - 318,219.42 1.34 43,064.37 - - 43,065.71 cn \SSI M4 FRN : 107122W W100672 MUMBAI t„PTE Cf \*O. A Al * ACC
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SHRIRAM FINANCE LIMITED CIN: L651911N1979PLC007874 Reed. Office: Sri Towers, 14A, South Phase, Industrial Estate, Guindy, Chennai - 600 032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramfinance.in, email-secretarial at shriramfinance.in Annexure 2 Standalone security cover certificate as per regulation 54(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as on December 31, 2025 (Rs. in crores) A B C D E F G H I J K L M N O Particulars Description of asset for which this certificate relate Exclusive charge Exclusive charge Pari-passu charge Pari-passu charge Pari-passu charge Debt not backed by any assets offered as security Assets not offered as security Elimination (amount in negative) (Total C to H) Related to only those items covered by this certificate Debt for which this certificate being issued Other Secured Debt Debt for which this certificate being issued Assets shared by pari-passu debt holder (includes debt for which this certificate is issued & other debt with pari- passu charge) Other assets on which there is pari- passu charge (excluding items covered in column F) Debt amount considered more than once (due to exclusive plus pari- passu charge Market value for assets charged on exclusive basis Carrying/ book value for exclusive charge assets where market value is not ascertainable or applicable Market value for pa ri- passu charge assets Carrying value/ book value for pari- passu charge assets where market value is not ascertainable or applicable Total value (K + L + M + N) Relating to Column F Book value Book value Yes/ No Book value Book value LIABILITIES . - Debt securities to which this certificate pertains 40,095.07 - Yes - - - - - 40,095.07 - - - - - Other debt sharing pari-passu charge with above debt - - - - - - - - - - - - Other debt 12.436.36 - - - - - 12,436.36 - - - - - Subordinated debt - - - - 2.464.58 - 2,464.58 - - - - Borrowings 12S,861.55 - - - - - 128,S61.55 - - - - - Bank - - - - - - - - - - - - Debt securities - - - - - - - - - - - - Deposits - - - 67,874.28 - 67,874.28 - - - - - Trade pavables - - - - 442.69 - 442.69 - - - - Lease liabilities - - - - 776.44 - 776.44 - - - - - Provisions - - - - 705.95 - 705.95 - - - - - Others - - - - 2,469.60 - 2,469.60 - - - - - Total 40.095.07 141.297.91 - - - 74,733.54 - 256.126.52 - - - - - Cover on book value 1.07 Cover on market value Exclusive security cover ratio 1.07 Pari-passu security cover ratio - Notes: 1. We confirm that the Company has complied with the covenants mentioned in the disclosure documents of the secured redeemable non-convertible debentures for the quarter ended December 31, 2025. 2. Market value of assets charged on exclusive basis not ascertained as security provided is in the form of book debt receivables. 3. The market value of Rs. 0.01 crore of the freehold land is on the basis of certified valuation done on April 28. 2025. 4. The market value of Rs. 1.33 crore of the building is on the basis of certified valuation done on April 28, 2025. \ss1M FRN 107122 c-) W100672 NMUMBAI l' ACC0' eted Acc * pYTE 0 co
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M M NISSIM & CO LLF' Chartered Accountants Barodawala Mansion, B wing, 3 rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai 400018 G. D. Apte & Co. Chartered Accountants GDA House, Plot No. 85, Right Bhusari Colony, Paud Road, Kothrud, Pune 411 038 Independent Auditor's Review Report on Unaudited Consolidated Financial Results of Shriram Finance Limited for the quarter and nine months ended December 31, 2025, pursuant to Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Shriram Finance Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial ReSultS of Shriram Finance Limited ("the Holding Company" or "the NBFC") and its subsidiary (the Holding Company and its subsidiary together referred to as the "Group"), and its share of the net profit after tax and total comprehensive income of its associate for the quarter and nine months ended December 31, 2025 ("the Statement") attached herewith, being submitted by the NBFC pursuant to the requirements of Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63 (2) of the Securities and Exchange Board of India ("the SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). We have initialled the Statement for identification purpose only. 2. This Statement, which is the responsibility of the Holding Company's Management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 'Interim Financial Reporting' ("Ind AS 34") prescribed under Section 133 of the Companies Act, 2013 ("the Act") as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63(2) of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 - 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India ("ICAI"). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. A review of interim financial information consists of making enquiries, primarily with Holding Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Act, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do .not express an audit opinion. \sSIM FRN 107122 / C 1. -0 c.o• PTE W'IUUbIZ MUMBAI RFD ACC° Accoj Page 1 of 3
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M M NISSIM & CO LLP Chartered Accountants G. D. Apte & Co. Chartered Accountants We also performed procedures in accordance with the circular No. CIR/CED/CMD/ 44/ 2019 dated March 29, 2019, issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the financial results/information of the following entities: Name of the entity Relationship Shriram Finance Limited Holding Company Shriram Overseas Investments Limited (SOIL) (Formerly, Shriram Overseas Investments Private Limited) Subsidiary (w.e.f. May 09, 2025) Shriram Automall India Limited Associate Bharath Investments Pte Ltd Step-down Subsidiary (w.e.f. May 09, 2025) Armour Insurance Services WLL Associate of Step-down Subsidiary 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of the other auditor referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 prescribed under Section 133 of the Act, as amended read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33, Regulation 52 and Regulation 54 read with Regulation 63(2) of the Listing Regulations, including the mariner in which it is to be disclosed, or that it contains any material misstatement. 6. We did not review the interim consolidated financial results for the quarter and nine months ended December 31, 2025 of the subsidiary viz., Shriram Overseas Investments Limited (SOIL), included in the unaudited consolidated financial results, whose interim consolidated financial results reflect total income of ₹ 5.01 crores and ₹ 10.35 crores; net profit/ (loss) after tax of ₹ 2.36 crores and ₹ 4.49 crores from continuing operations and ₹ (0.03) crore and ₹ (0.13) crores from discontinued operations, for the quarter and nine months ended December 31, 2025 respectively, as considered in the unaudited consolidated financial results. These interim consolidated financial results have been reviewed by other auditor whose report has been furnished to us by the Management of the Company. Our conclusion on the Statement, in so far aS it relates to the amounts and disclosures included in respect of the subsidiary, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. \sSIM 0 FRN 107122 / W100672 -7 MU MBAI -P4 1?L) ACC PTE •<5, oc/Acoo Page 2 of 3
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M M NISSIM & CO LLP G. D. Apte & Co. Chartered Accountants Chartered Accountants The Statement also includes the Group's share of net profit after tax of ₹ 5.67 Crores and ₹ 14.27 Crores and other comprehensive income/ loss) of ₹ (0.22) Crores and ₹ (0.76) Crores for the quarter and nine months ended December 31, 2025, respectively as considered in the Statement, in respect of the Associate. These interim financial information of the associate has been reviewed by other auditor whose report has been furnished to us by the Management of the Company. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the associate, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of these matters. For M M NISSIM & CO LLP For G. D. Apte & Co. Chartered Accountants Chartered Accountants Firm Registration Number: 107122W/W1 00672 Firm Registration Number: 100515W \S MN 4: c\PTE " FS Ri ( (. . 107122W /°(---° W100672 c.)7 MUMBAI Manish Singhania -P ,,.. Partner c 0 ACCO Membership No.: 155411 ICAI UDIN: 2.6i. 5 5 91.1.0C. A/ZZ. C-91?3 Li et, Umesh S. Ab hyankar eyed Acc Partner Membership No.: 113053 ICAI UDIN: 261i20536-14YKz- 0 •131-1 Mumbai Mumbai January 23, 2026 January 23, 2026 Page 3 of 3
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SIIRIRAM FINANCE LIMITED CIN: L65191TNI979PLC007874 Regd. Office: Sri Towers, I4A, South Phase, Industrial Estate, Guindy, Chennai - 600 032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramlinance.in, email-secretarial@shriramfinance.in STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTI IS ENDED DECEMBER 31, 2025 (Rs. in crores) Sr. No. Particulars Quarter ended Nine months ended Year ended 31.12.2025 (Unaudited) 30.09.2025 (Unaudited) 31.12.2024 (Unaudited) 31.12.2025 (Unaudited) 31.12.2024 (Unaudited) 31.03.2025 (Audited) Revenue from operations (i) Interest income 11,839.26 11,551.41 10,340.84 34,564.22 29,518.13 40,307.64 (ii) Dividend income - 1.84 - 1.84 1.69 1.69 (iii) Fees and commission income 137.01 109.67 133.28 346.31 351.31 681.93 (iv) Net gain on fair value changes 56.95 97.39 87.25 289.36 89.67 200.94 (v) Net gain on derecognition of financial instruments under amortised - - - 119.04 132.64 cost category 28.75 (vi) Other operating income 137.54 152.13 108.19 417.79 300.35 509.58 (I) Total revenue from operations 12,170.76 11,912.44 10,698.31 35,619.52 30,380.19 41,834.42 (II) Other income 25.77 8.89 7.16 40.78 19.03 25.05 (III) Total income (1+11) 12,196.53 11,921.33 1(1,705.47 35,660.30 30,399.22 41,859.47 Expenses (i) Finance costs 5,259.35 5,524.83 4,751.26 16,184.94 13,230.59 18,454.58 (ii) Fees and commission expenses 203.30 166.88 154.28 512.49 402.39 572.46 (iii) Impairment on financial instruments 1,310.32 1,333.33 1,325.83 3,929.22 3,748.37 5,311.66 (iv) Employee benefits expenses (Refer note 4) 1,238.46 945.33 970.41 3,161.16 2,745.43 3,651.16 (v) Depreciation, amoilisation and impairment 176.63 174.50 161.92 524.24 474.26 645.32 (vi) Other expenses 644.95 663.50 582.62 1,965.54 1,620.91 2,275.04 (IV) Total expenses 8,833.01 8,808.37 7,946.32 26,277.59 22,221.95 30,910.22 (V) Profit before exceptional items and tax (Ill - IV) 3,363.52 3,112.96 2,759.15 9,382.71 8,177.27 10,949.25 (VI) Exceptional items (net) (Refer note 7) - - 1,553.66 - 1,553.66 1,553.66 (VII) Profit before tax from continuing operations (V + VI) 3,363.52 3,112.96 4,312.81 9,382.71 9,730.93 12,502.91 (VIII) Tax expense: (1) Current tax 1,119.26 1,030.20 1,282.40 3,128.81 3,092.88 3,590.88 (2) Deferred tax (279.75) (227.04) (201.66) (735.16) (645.87) (511.28) (IX) Profit for the period from continuing operations (VII - VIII) 2,524.01 2,309.80 3,232.07 6,989.06 7,283.92 9,423.31 (X) Share of profit/ (loss) of associate 5.67 4.41 3.38 14.27 7.93 12.31 (XI) Net profit after taxes from continuing operations and share of profit/ (loss) of associate (IX+X) 2,529.68 2,314.21 3,235.45 7,003.33 7,291.85 9,435.62 Discontinued operations: (Refer note 7 & 8) Profit/ (loss) before tax from discontinued operations (0.03) (0.05) 21.36 ((1.13) 182.82 182.82 Less : Tax expenses of discontinued operations - - 8.17 - 42.12 42.12 (XII) Net profit after tax/ (loss) for the period from discontinued operations (0.03) (0.05) 13.19 (0.13) 140.70 140.70 (XIII) Net profit after tax for the period from total operations (XI + 2,529.65 2,314.16 3,248.64 7,003.20 7,432.55 9,576.32 XII) Other comprehensive income From continuing onerafions (A) (i) Items that will not be reclassified to profit or loss Remeasurement gain/ (loss) on defined benefit plan 12.35 3.09 8.3 I 7.43 (0.75) (12.40) Gain/ (loss) on fair valuation of quoted investments in equity shares 2.39 3.07 31.27 6.69 30.89 30.97 Share of other comprehensive income from associates (0.30) 0.07 (1.45) (1.02) (1.40) (1.54) (ii) Income tax relating to items that will not be reclassified to profit (0.83) (2.40) (9.97) (1.52) (7.59) (4.67) Tax on share of other comprehensive income from associates 0.08 (0.02) 0.36 (1.26 0.35 0.39 Subtotal (A) 13.69 3.81 28.52 11.84 21.50 12.75 (B) (i) Items that will be reclassified to profit or loss Cash flow hedge reserve Gain/ (loss) on effective portion of hedging instruments in a cash flow hedge 73.21 241.18 111.44 371.63 221.21 (276.66) (ii) Income tax relating to items that will be reclassified to profit or loss (18.42) (60.70) (28 04) (93.53) (55.67) 69.63 Subtotal (B) 54.79 180.48 83.40 278.10 165.54 (207.03) Other comprehensive income for the period from continuing operations (A + B) 68.48 184.29 111.92 289.94 187.04 (194.28) 0 1%P FRN 107122 W100672 MUMBAI ACC PTE CD * u) 0 c Pc) 0,.. 43 ed Acc, ci
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SIIRIRAM FINANCE LIMITED CIN: L6519ITNI979PLC007874 Regd. Office: Sri Towers, I4A, South Phase, Industrial Estate, Guindy, Chennai - 600 032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramlinance.in, email-secretarial@Shriramlinance.in STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2025 (Rs. in crores) Sr. No. Particulars Quarter ended Nine months ended fear ended 31.12.2025 (Unaudited) 30.09.2025 (Unaudited) 31.12.2024 (Unaudited) 31.12.2025 (Unaudited) 31.12.2024 (Unaudited) 31.03.2025 (Audited) From discontinued operations (C) (i) Items that will not be reclassified to profit or loss Remeasurement gain/ (loss) on defined benefit plan - - 0.79 - (0.53) (0.53) (ii) Income tax relating to items that will not be reclassified to profit or loss - - (0.20) - 0. 13 0.13 Subtotal (C) - 0,59 - (0.40) (0.40) (D) (i) Items that will be reclassified to profit or loss Cash flow hedge reserve Gain/ (loss) on effective portion of hedging instruments in a cash flow hedge - (9.28) (8.94) (8.94) (ii) Income tax relating to items that will be reclassified to profit or - 2.25 2.25 loss 2.34 Subtotal (D) (6.94) - (6.69) (6.69) Other comprehensive income Inc the period from discontinued operations (C+ D) - (6.35) - (7.09) (7.09) (XIV) Other comprehensive income for the period (A+B+C+D) 68.48 18-429 105.57 289.94 179.95 (201.37) (XV) Total comprehensive income for the period (X1V+XV) 2,598.13 2,498.45 3,354.21 7,293.14 7,612.50 9,374.95 (XVI) Profit/ (loss) for the period attributable to - Owners of the company 2,529.65 2,3 14. I 7 3,246.85 7,003.22 7,410.05 9,553.82 - Non - controlling interests - (0.0 I ) 1.79 (0.02) 22.50 22.50 (XVII) Other comprehensive income/ (loss) for the period attributable to - Owners of the company 68.48 184.29 106.52 289.94 181.02 (200.30) - Non - controlling interests - - (0.95) - (1.07) (1.07) (XVIII) Total comprehensive income/ (loss) for the period attributable to - Owners of the company 2,598.13 2,498.46 3,353.37 7,293.16 7,591.07 9,353.52 - Non - controlling interests - (0.01) 0.84 (0.02) 21.43 21.43 (XIX) Paid-up equity share capital (Face value Rs. 2/- per share) 376.27 376.20 376.06 376.27 376.06 376.08 (XX) Other equity 56,093.74 (XXI) Earnings per equity share (Not annualised for the interim periods) Continuing operations: Basic (Rs.) 13.45 12.30 17.21 37.23 38.79 50.19 Diluted (Rs.) 13.44 17,9 17.19 37.20 38.73 50.12 Discontinued operations: Basic (Rs.) (0.00) (0.00) 0.06 (0.00) 0.63 0.63 Diluted (Rs.) (0.00) (0.00) 0.06 (((.90) 0.63 0.63 Total operations: Basic (Rs.) 13.45 12.30 1727 37.23 39.42 50.82 Diluted (Rs.) 13.44 12.29 17.25 37.20 39.36 50.75 -4 ) \ssi M4 FRN . 107122 W100672 MUMBAI ED ACC -o 1 PTE ed ACC S
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SHRIRAM FINANCE LIMITED CIN: L65191TN1979PLC007874 Rcgd. Office: Sri Towers, 14A, South Phase, Industrial Estate, Guindy, Chennai - 600 032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramlinance.in, email-secretarial@shriramfinance.in Notes: I The above results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors in their respective meetings held on January 23, 2026. 2 The consolidated financial results (the 'Statement' or 'Results') of Shriram Finance Limited (the 'Parent' or the 'Company') and its subsidiary (the Parent and its subsidiary together referred to as 'the Group') and its associate Shriram Automall India Limited, together with the Results for the comparative reporting periods have been prepared in accordance with recognition and measurement principles laid down in Indian Accounting Standard ('lnd AS') 34 - Interim Financial Reporting and as prescribed under section 133 of the Companies Act, 2013 ('the Act') read with Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time and the other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 read with Regulation 63(2) of Securities and Exchange Board of India ('SEBI') (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations'). The entities consolidated in the results of the company are as under - Name of the Company % Shareholding and voting power of Shriram Finance Limited Consolidated as Shriram Overseas Investment Limited ('Shriram Overseas') [Formerly Shriram Overseas Investment Private Limited] 100% Subsidiary (from May 09, 2025) Bharath Investment Pte. Ltd ('BIPL') 81.63%* Step-down subsidiary (w.e.f. May 09, 2025) Armour Insurance Services WLL 40.00%** Associate of step-down subsidiary Shriram Automall India Limited ('SAMIL') 44.56% Associate *Held by Shriram Overseas Investment Limited **Held by Bharath Investment Pte. Ltd These consolidated financial results would be available on the website of the Company (www.shriramfinance.in) and on the website of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com). 3 The Company has applied its material accounting policies in the preparation of this statement consistent with those followed in the consolidated financial statements for the year ended March 31, 2025. Any application of guidance/ clarification/ directions issued by Reserve Bank of India (RBI) or other regulators are implemented prospectively when they become applicable. 4 The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four Labour Codes viz. Code on wages 2019, Codes on Social Security 2020, Industrial Relation Code 2020, and Occupational Safety, Health and Working Condition Code 2020 (collectively referred to as the New Labour Codes). These Codes have been made effective from November 21, 2025. The corresponding draft rules under these codes have been issued by the Government. Employee benefits expenses for the quarter and nine months period ended December 31, 2025 include incremental impact on gratuity of Rs. 131.73 crores and on long-term compensated absences of Rs. 65.26 crores due to change in definition of wages under the New Labour Codes. The Group continues to monitor the finalisation of Central/ State Rules and clarifications from the Government on other aspects of the New Labour Codes and would provide appropriate accounting effect on the basis of such developments as required. 5 The consolidated financial results for the quarter and nine months period ended December 31, 2025 have been reviewed by the joint statutory auditors, viz. M M Nissim & Co LLP, Chartered Accountants and G. D. Apte & Co., Chartered Accountants. 6 The Board of Directors at its meeting held on December 19, 2025 approved the preferential issue of 471,121,055 filly paid-up equity shares of face value of Rs. 2/- each at a price of Rs. 840.93 per share representing 20% of the post-preferential equity share capital on a fully diluted basis to MUFG Bank Ltd ("Investor"), a company incorporated under the laws of Japan for an amount aggregating to Rs. 39,617.98 acmes. An 'Investment Agreement' in this regard was executed on the same date. The requisite resolutions were approved by the shareholders at the extraordinary general meeting on January 14, 2026. Currently, the preferential issue is awaiting necessary statutory and regulatory approvals. Upon completion of the proposed preferential issue, the Investor will become a minority public shareholder of the Company. FRN Co* PTE 0 \"WV 107122 o W100672 Tp, MUMBAI 4)6D ACCCO\ * 91,?, °ted Acc, U) 7
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SHRIRAM FINANCE LIMITED C1N : L65191TN1979PLC007874 Regd. Office: Sri Towers, I4A, South Phase, Industrial Estate, Guindy, Chennai - 600 032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramfinance.in, email-secretarial a shriramlinance.in Notes: 7 The Board of Directors of the Company in its meeting held on May 13, 2024 had approved the disinvestment of the Company's entire stake in Shriram Housing Finance Limited ('SHFL') now renamed as Truhome Finance Limited, a debt-listed non-material then subsidiary of the Company. Post receipt of requisite regulatory approvals, the Company had transferred 308,111,107 equity shares of face value of Rs. 10/- each fully paid up of SHFL to the Purchaser for a consideration of Rs. 3,929.03 crores on December 11, 2024. Consequently, SI-lFL had ceased to be a subsidiary of the Company with effect from December 11, 2024. The exceptional item disclosed in the financial results for the quarter and nine months period ended December 31, 2024 and year ended March 31, 2025 represents resultant gain of Rs. 1,553.66 crores on account of disinvestment of SHFL. The gain is after adjusting company's share in net assets of SHFL as on the date of sale, expenses incurred on the sale transaction, indemnity obligations as per the terms of the share purchase agreement and derecognition of goodwill of Rs. 551.49 crores allocated to the investments in SHFL as per Ind AS 36 - Impairment of Assets. 8 On September 26, 2025, the Company made further investment of Rs. 300.01 crores in Shriram Overseas Investments Limited ('Shriram Overseas') (formerly Shriram Overseas Investments Private Limited), wholly owned subsidiary of the Company by subscribing 19,025,000 equity shares of face value of Rs. 10/- each at a premium of Rs. 147.69 per equity share through rights issue. The Board of Directors of Shriram Overseas in its meeting held on May 12, 2025 had approved sale of entire 81.63% stake in its subsidiary - Bharath Investments Pte. Ltd. Singapore ('BIPL'), within 6-12 months. 9 The Board of Directors in their meeting held on October 31, 2025 declared interim dividend of (240%) Rs. 4.80 per equity share of face value of Rs. 2/- each fully paid up for the financial year 2025-26 amounting to Rs. 9,029,319,312/- (gross) subject to deduction of tax at source as per the applicable rate(s) to all the eligible shareholders. The record date for the payment of interim dividend was November 07, 2025. The interim dividend was paid to eligible Members on November 17, 2025. 10 During the quarter ended December 31, 2025, the Company allotted 354,218 equity shares of face value of Rs. 2/- each fully paid up at an exercise price of Rs. 38.71 per equity share (including premium of Rs. 36.71 per equity share) under Shriram Finance Limited Employee Stock Option Scheme 2023 (No. 1) on various dates. 11 Information as required by Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached in Annexure 1. 12 The Company, its subsidiary and associates are primarily engaged in the business of financing and other incidental facilitating activitics. Accordingly, there are no separate reportable segments identified as per Ind AS 108 - Operating segments. 13 I) Summary results of the discontinued operations ('SHFL') are given below - (Refer note no 7) (Rs. in crores) Sr. No. Particulars Period ended Period ended FY 2024-25 01.10. 2024 to 11.12.2024 (Unaudited) 01.04.2024 to 11.12.2024 (Unaudited) 01.04.2024 to 11.12.2024 (Audited) 1,272.43 I Revenue from operations 380.18 1,272.43 2 Other income 0.60 0.62 0.62 3 Total income (1+2) 380.78 1,273.05 1,273.05 4 Total expenses 359.42 1,090.23 1,090.23 5 Profit before tax from discontinued operations (3-4) 21.36 182.82 182.82 6 Tax expenses 8.17 42.12 42.12 7 Profit after tax from discontinued operations (5-6) 13.19 140.70 140.70 8 Other comprehensive income from discontinued operations (6.35) (7.09) (7.09) 9 Total comprehensive income from discontinued operations (7+8) 6.84 133.61 133,61 FRN • • 107122 W100672 MUMBAI ACC' p,PTE *(9' \rs --- 'red Acc, 0
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SHRIRAM FINANCE LIMITED CIN: L65191TN1979PLC007874 Regd. Office: Sri Towers, 14A, South Phase, Industrial Estate, Guindy, Chennai - 600 032, Tamil Nadu. Tel. No: +91 44 4852 4666, fax: +91 44 4852 5666. Website-www.shriram finance.in, email-secretarial@shriramlinance.in Notes: 13 II) Summary results of the discontinued operations (PRIM are given below - (Refer note no 8) (Rs. in crores) Sr. No. Particulars Quarter ended Nine months ended 31.12.2025 (Unaudited) 30.09.2025 (Unaudited) 31.12.2025 (Unaudited) I Revenue from operations - - - 2 Other income - - - 3 Total income (1+2) - - 4 Total expenses 0.02 0.04 0.07 5 Profit/ (loss) before tax from discontinued operations (3-4) (0.02) (0.04) (0.07) 6 Tax expenses - - 7 Profit/ (loss) after tax from discontinued operations (5-6) (0.02) (0.04) (0.07) 8 Share of profit/ (loss) of associate (0.01) (0.01) (0.06) 9 Total profit/ (loss) after tax from discontinued operations (7+8) (0.03) (0.05) (0.13) I() Other comprehensive income from discontinued operations - - II Total comprehensive income from discontinued operations (9+10) (0.03) (0.05) (0.13) 14 The figures for the previous periods/ year have been regrouped/ rearranged wherever necessary to conform to the current period presentation. There are no significant regroupings/ reclassification for the quarter under report. Place: Mumbai January 23, 2026 \ sIM 4 FRN : 107122W / c-) W100672 1;pMUMBAI C'D ACC C Q. PTE eci A /V For Shriram Finance Limited Pa rag SI arma Ivlanagit g Director and CEO DIN: 02916744
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SHRIRAM FINANCE LIMITED CI N: 1,65191TN1979P LC007874 Regd. Office: Sri Towers, I4A, South Phase, Industrial Estate, Guindy, Chennai - 600 032, Tamil Nadu. Tel. No: +91 44 4852 4666, Fax: +91 44 4852 5666. Website-www.shriramfinance.in, email-secretarial@shriramfinance.in Information as required by Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Annexu re Sr. No. Pa hien la rs Consolidated Quarter ended Nine Months Ended Year ended 31.12.2025 (Unaudited) 30.09.2025 (Unaudited) 31.12.2024 (Unaudited) 31.12.2025 (Unaudited) tid ited) 31.12.2024 (Unaudited) 31.03.2025 (Audited) 1 Debt-equity ratio (times) 1 4.04 3.87 4.05 4.04 4.05 4.15 2 Debt service coverage ratio 2 NA NA NA NA NA NA 3 Interest service coverage ratio 2 NA NA NA NA NA NA 4 Outstanding redeemable preference shares (Quantity) Nil Nil Nil Nil Nil Nil 5 Outstanding redeemable preference shares (Value) (Rs. in crores) Nil Nil Nil Nil Nil Nil 6 Capital redemption reserve (Rs. in crores) 53.88 53.88 53.88 53.88 53.88 53.88 7 Debenture redemption reserve (Rs. in crores) 119.02 119.02 134.25 119.02 134.25 119.02 8 Net worth' (Rs. in crores) 62,438.40 60,810.17 55,225.04 62,438.40 55,225.04 56,898.73 9 Net profit after tax (Rs. in crores) 2,529.65 2,314.16 3,248.64 7,003.20 7,432.55 9,576.32 10 Earnings per equity share (Not annualised for the interim periods) Basic (Rs.) Diluted (Rs.) 13.45 13.44 12.30 12.29 17.27 17.25 37.23 37.20 39.42 39.36 50.82 50.75 I 1 Current ratio -' NA NA NA NA NA NA 12 Long term debt to working capital 2 NA NA NA NA NA NA 13 Bad debts to accounts receivable ratio 2 NA NA NA NA NA NA 14 Current liability ratio 2 NA NA NA NA NA NA 15 Total debts 4 to Total assets 0.79 0.78 0.79 0.79 0.79 0.80 16 Debtors turnover 2 NA NA NA NA NA NA 17 Inventory turnover 2 NA NA NA NA NA NA 18 Operating margin (%)2 NA NA NA NA NA NA 19 Net profit margin (%) 5 20.74% 19.41% 25.62% 19.64% 22.56% 21.55% Net profit margin (%) (Excluding exceptional items)' 20.74% 19.41% 19.38% 19.64% 20.17% 19.77% 20 Sector specific equivalent Ratios Capital adequacy ratio (%)' NA NA NA NA NA NA Gross NPA ratio (%)7 NA NA NA NA NA NA Net NPA ratio (%) K NA NA NA NA NA NA NPA provision coverage ratio (%) 9 NA NA NA NA NA NA Liquidity coverage ratio (%) 1a NA NA NA NA NA NA Notes 1. Debt-equity ratio = (Debt securities + Borrowings (other than debt securities) + Deposits + Subordinated liabilities)/ (Equity share capital + Other equity). For the year ended March 31, 2025 the total debts do not include the figures of SHFL (now renamed as Truhome Finance Limited). 2. The Company is registered under the Reserve Bank of India Act, 1934 as Non-Banking Financial Company, hence these ratios are generally not applicable as per proviso to Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. 3. Net worth = Total equity - Capital reserve (created due to amalgamation) - Other comprehensive income reserve. 4. Total debts to Total assets = (Debt securities + Borrowings (other than debt securities) + Deposits + Subordinated liabilities)/ Total assets. For the year ended March 31, 2025 the total debts and total assets do not includes the figures of SHPL (now renamed as Truhome Finance Limited). 5. Net profit margin = Net profit after tax of Continuing operations/ (Total Income of Continuing operations + Exceptional items of income) 6. Capital adequacy ratio = Total capital funds/ Risk weighted assets, calculated as per applicable RBI guidelines. 7. Gross NPA ratio (%) =Gross stage 3 loans/ Gross Loans. 8. Net NPA ratio (%) = Net stage 3 loans/ (Gross loans - ECL on stage 3 loans) where Net stage 3 loans = Gross stage 3 loans - ECL on stage 3 loans. 9. NPA Provision coverage ratio (%)= ECL on stage 3 loans/ Gross stage 3 loans. 10. Liquidity coverage ratio is calculated as per RBI Directions - RBI/DoR/2025-26/355DoR.LRG.REC.No.274/B-10-004/202526 - ReseNe Bank of India (Non-Banking Financial Companies — Asset Liability Management) Directions, 2025 dated November 28, 2025. 11. NPA =Non -performing Assets. c-) NsSIM 4 FRN 107122 W100672 MUMBAI ki) ACC r,PTE O* ~fe CY * -, •,. . _ , red AV'
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Shriram Finance Limited Corporate Office: Wockhardt Towers, Level -III, West Wing, C-2, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra. Ph: +91 22 4095 9595 Registered Office. Sri Towers, Plot No.14A, South Phase, Industrial Estate, Guindy, Chennai 600 032, Tamil Nadu, India. Tel: +91 44 485 24 666 Email: secretarial@shriramfinance.in I Website: www.shriramfinance.in I Corporate Identity Number (CIN) L65191TN1979PLC007874 January 23, 2026 BSE Limited P. J. Towers, Dalal Street, Fort, Mumbai 400 001. Scrip Code: 511218 National Stock Exchange of India Limited Listing Department Exchange Plaza, 5th Floor, Plot no. C/1, G- Block, Bandra-Kurla Complex, Mumbai 400 051. NSE Symbol: SHRIRAMFIN Dear Sir/Madam, Sub.: Regulation 52(7) and Regulation 52(7A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Utilization of issue proceeds of Non-convertible securities and Statement of deviation/ variation in use of Issue proceeds Pursuant to Regulation 52(7) and 52(7A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are furnishing herewith the following information for the quarter ended December 31, 2025: A. Statement of Utilization of Issue Proceeds: Name of the Issuer ISIN Mode of Fund Raising (Public issues/ Private placement) Type of instru ment Date of raising funds Amount Raised (Rs. in Crores) Funds Utilized (Rs. in Crores) Any deviation (Yes/ No) If 8 is Yes, then specify the purpose of for which the funds were utilized Remarks, if any 1 2 3 4 5 6 7 8 9 10 Shriram Finance Limited INE721A07SO3 Private Placement NCD 01st October, 2025 500.00 500.00 No N.A. - Shriram Finance Limited INE721A07SL9 Private placement NCD 28th October, 2025 750.00 750.00 No N.A. - Shriram Finance Limited INE721A07SP0* Private Placement NCD 28th October, 2025 237.50 237.50 No N.A - Shriram Finance Limited INE721A07RY4 Private Placement NCD 24th November, 2025 250.00 250.00 No N.A. - Shriram Finance Limited INE721A07SQ8 Private Placement NCD 01st December, 2025 125.00 125.00 No N.A. - Shriram Finance Limited INE721A07SR6 Private Placement NCD 08th December, 2025 75.00 75.00 No N.A - * on 28th October, 2025, the Company received the balance payment on partly paid non-convertible debentures issued on 28th April, 2023.
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Shriram Finance Limited Corporate Office: Wockhardt Towers, Level -III, West Wing, C-2, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra. Ph: +91 22 4095 9595 Registered Office. Sri Towers, Plot No.14A, South Phase, Industrial Estate, Guindy, Chennai 600 032, Tamil Nadu, India. Tel: +91 44 485 24 666 Email: secretarial@shriramfinance.in I Website: www.shriramfinance.in I Corporate Identity Number (CIN) L65191TN1979PLC007874 B. Statement of deviation/ variation in use of Issue proceeds 1. ISIN - INE721A07SO3 Particulars Remarks Name of listed entity Shriram Finance Limited Mode of fund raising Private Placement Type of instrument Non-convertible Debentures Date of raising funds 01st October, 2025 Amount raised Rs.500 Crores Report filed for quarter ended 31st December, 2025 Is there a deviation/ variation in use of/ funds raised? No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? No If yes, details of the approval so required? Not Applicable Date of approval Not Applicable Explanation for the deviation/ variation Not Applicable Comments of the audit committee after review - Comments of the auditors, if any - Objects for which funds have been raised and where there has been a deviation/ variation, in the following table: Original object Modified object, if any Original Allocation Modified allocation, if any Funds utilised Amount of deviation/ variation for the quarter according to applicable object (in Rs. Crores and in %) Remarks, if any For augmenting the long-term resources of the Company (after meeting the issue related expenditures) and 100% of the proceeds hereof will be utilised in accordance with statutory and regulatory requirements (including requirements of RBI) and for financing of all the asset classes, onward lending, refinancing of existing debt, meeting working capital requirement and other general purposes of the Company. No Rs.500 Crores Nil Rs.500 Crores Nil - Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised b. Deviation in the amount of funds actually utilized as against what was originally disclosed.
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Shriram Finance Limited Corporate Office: Wockhardt Towers, Level -III, West Wing, C-2, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra. Ph: +91 22 4095 9595 Registered Office. Sri Towers, Plot No.14A, South Phase, Industrial Estate, Guindy, Chennai 600 032, Tamil Nadu, India. Tel: +91 44 485 24 666 Email: secretarial@shriramfinance.in I Website: www.shriramfinance.in I Corporate Identity Number (CIN) L65191TN1979PLC007874 2. ISIN - INE721A07SL9Particulars Remarks Name of listed entity Shriram Finance Limited Mode of fund raising Private Placement Type of instrument Non-convertible Debentures Date of raising funds 28th October, 2025 Amount raised Rs.750 Crores Report filed for quarter ended 31st December, 2025 Is there a deviation/ variation in use of/ funds raised? No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? No If yes, details of the approval so required? Not Applicable Date of approval Not Applicable Explanation for the deviation/ variation Not Applicable Comments of the audit committee after review - Comments of the auditors, if any - Objects for which funds have been raised and where there has been a deviation/ variation, in the following table: Original object Modified object, if any Original Allocation Modified allocation, if any Funds utilised Amount of deviation/ variation for the quarter according to applicable object (in Rs. Crores and in %) Remarks, if any For augmenting the long-term resources of the Company (after meeting the issue related expenditures) and 100% of the proceeds hereof will be utilised in accordance with statutory and regulatory requirements (including requirements of RBI) and for financing of all the asset classes, onward lending, refinancing of existing debt, meeting working capital requirement and other general purposes of the Company. No Rs.750 Crores Nil Rs.750 Crores Nil - Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised b. Deviation in the amount of funds actually utilized as against what was originally disclosed.
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Shriram Finance Limited Corporate Office: Wockhardt Towers, Level -III, West Wing, C-2, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra. Ph: +91 22 4095 9595 Registered Office. Sri Towers, Plot No.14A, South Phase, Industrial Estate, Guindy, Chennai 600 032, Tamil Nadu, India. Tel: +91 44 485 24 666 Email: secretarial@shriramfinance.in I Website: www.shriramfinance.in I Corporate Identity Number (CIN) L65191TN1979PLC007874 3. ISIN INE721A07SP0Particulars Remarks Name of listed entity Shriram Finance Limited Mode of fund raising Private Placement Type of instrument Non-convertible Debentures (Partly Paid) Date of raising funds 28th October, 2025* Amount raised Rs.237.50 Crores Report filed for quarter ended 31st December, 2025 Is there a deviation/ variation in use of/ funds raised? No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? No If yes, details of the approval so required? Not Applicable Date of approval Not Applicable Explanation for the deviation/ variation Not Applicable Comments of the audit committee after review - Comments of the auditors, if any - Objects for which funds have been raised and where there has been a deviation/ variation, in the following table: Original object Modified object, if any Original Allocation Modified allocation, if any Funds utilised Amount of deviation/ variation for the quarter according to applicable object (in Rs. Crores and in %) Remarks, if any For augmenting the long-term resources of the Company (after meeting the issue related expenditures) and 100% of the proceeds hereof will be utilised in accordance with statutory and regulatory requirements (including requirements of RBI) and for financing of all the asset classes, onward lending, refinancing of existing debt, meeting working capital requirement and other general purposes of the Company. No Rs. 237.50 Crores Nil Rs.237.50 Crores Nil - Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised b. Deviation in the amount of funds actually utilized as against what was originally disclosed. * on 28th October, 2025, the Company received the balance payment on partly paid non-convertible debentures issued on 28th April, 2023.
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Shriram Finance Limited Corporate Office: Wockhardt Towers, Level -III, West Wing, C-2, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra. Ph: +91 22 4095 9595 Registered Office. Sri Towers, Plot No.14A, South Phase, Industrial Estate, Guindy, Chennai 600 032, Tamil Nadu, India. Tel: +91 44 485 24 666 Email: secretarial@shriramfinance.in I Website: www.shriramfinance.in I Corporate Identity Number (CIN) L65191TN1979PLC007874 4. ISIN INE721A07RY4 Particulars Remarks Name of listed entity Shriram Finance Limited Mode of fund raising Private Placement Type of instrument Non-convertible Debentures Date of raising funds 24th November, 2025 Amount raised Rs.250 Crores Report filed for quarter ended 31st December, 2025 Is there a deviation/ variation in use of/ funds raised? No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? No If yes, details of the approval so required? Not Applicable Date of approval Not Applicable Explanation for the deviation/ variation Not Applicable Comments of the audit committee after review - Comments of the auditors, if any - Objects for which funds have been raised and where there has been a deviation/ variation, in the following table: Original object Modified object, if any Original Allocation Modified allocation, if any Funds utilised Amount of deviation/ variation for the quarter according to applicable object (in Rs. crore and in %) Remarks, if any For augmenting the long-term resources of the Company (after meeting the issue related expenditures) and 100% of the proceeds hereof will be utilised in accordance with statutory and regulatory requirements (including requirements of RBI) and for financing of all the asset classes, onward lending, refinancing of existing debt, meeting working capital requirement and other general purposes of the Company.. No Rs.250 Crores Nil Rs.250 Crores Nil - Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised b. Deviation in the amount of funds actually utilized as against what was originally disclosed.
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Shriram Finance Limited Corporate Office: Wockhardt Towers, Level -III, West Wing, C-2, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra. Ph: +91 22 4095 9595 Registered Office. Sri Towers, Plot No.14A, South Phase, Industrial Estate, Guindy, Chennai 600 032, Tamil Nadu, India. Tel: +91 44 485 24 666 Email: secretarial@shriramfinance.in I Website: www.shriramfinance.in I Corporate Identity Number (CIN) L65191TN1979PLC007874 5. ISIN INE721A07SQ8 Particulars Remarks Name of listed entity Shriram Finance Limited Mode of fund raising Private Placement Type of instrument Non-convertible Debentures Date of raising funds 01st December, 2025 Amount raised Rs.125 Crores Report filed for quarter ended 31st December, 2025 Is there a deviation/ variation in use of/ funds raised? No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? No If yes, details of the approval so required? Not Applicable Date of approval Not Applicable Explanation for the deviation/ variation Not Applicable Comments of the audit committee after review - Comments of the auditors, if any - Objects for which funds have been raised and where there has been a deviation/ variation, in the following table: Original object Modified object, if any Original Allocation Modified allocation, if any Funds utilised Amount of deviation/ variation for the quarter according to applicable object (in Rs. Crores and in %) Remarks, if any For augmenting the long-term resources of the Company (after meeting the issue related expenditures) and 100% of the proceeds hereof will be utilised in accordance with statutory and regulatory requirements (including requirements of RBI) and for financing of all the asset classes, onward lending, refinancing of existing debt, meeting working capital requirement and other general purposes of the Company. No Rs.125 Crores Nil Rs.125 Crores Nil - Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised b. Deviation in the amount of funds actually utilized as against what was originally disclosed.
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Shriram Finance Limited Corporate Office: Wockhardt Towers, Level -III, West Wing, C-2, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra. Ph: +91 22 4095 9595 Registered Office. Sri Towers, Plot No.14A, South Phase, Industrial Estate, Guindy, Chennai 600 032, Tamil Nadu, India. Tel: +91 44 485 24 666 Email: secretarial@shriramfinance.in I Website: www.shriramfinance.in I Corporate Identity Number (CIN) L65191TN1979PLC007874 6. ISIN INE721A07SR6Particulars Remarks Name of listed entity Shriram Finance Limited Mode of fund raising Private Placement Type of instrument Non-convertible Debentures Date of raising funds 08th December, 2025 Amount raised Rs.75 Crores Report filed for quarter ended 31st December, 2025 Is there a deviation/ variation in use of/ funds raised? No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? No If yes, details of the approval so required? Not Applicable Date of approval Not Applicable Explanation for the deviation/ variation Not Applicable Comments of the audit committee after review - Comments of the auditors, if any - Objects for which funds have been raised and where there has been a deviation/ variation, in the following table: Original object Modified object, if any Original Allocation Modified allocation, if any Funds utilised Amount of deviation/ variation for the quarter according to applicable object (in Rs. Crores and in %) Remarks, if any For augmenting the long-term resources of the Company (after meeting the issue related expenditures) and 100% of the proceeds hereof will be utilised in accordance with statutory and regulatory requirements (including requirements of RBI) and for financing of all the asset classes, onward lending, refinancing of existing debt, meeting working capital requirement and other general purposes of the Company. No Rs.75 Crores Nil Rs.75 Crores Nil - Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised b. Deviation in the amount of funds actually utilized as against what was originally disclosed. Thanking you, Yours faithfully, For Shriram Finance Limited Name of Signatory: Sunder Subramanian Designation: Joint Managing Director & Chief Financial Officer
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M M NISSIM & C LLP Chartered Accountants G. D. Apte & Co. Chartered Accountants Barodawala Mansion, B wing, 3 rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai 400018 The Board of Directors Shriram Finance Limited 3rd Floor, West Wing, Wockhardt Towers Bandra Kurla Complex Bandra East, Mumbai 400051, India Neelkanth Business Park, Office No. 509, 5lli floor, Nathani Road, Vidyavihar West Mumbai 400086 Independent Auditor's certificate on Security Cover as at December 31, 2025 Dear Sir, 1. This Certificate is issued in accordance with the terms of our Engagement Letter dated June 30, 2025, as the Joint Statutory Auditors of Shriram Finance Limited (the "NBFC" or "Company"). 2. Pursuant to Master Circular no. SEBI/HO/DDHS-PoD-1/P/CIR/ 2025/117 dated August 13, 2025 read with Regulation 56(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 15(1)(t) of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, as amended from time to time, (together referred to as the "Regulations"), the Company is required to submit to BSE Limited and The National Stock Exchange of India Limited (Stock Exchanges) and its Debenture Trustees a certificate regarding maintenance of Security Cover. 3. The Company has raised money through issue of Non -Convertible Debentures ("NCDs"), which have been listed on the recognised Stock Exchanges. 4. Accordingly, we, as Joint Statutory Auditors of the Company, have been requested by the Company to examine the accompanying "Statement of Security Cover as on December 31, 2025 from column A to J, L and N" (the "Statement"). The accompanying Statement has been prepared by the Management of the Company from the unaudited financial statements, unaudited books of accounts and other relevant records maintained by the Company. Management's Responsibility 5. The preparation of the Statement is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 6. Management of the Company is also responsible for ensuring that the Company complies with all the relevant requirements of the Regulations and for providing all relevant information to the Debenture Trustees. z \sSIM FRN * 107122 W100672 MUMBAI -o PTE eclAcco • ACC Page 1 of 4
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M M Nissim & Co LLP G. D. Apte & Co. Chartered Accountants Chartered Accountants Auditor's Responsibility 7. Our responsibility is to provide limited assurance as to whether anything has come to our attention that causes us to believe that the particulars contained in the aforesaid Statement with respect to book value of asset charged against the listed Debentures issued by the Company are not in agreement with the unaudited financial statements, unaudited books of accounts and other relevant records as on December 31, 2025 maintained by the Company. 8. We conducted our examination of the Statements, on test basis, in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) issued by the Institute of Chartered Accountants of India ("ICAI"). The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 9. Our scope of work did not include verification of compliance with any other requirement of other circulars and notifications issued by any regulatory authorities from time to time and any other laws and regulations applicable to the Company. Further, our scope of work did not involve performing audit tests for the purpose of expressing an opinion on the fairness or accuracy of any of the unaudited financial information or the financial statements of the Company, taken as a whole. We have not performed an audit, the objective of which would be the expression of an opinion on the unaudited financial statements, of specified elements, accounts or items thereof for the purpose of this certificate. Accordingly, we do not express such an opinion. 10. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements issued by the ICAI. 11. A limited assurance engagement includes performing procedures to obtain sufficient appropriate evidence on the applicable criteria. The procedures performed vary in nature and timing from, and are less extent than for, a reasonable assurance. Consequently, the level of assurance obtained is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. The procedures selected depend on the auditor's judgement, including the assessment of the areas where a material misstatement of the subject matter information is likely to arise. For the purpose of this engagement, we have performed following procedures: 11.1. Obtained and read the relevant clauses of Trust Deeds in respect of the listed Debentures and noted the Security Cover required to be maintained by the Company in respect of such Debentures, as indicated in the Statement. 11.2. Traced the principal amount of the Debentures outstanding as at December 31, 2025, to the unaudited financial statements, the unaudited books of account and other relevant records maintained by the Company. 11.3. Obtained and read the list of book debts charged as security in respect of the Debentures outstanding. \sSIM 4 c 4- FRN. < 0712 * ▪ 1 0 W100672 ,P MUMBAI cp. ,PTE 0 ed Accp ACC Page 2 of 4
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M M Nissim & Co LLP G. D. Apte & Co. Chartered Accountants Chartered Accountants 11.4. Traced the value of book debts from the Statement to the unaudited financial statements, unaudited books of accounts and other relevant records maintained by the Company as at December 31, 2025. 11.5. Traced the security charged with register of charges maintained by the Company and 'Form No. CHG-9' filed with Ministry of Corporate Affairs ('MCA'), on test check basis. 11.6. Traced the value of charge created against the book debts to the Security Cover indicated in the Statement. 11.7. To verify the exclusive charge, checked the sample loan contracts are accurately tagged as security to the respective secured debentures. 11.8. Performed on test check basis the arithmetical accuracy of the computation of Security Cover indicated in the Statement. 11.9. Compared the Security Cover with the requirements as per Debenture Trust Deed. 11.10.Performed necessary inquiries with the Management and obtained necessary representations. Conclusion 12. Based on the procedures performed by us, as referred to in paragraph 11 above and according to the information and explanations received and management representations obtained, nothing has come to our attention that causes us to believe that the particulars contained in the aforesaid Statement with respect to book value of asset charged against listed Debentures issued by the Company are not in agreement with the unaudited financial statements, unaudited books of accounts and other relevant records as at December 31, 2025 maintained by the Company. Other Matter 13. As per Chapter V para 1 of the Master circular no. SEBI/HO/DDHS-PoD-1/P /CIR/ 2025/117 dated August 13, 2025, we are required to certify the book value of the assets, hence, we have not verified market value provided in the Statement of Security Cover (i.e. Column K and M) and accordingly we do not express any conclusion on the same. Restriction on Use 14. Our work was performed solely to assist the Company in meeting its responsibilities in relation to the compliance with the Regulations. Our obligations in respect of this certificate are entirely separate from, and our responsibility and liability is in no way changed by, any other role we may have as statutory auditors of the Company or otherwise. Nothing in this certificate, nor anything said or done in the course of or in connection with the services that are the subject of this certificate, will extend any duty of care in connection with the statutory audit and other attest function carried out by us in our ca acity as statutory auditors of the Company. PTE ss1M 4 c. 'Op •Orl ArCP MUMLSAI ACCO Page 3 of 4
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M M Nissim & Co LLP G. D. Apte & Co. Chartered Accountants Chartered Accountants 15. The certificate has been issued at the request of the Company, solely in connection with the purpose mentioned in paragraph 2 above and to be submitted with the accompanying Statement to the Stock Exchanges and Debenture Trustees and is not to be used or referred to for any other person. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come. We have no responsibility to update this certificate for events and circumstances occurring after the date of this certificate. For M M NISSIM & CO LLP Chartered Accountants Firm Registration Number: 1071 -$"siM For G. D. Apte & Co. Chartered Accountants W100672 Firm Registration Number: 100515W ($ FRN: ic)(/ 107122W1 -`1 °7- W100672 MUMBAI co Manish Singhania CO ACC() Partner Membership Number: 155411 ICAI UDIN: 2_6 j-5 5 /4 j- (fiIA) CCE (Y)0") 31* pYTE 0. Umesh S. Abhyankar Partner Membership Number: 113053 ft/Act ICAIUDIN:*2-6 I I3OS3SuRRPX q 2.9 6 Place: Mumbai Place: Mumbai Date: January 23, 2026 Date: January 23, 2026 Page 4 of 4
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SHRIRAM FINANCE LIMITED CIN: L65191TN1979PLC007874 Reed. Office: Sri Towers. 14A, South Phase. Industrial Estate. Guindy. Chennai - 600 032. Tamil Nadu. Tel. No: +91-44 4852 4666. Fax: +91 44 4S52 5666. Website-www.shriramfinance.in, email-secretarial©shriramfinance.in Standalone security cover certificate as per regulation 54(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. 2015 as on December 31, 2025 (Rs. in crores) A B C D E F G H I J K L M N o Particulars i Description of asset for which this certificate relate Exclusive charge Exclusive charge Pari-passu charge Pari-passu charge Pari-passu charge Debt not backed by any assets offered as security Assets not offered as security Elimination (amount in negative) (Total C to H) Related to only those items covered by this certificate Debt for which this certificate being issued Other Secured Debt Debt for which this certificate being issued Assets shared by pari-passu debt holder (includes debt for which this certificate is issued & other debt with pari- passu charge) Other assets on which there is pad- passu charge (excluding items covered in column F) Debt amount considered more than once (due to exclusive plus pari- passu charge Market value for assets charged on exclusive basis Carrying/ book value for exclusive charge assets where market value is not ascertainable or applicable Market value for pari- passu charge assets Carrying value/ book value for pari- passu charge assets where market value is not ascertainable or applicable Total value (K + L+ M + N) Relating to Column F Book value Book value Yes/ No Book value Book value ASSETS Property, plant and equipment Freehold land and building 0.14 - - - - 425.73 - 425.87 1.34 - - - 1.34 Capital work-in-progress - - - - - - - - - - - - - Right of use assets - - - - - 678.53 - 678.53 - - - - - Goodwill - - - - - 1.189.45 - 1.189.45 - - - - - Other intangible assets - - - - - 428.17 - 428.17 - - - - - Intannible assets under development - - - - - - - - - - - - Investments - - - - - 15.990.SS - 15,990.88 - - - - Loans Loans/ advances given (net of provisions. NPAs and sell down portfolio) 43.064.37 162.157.12 - - - 67.140.53 - 272.362.02 43,064.37 - - 43.064.37 Inventories - - - - - - - - - - - - - Trade receivables - - - - - 44.69 - 44.69 - - - - - Cash and cash equivalents - - - - - 14,299.99 - 14.299.99 - - - - - Bank balances other than cash and cash equivalents - - - - - 1,932.34 1,932.34 - - - - - Others - - - - - 10.867.4S - 10,867.48 - - - - - Total 43.064.51 162.157.12 - - - 112.997.79 - 318.219.42 1.34 43.064.37 - - 43.065.71 0 FRN 107122W W100672 MUMBAI RFD ACC
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SHRIRAM FINANCE LIMITED CIN: L6519 I TN1979PLC007874 Read. Office: Sri Towers. 14A, South Phase. Industrial Estate. Guindy. Chennai - 600 032. Tamil Nadu. Tel. No: +91 44 4852 4666. Fax: +91 44 4852 5666. Website-www.shriramfinance.in, email-secretarial@shriramfinance.in Standalone security cover certificate as per regulation 54(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. 2015 as on December 31.2025 (Rs. in crores) A B C D E F G H I J K L M N O Particulars Description of asset for which this certificate relate Exclusive charge Exclusive charge Pari-passu charge Pari-passu charge Pari-passu charge Debt not backed by any assets offered as security Assets not offered as security Elimination (amount in negative) (Total C to H) Related to only those items covered by this certificate Debt for which this certificate being issued Other Secured Debt Debt for which this certificate being issued Assets shared by pari-passu debt holder (includes debt for which this certificate is issued & other debt with pari- passu charge) Other assets on which there is pari- passu charge (excluding items covered in column F) Debt amount considered more than once (due to exclusive plus pari- passu charge Market value for assets charged on exclusive basis Carrying/ Market value for pari- passu charge assets Carrying value/ book value for pari- passu charge assets where market value is not ascertainable or applicable Total value (K + L + M + N) book value for exclusive charge assets where market value is not ascertainable or applicable Relating to Column F Book value Book value Yes/ No Book value Book value LIABILITIES - Debt securities to which this certificate pertains 40,095.07 - Yes - - - - - 40,095.07 - - - - - Other debt sharing pari-passu charge with above debt - - - - - - - - - - - - Other debt 12.436.36 - - - - - 12.436.36 - - - - - Subordinated debt - - - - 2,464.58 - 2,464.58 - - - - - Borrowings 128,861.55 - - - - 128.861.55 - - - - - Bank - - - - - - - - - - - - Debt securities - - - - - - - - - - - Deposits - - - - 67.874.2S - 67,874.28 - - - - - Trade payables - - 442.69 - 442.69 - - - - - Lease liabilities - - - - 776.44 - 776.44 - - - - Provisions - - - - 705.95 - 705.95 - - - - - Others - - - - 2,469.60 2,469.60 - - - - Total 40.095.07 141.297.91 - - - 74.733.54 - 256,126.52 - - - - - Cover on book value 1.07 Cover on market value Exclusive security cover ratio 1.07 Pari-passu security cover ratio - _ _.....w•"" Notes: 1. We confirm that the Company has complied with the covenants mentioned in the disclosure documents of the secured redeemable non-convertible debentures for the quarter ended December 31. 2025. 2. Market value of assets charged on exclusive basis not ascertained as security provided is in the form of book debt receivables. 3. The market value of Rs. 0.01 crore of the freehold land is on the basis of certified valuation done on April 28. 2025. 4. The market value of Rs. 1.33 crore of the building is on the basis of certified valuation done on April 28. 2025. Place: Mumbai Date: January 23.2026 GSIM • -1 I 0712 4,110:72 MUMBAI PTE .* co „fa red c...c1 Parag Sha ma Managing irector and CEO DIN: 029116744 \INIAN
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PRESS RELEASE Friday, 23rd January, 2026, Mumbai : The Board Meeting of Shriram Finance Limited (SFL) was held today to consider the unaudited financial results for the third quarter ended 31st December, 2025. Financials (Standalone) : Third quarter ended 31st December, 2025 : The Net Interest Income for the third quarter ended 31st December, 2025 increased by 16.17% and stood at Rs. 6,764.09 crores as against Rs 5,822.69 crores in the same period of the previous year. The profit after tax increased by 21.21% and stands at Rs. 2,521.67 crores as against Rs. 2,080.37 crores (excluding one time gain of Rs. 1,489.39 crores for sale of our stake in subsidiary Shriram Housing Finance Limited hereinafter referred as “exceptional gain”) in the same period of the previous year. However, the profit after tax decreased by 29.36% and stands at Rs . 2,521.67 crores as against Rs. 3,569.76 crores (excluding exceptional gain) recorded in the same period of the previous year. The earning per share (basic) increased by 21.05% and stands at Rs. 13.40 as against Rs. 11.07 (excluding exceptional gain) recorded in the same period of the previous year. However, the earning per share (basic) decreased by 29.44% and stands at Rs. 13.40 as against Rs. 18.99 (including exceptional gain) recorded in the same period of the previous year. Financials (Standalone) : Nine months ended 31st December, 2025 : The Net Interest Income for the nine months ended 31st December, 2025 increased by 13.55% and stood at Rs. 19,057.36 crores as against Rs 16,783.90 crores in the same period of the previous year. The profit after tax increased by 13.90% and stands at Rs. 6,984.58 crores as against Rs. 6,132.22 crores (excluding exceptional gain) in the same period of the previous year. However, the profit after tax decreased by 8.36% and stands at Rs . 6,984.58 crores as against Rs. 7,621.61 crores (including exceptional item) recorded in the same period of the previous year. The earning per share (basic) increased by 13.86% and stands at Rs. 37.14 as against Rs. 32.62 (excluding exceptional gain) recorded in the same period of the previous year. However, The earning per share (basic) decreased by 8.41% and stands at Rs. 37.14 as against Rs. 40.55 (including exceptional gain) recorded in the same period of the previous year. Contd ……2/-
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(2) Assets under Management : Total Assets under Management as on 31st December, 202 5 increased by 14.63% and stood at Rs. 2,91,709.03 crores as compared to Rs. 2,54,469.69 crores as on 31st December, 2024 and Rs. 2,81,309.46 crores as on 30th September, 2025. About Shriram Finance Limited. Shriram Finance Limited is the flagship company of the Shriram group which has significant presence in Consumer Finance, Life Insurance, General Insurance, Stock Broking and Distribution businesses. Shriram Finance Limited is one of India’s largest retail asset financing Non -Banking Finance Companies (NBFC) with Assets under Management (AUM) above Rs. 2.91 trillion. Established in 1979, Shriram Finance is a holistic finance provider catering to the needs of Small Road Transport Operators and small business owners and is a leader in organised financing of pre -owned commercial vehicles and two wheelers. It has vertically integrated business model and offers financing number of products which include passenger commercial vehicles, loans to micro and small and medium enterprises (MSMEs), tractors & farm equipment, gold, personal loans and working capital loans etc. Over last 46 years, it has developed strong competencies in the areas of loan origination, valuation of pre-owned commercial vehicles and other assets, and collections. It has a pan India presence with network of 3,225 branches and an employee strength of 77,724 servicing to 97.62 lakhs of customers. For Further information, please contact: Sanjay K. Mundra Shriram Finance Limited +91 22 40959507 smundra@shriramfinance.in