HOME FIRST FINANCE COMPANY INDIA LTD Q2 CONCALL: 25% FY27 AUM GROWTH GUIDANCE, ₹20,000 CR AUM TARGET BY MARCH 2027, FY27 EXIT ROE TARGET OF 15% & FY28 EXIT ROE TARGET OF 16%

• MANAGEMENT REITERATED APPROXIMATELY 25% ANNUAL AUM GROWTH GUIDANCE, SUPPORTED BY STRONG AFFORDABLE HOUSING DEMAND, BRANCH EXPANSION & HEALTHY DISBURSEMENTS • MANAGEMENT TARGETS APPROXIMATELY ₹20,000 CR AUM BY MARCH 2027, COMPARED WITH ₹18,010 CR REPORTED IN Q2 FY27 • MANAGEMENT INDICATED POTENTIAL AUM GROWTH UPSIDE OF 1–2 PERCENTAGE POINTS IF DEMAND, DISBURSEMENTS & REPAYMENT CONDITIONS REMAIN FAVORABLE • MANAGEMENT TARGETS AN FY27 EXIT RETURN ON EQUITY OF APPROXIMATELY 15%, SUPPORTED BY IMPROVING OPERATING LEVERAGE & PROFITABILITY • MANAGEMENT TARGETS AN FY28 EXIT RETURN ON EQUITY OF APPROXIMATELY 16%, WITH POTENTIAL UPSIDE IF CURRENT PROFITABILITY MOMENTUM CONTINUES • MANAGEMENT CLARIFIED THAT 15% FY27 EXIT ROE & 16% FY28 EXIT ROE REMAIN ITS FORMAL TARGETS, DESPITE THE POSSIBILITY OF HIGHER ACHIEVEMENT • MANAGEMENT EXPECTS GROSS STAGE 3 / GNPA TO REMAIN AROUND 1.7%, SUPPORTED BY DISCIPLINED UNDERWRITING & COLLECTION EFFICIENCY • MANAGEMENT EXPECTS CREDIT COSTS TO REMAIN AROUND 40 BPS, SUBJECT TO PORTFOLIO QUALITY & MACROECONOMIC CONDITIONS • MANAGEMENT EXPECTS LENDING SPREADS TO REMAIN APPROXIMATELY 5–5.25%, SUPPORTED BY LOAN PRICING DISCIPLINE & BORROWING COST MANAGEMENT • MANAGEMENT TARGETS OPERATING EXPENSES TO ASSETS OF APPROXIMATELY 2.6% IN FY27, REFLECTING CONTINUED COST EFFICIENCY • MANAGEMENT AIMS TO REDUCE OPERATING EXPENSES TO ASSETS BY APPROXIMATELY 10 BPS ANNUALLY THROUGH SCALE, TECHNOLOGY & PROCESS IMPROVEMENTS • MANAGEMENT EXPECTS AI-LED PRODUCTIVITY INITIATIVES TO PROVIDE POTENTIAL ADDITIONAL COST SAVINGS, ALTHOUGH NO QUANTIFIED UPSIDE GUIDANCE WAS PROVIDED • MANAGEMENT PLANS TO ADD APPROXIMATELY 20–25 BRANCHES ANNUALLY TO SUPPORT GEOGRAPHICAL EXPANSION & CUSTOMER ACQUISITION • MANAGEMENT TARGETS APPROXIMATELY 10–15 ADDITIONAL BRANCHES DURING H2 FY27, WITH UTTAR PRADESH IDENTIFIED AS AN IMPORTANT EXPANSION MARKET • MANAGEMENT EXPECTS TAMIL NADU BUSINESS GROWTH TO IMPROVE FURTHER DURING Q3 & Q4 FY27, SUPPORTED BY BETTER REGIONAL LEADERSHIP & TEAM STABILITY • MANAGEMENT EXPECTS CO-LENDING TRANSACTION ACTIVITY TO RECOVER FROM Q3 FY27 FOLLOWING IMPLEMENTATION OF NEW RBI GUIDELINES & PARTNER-LEVEL OPERATIONAL CHANGES • MANAGEMENT INTENDS TO MAINTAIN INDIVIDUAL HOUSING LOANS AS ITS CORE BUSINESS, WITH A BROAD PORTFOLIO MIX OF APPROXIMATELY 80% HOUSING LOANS & UP TO 20% OTHER PRODUCTS • MANAGEMENT EXPECTS AVERAGE LOAN TICKET SIZES TO INCREASE GRADUALLY AS CUSTOMER INCOMES, PROPERTY VALUES & HOUSING ASPIRATIONS RISE • MANAGEMENT EXPECTS HIGHER-TICKET CUSTOMERS TO CONTINUE GENERATING ATTRACTIVE YIELDS WITHOUT MEANINGFUL DILUTION IN PORTFOLIO QUALITY • MANAGEMENT EXPECTS ITS FLOATING-RATE LOAN PORTFOLIO TO SUPPORT THE PASS-THROUGH OF MEANINGFUL BORROWING COST INCREASES TO CUSTOMERS • MANAGEMENT INDICATED THAT LENDING-RATE REVISIONS MAY BE CONSIDERED WHEN BORROWING COSTS CHANGE MEANINGFULLY, GENERALLY AROUND 10–15 BPS, SUBJECT TO RBI REQUIREMENTS • MANAGEMENT ESTIMATED THAT A HYPOTHETICAL CUMULATIVE 50 BPS POLICY-RATE INCREASE COULD RAISE BORROWING COSTS BY APPROXIMATELY 20 BPS OVER 3–6 MONTHS • MANAGEMENT PLANS TO INTEGRATE ITS FOUR INTERNAL AI CAPABILITIES INTO A COMMON DATA & DECISION PLATFORM OVER THE NEXT 18 MONTHS • MANAGEMENT EXPECTS AI APPLICATIONS TO EXPAND ACROSS CUSTOMER SOURCING, UNDERWRITING SUPPORT, COLLECTIONS & SERVICING • MANAGEMENT CLARIFIED THAT FINAL CREDIT APPROVAL DECISIONS WILL CONTINUE TO BE MADE BY HUMAN UNDERWRITERS • MANAGEMENT ESTIMATED THAT POTENTIAL INSURANCE DISTRIBUTION COMMISSION CHANGES COULD INITIALLY REDUCE RETURN ON ASSETS BY APPROXIMATELY 35 BPS • MANAGEMENT EXPECTS POSSIBLE PARTIAL MITIGATION OF INSURANCE COMMISSION PRESSURE THROUGH REGULATORY OR COMMERCIAL CONCESSIONS, LOAN PRICING & PRODUCT MIX CHANGES • MANAGEMENT IDENTIFIED DIRECT ASSIGNMENTS, LOAN-AGAINST-PROPERTY MIX & FEE REVISIONS AS POTENTIAL MITIGATION MEASURES, SUBJECT TO EXISTING PORTFOLIO LIMITS • MANAGEMENT DID NOT PROVIDE A CONFIRMED NET FINANCIAL IMPACT FROM THE PROPOSED INSURANCE COMMISSION REGULATORY CHANGES • Q2 FY27 AUM INCREASED 27% YOY & 6.3% QOQ TO ₹18,010 CR, REFLECTING SUSTAINED AFFORDABLE HOUSING FINANCE DEMAND • Q2 DISBURSEMENTS INCREASED 32.2% YOY & 4.7% QOQ TO ₹1,705 CR, SUPPORTING STRONG PORTFOLIO EXPANSION • Q2 PAT INCREASED 29.1% YOY & 6.5% QOQ TO ₹170 CR, SUPPORTED BY HIGHER BUSINESS VOLUMES & IMPROVING OPERATING EFFICIENCY • Q2 TOTAL INCOME INCREASED 18.4% YOY TO ₹567 CR, WHILE NET INTEREST INCOME GREW 31.9% YOY • Q2 PRE-PROVISION OPERATING PROFIT INCREASED 26.1% YOY TO ₹238 CR, REFLECTING HEALTHY CORE EARNINGS GROWTH • Q2 RETURN ON ASSETS STOOD AT 4.2%, INDICATING STRONG PROFITABILITY RELATIVE TO THE ASSET BASE • Q2 RETURN ON EQUITY IMPROVED TO 14.9%, REPRESENTING AN INCREASE OF APPROXIMATELY 40 BPS SEQUENTIALLY • COST-TO-INCOME RATIO IMPROVED TO 30.8% FROM 32.7% IN Q1 FY27, REFLECTING BETTER OPERATING LEVERAGE • OPERATING EXPENSES TO ASSETS IMPROVED TO 2.6% FROM 2.8% IN Q1 FY27 • INDIVIDUAL HOUSING LOANS CONTRIBUTED APPROXIMATELY 84% OF AUM, WHILE OTHER LOANS, INCLUDING LAP, ACCOUNTED FOR AROUND 16% • AVERAGE NEW LOAN TICKET SIZE STOOD AT APPROXIMATELY ₹15–16 LAKH, REFLECTING THE COMPANY'S AFFORDABLE HOUSING FOCUS • TOP-UP LOANS CONTRIBUTED APPROXIMATELY 2–3% OF DISBURSEMENTS, WHILE BALANCE-TRANSFER OUTFLOWS STOOD AT AROUND 4.5% • THE COMPANY OPERATED THROUGH APPROXIMATELY 4,400 ACTIVE CONNECTORS, SUPPORTING CUSTOMER SOURCING & LOAN ORIGINATION • EARLY DELINQUENCY, MEASURED BY 1+ DAYS PAST DUE, STOOD AT APPROXIMATELY 4.7%, WHILE 30+ DAYS PAST DUE STOOD AT 3.2% • GROSS STAGE 3 / GNPA IMPROVED BY APPROXIMATELY 10 BPS SEQUENTIALLY TO 1.7% • CREDIT COST REMAINED AROUND 40 BPS, SUPPORTED BY STABLE PORTFOLIO PERFORMANCE & DISCIPLINED COLLECTIONS • STAGE 3 PROVISION COVERAGE STOOD AT 23.6%, INCREASING TO 46.4% INCLUDING MANAGEMENT OVERLAYS • MANAGEMENT ATTRIBUTED ASSET QUALITY IMPROVEMENT MAINLY TO LOWER NEW SLIPPAGES & STABLE COLLECTION PERFORMANCE • MANAGEMENT REPORTED NO SIGNIFICANT INCREASE IN BORROWERS' DEPENDENCE ON PERSONAL LOANS OR GOLD LOANS TO SERVICE HOUSING DEBT • MANAGEMENT INDICATED THAT DROUGHT CONDITIONS IN PARTS OF GUJARAT & MADHYA PRADESH HAD NOT MATERIALLY AFFECTED ITS PREDOMINANTLY MANUFACTURING- & SERVICES-LINKED BORROWERS • PORTFOLIO YIELD EXCLUDING CO-LENDING STOOD AT APPROXIMATELY 13%, WITH NEW DISBURSEMENT YIELDS ALSO AROUND 13% • AVERAGE BORROWING COST STOOD AT APPROXIMATELY 7.8%, WHILE INCREMENTAL BORROWING COST WAS AROUND 7.5% • LENDING SPREAD EXCLUDING CO-LENDING STOOD AT APPROXIMATELY 5.2%, WITH NET INTEREST MARGIN AROUND 6.0% • TAMIL NADU BUSINESS GROWTH RECOVERED TO APPROXIMATELY 12% IN Q2, WITH MANAGEMENT EXPECTING FURTHER IMPROVEMENT • MAHARASHTRA, GUJARAT & MADHYA PRADESH REMAINED IMPORTANT MARKETS, WHILE UTTAR PRADESH, RAJASTHAN, NCR & KARNATAKA DELIVERED STRONG GROWTH • THE COMPANY OPERATED 181 BRANCHES & 379 TOUCHPOINTS, ADDING SIX BRANCHES DURING Q2 FY27 • SOUTHERN MARKETS INCLUDING ANDHRA PRADESH & TELANGANA EXPERIENCED RELATIVELY SLOWER GROWTH, PARTLY DUE TO LONGER DISBURSEMENT CYCLES FOR SELF-CONSTRUCTION LOANS • QRECORD, THE COMPANY'S INTERNAL AI TOOL, RECORDS & ANALYZES APPROXIMATELY 95% OF CUSTOMER CALLS TO SUPPORT QUALITY MONITORING & OPERATING EFFICIENCY • CLARIFIER CREATES CONSOLIDATED UNDERWRITING CASE INFORMATION, WHILE BANKLENS CONVERTS BANK STATEMENTS INTO CASH-FLOW INSIGHTS IN APPROXIMATELY ONE MINUTE • DOCIQ SUPPORTS DOCUMENT EXTRACTION & INTERPRETATION FOR UNDERWRITING & OPERATING PROCESSES • BANKS CONTRIBUTED APPROXIMATELY 58% OF FUNDING, WHILE ASSIGNMENT & CO-LENDING ACCOUNTED FOR AROUND 20% • DIRECT ASSIGNMENT TRANSACTIONS REACHED APPROXIMATELY ₹281 CR DURING Q2 FY27 • CO-LENDING PORTFOLIO STOOD AT APPROXIMATELY ₹593 CR, REPRESENTING 3.3% OF TOTAL AUM • CAPITAL ADEQUACY RATIO STOOD AT 39.8%, WITH TIER 1 CAPITAL ADEQUACY OF 39.4%, PROVIDING SIGNIFICANT CAPACITY FOR FUTURE GROWTH • NET WORTH STOOD AT APPROXIMATELY ₹4,665 CR, SUPPORTING THE COMPANY'S BALANCE-SHEET EXPANSION STRATEGY • KEY RISKS INCLUDE BORROWING COST INCREASES, POTENTIAL INSURANCE COMMISSION REGULATION, REGIONAL GROWTH EXECUTION, CO-LENDING DELAYS & POSSIBLE ASSET QUALITY DETERIORATION DURING RAPID EXPANSION • OVERALL OUTLOOK REMAINS POSITIVE, WITH KEY MONITORABLES INCLUDING ₹20,000 CR AUM BY MARCH 2027, APPROXIMATELY 25% ANNUAL AUM GROWTH, 15% FY27 EXIT ROE, 16% FY28 EXIT ROE, 1.7% GNPA, 40 BPS CREDIT COST & 5–5.25% LENDING SPREAD SUSTAINABILITY

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