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Date: 2025-11-28 Category: Not Applicable State: Union Government Country: India

HERO FINCORP LIMITED - DRHP

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

Okay, here is the summary of the document provided, following the specified format: **Executive Summary** This report is an addendum to Hero FinCorp Limited's Draft Red Herring Prospectus (DRHP) dated July 31, 2024. It provides updated information and revisions related to the company's initial public offering (IPO). The addendum includes changes to risk factors, financial information, management details, and litigation disclosures and includes the offer opening/closing dates, which are yet to be announced. **Key Points / Main Content** * **Risk Factors:** * Updates and clarifies the risk factor regarding regulatory proceedings involving promoters and the company. * Adds a new risk factor concerning potential inquiries or investigations into the company's equity capital build-up. * **Financial Information:** * Updates the Restated Consolidated Financial Information for the six months ended September 30, 2025, and the Financial Years ended March 31, 2025, March 31, 2024, and March 31, 2023. * **Management Changes:** * Announces changes in senior management personnel, including resignations and appointments of new officers. * **Litigation and Material Developments:** * Updates the section on outstanding litigation and material developments, including new legal proceedings involving the company, its subsidiary, directors, and promoters. * **Pre-IPO Placement:** * The company undertook a Pre-IPO placement of specified securities, allotting 2,214,277 Equity Shares aggregating to ₹3,099.99 million. * Lists details of the allottees (RVG Jatropha Plantation Private Limited, Mohan Exports, etc.), issue price (₹1,400), face value (₹10), premium (₹1,390), and amount received. * **Fresh Issue Size:** * Revises the fresh issue size from 21,000.00 million to 17,900.01 million considering the allotments pursuant to the Pre-IPO Placements * **Offer Details:** * The minimum bid lot, anchor investor bid and offer dates are yet to be determined. **Impact Analysis** **Investors:** **Impact**: Affected by the updates to risk factors, financial data, and other material disclosures. **Action Required**: Review the addendum in conjunction with the DRHP and read the Red Herring Prospectus and Prospectus before making investment decisions. **Promoters:** **Impact**: The updated information regarding regulatory proceedings and litigation involving them may affect their reputation. **Action Required**: N/A **Employees**: **Impact**: The update regarding the joint statutory auditors, the board members and senior management team. **Action Required**: N/A **HMCL (Hero Motocorp Limited) Shareholders** **Impact**: Changes in share capital and shareholding patterns could influence the valuation and attractiveness of shares of HMCL **Action Required**: Be aware of the new information and impact on shareholding patterns.

Key Entities Referenced

Hero FinCorp Limited: The company offering its IPO. Securities and Exchange Board of India (SEBI): The regulatory body that has to approve the Red Herring Prospectus for Hero FinCorp's IPO. Companies Act, 2013: The legislation under which Hero FinCorp is registered and that governs company prospectuses. ICDR Regulations: SEBI (Issue of Capital and Disclosure Requirements) Regulations, governing public offerings. Stock Exchanges: The BSE Limited and National Stock Exchange of India Limited, where the company intends to list its shares.
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THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY OUTSIDE INDIA. HERO FINCORP LIMITED (Please scan this QR Code to view this Addendum) Our Company was incorporated as ‘Hero Honda Finlease Limited’ at New Delhi under the Companies Act, 1956 pursuant to a certificate of incorporation dated December 16, 1991 issued by the Additional Registrar of Companies, Delhi and Haryana and commenced operations pursuant to a certificate for commencement of business dated January 13, 1992. Subsequently, the name of our Company was changed to ‘Hero FinCorp Limited’, and a fresh certificate of incorporation dated July 26, 2011 was issued to our Company by the Registrar of Companies, National Capital Territory of Delhi and Haryana (“RoC”). The RBI had granted a certificate of registration dated April 9, 1996, under the former name ‘Hero Honda Finlease Limited’ to carry on the business of a non-banking financial institution without accepting public deposits. A fresh certificate of registration dated September 1, 2011, was granted by the RBI, pursuant to change of name of our Company from ‘Hero Honda Finlease Limited’ to ‘Hero FinCorp Limited’. For further details, see “History and Certain Corporate Matters – Brief History of our Company” on page 295 of the DRHP (as defined hereinafter). Registered Office: 34, Community Centre, Basant Lok Vasant Vihar, New Delhi 110 057, Delhi, India Corporate Office: 9, Community Centre, Basant Lok Vasant Vihar, New Delhi 110 057, Delhi, India Tel: +91 011 4946 7150; Website: www.herofincorp.com; Contact Person: Shivendra Kumar Suman, Company Secretary and Compliance Officer E-mail: investors@herofincorp.com; Corporate Identity Number: U74899DL1991PLC046774 NOTICE TO INVESTORS: ADDENDUM TO THE DRAFT RED HERRING PROSPECTUS DATED JULY 31, 2024 (THE “ADDENDUM” AND SUCH DRAFT RED HERRING PROSPECTUS, THE “DRAFT RED HERRING PROSPECTUS” OR THE “DRHP”) OUR PROMOTERS: HERO MOTOCORP LIMITED, BAHADUR CHAND INVESTMENTS PRIVATE LIMITED, HERO INVESTCORP PRIVATE LIMITED, BRIJMOHAN LAL OM PARKASH (PARTNERSHIP FIRM), DR. PAWAN MUNJAL, RENU MUNJAL, SUMAN KANT MUNJAL, RENUKA MUNJAL AND ABHIMANYU MUNJAL INITIAL PUBLIC OFFER OF UP TO [●] EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH (“EQUITY SHARES”) OF HERO FINCORP LIMITED (“COMPANY”) FOR CASH AT A PRICE OF ₹ [●] PER EQUITY SHARE OF FACE VALUE OF ₹ 10 EACH (INCLUDING A SHARE PREMIUM OF ₹ [●] PER EQUITY SHARE) (“OFFER PRICE”) AGGREGATING UP TO ₹ 33,581.35 MILLION COMPRISING A FRESH ISSUE OF UP TO [●] EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH AGGREGATING UP TO ₹17,900.01 MILLION BY OUR COMPANY (“FRESH ISSUE”) AND AN OFFER FOR SALE OF UP TO [●] EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH AGGREGATING UP TO ₹ 15,681.34 MILLION (“OFFER FOR SALE”, AND TOGETHER WITH THE FRESH ISSUE, THE “OFFER”), COMPRISING UP TO [●] EQUITY SHARES AGGREGATING UP TO ₹ 10,000.00 MILLION BY AHVF II HOLDINGS SINGAPORE II PTE. LTD., UP TO [●] EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH AGGREGATING UP TO ₹ 2,500.00 MILLION BY APIS GROWTH II (HIBISCUS) PTE. LTD., UP TO [●]EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH AGGREGATING UP TO ₹ 47.72 MILLION BY LINK INVESTMENT TRUST (THROUGH VIKAS SRIVASTAVA), AND UP TO [●] EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH AGGREGATING UP TO ₹3,133.62 MILLION BY OTTER LIMITED (COLLECTIVELY, THE “SELLING SHAREHOLDERS” AND SUCH EQUITY SHARES, THE “OFFERED SHARES”). THE OFFER INCLUDES A RESERVATION OF UP TO [●] EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH (CONSTITUTING UP TO [●]% OF THE POST- OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY) AGGREGATING UP TO ₹[●] MILLION FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS DEFINED HEREINAFTER) (THE “EMPLOYEE RESERVATION PORTION”) AND A RESERVATION OF UP TO [●] EQUITY SHARES AGGREGATING UP TO ₹[●] MILLION (CONSTITUTING UP TO [●]% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL) FOR SUBSCRIPTION BY ELIGIBLE HMCL SHAREHOLDERS (“SHAREHOLDER RESERVATION PORTION”). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION AND SHAREHOLDER RESERVATION PORTION IS HEREINAFTER REFERRED TO AS THE “NET OFFER”. THE OFFER AND THE NET OFFER WILL CONSTITUTE [●]% AND [●]% OF OUR POST-OFFER PAID-UP EQUITY SHARE CAPITAL, RESPECTIVELY. OUR COMPANY, IN CONSULTATION WITH THE BRLMS, UNDERTOOK PRIVATE PLACEMENTS OF EQUITY SHARES, AS PERMITTED UNDER APPLICABLE LAW AND ALLOTTED AN AGGREGATE OF 2,214,277 EQUITY SHARES OF FACE VALUE ₹ 10 EACH AGGREGATING TO ₹ 3,099.99 MILLION (“PRE-IPO PLACEMENTS”). THE PRE-IPO PLACEMENTS WERE AT A PRICE DECIDED BY OUR COMPANY, IN CONSULTATION WITH THE BRLMS. THE AMOUNT RAISED PURSUANT TO THE PRE-IPO PLACEMENTS WAS REDUCED FROM THE FRESH ISSUE, SUBJECT TO COMPLIANCE WITH RULE 19(2)(B) OF THE SECURITIES CONTRACTS (REGULATION) RULES, 1957, AS AMENDED, ACCORDINGLY, THE REVISED FRESH ISSUE SIZE AGGREGATES UP TO ₹ 17,900.01 MILLION. THE PRE-IPO PLACEMENTS DID NOT EXCEED 20% OF THE SIZE OF THE FRESH ISSUE. OUR COMPANY HAS APPROPRIATELY INTIMATED THE SUBSCRIBERS TO THE PRE- IPO PLACEMENTS, PRIOR TO THE ALLOTMENTS PURSUANT TO THE PRE-IPO PLACEMENTS, THAT THERE IS NO GUARANTEE THAT OUR COMPANY MAY PROCEED WITH THE OFFER OR THE OFFER MAY BE SUCCESSFUL AND WILL RESULT INTO LISTING OF THE EQUITY SHARES ON THE STOCK EXCHANGES. FURTHER, RELEVANT DISCLOSURES IN RELATION TO SUCH INTIMATION TO THE SUBSCRIBERS TO THE PRE-IPO PLACEMENTS SHALL BE MADE IN THE RELEVANT SECTIONS OF THE RED HERRING PROSPECTUS AND THE PROSPECTUS. THE FACE VALUE OF EQUITY SHARES IS ₹ 10 EACH. THE OFFER PRICE IS [●] TIMES THE FACE VALUE OF THE EQUITY SHARES. THE PRICE BAND AND THE MINIMUM BID LOT WILL BE DECIDED BY OUR COMPANY IN CONSULTATION WITH THE BOOK RUNNING LEAD MANAGERS AND WILL BE ADVERTISED IN ALL EDITIONS OF [●], AN ENGLISH NATIONAL DAILY NEWSPAPER, ALL EDITIONS OF [●], A HINDI NATIONAL DAILY NEWSPAPER, (HINDI ALSO BEING THE REGIONAL LANGUAGE OF NEW DELHI, WHERE OUR REGISTERED OFFICE IS LOCATED) EACH WITH WIDE CIRCULATION, ATLEAST TWO WORKING DAYS PRIOR TO THE BID/OFFER OPENING DATE AND SHALL BE MADE AVAILABLE TO BSE LIMITED (“BSE”) AND NATIONAL STOCK EXCHANGE OF INDIA LIMITED (“NSE”, AND TOGETHER WITH THE BSE, THE “STOCK EXCHANGES”) FOR THE PURPOSE OF UPLOADING ON THEIR RESPECTIVE WEBSITES. Potential Bidders may note the following: a. The section titled “Risk Factors” for the risk factor titled “Risk Factor - Certain Promoters have been and are currently subject to certain regulatory proceedings initiated by authorities. Further, our Company is involved in certain regulatory proceedings initiated against other parties by authorities. Any adverse outcome in such proceedings may lead to reputational risks” on page 35 of the DRHP, has been updated for factual updates and observations received from SEBI vide its final observation letter dated May 22, 2025 which was responded to on June 5, 2025 (“SEBI Final Observations Letter”). Additionally, a risk factor titled “Our Company may be subject to inquiries or investigation, enforcement action or judicial review regarding its equity capital build-up since incorporation due to proliferation of shareholders while being an unlisted company.” has been included basis observations received from SEBI as per the SEBI Final Observations Letter. All details in the section titled “Risk Factors” from this Addendum will be disclosed appropriately in the Red Herring Prospectus and the Prospectus, as and when filed with the RoC, the SEBI and the Stock Exchanges. b. The DRHP contained the Restated Consolidated Financial Information for the Financial Years ended March 31, 2024, March 31, 2023 and March 31, 2022. The sections titled “Selected Statistical Information” and “Restated Consolidated Financial Information” beginning on pages 335 and 361, respectively of the DRHP have been updated to provide the recent restated consolidated financial information of our Company, as at and for the six months periods ended September 30, 2025 and September 30, 2024 and the Financial Years ended March 31, 2025, March 31, 2024 and March 31, 2023 and the summary of material accounting policies and explanatory notes, prepared in accordance with Section 26 of Part I of Chapter III of the Companies Act, 2013, the SEBI ICDR Regulations, and the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the ICAI, through this Addendum. All details in the sections titled, “Selected Statistical Information” and “Restated Consolidated Financial Information” from this Addendum will be disclosed appropriately in the Red Herring Prospectus and the Prospectus, as and when filed with the RoC, the SEBI and the Stock Exchanges. c. As on the date of the DRHP, the Board of Directors, had appointed M.M. Nissim & Co. LLP and Deloitte Haskins & Sells LLP as Joint Statutory Auditors of our Company with effect from the commencement of the 33rd AGM of our Company until the conclusion of the 36thAGM of our Company to conduct the audit of our standalone and consolidated financial statements of our Company for the financial years ending March 31, 2025, March 31, 2026 and March 31, 2027. Pursuant to the Shareholders’ resolution dated August 21, 2024, M. Nissim & Co. LLP and Deloitte Haskins & Sells LLP have been appointed as Joint Statutory Auditors of our Company. Appropriate updates to the section titled “General Information” beginning on page 86 of the DRHP will be carried out in the Red Herring Prospectus and the Prospectus, as and when filed with the RoC, the SEBI and the Stock Exchanges. d. The DRHP contained, inter alia, the intention of our Company to undertake a Pre-IPO Placement of specified securities, for an amount aggregating up to ₹4,200 million prior to the filing of the Red Herring Prospectus with the RoC, SEBI and the Stock Exchanges. Pursuant to the resolutions dated June 13, 2025 and July 8, 2025 passed by the Committee of Directors, our Company has allotted aggregate of 1,857,135 Equity Shares of face value ₹ 10 each aggregating to ₹2,599,989,000 and 357,142 Equity Shares of face value ₹ 10 each aggregating to ₹ 499,998,000, respectively, details of which are set forth below: S. Name of the Allottee No. of Equity Issue Price (in Face value per Premium per Amount (in ₹) No. Shares of face ₹) Equity Share (in ₹) Equity Share value ₹ 10 each (in ₹) Allotted Allotment dated June 13, 2025 1. RVG Jatropha 357,142 1,400 10 1,390 499,998,800 Plantation Private Limited 2. Mohan Exports (India) 178,571 1,400 10 1,390 249,999,400 Private Limited 3. Laksh Vaaman Sehgal 14,285 1,400 10 1,390 19,999,000 4. Renu Sehgal Trust 92,857 1,400 10 1,390 129,999,800 5. Vivek Chaand Sehgal 107,142 1,400 10 1,390 149,998,800 6. Paramount Products 107,142 1,400 10 1,390 149,998,800 Private Limited 7. Shahi Exports Private 492,857 1,400 10 1,390 689,999,800 Limited 8. A P Properties Private 157,142 1,400 10 1,390 219,998,800 Limited 9. Yugal Chit Fund & 64,285 1,400 10 1,390 89,999,000 Trading Co. Private Limited 10. Tiger Laser Pte. Ltd. 107,142 1,400 10 1,390 149,998,800 11. Virender Uppal 107,142 1,400 10 1,390 149,998,800 12. LC Hercules 71,428 1,400 10 1,390 99,999,200 (Cayman) Ltd Sub-total (A) 1,857,135 1,400 10 1,390 2,599,989,000 Allotment dated July 8, 2025 13. Vattikuti Ventures 357,142 1,400 10 1,390 499,998,800 LLC Sub-total (B) 357,142 1,400 10 1,390 499,998,800 Total (A+B) 2,214,277 1,400 10 1,390 3,099,987,800 The section titled “Capital Structure” beginning on page 98 of the DRHP, stands updated to account of the allotments pursuant to the Pre-IPO Placements and will be disclosed appropriately in the Red Herring Prospectus and the Prospectus, as and when filed with the RoC, the SEBI and the Stock Exchanges. Our Company has disclosed the abovementioned details to the Stock Exchanges, pursuant to their letters of intimation dated June 13, 2025 and July 8, 2025. Further, the BRLMs vide their letters to SEBI dated June 14, 2025 and July 10, 2025 (collectively, “SEBI Pre-IPO Letters”) have confirmed that (i) the allottees were intimated that there is no guarantee that our Company may proceed with the Offer or such Offer may be successful, (ii) the Pre-IPO Placements were disclosed by way of public advertisement and will be included in the Price Band advertisement, and (iii) our Company has undertaken that the proceeds from the Pre-IPO Placements shall be completely attributed/adjusted towards general corporate purposes of the objects of the Offer. The SEBI Pre-IPO Letters shall form part of the material documents available for public inspection and shall be included in the section titled “Material Contract and Documents for Inspection” in the Red Herring Prospectus and the Prospectus, as and when filed with the RoC, the SEBI and the Stock Exchanges. e. Considering the allotments pursuant to the Pre-IPO Placements, the revised Fresh Issue size was reduced from ₹ 21,000.00 million to ₹ 17,900.01 million, details of which are set forth below: Particulars Estimated amount (₹ in million) (2) Gross proceeds of the Fresh Issue(1) 17,900.01 (Less) Fresh Issue expenses(2)(3) [●] Net Proceeds [●] (1) Our Company, in consultation with the BRLMs, undertook Pre-IPO Placements and allotted an aggregate of 2,214,277 Equity Shares of face value ₹ 10 each aggregating to ₹ 3,099.99 million. The Pre-IPO Placements were at a price decided by our Company, in consultation with the BRLMs. The amount raised pursuant to the Pre-IPO Placements was reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, accordingly, the revised Fresh Issue size aggregates up to ₹ 17,900.01 million. The Pre-IPO Placements did not exceed 20% of the size of the Fresh Issue. Our Company has appropriately intimated the subscribers to the Pre-IPO Placements, prior to the allotments pursuant to the Pre-IPO Placements, that there is no guarantee that our Company may proceed with the Offer or the Offer may be successful and will result into listing of the Equity Shares on the Stock Exchanges. (2) To be finalised upon determination of the Offer Price and updated in the Prospectus prior to filing with the RoC. (3) For details, see “Objects of the Offer- Offer Expenses” on page 125 of the DRHP. Accordingly, the section titled “Objects of the Offer” beginning on page 122 of the DRHP shall be suitably updated to reflect the revised size of the Fresh Issue in the Red Herring Prospectus and the Prospectus as and when filed with the RoC, the SEBI and the Stock Exchanges. Further, relevant disclosures in relation to the intimation made to the subscribers to the Pre-IPO Placements shall be made in the relevant sections of the Red Herring Prospectus and the Prospectus, as and when filed with the RoC, the SEBI and the Stock Exchanges. f. The section titled “Basis for Offer Price” beginning on page 129 of the DRHP has been updated to include details of updated relevant portions for Restated Consolidated Financial Information as at and for the six months period ended September 30, 2025 and September30, 2024 and the Financial Years ended March 31, 2025, March 31, 2024 and March 31, 2023 and the Key Performance Indicators that our Company considers have a bearing for arriving at the basis for Offer Price. All details in the section titled “Basis for Offer Price” from this Addendum will be disclosed appropriately in the Red Herring Prospectus and the Prospectus, as and when filed with the RoC, the SEBI and the Stock Exchanges. g. Pursuant to the resolution dated April 29, 2025, the Board of Directors has taken note of the resignation of Srishti Sethi, the chief risk officer of our Company and Anurag Agarwal the Head – Internal Audit of our Company, being members of the Senior Management as identified as on the date of the DRHP. Pursuant to the resolution dated July 29, 2025, the Board of Directors has approved the appointment of Amit Jain as the interim chief risk officer of our Company and Jatin Bajaj as the head – internal audit of our Company. Further, pursuant to the resolution of the Board of Directors dated October 31, 2025 (i) Sajin Purushothaman Mangalathu, being Chief Financial Officer, the chief information officer and the head – operation of our Company, and (ii) Priya Kashyap, being the Chief of Staff and Chief Human Potential Officer of our Company, have additionally been appointed as chief operating officers of our Company, each with effect from October 31, 2025. The section titled “Our Management - Senior Management Personnel of our Company” on page 318 of the DRHP shall be suitably updated the reflect this change in the Red Herring Prospectus and the Prospectus, as and when filed with the RoC, the SEBI and the Stock Exchanges. h. The section titled “Outstanding Litigation and Material Developments” beginning on page 479 of the DRHP has been updated for (i) new outstanding material litigation involving our Company, Subsidiary, Directors and Promoters, in accordance with the requirements under the SEBI ICDR Regulations and the Materiality Policy, and (ii) outstanding criminal and regulatory proceedings involving our Key Managerial Personnel and Senior Management Personnel, in accordance with the requirements under the SEBI ICDR Regulations. All details in the section titled “Outstanding Litigation and Material Developments” from this Addendum will be disclosed appropriately in the Red Herring Prospectus and the Prospectus, as and when filed with the RoC, the SEBI and the Stock Exchanges. i. Basis the Restated Consolidated Financial Information for the six months period ended September 30, 2025 and the Financial Years ended March 31, 2025, March 31, 2024 and March 31, 2023, (i) Foodcraft India Private Limited, (ii) Herox Private Limited, (iii) Northcap Services Private Limited, (iv) Paisabazaar Marketing and Consulting Private Limited, and (v) Richa Global Exports Private Limited have been identified as new Group Companies in accordance with the applicable provisions of the SEBI ICDR Regulations. Further, (i) Hero Wind Energy Private Limited and (ii) Motherson Auto Limited are no longer group companies in accordance with the applicable provisions of the SEBI ICDR Regulations. Accordingly, the section titled “Group Companies” beginning on page 497 of the DRHP has been updated for the changes in Group Companies identified in accordance with the SEBI ICDR Regulations. All details in the section titled “Group Companies” from this Addendum will be disclosed appropriately in the Red Herring Prospectus and the Prospectus, as and when filed with the RoC, the SEBI and the Stock Exchanges. In order to assist the Bidders to get an understanding of the updated information, the updated relevant portions of the sections titled “Risk Factors”, “Basis for Offer Price”, “Selected Statistical Information”, Restated Consolidated Financial Information” , “Outstanding Litigation and Material Developments” and “Group Companies” beginning on pages 35, 129, 335, 361, 479 and 497, respectively, of the DRHP, has been included in this Addendum. The above changes are to be read in conjunction with the DRHP and accordingly their references in the DRHP stand updated pursuant to this Addendum. The information in this Addendum supplements the DRHP and updates the information in the DRHP, as applicable. However, this Addendum does not reflect all changes that have occurred between the date of filing the DRHP and the date hereof, including to the extent stated in this Addendum, along with other factual updates, as may be applicable, and accordingly does not include all the changes and/ or updates that will be included in the Red Herring Prospectus and the Prospectus, as and when filed with the RoC, SEBI and the Stock Exchanges. Investors should not rely on the DRHP or this Addendum for any investment decision and should read the Red Herring Prospectus as and when filed with the RoC, the SEBI and the Stock Exchanges before making an investment decision in the Offer. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (i) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act and referred to in the DRHP and this Addendum as “U.S. QIBs”, for the avoidance of doubt, the term U.S. QIBs does not refer to a category of institutional investor defined under applicable Indian regulations and referred to in the DRHP and this Addendum as “QIBs”) in transaction exempt from the registration requirements of the U.S. Securities Act, and (ii) outside the United States in offshore transactions as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur. This Addendum shall be available to the public for comments, if any, for a period of at least 21 days, from the date of such filing with SEBI and will be available on the website of SEBI at www.sebi.gov.in, the website of Stock Exchanges at www.nseindia.com and www.bseindia.com, the website of our Company at www.herofincorp.com/investor-relations and the websites of the Book Running Lead Managers at www.jmfl.com, www.axiscapital.co.in, https://business.bofa.com/bofas-india, www.hdfcbank.com, www.business.hsbc.co.in, www.icicisecurities.com, www.jefferies.com and www.sbicaps.com. All capitalised terms used in this Addendum shall, unless specifically defined or unless the context otherwise requires, have the meaning ascribed to them in the DRHP. For Hero FinCorp Limited On behalf of the Board of Directors Sd/- Shivendra Suman Company Secretary and Compliance Officer Place: Delhi Date: November 17, 2025 BOOK RUNNING LEAD MANAGERSJM Financial Limited Axis Capital Limited BofA Securities India Limited HDFC Bank Limited HSBC Securities and Capital Markets (India) 7th Floor, Cnergy 1st Floor, Axis House 18th Floor, “A” Wing, One BKC Investment Banking Group Private Limited Appasaheb Marathe Marg Pandurang Budhkar Marg, Worli “G” Block Bandra Kurla Complex Unit No. 701, 702 and 702-A 52/60, Mahatma Gandhi Road Prabhadevi Mumbai 400 025 Bandra (East), Mumbai 400 051 7th Floor, Tower 2 and 3, One International Centre, Fort Mumbai 400 025 Maharashtra, India Tel: + 91 22 4325 2183 Maharashtra, India Senapati Bapat Marg, Mumbai 400 001 Maharashtra, India E-mail: herofincorp.ipo@axiscap.in Tel: +91 22 6632 8000 Prabhadevi, Mumbai 400013 Maharashtra, India Tel: +91 22 6630 3030 Website: www.axiscapital.co.in E-mail: dg.hero_fincorp_ipo@bofa.com Maharashtra, India Tel: +91 22 6864 1289 E-mail: herofincorpipo.ipo@jmfl.com Investor Grievance ID: complaints@axiscap.in Website: https://business.bofa.com/bofas-india Tel: +91 22 3395 8233 E-mail: herofincorpipo@hsbc.co.in Website: www.jmfl.com Contact person: Jigar Jain/ Simran Gadh Investor Grievance ID: E-mail: herofincorp.ipo@hdfcbank.com Investor Grievance ID: Investor Grievance ID: grievance.ibd@jmfl.com SEBI Registration No.: INM000012029 dg.india_merchantbanking@bofa.com Investor Grievance ID: investorgrievance@hsbc.co.in Contact Person: Prachee Dhuri Contact Person: Bala Guru Dheeraj investor.redressal@hdfcbank.com Website: www.business.hsbc.co.in SEBI Registration No.: INM000010361 SEBI Registration No.: INM000011625 Website: www.hdfcbank.com Contact person: Harsh Thakkar/Rachit Rajgaria Contact Person: Gaurav Khandelwal/Souradeep SEBI Registration No.: INM000010353 Ghosh SEBI Registration No.: INM000011252 REGISTRAR TO THE OFFER ICICI Securities Limited Jefferies India Private Limited SBI Capital Markets Limited MUFG Intime India Private Limited (formerly as Link Intime India Private Limited) ICICI Venture House, Appasaheb Marathe Marg, Level 16, Express Towers 1501, 15th floor, A & B Wing, Parinee Crescenzo C-101, Embassy 247, Prabhadevi, Mumbai 400 025, Maharashtra, India Nariman Point Building, G Block, Bandra Kurla Complex, Bandra L.B.S. Marg, Vikhroli (West), Tel: +91 22 6807 7100 Mumbai 400 021 (East), Mumbai- 400 051, Mumbai 400 083, E-mail: herofincorp.ipo@icicisecurities.com Maharashtra, India Maharashtra, India Maharashtra, India Investor Grievance E-mail: Tel: +91 22 4356 6000 Tel: +91 22 4006 9807 Tel: +91 810 811 4949 customercare@icicisecurities.com E-mail: herofincorp.ipo@jefferies.com E-mail: herofincorp.ipo@sbicaps.com Email: herofincorp@in.mpms.mufg.com Website: www.icicisecurities.com Investor Grievance ID: jipl.grievance@jefferies.com Investor Grievance E-mail: Website: www.in.mpms.mufg.com Contact Person: Nikita Chirania/ Sumit Singh Website: www.jefferies.com investor.relations@sbicaps.com Investor Grievance ID: herofincorp@in.mpms.mufg.com SEBI Registration No.: INM000011179 Contact person: Suhani Bhareja Website: www.sbicaps.com Contact person: Shanti Gopalkrishnan SEBI Registration No.: INM000011443 Contact Person: Kristina Dias SEBI registration number: INR000004058 SEBI Registration No.: INM000003531 BID/OFFERPROGRAMME ANCHOR INVESTOR BID/ OFFER DATE [●]* BID/ OFFER OPENS ON [●] BID/ OFFER CLOSES ON [●]**# * Our Company, in consultation with the BRLMs, may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investors shall Bid during the Anchor Investor Bidding Date, i.e., one Working Day prior to the Bid/Offer Opening Date. **Our Company and the Selling Shareholders, in consultation with the BRLMs, may consider closing the Bid/ Offer Period for QIBs one day prior to the Bid/Offer Closing Date, in accordance with the SEBI ICDR Regulations. # UPI mandate end time and date shall be at 5:00 pm on the Bid/Offer Closing Date.TABLE OF CONTENTS RISK FACTORS .................................................................................................................................................. 1 BASIS FOR OFFER PRICE ............................................................................................................................... 3 SELECTED STATISTICAL INFORMATION ............................................................................................... 42 RESTATED CONSOLIDATED FINANCIAL INFORMATION ................................................................. 78 OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS .................................................. 231 GROUP COMPANIES .................................................................................................................................... 239 DECLARATION .............................................................................................................................................. 243RISK FACTORS The risk factor included under “Risk Factors - Certain Promoters have been and are currently subject to certain regulatory proceedings initiated by authorities. Any adverse outcome in such proceedings may lead to reputational risks.” on page 35 of the Draft Red Herring Prospectus shall be replaced with the following risk factor: Certain Promoters have been and are currently subject to certain regulatory proceedings initiated by authorities. Further, our Company is involved in certain regulatory proceedings initiated against other parties by authorities. Any adverse outcome in such proceedings may lead to reputational risks. In August 2018, an employee of an event management company, who was travelling with Dr. Pawan Munjal, one of our Individual Promoters, was apprehended for undeclared foreign currency amounting to ₹8.10 million. Consequently, proceedings had been initiated against the event management company and its officials as well as against Dr. Pawan Munjal by the Commissioner of Customs, New Customs House, New Delhi for alleged violation of the Prevention of Money Laundering Act, 2002 (“PMLA”) and Customs Act, 1962. The only allegation against Dr. Pawan Munjal was that he was the beneficial owner of the undeclared foreign currency (“Alleged Offence”). The proceedings initiated by the Commissioner of Customs, New Customs House, New Delhi has been dismissed by Customs, Excise and Service Tax Appellate Tribunal, New Delhi, by way of order dated March 28, 2022, and such dismissal has been upheld by the High Court of Delhi (“Court”) and the Supreme Court of India by way of orders, dated October 5, 2023 and April 26, 2024, respectively. Further, regulatory proceedings had been initiated against Dr. Pawan Munjal, by the Directorate of Revenue Intelligence (“DRI Proceedings”) before the Additional Chief Metropolitan Magistrate, Patiala House Court (“ACMM”), in relation to the same facts. Subsequently, Dr. Pawan Munjal filed a petition dated October 30, 2023, before the Court for quashing the proceedings before the ACMM inter alia on the ground that the allegations were untrue and that he was not a beneficial owner. The Court pursuant to its order dated November 3, 2023, had granted an interim stay on the DRI Proceedings, and subsequently, the Court has pursuant to its judgement dated July 24, 2024, allowed the petition and quashed the DRI Proceedings against Dr. Pawan Munjal. The DRI Proceedings were followed by proceedings initiated by the Directorate of Enforcement (“ED”) under the PMLA (“ED Proceedings”) on the same facts. Dr. Pawan Munjal has filed a writ petition dated November 15, 2023, with the Court against the ED Proceedings. The Court, pursuant to an order dated November 17, 2023, has granted a stay on the ED Proceedings. The matter is listed before the Court on February 5, 2026. As on date of the Draft Red Herring Prospectus and this Addendum, there is no prosecution complaint filed by the ED against Dr. Pawan Munjal. However, we cannot assure you that the ED Proceedings will be decided in his favour or that no liability will be imposed or actions will be taken against him. In relation to the alleged illegal export of foreign currency cumulatively amounting to ₹540.00 million including the Alleged Offence, on August 1, 2023, on spot searches were conducted at the Corporate Office of our Company, at certain branches of Hero MotoCorp Limited, one of our Corporate Promoters, at the place of residence of Abhimanyu Munjal, the Managing Director and one of our Individual Promoters and at the place of residence of Dr. Pawan Munjal, our Chairman and one of our Individual Promoters, by officials of the Directorate of Enforcement, New Delhi (“ED”). In the course of the search, the ED officials inspected and seized, among others, folders and invoices in the name of foreign currency dealers, pen drives and movable property such as foreign currency and jewellery from the searched premises. The ED filed an application for the retention of seized documents/ properties of our Company, Dr. Pawan Munjal, Abhimanyu Munjal, and Hero MotoCorp Limited, under Section 17(4) of the PMLA in relation to the Alleged Offence. Against the application of the ED, our Company and Abhimanyu Munjal, filed applications dated October 9, 2023, each, before the Adjudicating Authority (“AO”) under the PMLA, contending that they had no role or relevance to the said Alleged Offence. The AO, vide its orders dated December 29, 2023 (“Order”), held that our Company, Abhimanyu Munjal and Hero MotoCorp Limited, were not in possession of the foreign currency, however, the Order confirmed the retention of seized documents/properties. Consequently, our Company and Abhimanyu Munjal filed appeals dated February 16, 2024, each and Hero MotoCorp Limited filed an appeal dated February 12, 2024, against the Order, stating that the AO had erroneously ordered the retention of the records that had been unjustifiably seized by the ED. The appeal filed by our Company and Hero MotoCorp Limited was listed on May 7, 2025, and the appellate tribunal vide order dated May 7, 2025 passed directions to ED to release the seized documents and properties. The appeal filed by Abhimanyu Munjal is currently pending. For further details, see “Outstanding Litigation and Material Developments– Litigation involving our Promoters” on page 234 of this Addendum. 1Further, in a proceeding by the ED which has been initiated against one of our customers, Superior Soil Products (“SSP), our Company has received a show cause notice (“SCN”) dated March 26, 2025 from the ED as the collateral security for the loan granted to SSP by our Company has been attached by the Adjudicating Authority (“Attachment Order”). Our Company, in its ordinary course of business, had sanctioned credit facilities to SSP against which certain assets owned by SSP were mortgaged with our Company. Our Company has replied to the SCN on May 2, 2025 and a rejoinder dated June 25, 2025 stating that it has no role in the matter and that it is a bona fide third party lender. Further, Our Company has also challenged the validity of Attachment Order and the matter is currently pending. For further details, see “Outstanding Litigation and Material Developments– Litigation involving our Company - Litigation against our Company Actions taken by Regulatory or Statutory Authorities” on page 231 of this Addendum. Further, Bahadur Chand Investments Private Limited, one of our Corporate Promoters, was subject to a penalty of ₹ 3.00 million pursuant to the order of the RBI dated January 6, 2023 for non-compliance with certain provisions of the Core Investment Companies (Reserve Bank) Directions, 2016 and Directions on Information Technology Framework for the NBFC Sector. The following risk factor shall be included in the section titled “Risk Factors” beginning on page 30 of the Draft Red Herring Prospectus: Our Company may be subject to inquiries or investigation, enforcement action or judicial review regarding its equity capital build-up since incorporation due to proliferation of shareholders while being an unlisted company. As on the date of this Addendum, our Company has 9,119 Shareholders (based on beneficiary position statement available on November 14, 2025). Post the initial subscription in our Company by seven shareholders, our Company has issued fresh Equity Shares pursuant to private placements and rights issues (“Allotments”). For further details, see “Capital Structure - Notes to the Capital Structure - Share Capital history of our Company – Equity Share capital” on page 100 of the Draft Red Herring Prospectus. In relation to the rights issue undertaken by our Company in the past, some of the eligible shareholders had exercised their statutory right to renounce the equity shares to other persons. Apart from the above, existing shareholders have transferred the Equity Shares held by them from time to time. As a public company under the Companies Act, the Equity Shares of our Company are freely transferable resulting into our Company having a large shareholder base prior to the listing of its Equity Shares. Our Company has not participated in such secondary transactions by its shareholders. In relation to the above, we cannot assure you that there will be no future inquiry (which may or may not result into investigation) by regulatory authorities including the Ministry of Corporate Affairs or the SEBI regarding its equity capital build-up since its incorporation on account of its large shareholder base while being an unlisted company. Such inquiry and investigation may be conducted under Sections 206 and 207 of the Companies Act or such other relevant provisions under Chapter XIV of the Companies Act. In an event that any inquiry, investigation, enforcement action or judicial review is initiated against us by a regulatory authority around the proliferation of shareholders due to various reasons prior to the Equity Shares of our Company being listed, there may be an imposition of penalty under Section 42 of the Companies Act or such other relevant provisions under Companies Act and such risks can potentially include the risk of cancellation of such Equity Shares (consequently reduction of equity share capital of our Company) and lead to losses being incurred by the relevant shareholders at relevant points of time.” 2BASIS FOR OFFER PRICE The Price Band and the Offer Price will be determined by our Company in consultation with the Book Running Lead Managers on the basis of assessment of market demand for the Equity Shares offered through the Book Building Process and on the basis of quantitative and qualitative factors as described below. The face value of the Equity Shares is ₹10 each and the Offer Price is [●] times the face value at the lower end of the Price Band and [●] times the face value at the higher end of the Price Band. Investors should refer to “Risk Factors”, “Our Business”, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on pages 31, 237, and 446, respectively, of the Draft Red Herring Prospectus and “Restated Consolidated Financial Information” beginning on page 78 of this Addendum, to have an informed view before making an investment decision. Qualitative Factors Some of the qualitative factors and our strengths which form the basis for computing the Offer Price are as follows: • Scaled non-banking financial company with a diversified product offering catering to the large and attractive retail and micro, small and medium enterprises customer segments. • Our Hero heritage. • Strong customer franchise acquired through a pan-India distribution network comprising in-house capabilities and partnerships. • Our customer centric approach with strong cross-sell potential. • Well-integrated technology platform across functions and data-driven operations. • Prudent risk management, robust underwriting, data analytics capability and robust collections infrastructure. • Strong liability franchise, access to low-cost borrowing, and strong credit ratings. • Strong Business Growth and Financial Performance. • Experienced management team, respected board, and marquee investors. For details, see “Our Business – Competitive Strengths” on page 242 of the DRHP. Quantitative Factors Some of the information presented below relating to our Company is derived from the Restated Consolidated Financial Information. For details, see “Restated Consolidated Financial Information” beginning on page 78 of this Addendum. Some of the quantitative factors which may form the basis for computing the Offer Price are as follows: A. Restated Basic and Diluted Earnings Per Equity Share (“EPS”)(1) (face value of each Equity Share is ₹10): Fiscal / Period ended Restated Basic Restated Diluted Weight EPS (in ₹)(3) EPS (in ₹)(4) March 31, 2025 8.60 8.58 3 March 31, 2024 50.02 49.92 2 March 31, 2023 37.69 37.65 1 Weighted Average(2) 27.25 27.21 Six months period ended September 30, 2025* (10.18) (10.18) – Six months period ended September 30, 2024* 6.80 6.79 – *Not annualized Notes: 1. Restated Basic and diluted earnings/ (loss) per equity share are computed in accordance with Indian Accounting Standard 33 notified under the Companies (Indian Accounting Standards) Rules of 2015 (as amended).The face value of Equity Shares of the Company is ₹ 10. 32. Weighted average = Aggregate of year-wise weighted EPS divided by the aggregate of weights i.e. (EPS x Weight) for each year /Total of weights. 3. Restated Basic earnings per share (₹) = Calculated by dividing Restated profit/loss after tax attributable to equity shareholders by weighted average number of Equity Shares outstanding during the relevant period/Fiscal. 4. Restated Diluted earnings per share (₹) = Calculated by dividing Restated profit/loss after tax attributable to equity shareholders by the weighted average number of Equity Shares outstanding during the relevant period/Fiscal plus the weighted average number of Equity Shares that would be issued on conversion of all the dilutive potential Equity Shares into Equity Shares of the Company. B. Price/Earning (“P/E”) ratio in relation to Price Band of ₹[●] to ₹[●] per Equity Share: Particulars P/E at the Floor Price P/E at the Cap Price (number of times) (number of times) Based on basic EPS as per the Restated [●]* [●]* Consolidated Financial Information for the financial year ended March 31, 2025 Based on diluted EPS as per the Restated [●]* [●]* Consolidated Financial Information for the financial year ended March 31, 2025 * To be computed after finalisation of the Price Band. C. Industry Peer Group P/E ratio P/E Ratio (x) Highest 37.73 Lowest 26.60 Average 32.16 Notes: (1) The industry composite has been calculated as the arithmetic average P/E of the industry peer set disclosed. (2) P/E Ratio has been computed based on the closing market price of equity shares on BSE on November 12, 2025 divided by the diluted earnings per share as of March 31, 2025 (except for Bajaj Finance Limited where the information presented is after taking into consideration bonus issue and stock split by retrospectively adjusting as if the event had occurred at the beginning of the period presented). (3) All the financial information for listed industry peers mentioned above is taken as is sourced from the audited financial statements of the relevant companies for period/ Fiscal 2025, as available on the websites of the stock exchanges. D. Industry Peer Group P/B ratio Based on the peer group information (excluding our Company) given below in this section, details of the highest, lowest and industry average P/B ratio are set forth below: P/B Ratio (x) Highest 6.50 Lowest 3.66 Average 4.76 Notes: (1) The industry composite has been calculated as the arithmetic average P/B of the industry peer set disclosed. (2) P/B Ratio has been computed based on the closing market price of equity shares on BSE on November 12, 2025 divided by the NAV per Equity Share as of March 31, 2025 (except for Bajaj Finance Limited where the information presented is after taking into consideration bonus issue and stock split by retrospectively adjusting as if the event had occurred at the beginning of the period presented). (3) All the financial information for listed industry peers mentioned above is taken as is sourced from the audited financial statements of the relevant companies for period/ Fiscal 2025, as available on the websites of the stock exchanges. E. Average Return on Net worth (“RoNW”) Fiscal/Period ended RoNW(1) (%) Weight March 31, 2025 1.91 3 March 31, 2024 11.05 2 4Fiscal/Period ended RoNW(1) (%) Weight March 31, 2023 9.15 1 Weighted Average 6.16 Six months period ended September 30, 2025* (4.42) – Six months period ended September 30, 2024* 3.03 – *Annualized Notes: (1) Return on Net Worth (%) = Ratio of Restated Profit/(loss) after tax for the relevant period/Fiscal to Net Worth as of the last day of the relevant period/Fiscal. Net Worth means sum of equity share capital and other equity (excluding Capital Reserve) as of the last day of relevant period/Fiscal. (2) Weighted average = Aggregate of year-wise weighted Return on Net Worth divided by the aggregate of weights i.e. [(Return on Net Worth x Weight) for each year] / [Total of weights] F. Net Asset Value (“NAV”) per Equity Share(1) Financial Year/Period Amount (₹) Six months period ended September 30, 2025 456.57 As on March 31, 2025 451.55 After the completion of the Offer - At the Floor Price [●]* - At the Cap Price [●]* Offer Price [●]* Notes: * Offer Price per Equity Share will be determined on conclusion of the Book Building Process. (1) Net Asset Value (“NAV”) per Equity Share is calculated by dividing Net Worth(2) of the company by the total number of equity shares outstanding as of the last day of relevant period/Fiscal. (2) Net worth means sum of equity share capital and other equity (excluding Capital Reserve) as of the last day of relevant period/Fiscal. 5G. Comparison with listed peers(1) The peer group of the Company has been determined on the basis of companies listed on Indian stock exchanges, whose business profile is comparable to our businesses in terms of our size and our business model: Net Restated Asset Total Earning Per Return Value Name of the Standalone/ Revenue Face P/E P/B Equity Share for on Net per Company Consolidated from Value ratio(2)^ ratio(3)^ the Year Ended Worth(4) equity operations March 31, 2025 (%) share(5) (₹) (₹) (₹ in (₹ per Basic Diluted million) share) Hero FinCorp Consolidated 98,327.33 10.00 [●] [●] 8.60 8.58 1.90% 451.55 Limited# Listed peers* Bajaj Finance Consolidated 6,96,835.10 1.00@ 37.73@ 6.50@ 26.89@ 26.82@ 17.21% 155.60@ Limited Cholamandalam Investment & Consolidated 2,58,459.80 2.00 33.96 6.11 50.72 50.60 18.01% 281.45 Finance Company Poonawalla Consolidated 41,897.60 2.00 NA 4.66 (1.27) (1.27) (1.20%) 105.07 Fincorp Limited Sundaram Finance Consolidated 84,856.30 10.00 27.61 3.96 170.53 170.53 14.24% 1,187.79 Limited HDB Financial Services Consolidated 1,63,002.80 10.00 26.60 3.66 27.40 27.32 13.75% 198.80 Limited Tata Capital Consolidated 2,83,127.40 10.00 34.89 3.69 9.32 9.32 11.04% 88.22 Limited # Financial information of our Company has been derived from the Restated Consolidated Financial Information prior to taking into account the exceptional items. ^ To be updated upon finalization of the Price Band. @ Bajaj Finance Limited undertook a stock split (one equity share of face value ₹2, divided in two equity shares of face value ₹1) and a bonus issue (four bonus equity shares of face value ₹1 for every one equity share of ₹1 held). Record date for both the corporate actions was June 16, 2025. The information presented is after taking into consideration this bonus issue and stock split by retrospectively adjusting as if the event had occurred at the beginning of the period presented. * Sources for listed peers information included above: 1. All the financial information for listed industry peers is on a consolidated basis and is sourced from the financial information of such listed industry peer as at and for the year ended March 31, 2025 available on the website of the stock exchanges. 2. P/E ratio for the listed industry peers has been computed based on the closing market price of equity shares on BSE Limited (“BSE”) as on November 12, 2025 divided by the diluted earnings per share for the year ended March 31, 2025. 3. P/B ratio for the listed industry peers has been computed based on the closing market price of equity shares on BSE as on November 12, 2025, divided by the net asset value per equity share as of the last day of the year ended March 31, 2025. 4. Return on Net Worth is ratio of Restated Profit/(loss) after tax for the relevant period/Fiscal to Net Worth as of the last day of the relevant period/Fiscal. 5. Net Asset Value per Equity Share represents ratio of Net Worth to the total number of Equity Shares outstanding as of the last day of the relevant period/Fiscal. H. Key Performance Indicators (“KPIs”) The table below sets forth the details of our KPIs that our Company considers have a bearing for arriving at the basis for Offer Price. All the KPIs disclosed below have been approved by a resolution of our Audit Committee dated November 14, 2025 and the Audit Committee has confirmed that the KPIs pertaining to our Company that have been disclosed to earlier investors at any point of time during the three years 6period prior to the date of filing of this Addendum have been disclosed in this section. Further, the members of our Audit Committee have confirmed that there are no KPIs pertaining to our Company that have been disclosed to any Promoter or member of Promoter Group or Directors in their capacity as Shareholders at any point of time during the three years prior to the date of filing of this Addendum. The KPIs disclosed herein have been subject to verification and certification by B R Maheswari & Co LLP, Chartered Accountants pursuant to certificate dated November 17, 2025, which will be included as part of the “Material Contracts and Documents for Inspection” in the Red Herring Prospectus. Further, the Chief Financial Officer has certified pursuant to certificate dated November 17, 2025, the KPIs disclosed below, comprising the GAAP financial measures, Non-GAAP financial measures and operational measures. The KPIs disclosed below have been historically used by the Company to understand and analyze its business performance and will also help in analyzing its growth in comparison to its peers. The presentation of these KPIs is not intended to be considered in isolation or as a substitute for the Restated Financial Statements. We use these KPIs to evaluate our financial and operating performance. Some of these KPIs are not defined under Ind AS and are not presented in accordance with Ind AS and may have limitations as analytical tools. Further, these KPIs may differ from the similar information used by other companies and hence their comparability may be limited. Therefore, these KPIs should not be considered in isolation or construed as an alternative to Ind AS measures of performance, liquidity, profitability or results of operation. A list of our KPIs, is set out below for the indicated periods below: Particulars For the six months period As at and for the Fiscal ended ended Unit September September March 31, March 31, March 31, 30, 2025 30, 2024 2025 2024 2023 Scale AUM (1) ₹ in million 5,81,625.35 5,56,440.90 5,77,205.29 5,18,208.11 4,17,508.93 Retail Retail Retail Retail Retail 62.83%, 62.02%, 63.81%, 64.94%, 65.08%, SME SME 24.53%, SME 23.28%, SME 23.00%, SME 20.80%, 20.31%, Product Vertical AUM (2) % Corporate Corporate Corporate Corporate Corporate 10.00%, 9.31%, 8.59%, 11.56%, 12.06%, Others(3) Others(3) Others(3) Others(3) Others(3) 3.44% 3.59% 3.47% 2.56% 4.79% AUM Growth (YoY) (4) % 4.53% 19.78% 11.38% 24.12% 26.32% Disbursements (5) ₹ in million 1,43,600.55 1,57,977.52 3,30,297.18 3,44,632.47 2,77,133.32 Disbursements Growth (YoY) (6) % -9.10% -0.87% -4.16% 24.36% 40.68% Retail Retail Retail Retail Retail 72.68%, 63.24%, SME 73.62%, SME 71.10%, SME 73.70%, SME SME Product Vertical Disbursements (7) % 15.84%, 15.92%, 16.23%, 14.12%, 14.38%, Corporate Corporate Corporate Corporate Corporate 20.93% 10.46% 12.66% 12.18% 12.94% Asset Quality Stage 1 Loans (8) ₹ in million 5,11,690.94 5,05,117.23 5,16,412.96 4,81,339.03 3,82,933.19 Stage 2 Loans (9) ₹ in million 14,273.27 15,383.90 15,513.40 12,819.39 10,837.47 Stage 3 Loans (10) ₹ in million 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 GNPA Ratio (11) % 5.05% 4.34% 5.05% 4.02% 5.11% NNPA (12) ₹ in million 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 NNPA Ratio (13) % 2.32% 2.12% 2.30% 2.00% 2.69% Provision Coverage Ratio (“PCR”) (14) % 55.42% 52.22% 55.80% 51.41% 48.74% Capital Total Borrowings (15) ₹ in million 5,05,799.83 4,96,118.02 5,29,546.46 4,61,694.76 3,66,278.60 7Particulars For the six months period As at and for the Fiscal ended ended Unit September September March 31, March 31, March 31, 30, 2025 30, 2024 2025 2024 2023 Adjusted Total Borrowings (16) ₹ in million 4,74,917.63 4,68,859.27 5,00,702.85 4,35,582.39 3,43,178.08 Term loans 57.22%, ECB Term loans Term loans Term loans 15.73%, 61.95%, ECB 59.90%, ECB Term loans 56.48%, NCDs 5.29%, 12.60%, 15.27%, 60.95%, ECB ECB CPs 6.91%, NCDs 5.11%, NCDs 5.22%, 10.31%, 10.74%, Working CPs 7.75%, CPs 8.33%, NCDs 6.24%, NCDs Capital Working Working CPs 8.28%, 10.12%, CPs 3.66%, Capital Capital Working 8.30%, Borrowings Mix(17) % Perpetual 3.42%, 1.84%, Capital Working Debt 1.06%, Perpetual Perpetual 6.37%, Capital Subordinated Debt 0.61%, Debt 1.02%, Subordinated 5.43%, debt 3.43%, Subordinated Subordinated debt 2.20%, Subordinated Others - debt 3.06%, debt 2.97%, Others - debt 2.61%, CCPS 6.11%, Others - Others - CCPS 5.66% Others - Others - CCPS 5.49% CCPS 5.45% CCPS 6.31% CROMS 0.59% Debt to Equity (18) times 8.55 8.67 9.20 8.01 6.99 Adjusted Debt to Equity (19) times 5.27 5.55 5.80 5.20 4.54 CRAR (20) % 17.41% 16.62% 16.88% 16.28% 20.57% Tier I Capital (21) % 14.49% 13.90% 14.19% 14.36% 17.68% Tier II Capital (22) % 2.92% 2.72% 2.69% 1.92% 2.89% Net Worth (23) ₹ in million 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 Adjusted Net Worth (24) ₹ in million 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 Financials Total Income (25) ₹ in million 48,837.46 48,824.09 99,033.32 83,597.31 64,475.45 Net Interest Income (26) ₹ in million 22,512.71 23,765.13 47,609.56 43,820.17 35,456.50 Net Total Income (27) ₹ in million 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 Profit Before Credit Costs (28) ₹ in million 13,249.06 16,097.60 31,401.79 26,829.37 19,474.51 Impairment on financial instruments (29) ₹ in million 14,044.57 14,375.47 28,840.85 17,223.90 12,122.30 Restated Profit/(loss) after Tax (30) ₹ in million -1,307.56 867.83 1,099.54 6,370.48 4,799.47 PAT Growth (YoY) (31) % -250.67% NA -82.74% 32.73% NA Adjusted Profit/(loss) after Tax (32) ₹ in million 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 Adjusted PAT Growth (YoY) (33) % -49.08% NA -55.05% 24.78% NA Ratios Yield on Advances (34) * % 15.13% 15.92% 15.98% 16.09% 15.37% Net Interest Margin (35) * % 8.08% 8.98% 8.86% 9.43% 9.53% Average Cost of Borrowings (36) * % 8.05% 8.13% 8.18% 7.95% 6.90% Operating Expenses Ratio (37) * % 5.73% 5.42% 5.46% 5.55% 6.25% Adjusted Operating Expenses Ratio (38) % 4.78% 4.76% 4.84% 4.80% 5.42% * Cost to Income Ratio (39) % 54.64% 47.13% 48.32% 49.02% 54.43% Adjusted Cost to Income Ratio (40) % 45.61% 41.39% 42.83% 42.39% 47.18% Profit Before Credit Costs (41) * % 4.76% 6.08% 5.84% 5.77% 5.23% Credit Cost Ratio (42) * % 5.04% 5.43% 5.37% 3.70% 3.26% Return on Assets (“ROA”) (43) * % -0.47% 0.33% 0.20% 1.37% 1.29% Adjusted ROA (44) * % 0.48% 0.99% 0.82% 2.12% 2.12% Return on Equity (“ROE”) (45) * % -4.48% 3.02% 1.91% 11.57% 9.59% Adjusted ROE (46) * % 3.02% 6.21% 5.21% 12.38% 12.82% Operational Credit Rating (47) AA+ AA+ AA+ AA+ AA+ 8Particulars For the six months period As at and for the Fiscal ended ended Unit September September March 31, March 31, March 31, 30, 2025 30, 2024 2025 2024 2023 New loans disbursed (48) in millions 0.62 0.77 1.60 2.38 2.39 New customers acquired in the year (49) in millions 0.59 0.74 1.51 2.06 1.86 Total customer franchise (50) in millions 13.21 11.98 12.70 11.80 9.63 Cross sell franchise (51) % 9.48% 8.85% 9.16% 8.42% 7.93% Product per customer (52) # 4.93 4.93 4.93 4.25 3.15 Mobile app downloads (53) in millions 2.73 2.52 4.94 2.79 1.91 % of customers digitally acquired (54) % 16.88% 38.12% 27.71% 37.75% 40.70% Digital collections (55) % 88.46% 85.92% 86.73% 83.31% 81.24% Digital share of customer service (56) % 69.44% 55.15% 57.64% 53.02% 47.53% Disbursements / On-Roll Employees (57) ₹ in million 67.01 73.80 79.11 77.12 77.22 * On Roll Employee (58) # 4,286 4,281 4,175 4,469 3,589 Branches (59) # 123 118 122 140 81 * Ratios for the six months ended September 30, 2025 and September 2024, have been annualized. Notes: (1) AUM is the aggregate of (i) Total Gross Loans and (ii) Assigned Assets off book loan assets (which have been transferred by our Company by way of assignment) as of the last day of the relevant Fiscal/Period. (2) Product Vertical AUM (%) is the % mix of AUM across our segments (Retail, SME and Corporate) for the relevant Fiscal/Period. (3) Others includes lending amount to CROMS (Clearcorp Repo Order Matching System). (4) Percentage Growth in AUM as of the last day of the relevant fiscal/period over the AUM of the last day of the preceding fiscal/period. (5) Total amount of new loans disbursed to the customer during the relevant fiscal/period. (6) Percentage growth in disbursements for the relevant fiscal/period over disbursements of the preceding fiscal/period. (7) Product Vertical Disbursements (%) is the % mix of disbursements across our segments (Retail, SME and Corporate) for the relevant fiscal/period. (8) Gross carrying value of Stage 1 Loans as of the last day of relevant fiscal/period. (9) Gross carrying value of Stage 2 Loans as of the last day of relevant fiscal/period. (10) Gross carrying value of Stage 3 Loans as of the last day of relevant fiscal/period. (11) Ratio of Stage 3 Loans (GNPA) to Total Gross Loans as of the last day of the relevant fiscal/period. (12) Stage 3 Loans reduced by Stage 3 impairment allowance (NPA provisions) as of the last day of relevant fiscal/period. (13) Ratio of NNPA to Total Gross Loans reduced by Stage 3 impairment allowances (NPA Provisions) as of the last day of the relevant fiscal/period. (14) Ratio of Stage 3 impairment allowance (NPA Provisions) to Stage 3 Loans as of the last day of relevant fiscal/period. (15) Sum of debt securities, borrowings (other than debt securities) and subordinated liabilities as of the last day of relevant fiscal/period. (16) Sum of debt securities, borrowings (other than debt securities) and subordinated liabilities (excluding CCPS) as of the last day of relevant fiscal/period. (17) Borrowing mix is the % mix of our sources of the fund for the relevant fiscal /period. (18) Ratio of the total borrowings to net worth of the last day of relevant fiscal /period. (19) Ratio of the adjusted total borrowings to adjusted net worth of the last day of relevant fiscal/period. (20) Capital to risk (weighted) assets ratio is computed by dividing our Tier I and Tier II capital by total risk weighted assets computed in accordance with RBI guidelines as of the last day of the relevant fiscal/period. (21) Tier I capital computed basis the method provided by the regulator as at the last day of relevant fiscal. Tier I capital % is calculated by dividing Tier I capital by total risk weighted assets. (22) Tier II capital computed basis the method provided by the regulator as of the last day of relevant fiscal. Tier II capital % is calculated by dividing Tier II capital by total risk weighted assets (23) Represents the sum of equity share capital and other equity (excluding capital reserve) as of the last day of the relevant fiscal/period. (24) Represents Net worth as of the last day of the relevant fiscal/period considering CCPS as equity. (25) Represents the sum of total revenue from operation and other income for the relevant fiscal/period (26) Interest Income reduced by finance cost for the relevant fiscal/period. (27) Total income reduced by finance cost for the relevant fiscal/period. (28) Net total income reduced by operating expenses for the relevant fiscal/period. (29) Impairment allowance on gross carrying amount of Total Gross Loans, impairment allowance on others and settlement loss and bad debts written off for the relevant fiscal/period. (30) Restated Profit/(loss) before tax reduced by tax expense for the relevant fiscal/period. (31) Represents percentage growth in Restated Profit/(loss) after tax of the relevant fiscal/period over Restated profit/(loss) after tax of the preceding fiscal/period. (32) Restated Profit/(loss) after tax excluding the impact of CCPS cost for the fiscal/period. (33) Adjusted PAT growth represents percentage growth in adjusted profit/(loss) after tax of the relevant fiscal/period over adjusted profit/(loss) after tax of the preceding fiscal/period. (34) Ratio of Interest income to average Total Gross Loans for the relevant fiscal/period. Average Total Gross Loans represent 9the simple average of our Total Gross Loans as of the last day of the relevant fiscal/period and our Total Gross Loans as of the last day of the preceding fiscal/period. (35) Ratio of Net Interest Income to average Total Gross Loans for the relevant fiscal/period. (36) Ratio of finance cost for the relevant fiscal/period to average adjusted total borrowings. Average Adjusted Total Borrowings represents the simple average of our adjusted total borrowings as of the last day of the relevant fiscal/period and our adjusted total borrowings as of the last day of the preceding fiscal/period. (37) Ratio of Operating Expenses to average Total Gross Loans for the relevant fiscal/period. (38) Ratio of adjusted Operating Expenses to average Total Gross Loans for the relevant fiscal/period. (39) Ratio of Operating Expenses to Net total income for the relevant fiscal/period. (40) Ratio of Adjusted Operating Expenses to Net total income for the relevant fiscal/period. (41) Ratio of Profit before Credit Cost (PBCC) to average Total Gross Loans for the relevant fiscal/period. (42) Ratio of Impairment on financial instruments to average Total Gross Loans for the relevant fiscal/period. (43) Ratio of Restated profit/loss after tax for the relevant fiscal/period to average Total Gross Loans for the relevant fiscal/period. (44) Ratio of adjusted profit/(loss) after tax for the relevant fiscal/period to average Total Gross Loans for the relevant fiscal/period. (45) Ratio of Restated profit/(loss) after tax for the relevant fiscal/period to average net worth for the relevant fiscal/period. (46) Ratio of adjusted profit/(loss) after tax for the relevant fiscal/period to average adjusted net worth. (47) Credit rating issued by a/multiple registered rating agency/ies with the SEBI for long term and short-term borrowing facilities of our Company as of the last day of relevant fiscal/period. (48) No. of Loan accounts disbursed during the relevant fiscal/period. (49) Distinct New Customers acquired during the relevant fiscal/period. (50) Distinct Total Customers acquired till the end of the relevant fiscal/period including closed account customers. (51) Ratio of distinct LPL customers to distinct total customers acquired till end of the relevant fiscal/period. (52) Ratio of total products (Lending + Non-Lending) to total customers acquired during the relevant fiscal/period. (53) Mobile app installations during the relevant fiscal/period. (54) Ratio of digitally disbursed loan counts including disbursements through partnership platforms to total disbursal loan counts during the relevant fiscal/period. (55) Ratio of Non-cash collections to total collections during the relevant fiscal/period. Non-cash modes includes Nach, cheques, electronic clearing service payments, payments through payment gateways and aggregators. (56) Ratio of digitally received queries to total customer queries received during the relevant fiscal/period. (57) Ratio of Disbursements to number of on-roll employees at the last day of the relevant fiscal/period. (58) Number of active on-roll employees as of the last day of relevant fiscal/period. (59) Total number of active branches as of the last day of relevant fiscal/period. Our Company confirms that it shall continue to disclose the KPIs disclosed hereinabove in this section on a periodic basis, at least once in a year (or for any lesser period as determined by the Board of our Company), for a duration of one year after the date of listing of the Equity Shares, or until the utilization of Offer Proceeds, whichever is later, on the Stock Exchanges pursuant to the Offer, or for such other period as may be required under the SEBI ICDR Regulations. For details of our other operating metrics disclosed elsewhere in the Draft Red Herring Prospectus and this Addendum, see “Our Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on pages 237 and 446, respectively, of the DRHP, and “Selected Statistical Information” beginning on page 42 of this Addendum. I. Description on the historic use of the KPIs by our Company to analyze, track or monitor the operational and/or financial performance of our Company Brief explanation of the relevance of the KPIs for our business operations is set forth below. We have also described and defined the KPIs, as applicable, in “Definitions and Abbreviations” beginning on page 1 of the DRHP. KPIs Rationale Scale AUM Product Vertical AUM These metrics are used by the management to assess the growth in terms of scale AUM Growth (YoY) of business of our Company. Disbursements Disbursements Growth (YoY) These metrics are used by the management to assess the growth in terms of Product Vertical Disbursements composition of business of our Company. Asset Quality Stage 1 Loans Stage 2 Loans These metrics are used by the management to assess the asset quality of the loan Stage 3 Loans portfolio and adequacy of provisions against delinquent loans. GNPA Ratio 10KPIs Rationale NNPA NNPA Ratio Provision Coverage Ratio (“PCR”) Capital Total Borrowings These metrics are used by the management to assess the source of capital borrowed Adjusted Total Borrowings by the Company. Borrowings Mix Debt to Equity These metrics are used by the management to assess the capital requirement and Adjusted Debt to Equity leverage position of the Company. CRAR These metrics are used by the management to ensure the adequacy of capital for Tier I Capital the business growth of our Company. Tier II Capital Net Worth These metrics are used by the management to assess the financial and profitability Adjusted Net Worth metrics and cost efficiency of the business of our Company. Financials Total Income Net Interest Income Net Total Income Profit Before Credit Costs These metrics are used by the management to assess the financial and profitability Impairment on financial instruments metrics and cost efficiency of the business of our Company. Restated Profit/(loss) after Tax PAT Growth (YoY) Adjusted Profit/(loss) after Tax Adjusted PAT Growth (YoY) Ratios Yield on Advances Net Interest Margin Average Cost of Borrowings Operating Expenses Ratio These metrics are used by the management to assess the financial and profitability Adjusted Operating Expenses Ratio metrics and cost efficiency of the business of our Company. Cost to Income Ratio Adjusted Cost to Income Ratio Profit Before Credit Costs These metrics are used by the management to assess the asset quality of the loan Credit Cost Ratio portfolio and adequacy of provisions against delinquent loans. Return on Assets (“ROA”) Adjusted ROA These metrics are used by the management to assess the return on the deployed Return on Equity (“ROE”) capital (including free reserves) and the assets in the business of our Company. Adjusted ROE Operational Credit Ratings represents the long term and short-term credit ratings of our Credit Rating Company’s various borrowing facilities on the basis of the assessment by independent rating agencies. New loans disbursed (in millions) New customers acquired in the year (in These metrics are used by the management to assess the loan growth in our millions) Company. Total customer franchise (in millions) Cross sell franchise This metric is used by the management to assess the cross-sell strength of our Company. Product per customer Mobile app downloads % of customers digitally acquired This metric is used by the management to assess the digital strength and digital Digital collections infrastructure of the business of our Company. Digital share of customer service This metric is used by the management to track the productivity of employees of Disbursements / On-Roll Employees the Company. 11KPIs Rationale On Roll Employee These metrics are used by the management to assess the physical presence, footprint and geographical expansion of the business of our Company. Branches 12J. Comparison of KPIs with Listed Industry Peers Hero Fincorp Limited Bajaj Finance Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 Scale AUM ₹ in million 5,81,625.35 5,56,440.90 5,77,205.29 5,18,208.11 4,17,508.93 46,22,610.00 37,39,240.00 41,66,610.00 33,06,150.00 24,73,790.00 Mortgages 31.0%, Urban B2C Mortgages Loans 31.2%, Urban 20.7%, B2C Loans MSME 20.9%, Mortgages Mortgages Mortgages Lending MSME 31.1%, Urban 31.2%, Urban 31.6%, Urban 11.8%, Lending B2C Loans B2C Loans B2C Loans Urban Sales 11.2%, Urban 21.0%, MSME 20.0%, MSME 20.8%, MSME Finance Sales Finance Lending 12.1%, Lending 11.6%, Lending 12.0%, 7.3%, 7.3%, Urban Sales Urban Sales Urban Sales Commercial Commercial Finance 7.0%, Finance 7.1%, Finance 7.2%, Lending Lending 6.8%, Commercial Commercial Commercial Retail 62.02%, Retail 63.81%, Retail 64.94%, Retail 65.08%, Retail 62.83%, 6.6%, Loan Loan Against Lending 6.7%, Lending 6.7%, Lending 6.4%, SME 24.53%, SME 23.28%, SME 23.00%, SME 20.80%, SME 20.31%, Against Securities Loan Against Loan Against Loan Against Product Vertical AUM % Corporate Corporate Corporate Corporate Corporate Securities 6.4%, Rural Securities 6.1%, Securities 6.7%, Securities 6.1%, 10.00%, 9.31%, 8.59%, 11.56%, 12.06%, 6.2%, Rural B2C Loans Rural B2C Rural B2C Rural B2C Others 3.44% Others 3.59% Others 3.47% Others 2.56% Others 4.79% B2C Loans 4.9%, Car Loans 5.2%, Loans 5.3%, Loans 6.7%, 4.9%, Car Loans 2.8%, Car Loans Car Loans Car Loans Loans 2.7%, Gold Loans 2.9%, Gold 2.1%, Gold 1.1%, Gold Gold Loans 2.5%, Rural Loans 2.0%, Loans 1.4%, Loans 1.1%, 1.7%, Rural Sales Finance Rural Sales Rural Sales Rural Sales Sales 1.9%, 2&3 Finance 1.9%, Finance 1.9%, Finance 1.8%, Finance Wheeler 2&3 Wheeler 2&3 Wheeler 2&3 Wheeler 1.9%, 2&3 3.1%, CV & 4.2% 6.0% 5.2% Wheeler Tractor 0.6%, 5.0%, CV & MFI Lending Tractor 0.4% 0.1%, MFI Lending 0.1% AUM Growth (YoY) % 4.53% 19.78% 11.38% 24.12% 26.32% 23.62% 28.82% 26.03% 33.65% 25.29% Disbursements ₹ in million 1,43,600.55 1,57,977.52 3,30,297.18 3,44,632.47 2,77,133.32 NA NA NA NA NA 13Hero Fincorp Limited Bajaj Finance Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 Disbursements Growth % -9.10% -0.87% -4.16% 24.36% 40.68% NA NA NA NA NA (YoY) Retail 63.24%, Retail 73.62%, Retail 71.10%, Retail 73.70%, Retail 72.68%, Product Vertical SME 15.84%, SME 15.92%, SME 16.23%, SME 14.12%, SME 14.38%, % NA NA NA NA NA Disbursements Corporate Corporate Corporate Corporate Corporate 20.93% 10.46% 12.66% 12.18% 12.94% Asset Quality Stage 1 Loans ₹ in million 5,11,690.94 5,05,117.23 5,16,412.96 4,81,339.03 3,82,933.19 44,98,170.00 36,48,660.00 40,54,578.40 32,45,074.30 24,12,899.60 Stage 2 Loans ₹ in million 14,273.27 15,383.90 15,513.40 12,819.39 10,837.47 47,210.00 45,190.00 54,039.20 40,109.40 30,329.10 Stage 3 Loans ₹ in million 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 56,870.00 39,530.00 39,647.40 28,159.80 23,128.10 GNPA Ratio % 5.05% 4.34% 5.05% 4.02% 5.11% 1.24% 1.06% 0.96% 0.85% 0.94% NNPA ₹ in million 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 27,420.00 16,960.00 18,344.80 12,102.60 8,366.10 NNPA Ratio % 2.32% 2.12% 2.30% 2.00% 2.69% 0.60% 0.46% 0.44% 0.37% 0.34% Provision Coverage Ratio % 55.42% 52.22% 55.80% 51.41% 48.74% 51.79% 57.11% 53.73% 57.02% 63.83% (“PCR”) Capital Total Borrowings ₹ in million 5,05,799.83 4,96,118.02 5,29,546.46 4,61,694.76 3,66,278.60 39,74,009.30 32,42,180.70 36,12,486.50 29,33,458.30 21,66,904.90 Adjusted Total ₹ in million 4,74,917.63 4,68,859.27 5,00,702.85 4,35,582.39 3,43,178.08 NA NA NA NA NA Borrowings Term loans 57.22%, ECB Term loans Term loans 15.73%, NCDs 61.95%, ECB 59.90%, ECB Term loans Term loans 5.29%, CPs 12.60%, NCDs 15.27%, NCDs 60.95%, ECB 56.48%, ECB Deposits 18%, Deposits Deposits 21%, Deposits 20%, Deposits 21%, 6.91%, 5.11%, CPs 5.22%, CPs 10.31%, NCDs 10.74%, NCDs Bank loans 20%, Bank Bank loans Bank loans Bank loans Working 7.75%, 8.33%, 6.24%, CPs 10.12%, CPs 26%, NCD loans 29%, 33%, NCD 28%, NCD 30%, NCD Capital 3.66%, Working Working 8.28%, 8.30%, 40%, NCD 37%, 34%, 35%, 32%, Borrowings Mix % Perpetual Debt Capital 3.42%, Capital 1.84%, Working Working Subordinate Subordinate Subordinate Subordinate Subordinate 1.06%, Perpetual Debt Perpetual Debt Capital 6.37%, Capital 5.43%, debt 1%, debt 1%, debt 2%, Short debt 1%, Short debt 1%, Short Subordinated 0.61%, 1.02%, Subordinated Subordinated Short term Short term term term borrowings term borrowings debt 3.43%, Subordinated Subordinated debt 2.20%, debt 2.61%, borrowings borrowings borrowings 9%, 12%, ECB 4% 14%, ECB 2% Others - CCPS debt 3.06%, debt 2.97%, Others - CCPS Others - CCPS 11%, ECB 4% 9%, ECB 4% ECB 1% 6.11%, Others Others - CCPS Others - CCPS 5.66% 6.31% - CROMS 5.49% 5.45% 0.59% 14Hero Fincorp Limited Bajaj Finance Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 Debt to Equity times 8.55 8.67 9.20 8.01 6.99 3.85 3.74 3.74 3.82 3.99 Adjusted Debt to Equity times 5.27 5.55 5.80 5.20 4.54 NA NA NA NA NA CRAR % 17.41% 16.62% 16.88% 16.28% 20.57% 21.20% 21.70% 21.93% 22.52% 24.97% Tier I Capital % 14.49% 13.90% 14.19% 14.36% 17.68% 20.50% 20.90% 21.09% 21.51% 23.20% Tier II Capital % 2.92% 2.72% 2.69% 1.92% 2.89% 0.70% 0.80% 0.84% 1.01% 1.77% Net Worth ₹ in million 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 10,32,134.70 8,68,028.60 9,66,928.70 7,66,953.50 5,43,719.80 Adjusted Net Worth ₹ in million 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 NA NA NA NA NA Financials Total Income ₹ in million 48,837.46 48,824.09 99,033.32 83,597.31 64,475.45 3,97,085.00 3,31,977.20 6,97,247.80 5,49,825.10 4,14,182.60 Net Interest Income ₹ in million 22,512.71 23,765.13 47,609.56 43,820.17 35,456.50 2,10,116.60 1,72,030.20 3,63,927.60 2,95,819.10 2,29,886.80 Net Total Income ₹ in million 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 2,57,795.40 2,13,645.40 4,49,539.90 3,62,578.20 2,88,583.70 Profit Before Credit Costs ₹ in million 13,249.06 16,097.60 31,401.79 26,829.37 19,474.51 1,73,606.30 1,42,546.20 3,00,278.50 2,39,326.30 1,87,158.40 Impairment on financial ₹ in million 14,044.57 14,375.47 28,840.85 17,223.90 12,122.30 43,889.60 35,937.60 79,660.30 46,307.00 31,896.50 instruments Restated Profit/(loss) ₹ in million -1,307.56 867.83 1,099.54 6,370.48 4,799.47 95,749.70 79,117.10 1,66,378.20 1,44,511.70 1,15,076.90 after Tax PAT Growth (YoY) % -250.67% NA -82.74% 32.73% NA 21.02% 13.22% 15.13% 25.58% 63.74% Adjusted Profit/(loss) ₹ in million 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 NA NA NA NA NA after Tax Adjusted PAT Growth % -49.08% NA -55.05% 24.78% NA NA NA NA NA NA (YoY) Ratios Yield on Advances* % 15.13% 15.92% 15.98% 16.09% 15.37% 15.97% 16.48% 16.39% 16.72% 16.07% Net Interest Margin* % 8.08% 8.98% 8.86% 9.43% 9.53% 9.60% 9.77% 9.75% 10.24% 10.39% Average Cost of % 8.05% 8.13% 8.18% 7.95% 6.90% 7.34% 7.66% 7.57% 7.34% 6.58% Borrowings* Operating Expenses % 5.73% 5.42% 5.46% 5.55% 6.25% 3.85% 4.04% 4.00% 4.26% 4.58% Ratio* Adjusted Operating % 4.78% 4.76% 4.84% 4.80% 5.42% NA NA NA NA NA Expenses Ratio* 15Hero Fincorp Limited Bajaj Finance Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 Cost to Income Ratio % 54.64% 47.13% 48.32% 49.02% 54.43% 32.66% 33.28% 33.20% 33.99% 35.15% Adjusted Cost to Income % 45.61% 41.39% 42.83% 42.39% 47.18% NA NA NA NA NA Ratio Profit Before Credit % 4.76% 6.08% 5.84% 5.77% 5.23% 7.94% 8.09% 8.05% 8.28% 8.46% Costs* Credit Cost Ratio* % 5.04% 5.43% 5.37% 3.70% 3.26% 2.01% 2.04% 2.14% 1.60% 1.44% Return on Assets % -0.47% 0.33% 0.20% 1.37% 1.29% 4.38% 4.49% 4.46% 5.00% 5.20% (“ROA”)* Adjusted ROA* % 0.48% 0.99% 0.82% 2.12% 2.12% NA NA NA NA NA Return on Equity % -4.48% 3.02% 1.91% 11.57% 9.59% 19.16% 19.36% 19.19% 22.05% 23.46% (“ROE”)* Adjusted ROE* % 3.02% 6.21% 5.21% 12.38% 12.82% NA NA NA NA NA Operational AAA Credit Rating AA+ AA+ AA+ AA+ AA+ AAA (Stable) AAA (Stable) AAA (Stable) AAA (Stable) (Stable) New loans disbursed in millions 0.62 0.77 1.60 2.38 2.39 25.70 20.70 43.40 36.20 29.60 New customers acquired in millions 0.59 0.74 1.51 2.06 1.86 8.80 8.50 18.18 14.50 11.60 in the year Total customer franchise in millions 13.21 11.98 12.70 11.80 9.63 110.64 92.09 101.82 83.60 69.10 Cross sell franchise % 9.48% 8.85% 9.16% 8.42% 7.93% NA NA NA NA NA Product per customer # 4.93 4.93 4.93 4.25 3.15 NA NA NA NA NA Mobile app downloads in millions 2.73 2.52 4.94 2.79 1.91 NA NA NA NA NA % of customers digitally % 16.88% 38.12% 27.71% 37.75% 40.70% NA NA NA NA NA acquired Digital collections % 88.46% 85.92% 86.73% 83.31% 81.24% NA NA NA NA NA Digital share of customer % 69.44% 55.15% 57.64% 53.02% 47.53% NA NA NA NA NA service Disbursements / On-Roll ₹ in million 67.01 73.80 79.11 77.12 77.22 NA NA NA NA NA Employees* On Roll Employee # 4,286 4,281 4,175 4,469 3,589 67,461 59,352 64,092 53,782 43,147 Branches # 123 118 122 140 81 4,039 4,245 4,263 4,145 3,733 16* Ratios for the six months ended September 30, 2025 and September 2024, have been annualized. 17Hero Fincorp Limited Cholamandalam Investment and Finance Company Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 Scale AUM ₹ in million 5,81,625.35 5,56,440.90 5,77,205.29 5,18,208.11 4,17,508.93 19,91,590.00 16,46,420.00 18,47,460.00 14,55,720.00 10,64,980.00 Vehicle Vehicle Vehicle Finance Vehicle Finance Vehicle Finance Finance 54%, Finance 56%, 55%, 58%, 63%, Retail 62.02%, Retail 63.81%, Retail 64.94%, Retail 65.08%, Retail 62.83%, LAP 23%, LAP 20%, LAP 22%, LAP 21%, LAP 20%, SME 24.53%, SME 23.28%, SME 23.00%, SME 20.80%, SME 20.31%, CSEL 7%, CSEL 9%, CSEL 8%, CSEL 8%, CSEL 5%, Product Vertical AUM % Corporate Corporate Corporate Corporate Corporate SME 4%, SME 4%, SME 4%, SME 3%, SME 3%, 10.00%, 9.31%, 8.59%, 11.56%, 12.06%, Housing Loan Housing Housing Loan Housing Loan Housing Loan Others 3.44% Others 3.59% Others 3.47% Others 2.56% Others 4.79% 10%, Loan 10%, 10%, 9%, 8%, SBPL 1%, SBPL 1% SBPL 1% SBPL 1% SBPL 0% Gold 0.2% AUM Growth (YoY) % 4.53% 19.78% 11.38% 24.12% 26.32% 20.96% 32.51% 26.91% 36.69% 38.48% Disbursements ₹ in million 1,43,600.55 1,57,977.52 3,30,297.18 3,44,632.47 2,77,133.32 4,87,670.00 4,86,460.00 10,08,690.00 8,87,250.00 6,65,320.00 Disbursements Growth % -9.10% -0.87% -4.16% 24.36% 40.68% 0.25% 17.06% 13.69% 33.36% 87.47% (YoY) Vehicle Vehicle Vehicle Finance Vehicle Finance Vehicle Finance Finance 55%, Finance 52%, 54%, 54%, 60%, LAP 19%, Retail 63.24%, Retail 73.62%, Retail 71.10%, Retail 73.70%, Retail 72.68%, LAP 17%, LAP 18%, LAP 15%, LAP 14%, CSEL 9%, Product Vertical SME 15.84%, SME 15.92%, SME 16.23%, SME 14.12%, SME 14.38%, CSEL 15%, CSEL 12%, CSEL 13%, CSEL 10%, % SME 7%, Disbursements Corporate Corporate Corporate Corporate Corporate SME 8%, SME 8%, SME 9%, SME 9%, Housing Loan 20.93% 10.46% 12.66% 12.18% 12.94% Housing Housing Loan Housing Loan Housing Loan 7%, Loan 7%, 7%, 8%, 6%, SBPL 2%, SBPL 1% SBPL 1% SBPL 1% SBPL 1% Gold 1% Asset Quality Stage 1 Loans ₹ in million 5,11,690.94 5,05,117.23 5,16,412.96 4,81,339.03 3,82,933.19 18,53,380.00 15,74,460.00 17,54,303.70 14,00,784.10 9,99,125.60 Stage 2 Loans ₹ in million 14,273.27 15,383.90 15,513.40 12,819.39 10,837.47 61,160.00 45,000.00 46,969.50 32,217.80 39,430.80 Stage 3 Loans ₹ in million 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 66,270.00 47,080.00 52,130.10 36,448.10 32,216.00 GNPA Ratio % 5.05% 4.34% 5.05% 4.02% 5.11% 3.35% 2.83% 2.81% 2.48% 3.01% NNPA ₹ in million 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 37,620.00 26,130.00 28,529.40 19,517.40 17,396.00 NNPA Ratio % 2.32% 2.12% 2.30% 2.00% 2.69% 1.90% 1.57% 1.54% 1.33% 1.62% 18Hero Fincorp Limited Cholamandalam Investment and Finance Company Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 Provision Coverage Ratio % 55.42% 52.22% 55.80% 51.41% 48.74% 43.23% 44.49% 45.27% 46.45% 46.00% (“PCR”) Capital Total Borrowings ₹ in million 5,05,799.83 4,96,118.02 5,29,546.46 4,61,694.76 3,66,278.60 18,75,148.20 15,77,943.40 17,49,461.10 13,44,735.80 9,73,560.60 Adjusted Total ₹ in million 4,74,917.63 4,68,859.27 5,00,702.85 4,35,582.39 3,43,178.08 NA NA NA NA NA Borrowings Term loans Tier 2 Capital Tier 2 57.22%, ECB Term loans Term loans 6%, Bank Capital 5%, Tier 2 Capital Tier 2 Capital Tier 2 Capital 15.73%, NCDs 61.95%, ECB 59.90%, ECB Term loans Term loans term Loans Bank term 6%, Bank term 4%, Bank term 5%, Bank term 5.29%, CPs 12.60%, NCDs 15.27%, NCDs 60.95%, ECB 56.48%, ECB 43%, Loans 45%, Loans 44%, Loans 46%, Loans 54%, 6.91%, 5.11%, CPs 5.22%, CPs 10.31%, NCDs 10.74%, NCDs Debentures Debentures Debentures Debentures Debentures Working 7.75%, 8.33%, 6.24%, CPs 10.12%, CPs 13%, IFI 7%, 14%, IFI 5%, 14%, IFI 7%, 15%, IFI 7%, 16%, IFI 4%, Capital 3.66%, Working Working 8.28%, 8.30%, ECB/FCNP ECB/FCNP ECB/FCNP 8%, ECB/FCNP 4%, ECB/FCNP 4%, Borrowings Mix % Perpetual Debt Capital 3.42%, Capital 1.84%, Working Working 7%, 6%, Securitisation Securitisation Securitisation 1.06%, Perpetual Debt Perpetual Debt Capital 6.37%, Capital 5.43%, Securitisation Securitisation 15%, 18%, 10%, Subordinated 0.61%, 1.02%, Subordinated Subordinated 16%, 18%, CC/WCDL & CC/WCDL & CC/WCDL & debt 3.43%, Subordinated Subordinated debt 2.20%, debt 2.61%, CC/WCDL & CC/WCDL STL 3%, STL 3%, STL 3%, Others - CCPS debt 3.06%, debt 2.97%, Others - CCPS Others - CCPS STL 2%, & STL 3%, Commercial Commercial Commercial 6.11%, Others Others - CCPS Others - CCPS 5.66% 6.31% Commercial Commercial Papers/ICD 2%, Papers/ICD 2%, Papers/ICD 4% - CROMS 5.49% 5.45% Papers/ICD Papers/ICD CCD 1% CCD 2% 0.59% 5%, CCD 1% 3%, CCD 1% Debt to Equity times 8.55 8.67 9.20 8.01 6.99 7.24 7.39 7.40 6.88 6.81 Adjusted Debt to Equity times 5.27 5.55 5.80 5.20 4.54 NA NA NA NA NA CRAR % 17.41% 16.62% 16.88% 16.28% 20.57% 20.00% 19.50% 19.75% 18.57% 17.13% Tier I Capital % 14.49% 13.90% 14.19% 14.36% 17.68% 14.59% 15.04% 14.41% 15.10% 14.78% Tier II Capital % 2.92% 2.72% 2.69% 1.92% 2.89% 5.41% 4.46% 5.34% 3.47% 2.35% Net Worth ₹ in million 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 2,58,946.40 2,13,645.20 2,36,274.00 1,95,565.10 1,42,960.50 Adjusted Net Worth ₹ in million 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 NA NA NA NA NA Financials Total Income ₹ in million 48,837.46 48,824.09 99,033.32 83,597.31 64,475.45 1,49,209.10 1,21,217.20 2,60,547.60 1,92,162.80 1,29,779.80 19Hero Fincorp Limited Cholamandalam Investment and Finance Company Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 Net Interest Income ₹ in million 22,512.71 23,765.13 47,609.56 43,820.17 35,456.50 65,625.40 52,924.20 1,12,351.10 83,830.70 63,334.30 Net Total Income ₹ in million 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 79,391.50 62,709.40 1,35,699.10 99,856.70 72,292.30 Profit Before Credit Costs ₹ in million 13,249.06 16,097.60 31,401.79 26,829.37 19,474.51 48,695.00 37,720.20 82,311.30 59,039.00 44,493.70 Impairment on financial ₹ in million 14,044.57 14,375.47 28,840.85 17,223.90 12,122.30 17,791.10 12,049.50 24,942.60 13,218.00 8,496.80 instruments Restated Profit/(loss) ₹ in million -1,307.56 867.83 1,099.54 6,370.48 4,799.47 22,912.00 19,052.80 42,585.30 34,227.60 26,662.00 after Tax PAT Growth (YoY) % -250.67% NA -82.74% 32.73% NA 20.26% 28.00% 24.42% 28.38% 24.20% Adjusted Profit/(loss) ₹ in million 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 NA NA NA NA NA after Tax Adjusted PAT Growth % -49.08% NA -55.05% 24.78% NA NA NA NA NA NA (YoY) Ratios Yield on Advances* % 15.13% 15.92% 15.98% 16.09% 15.37% 14.13% 14.21% 14.28% 13.87% 13.16% Net Interest Margin* % 8.08% 8.98% 8.86% 9.43% 9.53% 6.85% 6.75% 6.76% 6.60% 6.90% Average Cost of % 8.05% 8.13% 8.18% 7.95% 6.90% 7.70% 8.01% 8.07% 7.96% 6.90% Borrowings* Operating Expenses % 5.73% 5.42% 5.46% 5.55% 6.25% 3.20% 3.19% 3.21% 3.21% 3.03% Ratio* Adjusted Operating % 4.78% 4.76% 4.84% 4.80% 5.42% NA NA NA NA NA Expenses Ratio* Cost to Income Ratio % 54.64% 47.13% 48.32% 49.02% 54.43% 38.66% 39.85% 39.34% 40.88% 38.45% Adjusted Cost to Income % 45.61% 41.39% 42.83% 42.39% 47.18% NA NA NA NA NA Ratio Profit Before Credit % 4.76% 6.08% 5.84% 5.77% 5.23% 5.08% 4.81% 4.95% 4.65% 4.85% Costs* Credit Cost Ratio* % 5.04% 5.43% 5.37% 3.70% 3.26% 1.86% 1.54% 1.50% 1.04% 0.93% 20Hero Fincorp Limited Cholamandalam Investment and Finance Company Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 Return on Assets % -0.47% 0.33% 0.20% 1.37% 1.29% 2.39% 2.43% 2.56% 2.69% 2.91% (“ROA”)* Adjusted ROA* % 0.48% 0.99% 0.82% 2.12% 2.12% NA NA NA NA NA Return on Equity % -4.48% 3.02% 1.91% 11.57% 9.59% 18.51% 18.62% 19.72% 20.22% 20.51% (“ROE”)* Adjusted ROE* % 3.02% 6.21% 5.21% 12.38% 12.82% NA NA NA NA NA Operational Credit Rating AA+ AA+ AA+ AA+ AA+ AA+ (Stable) AA+ (Stable) AA+ (Stable) AA+ (Stable) AA+ (Stable) New loans disbursed in millions 0.62 0.77 1.60 2.38 2.39 NA NA NA NA NA New customers acquired in millions 0.59 0.74 1.51 2.06 1.86 NA NA NA NA NA in the year Total customer franchise in millions 13.21 11.98 12.70 11.80 9.63 4.24 4.29 4.37 3.60 2.50 Cross sell franchise % 9.48% 8.85% 9.16% 8.42% 7.93% NA NA NA NA NA Product per customer # 4.93 4.93 4.93 4.25 3.15 NA NA NA NA NA Mobile app downloads in millions 2.73 2.52 4.94 2.79 1.91 NA NA NA NA NA % of customers digitally % 16.88% 38.12% 27.71% 37.75% 40.70% NA NA NA NA NA acquired Digital collections % 88.46% 85.92% 86.73% 83.31% 81.24% NA NA NA NA NA Digital share of customer % 69.44% 55.15% 57.64% 53.02% 47.53% NA NA NA NA NA service Disbursements / On-Roll ₹ in million 67.01 73.80 79.11 77.12 77.22 NA NA 21.61 23.21 50.22 Employees* On Roll Employee # 4,286 4,281 4,175 4,469 3,589 NA NA 46,678 38,235 13,248 Branches # 123 118 122 140 81 1,749 1,508 1,613 1,387 1,191 * Ratios for the six months ended September 30, 2025 and September 2024, have been annualized. 21Hero Fincorp Limited Poonawalla Fincorp Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September 30, September 30, March 31, March 31, March 31, September September March 31, March 31, March 31, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2025 2024 2023 Scale AUM ₹ in million 5,81,625.35 5,56,440.90 5,77,205.29 5,18,208.11 4,17,508.93 4,77,010.00 2,83,960.00 3,56,310.00 2,50,030.00 1,61,430.00 Business Loan & LTP 28%, Personal & Consumer MSME 36%, MSME 33%, MSME 36%, MSME 37%, 16%, Personal & Personal & Personal & Personal & LAP 16%, Consumer Consumer Consumer Consumer Retail 62.02%, Retail 63.81%, Retail 64.94%, Retail 65.08%, Retail 62.83%, Pre-owned Car 23%, 28%, 23%, 23%, SME 24.53%, SME 23.28%, SME 23.00%, SME 20.80%, SME 20.31%, 17%, LAP 24%, LAP 19%, LAP 24%, LAP 16%, Product Vertical AUM % Corporate Corporate Corporate Corporate Corporate Asset Backed Pre-owned Car Pre-owned Pre-owned Car Pre-owned Car 10.00%, 9.31%, 8.59%, 11.56%, 12.06%, Finance (DA) 14%, Car 15%, 14%, 15%, Others 3.44% Others 3.59% Others 3.47% Others 2.56% Others 4.79% 8%, Discontinued Discontinued Discontinued Discontinued Supply Chain AUM 2%, AUM 3%, AUM 2%, AUM 6%, Finance 7%, Others 1% Others 2% Others 1% Others 3% Discontinued AUM 6%, Auto Lease & Others 2%, AUM Growth (YoY) % 4.53% 19.78% 11.38% 24.12% 26.32% 67.98% 40.47% 42.51% 54.88% -2.63% Disbursements ₹ in million 1,43,600.55 1,57,977.52 3,30,297.18 3,44,632.47 2,77,133.32 NA NA NA 3,32,890.00 1,57,510.00 Disbursements Growth % -9.10% -0.87% -4.16% 24.36% 40.68% NA NA NA 111.35% 65.90% (YoY) Retail 63.24%, Retail 73.62%, Retail 71.10%, Retail 73.70%, Retail 72.68%, Product Vertical SME 15.84%, SME 15.92%, SME 16.23%, SME 14.12%, SME 14.38%, % NA NA NA NA NA Disbursements Corporate Corporate Corporate Corporate Corporate 20.93% 10.46% 12.66% 12.18% 12.94% Asset Quality Stage 1 Loans ₹ in million 5,11,690.94 5,05,117.23 5,16,412.96 4,81,339.03 3,82,933.19 4,34,430.00 2,47,710.00 3,23,951.90 2,21,619.60 1,44,178.40 Stage 2 Loans ₹ in million 14,273.27 15,383.90 15,513.40 12,819.39 10,837.47 5,770.00 7,640.00 6,235.30 6,149.70 8,676.80 Stage 3 Loans ₹ in million 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 7,110.00 5,470.00 6,186.50 2,684.50 2,251.00 GNPA Ratio % 5.05% 4.34% 5.05% 4.02% 5.11% 1.59% 2.10% 1.84% 1.16% 1.44% NNPA ₹ in million 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 3,580.00 850.00 2,816.60 1,358.60 1,211.30 NNPA Ratio % 2.32% 2.12% 2.30% 2.00% 2.69% 0.81% 0.33% 0.85% 0.59% 0.78% 22Hero Fincorp Limited Poonawalla Fincorp Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September 30, September 30, March 31, March 31, March 31, September September March 31, March 31, March 31, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2025 2024 2023 Provision Coverage Ratio % 55.42% 52.22% 55.80% 51.41% 48.74% 49.65% 84.47% 54.47% 49.39% 46.19% (“PCR”) Capital Total Borrowings ₹ in million 5,05,799.83 4,96,118.02 5,29,546.46 4,61,694.76 3,66,278.60 3,57,170.00 1,81,070.00 2,58,810.00 1,50,801.30 1,11,195.80 Adjusted Total ₹ in million 4,74,917.63 4,68,859.27 5,00,702.85 4,35,582.39 3,43,178.08 NA NA NA NA NA Borrowings Term loans 57.22%, ECB Term loans Term loans 15.73%, NCDs 61.95%, ECB 59.90%, ECB Term loans Term loans 5.29%, CPs 12.60%, NCDs 15.27%, NCDs 60.95%, ECB 56.48%, ECB Term Loan Term Loan 6.91%, 5.11%, CPs 5.22%, CPs 10.31%, NCDs 10.74%, NCDs 47%, Term Loan Term Loan 44%, Working 7.75%, 8.33%, 6.24%, CPs 10.12%, CPs CC/WCDL 48%, 50%, CC/WCDL Capital 3.66%, Working Working 8.28%, 8.30%, 22%, CP CC/WCDL CC/WCDL 10%, CP 10%, Borrowings Mix % Perpetual Debt Capital 3.42%, Capital 1.84%, Working Working 21%, NCD 22%, CP 16%, 24%, CP 16%, NA NCD 26%, 1.06%, Perpetual Debt Perpetual Debt Capital 6.37%, Capital 5.43%, 8%, ECB NCD 6%, ECB NCD 8%, ECB ECB 8%, Sub Subordinated 0.61%, 1.02%, Subordinated Subordinated 0%, Sub 6%, Sub Debt 0%, Sub Debt Debt 1%, debt 3.43%, Subordinated Subordinated debt 2.20%, debt 2.61%, Debt 1%, 1%, Others 1% 1%, Others 1% Others 1% Others - CCPS debt 3.06%, debt 2.97%, Others - CCPS Others - CCPS Others 1% 6.11%, Others Others - CCPS Others - CCPS 5.66% 6.31% - CROMS 5.49% 5.45% 0.59% Debt to Equity times 8.55 8.67 9.20 8.01 6.99 3.64 2.26 3.19 1.86 1.73 Adjusted Debt to Equity times 5.27 5.55 5.80 5.20 4.54 NA NA NA NA NA CRAR % 17.41% 16.62% 16.88% 16.28% 20.57% 20.85% 29.22% 22.94% 33.80% 39.00% Tier I Capital % 14.49% 13.90% 14.19% 14.36% 17.68% 19.63% 27.75% 21.67% 32.28% 37.69% Tier II Capital % 2.92% 2.72% 2.69% 1.92% 2.89% 1.22% 1.47% 1.27% 1.52% 1.31% Net Worth ₹ in million 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 98,224.80 80,151.40 81,239.80 81,164.00 64,247.00 Adjusted Net Worth ₹ in million 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 NA NA NA NA NA Financials Total Income ₹ in million 48,837.46 48,824.09 99,033.32 83,597.31 64,475.45 28,567.80 19,923.60 42,228.40 31,518.20 20,100.30 Net Interest Income ₹ in million 22,512.71 23,765.13 47,609.56 43,820.17 35,456.50 14,036.70 11,352.50 23,594.10 19,489.50 12,216.60 Net Total Income ₹ in million 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 16,728.80 13,206.70 27,077.50 21,967.20 14,147.50 Profit Before Credit Costs ₹ in million 13,249.06 16,097.60 31,401.79 26,829.37 19,474.51 7,110.80 7,180.40 14,309.00 13,893.60 6,117.00 23Hero Fincorp Limited Poonawalla Fincorp Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September 30, September 30, March 31, March 31, March 31, September September March 31, March 31, March 31, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2025 2024 2023 Impairment on financial ₹ in million 14,044.57 14,375.47 28,840.85 17,223.90 12,122.30 4,987.50 9,521.20 14,581.70 720.20 -1,445.30 instruments Restated Profit/(loss) after ₹ in million -1,307.56 867.83 1,099.54 6,370.48 4,799.47 1,368.00 -1,794.00 -983.40 10,273.70 5,612.80 Tax PAT Growth (YoY) % -250.67% NA -82.74% 32.73% NA NA NA NA 83.04% 91.44% Adjusted Profit/(loss) ₹ in million 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 NA NA NA NA NA after Tax Adjusted PAT Growth % -49.08% NA -55.05% 24.78% NA NA NA NA NA NA (YoY) Ratios Yield on Advances* % 15.13% 15.92% 15.98% 16.09% 15.37% NA NA 13.67% 15.06% 13.58% Net Interest Margin* % 8.08% 8.98% 8.86% 9.43% 9.53% NA NA 8.32% 10.11% 9.13% Average Cost of % 8.05% 8.13% 8.18% 7.95% 6.90% 7.69% 8.10% 7.40% 7.29% 6.67% Borrowings* Operating Expenses % 5.73% 5.42% 5.46% 5.55% 6.25% NA NA 4.51% 4.19% 6.00% Ratio* Adjusted Operating % 4.78% 4.76% 4.84% 4.80% 5.42% NA NA NA NA NA Expenses Ratio* Cost to Income Ratio % 54.64% 47.13% 48.32% 49.02% 54.43% 57.49% 45.63% 47.16% 36.75% 56.76% Adjusted Cost to Income % 45.61% 41.39% 42.83% 42.39% 47.18% NA NA NA NA NA Ratio Profit Before Credit % 4.76% 6.08% 5.84% 5.77% 5.23% NA NA 5.05% 7.21% 4.57% Costs* Credit Cost Ratio* % 5.04% 5.43% 5.37% 3.70% 3.26% NA NA 5.15% 0.37% -1.08% Return on Assets % -0.47% 0.33% 0.20% 1.37% 1.29% NA NA -0.35% 5.33% 4.19% (“ROA”)* Adjusted ROA* % 0.48% 0.99% 0.82% 2.12% 2.12% NA NA NA NA NA Return on Equity % -4.48% 3.02% 1.91% 11.57% 9.59% 3.05% -4.45% -1.21% 14.13% 9.25% (“ROE”)* Adjusted ROE* % 3.02% 6.21% 5.21% 12.38% 12.82% NA NA NA NA NA Operational 24Hero Fincorp Limited Poonawalla Fincorp Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September 30, September 30, March 31, March 31, March 31, September September March 31, March 31, March 31, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2025 2024 2023 AAA Credit Rating AA+ AA+ AA+ AA+ AA+ AAA (Stable) AAA (Stable) AAA (Stable) AAA (Stable) (Stable) New loans disbursed in millions 0.62 0.77 1.60 2.38 2.39 NA NA NA NA NA New customers acquired in millions 0.59 0.74 1.51 2.06 1.86 NA NA NA NA NA in the year Total customer franchise in millions 13.21 11.98 12.70 11.80 9.63 NA NA NA 6.90 1.90 Cross sell franchise % 9.48% 8.85% 9.16% 8.42% 7.93% NA NA NA NA NA Product per customer # 4.93 4.93 4.93 4.25 3.15 NA NA NA NA NA Mobile app downloads in millions 2.73 2.52 4.94 2.79 1.91 NA NA NA NA NA % of customers digitally % 16.88% 38.12% 27.71% 37.75% 40.70% NA NA NA NA NA acquired Digital collections % 88.46% 85.92% 86.73% 83.31% 81.24% NA NA NA NA NA Digital share of customer % 69.44% 55.15% 57.64% 53.02% 47.53% NA NA NA NA NA service Disbursements / On-Roll ₹ in million 67.01 73.80 79.11 77.12 77.22 NA NA NA 139.64 64.24 Employees* On Roll Employee # 4,286 4,281 4,175 4,469 3,589 5,081 NA 3,594 2,384 2,452 Branches # 123 118 122 140 81 260 101 101 102 85 * Ratios for the six months ended September 30, 2025 and September 2024, have been annualized. 25Hero Fincorp Limited Sundaram Finance Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September 30, September 30, March 31, March 31, March 31, September September March 31, March 31, March 31, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2025 2024 2023 Scale AUM ₹ in million 5,81,625.35 5,56,440.90 5,77,205.29 5,18,208.11 4,17,508.93 7,39,910.00 6,34,630.00 6,80,940.00 5,77,990.00 4,57,330.00 MHCV 24%, MHCV 25%, MHCV 29%, MHCV 24%, MHCV 24%, Retail CV Retail CV Retail CV Retail CV Retail CV 21%, 22%, 21%, 18%, 20%, Cars 24%, Retail 62.02%, Retail 63.81%, Retail 64.94%, Retail 65.08%, Retail 62.83%, Cars 24%, Cars 24%, Cars 25%, Cars 25% Construction SME 24.53%, SME 23.28%, SME 23.00%, SME 20.80%, SME 20.31%, Construction Construction Construction Construction Equipment Product Vertical AUM % Corporate Corporate Corporate Corporate Corporate Equipment Equipment Equipment Equipment 11%, 10.00%, 9.31%, 8.59%, 11.56%, 12.06%, 10%, 11%, 11%, 11%, Tractors 8%, Others 3.44% Others 3.59% Others 3.47% Others 2.56% Others 4.79% Tractors 7%, Tractors 7%, Tractors 8%, Tractors 7%, Commercial Commercial Commercial Commercial Commercial Lending 7%, Lending Lending 7%, Lending 4%, Lending 13% Others 5%, 13%, Others 6%, Others 5%, AUM Growth (YoY) % 4.53% 19.78% 11.38% 24.12% 26.32% 16.59% 21.02% 17.81% 26.38% 17.18% Disbursements ₹ in million 1,43,600.55 1,57,977.52 3,30,297.18 3,44,632.47 2,77,133.32 1,85,920.00 1,66,640.00 3,49,220.00 3,11,920.00 2,48,670.00 Disbursements Growth % -9.10% -0.87% -4.16% 24.36% 40.68% 11.57% 5.89% 11.96% 25.44% 59.55% (YoY) MHCV 24%, MHCV 31%, MHCV 24%, MHCV 23%, MHCV 26%, Retail CV Retail CV Retail CV Retail CV Retail CV 21%, 20%, 18%, 20%, 22%, Cars 24%, Cars 24%, Cars 24%, Retail 63.24%, Retail 73.62%, Retail 71.10%, Retail 73.70%, Retail 72.68%, Cars 24%, Cars 23%, Construction Construction Construction Product Vertical SME 15.84%, SME 15.92%, SME 16.23%, SME 14.12%, SME 14.38%, Construction Construction Equipment % Equipment Equipment Disbursements Corporate Corporate Corporate Corporate Corporate Equipment Equipment 11%, 11%, 11%, 20.93% 10.46% 12.66% 12.18% 12.94% 10%, 11%, Tractors 7%, Tractors 7%, Tractors 8%, Tractors 7%, Tractors 7%, Commercial Commercial Commercial Commercial Commercial Lending 9%, Lending 11%, Lending 7%, Lending 16% Lending 15% Others 2% Others 3% Others 2% Asset Quality Stage 1 Loans ₹ in million 5,11,690.94 5,05,117.23 5,16,412.96 4,81,339.03 3,82,933.19 NA NA 4,76,023.10 4,09,093.30 3,26,656.70 Stage 2 Loans ₹ in million 14,273.27 15,383.90 15,513.40 12,819.39 10,837.47 NA NA 20,007.00 14,257.40 12,285.30 Stage 3 Loans ₹ in million 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 NA NA 7,424.20 5,456.90 5,765.00 GNPA Ratio % 5.05% 4.34% 5.05% 4.02% 5.11% 2.03% 1.62% 1.44% 1.26% 1.66% NNPA ₹ in million 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 NA NA 3,817.10 2,718.10 2,965.40 26Hero Fincorp Limited Sundaram Finance Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September 30, September 30, March 31, March 31, March 31, September September March 31, March 31, March 31, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2025 2024 2023 NNPA Ratio % 2.32% 2.12% 2.30% 2.00% 2.69% 1.13% 0.89% 0.75% 0.63% 0.86% Provision Coverage Ratio % 55.42% 52.22% 55.80% 51.41% 48.74% 45.00% 45.00% 49.00% 50.19% 48.56% (“PCR”) Capital Total Borrowings ₹ in million 5,05,799.83 4,96,118.02 5,29,546.46 4,61,694.76 3,66,278.60 5,15,926.50 4,36,996.30 4,73,201.10 4,08,768.90 3,27,549.40 Adjusted Total ₹ in million 4,74,917.63 4,68,859.27 5,00,702.85 4,35,582.39 3,43,178.08 NA NA NA NA NA Borrowings Term loans 57.22%, ECB Term loans Term loans 15.73%, NCDs 61.95%, ECB 59.90%, ECB Term loans Term loans Debentures 5.29%, CPs 12.60%, NCDs 15.27%, NCDs 60.95%, ECB 56.48%, ECB Debentures Debentures Debentures Debentures 32%, Bank 6.91%, 5.11%, CPs 5.22%, CPs 10.31%, NCDs 10.74%, NCDs 32%, Bank 30%, Bank 34%, Bank 41%, Bank Borrowers Working 7.75%, 8.33%, 6.24%, CPs 10.12%, CPs Borrowers Borrowers Borrowers Borrowers 39%, Capital 3.66%, Working Working 8.28%, 8.30%, 31%, 33%, 36%, 26%, Securitisation Borrowings Mix % Perpetual Debt Capital 3.42%, Capital 1.84%, Working Working Securitisation Securitisation Securitisation Securitisation 10%, 1.06%, Perpetual Debt Perpetual Debt Capital 6.37%, Capital 5.43%, 13%, Deposits 14%, Deposits 12%, Deposits 11%, Deposits Deposits Subordinated 0.61%, 1.02%, Subordinated Subordinated 13%, 14%, 14%, 15%, 14%, debt 3.43%, Subordinated Subordinated debt 2.20%, debt 2.61%, Commercial Commercial Commercial Commercial Commercial Others - CCPS debt 3.06%, debt 2.97%, Others - CCPS Others - CCPS Paper 11% Paper 10% Paper 5% Paper 7% Paper 4% 6.11%, Others Others - CCPS Others - CCPS 5.66% 6.31% - CROMS 5.49% 5.45% 0.59% Debt to Equity times 8.55 8.67 9.20 8.01 6.99 4.00 4.13 4.25 4.32 4.23 Adjusted Debt to Equity times 5.27 5.55 5.80 5.20 4.54 NA NA NA NA NA CRAR % 17.41% 16.62% 16.88% 16.28% 20.57% 19.27% 20.02% 20.42% 20.50% 22.77% Tier I Capital % 14.49% 13.90% 14.19% 14.36% 17.68% NA NA 17.35% 16.78% 17.71% Tier II Capital % 2.92% 2.72% 2.69% 1.92% 2.89% NA NA 3.07% 3.72% 5.06% Net Worth ₹ in million 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 1,29,049.10 1,05,869.00 1,11,391.00 94,716.90 77,374.00 Adjusted Net Worth ₹ in million 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 NA NA NA NA NA Financials Total Income ₹ in million 48,837.46 48,824.09 99,033.32 83,597.31 64,475.45 37,039.40 30,883.80 65,960.70 54,943.80 41,102.00 Net Interest Income ₹ in million 22,512.71 23,765.13 47,609.56 43,820.17 35,456.50 13,933.70 10,922.50 24,034.40 19,487.80 16,949.80 Net Total Income ₹ in million 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 19,092.20 15,206.40 33,421.20 29,185.90 23,331.10 27Hero Fincorp Limited Sundaram Finance Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September 30, September 30, March 31, March 31, March 31, September September March 31, March 31, March 31, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2025 2024 2023 Profit Before Credit Costs ₹ in million 13,249.06 16,097.60 31,401.79 26,829.37 19,474.51 13,488.30 10,188.20 23,031.90 19,704.80 15,542.10 Impairment on financial ₹ in million 14,044.57 14,375.47 28,840.85 17,223.90 12,122.30 2,745.20 1,514.60 2,415.10 2,738.10 1,342.50 instruments Restated Profit/(loss) after ₹ in million -1,307.56 867.83 1,099.54 6,370.48 4,799.47 8,229.20 6,477.40 15,426.50 14,540.10 10,883.10 Tax PAT Growth (YoY) % -250.67% NA -82.74% 32.73% NA 27.04% 0.01% 6.10% 33.60% 20.47% Adjusted Profit/(loss) ₹ in million 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 NA NA NA NA NA after Tax Adjusted PAT Growth % -49.08% NA -55.05% 24.78% NA NA NA NA NA NA (YoY) Ratios Yield on Advances* % 15.13% 15.92% 15.98% 16.09% 15.37% NA NA 12.24% 11.79% 10.99% Net Interest Margin* % 8.08% 8.98% 8.86% 9.43% 9.53% NA NA 5.20% 5.08% 5.37% Average Cost of % 8.05% 8.13% 8.18% 7.95% 6.90% 7.26% 7.41% 7.38% 7.00% 5.87% Borrowings* Operating Expenses % 5.73% 5.42% 5.46% 5.55% 6.25% NA NA 2.25% 2.47% 2.47% Ratio* Adjusted Operating % 4.78% 4.76% 4.84% 4.80% 5.42% NA NA NA NA NA Expenses Ratio* Cost to Income Ratio % 54.64% 47.13% 48.32% 49.02% 54.43% 29.35% 33.00% 31.09% 32.49% 33.38% Adjusted Cost to Income % 45.61% 41.39% 42.83% 42.39% 47.18% NA NA NA NA NA Ratio Profit Before Credit % 4.76% 6.08% 5.84% 5.77% 5.23% NA NA 4.98% 5.14% 4.92% Costs* Credit Cost Ratio* % 5.04% 5.43% 5.37% 3.70% 3.26% NA NA 0.52% 0.71% 0.42% Return on Assets % -0.47% 0.33% 0.20% 1.37% 1.29% NA NA 3.34% 3.79% 3.45% (“ROA”)* Adjusted ROA* % 0.48% 0.99% 0.82% 2.12% 2.12% NA NA NA NA NA Return on Equity % -4.48% 3.02% 1.91% 11.57% 9.59% 13.69% 12.92% 14.97% 16.90% 14.88% (“ROE”)* Adjusted ROE* % 3.02% 6.21% 5.21% 12.38% 12.82% NA NA NA NA NA 28Hero Fincorp Limited Sundaram Finance Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September 30, September 30, March 31, March 31, March 31, September September March 31, March 31, March 31, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2025 2024 2023 Operational AAA Credit Rating AA+ AA+ AA+ AA+ AA+ AAA (Stable) AAA (Stable) AAA (Stable) AAA (Stable) (Stable) New loans disbursed in millions 0.62 0.77 1.60 2.38 2.39 NA NA NA NA NA New customers acquired in millions 0.59 0.74 1.51 2.06 1.86 NA NA NA NA NA in the year Total customer franchise in millions 13.21 11.98 12.70 11.80 9.63 0.69 0.65 0.67 0.63 0.57 Cross sell franchise % 9.48% 8.85% 9.16% 8.42% 7.93% NA NA NA NA NA Product per customer # 4.93 4.93 4.93 4.25 3.15 NA NA NA NA NA Mobile app downloads in millions 2.73 2.52 4.94 2.79 1.91 NA NA NA NA NA % of customers digitally % 16.88% 38.12% 27.71% 37.75% 40.70% NA NA NA NA NA acquired Digital collections % 88.46% 85.92% 86.73% 83.31% 81.24% NA NA NA NA NA Digital share of customer % 69.44% 55.15% 57.64% 53.02% 47.53% NA NA NA NA NA service Disbursements / On-Roll ₹ in million 67.01 73.80 79.11 77.12 77.22 NA NA 67.95 61.66 52.50 Employees* On Roll Employee # 4,286 4,281 4,175 4,469 3,589 NA NA 5,139 5,059 4,737 Branches # 123 118 122 140 81 899 855 878 848 788 * Ratios for the six months ended September 30, 2025 and September 2024, have been annualized. 29Hero Fincorp Limited HDB Financial Services Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 Scale AUM ₹ in million 5,81,625.35 5,56,440.90 5,77,205.29 5,18,208.11 4,17,508.93 11,17,210.00 9,90,760.00 10,72,616.80 9,02,347.30 7,00,837.90 Enterprise Enterprise Enterprise Enterprise Lending Lending Enterprise Retail 62.02%, Retail 63.81%, Retail 64.94%, Retail 65.08%, Retail 62.83%, Lending Lending 38.4%, Asset 39.8%, Asset Lending SME 24.53%, SME 23.28%, SME 23.00%, SME 20.80%, SME 20.31%, 39.30%, Asset 45.15%, Asset Finance Finance 40.82%, Asset Product Vertical AUM % Corporate Corporate Corporate Corporate Corporate Finance Finance 38.0%, 37.4%, Finance 37.9%, 10.00%, 9.31%, 8.59%, 11.56%, 12.06%, 38.03%, 37.59%, Consumer Consumer Consumer Others 3.44% Others 3.59% Others 3.47% Others 2.56% Others 4.79% Consumer Consumer Finance Finance Finance 21.28% Finance 22.66% Finance 17.26% 23.6% 22.8% AUM Growth (YoY) % 4.53% 19.78% 11.38% 24.12% 26.32% 12.76% 27.20% 18.87% 28.75% 14.06% Disbursements ₹ in million 1,43,600.55 1,57,977.52 3,30,297.18 3,44,632.47 2,77,133.32 3,07,700.00 3,21,920.00 6,61,075.00 6,08,992.50 4,48,017.60 Disbursements Growth % -9.10% -0.87% -4.16% 24.36% 40.68% -4.42% NA 8.55% 35.93% 54.31% (YoY) Enterprise Enterprise Enterprise Retail 63.24%, Retail 73.62%, Retail 71.10%, Retail 73.70%, Retail 72.68%, Lending 28.0%, Lending 28.5%, Lending 31.5%, Product Vertical SME 15.84%, SME 15.92%, SME 16.23%, SME 14.12%, SME 14.38%, Asset Finance Asset Finance Asset Finance % NA NA Disbursements Corporate Corporate Corporate Corporate Corporate 33.3%, 34.5%, 35.4%, 20.93% 10.46% 12.66% 12.18% 12.94% Consumer Consumer Consumer Finance 38.7% Finance 37.0% Finance 33.1% Asset Quality Stage 1 Loans ₹ in million 5,11,690.94 5,05,117.23 5,16,412.96 4,81,339.03 3,82,933.19 10,57,940.00 9,44,830.00 10,27,349.40 8,72,181.70 6,67,937.30 Stage 2 Loans ₹ in million 14,273.27 15,383.90 15,513.40 12,819.39 10,837.47 24,890.00 20,680.00 17,289.30 12,879.40 13,221.20 Stage 3 Loans ₹ in million 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 31,260.00 20,730.00 24,137.10 17,118.20 19,148.50 GNPA Ratio % 5.05% 4.34% 5.05% 4.02% 5.11% 2.81% 2.10% 2.26% 1.90% 2.73% NNPA ₹ in million 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 14,150.00 8,150.00 10,631.30 5,679.90 6,682.50 NNPA Ratio % 2.32% 2.12% 2.30% 2.00% 2.69% 1.27% 0.83% 0.99% 0.63% 0.95% Provision Coverage Ratio % 55.42% 52.22% 55.80% 51.41% 48.74% 54.73% 60.69% 55.95% 66.82% 65.10% (“PCR”) Capital Total Borrowings ₹ in million 5,05,799.83 4,96,118.02 5,29,546.46 4,61,694.76 3,66,278.60 9,05,407.00 8,26,810.00 8,73,977.70 7,43,306.70 5,48,653.10 30Hero Fincorp Limited HDB Financial Services Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 Adjusted Total ₹ in million 4,74,917.63 4,68,859.27 5,00,702.85 4,35,582.39 3,43,178.08 NA NA NA NA NA Borrowings Term loans 57.22%, ECB Term loans Term loans 15.73%, NCDs 61.95%, ECB 59.90%, ECB Term loans Term loans Term loans 5.29%, CPs 12.60%, NCDs 15.27%, NCDs 60.95%, ECB 56.48%, ECB and WCDL Term loans and Term loans and 6.91%, 5.11%, CPs 5.22%, CPs 10.31%, NCDs 10.74%, NCDs 40.1%, NCDs Term loans and WCDL 42.6%, WCDL 40.0%, Working 7.75%, 8.33%, 6.24%, CPs 10.12%, CPs 37.5%, ECBs WCDL 37.7%, NCDs 45.3%, NCDs 49.4%, Capital 3.66%, Working Working 8.28%, 8.30%, 11.2%, Sub NCDs 41.3%, ECBs 2.8%, ECBs 3.4%, Borrowings Mix % Perpetual Debt Capital 3.42%, Capital 1.84%, Working Working Debt 5.4%, NA ECBs 10.2%, Sub Debt 6.3%, Sub Debt 5.3%, 1.06%, Perpetual Debt Perpetual Debt Capital 6.37%, Capital 5.43%, Perpetual Sub Debt 5.2%, Perpetual debts Perpetual debts Subordinated 0.61%, 1.02%, Subordinated Subordinated debts 1.6%, Perpetual debts 1.3%, CP 1.5%, 1.2%, debt 3.43%, Subordinated Subordinated debt 2.20%, debt 2.61%, CP 2.3%, 1.7%, CP 3.9% Securitization Securitization Others - CCPS debt 3.06%, debt 2.97%, Others - CCPS Others - CCPS Securitization 0.1% 0.7% 6.11%, Others Others - CCPS Others - CCPS 5.66% 6.31% 1.9% - CROMS 5.49% 5.45% 0.59% Debt to Equity times 8.55 8.67 9.20 8.01 6.99 4.68 5.56 5.52 5.41 4.80 Adjusted Debt to Equity times 5.27 5.55 5.80 5.20 4.54 NA NA NA NA NA CRAR % 17.41% 16.62% 16.88% 16.28% 20.57% 21.82% 19.30% 19.22% 19.25% 20.05% Tier I Capital % 14.49% 13.90% 14.19% 14.36% 17.68% 17.26% 14.64% 14.67% 14.12% 15.91% Tier II Capital % 2.92% 2.72% 2.69% 1.92% 2.89% 4.56% 4.66% 4.55% 5.13% 4.14% Net Worth ₹ in million 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 1,93,382.00 1,48,794.00 1,58,197.50 1,37,427.10 1,14,369.70 Adjusted Net Worth ₹ in million 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 NA NA NA NA NA Financials Total Income ₹ in million 48,837.46 48,824.09 99,033.32 83,597.31 64,475.45 90,108.00 78,906.00 1,63,002.80 1,41,711.20 1,24,028.80 Net Interest Income ₹ in million 22,512.71 23,765.13 47,609.56 43,820.17 35,456.50 42,843.00 36,007.00 74,456.40 62,924.00 54,158.60 Net Total Income ₹ in million 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 55,771.00 47,957.00 99,101.30 93,068.00 88,909.60 Profit Before Credit Costs ₹ in million 13,249.06 16,097.60 31,401.79 26,829.37 19,474.51 29,327.00 24,263.00 50,408.50 43,720.60 39,578.00 Impairment on financial ₹ in million 14,044.57 14,375.47 28,840.85 17,223.90 12,122.30 14,179.00 8,435.00 21,130.50 10,673.90 13,304.00 instruments Restated Profit/(loss) ₹ in million -1,307.56 867.83 1,099.54 6,370.48 4,799.47 11,493.00 11,727.00 21,759.20 24,608.40 19,593.50 after Tax 31Hero Fincorp Limited HDB Financial Services Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 PAT Growth (YoY) % -250.67% NA -82.74% 32.73% NA -2.00% 0.42% -11.58% 25.59% 93.73% Adjusted Profit/(loss) ₹ in million 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 NA NA NA NA NA after Tax Adjusted PAT Growth % -49.08% NA -55.05% 24.78% NA NA NA NA NA NA (YoY) Ratios Yield on Advances* % 15.13% 15.92% 15.98% 16.09% 15.37% 14.14% 14.18% 14.04% 13.92% 13.59% Net Interest Margin* % 8.08% 8.98% 8.86% 9.43% 9.53% 7.85% 7.63% 7.56% 7.85% 8.25% Average Cost of % 8.05% 8.13% 8.18% 7.95% 6.90% 7.72% 7.88% 7.90% 7.53% 6.76% Borrowings* Operating Expenses % 5.73% 5.42% 5.46% 5.55% 6.25% 4.85% 5.02% 4.94% 6.16% 7.51% Ratio* Adjusted Operating % 4.78% 4.76% 4.84% 4.80% 5.42% NA NA NA NA NA Expenses Ratio* Cost to Income Ratio % 54.64% 47.13% 48.32% 49.02% 54.43% 47.42% 49.41% 49.13% 53.02% 55.49% Adjusted Cost to Income % 45.61% 41.39% 42.83% 42.39% 47.18% NA NA NA NA NA Ratio Profit Before Credit % 4.76% 6.08% 5.84% 5.77% 5.23% 5.37% 5.14% 5.12% 5.46% 6.03% Costs* Credit Cost Ratio* % 5.04% 5.43% 5.37% 3.70% 3.26% 2.60% 1.79% 2.14% 1.33% 2.03% Return on Assets % -0.47% 0.33% 0.20% 1.37% 1.29% 2.11% 2.48% 2.21% 3.07% 2.98% (“ROA”)* Adjusted ROA* % 0.48% 0.99% 0.82% 2.12% 2.12% NA NA NA NA NA Return on Equity % -4.48% 3.02% 1.91% 11.57% 9.59% 13.08% 16.39% 14.72% 19.55% 18.68% (“ROE”)* Adjusted ROE* % 3.02% 6.21% 5.21% 12.38% 12.82% NA NA NA NA NA Operational AAA Credit Rating AA+ AA+ AA+ AA+ AA+ AAA (Stable) AAA (Stable) AAA (Stable) AAA (Stable) (Stable) New loans disbursed in millions 0.62 0.77 1.60 2.38 2.39 NA NA NA NA NA 32Hero Fincorp Limited HDB Financial Services Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September 30, March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2024 30, 2025 2024 2025 2024 2023 30, 2025 30, 2024 2023 New customers acquired in millions 0.59 0.74 1.51 2.06 1.86 NA NA NA NA NA in the year Total customer franchise in millions 13.21 11.98 12.70 11.80 9.63 21.00 NA 19.20 15.80 12.20 Cross sell franchise % 9.48% 8.85% 9.16% 8.42% 7.93% NA NA NA NA NA Product per customer # 4.93 4.93 4.93 4.25 3.15 NA NA NA NA NA Mobile app downloads in millions 2.73 2.52 4.94 2.79 1.91 NA NA NA NA NA % of customers digitally % 16.88% 38.12% 27.71% 37.75% 40.70% NA NA NA NA NA acquired Digital collections % 88.46% 85.92% 86.73% 83.31% 81.24% NA NA NA NA NA Digital share of customer % 69.44% 55.15% 57.64% 53.02% 47.53% NA NA NA NA NA service Disbursements / On-Roll ₹ in million 67.01 73.80 79.11 77.12 77.22 5.02 NA 10.94 10.77 9.76 Employees* On Roll Employee # 4,286 4,281 4,175 4,469 3,589 61,332 NA 60,432 56,560 45,883 Branches # 123 118 122 140 81 1,749 NA 1,771 1,682 1,492 * Ratios for the six months ended September 30, 2025 and September 2024, have been annualized. 33Hero Fincorp Limited Tata Capital Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2023 30, 2025 30, 2024 2025 2024 2023 30, 2025 30, 2024 2024 Scale AUM ₹ in million 5,81,625.35 5,56,440.90 5,77,205.29 5,18,208.11 4,17,508.93 23,99,600.00 NA 22,65,529.60 16,12,310.80 12,01,968.60 Retail 62.02%, Retail 63.81%, Retail 64.94%, Retail 65.08%, Retail 62.83%, Retail 56.7%, SME 24.53%, SME 23.28%, SME 23.00%, SME 20.80%, SME 20.31%, Retail 61%, Retail 62.3%, Retail 58.9%, SME 32.6%, Product Vertical AUM % Corporate Corporate Corporate Corporate Corporate SME 27%, NA SME 26.2%, SME 29%, Corporate 10.00%, 9.31%, 8.59%, 11.56%, 12.06%, Corporate 12% Corporate 11.5% Corporate 12% 10.7% Others 3.44% Others 3.59% Others 3.47% Others 2.56% Others 4.79% AUM Growth (YoY) % 4.53% 19.78% 11.38% 24.12% 26.32% NA NA 40.51% 34.14% 28.82% Disbursements ₹ in million 1,43,600.55 1,57,977.52 3,30,297.18 3,44,632.47 2,77,133.32 NA NA 14,23,016.80 10,49,943.70 7,47,666.60 Disbursements Growth % -9.10% -0.87% -4.16% 24.36% 40.68% NA NA 35.53% 40.43% -0.44% (YoY) Retail 63.24%, Retail 73.62%, Retail 71.10%, Retail 73.70%, Retail 72.68%, Product Vertical SME 15.84%, SME 15.92%, SME 16.23%, SME 14.12%, SME 14.38%, % NA NA NA NA NA Disbursements Corporate Corporate Corporate Corporate Corporate 20.93% 10.46% 12.66% 12.18% 12.94% Asset Quality Stage 1 Loans ₹ in million 5,11,690.94 5,05,117.23 5,16,412.96 4,81,339.03 3,82,933.19 NA NA 21,83,208.70 15,59,626.20 11,46,518.30 Stage 2 Loans ₹ in million 14,273.27 15,383.90 15,513.40 12,819.39 10,837.47 NA NA 39,978.10 29,041.40 34,853.40 Stage 3 Loans ₹ in million 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 NA NA 42,342.80 23,643.20 20,596.90 GNPA Ratio % 5.05% 4.34% 5.05% 4.02% 5.11% 2.20% 1.50% 1.90% 1.50% 1.70% NNPA ₹ in million 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 NA NA NA NA NA NNPA Ratio % 2.32% 2.12% 2.30% 2.00% 2.69% 1.10% 0.50% 0.80% 0.40% 0.40% Provision Coverage Ratio % 55.42% 52.22% 55.80% 51.41% 48.74% 52.80% 70.00% 58.51% 74.10% 77.10% (“PCR”) Capital Total Borrowings ₹ in million 5,05,799.83 4,96,118.02 5,29,546.46 4,61,694.76 3,66,278.60 21,28,880.00 16,14,098.20 20,84,149.30 14,81,852.90 11,33,359.10 Adjusted Total ₹ in million 4,74,917.63 4,68,859.27 5,00,702.85 4,35,582.39 3,43,178.08 NA NA NA NA NA Borrowings Term loans Term loans Term loans Term loans Term loans NHB 4%, NHB 4%, NHB 4%, Bank NHB 6%, NHB 5%, Bank 57.22%, ECB 61.95%, ECB 59.90%, ECB 60.95%, ECB 56.48%, ECB Bank Loans Bank Loans Loans 39%, Bank Loans Loans 34%, Borrowings Mix % 15.73%, 12.60%, NCDs 15.27%, 10.31%, 10.74%, NCDs 36%, ECB and 41%, ECB ECB and 38%, ECB and ECB and NCDs 5.29%, 5.11%, CPs NCDs 5.22%, NCDs 6.24%, 10.12%, CPs Medium-Term and Medium-Term Medium-Term Medium-Term 34Hero Fincorp Limited Tata Capital Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2023 30, 2025 30, 2024 2025 2024 2023 30, 2025 30, 2024 2024 CPs 6.91%, 7.75%, CPs 8.33%, CPs 8.28%, 8.30%, Loans 12%, Medium- Loans 11%, Loans 7%, Loans 6%, NCD Working Working Working Working Working NCD 35%, Term Loans NCD 30%, Tier NCD 35%, 39%, Tier Capital 3.66%, Capital 3.42%, Capital 1.84%, Capital 6.37%, Capital 5.43%, Tier 9%, NCD II/Perpetual 4%, Tier II/Perpetual 5%, Perpetual Debt Perpetual Debt Perpetual Debt Subordinated Subordinated II/Perpetual 31%, Tier CP/WCDL 12% II/Perpetual CP/WCDL 11% 1.06%, 0.61%, 1.02%, debt 2.20%, debt 2.61%, 4%, II/Perpetual 5%, CP/WCDL Subordinated Subordinated Subordinated Others - CCPS Others - CCPS CP/WCDL 9% 4%, 10% debt 3.43%, debt 3.06%, debt 2.97%, 5.66% 6.31% CP/WCDL Others - CCPS Others - CCPS Others - CCPS 10% 6.11%, Others 5.49% 5.45% - CROMS 0.59% Debt to Equity times 8.55 8.67 9.20 8.01 6.99 5.87 6.37 6.28 6.33 6.54 Adjusted Debt to Equity times 5.27 5.55 5.80 5.20 4.54 NA NA NA NA NA CRAR % 17.41% 16.62% 16.88% 16.28% 20.57% 17.34% 16.43% 16.91% 16.72% NA Tier I Capital % 14.49% 13.90% 14.19% 14.36% 17.68% 13.80% 12.10% 12.80% 11.90% NA Tier II Capital % 2.92% 2.72% 2.69% 1.92% 2.89% 3.54% 4.33% 4.11% 4.82% NA Net Worth ₹ in million 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 3,62,839.40 2,53,345.00 3,31,918.10 2,34,171.30 1,73,398.60 Adjusted Net Worth ₹ in million 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 NA NA NA NA NA Financials Total Income ₹ in million 48,837.46 48,824.09 99,033.32 83,597.31 64,475.45 1,54,413.00 1,37,498.80 2,83,698.70 1,81,983.80 1,36,374.90 Net Interest Income ₹ in million 22,512.71 23,765.13 47,609.56 43,820.17 35,456.50 58,701.70 50,139.30 1,06,901.30 67,982.40 53,102.60 Net Total Income ₹ in million 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 74,001.00 65,154.00 1,33,402.30 86,301.50 70,368.50 Profit Before Credit Costs ₹ in million 13,249.06 16,097.60 31,401.79 26,829.37 19,474.51 45,679.90 36,100.60 77,268.10 50,059.50 43,718.00 Impairment on financial ₹ in million 14,044.57 14,375.47 28,840.85 17,223.90 12,122.30 16,817.50 14,943.70 28,268.30 5,922.60 5,742.90 instruments Restated Profit/(loss) ₹ in million -1,307.56 867.83 1,099.54 6,370.48 4,799.47 21,599.00 16,048.30 36,646.60 31,502.10 30,292.00 after Tax PAT Growth (YoY) % -250.67% NA -82.74% 32.73% NA 34.59% 4.30% 16.33% 3.99% 83.79% Adjusted Profit/(loss) ₹ in million 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 NA NA NA NA NA after Tax Adjusted PAT Growth % -49.08% NA -55.05% 24.78% NA NA NA NA NA NA (YoY) 35Hero Fincorp Limited Tata Capital Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2023 30, 2025 30, 2024 2025 2024 2023 30, 2025 30, 2024 2024 Ratios Yield on Advances* % 15.13% 15.92% 15.98% 16.09% 15.37% 11.93% NA 13.26% 11.63% 11.16% Net Interest Margin* % 8.08% 8.98% 8.86% 9.43% 9.53% 5.03% NA 5.51% 4.83% 4.97% Average Cost of % 8.05% 8.13% 8.18% 7.95% 6.90% 7.63% 9.35% 8.43% 7.32% 5.82% Borrowings* Operating Expenses % 5.73% 5.42% 5.46% 5.55% 6.25% 2.43% NA 2.90% 2.58% 2.50% Ratio* Adjusted Operating % 4.78% 4.76% 4.84% 4.80% 5.42% NA NA NA NA NA Expenses Ratio* Cost to Income Ratio % 54.64% 47.13% 48.32% 49.02% 54.43% 38.27% 44.59% 42.08% 41.99% 37.87% Adjusted Cost to Income % 45.61% 41.39% 42.83% 42.39% 47.18% NA NA NA NA NA Ratio Profit Before Credit % 4.76% 6.08% 5.84% 5.77% 5.23% 3.92% NA 3.99% 3.56% 4.10% Costs* Credit Cost Ratio* % 5.04% 5.43% 5.37% 3.70% 3.26% 1.44% NA 1.46% 0.42% 0.54% Return on Assets % -0.47% 0.33% 0.20% 1.37% 1.29% 1.85% NA 1.89% 2.24% 2.84% (“ROA”)* Adjusted ROA* % 0.48% 0.99% 0.82% 2.12% 2.12% NA NA NA NA NA Return on Equity % -4.48% 3.02% 1.91% 11.57% 9.59% 12.44% 13.17% 12.95% 15.46% 20.62% (“ROE”)* Adjusted ROE* % 3.02% 6.21% 5.21% 12.38% 12.82% NA NA NA NA NA Operational AAA Credit Rating AA+ AA+ AA+ AA+ AA+ AAA (Stable) AAA (Stable) AAA (Stable) AAA (Stable) (Stable) New loans disbursed in millions 0.62 0.77 1.60 2.38 2.39 NA NA NA NA NA New customers acquired in millions 0.59 0.74 1.51 2.06 1.86 NA NA NA NA NA in the year Total customer franchise in millions 13.21 11.98 12.70 11.80 9.63 7.70 5+ 7.00 4.50 3.20 Cross sell franchise % 9.48% 8.85% 9.16% 8.42% 7.93% NA NA NA NA NA Product per customer # 4.93 4.93 4.93 4.25 3.15 NA NA NA NA NA Mobile app downloads in millions 2.73 2.52 4.94 2.79 1.91 NA NA NA NA NA 36Hero Fincorp Limited Tata Capital Limited For the six months period For the six months period As at and for the Fiscal ended As at and for the Fiscal ended Particulars Unit ended ended September September March 31, March 31, March 31, September September March 31, March 31, 2025 March 31, 2023 30, 2025 30, 2024 2025 2024 2023 30, 2025 30, 2024 2024 % of customers digitally % 16.88% 38.12% 27.71% 37.75% 40.70% NA NA NA NA NA acquired Digital collections % 88.46% 85.92% 86.73% 83.31% 81.24% NA NA NA NA NA Digital share of customer % 69.44% 55.15% 57.64% 53.02% 47.53% NA NA NA NA NA service Disbursements / On-Roll ₹ in million 67.01 73.80 79.11 77.12 77.22 NA NA 48.41 54.54 51.60 Employees* On Roll Employee # 4,286 4,281 4,175 4,469 3,589 29,992 NA 29,397 19,250 14,490 Branches # 123 118 122 140 81 1,479 905 1,496 867 539 * Ratios for the six months ended September 30, 2025 and September 2024, have been annualized. Notes for Listed Peers: Source: All the financial information for listed industry peers mentioned above is on a consolidated basis for Bajaj Finance and Tata Capital and standalone basis for Cholamandalam Investment and Finance Company, Poonawalla Fincorp, Sundaram Finance and HDB Financial Services, and is extracted or derived from their respective filings for the period ended September 30, 2025 and September 30, 2024 and for the year ended March 31, 2025, March 31, 2024, and March 31, 2023 as available on the website of the stock exchanges and the respective companies. Notes: (1) AUM, Disbursement, Branches and Total Employee Count and Total customer franchise considered for Sundaram includes data of Sundaram Finance and Sundaram Housing Finance (its wholly owned subsidiary) for the relevant period. Product Vertical AUM (%) and Disbursement (%) is only for Sundaram Finance AUM and Disbursements (2) For Tata Capital, AUM and Product Vertical AUM (%) is Gross Loans and Product Vertical Gross Loans (%) respectively (3) For HDB Financial Services, Product Vertical AUM (%) is Product Vertical Gross Loans (%) (4) Abbreviations (a) LAP: Loan Against Properties (b) 2W: Two Wheeler (c) 3W: Three Wheeler (d) CSEL: Consumer & Small Enterprise Loans (e) SBPL: Small Business and Personal Loan (f) MHCL: Medium, Heavy Commercial Loan (g) CV: Commercial Vehicle (5) PCR is calculated on the NPA amount for peers (6) Total Borrowings for Bajaj Finance and Sundaram Finance includes Deposits (7) For Bajaj Finance and Tata Capital, Restated Profit/(loss) after Tax is the Profit after tax for the period attributable to owners of the company (8) For Bajaj Finance and Tata Capital, Net Worth excludes non-controlling interest (9) Ratios for six months period ended September 30, 2025 and September 30, 2024 are annualized (10) For Cholamandalam Investment and Finance Company, there was a movement of over 20,000 off-roll employees to the rolls of the company during the fiscal ended March 31, 2024 at entry level (11) For HDB, On Roll Employee are the total employees in the lending business. 37Weighted average cost of acquisition (“WACA”) (a) Price per share of our Company based on primary/ new issue of Equity Shares or convertible securities (excluding Equity Shares issued under employee stock option plans and issuance of Equity Shares pursuant to a bonus issue) during the 18 months preceding the date of this Addendum, where such issuance is equal to or more than 5% of the fully diluted paid up share capital of our Company (calculated based on the pre-Offer capital before such transactions and excluding employee stock options granted but not vested) in a single transaction or multiple transactions combined together over a span of rolling 30 days There have been no primary issuances of Equity Shares or convertible securities, excluding shares issued under employee stock option scheme and issuance of bonus shares, during the 18 months preceding the date of this Addendum, where such issuance is equal to or more that 5% of the fully diluted paid - up share capital of the Company (calculated based on the pre - Offer capital before such transaction(s) and excluding employee stock options granted but not vested), in a single transaction or multiple transactions combined together over a span of rolling 30 days. (b) Price per share of our Company based on secondary sale / acquisition of Equity Shares or convertible securities, where our Promoters, Selling Shareholders, members of our Promoter Group, or Shareholder(s) having the right to nominate director(s) to the Board of the our Company are a party to the transaction (excluding gifts), during the 18 months preceding the date of filing of this Addendum, where either acquisition or sale is equal to or more than 5% of the fully diluted paid-up share capital of our Company (calculated based on the pre-Offer capital before such transactions and excluding employee stock options granted but not vested), in a single transaction or multiple transactions combined together over a span of rolling 30 days There have been no secondary sale/ acquisitions of Equity Shares or any convertible securities, where the Promoters, members of the Promoter Group, Selling Shareholders, or Shareholder(s) having the right to nominate director(s) in the Board Of Directors of our Company are a party to the transaction (excluding gifts), during the 18 months preceding the date of this Addendum, where either acquisition or sale is equal to or more than 5% of the fully diluted paid up share capital of our Company (calculated based on the pre-Offer capital before such transaction/s and excluding employee stock options granted but not vested), in a single transaction or multiple transactions combined together over a span of rolling 30 days. (c) Since there are no transactions to report under K(a) and K(b) above, the details basis the last five primary and secondary transactions (secondary transactions where our Promoters, Selling Shareholders, Promoter Group, or Shareholder(s) having the right to nominate director(s) to the Board of our Company, are a party to the transaction), during the three years preceding the date of this Addendum, irrespective of the size of transactions are to be included: Primary Transactions: Date of Name of No of Face Issue Nature of Nature of Total Allotment Allottee shares Value Price consideration Considerations Transacted (Rs.) (Rs.) (Rs. In millions) Allotment June 27, Abhimanyu 548 10 2,500 Allotment Cash 1.37 2024 Munjal of Forfeited Shares June 13, RVG 357,142 10 1,400 Private Cash 500.00 2025 Jatropha placement Plantation of Equity Private Share Limited Mohan 178,571 10 1,400 250.00 Exports (India) 38Private Limited Laksh 14,285 10 1,400 20.00 Vaaman Sehgal Renu Sehgal 92,857 10 1,400 130.00 Trust Vivek 107,142 10 1,400 150.00 Chaand Sehgal Paramount 107,142 10 1,400 150.00 Products Private Limited Shahi 492,857 10 1,400 690.00 Exports Private Limited AP Properties 157,142 10 1,400 220.00 Private Limited Yugal Chit 64,285 10 1,400 90.00 Fund & Trading Co. Private Limited Tiger Laser 107,142 10 1,400 150.00 Pte. Ltd. Virender 107,142 10 1,400 150.00 Uppal LC Hercules 71,428 10 1,400 100.00 (Cayman) Ltd July 8, 2025 Vattikuti 357,142 10 1,400 Private Cash 500.00 Ventures placement LLC of Equity Share 39Secondary Transactions: Date of Name of Name of No of shares Face Price Nature of Total Transfer Transfer Transferee Transacted Value per consideration Considerations (Rs.) share (Rs. In millions) August 28, Abhimanyu Munjal 150,682 10 Nil Gift Nil 2023 Munjal* Family Trust * Munjal Family Trust has acquired 150,682 shares from Abhimanyu Munjal by way of gift on August 28, 2023 K. Weighted average cost of acquisition (“WACA”), floor price and cap price (a) Comparison of weighted average cost of acquisition based on primary issue and or secondary sale/ acquisition of Equity Shares or convertible securities Category of Transactions Weighted Floor Cap average Price Price cost of (₹[●]) (₹[●]) acquisition (WACA) (₹) is ‘X’ times the WACA## Weighted average cost of acquisition for last 18 months for primary / new issue of shares N.A. N.A. N.A. (equity / convertible securities), excluding shares issued under an employee stock option plan/employee stock option scheme and issuance of bonus shares, during eighteen months preceding the date of this Addendum where such issuance is equal to or more than five per cent of the fully diluted paid up share capital of our Company (calculated based on the pre-Offer capital before such transaction/s and excluding employee stock options granted but not vested), in a single transaction or multiple transactions combined together over a span of rolling 30 days Weighted average cost of acquisition for last 18 months for secondary sale / acquisition N.A. N.A. N.A. of shares equity / convertible securities), where promoter / promoter group entities or Promoter, Selling Shareholders or shareholder(s) having the right to nominate director(s) in our Board are a party to the transaction (excluding gifts), during eighteen months preceding the date of this Addendum, where either acquisition or sale is equal to or more than five per cent of the fully diluted paid-up share capital of our Company (calculated based on the pre-Offer capital before such transaction(s) and excluding employee stock options granted but not vested), in a single transaction or multiple transactions combined together over a span of rolling 30 days Since there were no primary or secondary transactions of equity shares of our Company during eighteen months preceding the date of filing of this Addendum, the information has been disclosed for price per share of our Company based on the last five primary or secondary transactions where promoter /promoter group entities or selling shareholders or shareholder(s) having the right to nominate director(s) on our Board, are a party to the transaction, not older than three years prior to the date of this Certificate irrespective of the size of the transaction - Based on primary issuances 1,400.27 [●] [●] times* times* - Based on secondary transactions Nil [●] [●] times* times* 40L. Justification for Basis of Offer Price Detailed explanation for Offer Price/Cap Price being [●] price of weighted average cost of acquisition of primary issuance price/secondary transaction price of Equity Shares along with our Company’s KPIs and financial ratios for the six months period ended September 30, 2025 and September 30, 2024 and Fiscal 2025, 2024 and 2023 [●]* Note: This will be included on finalisation of Price Band Explanation for Offer Price/Cap Price being [●] price of weighted average cost of acquisition of primary issuance price/secondary transaction price of Equity Shares (set out in point H above) in view of the external factors which may have influenced the pricing of the Offer [●]* Note: This will be included on finalisation of Price Band M. The Offer Price [●] times of the face value of the Equity Shares The Offer Price of ₹ [●] has been determined by our Company in consultation with the Book Running Lead Managers, on the basis of assessment of market demand from investors for Equity Shares through the Book Building Process and is justified in view of the above qualitative and quantitative parameters. Investors should read the above mentioned information along with “Risk Factors”, “Our Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on pages 31, 237, and 446 of the DRHP, respectively, and “Restated Consolidated Financial Information” beginning on page 78 of this Addendum, to have a more informed view. The trading price of the Equity Shares could decline due to the factors mentioned in the section “Risk Factors” beginning on page 31 of the DRHP or any other factors that may arise in the future and you may lose all or part of your investments. 41SELECTED STATISTICAL INFORMATION The following information should be read together with our Restated Consolidated Financial Information, including the notes thereto, on page 78 of this Addendum as well as the sections “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in the Draft Red Herring Prospectus. Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance have been included in this section and elsewhere in this Addendum and are a supplemental measure of our performance and liquidity that are not required by, or presented in accordance with, Ind AS, Indian GAAP, or IFRS. We compute and disclose such non-GAAP financial measures and such other statistical information relating to our operations and financial performance as we consider such information to be useful measures of our business and financial performance, and because such measures are frequently used by securities analysts, investors and others to evaluate the operational performance of financial services businesses, many of which provide such non-GAAP financial measures and other statistical and operational information when reporting their financial results. However, note that these non-GAAP financial measures and other statistical and other information relating to our operations and financial performance may not be computed on the basis of any standard methodology that is applicable across the industry and therefore may not be comparable to financial measures and statistical information of similar nomenclature that may be computed and presented by other financial services companies. For further information, see “Risk Factors – We have in this Draft Red Herring Prospectus included certain non-GAAP financial measures and certain other selected statistical information related to our operations and financial performance that may vary from any standard methodology in our industry, and such measures are not verified.” on page 67 of the Draft Red Herring Prospectus. Return on Equity and Assets The following table sets forth selected financial information relating to return on assets and assets, as at and for the dates and Fiscals indicated: Particulars For the six months period ended September 30,/ As at September 30, Fiscals/ As at March 31, 2025 2024 2025 2024 2023 (in ₹ million, except percentages) Restated Profit/(loss) after tax (1,307.56) 867.83 1,099.54 6,370.48 4,799.47 CCPS Cost(1) 2,638.60 1,746.38 3,331.23 3,486.90 3,100.52 Adjusted Profit/(loss) after tax(2) 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 AUM(3) 581,625.35 556,440.90 577,205.29 518,208.11 417,508.93 AUM Growth (%)(4) 4.53% 19.78% 11.38% 24.12% 26.32% Average AUM(5) 579,415.32 537,324.51 547,706.70 467,858.52 374,016.88 Total Assets(6) 578,647.99 566,699.19 600,423.89 532,046.63 434,512.31 Average Total Assets(7) 589,535.94 549,372.91 566,235.26 483,279.47 389,251.35 Total Gross Loans(8) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Total Gross Loans Growth (%)(9) 1.81% 17.83% 8.81% 24.07% 25.94% Average Total Gross Loans (10) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Net Worth(11) 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 Average Net Worth(12) 58,358.61 57,451.29 57,595.61 55,047.05 50,054.80 Adjusted Net Worth(13) 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 Average Adjusted Net Worth(14) 88,221.52 84,136.85 85,073.60 79,653.50 61,605.06 Total Gross Loans/ Adjusted Net Worth(15) 6.15 6.44 6.49 6.15 5.49 Average Total Gross Loans/ Average Adjusted Net Worth(16) 6.31 6.29 6.32 5.84 6.04 Total Borrowings(17) 505,799.83 496,118.02 529,546.46 461,694.76 366,278.60 Average Total Borrowings(18) 517,673.15 478,906.39 495,620.61 413,986.68 326,537.95 CCPS Value(19) 30,882.20 27,258.75 28,843.61 26,112.37 23,100.52 Adjusted Total 474,917.63 468,859.27 500,702.85 435,582.39 343,178.08 42Particulars For the six months period ended September 30,/ As at September 30, Fiscals/ As at March 31, 2025 2024 2025 2024 2023 (in ₹ million, except percentages) Borrowings(20) Average Adjusted Total Borrowings(21) 487,810.24 452,220.83 468,142.62 389,380.24 314,987.69 Return on Assets (ROA)(%)*(22) (0.47%) 0.33% 0.20% 1.37% 1.29% Return on Equity (ROE)(%)*(23) (4.48%) 3.02% 1.91% 11.57% 9.59% Adjusted ROA (%)*(24) 0.48% 0.99% 0.82% 2.12% 2.12% Adjusted ROE (%)*(25) 3.02% 6.21% 5.21% 12.38% 12.82% Restated Basic Earnings per Equity Share (in ₹) (26) (10.18) 6.80 8.60 50.02 37.69 Adjusted Basic Earnings per Equity Share (in ₹) (27) 10.32 20.52 34.76 77.41 62.04 Restated Diluted Earnings per Equity Share(in ₹) (28) (10.18) 6.79 8.58 49.92 37.65 Net Asset Value per Equity Share (in ₹) (29) 456.57 449.63 451.55 452.92 411.87 Adjusted Net Asset Value per Equity Share (in ₹) (30) 694.81 663.75 677.93 658.03 593.33 *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Notes: (1) CCPS Cost: fair value change in CCPS recognised in net gain/(loss) on fair value changes for the relevant Fiscal/ period. (2) Adjusted Profit/(loss) after tax: Restated Profit/(loss) after tax excluding CCPS Cost for the relevant Fiscal/ period. (3) AUM: sum of Total Gross Loans and Assigned Loan Assets as of the last day of the relevant Fiscal/ period. (4) AUM Growth: percentage growth in AUM as of the last day of the relevant Fiscal/ period over the AUM as of the last day of the preceding Fiscal/ period. (5) Average AUM: simple average of AUM as of the last day of the relevant Fiscal/ period and AUM as of the last day of the preceding Fiscal/ period. (6) Total Assets: sum of total financial assets and total non-financial assets as at the last day of the relevant Fiscal/ period. (7) Average Total Assets: simple average of our Total Assets as of the last day of the relevant Fiscal/ period and our Total Assets as at the last day of the preceding Fiscal/ period. (8) Total Gross Loans: aggregate amount of loan receivables from customers, including future principal, overdue principal, overdue interest and interest accrued but not due before considering impairment allowances and including temporary lending through clearcorp repo order matching system (CROMS) platform, as of the last day of the relevant Fiscal/ period. (9) Total Gross Loans Growth: percentage growth in Total Gross Loans as of the last day of the relevant Fiscal/ period over the Total Gross Loans as of the last day of the preceding Fiscal/ period. (10) Average Total Gross Loans: Simple average of our Total Gross Loans as of the last day of the relevant Fiscal/ period and our Total Gross Loans as of the last day of the preceding Fiscal/ period. (11) Net Worth: Sum of equity share capital and other equity excluding capital reserve, as of the last day of the relevant Fiscal/ period. (12) Average Net Worth: simple average of our Net Worth as of the last day of the relevant Fiscal/ period and our Net Worth as of the last day of the preceding Fiscal/ period. (13) Adjusted Net Worth: Net Worth as of the last day of the relevant Fiscal/ period considering CCPS value as equity. (14) Average Adjusted Net Worth: simple average of our Adjusted Net Worth as of the last day of the relevant Fiscal/ period and our Adjusted Net Worth as of the last day of the preceding Fiscal/ period. (15) Total Gross Loans/ Adjusted Net Worth: ratio of Total Gross Loans to Adjusted Net Worth as of the last day of the relevant Fiscal/ period. (16) Average Total Gross Loans/ Average Adjusted Net Worth: ratio of Average Total Gross Loans to Average Adjusted Net Worth as of the last day of the relevant Fiscal/ period. (17) Total Borrowings: sum of debt securities, borrowings (other than debt securities) and subordinated liabilities as of the last day of the relevant Fiscal/ period. (18) Average Total Borrowings: simple average of our Total Borrowings as of the last day of the relevant Fiscal/ period and our Total Borrowings as of the last day of the preceding Fiscal/ period. (19) CCPS Value: carrying amount of CCPS as of the last day of the relevant Fiscal/ period. (20) Adjusted Total Borrowings: sum of debt securities, borrowings (other than debt securities) and subordinated liabilities (excluding CCPS) as of the last day of the relevant Fiscal/ period. (21) Average Adjusted Total Borrowings: simple average of our Adjusted Total Borrowings as at the last day of the relevant Fiscal/ period and our Adjusted Total Borrowings of the last day of the preceding Fiscal/ period. (22) Return on Assets: Ratio of Restated Profit/(loss) after tax for the relevant Fiscal/ period to Average Total Gross Loans for the relevant Fiscal/ period. (23) Return on Equity: Ratio of Restated Profit/(loss) after tax for the relevant Fiscal/ period to Average Net Worth for the relevant Fiscal/ period. (24) Adjusted ROA: ratio of Adjusted Profit/(loss) after tax to Average Total Gross Loans for the relevant Fiscal/ period. (25) Adjusted ROE: ratio of Adjusted Profit/(loss) after tax for the relevant Fiscal/ period to the Average Adjusted Net Worth for the relevant 43Fiscal/ period. (26) Restated Basic Earnings per Equity Share: Restated Profit/(loss) after tax attributable to equity shareholders by weighted average number of Equity Shares outstanding during the relevant Fiscal/ period. (27) Adjusted Basic Earnings per Equity Share: ratio of Adjusted Profit/(loss) after tax attributable to equity shareholders to weighted average number of Equity Shares outstanding during the relevant Fiscal/ period. (28) Restated Diluted Earnings per Equity Share: Restated Profit/(loss) after tax attributable to equity shareholders by the weighted average number of Equity Shares outstanding during the relevant Fiscal/ period plus the weighted average number of Equity Shares that would be issued on conversion of all the dilutive potential Equity Shares into Equity Shares of the Company. (29) Net Asset Value per Equity Share: Net Worth of the Company divided by the total number of Equity Shares outstanding as of the last day of the relevant Fiscal/ period (30) Adjusted Net Asset Value per Equity Share: Adjusted Net Worth of the Company divided by the total number of Equity Shares outstanding as of the last day of the relevant Fiscal/ period Financial Ratios The following table sets forth certain of our financial ratios as at and for the dates and Fiscals indicated: Particulars For the six months period ended September 30,/ As at September 30, Fiscals/ As at March 31, 2025 2024 2025 2024 2023 (in ₹ million, except otherwise indicated) Disbursements(1) 143,600.55 157,977.52 330,297.18 344,632.47 277,133.32 Disbursement Growth (%)(2) (9.10%) (0.87%) (4.16%) 24.36% 40.68% Product Vertical disbursement: Retail Finance 90,808.46 116,296.12 234,851.72 253,999.77 201,410.09 MSME Finance 22,742.08 25,153.00 53,617.06 48,650.12 39,864.93 CIF 30,050.00 16,528.40 41,828.40 41,982.59 35,858.30 Interest Income(3) 42,140.62 42,141.48 85,886.69 74,793.81 57,196.00 Net Interest Income(4) 22,512.71 23,765.13 47,609.56 43,820.17 35,456.50 Total Income(5) 48,837.46 48,824.09 99,033.32 83,597.31 64,475.45 Net Total Income(6) 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 CCPS Cost(7) 2,638.60 1,746.38 3,331.23 3,486.90 3,100.52 Profit before Credit Cost(8) 13,249.06 16,097.60 31,401.79 26,829.37 19,474.51 Impairment on Financial Instruments(9) 14,044.57 14,375.47 28,840.85 17,223.90 12,122.30 Restated Profit/(Loss) before tax(10) (795.51) 1,722.13 2,560.94 9,605.47 7,352.21 Restated Profit/(loss) after tax(11) (1,307.56) 867.83 1,099.54 6,370.48 4,799.47 PAT Growth (%) (12) (250.67%) N/A (82.74%) 32.73% N/A Adjusted Profit/(loss) after tax(13) 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 Adjusted PAT Growth (%)(14) (49.08%) N/A (55.05%) 24.78% N/A Yield on Advances (%)*(15) 15.13% 15.92% 15.98% 16.09% 15.37% Finance cost ratio* (16) 7.05% 6.94% 7.12% 6.66% 5.84% Net Interest Margin (NIM) (%)*(17) 8.08% 8.98% 8.86% 9.43% 9.53% Fee and Other Income Ratio* (18) 2.40% 2.52% 2.45% 1.89% 1.96% Net Total Income Ratio*(19) 10.49% 11.50% 11.30% 11.32% 11.48% Operating Expenses Ratio*(20) 5.73% 5.42% 5.46% 5.55% 6.25% Adjusted Operating Expenses Ratio*(21) 4.78% 4.76% 4.84% 4.80% 5.42% Profit before Credit Cost Ratio*(22) 4.76% 6.08% 5.84% 5.77% 5.23% 44Particulars For the six months period ended September 30,/ As at September 30, Fiscals/ As at March 31, 2025 2024 2025 2024 2023 Credit Cost Ratio*(23) 5.04% 5.43% 5.37% 3.70% 3.26% Adjusted ROA (%)*(24) 0.48% 0.99% 0.82% 2.12% 2.12% Adjusted ROE (%)*(25) 3.02% 6.21% 5.21% 12.38% 12.82% Cost to Income Ratio(26) 54.64% 47.13% 48.32% 49.02% 54.43% Adjusted Cost to Income Ratio(27) 45.61% 41.39% 42.83% 42.39% 47.18% Stage 3 Loans(28) 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 GNPA Ratio(29) 5.05% 4.34% 5.05% 4.02% 5.11% Stage 3 Impairment Allowance(30) 15,510.01 12,324.34 15,778.83 10,647.56 10,333.32 NNPA(31) 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 NNPA Ratio(32) 2.32% 2.12% 2.30% 2.00% 2.69% Provision Coverage Ratio (PCR)(33) 55.42% 52.22% 55.80% 51.41% 48.74% Debt to Equity Ratio (times)(34) 8.55 8.67 9.20 8.01 6.99 Adjusted Debt to Equity Ratio (times)(35) 5.27 5.55 5.80 5.20 4.54 *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Notes: (1) Disbursements: total amount of new loans disbursed to the customers during the relevant Fiscal/ period. (2) Disbursement Growth: percentage growth in disbursements for the relevant Fiscal/ period over disbursements in the preceding Fiscal/ period. (3) Interest Income: Total interest income for the relevant Fiscal/ period. (4) Net Interest Income: Interest Income reduced by finance cost for the relevant Fiscal/ period. (5) Total Income: sum of total revenue from operations and Other Income for the relevant Fiscal/ period. (6) Net Total Income: Total Income reduced by finance cost for the relevant Fiscal/ period. (7) CCPS Cost: fair value change in compulsorily convertible preference shares (CCPS) recognised in net gain/(loss) on fair value changes for the relevant Fiscal/ period. (8) Profit before Credit Cost: calculated as Net Total Income reduced by Operating Expenses for the relevant Fiscal/ period (9) Impairment on Financial Instruments: Impairment allowance on gross carrying amount of Total Gross Loans, impairment allowance others and Settlement Loss and Bad Debts Written off for the relevant fiscal. (10) Restated Profit/(loss) before Tax (PBT): Net Total Income reduced by Operating Expenses and impairment on Financial Instruments for the relevant Fiscal/ period. (11) Restated Profit/(loss) after Tax: Restated Profit/(loss) before tax reduced by tax expenses for the relevant Fiscal/ period. (12) PAT Growth: growth in Restated Profit/(loss) after Tax for the relevant Fiscal/ period over Restated Profit/(loss) after Tax for the preceding Fiscal/ period. (13) Adjusted Profit/(loss) after Tax (Adjusted PAT): Restated Profit/(loss) after tax excluding CCPS Cost for the relevant Fiscal/ period. (14) Adjusted PAT Growth: growth in Adjusted Profit/(loss) after tax for the relevant Fiscal/ period over the Adjusted Profit/(loss) after tax for the preceding Fiscal/ period. (15) Yield on Advances: ratio of Interest Income to Average Total Gross Loans for the relevant Fiscal/ period. (16) Finance cost ratio: ratio of finance cost to Average Total Gross Loans for the relevant Fiscal/ period. (17) Net Interest Margin (NIM): ratio of Net Interest Income to Average Total Gross Loans for the relevant Fiscal/ period. (18) Fee and Other Income Ratio: ratio of Fee and Other Income to Average Total Gross Loans for the relevant Fiscal/ period. (19) Net Total Income Ratio: ratio of Net Total Income to Average Total Gross Loans for the relevant Fiscal/ period. (20) Operating Expenses Ratio: ratio of Operating Expenses to Average Total Gross Loans for the relevant Fiscal/ period. (21) Adjusted Operating Expenses Ratio: ratio of Adjusted Operating Expenses to Average Total Gross Loans for the relevant Fiscal/ period. (22) Profit before Credit Cost (PBCC) Ratio: ratio of Profit before Credit Cost to Average Total Gross Loans for the relevant Fiscal/ period. (23) Credit Cost Ratio: ratio of Impairment on Financial Instruments to Average Total Gross Loans for the relevant Fiscal/ period. (24) Adjusted ROA: ratio of Adjusted Profit/(loss) after tax to Average Total Gross Loans for the relevant Fiscal/ period. (25) Adjusted ROE: ratio of Adjusted Profit/(loss) after tax for the relevant Fiscal/ period to the Average Adjusted Net Worth for the relevant Fiscal/ period. (26) Cost to Income Ratio: ratio of Operating Expenses to Net Total Income for the relevant Fiscal/ period. (27) Adjusted Cost to Income Ratio: ratio of Adjusted Operating Expenses to Net Total Income for the relevant Fiscal/ period. (28) Stage 3 Loans: gross carrying amount of Stage 3 Loans as of the last day of the relevant Fiscal/ period. (29) GNPA Ratio: ratio of Stage 3 Loans to Total Gross Loans as of the last day of the relevant Fiscal/ period. (30) Stage 3 Impairment Allowance: impairment allowance on Stage 3 Loans as of the last day of the relevant Fiscal/ period. (31) NNPA: Stage 3 Loans reduced by Stage 3 Impairment Allowance (NPA Provision) as of the last day of the relevant Fiscal/ period. (32) NNPA Ratio: ratio of NNPA to Total Gross Loans reduced by Stage 3 Impairment Allowance (NPA Provision) as of the last day of the relevant Fiscal/ period. (33) Provision Coverage Ratio (PCR): calculated as the ratio of Stage 3 Impairment Allowance (NPA Provision) to Stage 3 Loans as of the last day of the relevant Fiscal/ period. (34) Debt to Equity Ratio: ratio of Total Borrowings to Net Worth as of the last day of the relevant Fiscal/ period. (35) Adjusted Debt to Equity: ratio of Adjusted Total Borrowings to Adjusted Net Worth as of the last day of the relevant Fiscal/ period. 45Return Ratios The following table sets forth certain of our return ratios as at and for the dates and Fiscals indicated: Particulars For the six months period ended September 30,/ As at September 30 Fiscals/ As of March 31, 2025 2024 2025 2024 2023 (%) Yield on Advances (%)*(1) 15.13% 15.92% 15.98% 16.09% 15.37% Finance cost ratio* (2) 7.05% 6.94% 7.12% 6.66% 5.84% Net Interest Margin (%)* (3) 8.08% 8.98% 8.86% 9.43% 9.53% Fee and Other Income Ratio*(4) 2.40% 2.52% 2.45% 1.89% 1.96% Net Total Income Ratio* (5) 10.49% 11.50% 11.30% 11.32% 11.48% Operating Expenses Ratio*(6) 5.73% 5.42% 5.46% 5.55% 6.25% Adjusted Operating Expenses Ratio* (7) 4.78% 4.76% 4.84% 4.80% 5.42% Credit Cost Ratio* (8) 5.04% 5.43% 5.37% 3.70% 3.26% Restated Profit/(loss) before Tax to Average Total Gross Loans (%)* (9) (0.29%) 0.65% 0.48% 2.07% 1.98% Return on Assets (%)*(10) (0.47%) 0.33% 0.20% 1.37% 1.29% Adjusted ROA (%)*(11) 0.48% 0.99% 0.82% 2.12% 2.12% Return on Equity (ROE) (%)* (12) (4.48%) 3.02% 1.91% 11.57% 9.59% Adjusted ROE (%)* (13) 3.02% 6.21% 5.21% 12.38% 12.82% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Notes: (1) Yield on Advances: ratio of Interest Income to Average Total Gross Loans for the relevant Fiscal/ period. (2) Finance cost ratio: ratio of finance cost to Average Total Gross Loans for the relevant Fiscal/ period. (3) Net Interest Margin: ratio of Net Interest Income to Average Total Gross Loans for the relevant Fiscal/ period (4) Fee and Other Income Ratio: ratio of Fee and Other Income to Average Total Gross Loans for the relevant Fiscal/ period. (5) Net Total Income Ratio: ratio of Net Total Income to Average Total Gross Loans for the relevant Fiscal/ period. (6) Operating Expenses Ratio: ratio of Operating Expenses to Average Total Gross Loans for the relevant Fiscal/ period. (7) Adjusted Operating Expenses Ratio: ratio of Adjusted Operating Expenses to Average Total Gross Loans for the relevant Fiscal/ period. (8) Credit Cost Ratio: ratio of Impairment on Financial Instruments to Average Total Gross Loans for the relevant Fiscal/ period. (9) Restated Profit/(loss) before Tax to Average Total Gross Loans: ratio of Profit/(loss) before Tax to Average Total Gross Loans for the relevant Fiscal/ period. (10) Return on Assets (ROA): ratio of Restated Profit/(loss) after tax for the relevant Fiscal/ period to Average Total Gross Loans for the relevant Fiscal/ period. (11) Adjusted ROA: ratio of Adjusted Profit/(loss) after tax to Average Total Gross Loans for the relevant Fiscal/ period. (12) Return on Equity (ROE): Ratio of Restated Profit/(loss) after tax for the relevant Fiscal/ period to Average Net Worth for the relevant Fiscal/ period. (13) Adjusted ROE: ratio of Adjusted Profit/(loss) after tax for the relevant Fiscal/ period to the Average Adjusted Net Worth for the relevant Fiscal/ period. Yield and Spread The following table sets forth certain of our yield and spread metrics, as at and for the dates and Fiscals indicated: Particulars For the six months period ended September 30,/ As at September 30, Fiscals/ As at March 31, 2025 2024 2025 2024 2023 (in ₹ million, except otherwise indicated) Total Gross Loans (A) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Average Total Gross Loans(1) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Interest-earning Investments (B)(2) 17,483.96 12,125.94 19,658.52 14,469.62 15,983.14 46Particulars For the six months period ended September 30,/ As at September 30, Fiscals/ As at March 31, 2025 2024 2025 2024 2023 (in ₹ million, except otherwise indicated) Deposits with banks (original maturity of less than three months) (C) 280.10 4471.03 16532.97 702.83 5,274.56 Bank balance other than cash and cash equivalents (D) 754.36 609.77 673.99 590.68 412.17 Total interest-earning assets (E=A+B+C+D) 572,470.87 561,307.84 597,071.57 530,634.07 436,642.55 Average total interest- earning assets(3) 584,771.22 545,970.96 563,852.82 483,638.31 393,266.33 Debt securities (F) 61,721.79 63,838.30 71,747.44 67,037.15 67,470.79 Borrowings (other than debt securities (G) 390,481.72 386,786.35 407,829.88 358,403.90 266,129.87 Subordinated liabilities (H) 53,596.32 45,493.37 49,969.14 36,253.71 32,677.94 Total borrowings (I = F+G+H) 505,799.83 496,118.02 529,546.46 461,694.76 366,278.60 Average Total Borrowings(4) 517,673.15 478,906.39 495,620.61 413,986.68 326,537.95 Adjusted Total Borrowings(5) 474,917.63 468,859.27 500,702.85 435,582.39 343,178.08 Average Adjusted Total Borrowings(6) 487,810.24 452,220.83 468,142.62 389,380.24 314,987.69 Yield on Advances (%)* (J)(7) 15.13% 15.92% 15.98% 16.09% 15.37% Average Cost of Borrowings (%)* (K) (8) 8.05% 8.13% 8.18% 7.95% 6.90% Spread (%)* (L=J-K) (9) 7.08% 7.79% 7.80% 8.14% 8.47% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Notes: (1) Average Total Gross Loans: simple average of our Total Gross Loans as of the last day of the relevant Fiscal/ period and our Total gross Loans as of the last day of the preceding Fiscal/ period. (2) Interest-earning Investments: total amount of investments in commercial paper, certificate of deposits, treasury bills, government securities and corporate bonds. (3) Average total interest-earning assets: simple average of our total interest-earning assets as of the last day of the relevant Fiscal/ period and our total interest-earning assets as of the last day of the preceding Fiscal/ period. (4) Average Total Borrowings: simple average of our Total Borrowings as of the last day of the relevant Fiscal/ period and our Total Borrowings of the last day of the previous Fiscal/ period. (5) Adjusted Total Borrowings: sum of debt securities, borrowings (other than debt securities) and subordinated liabilities (excluding CCPS) as of the last day of relevant Fiscal/ period. (6) Average Adjusted Total Borrowings: simple average of our Adjusted Total Borrowings as of the last day of the relevant Fiscal/ period and our Adjusted Total Borrowings as of the last day of the preceding Fiscal/ period. (7) Yield on Advances: ratio of Interest Income to average Total Gross Loans for the relevant Fiscal/ period. (8) Average Cost of Borrowings: Ratio of finance cost to average adjusted total borrowings for the relevant Fiscal/ period. (9) Spread: difference between Yield on Advances and Average Cost of Borrowings for the relevant Fiscal/ period. Total Gross Loans The following table sets forth details of our Total Gross Loans broken down by asset category, in absolute amounts and as percentages of Total Gross Loans, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Percentage Percentage Percentage Percentage Percentage of Total of Total of Total of Total of Total (in ₹ Gross Loans (in ₹ Gross Loans (in ₹ Gross (in ₹ Gross (in ₹ Gross million) (%) million) (%) million) Loans (%) million) Loans (%) million) Loans (%) Retail Finance 348,827.92 62.97% 350,278.63 64.38% 368,338.94 65.75% 333,925.37 64.86% 259,786.09 62.60% MSME Finance 126,944.81 22.92% 121,997.51 22.42% 122,253.84 21.82% 107,798.26 20.94% 84,815.06 20.44% CIF 58,173.95 10.50% 51,821.84 9.52% 49,581.39 8.85% 59,881.01 11.63% 50,364.54 12.14% Others(1) 20,005.77 3.61% 20,003.12 3.68% 20,031.92 3.58% 13,266.30 2.58% 20,006.99 4.82% 47Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Percentage Percentage Percentage Percentage Percentage of Total of Total of Total of Total of Total (in ₹ Gross Loans (in ₹ Gross Loans (in ₹ Gross (in ₹ Gross (in ₹ Gross million) (%) million) (%) million) Loans (%) million) Loans (%) million) Loans (%) Total Gross Loans 553,952.45 100.00% 544,101.10 100.00% 560,206.09 100.00% 514,870.94 100.00% 414,972.68 100.00% Note: (1) Others represents lending amount to Clearcorp Repo Order Matching System (CROMS). Total Gross Loans by Fixed and Floating Rate The following table sets forth details of our Total Gross Loans broken down by fixed and floating interest rate, in absolute amounts and as percentages of our Total Gross Loans, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Percentage Percentage Percentage Percentage Percentage of Total of Total of Total of Total of Total (in ₹ Gross (in ₹ Gross (in ₹ Gross (in ₹ Gross (in ₹ Gross million) Loans (%) million) Loans (%) million) Loans (%) million) Loans (%) million) Loans (%) Fixed Interest Rate 393,848.06 71.10% 398,718.53 73.28% 406,581.63 72.58% 370,840.37 72.03% 313,522.22 75.55% Floating Interest 160,104.39 28.90% 145,382.57 26.72% 153,624.46 27.42% Rate 144,030.57 27.97% 101,450.46 24.45% Total Gross Secured and Unsecured Loans The following table sets forth details of our Total Gross Loans broken down by total amounts secured and unsecured, in absolute amounts and as percentages of our Total Gross Loans, for the Fiscals/ periods indicated: Particulars For the six months period ended September 30, Fiscals 2025 2024 2025 2024 2023 Percentage Percentage Percentage Percentage Percentage of Total of Total of Total of Total of Total (in ₹ Gross (in ₹ Gross (in ₹ Gross (in ₹ Gross (in ₹ Gross million) Loans (%) million) Loans (%) million) Loans (%) million) Loans (%) million) Loans (%) Total Gross Secured Loans 341,774.85 61.70% 308,986.04 56.79% 333,849.43 59.59% 308,662.40 59.95% 259,289.49 62.48% Total Gross Unsecured Loans 212,177.60 38.30% 235,115.06 43.21% 226,356.66 40.41% 206,208.54 40.05% 155,683.19 37.52% Asset Quality Stage-wise loans and impairment loss allowance The following table sets forth the breakdown of our loan portfolio based on stage-wise loans and impairment loss allowance, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 (in ₹ million, except otherwise indicated) Total Gross Loans Gross loans - stage 1 (A) 511,690.94 505,117.23 516,412.96 481,339.03 382,933.19 Gross loans - stage 2 (B) 14,273.27 15,383.90 15,513.40 12,819.39 10,837.47 Gross loans - stage 3 (C) 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 Total Gross Loans (D=A+B+C) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Impairment allowance – Total Gross Loans Impairment allowance – gross loans - stage 1 (E) 2,720.95 2,905.31 2,915.66 2,836.01 3,718.45 Impairment allowance – gross loans - stage 2 (F) 2,981.60 3,270.35 3,358.64 2,582.67 2,208.22 Impairment allowance – gross loans - stage 3 (G) 15,510.01 12,324.34 15,778.83 10,647.56 10,333.32 Total impairment allowance – Total Gross Loans (H=E+F+G) 21,212.56 18,500.00 22,053.13 16,066.24 16,259.99 GNPA Ratio 5.05% 4.34% 5.05% 4.02% 5.11% Ratio of Total Impairment allowance to Total Gross 3.83% 3.40% 3.94% 3.12% 3.92% 48Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 (in ₹ million, except otherwise indicated) Loans (%) Net loans Net loans - stage 1 (I = A-E) 508,969.99 502,211.92 513,497.30 478,503.02 379,214.74 Net loans - stage 2 (J = B-F) 11,291.67 12,113.55 12,154.76 10,236.72 8,629.25 Net loans - stage 3 (K = C-G) 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 Total Net loans (L=D-H) 532,739.89 525,601.10 538,152.96 498,804.70 398,712.69 Provisioning and Write-offs The following table sets forth our provisioning and write-offs, as at and for the dates and Fiscals/ periods indicated: For the six months period ended Particulars September 30,/ As at September 30, Fiscals/ As at March 31, 2025 2024 2025 2024 2023 (in ₹ million, except otherwise indicated) Stage 3 Loans(1) 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 GNPA Ratio(2) 5.05% 4.34% 5.05% 4.02% 5.11% Stage 3 Impairment Allowance (3) 15,510.01 12,324.34 15,778.83 10,647.56 10,333.32 NNPA(4) 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 NNPA Ratio(5) 2.32% 2.12% 2.30% 2.00% 2.69% Provision Coverage Ratio (PCR)(6) 55.42% 52.22% 55.80% 51.41% 48.74% Settlement Loss and Bad Debts Written Off (7) 14,996.39 11,940.26 22,833.71 17,415.90 11,957.90 Notes: (1) Stage 3 Loans: gross carrying amount of Stage 3 Loans as of the last day of relevant Fiscal/ period. (2) GNPA Ratio: Ratio of Stage 3 Loans to Total Gross Loans as of the last day of the relevant Fiscal/ period. (3) Stage 3 Impairment Allowance: impairment allowance on Stage 3 Loans as of the last day of the relevant Fiscal/ period. (4) NNPA: GNPA reduced by Stage 3 Impairment Allowance (NPA Provision) as of the last day of relevant Fiscal/ period. (5) NNPA Ratio: Ratio of NNPA to the Total Gross Loans reduced by Stage 3 Impairment Allowance (NPA Provision) as of the last day of the relevant Fiscal/ period. (6) Provision Coverage Ratio (PCR): calculated as the ratio of Stage 3 Impairment Allowance (NPA Provisions) to Stage 3 Loans as of the last day of the relevant Fiscal/ period. (7) Settlement Loss and Bad Debts Written Off: Settlement loss and bad debts written off (net of recoveries from bad debts written off) during the relevant Fiscal/ period. Product-wise AUM The following table sets forth the breakdown of our AUM by business verticals, in absolute amounts and as percentages of our total AUM, as at the dates indicated: Particulars As at September 30, As at March 31, CAGR 2025 2024 2025 2024 2023 from March 31, 2022 to Percentage Percentage Percentage Percentage Percentage September (in ₹ million) of AUM (in ₹ million) of AUM (in ₹ million) of AUM (in ₹ million) of AUM (in ₹ million) of AUM 30, 2025 Retail 355,059.42 63.81% Finance 360,752.74 62.02% 374,849.90 64.94% 337,262.59 65.08% 262,322.39 62.83% 13.59% - Vehicle 129,541.74 23.28% Loans 142,227.45 24.45% 143,312.51 24.83% 127,942.58 24.69% 108,383.55 25.96% 11.48% - Personal 164,604.98 29.58% Loans 149,260.40 25.66% 163,584.19 28.34% 155,993.81 30.10% 114,433.03 27.41% 11.21% - Mortgage 60,912.70 10.95% Loans 69,264.89 11.91% 67,953.20 11.77% 53,326.21 10.29% 39,505.81 9.46% 25.18% MSME 129,556.52 23.28% Finance 142,692.89 24.53% 132,742.08 23.00% 107,798.26 20.80% 84,815.01 20.31% 23.13% - MSME Secured 69,305.64 12.46% Loans 85,090.12 14.63% 79,265.70 13.73% 61,036.26 11.78% 44,037.67 10.55% 30.14% - MSME Unsecured 60,250.88 10.83% Loans 57,602.76 9.90% 53,476.39 9.26% 46,761.95 9.02% 40,777.35 9.77% 14.82% CIF 58,173.95 10.00% 51,821.84 9.31% 49,581.39 8.59% 59,881.01 11.56% 50,364.54 12.06% 5.94% Others(1) 20,005.77 3.44% 20,003.12 3.59% 20,031.92 3.47% 13,266.30 2.56% 20,006.99 4.79% 0.00% Total 556,440.90 100.00% AUM(2) 581,625.35 100.00% 577,205.29 100.00% 518,208.11 100.00% 417,508.93 100.00% 14.18% 49Note: (1) Others includes lending amount to Clearcorp Repo Order Matching System (CROMS). Product-wise GNPA The following table sets forth the breakdown of our Stage 3 Loans by products, in absolute amounts and as percentages of our Total Gross Loans, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Percentage Percentage Percentage Percentage Percentage of Total of Total of Total of Total of Total (in ₹ Gross (in ₹ Gross (in ₹ Gross (in ₹ Gross (in ₹ Gross million) Loans million) Loans million) Loans million) Loans million) Loans Retail Finance 23,358.80 6.70% 18,315.43 5.23% 23,846.87 6.47% 15,537.99 4.65% 14,383.68 5.54% Vehicle Loans 9,723.47 6.84% 9,702.14 7.49% 10,416.20 7.27% 8,480.43 6.63% 7,070.08 6.52% Personal Loans 12,243.03 8.50% 7,630.50 4.64% 12,358.87 7.56% 6,139.74 3.94% 6,443.36 5.63% Mortgage Loans 1392.3 2.22% 982.8 1.75% 1071.8 1.74% 917.81 1.84% 870.24 2.35% MSME Finance 3,617.35 2.85% 3,001.33 2.46% 3,400.35 2.78% 2,520.79 2.34% 2,422.28 2.86% MSME Secured Loans 1,949.59 2.63% 1,680.71 2.72% 1,888.29 2.75% 1,376.73 2.26% 1,233.12 2.80% MSME Unsecured Loans 1,667.76 3.17% 1,320.62 2.19% 1,512.06 2.83% 1,144.06 2.45% 1,189.16 2.92% CIF 1,012.09 1.74% 2,283.20 4.41% 1,032.50 2.08% 2,653.74 4.43% 4,396.06 8.73% Total Stage 3 Loans 27,988.24 5.05% 23,599.97 4.34% 28,279.73 5.05% 20,712.52 4.02% 21,202.02 5.11% Capital Adequacy Capital risk to asset ratios (“CRAR”) As per the NBFC Scale Based Regulations, we have been categorised as a ‘NBFC – Middle Layer’ and are required to maintain a minimum capital ratio, consisting of Tier I and Tier II capital, of not less than 15.00% of our aggregate risk-weighted assets on balance sheet and risk adjusted value of off-balance sheet items, of which Tier I Capital cannot be less than 10.00%. Our Company The following table sets forth our Company’s CRAR as at the dates and for the Fiscals/ periods indicated on a standalone basis, calculated as per the NBFC Scale Based Directions: For the six months period ended Particulars September 30,/ As at September 30, Fiscals/ As at March 31, 2025 2024 2025 2024 2023 Tier I Capital(1) (₹ million) 74,872.33 72,436.22 74,617.75 71,476.29 64,525.84 Tier II Capital(2) (₹ million) 15,092.16 14,152.41 14,168.66 9,572.95 10,531.11 Total capital funds (₹ million) 89,964.49 86,588.63 88,786.41 81,049.24 75,056.95 Risk weighted assets (₹ million) 516,680.89 521,030.93 525,911.09 497,819.68 364,823.53 CRAR (%) 17.41% 16.62% 16.88% 16.28% 20.57% Tier I Capital (%)(3) 14.49% 13.90% 14.19% 14.36% 17.68% Tier II Capital (%)(4) 2.92% 2.72% 2.69% 1.92% 2.89% Debt to Equity Ratio(5) (times) 7.67 7.81 8.27 7.22 6.31 Adjusted Debt to Equity Ratio(6) (times) 4.67 4.96 5.16 4.66 4.09 Notes: (1) Tier I Capital: computed basis the method provided by the regulator as of the last day of the relevant Fiscal/ period. (2) Tier II Capital: computed basis the method provided by the regulator as of the last day of the relevant Fiscal/ period. (3) Tier I Capital (%): Tier I Capital divided by total risk weighted assets. (4) Tier II Capital (%): Tier II Capital divided by total risk weighted assets. (5) Debt to Equity: Ratio of Total Borrowings to Net Worth as of the last day of the relevant Fiscal/ period. (6) Adjusted Debt to Equity: Ratio of Adjusted Total Borrowings to Adjusted Net Worth as of the last day of the relevant Fiscal/ period. HHFL The table below presents the CRAR of our Subsidiary, HHFL, as at and for the dates and Fiscals/ periods indicated on a standalone basis: 50For the six months period ended Particulars September 30,/ As at September 30, Fiscals/ As at March 31, 2025 2024 2025 2024 2023 Tier I Capital(1) (₹ million) 7,245.76 7,204.32 7,225.69 6,856.48 7,036.31 Tier II Capital(2) (₹ million) 751.93 845.50 757.93 879.92 856.10 Total capital funds (₹ million) 7,997.69 8,049.82 7,983.62 7,736.40 7,892.40 Risk weighted assets (₹ million) 46,969.63 43,017.74 46,520.04 39,470.22 26,124.72 CRAR (%) 17.03% 18.71% 17.16% 19.60% 30.21% Tier I Capital (%)(3) 15.43% 16.75% 15.53% 17.37% 26.93% Tier II Capital (%)(4) 1.60% 1.97% 1.63% 2.23% 3.28% Debt to Equity Ratio(5) (times) 6.50 6.11 6.75 5.61 4.27 Notes: (1) Tier I Capital: computed basis the method provided by the regulator as of the last day of the relevant Fiscal/ period. (2) Tier II Capital: computed basis the method provided by the regulator as of the last day of the relevant Fiscal/ period. (3) Tier I Capital (%): Tier I Capital divided by total risk weighted assets. (4) Tier II Capital (%): Tier II Capital divided by total risk weighted assets. (5) Debt to Equity: Ratio of Total Borrowings to Net Worth as of the last day of the relevant Fiscal/ period. Number of Loan Accounts disbursed to date The following table sets forth the breakdown of the number of loan accounts disbursed to date by products, in absolute amounts, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 (in thousands) Retail Finance 13,910.21 12,538.95 13,324.77 12,254.77 9,948.37 Vehicle Loans 10,172.62 9,245.24 9,778.49 8,836.93 7,806.69 Personal Loans 3,666.31 3,236.22 3,482.40 3,367.10 2,105.23 Mortgage Loans 71.28 57.48 63.88 50.74 36.45 MSME Finance 54.72 47.31 51.59 46.02 33.57 CIF 1.72 1.67 1.69 1.80 1.75 Total 13,966.65 12,587.93 13,378.06 12,302.58 9,983.69 Customer franchise As we expanded our offerings, we also grew our overall customer base to 13.21 million customers as at September 30, 2025, which included 4.40 million active retail customers and 26,910 active MSME and active 107 CIF customers. Our active customer base is present 18,913 pin-codes in India, as at September 30, 2025. As at September 30, 2025, we have served a total of 13.21 million customers since our inception in 1991. For the six months period ended Particulars September 30,/ As at September 30, As at March 31, 2025 2024 2025 2024 2023 Number of Total Customers (in million)(1) 13.21 11.98 12.70 11.80 9.63 Number of Active Customers (in million)(2) 4.43 4.41 4.50 5.03 4.32 Pin-codes being serviced till date(3) 18,913 18,911 18,913 18,603 18,539 Notes: (1) Total customers: number of distinct customers served as of March 31 of the relevant Fiscal or September 30 of the relevant period since our Company’s inception. (2) Active customers: number of customers with an outstanding balance of loan from our Company as of the last day of the relevant Fiscal/ period. (3) Pin-codes being serviced: represents the number of postal code areas covered by the company as at the last day of the relevant Fiscal/ period. Business vertical-wise number of active loan accounts 51The following table sets forth the breakdown of the number of our active loan accounts by business vertical, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 (in thousands) Retail Finance 4,493.40 4,479.85 4,569.14 5,100.96 4,422.15 Vehicle Loans 2,996.64 2,933.94 3,051.69 3,144.82 3,117.96 Personal Loans 1,442.37 1,500.27 1,467.73 1,915.07 1,275.13 Mortgage Loans 54.39 45.64 49.72 41.07 29.05 MSME Finance 29.94 30.23 30.59 29.41 24.19 CIF 0.214 0.249 0.222 0.28 0.31 Total 4,523.55 4,510.33 4,599.95 5,130.65 4,446.64 CIBIL score mix of customers The following table sets forth the spread of loan accounts by CIBIL score for vehicle loans and personal loans as at the dates indicated. Vehicle loans Bucket As at September 30, As at March 31, 2025 2024 2025 2024 2023 Loan Loan Loan Loan Loan Count (%) Count (%) Count (%) Count (%) Count (%) <=550 2 0.00% 2,694 2.58% 4,701 1.77% 7,001 3.22% 36,357 21.69% 551-620 13 0.01% 9,161 8.77% 17,724 6.68% 19,822 9.13% 15,138 9.03% 621-700 17,090 12.29% 37,285 35.69% 85,855 32.35% 82,576 38.03% 30,932 18.46% 701-749 59,444 42.76% 39,854 38.15% 107,398 40.47% 79,031 36.40% 41,953 25.03% 750-900 62,472 44.94% 15,482 14.82% 49,711 18.73% 28,684 13.21% 43,219 25.79% Total 139,021 100.00% 104,476 100.00% 265,389 100.00% 217,114 100.00% 167,599 100.00% Personal loans Bucket As at September 30, As at March 31, 2025 2024 2025 2024 2023 Loan Loan Loan Loan Loan Count (%) Count (%) Count (%) Count (%) Count (%) <=550 0 0.00% 0 0.00% 0 0.00% 5,474 0.93% 19,330 2.12% 551-620 0 0.00% 1 0.00% 0 0.00% 22,908 3.88% 68,645 7.52% 621-700 519 0.70% 396 0.23% 921 0.32% 53,563 9.08% 189,255 20.74% 701-749 12,971 17.55% 37,640 21.69% 59,073 20.51% 179,926 30.49% 382,047 41.86% 750-900 60,405 81.74% 135,468 78.08% 228,040 79.17% 328,154 55.62% 253,313 27.76% Total 73,895 100.00% 173,505 100.00% 288,034 100.00% 590,025 100.00% 912,590 100.00% Breakdown of customers by new-to-credit and existing-to-credit customers The table below shows the breakdown of our new-to-credit customers by products, as a percentage of the total AUM, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Retail Finance 23.68% 26.12% 24.85% 26.55% 34.06% Vehicle Finance 47.59% 59.21% 53.13% 66.11% 76.45% Personal Loans 0.07% 0.16% 0.11% 1.23% 3.50% Mortgage Loans 6.35% 6.02% 5.71% 6.47% 7.46% The table below shows the breakdown of our existing-to-credit customers by product, as a percentage of the total AUM as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Retail Finance 76.32% 73.88% 75.15% 73.45% 65.94% Vehicle Finance 52.41% 40.79% 46.87% 33.89% 23.55% Personal Loans 99.93% 99.84% 99.89% 98.77% 96.50% 52Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Mortgage Loans 93.65% 93.98% 64.29% 93.53% 92.54% Breakdown of customers by salaried and non-salaried customers The table below shows the breakdown of our salaried customers by product, as a percentage of the total AUM as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Retail Finance 58.66% 56.85% 57.81% 53.68% 49.93% Vehicle Finance 56.16% 57.30% 56.75% 58.91% 55.62% Personal Loans 61.12% 56.50% 58.73% 54.87% 48.15% Mortgage Loans 35.22% 36.06% 34.89% 37.61% 39.54% The table below shows the breakdown of our non-salaried customers by product, as a percentage of the total AUM as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Retail Finance 41.34% 43.15% 42.19% 46.32% 50.07% Vehicle Finance 43.84% 42.70% 43.25% 41.09% 44.38% Personal Loans 38.88% 43.50% 41.27% 45.13% 51.85% Mortgage Loans 64.78% 63.94% 65.11% 62.39% 60.46% Technology As at September 30, 2025, our customer mobile app has been downloaded approximately 14.17 million times since 2020. As at September 30, 2025 and 2024 and March 31, 2024, 2023 and 2022, our IT and analytics team comprised 310 personnel, 270 personnel, 256 personnel, 153 personnel, and 64 personnel, respectively. The table below shows the percentage of customers acquired digitally, the percentage of loans collected digitally, and the percentage of customer queries handled through digital channels, for the Fiscals/ periods indicated: For the six months period ended Particulars September 30, Fiscal 2025 2024 2025 2024 2023 % of customers 16.88% 38.12% 27.71% 37.75% 40.70% digitally acquired(1) Digital collections 88.46% 85.92% 86.73% 83.31% 81.24% (%)(2) Digital share of 69.44% 55.15% 57.64% 53.02% 47.53% customer service (%)(3) Notes: (1) Ratio of digitally disbursed loan counts including disbursement through partnership platform to total disbursal loan counts during the year (2) Ratio of non-cash collections to total collections during the year. Non-cash modes includes Nach, cheques, electronic clearing service payments, payments through payment gateways and aggregators (3) Ratio of digitally received queries to total customer queries received during the year The table below shows our HFCL mobile app installations in the Fiscals/ periods indicated. For the six months period ended September 30, Fiscal 2025 2024 2025 2024 2023 (in million) 2.73 2.52 4.94 2.79 1.91 The table below shows our active HFCL mobile app users in the Fiscals/ periods indicated. For the six months period ended September 30, Fiscal 2025 2024 2025 2024 2023 (in million) 1.11 1.07 1.04 1.10 0.85 53The table below shows our HFCL mobile app logins in the Fiscals/ periods indicated. For the six months period ended September 30, Fiscal 2025 2024 2025 2024 2023 (in million) 2.38 1.24 2.29 1.60 1.22 Asset liability management The following table sets forth our liabilities and assets as at September 30, 2025: Particulars(1) As at September 30, 2025 (in ₹ million) Liabilities 750,423.99 Borrowings(2) 491,942.47 Other liabilities 258,481.51 Assets 750,423.99 Cash and bank equivalents 4,196.48 Loans 532,166.91 Other assets 214,060.60 Notes: (1) ALM is calculated as per RBI’s Asset Liability Management System for NBFCs – Guidelines (Master Direction DNBR PD. 088/03.10.119/2016-2017 dated September 1, 2016. (2) Excluding CCPS. Our Company The following table accordingly sets forth the maturity pattern of our interest-bearing assets and interest-bearing liabilities as at September 30, 2025: Over 1 Over 2 Over 3 Over 6 Over 1 Over 3 1 day to 31 month to 2 months to months to months to year to 3 years to 5 Over 5 Particulars days months 3 months 6 months 1 year years years years (in ₹ million) Liabilities Borrowings 6,860.16 14,000.95 17,315.04 69,243.78 69,486.29 185,456.73 44,611.95 10,695.20 Other liabilities 29,483.89 34.51 34.51 27,241.25 21,094.37 44,745.65 22,470.83 98,204.93 Assets Cash and bank equivalents 3,210.42 525.75 11.02 0.01 10.29 - - - Loans 42,646.61 21,920.80 22,936.27 51,845.49 77,856.91 166,776.15 42,304.69 44,577.22 Other assets 42,725.90 215.41 7,236.60 27,784.16 2,603.34 49,677.08 25,628.19 30,487.72 Positive/ (negative) mismatch of assets over liabilities 52,238.87 8,626.50 12,834.34 (16,855.36) (10,110.12) (13,749.15) 850.10 (33,835.19) Cumulative mismatch of assets over liabilities 52,238.87 60,865.38 73,699.72 56,844.35 46,734.24 32,985.09 33,835.19 0.00 HHFL The following table accordingly sets forth the maturity pattern of HHFL’s assets and liabilities as at September 30, 2025: 54Over 1 Over 2 Over 3 Over 6 Over 1 Over 3 1 day to 31 month to 2 months to months to months to year to 3 years to 5 Over 5 Particulars days months 3 months 6 months 1 year years years years (in ₹ million) Liabilities Borrowings 1,434.02 386.90 1,935.56 3,222.79 7,670.12 25,030.38 25,874.36 8,718.25 Other liabilities 3,729.92 362.97 540.25 733.31 128.54 - - 9,676.58 Assets Cash and bank equivalents 287.78 151.21 - - - - - - Loans 1,142.43 995.95 1,015.64 3,094.56 5,722.09 19,388.62 12,460.51 17,482.96 Other assets 22,094.74 33.78 39.60 132.33 847.26 1,426.26 948.67 2,179.56 Positive/ (negative) mismatch of assets over liabilities 18,361.01 431.07 (1,420.57) (729.21) (1,229.32) (4,215.50) (12,465.18) 1,267.70 Cumulative mismatch of assets over liabilities 18,361.01 18,792.07 17,371.51 16,642.30 15,412.98 11,197.49 (1,267.70) 0.00 Product Offerings Live accounts The following table sets forth the breakdown of the number of live accounts held by our customers (including assigned loans) by products, in absolute amounts, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 (in thousands) Retail Finance 4,403.60 4,378.86 4,471.71 4,995.90 4,300.87 Vehicle Loans 2,989.77 2,926.74 3,044.50 3,135.56 3,108.88 Personal Loans 1,373.48 1,415.70 1,387.97 1,827.32 1,169.12 Mortgage Loans 40.35 36.43 39.25 33.02 22.87 MSME Finance 26.91 26.87 27.42 25.90 20.29 CIF 0.101 0.12 0.11 0.12 0.13 Total 4,430.62 4,405.86 4,499.24 5,021.93 4,321.28 Product-wise Disbursement The following table sets forth the breakdown of our Disbursements by products, in absolute amounts and as percentages of our Total Disbursements, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Percentage of Percentage of Percentage of Percentage of Percentage of Total Total Total Total Total (in ₹ million) Disbursements (in ₹ million) Disbursements (in ₹ million) Disbursements (in ₹ million) Disbursements (in ₹ million) Disbursements Retail Finance 90,808.46 63.24% 116,296.12 73.62% 234,851.72 71.10% 253,999.77 73.70% 201,410.09 72.68% Vehicle Loans 45,843.15 31.92% 44,498.06 28.17% 102,652.00 31.08% 99,000.16 28.73% 84,546.56 30.51% Personal Loans 35,904.11 25.00% 58,296.79 36.90% 105,271.01 31.87% 131,813.21 38.25% 98,101.15 35.40% Mortgage Loans 9,061.20 6.31% 13,501.26 8.55% 26,928.71 8.15% 23,186.40 6.73% 18,762.39 6.77% MSME Finance 22,742.08 15.84% 25,153.00 15.92% 53,617.06 16.23% 48,650.12 14.12% 39,864.93 14.38% MSME Secured loans 18,560.70 12.93% 17,081.83 10.81% 39,241.09 11.88% 35,081.95 10.18% 26,225.80 9.46% MSME Unsecured 4,181.39 2.91% 8,071.18 5.11% 14,375.97 4.35% 13,568.17 3.94% 13,639.13 4.92% 55Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Percentage of Percentage of Percentage of Percentage of Percentage of Total Total Total Total Total (in ₹ million) Disbursements (in ₹ million) Disbursements (in ₹ million) Disbursements (in ₹ million) Disbursements (in ₹ million) Disbursements Loans CIF 30,050.00 20.93% 16,528.40 10.46% 41,828.40 12.66% 41,982.59 12.18% 35,858.30 12.94% Total Disbursement 143,600.55 100.00% 157,977.52 100.00% 330,297.18 100.00% 344,632.47 100.00% 277,133.32 100.00% NNPA The following table sets forth the breakdown of our NNPA by products, in absolute amounts and as percentages of our Net Loans, as at the dates indicated: Particulars As at September 30 As at March 31, 2025 2024 2025 2024 2023 Percentage of Percentage of Percentage of Percentage of Percentage of (in ₹ million) Net Loans (in ₹ million) Net Loans (in ₹ million) Net Loans (in ₹ million) Net Loans (in ₹ million) Net Loans Retail Finance 9,827.92 2.93% 8,486.90 2.49% 10,227.16 2.88% 7,320.79 2.25% 6,845.35 2.71% Vehicle Loans 5,373.59 3.90% 5,623.77 4.48% 5,958.92 4.29% 4,940.85 3.97% 4,168.37 3.95% Personal Loans 3,459.22 2.56% 2,156.43 1.36% 3,499.59 2.26% 1,733.63 1.14% 2,055.45 1.87% Mortgag e Loans 995.10 1.60% 706.70 1.27% 768.65 1.26% 646.30 1.30% 621.53 1.69% MSME Finance 1,955.20 1.56% 1,650.69 1.37% 1,816.44 1.51% 1,430.55 1.34% 1,401.83 1.67% Secured Business Loans 1246.00 1.69% 1093.18 1.79% 1237.63 1.82% 896.90 1.48% 806.33 1.85% Unsecur ed Business Loans 709.20 1.37% 557.51 0.94% 578.81 1.10% 533.65 1.16% 595.50 1.48% CIF 695.11 1.20% 1,138.04 2.25% 457.30 0.93% 1,313.62 1.83% 2,621.52 3.82% Total NNPA 12,478.23 2.32% 11,275.63 2.12% 12,500.90 2.30% 10,064.96 2.00% 10,868.70 2.69% Provision Coverage Ratio (PCR) The following table sets forth the breakdown of our PCR by products, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 (%) Retail Finance 57.93% 53.66% 57.11% 52.88% 52.41% Vehicle Loans 44.74% 42.04% 42.79% 41.74% 41.04% Personal Loans 71.75% 71.74% 71.68% 71.76% 68.10% Mortgage Loans 28.53% 28.09% 28.28% 29.58% 28.58% MSME Finance 45.95% 45.00% 46.58% 43.25% 42.13% Secured Business Loans 36.09% 34.96% 34.46% 34.85% 34.61% Unsecured Business Loans 57.48% 57.78% 61.72% 53.35% 49.92% CIF 31.32% 50.16% 55.71% 50.50% 40.37% Total AUM 55.42% 52.22% 55.80% 51.41% 48.74% Retail financing vertical Vehicle Loans AUM contributed by our vehicle loans based on the age of the vehicle The following table sets forth the breakdown of our AUM contributed by our vehicle loans by vehicle age, as a percentage of our total AUM contributed by our vehicle loans as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 1 to 5 years 87.94% 89.23% 87.35% 88.65% 89.94% 5 years and up to 8 8.07% 7.40% 8.10% 7.57% 7.08% 56Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 years 8 years and up to 10 years 2.93% 2.65% 3.18% 2.89% 2.41% More than 10 years 1.06% 0.72% 1.37% 0.89% 0.57% AUM contributed by our vehicle loans based on its original tenure The following table sets forth the breakdown of our AUM contributed by our vehicle loans by original tenure, as a percentage of our total AUM contributed by our vehicle loans, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Up to 2 years 28.13% 29.91% 28.77% 31.83% 35.11% More than 2 years to up to 3 years 36.54% 42.61% 39.97% 45.41% 46.36% More than 3 years to up to 5 years 35.22% 27.06% 31.06% 22.31% 17.25% More than 5 years 0.10% 0.42% 0.21% 0.45% 1.28% Personal Loans AUM contributed by personal loans based on tenure The following table sets forth the breakdown of our AUM contributed by personal loans by tenure, as percentages of our total AUM contributed by personal loans, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Up to 2 years 14.09% 19.97% 16.37% 27.67% 36.87% More than 2 years to up to 3 years 34.23% 34.64% 34.87% 34.18% 24.72% More than 3 years to up to 5 years 51.68% 45.38% 48.76% 38.14% 38.35% More than 5 years 0.00% 0.01% 0.00% 0.01% 0.06% Mortgage Loans Mortgage loans by type of collateral The following table sets forth the breakdown of our AUM contributed by mortgage loans by type of collateral, in absolute amounts and as percentages of our total AUM contributed by mortgage loans, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Percentage Percentage Percentage Percentage Percentage of total of total of total of total of total (in ₹ mortgage (in ₹ mortgage (in ₹ mortgage (in ₹ mortgage (in ₹ mortgage million) loans AUM million) loans AUM million) loans AUM million) loans AUM million) loans AUM Self-occupied residential property 65,111.02 93.97% 57,266.83 94.01% 64,197.07 94.41% 50,643.00 94.97% 38,272.87 96.88% Land for construction of residential property 967.92 1.40% 853.58 1.40% 955.85 1.41% 702.80 1.32% 504.91 1.28% Other collateral 2,294.53 3.31% 2,081.17 3.42% 2,112.44 3.11% 1,220.02 2.29% 335.73 0.85% Unsecured 913.01 1.32% 711.06 1.17% 732.98 1.08% 760.39 1.43% 392.30 0.99% Total AUM contributed by mortgage loans 69,286.48 100.00% 60,912.64 100.00% 67,998.34 100.00% 53,326.26 100.00% 39,505.81 100.00% AUM contributed by mortgage loans based on loan tenure The following table sets forth the breakdown of our AUM contributed by mortgage loans by loan tenure, as 57percentages of our total AUM contributed by mortgage loans, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Up to 2 years 0.62% 0.95% 0.85% 0.63% 0.21% More than 2 years to up to 3 years 1.34% 1.12% 1.46% 1.35% 0.38% More than 3 years to up 5.12% 3.94% 4.66% to 5 years 4.56% 1.44% More than 5 years 92.91% 94.00% 93.03% 93.47% 97.97% MSME Financing Vertical MSME loans by type of collateral The following table sets forth the breakdown of our AUM contributed by MSME loans by type of collateral, in absolute amounts and as percentages of our total AUM contributed by MSME loans, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Percentage Percentage Percentage Percentage Percentage (in ₹ of total (in ₹ of total (in ₹ of total (in ₹ of total (in ₹ of total million) MSME AUM million) MSME AUM million) MSME AUM million) MSME AUM million) MSME AUM Self-occupied residential property 11,999.43 9.66% 12,348.73 10.27% 12,171.41 10.16% 12,616.79 11.70% 9,982.08 11.77% Self occupied commercial property 5,665.40 4.56% 6,169.20 5.13% 5,531.93 4.62% 7,294.35 6.77% 5,151.92 6.07% Other collateral 54,706.95 44.04% 42,812.97 35.59% 49,537.44 41.36% 42,259.34 39.20% 32,797.88 38.67% Unsecured 51,850.30 41.74% 58,947.58 49.01% 52,519.58 43.85% 45,627.74 42.33% 36,883.13 43.49% Total AUM contributed by MSME loans 124,222.09 100.00% 120,278.48 100.00% 119,760.36 100.00% 107,798.21 100.00% 84,815.01 100.00% AUM contributed by our MSME financing vertical based on loan tenure The following table sets forth the breakdown of our AUM contributed by MSME loans by loan tenure, as percentages of our total AUM contributed by MSME loans, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Up to 2 years 27.28% 29.37% 24.15% 24.54% 27.47% More than 2 years to up to 3 years 14.21% 17.09% 16.36% 19.03% 17.80% More than 3 years to up to 5 years 9.82% 7.53% 9.91% 8.78% 10.25% More than 5 years 48.70% 46.01% 49.59% 47.65% 44.48% CIF Loan Vertical CIF Loans by type of collateral The following table sets forth the breakdown of our AUM contributed by CIF Loans by type of collateral, in absolute amounts and as percentages of our total AUM contributed by CIF Loans, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Percentage Percentage Percentage of of total CIF (in ₹ of total CIF total CIF Percentage of Percentage of (in ₹ million) AUM million) AUM (in ₹ million) AUM (in ₹ million) total CIF AUM (in ₹ million) total CIF AUM Property 24,045.73 41.22% 14,114.50 27.07% 21,006.28 42.14% 16,922.12 28.26% 11,307.69 22.45% Fixed assets 2,990.10 5.13% 1,046.29 2.01% 354.30 0.71% 9,046.81 15.11% 4,937.11 9.80% Shares 10,509.49 18.01% 10,023.98 19.23% 9,272.66 18.60% 14,289.09 23.86% 14,783.56 29.35% Current assets 6,377.76 10.93% 2,601.00 4.99% 6,971.99 13.99% 11,151.07 18.62% 8,892.27 17.66% Unsecured 9,441.81 16.18% 8,303.48 15.93% 4,406.45 8.84% 4,277.39 7.14% 4,377.05 8.69% Others 4,974.94 8.53% 16,048.30 30.78% 7,840.17 15.73% 4,194.53 7.00% 6,066.87 12.05% Total AUM contributed by CIF loans 58,339.82 100.00% 52,137.56 100.00% 49,851.83 100.00% 59,881.01 100.00% 50,364.54 100.00% 58AUM contributed by the CIF loans vertical based on loan tenure The following table sets forth the breakdown of our AUM contributed by CIF Loans by loan tenure, as percentages of our total AUM contributed by CIF Loans, as at the dates indicated: Particulars As at September 30, As at March 31, 2025 2024 2025 2024 2023 Up to 2 years 34.71% 40.43% 30.79% 38.88% 46.11% More than 2 years to up 21.68% 30.71% 30.86% 30.66% 31.95% to 3 years More than 3 years to up 31.77% 20.42% 25.28% 22.27% 14.31% to 5 years More than 5 years 11.83% 8.44% 13.07% 8.20% 7.62% Loans by Maturity The following table sets forth the breakdown of our AUM by the maturity profile of loans under each product, as a percentage of the respective AUM, as at September 30, 2025: Particulars As at September 30, 2025 Maturity in Maturity Maturity Maturity Maturity Matured one year or between one between three between five more than 15 Loans less to three years to five years to 15 years years Gross Loans Retail Loans 0.00% 11.43% 47.67% 22.68% 7.02% 11.20% 100.00% Vehicle Loans 0.00% 17.03% 53.54% 28.53% 0.89% 0.00% 100.00% Personal Loans 0.00% 11.44% 63.26% 25.29% 0.00% 0.00% 100.00% Mortgage Loans 0.00% 0.01% 1.95% 5.12% 34.67% 58.24% 100.00% MSME Loans 0.49% 32.69% 22.35% 3.83% 38.47% 2.18% 100.00% CIF Loans 1.09% 32.26% 47.00% 9.93% 5.10% 4.63% 100.00% Disbursement Disbursement by sourcing channel The following table sets forth the breakdown of our Disbursements by sourcing channel, in absolute amounts and as percentages of our Total Disbursements, for the Fiscals/ periods indicated: For the six months period ended Particulars September 30, Fiscals 2025 2024 2025 2024 2023 Percentage of Percentage of Percentage of Percentage of Percentage of (₹ total (₹ total (₹ total (₹ total (₹ total million) disbursements million) disbursements million) disbursements million) disbursements million) disbursements Two-wheeler 28,579.20 dealers 19.90% 28,700.44 18.17% 67,247.09 20.36% 73,057.47 21.20% 70,778.39 25.54% Digital partners 17,394.15 12.11% 34,663.16 21.94% 61,107.71 18.50% 77,153.08 22.39% 51,755.53 18.68% DSAs(1) 33,951.89 23.64% 32,962.95 20.87% 83,870.86 25.39% 63,672.19 18.48% 59,505.08 21.47% Direct sourcing 53,141.47 37.01% 46,664.48 29.54% 102,867.79 31.14% 110,180.48 31.97% 86,199.80 31.10% Mobile application 852.76 0.59% 712.71 0.45% 1,395.05 0.42% 1,690.89 0.49% 80.87 0.03% Website/digital marketing 7,281.20 5.07% 2,367.10 1.50% 8,173.37 2.47% 514.64 0.15% 0.00 0.00% Cross-sell/Top Up 2,399.89 1.67% 11,906.67 7.54% 5,635.31 1.71% 18,363.73 5.33% 8,813.66 3.18% Total 143,600.55 100.00% 157,977.52 100.00% 330,297.18 100.00% 344,632.48 100.00% 277,133.33 100.00% Note: (1) Includes loans sourced through used car dealers. Geographic spread of pin-codes served The following table sets forth the breakdown of our pin-codes served (measured by Disbursements served by our distribution channel) by geographic spread, in absolute amounts and as percentages of our total number of pin- codes, for the Fiscals/ periods indicated: Particulars For the six months period ended September 30, Fiscals 2025 2024 2025 2024 2023 Number of Percentage Number of Percentage Number of Percentage Number of Percentage Number of Percentage pin-codes of total pin-codes of total pin-codes of total pin-codes of total pin-codes of total number of number of number of number of number of pin-codes pin-codes pin-codes pin-codes pin-codes 59North 2,860 17.22% 2,912 16.91% 3,077 17.22% 3,245 17.79% 3,238 17.69% South 5,687 34.24% 6,037 35.05% 6,340 35.48% 6,465 35.45% 6,502 35.52% West 4,041 24.33% 4,153 24.11% 4,246 23.76% 4,291 23.53% 4,320 23.60% East 4,020 24.21% 4,120 23.92% 4,204 23.53% 4,235 23.22% 4,247 23.20% Total 16,608 100.00% 17,222 100.00% 17,867 100.00% 18,236 100.00% 18,307 100.00% Geographic spread of loans The following table sets forth the breakdown of our Disbursements contributed by Retail Loans by geographic spread, in absolute amounts and as percentages of our total Disbursements contributed by Retail Loans, for the Fiscals/ periods indicated: Particulars For the six months period ended September 30, Fiscals 2025 2024 2025 2024 2023 Percentage of Percentage of Percentage of Percentage of total number total number total number total number Percentage of (₹ of (₹ of (₹ of (₹ of (₹ total number of million) disbursements million) disbursements million) disbursements million) disbursements million) disbursements North 37,298.26 41.07% 45,311.94 38.96% 91,352.72 38.90% 121,939.22 48.01% 94,841.22 47.09% South 17,461.48 19.23% 24,495.81 21.06% 48,145.04 20.50% 41,656.03 16.40% 22,325.42 11.08% West 19,547.68 21.53% 26,673.3 22.94% 55,589.09 23.67% 49,386.55 19.44% 44,975.67 22.33% East 16,500.99 18.17% 19,815.11 17.04% 39,764.88 16.93% 41,017.97 16.15% 39,267.78 19.50% Total 90,808.41 100.00% 116,296.16 100.00% 234,851.72 100.00% 253,999.77 100.00% 201,410.09 100.00% The following table sets forth the breakdown of our Disbursements contributed by MSME loans by geographic spread, in absolute amounts and as percentages of our Disbursements contributed by MSME loans, for the Fiscals/ periods indicated: Particulars For the six months period ended September 30, Fiscals 2025 2024 2025 2024 2023 Percentage of Percentage of Percentage of Percentage of total number total number total number total number Percentage of (₹ of (₹ of (₹ of (₹ of (₹ total number of million) disbursements million) disbursements million) disbursements million) disbursements million) disbursements North 7,961.30 35.01% 7,106.07 28.25% 14,585.69 27.20% 14,938.32 30.71% 10,071.65 25.26% South 6,926.48 30.46% 7,370.65 29.30% 17,754.17 33.11% 13,467.59 27.68% 11,262.32 28.25% West 7,483.72 32.91% 9,936.97 39.51% 19,993.42 37.29% 19,007.70 39.07% 17,121.07 42.95% East 370.58 1.63% 739.31 2.94% 1,283.63 2.39% 1,236.50 2.54% 1,409.88 3.54% Total 22,742.08 100.00% 25,153.00 100.00% 53,616.9 100.00% 48,650.12 100.00% 39,864.93 100.00% The following table sets forth the breakdown of our Disbursements contributed by CIF Loans by geographic spread, in absolute amounts and as percentages of our total Disbursements contributed by CIF Loans, for the Fiscals/ periods indicated: Particulars For the six months period ended September 30, Fiscals 2025 2024 2025 2024 2023 Percentage of Percentage of Percentage of total number Percentage of Percentage of total number total number (₹ of (₹ total number of (₹ total number of (₹ of (₹ of million) disbursements million) disbursements million) disbursements million) disbursements million) disbursements North 7,550.00 25.12% 3,700.00 22.39% 14,100.00 33.71% 13,405.00 31.93% 9,450.00 26.35% South 7,650.00 25.46% 3,768.40 22.80% 15,268.40 36.50% 15,217.59 36.25% 10,700.00 29.84% West 14,850.00 49.42% 9,060.00 54.81% 12,460.00 29.79% 13,360.00 31.82% 15,708.30 43.81% East 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00% Total 30,050.00 100.00% 16,528.40 100.00% 41,828.40 100.00% 41,982.59 100.00% 35,858.30 100.00% Product-wise key metrics Business vertical-wise yields (at the time of origination) The following table sets forth the breakdown of our yields (at the time of origination) by business verticals, for the loans disbursed during the Fiscals/ periods indicated: For the six months period ended Particulars September 30, Fiscals 2025 2024 2025 2024 2023 Retail Finance 20.18% 21.56% 21.14% 21.74% 22.40% Vehicle Loans 18.11% 20.62% 20.08% 21.06% 21.54% Personal Loans 24.64% 24.39% 24.37% 23.94% 25.12% 60Mortgage Loans 12.78% 12.41% 12.53% 12.10% 11.80% MSME Finance 12.66% 13.98% 13.46% 13.54% 14.10% MSME Secured Loans 11.69% 11.99% 11.89% 11.69% 11.81% MSME Unsecured Loans 17.11% 18.12% 17.83% 18.23% 18.45% CIF 10.62% 11.16% 11.64% 11.57% 10.83% Total 16.96% 19.28% 18.68% 19.34% 19.71% Product-wise tenure The following table sets forth the breakdown of the average tenure of our loans at the time of origination by business vertical, for the loans disbursed during the Fiscals/ periods indicated: For the six months period ended Particulars September 30, Fiscals 2025 2024 2025 2024 2023 (in months) Retail Finance 47.81 52.67 51.59 44.44 45.69 Vehicle Loans 34.08 35.67 35.64 32.8 30.74 Personal Loans 36.89 38.89 38.20 32.57 32.05 Mortgage Loans 159.48 168.26 164.70 160.40 183.93 MSME Finance 109.56 102.54 102.88 108.79 101.00 MSME Secured Loans 126.00 135.11 127.39 137.8 135.33 MSME Unsecured 34.36 34.74 34.65 35.33 35.45 Loans CIF 22.42 17.44 44.75 36.21 21.71 Total 52.52 56.84 59.15 52.50 50.52 Average ticket size on disbursement by product The following table sets forth the breakdown of our average ticket size on disbursement by product, for the loans disbursed during the Fiscals/ periods indicated: For the six months period ended Particulars September 30, Fiscals 2025 2024 2025 2024 2023 (in ₹ million) Retail Finance 0.15 0.16 0.16 0.13 0.09 Vehicle Loans 0.11 0.11 0.11 0.09 0.08 Personal Loans 0.20 0.19 0.19 0.16 0.08 Mortgage Loans 2.15 2.65 2.45 2.17 1.76 MSME Finance 9.26 4.65 5.93 4.94 4.05 MSME Secured Loans 26.38 21.34 25.47 23.3 22.65 MSME Unsecured 2.33 1.77 1.89 1.65 1.58 Loans CIF 1202.00 1033.03 1100.75 976.34 996.06 Breakdown of our AUM based on ticket size The following table sets forth the breakdown of our AUM by ticket size (excluding Clearcorp Repo Order Matching System (CROMS) and loans that were bought out), in absolute amounts and as a percentage of our Total AUM, as at the dates indicated: Particulars As of September 30, As of March 31, 2025 2024 2025 2024 2023 (in ₹ Percentage of (in ₹ Percentage of (in ₹ Percentage of (in ₹ Percentage of (in ₹ Percentage of million) total AUM million) total AUM million) total AUM million) total AUM million) total AUM Less than 1 million 275,170.28 49.39% 288,125.87 54.06% 314,776.82 56.95% 286,686.93 57.15% 226,252.41 57.28% Between 1 and 5 million 113,703.39 20.41% 100,140.94 18.79% 100,304.68 18.15% 82,827.87 16.51% 64,331.11 16.29% Between 5 and 100 million 92,323.82 16.57% 83,865.42 15.73% 69,996.07 12.66% 64,733.55 12.91% 50,872.75 12.88% More than 100 million 75,942.09 13.63% 60,855.54 11.42% 67,655.81 12.24% 67,356.29 13.43% 53,505.12 13.55% 61Total 557,139.57 100.00% 532,987.78 100.00% 552,733.37 100.00% 501,604.64 100.00% 394,961.39 100.00% Breakdown of our Disbursements based on ticket size The following table sets forth the breakdown of our disbursements by ticket size, in absolute amounts and as a percentage of our total disbursements, as at the dates indicated: Particulars As of September 30, As of March 31, 2025 2024 2025 2024 2023 Percentage of Percentage of Percentage of Percentage of Percentage of (in ₹ total (in ₹ total (in ₹ total (in ₹ total (in ₹ total million) disbursements million) disbursements million) disbursements million) disbursements million) disbursements Less than 1 million 74,328.51 52.19% 97,514.38 61.76% 193,406.93 58.91% 222,393.36 64.53% 173,639.83 62.66% Between 1 and 5 million 14,837.12 10.42% 18,997.67 12.03% 39,026.92 11.89% 36,862.26 10.70% 35,894.70 12.95% Between 5 and 100 million 2,138.7 1.50% 3,955.55 2.51% 7,858.95 2.39% 34,008.59 9.87% 29,971.05 10.81% More than 100 million 51,119.22 35.89% 37,436.92 23.71% 88,004.37 26.81% 51,368.27 14.91% 37,627.74 13.58% Total 142,423.55 100.00% 157,904.52 100.00% 328,297.18 100.00% 344,632.47 100.00% 277,133.32 100.00% Sources of Funds The following table sets forth details of our total borrowings by type of instrument as at the dates indicated: Particulars As of September 30, As of March 31, 2025 2024 2025 2024 2023 Percentage of Percentage of Percentage Percentage Percentage (in ₹ total (in ₹ total (in ₹ of total (in ₹ of total (in ₹ of total million) borrowings million) borrowings million) borrowings million) borrowings million) borrowings Debt Securities: Redeemable non- convertible debentures 26,775.65 5.29% 25,364.87 5.11% 27,635.72 5.22% 28,813.15 6.24% 37,055.56 10.12% Commercial papers 34,946.14 6.91% 38,473.43 7.75% 44,111.72 8.33% 38,224.00 8.28% 30,415.23 8.30% Debt Securities (A) 61,721.79 12.20% 63,838.30 12.87% 71,747.44 13.55% 67,037.15 14.52% 67,470.79 18.42% Borrowing (other than Debt Securities): Term Loans: Term loan from banks and financial institutions (Secured) 283,680.62 56.09% 302,101.25 60.89% 311,377.39 58.80% 275,849.73 59.75% 205,614.00 56.14% Term loan from banks - Foreign currency loan (Secured) - - 379.60 0.08% 129.98 0.02% 508.47 0.11% 773.17 0.21% External commercial borrowing (Secured) 79,546.39 15.73% 62,492.66 12.60% 80,883.59 15.27% 47,597.31 10.31% 39,348.28 10.74% Clearcorp Repo Order Matching System (CROMS) 3,000.14 0.59% - - - - Loan repayable on demand from banks: Cash credit (Secured) 3,179.11 0.63% 995.04 0.20% - - 4,244.78 0.92% 3,193.70 0.87% Working capital demand loans (Secured) 13,354.26 2.64% 13,959.10 2.81% 7,756.42 1.46% 23,150.11 5.01% 14,700.72 4.01% Working capital demand loans (Unsecured) 2,000.00 0.40% 2,000.00 0.40% 2,000.00 0.38% 2,000.00 0.43% 2,000.00 0.55% Additional special refinance facility from National Housing Bank 5,721.20 1.13% 4,858.70 0.98% 5,682.50 1.07% 5,053.50 1.09% 500.00 0.14% Borrowing (other than Debt Securities) (B) 390,481.72 77.20% 386,786.35 77.96% 407,829.88 77.01% 358,403.90 77.63% 266,129.87 72.66% Subordinated Liabilities (Unsecured) (C) 53,596.32 10.60% 45,493.37 9.17% 49,969.14 9.44% 36,253.71 7.85% 32,677.94 8.92% Total Borrowings (A+B+C) 505,799.83 100.00% 496,118.02 100.00% 529,546.46 100.00% 461,694.76 100.00% 366,278.60 100.00% The following table sets forth details on total borrowings mix: Particulars As of September 30, As of March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Fixed rate borrowings 156,857.03 120,242.77 151,319.84 110,824.26 96,721.18 Interest payable (%) 8.26% 8.43% 8.39% 8.17% 7.78% 62Floating rate 348,942.80 375,875.25 378,226.62 borrowings 350,870.50 269,557.42 Interest payable (%) 7.83% 8.61% 8.65% 8.79% 8.46% Total borrowings 505,799.83 496,118.02 529,546.46 461,694.76 366,278.60 Average cost of borrowings and tenure The following table sets forth certain details on our average cost of borrowings and tenure: Particulars As of September 30, As of March 31, 2025 2024 2025 2024 2023 Average tenure (in months) 22.15 22.18 23.24 21.03 22.00 Average cost of borrowing (%)* 8.05% 8.13% 8.18% 7.95% 6.90% *Ratios for September 30, 2025 and September 30, 2024 have been annualised. Productivity Ratios Overall The following table sets forth certain of our productivity ratios as at the dates indicated: Particulars As of September 30, As of March 31, 2025 2024 2025 2024 2023 (in ₹ million unless otherwise indicated) Number of branches 123 118 122 140 81 Number of on-roll employees 4,286 4,281 4,175 4,469 3,589 AUM per branch (in ₹ million) 4,728.66 4,715.60 4,731.19 3,701.49 5,154.43 Disbursement per branch (in ₹ million)* 2,334.97 2,677.59 2,707.35 2,461.66 3,421.40 Disbursement per branch per month (in ₹ million) 194.58 223.13 225.61 205.14 285.12 Disbursement per employee (in ₹ million)* 67.01 73.80 79.11 77.12 77.22 * Annualized Retail Finance The following table sets forth certain of our productivity ratios for our Retail Finance vertical as at the dates indicated: Particulars As of September 30, As of March 31, 2025 2024 2025 2024 2023 (in ₹ million) Number of on-roll employees - Sales and Credit 1,382 1,551 1,395 1,757 1,202 AUM per on-roll employee (in ₹ million) 261.04 228.92 268.71 191.95 218.24 Disbursement per month per on-roll employee (in ₹ million) 10.95 12.50 14.03 12.05 13.96 63MSME Finance The following table sets forth certain of our productivity ratios for our MSME Finance vertical for the dates indicated: Particulars As of September 30, As of March 31, 2025 2024 2025 2024 2023 (in ₹ million) Number of on-roll employees – Sales and Credit 469 457 449 430 381 AUM per on-roll employee (in ₹ million) 304.25 283.49 295.64 250.69 222.61 Disbursement per month per on-roll employee (in ₹ million) 8.08 9.17 9.95 9.43 8.72 CIF The following table sets forth certain of our productivity ratios for our CIF vertical for the dates indicated: Particulars As of September 30, As of March 31, 2025 2024 2025 2024 2023 (in ₹ million) Number of on-roll employees – Sales and Credit 29 32 29 32 31 AUM per on-roll employee (in ₹ million) 2006.00 1619.43 1709.70 1,871.28 1,624.66 Disbursement per month per on-roll employee (in ₹ million) 172.70 86.09 120.20 109.33 96.39 Collection Efficiency The following table sets forth our collection efficiency for the Fiscals/ period indicated: For the six months period ended Particulars September 30, Fiscals 2025 2024 2025 2024 2023 Current 97.59% 95.56% 95.66% 95.72% 95.79% 0-30 days past due 106.82% 90.79% 100.69% 94.36% 89.69% (“DPD”) 30-60 DPD 80.63% 79.47% 78.45% 86.27% 93.08% 60-90 DPD 66.57% 70.76% 70.53% 91.54% 79.45% Over 90 DPD 44.96% 54.80% 56.14% 69.05% 100.24% Collection efficiency 95.43% 93.56% 94.15% 94.42% 95.07% Non-GAAP Measures Certain non-GAAP financial measures relating to our financial performance have been included in this Addendum and are a supplemental measure of our performance and liquidity that are not required by, or presented in accordance with, Ind AS, IFRS or US GAAP. These non-GAAP financial measures and other information relating to financial performance may not be computed on the basis of any standard methodology that is applicable across the industry and, therefore a comparison of similarly titled non-GAAP measures or other information relating to operations and financial performance between companies may not be possible. Other companies may calculate these non-GAAP measures differently from us, limiting their usefulness as a comparative measure. The principal limitation of these non-GAAP measures is that they exclude significant expenses that are required by Ind AS to be recorded in our financial statements, as further detailed below. A reconciliation is provided below for each 64non-GAAP measure to the most directly comparable GAAP measure. Investors are encouraged to review the related GAAP measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measure included below and to not rely on any single financial measure to evaluate our business. Investors are encouraged to review the related Ind AS financial measures and the reconciliation of the non-GAAP measures to their most directly comparable Ind AS financial measures and to not rely on any single financial measure to evaluate our business. Please see “Risk Factors – Significant differences exist between Indian accounting standard and other accounting principles, such as international financial reporting standards and United States generally accepted accounting principles, which investors may be more familiar with and may consider material to their assessment of our financial condition.” On page 73. Please find below reconciliation of non-GAAP measures: Reconciliation of Adjusted profit/(loss) after tax As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Restated Profit/(loss) after tax (A) (1,307.56) 867.83 1,099.54 6,370.48 4,799.47 CCPS Cost (B) 2,638.60 1,746.38 3,331.23 3,486.90 3,100.52 Adjusted profit/(loss) after tax (C=A+B) 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 Reconciliation of AUM As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Total Gross Loans (A) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Outstanding pool of Downsell Portfolio (B) 27,672.90 12,339.80 16,999.20 3,337.17 2,536.25 AUM (C = A+B) 581,625.35 556,440.90 577,205.29 518,208.11 417,508.93 Reconciliation of Average AUM As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Opening AUM (A) 577,205.29 518,208.11 518,208.11 417,508.93 330,524.82 Closing AUM (B) 581,625.35 556,440.90 577,205.29 518,208.11 417,508.93 Average AUM (C = (A+B)/2) 579,415.32 537,324.51 547,706.70 467,858.52 374,016.88 Reconciliation of Average Total Assets As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Opening Total Assets(A) 600,423.89 532,046.63 532,046.63 434,512.31 343,990.39 Closing Total Assets (B) 578,647.99 566,699.19 600,423.89 532,046.63 434,512.31 Average Total Assets (C = (A+B)/2) 589,535.94 549,372.91 566,235.26 483,279.47 389,251.35 65Reconciliation of Average Total Gross Loans As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Opening Total Gross Loans (A) 560,206.09 514,870.94 514,870.94 414,972.68 329,508.05 Closing Total Gross Loans (B) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Average Total Gross Loans (C = (A+B)/2) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Reconciliation of Net Worth As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Equity Share Capital (A) 1,296.27 1,273.07 1,274.13 1,273.06 1,273.06 Other Equity* (B) 57,889.44 55,969.80 56,257.39 56,386.64 51,161.34 Net Worth (C = A+B) 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 *excluding capital reserve Reconciliation of Average Net Worth As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Opening net worth (A) 57,531.52 57,659.70 57,659.70 52,434.40 47,675.20 Closing net worth (B) 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 Average Net Worth (C = (A+B)/2) 58,358.61 57,451.29 57,595.61 55,047.05 50,054.80 Reconciliation of Adjusted Net Worth As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Net Worth (A) 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 CCPS Value (B) 30,882.20 27,258.75 28,843.61 26,112.37 23,100.52 Adjusted Net Worth (C=A+B) 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 Reconciliation of Average Adjusted Net Worth As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Opening adjusted net worth (A) 86,375.13 83,772.07 83,772.07 75,534.92 47,675.20 Closing adjusted net worth (B) 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 Average Adjusted 88,221.52 84,136.85 85,073.60 79,653.50 61,605.06 66Net Worth (C = (A+B)/2) Reconciliation of Total Gross Loans/ Adjusted Net Worth As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Total Gross Loans (A) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Adjusted Net Worth (B) 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 Total Gross Loans / Adjusted Net Worth (C = A/B) 6.15 6.44 6.49 6.15 5.49 Reconciliation of Average Total Gross Loans/Average Adjusted Net Worth As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Average Total Gross Loans (A) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Average Adjusted Net Worth (B) 88,221.52 84,136.85 85,073.60 79,653.50 61,605.06 Average Total Gross Loans /Average Adjusted Net Worth (C = A/B) 6.31 6.29 6.32 5.84 6.04 Reconciliation of Total Borrowings As at and for the six months period As at and for the Fiscal ended ended March 31, September 30, 2025 2024 2025 2024 2023 (in ₹ million) Debt securities (A) 61,721.79 63,838.30 71,747.44 67,037.15 67,470.79 Borrowings (other than debt securities) (B) 390,481.72 386,786.35 407,829.88 358,403.90 266,129.87 Subordinated liabilities (C) 53,596.32 45,493.37 49,969.14 36,253.71 32,677.94 Total Borrowings (D = A+B+C) 505,799.83 496,118.02 529,546.46 461,694.76 366,278.60 Reconciliation of Average Total Borrowings As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Opening Total Borrowings (A) 529,546.46 461,694.76 461,694.76 366,278.60 286,797.30 Closing Total Borrowings (B) 505,799.83 496,118.02 529,546.46 461,694.76 366,278.60 Average Total Borrowings (C = (A+B)/2) 517,673.15 478,906.39 495,620.61 413,986.68 326,537.95 67Reconciliation of Adjusted Total Borrowings As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Total Borrowings (A) 505,799.83 496,118.02 529,546.46 461,694.76 366,278.60 CCPS Value (B) 30,882.20 27,258.75 28,843.61 26,112.37 23,100.52 Adjusted Total Borrowings (C=A-B) 474,917.63 468,859.27 500,702.85 435,582.39 343,178.08 Reconciliation of Average Adjusted Total Borrowings As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Opening Adjusted Total Borrowings (A) 500,702.85 435,582.39 435,582.39 343,178.08 286,797.30 Closing Adjusted Total Borrowings (B) 474,917.63 468,859.27 500,702.85 435,582.39 343,178.08 Average Adjusted Total Borrowings (C = (A+B)/2) 487,810.24 452,220.83 468,142.62 389,380.24 314,987.69 Reconciliation of Return on Assets (ROA) As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Restated Profit/(loss) after tax (A) (1,307.56) 867.83 1,099.54 6,370.48 4,799.47 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Return on Assets(%)* (C = A/B*100) (0.47%) 0.33% 0.20% 1.37% 1.29% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Return on Equity (ROE) As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Restated Profit/(loss) after tax (A) (1,307.56) 867.83 1,099.54 6,370.48 4,799.47 Average Net Worth (B) 58,358.61 57,451.29 57,595.61 55,047.05 50,054.80 Return on Equity (%)* (C = A/B*100) (4.48%) 3.02% 1.91% 11.57% 9.59% 68*Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Adjusted ROA As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Adjusted Profit/(loss) after tax (A) 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Adjusted ROA(%)* (C = A/B*100) 0.48% 0.99% 0.82% 2.12% 2.12% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Adjusted ROE As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Adjusted Profit/(loss) after tax (A) 1,331.04 2,614.21 4,430.77 9,857.38 7,899.99 Average Adjusted Net Worth (B) 88,221.52 84,136.85 85,073.60 79,653.50 61,605.06 Adjusted ROE (%)* (C = A/B*100) 3.02% 6.21% 5.21% 12.38% 12.82% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Adjusted Basic Earnings per Equity Share As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2025 (in ₹ million except percentages) Restated profit/ (loss) for the period/year attributable to Owners of the Company (A) (1,310.66) 866.22 1,094.93 6,367.83 4,798.01 CCPS cost (B) 2,638.60 1,746.38 3,331.23 3,486.90 3,100.52 Adjusted profit/ (loss) for the period/year attributable to Owners of the Company (C=A+B) 1,327.94 2,612.60 4,426.16 9,854.73 7,898.53 Weighted average number of equity shares outstanding during the period/year (D) (no’s) 128,694,955 127,306,413 127,352,756 127,306,273 127,306,271 Adjusted Basic Earnings per Equity Share (in ₹) (E = D/C) 10.32 20.52 34.76 77.41 62.04 69Reconciliation of Net Asset Value per Equity share As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Net Worth (A) 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 Equity shares outstanding (B) 129.63 127.31 127.41 127.31 127.31 Net Asset Value per Equity share (C = A/B) 456.57 449.63 451.55 452.92 411.87 Reconciliation of Adjusted Net Asset Value per Equity Share As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Adjusted Net Worth (A) 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 Equity shares outstanding (B) 129.63 127.31 127.41 127.31 127.31 Adjusted Net Asset Value per Equity share (C = A/B) 694.81 663.75 677.93 658.03 593.33 Reconciliation of Net Interest Income As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Interest Income (A) 42,140.62 42,141.48 85,886.69 74,793.81 57,196.00 Finance Cost (B) 19,627.91 18,376.35 38,277.13 30,973.64 21,739.50 Net Interest Income (C =A-B) 22,512.71 23,765.13 47,609.56 43,820.17 35,456.50 Reconciliation of Fee and Other Income As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Dividend income (A) 0.09 0.05 0.19 7.12 7.43 Profit on sale of investments (net) (B) 520.69 76.88 446.15 647.01 856.25 Rental income (C) - - - - 1.07 Gain on derecognition of financial instruments under amortised cost category (D) 1,164.01 721.91 1,348.23 212.80 231.30 Net gain on fair value changes (E) - - - - - Insurance commission (F) 990.00 921.74 1,855.34 1,139.91 212.19 Others charges (G) 3,985.37 4,653.74 8,790.73 6,108.39 5,511.69 Total other income (H) 36.68 308.29 705.99 688.27 459.52 Fee and Other 6,696.84 6,682.61 13,146.63 8,803.50 7,279.45 70Income (I=A+B+C+D+E+F+ G+H) Reconciliation of Net Total Income As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Net Interest Income (A) 22,512.71 23,765.13 47,609.56 43,820.17 35,456.50 Fee and other income (B) 6,696.84 6,682.61 13,146.63 8,803.50 7,279.45 Net Total Income (C =A+B) 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 Reconciliation of Operating Expenses As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Net loss on fair value changes (A) 2,534.92 1,508.60 3,027.99 3,385.24 2,997.05 Employee benefits expenses (B) 3,833.12 3,608.23 7,298.41 6,927.15 5,421.45 Depreciation and amortization (C) 505.76 442.22 959.66 659.64 379.31 Other expenses (D) 9,086.69 8,791.09 18,068.34 14,822.27 14,463.63 Operating Expenses (E=A+B+C+D) 15,960.49 14,350.14 29,354.40 25,794.30 23,261.44 Reconciliation of Adjusted Operating Expenses As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Operating Expenses (A) 15,960.49 14,350.14 29,354.40 25,794.30 23,261.44 CCPS Cost (B) 2,638.60 1,746.38 3,331.23 3,486.90 3,100.52 Adjusted Operating Expenses (C=A-B) 13,321.89 12,603.76 26,023.17 22,307.40 20,160.92 Reconciliation of Profit before Credit Cost (PBCC) As at and for the six months period ended September 30, Fiscal 2025 2024 2025 2024 2023 (in ₹ million) Net Total Income (A) 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 Operating Expenses (B) 15,960.49 14,350.14 29,354.40 25,794.30 23,261.44 Profit before Credit Cost (C=A-B) 13,249.06 16,097.60 31,401.79 26,829.37 19,474.51 71Reconciliation of Interest Income to Average Gross Loans/ Yield on Advances As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Interest Income (A) 42,140.62 42,141.48 85,886.69 74,793.81 57,196.00 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Interest income to Average Total Gross Loans/ Yield on Advances (%)* (C = A/B) 15.13% 15.92% 15.98% 16.09% 15.37% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Finance Cost Ratio As at and for the six months period ended September 30, As at and for the Fiscal ended March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Finance cost (A) 19,627.91 18,376.35 38,277.13 30,973.64 21,739.50 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Finance cost ratio* (C = A/B) 7.05% 6.94% 7.12% 6.66% 5.84% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Net Interest Margin (NIM) As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Net Interest Income (A) 22,512.71 23,765.13 47,609.56 43,820.17 35,456.50 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Net Interest Margin (%)* (C = A/B) 8.08% 8.98% 8.86% 9.43% 9.53% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Fee and Other Income Ratio As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Fee and Other Income (A) 6,696.84 6,682.61 13,146.63 8,803.50 7,279.45 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Fee and Other Income Ratio* (C = A/B) 2.40% 2.52% 2.45% 1.89% 1.96% 72*Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Net Total Income Ratio As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Net Total Income (A) 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Net Total Income Ratio* (C = A/B) 10.49% 11.50% 11.30% 11.32% 11.48% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Operating Expenses Ratio As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Operating Expenses (A) 15,960.49 14,350.14 29,354.40 25,794.30 23,261.44 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Operating Expenses Ratio* (C = A/B) 5.73% 5.42% 5.46% 5.55% 6.25% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Adjusted Operating Expenses Ratio As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Adjusted Operating Expenses (A) 13,321.89 12,603.76 26,023.17 22,307.40 20,160.92 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Adjusted Operating Expenses Ratio* (C = A/B) 4.78% 4.76% 4.84% 4.80% 5.42% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Profit before Credit Cost Ratio As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Profit before credit cost (A) 13,249.06 16,097.60 31,401.79 26,829.37 19,474.51 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Profit Before Credit Cost Ratio* (C= A/B) 4.76% 6.08% 5.84% 5.77% 5.23% 73*Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Credit Cost Ratio As at and for the six months period As at and for the Fiscal ended ended March 31, September 30, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Impairment on Financial Instruments (A) 14,044.57 14,375.47 28,840.85 17,223.90 12,122.30 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Credit Cost Ratio* (C = A/B) 5.04% 5.43% 5.37% 3.70% 3.26% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Restated Profit/(loss) before Tax to Average Total Gross Loans (%) As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Restated Profit/(loss) before Tax (A) (795.51) 1,722.13 2,560.94 9,605.47 7,352.21 Average Total Gross Loans (B) 557,079.27 529,486.02 537,538.52 464,921.81 372,240.37 Restated Profit/(loss) before Tax to Average Total Gross Loans (%)* (C = A/B) (0.29)% 0.65% 0.48% 2.07% 1.98% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of Cost to Income Ratio As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Operating Expenses (A) 15,960.49 14,350.14 29,354.40 25,794.30 23,261.44 Net Total Income (B) 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 Cost to Income Ratio (C = A/B) 54.64% 47.13% 48.32% 49.02% 54.43% Reconciliation of Adjusted Cost to Income Ratio As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Adjusted Operating Expenses (A) 13,321.89 12,603.76 26,023.17 22,307.40 20,160.92 Net Total Income (B) 29,209.55 30,447.74 60,756.19 52,623.67 42,735.95 Adjusted Cost to Income Ratio (C = A/B) 45.61% 41.39% 42.83% 42.39% 47.18% 74Reconciliation of GNPA Ratio As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Stage 3 Loans (A) 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 Total Gross Loans (B) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 GNPA ratio ( C = A/B) 5.05% 4.34% 5.05% 4.02% 5.11% Reconciliation of NNPA As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million) Stage 3 Loans (A) 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 Stage 3 Impairment Allowance (B) 15,510.01 12,324.34 15,778.83 10,647.56 10,333.32 NNPA (C = A-B) 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 Reconciliation of NNPA Ratio (%) As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Total Gross Loans (A) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Stage 3 Impairment Allowance (B) 15,510.01 12,324.34 15,778.83 10,647.56 10,333.32 NNPA (C) 12,478.23 11,275.63 12,500.90 10,064.96 10,868.70 NNPA Ratio (D = C/(A-B) ) 2.32% 2.12% 2.30% 2.00% 2.69% Reconciliation of Ratio of Total Impairment allowance to Total Gross Loans As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) Total impairment allowance (A) 21,212.56 18,500.00 22,053.13 16,066.24 16,259.99 Total Gross Loans (B) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Ratio of Total Impairment allowance to Total Gross Loans (%) ( C = A/B ) 3.83% 3.40% 3.94% 3.12% 3.92% Reconciliation of Provision Coverage Ratio (PCR) As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million except percentages) 75Stage 3 Impairment Allowance (A) 15,510.01 12,324.34 15,778.83 10,647.56 10,333.32 Stage 3 Loans (B) 27,988.24 23,599.97 28,279.73 20,712.52 21,202.02 Provision Coverage Ratio (PCR) (C = A/B) 55.42% 52.22% 55.80% 51.41% 48.74% Reconciliation of Debt to Equity As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million, except as stated otherwise percentages) Total Borrowings (A) 505,799.83 496,118.02 529,546.46 461,694.76 366,278.60 Net Worth (B) 59,185.71 57,242.87 57,531.52 57,659.70 52,434.40 Debt to Equity (times) (C=A/B) 8.55 8.67 9.20 8.01 6.99 Reconciliation of Adjusted Debt to Equity As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 (in ₹ million, except as stated otherwise percentages) Adjusted Total Borrowings (A) 474,917.63 468,859.27 500,702.85 435,582.39 343,178.08 Adjusted Net Worth (B) 90,067.91 84,501.62 86,375.13 83,772.07 75,534.92 Adjusted Debt to Equity (times) (C = A/B) 5.27 5.55 5.80 5.20 4.54 Reconciliation of Average Cost of borrowings As at and for the six months period ended As at and for the Fiscal ended September 30, March 31, 2025 2024 2025 2024 2023 Finance cost (A) 19,627.91 18,376.35 38,277.13 30,973.64 21,739.50 Average Adjusted Total Borrowings (B) 487,810.24 452,220.83 468,142.62 389,380.24 314,987.69 Average Cost of Borrowing* (C = A/B) 8.05% 8.13% 8.18% 7.95% 6.90% *Ratios for the six months period ended September 30, 2025 and September 30, 2024 have been annualised. Reconciliation of interest-earning investments As at and for the six months period ended As at and for the fiscal year ended September 30, March 31, 2025 2024 2025 2024 2023 Commercial paper (A) - 545.60 - - 1,694.52 Certificate of deposits (B) - - - - 748.68 Treasury bills (C) 11,351.48 7,740.81 16,931.17 9,858.70 6,725.49 Government securities (D) 5,198.58 3,839.53 2,468.85 4,347.32 2,458.11 Corporate bonds (E) 933.90 - 258.50 263.60 4,356.34 Interest-earning investments (F=A+B+C+D+E) 17,483.96 12,125.94 19,658.52 14,469.62 15,983.14 76Reconciliation of Total interest-earning assets As at and for the six months period ended As at and for the fiscal year ended September 30, March 31, 2025 2024 2025 2024 2023 Total Gross Loans (A) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Interest-earning Investments (B) 17,483.96 12,125.94 19,658.52 14,469.62 15,983.14 Balances with banks in term deposits with original maturity of 3 months or less (C) 280.10 4,471.03 16,532.97 702.83 5,274.56 Bank balance other than cash and cash equivalents (D) 754.36 609.77 673.99 590.68 412.17 Total interest-earning assets (E=A+B+C+D) 572,470.87 561,307.84 597,071.57 530,634.07 436,642.55 Reconciliation of Average interest-earning assets As at and for the six months period ended As at and for the fiscal year ended September 30, March 31, 2025 2024 2025 2024 2023 Opening interest- earning assets (A) 597,071.57 530,634.07 530,634.07 436,642.55 349,890.11 Closing interest- earning assets (B) 572,470.87 561,307.84 597,071.57 530,634.07 436,642.55 Average interest- earning assets (C = (A+B)/2) 584,771.22 545,970.96 563,852.82 483,638.31 393,266.33 77RESTATED CONSOLIDATED FINANCIAL INFORMATION [The remainder of this page has been intentionally left blank] 78Deloitte M M Nissim & Co LLP Haskins & Sells LLP Chartered Accountants Chartered Accountants C-2, First Floor, 7th Floor, Building 10, Tower B Sector-2, DLF Cyber City Complex, Noida – 201301 DLF City Phase - II, Uttar Pradesh, India Gurugram – 122 002 Phone: +91 120 417 7293 Haryana, India Tel: +91 124 679 2000 INDEPENDENT AUDITOR’S EXAMINATION REPORT ON RESTATED CONSOLIDATED FINANCIAL INFORMATION The Board of Directors Hero Fincorp Limited Dear Sirs, 1. We have jointly examined, as appropriate (Refer paragraph 5 and 6 below), the attached Restated Consolidated Financial Information of Hero Fincorp Limited (the “Company” or the “Issuer”) and its subsidiary (the Company and its subsidiary collectively referred to as the “Group"), comprising the Restated Consolidated Statement of Assets and Liabilities as at September 30, 2025, September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Consolidated Statement of Profit and Loss (including other comprehensive income), the Restated Consolidated Statement of Changes in Equity, the Restated Consolidated Statement of Cash Flows for the six month period ended September 30, 2025 and September 30, 2024 and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023, the Summary Statement of Material Accounting Policies, and other explanatory information (collectively, the “Restated Consolidated Financial Information”), as approved by the Board of Directors of the Company at their meeting held on November 14, 2025 for the purpose of inclusion in the Addendum to the Draft Red Herring Prospectus (“ADRHP”) prepared by the Company in connection with its proposed Initial Public Offer of equity shares (“IPO”) prepared in terms of the requirements of: a) Section 26 of Part I of Chapter III of the Companies Act, 2013, as amended (the “Act"); b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the "ICDR Regulations"); and c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (“ICAI”), as amended (the “Guidance Note”). 2. The Company’s management is responsible for the preparation of the Restated Consolidated Financial Information which have been approved by the Board of Directors for the purpose of inclusion in the ADRHP to be filed with Securities and Exchange Board of India (“SEBI”), BSE Limited and National Stock Exchange of India Limited (collectively, with BSE Limited, the “Stock Exchanges”) in connection with the IPO. The Restated Consolidated Financial Information have been prepared by the management of the Company on the basis of preparation stated in note 2 to the Restated Consolidated Financial Information. The respective Board of Directors of the companies included in the Group are responsible for designing, implementing and maintaining adequate internal controls relevant to the preparation and presentation of the respective restated financial information. The respective Board of Directors are also responsible for identifying and ensuring that the Group complies with the Act, ICDR Regulations and the Guidance Note. 3. We have examined such Restated Consolidated Financial Information taking into consideration: a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated November 07, 2025 in connection with the IPO; b) The Guidance Note. The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI; c) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Consolidated Financial Information; and 79M M Nissim & Co LLP d) The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO. 4. These Restated Consolidated Financial Information have been compiled by the management from: a) the audited special purpose interim Consolidated Financial Statements of the Group as at and for the six month period ended September 30, 2025 (along with comparative financial information as at and for the six month ended September 30, 2024) prepared in accordance with recognition and measurement principles of Indian Accounting Standard (“Ind AS”) 34 "Interim Financial Reporting", specified under section 133 of the Act and other accounting principles generally accepted in India and Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 and directives and guidelines issued by National Housing Bank to the extent applicable (“Special Purpose Interim Consolidated Financial Statements”), which have been approved by the Board of Directors at their meeting held on November 14, 2025. b) the audited Consolidated Financial Statements of the Group as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023 (the “Consolidated Financial Statements”) prepared in accordance with the Ind AS as prescribed under Section 133 of the Act and other accounting principles generally accepted in India and Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 and directives and guidelines issued by National Housing Bank to the extent applicable, which have been approved by the Board of Directors at their meeting held on April 29, 2025, May 03, 2024 and May 01, 2023 respectively. 5. For the purpose of our examination, we have relied on: a) Auditors’ report jointly issued by us dated November 14, 2025 on the Special Purpose Interim Consolidated Financial Statements as at and for the six month period ended September 30, 2025 as referred in Paragraph 4(a) above. b) Auditors’ report jointly issued by us dated April 29, 2025 on the Consolidated Financial Statements of the Group as at and for the year ended March 31, 2025 as referred in Paragraph 4(b) above. c) Auditors’ reports issued by previous joint auditors dated May 03, 2024, and May 01, 2023, on the Consolidated Financial Statements of the Group as at and for the years ended March 31, 2024, and March 31, 2023, respectively, as referred in Paragraph 4(b) above. The audits for the financial years ended March 31, 2024 and March 31, 2023 were conducted by the Company’s previous joint auditors (the “Previous Joint Auditors”), and accordingly reliance has been placed on the Restated Consolidated Statement of Assets And Liabilities, the Restated Consolidated Statement of Profit And Loss (Including Other Comprehensive Income), the Restated Consolidated Statement of Changes In Equity and the Restated Consolidated Statement of Cash Flows, the summary statement of material accounting policies, and other explanatory information (collectively, the “2024 and 2023 Restated Consolidated Financial Information”) examined by them for the said years. The examination report included for the said years is based solely on the report submitted by the Previous Joint Auditors. They have also confirmed that the 2024 and 2023 Restated Consolidated Financial Information: i. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2024, and March 31, 2023, to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the six month period ended September 30, 2025; ii. do not require any adjustment for modification as there is no modification in the underlying audit report; and iii. have been prepared in accordance with the Act, the ICDR Regulations and the Guidance Note. 6. As indicated in our audit report referred above: a) we did not audit financial statements of one subsidiary whose share of total assets, total revenues and net cash inflows included in the Special Purpose Interim Consolidated Financial Statements and 80M M Nissim & Co LLP Consolidated Financial Statements, for the relevant period / year is tabulated below, which have been audited by the other auditors and whose report have been furnished to us by the Company’s management and our opinion on the Special Purpose Interim Consolidated Financial Statements and Consolidated Financial Statements, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the other auditors: (Rs in million) Particulars As at/ for the As at/ for the As at/ for the year period ended period ended ended March 31, 2025 September 30, September 30, 2025 2024 Total assets 68,037.84 59,806.81 67,200.05 Total revenue 4,123.05 3,430.11 7,319.42 Net cash inflows/ 274.06 (668.36) (693.26) (Outflows) Our opinion on the Special Purpose Interim Consolidated Financial Statements and Consolidated Financial Statements is not modified in respect of this matter. b) The other statutory auditors of the subsidiary have examined the restated financial information and have confirmed that the restated financial information: i. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the six month period ended September 30, 2024 and in the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the six month period September 30, 2025, as applicable; ii. do not require any adjustment for modification as there is no modification in the underlying audit reports; and iii. have been prepared in accordance with the Act, the ICDR Regulations and the Guidance Note. 7. Based on the examination report dated November 14, 2025 provided by the Previous Joint Auditors, the audit report referred in paragraph 5(c) above on the Consolidated Financial Statements of the Group as at and for the years ended March 31, 2024 and March 31, 2023, issued by the Previous Joint Auditors included the following other matter: We did not audit the financial statements of one subsidiary as at and for the years ended March 31, 2024 and March 31, 2023, whose share of total assets, net assets, total income, total comprehensive income (comprising of profit and other comprehensive income) and net cash inflows / (outflows) included in the Consolidated Financial Statements, for the relevant years is tabulated below, which have been audited by other auditor and whose reports have been furnished to us by the Management and our opinion on the Consolidated Financial Statements, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the reports of the other auditor. (Rs. In millions) Particulars As at/ for the year ended As at/ for the year ended March 31, 2024 March 31, 2023 Total assets 54,552.52 41,206.48 Net Assets 7,974.43 7,592.27 Total Income 5,690.38 4,205.51 Total comprehensive income 366.63 237.01 (comprising of profit and other comprehensive income) Net cash inflows/ (outflows) (490.65) 189.25 81M M Nissim & Co LLP 8. Based on our examination and according to the information and explanations given to us and also as per the reliance placed on the examination report submitted by the Previous Joint Auditors and other auditors for the respective period/years, we report that the Restated Consolidated Financial Information: a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the six month period ended September 30, 2024 and in the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the six month period ended September 30, 2025, as applicable; b) do not require any adjustment for modification as there is no modification in the underlying audit report; and c) have been prepared in accordance with the Act, the ICDR Regulations and the Guidance Note. 9. Each of the joint auditors on its behalf confirms that they 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. 10. The Restated Consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Special Purpose Interim Consolidated Financial Statements and Consolidated Financial Statements mentioned in paragraph 4 above. 11. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by us or the Previous Joint Auditors, nor should this report be construed as a new opinion on any of the financial statements referred to herein. 12. We have no responsibility to update our report for events and circumstances occurring after the date of the report. 13. Our report is intended solely for use of the Board of Directors for inclusion in the ADRHP to be filed with SEBI and the Stock Exchanges, in connection with the IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. 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 report is shown or into whose hands it may come without our prior consent in writing. For Deloitte Haskins & Sells LLP For M M Nissim & Co LLP Chartered Accountants Chartered Accountants (Firm’s Registration No. 117366W/W- 100018) (Firm’s Registration No. 107122W/W100672) Mukesh Jain Navin Kumar Jain Partner Partner (Membership No. 108262) (Membership No. 090847) UDIN: 25108262BMNTNE5058 UDIN: 25090847BMIJNL7329 Place of Signature: Mumbai Place of Signature: Mumbai Date: November 14, 2025 Date: November 14, 2025 82Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Assets and Liabilities (₹ in Millions) As at As at As at As at As at Particulars Note September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Assets Financial assets Cash and cash equivalents 4 3,442.07 5,005.04 19,645.99 987.84 7,501.40 Bank balance other than cash and cash equivalents 5 754.36 609.77 673.99 590.68 412.17 Derivative financial instruments 6 3,555.40 1,635.14 1,149.14 1,337.17 1,158.16 Trade receivables 7 356.33 199.87 274.04 100.67 13.02 Loans 8 532,739.89 525,601.10 538,152.96 498,804.70 398,712.69 Investments 9 22,406.99 19,715.34 25,561.35 18,959.56 17,474.94 Other financial assets 10 3,926.13 3,282.56 3,552.76 1,868.63 1,896.29 Non-financial assets Current tax assets (net) 11 1,397.52 1,563.24 1,656.52 1,555.44 1,474.14 Deferred tax assets (net) 12 4,249.69 4,040.36 4,635.30 3,690.19 3,761.54 Property, plant and equipment 13 1,559.30 1,702.36 1,721.92 1,810.04 675.90 Capital work in progress 13.1 37.34 0.30 15.52 - - Right-of-use assets 13.2 974.64 1,096.10 1,124.72 1,182.72 455.54 Intangible assets under development 13.3 257.50 311.10 181.54 7.50 27.60 Other intangible assets 13.4 931.36 362.24 736.56 271.74 191.54 Other non-financial assets 14 2,059.47 1,574.67 1,341.58 879.75 757.38 Total assets 578,647.99 566,699.19 600,423.89 532,046.63 434,512.31 83Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Assets and Liabilities (₹ in Millions) As at As at As at As at As at Particulars Note September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Liabilities and equity Liabilities Financial liabilities Trade payables: 15 - Total outstanding dues of micro enterprises and 78.37 38.96 49.06 7.31 24.75 small enterprises; and - Total outstanding dues of creditors other than 5,307.38 5,210.41 5,272.39 4,382.72 4,960.24 micro enterprises and small enterprises Debt securities 16 61,721.79 63,838.30 71,747.44 67,037.15 67,470.79 Borrowings (other than debt securities) 17 390,481.72 386,786.35 407,829.88 358,403.90 266,129.87 Subordinated liabilities 18 53,596.32 45,493.37 49,969.14 36,253.71 32,677.94 Lease liabilities 19 1,099.97 1,202.34 1,238.74 1,272.39 523.99 Other financial liabilities 20 5,450.27 5,081.94 4,989.18 5,113.34 9,027.24 Non-financial liabilities Current tax liabilities (net) 21 - 426.05 100.46 408.54 10.34 Deferred tax liabilities (net) 12 134.70 - 50.50 - - Provisions 22 780.54 680.14 756.76 698.60 548.74 Other non-financial liabilities 23 724.13 632.34 812.74 748.67 660.14 Total liabilities 519,375.19 509,390.20 542,816.29 474,326.33 382,034.04 Equity Equity share capital 24 1,296.27 1,273.07 1,274.13 1,273.06 1,273.06 Other equity 25 57,889.44 55,969.80 56,257.39 56,386.64 51,161.34 Non-controlling interests 25 87.09 66.12 76.08 60.60 43.87 Total equity 59,272.80 57,308.99 57,607.60 57,720.30 52,478.27 84 Total liabilities and equity 578,647.99 566,699.19 600,423.89 532,046.63 434,512.31Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Assets and Liabilities Material accounting policies 3 The accompanying notes 1 - 49 form an integral part of these restated consolidated financial information. For and on behalf of the Board of Directors of Hero FinCorp Limited Abhimanyu Munjal Kaushik Dutta Sajin Mangalathu Shivendra Suman Managing Director & CEO Director Chief Financial Officer Company Secretary (DIN No. : 02822641) (DIN No. : 03328890) Place: Dubai Place: Delhi Place: Gurugram Place: Gurugram Date: November 14, 2025 This is the Restated Consolidated Statement of Assets and Liabilities referred to in our report of even date For Deloitte Haskins & Sells LLP For M M Nissim & Co LLP CChhaarrtteerreedd AAccccoouunnttaannttss Chartered Accountants Firm Registration Number: 117366W/W-100018 Firm Registration Number: 107122W/W100672 Mukesh Jain Navin Kumar Jain Partner Partner Membership Number: 108262 Membership Number: 090847 Place: Mumbai Place: Mumbai Date: November 14, 2025 Date: November 14, 2025 85Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Profit and Loss (₹ in Millions) For the period For the period For the year ended For the year ended For the year ended Annexure VI Particulars ended ended March 31, 2025 March 31, 2024 March 31, 2023 Notes September 30, 2025 September 30, 2024 Income Revenue from operations 26 Interest income 4 2,140.62 4 2,141.48 8 5,886.69 7 4,793.81 5 7,196.00 Dividend income 0 .09 0 .05 0 .19 7 .12 7 .43 Profit on sale of investments (net) 5 20.69 7 6.88 4 46.15 6 47.01 8 56.25 Rental income - - - - 1 .07 Gain on derecognition of financial instruments under 1 ,164.01 7 21.91 1 ,348.23 2 12.80 2 31.30 amortised cost category Insurance commission 9 90.00 9 21.74 1 ,855.34 1 ,139.91 2 12.19 Others charges 3 ,985.37 4 ,653.74 8 ,790.73 6 ,108.39 5 ,511.69 Total revenue from operations 48,800.78 48,515.80 98,327.33 82,909.04 64,015.93 Other income 27 3 6.68 3 08.29 7 05.99 6 88.27 4 59.52 Total income 48,837.46 48,824.09 99,033.32 83,597.31 64,475.45 Expenses Finance costs 28 1 9,627.91 1 8,376.35 3 8,277.13 3 0,973.64 2 1,739.50 Net loss on fair value changes 29 2 ,534.92 1 ,508.60 3 ,027.99 3 ,385.24 2 ,997.05 Impairment on financial instruments 30 1 4,044.57 1 4,375.47 2 8,840.85 1 7,223.90 1 2,122.30 Employee benefits expenses 31 3 ,833.12 3 ,608.23 7 ,298.41 6 ,927.15 5 ,421.45 Depreciation and amortization 13 5 05.76 4 42.22 9 59.66 6 59.64 3 79.31 Other expenses 32 9 ,086.69 8 ,791.09 1 8,068.34 1 4,822.27 1 4,463.63 Total expenses 49,632.97 47,101.96 96,472.38 73,991.84 57,123.24 86Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Profit and Loss (₹ in Millions) For the period For the period For the year ended For the year ended For the year ended Annexure VI Particulars ended ended March 31, 2025 March 31, 2024 March 31, 2023 Notes September 30, 2025 September 30, 2024 Restated profit/ (loss) before tax (795.51) 1 ,722.13 2 ,560.94 9 ,605.47 7 ,352.21 Tax expense: 12 (i) Current tax 6 7.40 1 ,148.40 2 ,264.52 3 ,074.62 1 ,977.01 (ii) Deferred tax/ (credit) (net) 4 44.65 (294.10) (803.12) 1 60.37 5 75.73 Total tax expense 5 12.05 8 54.30 1 ,461.40 3 ,234.99 2 ,552.74 Restated profit/ (loss) after tax (1,307.56) 8 67.83 1 ,099.54 6 ,370.48 4 ,799.47 Other comprehensive income/ (loss) a) Items that will not be reclassified to profit or loss: Remeasurement of gains/ (losses) on defined benefit 36 1 0.14 6 9.12 6 1.86 (14.32) 1 6.30 plans Income tax relating to items that will not be reclassified 12 (2.54) (16.01) (15.57) 4.44 (2.57) to profit or loss Sub-total (a) 7 .60 5 3.11 4 6.29 (9.88) 1 3.73 b) Items that may be reclassified to profit or loss: Cash flow hedge reserve 8 3.35 (309.56) (423.26) (333.77) (7.56) Income tax relating to items that may be reclassified to 12 (20.98) 72.07 107.05 84.58 3 .06 profit or loss Sub-total (b) 6 2.37 (237.49) (316.21) (249.19) (4.50) Restated other comprehensive income/ (loss) for the period/ year, net of tax 6 9.97 (184.38) (269.92) (259.07) 9 .23 [(a) + (b)] Restated total comprehensive income/ (loss) for the period/ year, net of tax (1,237.59) 683.45 829.62 6,111.41 4,808.70 87Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Profit and Loss (₹ in Millions) For the period For the period For the year ended For the year ended For the year ended Annexure VI Particulars ended ended March 31, 2025 March 31, 2024 March 31, 2023 Notes September 30, 2025 September 30, 2024 Restated profit/ (loss) for the period/ year attributable to Owners of the Company (1,310.66) 8 66.22 1,094.93 6,367.83 4,798.01 Non-controlling interest 3 .10 1 .61 4.61 2.65 1.46 Restated other comprehensive income/ (loss) for the period/ year, net of tax, attributable to Owners of the Company 6 9.97 (184.19) (269.80) (259.11) 9.14 Non-controlling interest # (0.19) (0.12) 0.04 0.09 Restated total comprehensive income/ (loss) for the period/ year, net of tax, attributable to Owners of the Company (1,240.69) 6 82.03 825.13 6,108.61 4,807.11 Non-controlling interest 3 .10 1 .42 4.49 2.80 1.59 Restated earnings per equity share 33 Equity shareholder of parent for the period/ year: (Face value per share ₹ 10) Basic (in ₹)* (10.18) 6 .80 8 .60 5 0.02 3 7.69 Diluted (in ₹)* (10.18) 6 .79 8 .58 4 9.92 3 7.65 * earnings not annualized for the six months/ period ended September 30, 2025 and September 30, 2024 # Below rounding off norms. 88Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Profit and Loss Material accounting policies 3 The accompanying notes 1 - 49 form an integral part of these restated consolidated financial information. For and on behalf of the Board of Directors of Hero FinCorp Limited Abhimanyu Munjal Kaushik Dutta Sajin Mangalathu Shivendra Suman Managing Director & CEO Director Chief Financial Officer Company Secretary (DIN No. : 02822641) (DIN No. : 03328890) Place: Dubai Place: Delhi Place: Gurugram Place: Gurugram Date: November 14, 2025 This is the Restated Consolidated Statement of Profit and Loss referred to in our report of even date For Deloitte Haskins & Sells LLP For M M Nissim & Co LLP Chartered Accountants Chartered Accountants Firm Registration Number: 117366W/W-100018 Firm Registration Number: 107122W/W100672 Mukesh Jain Navin Kumar Jain Partner Partner Membership Number: 108262 Membership Number: 090847 Place: Mumbai Place: Mumbai Date: November 14, 2025 Date: November 14, 2025 89Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Changes in Equity A. Equity share capital For the year ended March 31, 2023 (₹ in Millions) Balance at the beginning of the Changes in Equity Share Capital Changes in equity share capital Balance at the end of the current reporting year due to prior period errors during the current year current reporting year 1,273.06 - - 1,273.06 For the year ended March 31, 2024 (₹ in Millions) Balance at the beginning of the Changes in Equity Share Capital Changes in equity share capital Balance at the end of the current reporting year due to prior period errors during the current year current reporting year 1,273.06 - # 1,273.06 For the year period March 31, 2025 (₹ in Millions) Balance at the beginning of the Changes in Equity Share Capital Changes in equity share capital Balance at the end of the current reporting year due to prior period errors during the current year current reporting year 1,273.06 - 1 .07 1,274.13 For the period ended September 30, 2024 (₹ in Millions) Balance at the beginning of the Changes in Equity Share Capital Changes in equity share capital Balance at the end of the current reporting period due to prior period errors during the current period current reporting period 1,273.06 - # 1,273.07 For the period ended September 30, 2025 (₹ in Millions) Balance at the beginning of the Changes in Equity Share Capital Changes in equity share capital Balance at the end of the current reporting period due to prior period errors during the current period current reporting period 1,274.13 - 2 2.14 1,296.27 # Below rounding off norms. 90Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Changes in Equity B. Other Equity (₹ in Millions) Reserves and surplus Other comprehensive income/ (loss) Stock options Total Non-controlling outstanding account interests Particulars Statutory reserve as Statutory reserve as Securities premium General reserve Capital Reserve Share application Retained earnings Remeasurements of Cash flow hedge per RBI Act per NHB Act money - pending defined benefit plans reserve allotment As at April 1, 2022 2,653.52 4.19 39,476.39 1,310.21 - - 2,660.64 - ( 17.37) 314.56 46,402.14 24.58 Addition during the year* - - - - - - - - - - - 17.74 Restated profit/ (loss) for the year - - - - - - 4 ,798.01 - - - 4,798.01 1.46 Restated other comprehensive income/ (loss) for the year, net of tax - - - - - - - 13.64 ( 4.50) - 9.14 0.09 Transfer to retained earnings - - - - - - 13.64 (13.64) - - - - Total comprehensive income/ (loss) for the year - - - - - - 4,811.65 - ( 4.50) - 4,807.15 19.29 Dividend paid on equity shares - - - - - - - - - - - - Transfer from retained earnings to statutory reserve 914.71 45.26 - - - - (959.97) - - - - - Share issue expenses - - (60.02) - - - - - - - ( 60.02) - Transfer from ESOP Reserve - - - - - - - - - - - - Securities premium received - - 11.10 - - - - - - - 11.10 - Share application money received - - - - - - - - - - - - Share based payment charge - - - - - - - - - 0.97 0.97 - Forfeiture of partly paid up shares - - - - - - - - - - - - Adjustment for changes in ownership interests in subsidiary - - - - - - - - - - - - As at March 31, 2023 3,568.23 49.45 39,427.47 1,310.21 - - 6,512.32 - ( 21.87) 315.53 51,161.34 43.87 Addition during the year* - - - - - - - - - - - 9.62 Restated profit/ (loss) for the year - - - - - - 6,367.83 - - - 6,367.83 2.66 Restated other comprehensive income/ (loss) for the year, net of tax - - - - - - - (9.88) ( 249.19) - ( 259.07) 0.04 Transfer to retained earnings - - - - - - 1.69 9.88 - ( 11.57) - - Total comprehensive income/ (loss) for the year - - - - - - 6,369.52 - ( 249.19) ( 11.57) 6,108.76 12.32 Dividend paid on equity shares - - - - - - (1,031.18) - - - ( 1,031.18) - Transfer from retained earnings to statutory reserve 1,203.80 72.21 - - - - (1,276.01) - - - - - Share issue expenses - - (2.50) - - - - - - - ( 2.50) - Transfer from ESOP Reserve - - - - - - - - - - - - Securities premium received - - 0.08 - - - - - - - 0.08 - Share application money received - - - - - - - - - - - - Share based payment charge - - - - - - - - - 154.55 154.55 - Forfeiture of partly paid up shares - - - - - - - - - - - - Adjustment for changes in ownership interests in subsidiary - - - - - - (4.41) - - - ( 4.41) 4.41 As at March 31, 2024 4,772.03 121.66 39,425.05 1,310.21 - - 10,570.24 - ( 271.06) 458.51 56,386.64 60.60 91Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Changes in Equity (₹ in Millions) Reserves and surplus Other comprehensive income/ (loss) Stock options Total Non-controlling Statutory reserve as Statutory reserve as Securities premium General reserve Capital Reserve Share application Retained earnings Remeasurements of Cash flow hedge outstanding account interests Particulars per RBI Act per NHB Act money - pending defined benefit plans reserve allotment As at April 1, 2024 4,772.03 121.66 39,425.05 1,310.21 - - 10,570.24 - (271.06) 458.51 56,386.64 60.60 Addition during the year* - - - - - - - - - - - 15.26 Restated profit/ (loss) for the year - - - - - - 1,094.93 - - - 1,094.93 4.61 Restated other comprehensive income/ (loss) for the year, net of tax - - - - - - - 4 6.29 (316.09) - (269.80) (0.12) Transfer to retained earnings - - - - - - 61.27 ( 46.29) - (14.98) - - Total comprehensive income/ (loss) for the year - - - - - - 1,156.20 - (316.09) (14.98) 825.13 19.75 Dividend paid on equity shares - - - - - - (1,273.07) - - - (1,273.07) - Transfer from retained earnings to statutory reserve 115.70 102.24 - - - - (217.94) - - - - - Share issue expenses - - - - - - - - - - - - Transfer from ESOP Reserve - - 3 0.64 - - - - - - (30.64) - - Securities premium received - - 62.36 - - - - - - - 62.36 - Share application money received - - - - - - - - - - - - Share based payment charge - - - - - - - - - 252.06 252.06 - Forfeiture of partly paid up shares - - - - # - - - - - # - Adjustment for changes in ownership interests in subsidiary - - - - - - 4.27 - - - 4.27 (4.27) As at March 31, 2025 4,887.73 223.90 39,518.05 1,310.21 # - 10,239.70 - ( 587.15) 664.95 56,257.39 76.08 (₹ in Millions) Reserves and surplus Other comprehensive income/ (loss) Stock options Total Non-controlling Statutory reserve as Statutory reserve as Securities premium General reserve Capital Reserve Share application Retained earnings Remeasurements of Cash flow hedge outstanding account interests Particulars per RBI Act per NHB Act money - pending defined benefit plans reserve allotment As at April 1, 2024 4,772.03 121.66 39,425.05 1,310.21 - - 10,570.24 - (271.06) 458.51 56,386.64 60.60 Addition during the period* - - - - - - - - - - - 5.19 Restated profit/ (loss) for the period - - - - - - 866.22 - - - 866.22 1.61 Restated other comprehensive income/ (loss) for the period, net of tax - - - - - - - 5 3.11 (237.49) - (184.38) (0.16) Transfer to retained earnings - - - - - - 60.66 ( 53.11) - (7.55) - - Total comprehensive income/ (loss) for the period - - - - - - 926.88 - (237.49) (7.55) 681.84 6.64 Dividend paid on equity shares - - - - - - (1,273.07) - - - (1,273.07) - Transfer from retained earnings to statutory reserve - - - - - - - - - - - - Share issue expenses - - - - - - - - - - - - Transfer from ESOP Reserve - - - - - - - - - - - - Securities premium received - - 1.40 - - - - - - - 1.40 - Share application money received - - - - - 0.18 - - - - 0.18 - Share based payment charge - - - - - - - - - 171.76 171.76 - Forfeiture of partly paid up shares - - - - # - - - - - # - Adjustment for changes in ownership interests in subsidiary - - - - - - 1.05 - - - 1.05 (1.12) As at September 30, 2024 4,772.03 121.66 39,426.45 1,310.21 # 0.18 10,225.10 - ( 508.55) 622.72 55,969.80 66.12 92Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Changes in Equity (₹ in Millions) Reserves and surplus Other comprehensive income/ (loss) Stock options Total Non-controlling Statutory reserve as Statutory reserve as Securities premium General reserve Capital Reserve Share application Retained earnings Remeasurements of Cash flow hedge outstanding account interests Particulars per RBI Act per NHB Act money - pending defined benefit plans reserve allotment As at April 1, 2025 4,887.73 223.90 39,518.05 1,310.21 # - 10,239.70 - (587.15) 664.95 56,257.39 76.08 Addition during the period* - - - - - - - - - - - 10.10 Restated profit/ (loss) for the period - - - - - - (1,310.66) - - - (1,310.66) 3.10 Restated other comprehensive income/ (loss) for the period, net of tax - - - - - - - 7 .60 62.37 - 69.97 (0.04) Transfer to retained earnings - - - - - - 55.41 ( 7.60) - (47.81) - - Total comprehensive income/ (loss) for the period - - - - - - (1,255.25) - 62.37 (47.81) (1,240.69) 13.16 Dividend paid on equity shares - - - - - - (142.59) - - - (142.59) - Transfer from retained earnings to statutory/ general reserve - - - - - - - - - - - - Share issue expenses - - ( 135.20) - - - - - - - (135.20) - Transfer from ESOP Reserve - - - - - - - - - (3.66) (3.66) - Securities premium received - - 3,077.90 - - - - - - - 3,077.90 - Share application money received - - - - - - - - - - - - Share based payment charge - - - - - - - - - 74.14 74.14 - Forfeiture of partly paid up shares - - - - - - - - - - - - Adjustment for changes in ownership interests in subsidiary - - - - - - 2.15 - - - 2.15 (2.15) As at September 30, 2025 4,887.73 223.90 42,460.75 1,310.21 # - 8,844.01 - ( 524.78) 687.62 57,889.44 87.09 *During the period/ year ended September 30, 2025, the subsidiary company has allotted 5,76,801 fully paid equity shares of ₹ 10 each under employee stock option scheme (September 30, 2024: 2,95,000, March 31, 2025: 8,55,938, March 31, 2024: 5,80,500 and March 31, 2023: 17,72,500). # Below rounding off norms. Material accounting policies 3 The accompanying notes 1 - 49 form an integral part of these restated consolidated financial information. For and on behalf of the Board of Directors of Hero FinCorp Limited Abhimanyu Munjal Kaushik Dutta Sajin Mangalathu Shivendra Suman Managing Director & CEO Director Chief Financial Officer Company Secretary (DIN No. : 02822641) (DIN No. : 03328890) Place: Dubai Place: Delhi Place: Gurugram Place: Gurugram Date: November 14, 2025 This is the Restated Consolidated Statement of Changes in Equity referred to in our report of even date. For Deloitte Haskins & Sells LLP For M M Nissim & Co LLP Chartered Accountants Chartered Accountants Firm Registration Number: 117366W/W-100018 Firm Registration Number: 107122W/W100672 Mukesh Jain Navin Kumar Jain Partner Partner Membership Number: 108262 Membership Number: 090847 Place: Mumbai Place: Mumbai Date: November 14, 2025 Date: November 14, 2025 93Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Cash Flows (₹ in Millions) For the period For the period For the year ended For the year ended For the year ended Particulars ended ended March 31, 2025 March 31, 2024 March 31, 2023 September 30, 2025 September 30, 2024 A. Cash flow from operating activities Restated profit/ (loss) before tax (795.51) 1,722.13 2,560.94 9,605.47 7,352.21 Adjustments for: Interest Income (42,140.62) (42,141.48) (85,870.12) (74,776.60) (57,178.90) Interest on income tax refund - - (53.63) - - Finance Costs 19,627.89 18,376.37 38,277.28 30,973.60 21,739.60 Depreciation and amortization 505.76 442.22 959.66 659.60 379.40 Impairment on financial instruments 14,044.53 14,375.46 28,840.95 17,224.00 12,122.30 Dividend income from investments (0.09) (0.06) (0.19) (7.10) (7.40) Discount on commercial paper - 71.73 - 111.50 49.10 Employee share based payment expense 72.94 189.23 278.10 192.80 9.40 Net loss on sale of property, plant and equipment 9.98 5.25 15.97 7.40 16.00 Net gain on modification of lease - (0.09) (37.45) - - Gain on derecognition of financial instruments under amortised cost (1,164.04) (721.91) (1,348.17) (212.80) (231.30) category Net loss on fair value changes 2,556.64 1,508.64 3,027.99 3,385.20 2,997.10 Profit on sale of investments (542.38) (76.88) (446.15) (647.00) (856.40) Cash inflow from interest on loans 41,119.06 40,619.17 82,641.03 72,189.10 53,790.30 Cash inflow from interest on fixed deposits 200.03 65.59 123.12 89.30 212.40 Cash outflow towards finance costs (18,578.50) (18,391.39) (39,202.24) (28,101.90) (19,202.20) Operating profit before working capital changes 14,915.69 16,043.98 29,767.09 30,692.57 21,191.61 94Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Cash Flows (₹ in Millions) For the period For the period For the year ended For the year ended For the year ended Particulars ended ended March 31, 2025 March 31, 2024 March 31, 2023 September 30, 2025 September 30, 2024 Working capital adjustments (Increase)/ decrease in trade receivables (96.63) (99.14) (173.32) (87.68) 6.71 Increase in loans (8,201.45) (40,180.43) (66,062.90) (115,806.76) (94,723.20) (Increase)/ decrease in bank balance other than cash and cash equivalents (92.92) (18.40) (69.76) (184.60) 1,188.40 (Increase)/ decrease in other financial assets 565.98 (680.98) (397.53) 189.20 (553.40) Increase in other non financial assets (700.10) (580.84) (500.14) (165.40) (62.70) Increase/ (decrease) in other financial liabilities 458.72 (100.08) (197.23) (3,950.60) 3,933.00 Increase/ (decrease) in trade payables 73.14 879.82 933.21 (543.80) 1,937.40 Increase in other non financial liabilities (88.54) (116.35) 63.94 88.80 98.96 Increase in provisions 33.90 27.47 120.04 137.80 72.20 Net cash generated/ (used in) from operating activities before income 6,867.79 (24,824.95) (36,516.60) (89,630.47) (66,911.02) tax Income tax paid (net of refund) 92.66 (1,138.70) (2,620.04) (2,757.80) (2,274.20) Net cash generated/ (used in) from operating activities (A) 6,960.45 (25,963.65) (39,136.64) (92,388.27) (69,185.22) B. Cash flow from investing activities Purchase of property, plant and equipment and capital work-in-progress (317.05) (395.42) (439.55) (1,426.50) (447.40) Purchase of other intangible assets and intangible assets under development (190.16) (306.83) (760.06) (180.00) (62.40) Proceeds from sale of property, plant and equipment 23.32 16.86 40.87 42.81 27.00 Dividend received 0.09 0.06 0.19 7.10 7.40 Interest received on investments 529.55 484.31 1,140.48 1,141.40 519.40 Purchase of investments (116,320.14) (54,295.15) (128,774.44) (148,323.14) (175,902.64) Sale of investments 120,203.60 53,856.28 122,860.97 147,440.40 171,117.30 Net cash generated/ (used in) from investing activities (B) 3,929.21 (639.89) (5,931.54) (1,297.93) (4,741.34) 95Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Cash Flows (₹ in Millions) For the period For the period For the year ended For the year ended For the year ended Particulars ended ended March 31, 2025 March 31, 2024 March 31, 2023 September 30, 2025 September 30, 2024 C. Cash flow from financing activities Proceeds from issue of equity shares 3,099.99 1.37 72.71 - - Proceeds from conversion of partly paid equity shares to fully paid - # # 0.20 - Proceeds from issue of equity shares of subsidiary to non-controlling 10.07 3.37 - 6.10 18.10 interest Proceeds from issue of compulsorily convertible preference shares - - - - 20,000.00 Share issue expenses paid (135.16) - - (2.50) (60.00) Proceeds from issue of debt securities 9,243.22 39,706.33 95,720.50 53,490.00 51,059.00 Repayment of debt securities (20,432.84) (42,931.32) (89,890.97) (56,237.60) (45,481.50) Proceeds from issue of borrowings (other than debt securities) 92,251.84 132,286.71 246,715.57 239,073.70 190,051.00 Repayment of borrowings (other than debt securities) (111,668.18) (104,499.46) (197,444.99) (147,857.40) (145,552.00) Proceeds from issue of subordinated liabilities 2,500.00 8,133.30 10,850.00 550.74 2,799.10 Repayment of subordinated liabilities (1,000.00) - - - - Repayment of lease liability (219.93) (206.49) (423.42) (346.10) (150.68) Dividend paid on equity shares (142.59) (1,273.07) (1,273.07) (1,029.40) - Dividend paid on compulsorily convertible preference shares (600.00) (600.00) (600.00) (475.10) - Net cash generated/ (used in) from financing activities (C) (27,093.58) 30,620.74 63,726.33 87,172.64 72,683.02 D. Net increase/ (decrease) in cash and cash equivalents (A+B+C) (16,203.92) 4,017.20 18,658.15 (6,513.56) (1,243.54) Cash and cash equivalents at the beginning of the period/ year 19,645.99 987.84 987.84 7,501.40 8,744.94 Cash and cash equivalents at the end of the period/ year* 3,442.07 5,005.04 19,645.99 987.84 7,501.40 *Components of cash and cash equivalents Balances with banks (current accounts) 951.12 534.01 3,113.02 285.01 2,226.84 Remittance in transit 2,210.85 - - - - Deposit with banks (original maturity less than three months) 280.10 4,471.03 16,532.97 702.83 5,274.56 3,442.07 5,005.04 19,645.99 987.84 7,501.40 # Below rounding off norms. 96Hero FinCorp Limited CIN - U74899DL1991PLC046774 Restated Consolidated Statement of Cash Flows (i)TheRestatedConsolidatedStatementofCashFlowshasbeenpreparedinaccordancewith‘Indirectmethod’assetoutinIndAS-7on‘StatementofCashFlows’,asnotifiedunderSection133 of the Companies Act 2013, read with the relevant rules thereunder. The borrowing from cash credit is revolving in nature and is disclosed on net basis under financing activities. The accompanying notes 1 - 49 form an integral part of these restated consolidated financial information. For and on behalf of the Board of Directors of Hero FinCorp Limited Abhimanyu Munjal Kaushik Dutta Sajin Mangalathu Shivendra Suman Managing Director & CEO Director Chief Financial Officer Company Secretary (DIN No. : 02822641) (DIN No. : 03328890) Place: Dubai Place: Delhi Place: Gurugram Place: Gurugram Date: November 14, 2025 This is the Restated Consolidated Statement of Cash Flows referred to in our report of even date For Deloitte Haskins & Sells LLP For M M Nissim & Co LLP Chartered Accountants Chartered Accountants Firm Registration Number: 117366W/W-100018 Firm Registration Number: 107122W/W100672 Mukesh Jain Navin Kumar Jain Partner Partner Membership Number: 108262 Membership Number: 090847 Place: Mumbai Place: Mumbai Date: November 14, 2025 Date: November 14, 2025 97Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ 1. Corporate information Hero FinCorp Limited (the “Holding Company” or the “Company”) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956 on December 16, 1991. The Holding Company is registered as a Non-Banking financial (Non deposit accepting) Company, engaged in the business of financing, bill discounting and related financial services, with the Reserve Bank of India (Registration No. 14.00266). The Holding Company also registered as a corporate agent under the IRDAI (Registration of Corporate Agents) Regulations, 2015 and the Insurance Regulatory and Development Authority Act, 1999 (Registration No. CA0474 valid till March 21, 2026). The address of the Holding Company’s registered office is 34, Community Centre, Basant Lok, Vasant Vihar, New Delhi - 110057, India. Hero Housing Finance Limited is the subsidiary of the Holding Company which is registered as a Housing Finance Company with National Housing Bank (NHB). 2. Basis of preparation and measurement 2.1 Basis of preparation The restated consolidated financial information of Hero FinCorp Limited and its subsidiary (the Company and its subsidiary together referred to as the “Group”) comprises of the Restated Consolidated Statements of Assets and Liabilities as at September 30, 2025, September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Consolidated Statements of Profit and Loss (including Other Comprehensive Income), the Restated Consolidated Statements of Changes in Equity and the Restated Consolidated Statements of Cash flows for the six month period ended September 30, 2025 and September 30, 2024 and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 and the Summary of Material Accounting Policies and explanatory notes (collectively referred as the “Restated Consolidated Financial Information”). These restated consolidated financial information have been prepared by the Management of the Group for the purpose of inclusion in the Addendum to the Draft Red Herring Prospectus (‘ADRHP’) in connection with the proposed Initial Public Offering (“IPO”) of equity shares. The Restated Consolidated Financial Information have been prepared in accordance with the requirements of: a. Section 26 of Part I of Chapter III of the Companies Act, 2013, as amended (the “Act"); b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the "ICDR Regulations"); and c. The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (“ICAI”), as amended (the “Guidance Note”). These Restated Consolidated Financial Information have been compiled by the Management from: a. the audited special purpose consolidated interim financial statements of the Group as at and for the six month periods ended September 30, 2025 (along with comparative financial information as at and for the six month ended September 30, 2024) prepared in accordance with recognition and measurement principles of Indian Accounting Standard (“Ind AS”) 34 "Interim Financial Reporting", specified under section 133 of the Act and other accounting principles generally accepted in India and Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 and directives and guidelines issued by National Housing Bank to the extent applicable (“Special Purpose Consolidated Interim Financial Statements”), which have been approved by the Board of Directors at their meeting held on November 14, 2025. b. the audited consolidated financial statements of the Group as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 (the “Consolidated Financial Statements”) prepared in accordance with the Ind AS as prescribed under Section 133 of the Act and other accounting principles generally accepted in India and Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 and directives and guidelines issued by National Housing Bank to the extent applicable which have been approved by the Board of Directors at their meeting held on April 29, 2025, May 03, 2024 and May 01, 2023 respectively. The accounting policies have been consistently applied by the Group in preparation of the Restated Consolidated Financial Information and are consistent with those adopted in the preparation of consolidated financial statements as at and for the six month period ended September 30, 2025. These Restated Consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the board meetings for adoption of Special Purpose Consolidated Financial Statements and Consolidated Financial Statements referred above. The Restated Consolidated Financial Information: (a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors, if any, and regrouping/ reclassifications retrospectively in the period/ years ended September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/ classifications followed as at and for the period ended September 30, 2025, as applicable; (b) do not require any adjustment for qualification as there are no qualifications in the underlying audit reports which require any adjustments. The restated consolidated financial information were approved and authorized by the Company’s Board of Directors on November 14, 2025. 98Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ 2.2 Basis of measurement and presentation These restated consolidated financial information have been prepared on the historical cost basis except for certain financial assets and liabilities that are measured at fair value (refer to accounting policies) such as defined benefit plans and other long term employee benefit plans measured at fair value, financial instruments carried at fair value through profit or loss and share-based payments. The methods used to measure fair value are discussed further in notes to restated consolidated financial information. The Restated Consolidated Statements of Assets and Liabilities, the Restated Consolidated Statements of Change in Equity and the Restated Consolidated Statements of Profit and Loss (including Other Comprehensive Income) is presented in the format prescribed under Division III of Schedule III of the Act, as amended from time to time, for Non-Banking Financial Companies (“NBFCs”) that are required to comply with Ind AS. The Restated Consolidated Statements of Cash Flows has been presented as per the requirements of Ind AS 7, Statements of Cash Flows. The restated consolidated financial information is prepared on a going concern basis as the Management is satisfied that the Group shall be able to continue its business for the foreseeable future and no material uncertainty exists that may cast significant doubt on the going concern assumption. In making this assessment, the Management has considered a wide range of information relating to present and future conditions, including future projections of profitability, cash flows and capital resources. 2.3 New Accounting Standards issued but not effective /Recent Accounting Developments Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. There are no such notification issued till September 30, 2025 which would have been applicable from October 01, 2025 or afterwards. 2.4 Basis of consolidation The Company is able to exercise control over the operating decisions of the investee Company, resulting in variable returns to the Company, and accordingly, the same has been classified as investment in subsidiary and line by line by consolidation has been carried under the principles of consolidation. The Consolidated financial information of the Group have been prepared on the following basis: a) The financial statements of the Holding Company and its subsidiary have been combined on a line-by-line basis by adding together items like items of asset, liabilities, income and expenses, after eliminating intra-group balances, intra-group transactions and resulting unrealized profit or losses, unless cost cannot be recovered. b) Non-controlling interest (NCI) in the net assets of the subsidiary consist of the amount of equity attributable to the minority shareholders at the date on which investment in the subsidiary was made and further movement in their share in the equity, subsequent to the dates of investments. Net profit/ loss for the year of the subsidiary attributable to NCI is identified and adjusted against the net profit/ loss of the Group to arrive at the profit/ loss attributable to shareholders of the Group. c) Following subsidiary company has been considered in the presentation of the consolidated financial statements: Name Relationship Country of Ownership % of shareholding of the incorporation held by entity September September March March March 30, 2025 30, 2024 31, 2025 31, 2024 31, 2023 Hero Subsidiary India Company 99.01% 99.19% 99.10% 99.24% 99.33% Housing Finance Limited d) The consolidated financial statements have been prepared using uniform accounting policies for like transactions and other events in similar circumstances and are prepared to the extent possible, for all significant matters in the same manner as the Company’s separate financial statements. e) The restated financial information of the subsidiary are drawn up to the same reporting date as that of the Holding Company i.e. September 30, 2025, September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023 to identify the adjustments to audited financial statements of the subsidiary Company. 2.5 Functional and presentation currency Items included in the financial information of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). These restated consolidated financial information are prepared in Indian Rupees (INR), which is the functional and presentation currency of the Holding Company. All financial information presented in INR has been rounded to the nearest millions and two decimals thereof, except as stated otherwise. 99Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ 2.6 Use of estimates and judgments In the preparation of these restated consolidated financial information, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. Actual results may not be in line with these estimates. The estimates and underlying assumptions are under ongoing consideration. Revisions to accounting estimates are recognized prospectively. Judgements, assumptions and estimation uncertainties In the process of applying the Group’s accounting policies, management has made the following estimates and judgments, which have a significant impact on the carrying amount of assets and liabilities at each balance sheet date: Business model assessment Classification of financial assets: assessment of business model within which the assets are held and assessment of whether the contractual terms of the financial asset are solely payments of principal and interest (‘SPPI’) on the principal amount outstanding. Classification and measurement of financial assets depends on the results of the SPPI and the business model test. The Group determines the business model at a level that reflects how groups of financial assets are managed together to achieve a particular business objective. This assessment includes judgement reflecting all relevant evidence including how the performance of the assets is evaluated and their performance measured, the risks that affect the performance of the assets and how these risks are managed and how the managers of the assets are compensated. The Group monitors financial assets measured at amortized cost or fair value through other comprehensive income that are derecognized prior to their maturity to understand the reason for their disposal and whether the reasons are consistent with the objective of the business for which the asset was held. Monitoring is part of the Group’s continuous assessment of whether the business model for which the remaining financial assets are held continues to be appropriate and if it is not appropriate whether there has been a change in business model and so a prospective change to the classification of those assets. Fair value of financial instruments The fair value of financial instruments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (i.e., an exit price) regardless of whether that price is directly observable or estimated using another valuation technique. When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be derived from active markets, they are determined using a variety of valuation techniques that include the use of valuation models. The inputs to these models are taken from observable markets where possible, but where this is not feasible, estimation is carried out in establishing fair values. Judgments and estimates take into account liquidity and model inputs associated with such items such as credit risk (own and counterparty), funding value adjustments, correlation and volatility. Impairment of financial instruments When determining whether the risk of default on a financial instrument has increased significantly since initial recognition, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based upon the Group’s historical experience (to the extent available) and credit assessment including forward looking information. The Group establishes criteria for determining whether credit risk of the financial assets has increased significantly since initial recognition, determines methodology for incorporating forward looking information into the measurement of expected credit loss (‘ECL’) and selection of models used to measure ECL. Income on derecognized (assigned) loans Gains arising out of direct assignment transactions comprises of the difference between interest on the loan portfolio and the applicable rate at which the direct assignment is entered into with the assignee, also known as the right of excess interest spread (EIS). The future EIS, based on the scheduled cash flow on execution of the transaction, discounted at the applicable rate, is recorded upfront in the restated consolidated Statements of Profit and Loss. Effective Interest Rate (EIR) method The Group recognizes interest income/ expense using a rate of return that represents the best estimate of a constant rate of return over the expected behavioral life of loans given / taken and recognizes the effect of potentially different interest rates at various stages and other characteristics of the product life cycle (including prepayments and penalty interest and charges). This estimation, by nature, requires an element of judgement regarding the expected behavior and life cycle of the instruments, as well as expected changes to Group’s base rate and other fee income/expense that are integral parts of the instrument. 100Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ Measurement of defined benefit obligations: key actuarial assumptions The measurement of obligations related to defined benefit plans requires the use of several statistical and other factors that attempt to anticipate future events. These factors include assumptions about the discount rate, the rate of future compensation increases, withdrawal rate, mortality rates etc. The management has used the past trends and future expectations in determining the assumptions which are used in measurements of obligations. Recognition of deferred tax assets The Holding Company has recognized deferred tax assets/ (liabilities) and concluded that the deferred tax assets will be recoverable using the estimated future taxable income based on the experience and future projections. The Company is expected to generate adequate taxable income for liquidating these assets in due course of time. The Subsidiary Company, while determining whether deferred tax assets should be recognized, performs the assessment based on the taxable projections i.e. whether future taxable income will be available against which unused tax losses and tax credits will be used. Considering existence of unused tax losses / credits, the Subsidiary Company has done the assessment and recognized deferred tax assets/ (liabilities) only to the extent it is probable that future taxable profits will be made available against unused tax losses and credits can be used. Measurement of Provisions and contingencies The Holding Company operates in a regulatory and legal environment that, by nature, has a heightened element of litigation risk inherent to its operations. As a result, it is involved in statutory litigation in the ordinary course of the business. Given the subjectivity and uncertainty of determining the probability and amount of losses, the Holding Company takes into account a number of factors including legal advice, the stage of the matter and historical evidence from similar incidents. Significant judgement is required to conclude on these estimates. 2.7 Measurement of fair value Group’s certain accounting policies and disclosures require fair value measurement, for financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. ● Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). ● Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). When measuring the fair value of an asset or a liability, the Group uses observable market data to the extent possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. 3. Material accounting policies (a) Financial instruments Initial recognition and measurement Financial assets and liabilities are initially recognized at the trading date, i.e., which is the date on which the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets - Classification On initial recognition, a financial asset is classified as measured at either of: ● Amortized cost ● Fair value through other comprehensive income (FVTOCI) ● Fair value through profit or loss (FVTPL) Financial assets are not reclassified after initial recognition, except if and during the period in which the Group changes its financial asset’s business model. 101Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ A financial asset being ‘debt instrument’ is measured at the amortized cost, only if both of the following conditions are met and is not designated as at FVTPL: ● The financial asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and ● The contractual terms of the financial asset give rise on specified dates to cash flows that are Solely Payments of Principal and Interest (SPPI) on the principal amount outstanding. A financial asset being ‘debt instrument’ is measured at the FVTOCI if both of the following criteria are met and is not designated as at FVTPL: ● The asset is held within the business model, whose objective is achieved both by collecting contractual cash flows and selling the financial assets, and ● The contractual terms of the financial asset give rise on specified dates to cash flows that are SPPI on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI (designated as FVOCI – equity investment). This election is made on an investment by investment basis. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets – Business model assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes: ● the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; ● how the performance of the portfolio is evaluated and reported to management; ● the risks that affect the performance of the business model (and the financial assets held within that business model). how those risks are managed and how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and ● the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. If cash flows after initial recognition are realized in a way that is different from the original expectations, the Group does not change the classification of the remaining financial assets held in that business model, but incorporates such information when assessing newly originated or newly purchased financial assets going forward. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered as sales for this purpose, consistent with the Group’s continuing recognition of the assets. Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Financial assets: Assessment whether contractual cash flows are solely payments of principal and interest: For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: ● contingent events that would change the amount or timing of cash flows; ● terms that may adjust the contractual coupon rate, including variable interest rate features; ● prepayment and extension features; and ● terms that limit the Group claim to cash flows from specified assets (e.g. non‑ recourse features). 102Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ Financial assets: Subsequent measurement and gains and losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in the restated consolidated Statements of Profit and Loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in the restated consolidated Statements of Profit and Loss. Any gain or loss on derecognition is recognized in the restated consolidated Statements of Profit and Loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income under the effective interest method, foreign exchange gains and losses and impairment are recognized in restated consolidated Statements of Profit and Loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to the restated consolidated Statements of Profit and Loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in restated consolidated Statements of Profit and Loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are not reclassified to restated consolidated Statement of Profit and Loss. Financial liabilities: Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, or it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in restated consolidated Statement of Profit and Loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in restated consolidated Statement of Profit and Loss. Any gain or loss on derecognition is also recognized in restated consolidated Statement of Profit and Loss. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. Derecognition Financial asset – Derecognition due to substantial modification of terms and conditions The Group derecognizes a financial asset, such as a loan to a customer, when the terms and conditions have been renegotiated to the extent that, substantially, it becomes a new loan, with the difference recognized as derecognition gain or loss, to the extent that an impairment loss has not already been recorded. The newly recognized loans are classified as Stage 1 for ECL measurement purposes, unless the new loan is deemed to be purchased or originated credit impaired (POCI). However, if the modification does not result in cash flows that are substantially different, the modification does not result in derecognition. Based on the change in cash flows discounted at the original EIR, the Group records a modification gain or loss, to the extent that an impairment loss has not already been recorded. Financial asset – Derecognition other than due to modification of terms and conditions A financial asset, such as a loan to a customer, is derecognized only when: ● the Group has transferred the rights to receive cash flows from the financial asset or ● retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients. Where the Group has transferred an asset, the Group evaluates whether it has transferred substantially all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognized. Where the Group has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognized. Where the Group has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognized if the Group has not retained control of the financial asset. Where the Group retains control of the financial asset, the asset is continued to be recognized to the extent of continuing involvement in the financial asset. On derecognition of a financial asset in its entirety, the difference between the carrying amount (measured at the date of derecognition) and the consideration received (including any new asset obtained less any new liability assumed) is recognized in the restated consolidated Statement of Profit and Loss. 103Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ Collateral Repossession The Group provides mortgage loans to individuals and Corporates. To mitigate the credit risk on financial assets, the Group seeks to use collateral, where possible as per the powers conferred on the Housing Finance Companies under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (“SARFAESI”). In its normal course of business upon account becoming credit impaired, the Group physically repossess properties in its portfolio. Any surplus funds are returned to the customers/obligors. As a result of this practice, the properties under legal repossession processes are not recorded on the balance sheet and not treated as non–current assets held for sale. Derecognition - Financial liability The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognizes a financial liability when its terms are amended and the cash flows under the modified terms are substantially different. In this case, a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognized in the restated consolidated Statement of Profit and Loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the balance sheet when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. (b) Impairment of financial assets The Group recognizes loss allowances for expected credit losses on financial assets measured at amortized cost and financial assets measured at FVOCI- debt investments. At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit impaired. A financial asset is an “impaired credit” where one or more events that adversely impact the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit impaired includes the following observable data: ● significant financial difficulty of the borrower or issuer; ● breach of contract such as a default or being past due. ● the restructuring of a loan by the Group on terms that the Group would not consider otherwise; or ● it is becoming probable that the borrower will enter bankruptcy or other financial re-organization; The Group applies the ECL model in accordance with Ind AS 109 for recognizing impairment loss on financial assets. For recognizing impairment loss, the Group determines whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly,12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. ECL is calculated on a collective basis for certain products, considering the retail nature of the underlying portfolio of financial assets. The impairment methodology applied depends on whether there has been significant increase in credit risk. When determining whether the risk of default on the financial asset has increased significantly since initial recognition, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis based on a provision matrix which takes into account the Group’s historical credit loss experience, current economic conditions, forward looking information and scenario analysis. The expected credit loss is a product of exposure at default (‘EAD’), probability of default (‘PD’) and loss given default (‘LGD’). Accordingly, the financial assets have been segmented into three stages based on the risk profiles. The three stages reflect the general pattern of credit deterioration of a financial asset. ● Stage 1 (without significant increase in credit risk since initial recognition): ECL resulting from default events that are possible in the next 12 months are recognised for financial assets in stage 1. The Company has ascertained default possibilities on past behavioral trends witnessed for each homogenous portfolio using behavioral analysis and other performance indicators, determined statistically. ● Stage 2 (significant increase in credit risk): The Company considers loan accounts, which are overdue for more than 30 days but up to 90 days as on the reporting date as an indication of significant increase in credit risk. The measurement of risk of defaults under stage 2 is computed on homogenous portfolios, generally by nature of loans, and borrower profiles. The default risk is assessed using PD (probability of default) derived from past behavioral trends of default across the identified homogenous portfolios. The assessed PDs are then aligned considering future economic conditions that are determined to have a bearing on ECL. 104Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ ● Stage 3 (credit impaired assets): The Company recognises a financial asset to be credit impaired and in stage 3 by considering relevant objective evidence, primarily whether: • Contractual payments of principal and/or interest are past due for more than 90 days; • The loan is otherwise considered to be in default. • Loan accounts where principal and/or interest are past due for more than 90 days along with all other loan accounts of that customer, continue to be classified as stage 3, till overdue across all loan accounts are cleared. • Restructured loans where repayment terms are renegotiated as compared to the original contracted terms due to significant credit distress of the borrower are classified as credit impaired. Such loans are upgraded to stage 1 if: a. The loan which was restructured is not in default during the specified period as per applicable regulatory guidelines b. Other loans of such customer are not in default during this period. • Fraud cases are classified as credit impaired irrespective of their DPDs The Company has calculated ECL using three main components: a probability of default (PD), a loss given default (LGD) and the exposure at default (EAD). ECL is calculated by multiplying the PD, LGD and EAD and adjusted for time value of money using a rate which is a reasonable approximation of EIR. • Determination of PD is covered above for each stages of ECL. • EAD represents the expected balance at default, taking into account the repayment of principal and interest from the Balance Sheet date (together with any expected drawdowns of committed facilities). • LGD represents expected losses in the event of default, taking into account, among other attributes, the actual recovery adjusted for time value of money and the mitigating effect of collateral value with a suitable haircut. The Company recalibrates above components of its ECL model on a periodical basis by using the available incremental and recent information, except where this information does not represent the future outcome. Further, the Company assesses changes required to its statistical techniques for a granular estimation of ECL. The Group incorporates forward looking information into both assessments of whether the credit risk of an instrument has increased significantly since its initial recognition and its measurement of ECL. The measurement of impairment losses across all categories of financial assets requires judgment, in particular, the estimation of the amount and timing of future cash flows and collateral values when determining impairment losses and the assessment of a significant increase in credit risk. These estimates are driven by a number of factors, changes in which can result in different levels of allowances. The Group ECL calculations are outputs of complex models with a number of underlying assumptions regarding the choice of variable inputs and their interdependencies. The inputs and models used for calculating ECLs may not always capture all characteristics of the market at the date of the financial information. The Group regularly reviews its models in the context of actual loss experience and make adjustments when such differences are significantly material. The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in restated consolidated Statement of Profit and Loss, After initial recognition, trade receivables and other financial assets are subsequently measured at amortized cost using the effective interest method, less provision for impairment. The Group follows the simplified approach required by Ind AS 109 for recognition of impairment loss allowance on trade receivables and other financial assets, which requires lifetime ECL to be recognized at each reporting date, right from initial recognition of the receivables. Presentation of allowance for expected credit losses in the balance sheet Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-offs The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the procedures for recovery of amounts due. 105Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ (c) Cash and cash equivalents Cash and cash equivalent in the consolidated balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. (d) Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are presented as financial liabilities. They are recognised initially at their transaction price, net of transaction costs, and subsequently measured at amortized cost using the effective interest method where the time value of money is significant. (e) Property, plant and equipment Initial recognition and measurement The cost of an item of Property, plant and equipment is recognized as an asset if, and only if: ● it is probable that future economic benefits associated with the item will flow to the entity; and ● the cost of the item can be measured reliably. Items of property, plant and equipment are measured at cost, which includes capitalized borrowing costs, less accumulated depreciation and accumulated impairment losses, if any. Cost of an item of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable cost of bringing the item to its working condition for its intended use and estimated cost of dismantling and removing the item and restoring the site on which it is located. Gains or losses arising from the retirement or disposal of a property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the asset and recognized as income or expense in restated consolidated Statement of Profit and Loss. The cost of fixed assets not ready for their intended use is recorded as capital work-in-progress before such date. Cost of construction that relate directly to specific fixed assets and that are attributable to construction activity in general and can be allocated to specific fixed assets are included in capital work-in-progress. Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Depreciation methods, estimated useful lives and residual value Depreciation is calculated on cost of items of property, plant and equipment less their estimated residual values over their estimated useful lives using the straight-line method as per useful life prescribed in Schedule II of the Act, and is generally recognized in the restated consolidated Statement of Profit and Loss. Depreciation/ amortization is charged on a pro-rata basis for assets acquired/ sold during the period/ year from/ to the date of acquisition/sale. Based on technical evaluation and assessment of useful lives, the management believes that its estimate of useful lives represent the period over which management expects to use these assets. Depreciation method, assets residual values and useful lives are reviewed at each financial year end considering the physical condition of the assets for review and adjusted residual life prospectively. (f) Intangible assets Initial recognition and measurement Intangible assets are stated at acquisition cost, net of accumulated amortization and accumulated impairment losses, if any. The cost of such assets includes purchase price, licensee fee, import duties and other taxes and any directly attributable expenditure to bring the assets to their working condition for intended use. The Group’s other intangible assets mainly include the value of computer software. Amortization methods, estimated useful lives and residual value The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life, or the expected pattern of consumption of future economic benefits embodied in the asset, are accounted for by changing the amortization period or methodology, as appropriate, which are then treated as changes in accounting estimates. The amortization expense of intangible assets with finite lives is presented as a separate line item in the restated consolidated Statement of Profit and Loss. Amortization is calculated using the straight–line method to write down the cost of intangible assets to their residual values over their estimated useful lives. Intangible assets comprising of software are amortized on a straight line basis over a period of 6 years, unless it has a shorter useful life. 106Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ Subsequent expenditure is recognized as an increase in the carrying amount of the assets carried when it is probable that future economic benefit deriving from the cost incurred will flow to the enterprise and the cost of the item can be measured reliably. (g) Impairment of non–financial assets The Group’s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For assets that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in the restated consolidated Statement of Profit and Loss. Impairment losses recognized in respect of CGUs are reduced from the carrying amounts of the assets of the CGU. Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. (h) Provisions and contingencies A provision is recognized if, as a result of a past event, the Group has a present obligation (legal or constructive) that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as a finance cost. Provision in respect of loss contingencies relating to claims, litigation, assessment, fines, penalties, etc. are recognized when it is probable that a liability has been incurred, and the amount can be estimated reliably. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed. A contingent liability exists when there is a possible but not probable obligation, or a present obligation that may, but probably will not, require an outflow of resources, or a present obligation whose amount cannot be estimated reliably. Contingent liabilities do not warrant provisions, but are disclosed unless the possibility of an outflow of resources is remote. Contingent assets are not recognized. However, contingent assets are assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the asset and related income are recognized in the year in which the change occurs. (i) Revenue recognition Interest income Interest income on a financial asset at amortized cost is recognized on a time proportion basis taking into account the amount outstanding and the effective interest rate (‘EIR’). The EIR is the rate that exactly discounts estimated future cash flows of the financial asset through the expected life of the financial asset or, where appropriate, a shorter period, to the net carrying amount of the financial instrument. The internal rate of return on financial asset after netting off the fee received and cost incurred approximates the effective interest rate for the financial asset. The future cash flows are estimated taking into account all the contractual terms of the instrument. The interest income is calculated by applying the EIR to the gross carrying amount of non-credit impaired financial assets (i.e. at the amortized cost of the financial asset before adjusting for any expected credit loss allowance). For credit-impaired financial assets (regarded as ‘Stage 3’) the interest income is calculated by applying the EIR to the amortized cost of the credit-impaired financial assets (i.e. the gross carrying amount less the allowance for ECLs). If the financial asset is no longer credit impaired i.e. all the outstanding dues are recovered, the company reverts to calculating interest income on a gross basis. Other financial charges Penal interest or other overdue charges which are not included in EIR are recognized on receipt basis. Gain on derecognition of financial instruments under amortised cost category Gains arising out of direct assignment transactions comprises of the difference between interest on the loan portfolio and the applicable rate at which the direct assignment is entered into with the assignee, also known as the right of excess interest spread (EIS). The future EIS, basis the scheduled cash flow on execution of the transaction, discounted at the applicable rate, is recorded upfront in restated consolidated Statement of Profit and Loss. 107Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ Other Income The Group recognizes revenue from contracts with customers (other than financial assets to which Ind AS 109 ‘Financial Instruments’ is applicable) based on a comprehensive assessment model as set out in Ind AS 115 ‘Revenue from contracts with customers. The Group identifies contract(s) with a customer and its performance obligations under the contract, determines the transaction price and its allocation to the performance obligations in the contract and recognizes revenue only on satisfactory completion of performance obligations. Net gain/ (loss) on fair value changes Financial assets are subsequently measured at fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVOCI), as applicable. The Group recognizes gains/losses on fair value change of financial assets measured as FVTPL and realised gains/losses on derecognition of financial asset measured at FVTPL and FVOCI. (j) Employee benefits Short term employee benefits Short term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Benefits such as salaries, wages and bonuses etc., are recognized in the Restated Consolidated Statement of Profit and Loss in the period in which the employee provides the related service. Post-employment benefits Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Provident Fund: Provident fund is a defined contribution plan. The Group expenses its contributions towards provident fund which are being deposited with the Regional Provident Fund Commissioner. Superannuation Fund: Contributions are made to a scheme administered by the Life Insurance Corporation of India to discharge superannuating liabilities to the employees, a defined contribution plan, and the same is charged to restated consolidated Statement of Profit and Loss. The Group has no liability other than its annual contribution. Defined benefit plans The Group’s gratuity scheme is an unfunded defined benefit plan. The Group pays gratuity to employees who retire or resign after a minimum period of five years of continuous service. The present value of obligations under such defined benefit plans are based on actuarial valuation carried out by an independent actuary using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation is measured at the present value of estimated future cash flows. The discount rate used for determining the present value of obligation under defined benefit plans, is based on the market yields on Government securities as at the Balance Sheet date, having maturity period approximating to the terms of related obligations. The change in defined benefit plan liability is split into changes arising out of service, interest cost and re-measurements. Changes due to service cost and net interest cost / income is recognized in restated consolidated Statement of Profit and Loss. Re-measurements of net defined benefit liability/ (asset) which comprise of actuarial gains and losses are recognized in other comprehensive income: Other long term employee benefits Benefits under compensated absences constitute other employee benefits. Employee entitlements to annual leave are recognized when they accrue to the eligible employees. An accrual is made for the estimated liability for annual leave as a result of services provided by the eligible employees up to the Balance Sheet date. The obligation is measured on the basis of independent actuarial valuation using the projected unit credit method. Expenses are recognized immediately in the Restated Consolidated Statement of Profit and Loss. Share based payments The Group recognizes compensation expenses relating to share-based payments in net profit using fair value in accordance with Ind AS 102 - Share-based Payment. The estimated fair value of awards is charged to income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share options outstanding amount. 108Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ Equity-settled share-based payments: The cost is recognized in employee benefits expenses together with a corresponding increase in employee stock option outstanding account in other equity, over the period in which the service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has not expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. Service conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Company’s best estimate of the number of equity instruments that will ultimately vest. Non–market performance conditions are reflected within the grant date fair value. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions are not met. Cash-settled share-based payments: For cash-settled share-based payments, the fair value of the amount payable to employees is recognised as ‘employee benefit expenses’ with a corresponding increase in liabilities, over the vesting period on a straight line basis. The liability is re-measured at each reporting period up to, and including the settlement date, with changes in fair value recognised in employee benefits expenses. (k) Leases Determining whether an arrangement contains a lease The Group evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. At inception of an arrangement, it is determined whether the arrangement is or contains a lease. At inception or on reassessment of the arrangement that contains a lease, the payments and other considerations required by such an arrangement are separated into those for the lease and those for other elements on the basis of their relative fair values. Group as a lessee The Group’s lease asset classes primarily consist of leases for land and buildings. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: (i) the contract involves the use of an identified asset (ii) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Group has the right to direct the use of the asset. At the date of commencement of the lease, the Group recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities include these options when it is reasonably certain that they will be exercised. The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using incremental borrowing rates. Lease liability and ROU assets have been separately presented in the restated consolidated statement of assets and liabilities. Group as a lessor Leases where the Group does not transfer substantially all of the risk and benefits of ownership of the asset are classified as operating leases. Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms and is included in rental income in restated consolidated Statement of Profit and Loss. Initial direct costs incurred in negotiating operating leases are added to the carrying amount of the leased asset and recognize over the lease term on the same basis as rental income. (l) Taxes Current tax Current tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively enacted, by the reporting date in the countries where the Group operates and generates taxable income. 109Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ Current tax is measured at the amount expected to be paid in respect of taxable income for the year in accordance with the Income Tax Act, 1961. Current tax comprises the tax payable on the taxable income or loss for the year and any adjustment to the tax payable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax assets and liabilities are offset at Company level only if, the Company: ● has a legally enforceable right to set off the recognized amounts; and ● intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred tax Deferred tax is provided in full, using the balance sheet method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial information. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized for all deductible temporary differences only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which they can be used. The existence of unused tax losses is strong evidence that future taxable profit may not be available. Therefore, in case of a history of recent losses, the Holding Company and its subsidiary has recognized deferred tax assets only to the extent that they have sufficient taxable temporary differences or there is convincing evidence that sufficient taxable profit will be available against which such deferred tax asset can be realized. Deferred tax assets – unrecognized or recognized, are reviewed at each reporting date and are recognized/ reduced to the extent that it is probable/ no longer probable respectively that the related tax benefit will be realized. In respect of tax deductible temporary differences associated with investments in subsidiaries, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. Goods and services tax input credit Goods and services tax input credit is recognized in the books of account in the period in which the supply of goods or service is received and when there is no uncertainty in availing/ utilizing the credits. Expenses and assets are recognized net of the goods and services tax/ value-added taxes paid, except: - When the tax incurred on a purchase of assets or receipt of services is not recoverable from the taxation authority, in which case, the tax paid is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable. - When receivables and payables are stated with the amount of tax included. The net amount of tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the balance restated consolidated statement of assets and liabilities. (m) Foreign Currency Transactions Items included in the financial information of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). Transactions in foreign currencies are translated into the functional currency of the Holding Company at the exchange rates prevailing on the date of the transaction. Exchange differences arising due to the differences in the exchange rate between the transaction date and the date of settlement of any monetary items are taken to the restated consolidated Statement of Profit and Loss. Monetary assets and monetary liabilities denominated in foreign currency are translated at the exchange rate prevalent at the date of the restated consolidated statement of assets and liabilities and resultant gain/ (loss) is taken to the restated consolidated Statement of Profit and Loss. (n) Dividends on ordinary shares The Group recognizes a liability to make cash or non-cash distributions to equity holders of the parent when the distribution is authorized and the distribution is no longer at the discretion of the Group. As per the corporate laws in India, a distribution is allowed when it is approved by the shareholders. A corresponding amount is recognized directly in equity. 110Hero FinCorp Limited Notes to the Restated Consolidated Financial Information ______________________________________________________________________________________________________________________ (o) Borrowing at amortised cost Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in restated consolidated Statement of Profit and Loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs and amortized over the period of the facility to which it relates. (p) Derivative financial instruments The Group enters into derivative financial instruments to manage its exposure to interest rate risk and foreign exchange rate risk. Derivatives held include foreign exchange forward contracts, interest rate swaps and cross currency interest rate swaps. Derivatives are initially recognised at fair value at the date of a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain/ loss is recognised in restated consolidated Statement of Profit and Loss immediately unless the derivative is designated and is effective as a hedging instrument, in which event the timing of the recognition in restated consolidated Statement of Profit and Loss depends on the nature of the hedge relationship. The Group designates certain derivatives as hedges of highly probable forecast transactions (cash flow hedges). A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Hedge accounting policy The Group makes use of derivative instruments to manage exposures to interest rate and foreign currency. In order to manage particular risks, the Group applies hedge accounting for transactions that meet specific criteria. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes the Group’s risk management objective and strategy for undertaking hedge, the hedging / economic relationship, the hedged item or transaction, the nature of the risk being hedged, hedge ratio and how the Group would assess the effectiveness of changes in the hedging instrument’s fair value in offsetting the exposure to changes in the hedged item’s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an on-going basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated. Cash Flow Hedges A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability (such as all or some future interest payments on variable rate debt) or a highly probable forecast transaction and could affect profit and loss. For designated and qualifying cash flow hedges, the effective portion of the cumulative gain or loss on the hedging instrument is initially recognised directly in OCI within equity (cash flow hedge reserve). The ineffective portion of the gain or loss on the hedging instrument is recognised immediately in Finance Cost in restated consolidated Statement of Profit and Loss. When the hedged cash flow affects the restated consolidated Statement of Profit and Loss, the effective portion of the gain or loss on the hedging instrument is recorded in the corresponding income or expense recognised in restated consolidated Statement of Profit and Loss. When a hedging instrument expires, is sold, terminated, exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss that has been recognised in OCI at that time remains in OCI and is recognised when the hedged forecast transaction is ultimately recognised in restated consolidated Statement of Profit and Loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is immediately transferred to the restated consolidated Statement of Profit and Loss. The Group’s hedging policy only allows for effective hedging relationships to be considered as hedges as per the relevant Ind-AS. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item, and so a qualitative and quantitative assessment of effectiveness is performed. (q) Earnings per share Basic earnings per share are computed by dividing the profit after tax by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit after tax as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares, expect where the results are anti-dilutive. (r) Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group other components, and for which discrete financial information is available. Operating segments are reported in a manner consistent with the internal reporting provided to and reviewed by the Company’s Managing Director assisted by an executive committee. 111Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 4. Cash and cash equivalents (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Balances with banks (current accounts) 951.12 5 34.01 3,113.02 285.01 2,226.84 Remittance in transit 2,210.85 - - - - Deposit with banks (original maturity less than three months) 280.10 4 ,471.03 16,532.97 702.83 5,274.56 Total 3,442.07 5 ,005.04 19,645.99 987.84 7 ,501.40 5. Bank balance other than cash and cash equivalents (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Dividend accounts (earmarked accounts) 7.60 5 .47 7.42 5.66 4.27 Deposit with banks (original maturity more than three months) 153.80 1 53.90 153.90 151.30 - Balances with banks to the extent held as margin money or 592.96 4 50.40 512.67 433.72 407.90 security against the borrowings, guarantees, other commitments Total 7 54.36 6 09.77 673.99 590.68 4 12.17 6. Derivative financial instruments (₹ in Millions) As at As at September 30, 2025 September 30, 2024 Particulars Net Fair Value- Notional Fair Value- Fair Value- Net Fair Value-Assets Fair Value- Notional amounts Fair Value-Assets Assets / amounts Assets Liabilities / (Liabilities) Liabilities (Liabilities) Currency derivatives: Cross Currency swaps 76,720.69 3,507.91 28.11 3,479.80 60,795.36 1,905.00 2 45.70 1,659.30 Forwards 2,825.70 75.60 - 7 5.60 2,330.70 1.34 25.50 (24.16) Total 7 9,546.39 3 ,583.51 28.11 3,555.40 6 3,126.06 1,906.34 271.20 1 ,635.14 112Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at As at March 31, 2025 March 31, 2024 Particulars Net Fair Value- Notional Fair Value- Fair Value- Net Fair Value-Assets Fair Value- Notional amounts Fair Value-Assets Assets / amounts Assets Liabilities / (Liabilities) Liabilities (Liabilities) Currency derivatives: Cross Currency swaps 79,154.29 1,545.20 400.10 1,145.10 47,597.31 1,404.87 6 6.60 1,338.27 Forwards 1,859.28 4.04 - 4 .04 508.47 0.50 1.60 (1.10) Total 8 1,013.57 1 ,549.24 400.10 1,149.14 4 8,105.78 1,405.37 68.20 1 ,337.17 (₹ in Millions) As at March 31, 2023 Particulars Net Fair Value- Fair Value- Notional amounts Fair Value-Assets Assets / Liabilities (Liabilities) Currency derivatives: Cross Currency swaps 39,348.28 1,231.26 7 2.63 1 ,158.63 Forwards 773.17 - 0 .47 (0.47) Total 4 0,121.45 1,231.26 73.10 1 ,158.16 TheGroupentersintoderivativesforriskmanagementpurposes(refernote45.5).Derivativesheld forriskmanagementpurposes includecash flowhedges thateither meetthe hedgeaccounting requirementsorhedgesthatareeconomichedges.Thetableaboveshowsthefairvaluesofderivativefinancialinstrumentsrecordedasassetsorliabilitiestogetherwiththeirnotionalamounts.Refer note 45.5 & 45.6 for foreign currency risk management and interest rate sensitivity on derivative financial instruments respectively. 113Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 7. Trade receivables (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 (i) Receivables considered good - secured - - - - - (ii) Receivables considered good - unsecured 356.33 199.87 274.04 100.67 13.02 (iii) Receivables which have significant increase in credit risk 2.76 - 17.10 - - (iv) Receivables - credit impaired - - - - - 359.09 199.87 291.14 100.67 13.02 Less : Impairment loss allowance (2.76) - (17.10) - - Total 356.33 1 99.87 2 74.04 100.67 13.02 NotradereceivablesareduefromdirectorsorotherofficersoftheGroupeitherseverallyorjointlywithanyotherperson.Noranytradeorotherreceivablesareduefromfirmsorprivatecompanies respectively in which any director is a partner, a director or a member. Refer note 40 for receivables from related parties. Trade receivables - Ageing As at September 30, 2025 (₹ in Millions) Particulars Outstanding for Less than 6 Total 6 months-1 year 1-2 years 2-3 years More than 3 years months i. Undisputed trade receivables-considered good 325.99 30.34 - - - 356.33 ii. Undisputed trade receivables- which have significant - 2.58 0.18 - - 2.76 increase in credit risk iii. Undisputed trade receivables- credit impaired - - - - - - iv. Disputed Trade Receivables-considered good - - - - - - v.DisputedTradeReceivables-whichhavesignificantincrease - - - - - - in credit risk vi. Disputed trade receivables-credit impaired - - - - - - 114Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information As at September 30, 2024 (₹ in Millions) Particulars Outstanding for Less than 6 Total 6 months-1 year 1-2 years 2-3 years More than 3 years months i. Undisputed trade receivables-considered good 197.44 1.98 0.45 - - 199.87 ii. Undisputed trade receivables- which have significant - - - - - - increase in credit risk iii. Undisputed trade receivables- credit impaired - - - - - - iv. Disputed Trade Receivables-considered good - - - - - - v.DisputedTradeReceivables-whichhavesignificantincrease - - - - - - in credit risk vi. Disputed trade receivables-credit impaired - - - - - - As at March 31, 2025 (₹ in Millions) Particulars Outstanding for Less than 6 Total 6 months-1 year 1-2 years 2-3 years More than 3 years months i. Undisputed trade receivables-considered good 274.04 - - - - 274.04 ii. Undisputed trade receivables- which have significant - 15.10 2.00 - - 17.10 increase in credit risk iii. Undisputed trade receivables- credit impaired - - - - - - iv. Disputed Trade Receivables-considered good - - - - - - v.DisputedTradeReceivables-whichhavesignificantincrease - - - - - - in credit risk vi. Disputed trade receivables-credit impaired - - - - - - 115Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information As at March 31, 2024 (₹ in Millions) Particulars Outstanding for Less than 6 Total 6 months-1 year 1-2 years 2-3 years More than 3 years months i. Undisputed trade receivables-considered good 94.69 3.19 2.79 - - 100.67 ii. Undisputed trade receivables- which have significant - - - - - - increase in credit risk iii. Undisputed trade receivables- credit impaired - - - - - - iv. Disputed Trade Receivables-considered good - - - - - - v.DisputedTradeReceivables-whichhavesignificantincrease - - - - - - in credit risk vi. Disputed trade receivables-credit impaired - - - - - - As at March 31, 2023 (₹ in Millions) Particulars Outstanding for Less than 6 Total 6 months-1 year 1-2 years 2-3 years More than 3 years months i. Undisputed trade receivables-considered good 13.02 - - - - 13.02 ii. Undisputed trade receivables- which have significant - - - - - - increase in credit risk iii. Undisputed trade receivables- credit impaired - - - - - - iv. Disputed Trade Receivables-considered good - - - - - - v.DisputedTradeReceivables-whichhavesignificantincrease - - - - - - in credit risk vi. Disputed trade receivables-credit impaired - - - - - - The unbilled amount as at September 30, 2025 is ₹ 164.20 millions (September 30, 2024: Nil; March 31, 2025: ₹ 188.30 millions; March 31, 2024: ₹ Nil; March 31, 2023: ₹ Nil). 116Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 8. Loans (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 A. Loans - Amortised cost Bills purchased and bills discounted 19,469.03 19,182.65 20,346.38 16,514.14 12,690.73 Term loans 514,446.97 504,888.89 519,794.32 485,069.48 382,257.91 Clearcorp Repo Order Matching System (CROMS) 20,005.77 20,003.12 20,031.92 13,266.31 20,006.99 Loans to employees 30.68 26.44 33.47 21.01 17.05 Total- Gross (A) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Less: Impairment loss allowance on loans (21,212.56) (18,500.00) (22,053.13) (16,066.24) (16,259.99) Total - Net (A) 532,739.89 525,601.10 538,152.96 498,804.70 398,712.69 B. Secured/ Unsecured (a) Secured by tangible assets* 341,774.85 308,986.04 333,849.43 308,662.40 259,289.49 (b) Unsecured** 212,177.60 235,115.06 226,356.66 206,208.54 155,683.19 Total - Gross (B) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Less: Impairment loss allowance on loans (21,212.56) (18,500.00) (22,053.13) (16,066.24) (16,259.99) Total - Net (B) 532,739.89 525,601.10 538,152.96 498,804.70 398,712.69 C. Loans in India (a) Public sector - - - - - (b) Others 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Total - Gross (C) 553,952.45 544,101.10 560,206.09 514,870.94 414,972.68 Less: Impairment loss allowance on loans (21,212.56) (18,500.00) (22,053.13) (16,066.24) (16,259.99) Total - Net (C) 532,739.89 525,601.10 538,152.96 498,804.70 398,712.69 * Secured against hypothecation of vehicles, equipments, durables and plant and machinery, equitable mortgage of immovable property and pledge of securities etc. (refer note 45.2.4) **Unsecuredportionofusedcarloanisdeterminedbasedonloanoutstandingasatreportingperiodlessoriginalvalueofsecurityfortheperiod/yearendedSeptember30,2025,September30,2024andMarch 31, 2025. 8.1Noloansandadvancesinthenatureofloansaregrantedtopromoters,directors,KMPsandtherelatedparties(asdefinedundertheCompaniesAct,2013)thatarerepayableondemandorwithoutspecifying any terms or period of repayment. 8.2 Loans receivable from private companies in which a director is a director or a member (also refer note 40 - Related party transactions). (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Secured, considered good - 532.98 - 1,077.46 2,145.00 Unsecured, considered good -1 1 7 - - - 500.00Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 8.3 Loans which are exclusively charged against Refinance Facility taken from National Housing Bank. (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Loans 7,930.10 6,842.30 8,246.90 7,328.30 716.80 9. Investments (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 A) In India At fair value through profit and loss In equity instruments (quoted) 7.50 7.83 5.10 6.47 3.22 In equity instruments (unquoted) 250.00 69.78 250.00 69.78 69.81 In preference instruments (quoted) - - - - 90.00 In alternative investment fund 1.53 0.51 0.29 0.39 0.66 In mutual funds 4,664.00 7,511.28 5,647.44 4,413.30 1,300.20 In commercial paper (quoted) - 545.60 - - 1,694.52 In certificate of deposits (quoted) - - - - 748.68 In treasury bills 11,351.48 7,740.81 16,931.17 9,858.70 6,725.49 In government securities 5,198.58 3,839.53 2,468.85 4,347.32 2,458.11 In corporate bonds 933.90 - 258.50 263.60 4,356.34 In security receipts (unquoted) - - - - 25.30 In optional convertible debentures (unquoted) - - - - 2.61 Total- Gross 22,406.99 19,715.34 25,561.35 18,959.56 17,474.94 Less: Allowance for impairment - - - - - Total- Net 22,406.99 19,715.34 25,561.35 18,959.56 17,474.94 118 9.1 The Group does not have any investment outside India.Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 10. Other financial assets (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Security deposits (at amortised cost) (unsecured, considered good) 144.71 148.35 140.61 132.70 139.46 Receivable from collection agency 865.70 1,008.66 821.88 1,140.29 1,407.29 Excess interest spread receivable 2,507.58 1,162.14 1,620.72 544.70 331.55 Other receivable 427.04 968.80 976.59 54.74 20.04 Total - Gross 3,945.03 3,287.95 3,559.80 1,872.43 1,898.34 Less : Impairment loss allowance on other financial assets (18.90) (5.39) (7.04) (3.80) (2.05) Total - Net 3 ,926.13 3 ,282.56 3,552.76 1,868.63 1,896.29 11. Current tax assets (net) (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Advance income tax 13,020.42 7,946.94 10,991.82 7,939.14 8,754.44 Less : Provision for tax (11,622.90) (6,383.70) (9,335.30) (6,383.70) (7,280.30) Total 1,397.52 1,563.24 1,656.52 1,555.44 1,474.14 119Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 12. Tax expenses & Deferred tax assets (net) A. Amounts recognised in Restated Consolidated Statement of profit and loss (₹ in Millions) Particulars For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Current tax (a) Current period/ year 67.40 1,148.40 2,261.04 2,952.04 1,978.82 Previous period/ year - - 3.48 122.58 (1.81) Deferred tax (b) Attributable to– Origination and reversal of temporary differences 444.65 (294.10) (803.12) 160.37 575.73 (refer note E below) Tax expenses recognised in Restated Consolidated Statement of 512.05 854.30 1,461.40 3,234.99 2,552.74 profit and loss There is no income surrendered or disclosed as income during the reported period/ years in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account. B. Income tax recognised in other comprehensive income (₹ in Millions) For the period ended September 30, 2025 For the period ended September 30, 2024 Particulars Before tax Deferred tax expense/ Net of tax Before tax Deferred tax Net of tax (benefit) expense/ (benefit) Remeasurements of defined benefit plans 10.14 ( 2.54) 7.60 69.12 (16.01) 53.11 Cash flow hedge reserve 83.35 ( 20.98) 62.37 (309.56) 72.07 (237.49) (₹ in Millions) For the year ended March 31, 2025 For the year ended March 31, 2024 Particulars Before tax Deferred tax expense/ Net of tax Before tax Deferred tax Net of tax (benefit) expense/ (benefit) Remeasurements of defined benefit plans 61.86 ( 15.57) 46.29 (14.32) 4.44 (9.88) Cash flow hedge reserve (423.26) 107.05 (316.21) (333.77) 84.58 (249.19) 120Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) For the year ended March 31, 2023 Particulars Before tax Deferred tax Net of tax expense/ (benefit) Remeasurements of defined benefit plans 16.30 (2.57) 13.73 Cash flow hedge reserve (7.56) 3.06 (4.50) C. Reconciliation of effective tax expense (₹ in Millions) Particulars For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Restated profit/ (loss) before tax ( 795.51) 1,722.13 2,560.94 9,605.47 7,352.21 Tax using the Group’s domestic tax rate ( 200.30) 432.41 556.01 2,422.21 1,857.83 Effect of: Unrecognised deferred tax assets - - (33.53) (93.66) (64.30) Non-deductible expenses and exempt income* 700.58 473.06 908.74 919.16 786.58 Others 11.77 (51.17) 30.18 (12.72) (27.37) Effective tax expense 512.05 854.30 1,461.40 3,234.99 2,552.74 *majorly includes tax effect of fair valuation loss on compulsorily convertible preference shares (including dividend). D. Deferred tax assets/ (liabilities) (net) (₹ in Millions) Particulars As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Deferred tax assets (net) 4,249.69 4,040.36 4,635.30 3,690.19 3,761.54 Deferred tax liabilities (net) 134.70 - 50.50 - - (₹ in Millions) Particulars As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Deferred tax assets relates to followings: Provisions for employee benefit 196.45 171.08 190.42 154.51 121.91 Depreciation 17.43 3.90 4.97 7.32 21.50 Impairment allowance on loans 5,341.60 4,596.68 5,432.36 3,764.95 3,889.45 Offsetting of deferred tax (assets) with deferred tax liabilities ( 1,305.79) (731.30) (992.45) (236.59) (271.32) Deferred tax assets (net) 4,249.61921 4,040.36 4,635.30 3,690.19 3,761.54Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) Particulars As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Deferred tax (liabilities) relates to followings: Effect of EIR on interest income ( 620.94) (371.73) (506.29) (185.88) (171.35) Other temporary differences ( 819.55) (359.57) (536.66) (50.71) (99.97) Offsetting of deferred tax (assets) with deferred tax liabilities 1,305.79 731.30 992.45 236.59 271.32 Deferred tax liabilities (net) ( 134.70) - (50.50) - - IntheabsenceofreasonablecertaintyastoitsrealisationofDeferredTaxAssets(DTA),thesubsidiarycompanyhasnotrecognisednetdeferredtaxassetsof₹5.04millionsasatSeptember30, 2024, ₹ 33.50 millions as at March 31, 2024 and ₹ 125.00 millions as at March 31, 2023. E. Movement in deferred tax on temporary differences -In respect of Group (₹ in Millions) Particulars Balance Recognised in profit or Recognised Balance as at loss during the period in OCI as at April 1, 2025 during the period September 30, 2025 Provisions for employee benefit 190.42 8.63 ( 2.60) 196.45 Depreciation* 4.97 12.46 - 17.43 Impairment allowance on loans 5,432.36 (90.76) - 5,341.60 Effect of EIR on interest income (506.29) (114.64) - (620.94) Other temporary differences (536.66) (260.34) (22.56) (819.55) Net deferred tax assets/ (liabilities) 4,584.80 (444.65) (25.16) 4,114.99 (₹ in Millions) Particulars Balance Recognised in profit or Recognised Balance as at loss during the period in OCI as at April 1, 2024 during the period September 30, 2024 Provisions for employee benefit 154.51 32.58 (16.01) 171.08 Depreciation* 7.32 ( 3.42) - 3.90 Impairment allowance on loans 3,764.95 831.73 - 4,596.68 Effect of EIR on interest income (185.88) (185.85) - (371.73) Other temporary differences (50.71) (380.94) 72.08 (359.57) Net deferred tax assets/ (liabilities) 3,690.19 294.10 56.07 4,040.36 122Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) Particulars Balance Recognised in profit or Recognised Balance as at loss during 2024-25 in OCI as at April 1, 2024 during 2024-25 March 31, 2025 Provisions for employee benefit 154.51 51.52 (15.61) 190.42 Depreciation* 7.32 ( 2.35) - 4.97 Impairment allowance on loans 3,764.95 1,667.41 - 5,432.36 Effect of EIR on interest income (185.88) (320.41) - (506.29) Other temporary differences (50.71) (593.05) 107.10 (536.66) Net deferred tax assets/ (liabilities) 3,690.19 803.12 91.49 4,584.80 (₹ in Millions) Particulars Balance Recognised in profit or Recognised Balance as at loss during 2023-24 in OCI as at April 1, 2023 during 2023-24 March 31, 2024 Provisions for employee benefit 121.91 28.16 4.44 154.51 Depreciation* 21.50 (14.18) - 7.32 Impairment allowance on loans 3,889.45 (124.50) - 3,764.95 Effect of EIR on interest income (171.35) (14.53) - (185.88) Other temporary differences (99.97) (35.32) 84.58 (50.71) Net deferred tax assets/ (liabilities) 3,761.54 (160.37) 89.02 3,690.19 (₹ in Millions) Particulars Balance Recognised in profit or Recognised Balance as at loss during 2022-23 in OCI as at April 1, 2022 during 2022-23 March 31, 2023 Provisions for employee benefit 107.40 17.08 ( 2.57) 121.91 Depreciation* 23.98 ( 2.48) - 21.50 Impairment allowance on loans 3,953.67 (64.22) - 3,889.45 Effect of EIR on interest income 244.12 (415.47) - (171.35) Other temporary differences 7.61 (110.64) 3.06 (99.97) Net deferred tax assets/ (liabilities) 4,336.78 (575.73) 0.49 3,761.54 * Difference between Written Down Value (WDV) of property, plant and equipment and intangible assets as per books and under Income Tax Act 1961. 123Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 13. Property, plant and equipment (₹ in Millions) Own use Assets given on operating lease Particulars Total Building Plant and Furniture and Vehicles Data processing Office Leasehold Vehicles equipment fixtures equipment equipment Improvements Cost As at April 1, 2022 35.81 11.02 38.38 312.02 619.71 55.54 3.50 19.00 1,094.98 Additions during the year - - 1.60 177.48 202.30 6.85 9.62 - 397.85 Disposals during the year - - - 72.54 5.60 0.65 - 19.00 97.79 As at March 31, 2023 35.81 11.02 39.98 416.96 816.41 61.74 13.12 - 1,395.04 Additions during the year - 34.20 107.05 338.39 304.31 185.93 492.77 - 1,462.65 Disposals during the year - - - 66.80 66.17 9.60 - - 142.57 As at March 31, 2024 35.81 45.22 147.03 688.55 1,054.55 238.07 505.89 - 2,715.12 Additions during the year - 6.40 42.61 178.81 86.41 27.86 95.43 - 437.52 Disposals during the year - 1.80 3.85 73.39 85.32 14.03 12.72 - 191.11 As at March 31, 2025 35.81 49.82 185.79 793.97 1,055.64 251.90 588.60 - 2,961.53 As at April 1, 2024 35.81 45.22 147.03 688.55 1,054.55 238.07 505.89 - 2,715.12 Additions during the period - 3.60 18.92 63.84 42.96 10.48 - - 139.80 Disposals during the period - - - 24.84 54.27 4.53 - - 83.64 As at September 30, 2024 35.81 48.82 165.95 727.55 1,043.24 244.02 505.89 - 2,771.28 As at April 1, 2025 35.81 49.82 185.79 793.97 1,055.64 251.90 588.60 - 2,961.53 Additions during the period - 0.20 9.40 67.61 22.60 2.71 - - 102.52 Disposals during the period - - - 49.80 79.20 7.20 0.34 - 136.54 As at September 30, 2025 35.81 50.02 195.19 811.78 999.04 247.41 588.26 - 2,927.51 Depreciation As at April 1, 2022 2.88 3.64 9.66 127.40 413.94 27.28 3.12 11.82 599.74 Disposals during the year - - - 35.90 4.32 0.38 - 12.54 53.14 Depreciation charge for the year 0.59 0.88 3.89 39.31 113.72 10.11 3.32 0.72 172.54 As at March 31, 2023 3.47 4.52 13.55 130.81 523.34 37.01 6.44 - 719.14 Disposals during the year - - - 29.38 57.43 0.50 - - 87.31 Depreciation charge for the year 0.64 1.20 5.18 69.57 147.59 18.46 30.61 - 273.25 As at March 31, 2024 4.11 5.72 18.73 171.00 613.50 54.97 37.05 - 905.08 Disposals during the year - 0.90 2.06 27.51 78.56 8.13 12.09 - 129.25 Depreciation charge for the year 0.63 3.20 16.38 89.28 173.40 42.42 138.47 - 463.78 As at March 31, 2025 4.74 8.02 33.05 1 2 4 232.77 708.34 89.26 163.43 - 1,239.61Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 13. Property, plant and equipment (₹ in Millions) Own use Assets given on operating lease Particulars Total Building Plant and Furniture and Vehicles Data processing Office Leasehold Vehicles equipment fixtures equipment equipment Improvements As at April 1, 2024 4.11 5.72 18.73 171.00 613.50 54.97 37.05 - 905.08 Disposals during the period - - - 7.23 50.27 3.36 - - 60.86 Depreciation charge for the period 0.28 1.50 7.42 42.91 89.47 20.43 62.69 - 224.70 As at September 30, 2024 4.39 7.22 26.15 206.68 652.70 72.04 99.74 - 1,068.92 As at April 1, 2025 4.74 8.02 33.05 232.77 708.34 89.26 163.43 - 1,239.61 Disposals during the period - - - 23.90 73.80 4.90 0.10 - 102.70 Depreciation charge for the period 0.30 1.60 9.04 48.00 74.40 20.61 77.35 - 231.30 As at September 30, 2025 5.04 9.62 42.09 256.87 708.94 104.97 240.68 - 1,368.21 Net carrying amount As at March 31, 2023 32.34 6.50 26.43 286.15 293.07 24.73 6.68 - 675.90 As at March 31, 2024 31.70 39.50 128.30 517.55 441.05 183.10 468.84 - 1,810.04 As at March 31, 2025 31.07 41.80 152.74 561.20 347.30 162.64 425.17 - 1,721.92 As at September 30, 2024 31.42 41.60 139.80 520.87 390.54 171.98 406.15 - 1,702.36 As at September 30, 2025 30.77 40.40 153.10 554.91 290.10 142.44 347.58 - 1,559.30 (i) No proceedings have been initiated on or are pending against the Group for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder. (ii)TheHoldingCompanyhasoneimmovableproperty(building)forwhichtitledeedisheldinthenameoftheHoldingCompany.However,theoriginalconveyancedeedforthesameisuntraceable.TheHoldingCompanyhas filed an information report with Delhi police for the same and has initiated legal procedures for updation of records. 125Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 13.1. Capital work in progress (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Capital work in progress 3 7.34 0.30 15.52 - - Total 3 7.34 0 .30 1 5.52 - - a) Capital work in progress (CWIP) ageing schedule (₹ in Millions) CWIP Amount in CWIP for a period of Total As at September 30, 2025 Less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress 37.34 - - - 37.34 Projects temporarily suspended - - - - - (₹ in Millions) CWIP Amount in CWIP for a period of Total As at September 30, 2024 Less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress 0.30 - - - 0.30 Projects temporarily suspended - - - - - (₹ in Millions) CWIP Amount in CWIP for a period of Total As at March 31, 2025 Less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress 15.52 - - - 15.52 Projects temporarily suspended - - - - - (₹ in Millions) CWIP Amount in CWIP for a period of Total As at March 31, 2024 Less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress - - - - - Projects temporarily suspended - - - - - (₹ in Millions) CWIP Amount in CWIP for a period of Total As at March 31, 2023 Less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress - - - - - Projects temporarily suspended - - - - - Note:TheGroupdoesnothaveanyprojecttemporarysuspendedorCWIPwhichisoverdueorhasexceededitscostcomparedtoitsoriginalplanandhence CWIP completion schedule is not applicable. 126Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 13.2. Right-of-use assets (₹ in Millions) Particulars Building Cost As at April 1, 2022 679.74 Additions during the year 1 52.00 Disposals during the year 9 1.04 As at March 31, 2023 740.70 Additions during the year 1 ,019.68 Disposals during the year 6 6.40 As at March 31, 2024 1,693.98 Additions during the year 6 98.02 Disposals during the year 6 57.72 As at March 31, 2025 1,734.28 As at April 1, 2024 1,693.98 Additions during the period 8 2.00 Disposals during the period 2 4.58 As at September 30, 2024 1,751.40 As at April 1, 2025 1,734.28 Additions during the period 3 0.41 Disposals during the period 4.89 As at September 30, 2025 1,759.80 Accumulated amortization/ impairment As at April 1, 2022 249.04 Disposals during the year 8 5.64 Amortization charge for the year 1 21.76 As at March 31, 2023 285.16 Disposals during the year 6 0.54 Amortization charge for the year 2 86.64 As at March 31, 2024 511.26 Disposals during the year 2 76.85 Amortization charge for the year 3 75.15 As at March 31, 2025 609.56 As at April 1, 2024 511.26 Disposals during the period 2 0.38 Amortization charge for the period 1 64.42 As at September 30, 2024 655.30 As at April 1, 2025 609.56 Disposals during the period 5.96 Amortization charge for the period 1 81.56 As at September 30, 2025 785.16 Net carrying amount As at March 31, 2023 455.54 As at March 31, 2024 1,182.72 As at March 31, 2025 1,124.72 As at September 30, 2024 1,096.10 As at September 30, 2025 974.64 127Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 13.3. Intangible assets under development (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Intangible assets under development 2 57.50 311.10 181.54 7.50 2 7.60 Total 2 57.50 3 11.10 1 81.54 7 .50 27.60 a) Intangible assets under development (IAUD) ageing schedule (₹ in Millions) IAUD Amount in IAUD for a period of Total As at September 30, 2025 Less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress 257.50 - - - 257.50 Projects temporarily suspended - - - - - (₹ in Millions) IAUD Amount in IAUD for a period of Total As at September 30, 2024 Less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress 310.83 0.27 - - 311.10 Projects temporarily suspended - - - - - (₹ in Millions) IAUD Amount in IAUD for a period of Total As at March 31, 2025 Less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress 181.54 - - - 181.54 Projects temporarily suspended - - - - - (₹ in Millions) IAUD Amount in IAUD for a period of Total As at March 31, 2024 Less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress 7.50 - - - 7.50 Projects temporarily suspended - - - - - (₹ in Millions) IAUD Amount in IAUD for a period of Total As at March 31, 2023 Less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress 27.60 - - - 27.60 Projects temporarily suspended - - - - - Note:TheGroupdoesnothaveanyprojecttemporarysuspendedorCWIPwhichisoverdueorhasexceededitscostcomparedtoitsoriginalplanandhence CWIP completion schedule is not applicable. 128Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 13.4. Intangible assets (₹ in Millions) Computer Particulars software Cost As at April 1, 2022 503.87 Additions during the year 6 2.40 Disposals during the year - As at March 31, 2023 566.27 Additions during the year 1 79.95 Disposals during the year - As at March 31, 2024 746.22 Additions during the year 5 85.55 Disposals during the year - As at March 31, 2025 1,331.77 As at April 1, 2024 746.22 Additions during the period 1 43.60 Disposals during the period - As at September 30, 2024 889.82 As at April 1, 2025 1,331.77 Additions during the period 2 89.70 Disposals during the period 3 4.30 As at September 30, 2025 1,587.17 Accumulated amortization/ impairment As at April 1, 2022 289.72 Disposals during the year - Amortization charge for the year 8 5.01 As at March 31, 2023 374.73 Disposals during the year - Amortization charge for the year 9 9.75 As at March 31, 2024 474.48 Disposals during the year - Amortization charge for the year 1 20.73 As at March 31, 2025 595.21 As at April 1, 2024 474.48 Disposals during the period - Amortization charge for the period 5 3.10 As at September 30, 2024 527.58 As at April 1, 2025 595.21 Disposals during the period 3 2.30 Amortization charge for the period 9 2.90 As at September 30, 2025 655.81 Net carrying amount As at March 31, 2023 191.54 As at March 31, 2024 271.74 As at March 31, 2025 736.56 As at September 30, 2024 362.24 As at September 30, 2025 931.36 Note:TheGrouphasnotrevalueditsproperty,plantandequipment(includingrightofuseassets)orintangibleassetsduringthecurrentperiod/yearorprevious period/ years. 129Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 14. Other non-financial assets (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Capital advances 2 0.96 130.59 1.67 15.34 31.17 Prepaid expenses 7 09.74 548.25 454.64 297.48 194.64 Balance with government authorities 2 18.10 171.50 192.60 171.10 163.60 Advance to vendor 9 .90 11.54 23.90 13.28 9.20 Others 1 ,100.77 712.79 668.77 382.55 358.77 Total 2,059.47 1 ,574.67 1,341.58 879.75 757.38 14.1Impairmentlossallowancerecognisedonothernon-financialassetsis₹NilasatSeptember30,2025(September30,2024:Nil;March31,2025:Nil;March31,2024:Nil;March31,2023: Nil). 15. Trade payables: (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Trade payables (i) Total outstanding dues of micro enterprises and small enterprises; and 78.37 38.96 49.06 7.31 24.75 (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 5,307.38 5,210.41 5,272.39 4,382.72 4,960.24 Total 5,385.75 5 ,249.37 5,321.45 4,390.03 4,984.99 130Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 15.1 Disclosures relating to Micro, Small and Medium Enterprises Development Act, 2006 are as follows: (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 (i) Principal amount remaining unpaid to any supplier as at the end of the accounting 78.37 38.96 49.06 7.31 24.75 period/ year (ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting - - - - - period/ year (iii) The amount of interest paid along with the amounts of the payment made to the - - - - - supplier beyond the appointed day (iv) The amount of interest due and payable for the period/ year - - - - - (v) The amount of interest accrued and remaining unpaid at the end of the accounting - - - - - period/ year (vi) The amount of further interest due and payable even in the succeeding period/ year, - - - - - until such date when the interest dues as above are actually paid Total 78.37 3 8.96 49.06 7.31 24.75 15.2 Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management. As at September 30, 2025 (₹ in Millions) Particulars Outstanding for Total Unbilled Less than 1 year 1-2 years 2-3 years More than 3 years i. MSME 22.51 55.86 - - - 78.37 ii. Others 4,865.11 441.97 0.30 - - 5,307.38 iii. Disputed Dues - MSME - - - - - - iv. Disputed Dues - Others - - - - - - 131Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information As at September 30, 2024 (₹ in Millions) Particulars Outstanding for Total Unbilled Less than 1 year 1-2 years 2-3 years More than 3 years i. MSME - 38.96 - - - 38.96 ii. Others 4,994.70 210.58 1.68 3 .45 - 5,210.41 iii. Disputed Dues - MSME - - - - - - iv. Disputed Dues - Others - - - - - - As at March 31, 2025 (₹ in Millions) Particulars Outstanding for Total Unbilled Less than 1 year 1-2 years 2-3 years More than 3 years i. MSME 13.15 35.91 - - - 49.06 ii. Others 5,019.40 252.45 0.54 - - 5,272.39 iii. Disputed Dues - MSME - - - - - - iv. Disputed Dues - Others - - - - - - As at March 31, 2024 (₹ in Millions) Particulars Outstanding for Total Unbilled Less than 1 year 1-2 years 2-3 years More than 3 years i. MSME - 7.31 - - - 7.31 ii. Others 4,054.01 313.33 15.30 0 .08 - 4,382.72 iii. Disputed Dues - MSME - - - - - - iv. Disputed Dues - Others - - - - - - As at March 31, 2023 (₹ in Millions) Particulars Outstanding for Total Unbilled Less than 1 year 1-2 years 2-3 years More than 3 years i. MSME 22.78 1.97 - - - 24.75 ii. Others 4,586.69 285.75 87.80 - - 4,960.24 iv. Disputed Dues - MSME - - - - - - v. Disputed Dues - Others - - - - - - 132Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 16. Debt securities (₹ in Millions) As at As at As at As at As at Particulars September 30, September 30, March 31, 2025 March 31, 2024 March 31, 2023 2025 2024 Debt securities (at amortised cost) Secured Redeemable non-convertible debentures (refer note 16.1 and 16.2) 26,775.65 25,364.87 27,635.72 28,813.15 37,055.56 Unsecured Commercial papers (refer note 16.3 and 16.4) 34,946.14 38,473.43 44,111.72 38,224.00 30,415.23 Total 61,721.79 63,838.30 71,747.44 67,037.15 67,470.79 Debt securities in India 61,721.79 63,838.30 7 1,747.44 6 7,037.15 6 7,470.79 Debt securities outside India - - - Total 6 1,721.79 6 3,838.30 7 1,747.44 6 7,037.15 6 7,470.79 16.1 Terms of fully paid up privately placed secured redeemable non convertible debentures (NCD): (₹ in Millions) As at September 30, 2025 As at September 30, 2024 ISIN of NCD Issue Date Redemption Date Interest Rate Number of NCDs Amount Number of NCDs Amount INE957N07716 November 22, 2022 November 22, 2024 8.44% - - 2,650 2,650.00 INE957N07708 November 22, 2022 December 20, 2024 Zero Percent (XIRR 8.44%) - - 200 200.00 INE957N07740 December 30, 2022 December 30, 2024 8.25% - - 350 350.00 INE800X07048 February 9, 2022 February 7, 2025 3M TBILL + 2.20% - - 1,500 1,500.00 INE957N07617 July 14, 2021 April 15, 2025 Zero Percent (XIRR 6.57%) - - 500 500.00 INE957N07500 July 24, 2020 July 24, 2025 Zero Percent (XIRR 7.55%) - - 250 250.00 INE957N07682 July 29, 2022 July 29, 2025 7.99% - - 4,000 4,000.00 INE957N07542 November 3, 2020 November 3, 2025 6.95% 1,000 1,000.00 1,000 1,000.00 INE957N07567 January 19, 2021 January 19, 2026 Zero Percent (XIRR 6.90%) 250 250.00 250 250.00 INE957N07674 May 4, 2022 May 4, 2027 7.60% 3,000 3,000.00 3,000 3,000.00 INE957N07732 December 27, 2022 December 27, 2028 9.55% 2,500 2,500.00 2,500 2,500.00 INE957N07591 May 7, 2021 May 7, 2031 7.35% 250 250.00 250 250.00 INE800X07055 February 15, 2023 February 15, 2033 8.50% 2,500 250.00 2,500 250.00 INE957N07757 May 12, 2023 May 12, 2026 8.35% 5,000 500.00 5,000 500.00 INE957N07773 February 2, 2024 February 2, 2029 8.60% 2,500 250.00 2,500 250.00 INE957N07781 May 17, 2024 September 10, 2025 8.94% - - 22,500 2,250.00 INE957N07799 September 6, 2024 October 6, 2026 8.89% 35,200 3,520.00 35,200 3,520.00 133Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at September 30, 2025 As at September 30, 2024 ISIN of NCD Issue Date Redemption Date Interest Rate Number of NCDs Amount Number of NCDs Amount INE957N07807 December 31, 2024 December 31, 2026 8.70% 31,000 3,100.00 - - INE957N07815 December 31, 2024 December 31, 2027 8.70% 6,500 650.00 - - INE957N07823 June 2, 2025 June 2, 2027 8.42% 15,000 1,500.00 - - INE957N07849 August 6, 2025 August 6, 2027 7.99% 24,000 2,400.00 - - INE800X07063 July 16, 2024 July 16, 2029 8.62% 10,000 1,000.00 10,000 1,000.00 INE800X07071 March 28, 2025 May 28, 2027 8.50% 5,000 500.00 - - INE800X07089 March 28, 2025 March 27, 2030 8.65% 25,000 2,500.00 - - INE800X07105 April 29, 2025 April 29, 2027 8.32% 10,000 1,000.00 - - INE800X07097 April 29, 2025 August 30, 2027 8.32% 15,000 1,500.00 - - Sub total 193,700 25,670.00 94,150 24,220.00 Interest accrued on secured NCDs 1,114.29 1,152.95 EIR adjustments (8.64) (8.08) Grand total 193,700 26,775.65 94,150 25,364.87 (₹ in Millions) As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 ISIN of NCD Issue Date Redemption Date Interest Rate Number of NCDs Amount Number of NCDs Amount Number of NCDs Amount INE957N07492 April 27, 2020 April 27, 2023 7.85% - - - - 3,500 3,500.00 INE800X07022 June 25, 2020 June 23, 2023 7.75% - - - - 1,000 1,000.00 INE957N07666 February 28, 2022 February 28, 2024 6.20% - - - - 1,500 1,500.00 INE957N07583 March 19, 2021 March 15, 2024 6.50% - - - - 1,000 1,000.00 INE957N07609* May 20, 2021 May 20, 2024 3m T-bill + 2.00% - - - - 2,000 2,000.00 INE957N07534 November 3, 2020 May 21, 2024 Zero Percent (XIRR 6.38%) - - 250 250.00 250 250.00 INE957N07625 July 20, 2021 July 19, 2024 3m T-bill + 1.75% - - 2,150 2,150.00 2,150 2,150.00 INE957N07633 August 3, 2021 August 2, 2024 6.25% - - 2,000 2,000.00 2,000 2,000.00 INE957N07641 August 11, 2021 August 9, 2024 Zero Percent (XIRR 6.25%) - - 1,500 1,500.00 1,500 1,500.00 INE957N07724 December 13, 2022 August 13, 2024 Zero Percent (XIRR 8.28%) - - 1,390 1,390.00 1,390 1,390.00 INE957N07526 September 10, 2020 September 10, 2024 7.30% - - 1,500 1,500.00 1,500 1,500.00 INE800X07030 December 22, 2021 September 24, 2024 6.50% - - 750 750.00 750 750.00 INE957N07716 November 22, 2022 November 22, 2024 8.44% - - 2,650 2,650.00 2,650 2,650.00 INE957N07708 November 22, 2022 December 20, 2024 Zero Percent (XIRR 8.44%) - - 200 200.00 200 200.00 INE957N07740 December 30, 2022 December 30, 2024 8.25% - - 350 350.00 350 350.00 INE800X07048 February 9, 2022 February 7, 2025 3M TBILL + 2.20% - - 1,500 1,500.00 1,500 1,500.00 INE957N07617 July 14, 2021 April 15, 2025 Zero Percent (XIRR 6.57%) 5 00 5 00.00 500 500.00 500 500.00 INE957N07500 July 24, 2020 July 24, 2025 Zero Percent (XIRR 7.55%) 2 50 2 50.00 250 250.00 250 250.00 INE957N07682 July 29, 2022 July 29, 2025 7.99% 4 ,000 4 ,000.00 4,000 4,000.00 4,000 4,000.00 134Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 ISIN of NCD Issue Date Redemption Date Interest Rate Number of NCDs Amount Number of NCDs Amount Number of NCDs Amount INE957N07542 November 3, 2020 November 3, 2025 6.95% 1 ,000 1 ,000.00 1,000 1,000.00 1,000 1,000.00 INE957N07567 January 19, 2021 January 19, 2026 Zero Percent (XIRR 6.90%) 2 50 2 50.00 250 250.00 250 250.00 INE957N07674 May 4, 2022 May 4, 2027 7.60% 3 ,000 3 ,000.00 3,000 3,000.00 3,000 3,000.00 INE957N07732 December 27, 2022 December 27, 2028 9.55% 2 ,500 2 ,500.00 2,500 2,500.00 2,500 2,500.00 INE957N07591 May 7, 2021 May 7, 2031 7.35% 2 50 2 50.00 250 250.00 250 250.00 INE800X07055 February 15, 2023 February 15, 2033 8.50% 2 ,500 2 50.00 2,500 250.00 2,500 250.00 INE957N07757 May 12, 2023 May 12, 2026 8.35% 5 ,000 5 00.00 5,000 500.00 - - INE957N07773 February 2, 2024 February 2, 2029 8.60% 2 ,500 2 50.00 2,500 250.00 - - INE957N07781 May 17, 2024 September 10, 2025 8.94% 2 2,500 2 ,250.00 - - INE957N07799 September 6, 2024 October 6, 2026 8.89% 3 5,200 3 ,520.00 INE957N07807 December 31, 2024 December 31, 2026 8.70% 3 1,000 3 ,100.00 INE957N07815 December 31, 2024 December 31, 2027 8.70% 6 ,500 6 50.00 INE800X07063 July 16, 2024 July 16, 2029 8.62% 1 0,000 1 ,000.00 INE800X07071 March 28, 2025 May 28, 2027 8.50% 5 ,000 5 00.00 INE800X07089 March 28, 2025 March 27, 2030 8.65% 2 5,000 2 ,500.00 Sub total 1 56,950 2 6,270.00 35,990 26,990.00 37,490 35,240.00 Interest accrued on secured NCDs 1 ,372.59 1,831.51 1,830.76 EIR adjustments ( 6.87) (8.36) (15.20) Grand total 1 56,950 2 7,635.72 35,990 28,813.15 37,490 37,055.56 *INE957N07609 was redeemed on May 19, 2023 as put option was exercised by the investor. 16.2 The debentures are fully secured by first pari-passu charge by way of hypothecation of book debts and receivables. 135Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 16.3 Terms of repayment of Commercial papers: As at As at Particulars September 30, 2025 September 30, 2024 Discount rate (in %) 6.00% p.a. to 8.25% 7.34% p.a. to 8.95% Repayment within 12 months within 12 months As at As at As at Particulars March 31, 2025 March 31, 2024 March 31, 2023 Discount rate (in %) 7.62% p.a. to 8.42% 7.90% p.a. to 8.95% 6.07% p.a. to 8.36% Repayment within 12 months within 12 months within 12 months 16.4 No non-convertible debentures and commercial papers is guaranteed by directors and/or others. 16.5 During the period/ year there were no defaults in the repayment of principal and/or interest. 136Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 17. Borrowings (other than debt securities) (₹ in Millions) As at As at As at As at As at Particulars September 30, September 30, March 31, 2025 March 31, 2024 March 31, 2023 2025 2024 At amortised cost Term loan from banks and financial institutions (Secured) (refer note 17.1) 283,680.62 302,101.25 311,377.39 275,849.73 205,614.00 Term loan from banks - Foreign currency loan (Secured) (refer note 17.2) - 379.60 129.98 508.47 773.17 External commercial borrowing (Secured) (refer note 17.3) 79,546.39 62,492.66 80,883.59 47,597.31 39,348.28 Clearcorp Repo Order Matching System (CROMS) 3,000.14 - - - - Loan repayable on demand from banks - Cash credit (Secured) (refer note 17.4) 3,179.11 995.04 - 4,244.78 3,193.70 - Working capital demand loans (Secured) (refer note 17.4) 13,354.26 13,959.10 7,756.42 23,150.11 14,700.72 - Working capital demand loans (Unsecured) (refer note 17.4) 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 Additional special refinance facility from National Housing Bank (refer note 17.5) 5,721.20 4,858.70 5,682.50 5,053.50 500.00 Total 3 90,481.72 3 86,786.35 4 07,829.88 3 58,403.90 2 66,129.87 Borrowings in India 310,935.33 324,293.69 326,946.29 310,806.59 226,781.59 Borrowings outside India 7 9,546.39 6 2,492.66 80,883.59 47,597.31 39,348.28 Total 3 90,481.72 3 86,786.35 4 07,829.88 3 58,403.90 2 66,129.87 17.1 Secured term loans from banks and financial institutions fully secured by a first pari-passu charge by way of hypothecation of book debts and receivables is as follows: (₹ in Millions) As at As at Particulars September 30, 2025 September 30, 2024 Secured term loans (before interest accrued but not due and EIR adjustment) 283,522.95 301,803.78 Carrying interest rate (in %) 5.86% p.a to 9.15% p.a 6.10% p.a to 9.55% p.a (₹ in Millions) As at As at As at Particulars March 31, 2025 March 31, 2024 March 31, 2023 Secured term loans (before interest accrued but not due and EIR adjustment) 310,989.94 275,486.20 205,563.73 Carrying interest rate (in %) 6.47% p.a to 9.55% p.a 6.10% p.a to 9.68% p.a 6.05% p.a to 9.30% p.a 137Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Terms of repayment as at September 30, 2025: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Monthly More than 3 years 12 1,052.63 12 1,052.63 24 205.10 69 589.68 2,900.04 Quarterly 2 to 3 Years 52 19,526.71 39 15,593.29 9 4,375.00 - - 39,495.00 Quarterly More than 3 years 341 67,732.75 351 62,061.07 333 49,260.99 458 41,574.44 220,629.25 Semi-annual 2 to 3 Years 2 2,000.00 - - - - - - 2,000.00 Semi-annual More than 3 years - - - - - - 12 428.60 428.60 Annually 2 to 3 Years - - - - - - - - - Annually More than 3 years 4 2,566.67 2 2,526.67 2 2,526.72 - - 7,620.06 Bullet 2 to 3 Years - - 1 6,300.00 - - - - 6,300.00 Bullet More than 3 years 1 4,150.00 - - - - - - 4,150.00 Interest accrued but not due 321.74 EIR Adjustments ( 164.07) Total 412.00 9 7,028.76 405.00 8 7,533.66 368.00 5 6,367.81 539.00 42,592.72 2 83,680.62 Terms of repayment as at September 30, 2024: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Monthly More than 3 years 66 4,364.37 53 2,748.99 39 1,520.92 93 794.87 9,429.15 Quarterly 2 to 3 Years 38 12,239.72 28 9,526.66 15 5,593.33 - - 27,359.71 Quarterly More than 3 years 394 70,273.91 371 62,159.02 315 44,294.03 570 52,585.44 229,312.40 Semi-annual 2 to 3 Years 2 2,000.00 2 2,000.00 - - - - 4,000.00 Semi-annual More than 3 years 7 3,116.67 3 1,458.33 2 625.00 1 312.50 5,512.50 Annually 2 to 3 Years 2 500.00 4 1,000.00 4 1,000.00 - - 2,500.00 Annually More than 3 years 9 2,010.00 10 4,176.67 2 2,526.67 2 2,526.67 11,240.01 Bullet 2 to 3 Years 4 666.67 4 666.67 5 6,966.67 - - 8,300.01 Bullet More than 3 years - - 1 4,150.00 - - - - 4,150.00 Interest accrued but not due 569.19 EIR Adjustments ( 271.72) Total 522.00 9 5,171.34 476.00 8 7,886.34 382.00 6 2,526.62 666.00 56,219.48 3 02,101.25 138Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Terms of repayment as at March 31, 2025: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Monthly More than 3 years 24 2,105.26 45 2,047.23 30 731.44 81 692.31 5,576.24 Quarterly 2 to 3 Years 46 16,304.44 41 15,148.33 15 7,083.33 - - 38,536.10 Quarterly More than 3 years 406 75,606.99 413 65,331.45 369 48,183.79 604 50,133.69 239,255.92 Semi-annual 2 to 3 Years 2 2,000.00 1 1,000.00 - - - - 3,000.00 Semi-annual More than 3 years 8 2,434.52 6 767.86 6 767.86 16 571.43 4,541.67 Annually More than 3 years 7 3,926.67 8 3,176.67 2 2,526.67 - - 9,630.01 Bullet 2 to 3 Years - - - - 1 6,300.00 - - 6,300.00 Bullet More than 3 years - - 1 4,150.00 - - - - 4,150.00 Interest accrued but not due 625.36 EIR Adjustments ( 237.91) Total 493.00 1 02,377.88 515.00 9 1,621.54 423.00 6 5,593.09 701.00 51,397.43 3 11,377.39 Terms of repayment as at March 31, 2024: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Monthly More than 3 years 84 5,468.29 65 3,801.62 45 2,047.23 111 1,423.75 12,740.89 Quarterly 2 to 3 Years 22 7,509.71 2 111.11 - - - - 7,620.82 Quarterly More than 3 years 366 65,239.98 334 58,530.82 276 43,055.46 505 45,896.15 212,722.41 Semi-annual 2 to 3 Years 1 1,000.00 2 2,000.00 1 1,000.00 - - 4,000.00 Semi-annual More than 3 years 21 9,789.85 6 2,847.22 2 625.00 2 625.00 13,887.07 Annually More than 3 years 13 3,885.00 11 4,276.67 8 3,176.67 2 2,526.67 13,865.01 Bullet 2 to 3 Years 2 4,000.00 1 2,500.00 - - - - 6,500.00 Bullet More than 3 years - - - - 1 4,150.00 - - 4,150.00 Interest accrued but not due 581.58 EIR Adjustments ( 218.05) Total 509.00 9 6,892.83 421.00 7 4,067.44 333.00 5 4,054.36 620.00 50,471.57 2 75,849.73 139Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Terms of repayment as at March 31, 2023: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Monthly More than 3 years 88 5,968.26 88 5,968.26 69 4,301.59 164 4,471.04 20,709.15 Quarterly 2 to 3 Years 57 16,736.54 18 7,287.49 - - - - 24,024.03 Quarterly More than 3 years 225 32,668.03 196 30,697.28 158 23,827.39 334 26,254.64 113,447.34 Semi-annual More than 3 years 36 15,564.82 26 9,387.80 9 2,680.56 - - 27,633.18 Annually More than 3 years 15 4,485.00 14 4,385.00 11 2,610.00 8 1,370.03 12,850.03 Bullet 2 to 3 Years - - 2 4,000.00 - - - - 4,000.00 Bullet More than 3 years 3 1,900.00 2 1,000.00 - - - - 2,900.00 Interest accrued but not due 271.37 EIR Adjustments ( 221.10) Total 424.00 7 7,322.65 346.00 6 2,725.83 247.00 3 3,419.54 506.00 32,095.71 205,614.00 17.2 Foreign currency loan are fully secured by a first pari-passu charge by way of hypothecation of book debts and receivables. Particulars As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Carrying interest rate* (in %) - 5.58% 5.58% 5.74% p.a. to 8.25% p.a. 4.52% p.a. to 5.13% p.a. *carrying Interest rate refers to rates based on SOFR/SORA plus spread as agreed with lender. Terms of repayment as at September 30, 2025: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Annually Upto 1 Year - - - - - - - - - Bullet* Upto 1 Year - - - - - - - - - Interest accrued but not due - EIR adjustments - Total - - - - - - - - - 140Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Terms of repayment as at September 30, 2024: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Annually Upto 1 Year 1 250.00 - - - - - - 250.00 Bullet* Upto 1 Year 1 125.69 - - - - - - 125.69 Interest accrued but not due 3.97 EIR adjustments (0.06) Total 2 375.69 - - - - - - 379.60 Terms of repayment as at March 31, 2025: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Annually Upto 1 Year - - - - - - - - - Bullet* Upto 1 Year 1 128.21 - - - - - - 128.21 Interest accrued but not due 1.77 EIR adjustments - Total 1 128.21 - - - - - - 129.98 Terms of repayment as at March 31, 2024: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Annually Upto 1 Year 1 250.00 - - - - - - 250.00 Bullet* Upto 1 Year 1 252.93 - - - - - - 252.93 Interest accrued but not due 5.68 EIR adjustments (0.14) Total 2 502.93 - - - - - - 508.47 141Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Terms of repayment as at March 31, 2023: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Annually Upto 1 Year 1 375.00 - - - - - - 375.00 Bullet* Upto 1 Year 1 382.20 - - - - - - 382.20 Interest accrued but not due 16.17 EIR adjustments (0.20) Total 2 757.20 - - - - - - 773.17 *The maturity of the instrument is categorized based on the terms of foreign currency loan and estimation of prepayment of the facility. 17.3 External commercial borrowings as secured by a first pari-passu charge by way of hypothecation of receivables. Particulars As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Carrying interest rate* (in %) 2.73% p.a. to 6.19% p.a. 4.61% p.a. to 7.14% p.a. 3.80% p.a. to 6.21% p.a. 4.94% p.a. to 7.16% p.a. 4.89% p.a. to 6.41% p.a. *carrying Interest rate refers to rates based on SOFR/SORA plus spread as agreed with lender. Terms of repayment as at September 30, 2025: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Quarterly More than 3 years - - - - 4 6,587.96 1 342.80 6,930.76 Semi-annual More than 3 years - - 1 1,997.83 2 839.50 2 839.50 3,676.83 Annually More than 3 years 2 2,491.35 2 3,823.24 4 8,777.86 4 7,818.90 22,911.35 Bullet 2 to 3 Years - - 1 13,318.87 - - - - 13,318.87 Bullet More than 3 years 7 25,568.41 - - 3 6,655.42 - - 32,223.83 Interest accrued but not due 660.90 EIR Adjustments ( 176.15) Total 9 2 8,059.76 4 1 9,139.94 13 2 2,860.74 7 9,001.20 79,546.39 142Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Terms of repayment as at September 30, 2024: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Quarterly More than 3 years - - - - - - - - - Annually More than 3 years 1 1,513.23 1 1,513.23 1 1,513.23 2 3,026.45 7,566.14 Bullet 2 to 3 Years - - - - 1 12,569.59 - - 12,569.59 Bullet More than 3 years 10 16,095.52 7 24,151.90 - - 4 1,679.00 41,926.42 Interest accrued but not due 691.85 EIR Adjustments ( 261.34) Total 11 1 7,608.75 8 2 5,665.13 2 1 4,082.82 6 4,705.45 62,492.66 Terms of repayment as at March 31, 2025: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Quarterly More than 3 years - - - - 1 2,846.30 1 2,854.93 5,701.23 Annually More than 3 years 1 1,543.52 4 6,458.33 3 5,603.58 4 7,526.77 21,132.20 Bullet 2 to 3 Years - - - - 1 12,821.25 - - 12,821.25 Bullet More than 3 years 10 30,897.82 - - 4 8,732.32 3 1,259.25 40,889.39 Interest accrued but not due 730.18 EIR Adjustments ( 390.66) Total 11 3 2,441.34 4 6,458.33 9 3 0,003.45 8 11,640.95 80,883.59 Terms of repayment as at March 31, 2024: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Bullet More than 3 years 8 11,088.35 11 31,634.55 1 1,506.14 2 3,012.38 47,241.42 Interest accrued but not due 553.75 EIR Adjustments ( 197.86) Total 8 1 1,088.35 11 3 1,634.55 1 1,506.14 2 3,012.38 47,597.31 143Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Terms of repayment as at March 31, 2023: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Bullet More than 3 years - - 7 9,492.70 10 29,729.80 - - 39,222.50 Interest accrued but not due 446.31 EIR Adjustments ( 320.53) Total - - 7 9,492.70 10 29,729.80 - - 39,348.28 17.4Aspertheprevalentpractice,cashcreditfacilitiesandworkingcapitaldemandloansarerenewedonayeartoyearbasisandtherefore,arerevolvinginnature.Thesecuredfacilitiesaresecuredbyfirstpari-passuchargebyway of hypothecation of receivables. Terms of repayment of cash credit facilities and working capital demand loans: Particulars Repayment As at As at September 30, 2025 September 30, 2024 Carrying interest rate - Cash credit facilities (Secured) (in %) On Demand 6.60% p.a. to 8.70% p.a. 7.80% p.a. to 9.10% p.a. - Working capital demand loans (in %) On Demand 6.40% p.a. to 7.30% p.a. 7.50% p.a. to 7.90% p.a. Particulars Repayment As at As at As at March 31, 2025 March 31, 2024 March 31, 2023 Carrying interest rate - Cash credit facilities (Secured) (in %) On Demand - 7.82% p.a to 9.34% p.a 7.00% p.a to 9.50% p.a - Working capital demand loans (in %) On Demand 7.68% p.a. to 7.87% p.a. 6.95% p.a. to 9.23% p.a. 7.58% p.a. to 8.55% p.a. 17.5 Refinance facility are secured by exclusive charge by way of hypothecation of standard business receivables. Particulars As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Carring interest rate (in %) 8.25% 5.25% p.a. to 8.60% p.a. 8.35% p.a. 5.26% p.a. to 8.35% p.a. 5.25% p.a. to 8.50% p.a. Terms of repayment as at September 30, 2025: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Quarterly More than 3 years 44 869.60 44 869.60 44 869.60 186 3,008.60 5,617.40 Interest accrued but not due 103.80 Total 44 869.60 44 869.60 44 869.60 186 3,008.60 5,721.20 144Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Terms of repayment as at September 30, 2024: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Quarterly More than 3 years 36 689.98 36 689.98 36 689.98 169 2,706.42 4,776.36 Interest accrued but not due 82.34 Total 36 689.98 36 689.98 36 689.98 169 2,706.42 4,858.70 Terms of repayment as at March 31, 2025: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Quarterly More than 3 years 30 632.87 40 843.83 40 843.83 179 3,361.97 5,682.50 Interest accrued but not due - Total 30 632.87 40 843.83 40 843.83 179 3,361.97 5,682.50 Terms of repayment as at March 31, 2024: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Quarterly More than 3 years 27 517.48 36 689.98 36 689.98 187 3,156.06 5,053.50 Interest accrued but not due - Total 27 517.48 36 689.98 36 689.98 187 3,156.06 5,053.50 Terms of repayment as at March 31, 2023: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity No. of Amount No. of Amount No. of Amount No. of Amount Amount Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Quarterly More than 3 years 6 47.03 8 62.70 8 62.70 44 327.57 500.00 Interest accrued but not due - Total 6 47.03 8 62.70 8 62.70 44 327.57 500.00 145Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 17.6 No term loans, cash credit, working capital demand from banks and any other borrowing is guaranteed by directors and/or others. 17.7 During the periods, there were no defaults in the repayment of principal and/or interest. 17.8 The term loans have been applied for the purposes for which they were obtained except for ₹ 17,000.00 millions which were pending to be utilised and temporarily parked in liquid assets as at September 30, 2025 (September 30, 2024: ₹ 15,770.00 millions; March 31, 2025: ₹ 28,034.70 millions; March 31, 2024: ₹ 13,797.00 millions; March 31, 2023: ₹ 13,118.10 millions). 17.9 There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period. 146Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 18. Subordinated liabilities (₹ in Millions) As at As at As at As at As at Particulars September 30, September 30, March 31, 2025 March 31, 2024 March 31, 2023 2025 2024 Subordinated liabilities (unsecured) At amortised cost Perpetual non-convertible debentures (refer note 18.1) 5,384.87 3,039.02 5,418.53 - - Redeemable non-convertible debentures-Tier II (refer note 18.2 to 18.4) 14,325.41 12,216.65 12,729.56 10,141.34 9,577.42 Term loans-Tier II (refer note 18.5) 3,003.84 2,978.95 2,977.44 - - Designated at fair value through profit or loss Compulsorily convertible preference shares (CCPS) (refer note 18.6 to 18.9) 30,882.20 27,258.75 28,843.61 26,112.37 23,100.52 36,363,636 CCPS of face value ₹ 550 each (September 30, 2024: 36,363,636 CCPS of face value ₹ 550 each, March 31, 2025: 36,363,636 CCPS of face value ₹ 550 each, March 31, 2024: 36,363,636 CCPS of face value ₹ 550 each, March 31, 2023: 36,363,636 CCPS of face value ₹ 550 each) Total 5 3,596.32 4 5,493.37 4 9,969.14 3 6,253.71 3 2,677.94 Subordinated liabilities in India 39,128.01 32,722.65 36,455.91 24,020.06 21,855.34 Subordinated liabilities outside India 14,468.31 12,770.72 13,513.23 12,233.65 10,822.60 Total 5 3,596.32 4 5,493.37 4 9,969.14 3 6,253.71 3 2,677.94 18.1 Terms of repayment of non-convertible debentures-Tier I (Perpetual Debt): As at September 30, 2025 As at September 30, 2024 ISIN of NCD Issue Date Redemption Date# Interest Rate Amount Amount Number of NCDs Number of NCDs ₹ in Millions ₹ in Millions INE957N08128 May 17, 2024 May 17, 2034 9.50% 1 50 1,500.00 1 50 1,500.00 INE957N08136 June 4, 2024 June 4, 2034 9.60% 7 5 750.00 7 5 750.00 INE957N08144 August 28, 2024 September 28, 2034 9.50% 2 5 250.00 2 5 250.00 INE957N08144* September 6, 2024 September 28, 2034 9.50% 6 0 600.00 6 0 600.00 INE957N08169 October 15, 2024 November 15, 2034 9.50% 5 5 550.00 - - INE957N08177 November 25, 2024 May 25, 2035 9.50% 5 0 500.00 - - INE957N08177* February 12, 2025 May 25, 2035 9.50% 1 20 1,200.00 - - Interest accrued but not due 231.08 78.50 EIR adjustments ( 196.21) (139.48) 535 5,384.87 310 3,039.02 147Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 ISIN of NCD Issue Date Redemption Date# Interest Rate Amount Amount Amount Number of NCDs Number of NCDs Number of NCDs ₹ in Millions ₹ in Millions ₹ in Millions INE957N08128 May 17, 2024 May 17, 2034 9.50% 1 50 1,500.00 - - - - INE957N08136 June 4, 2024 June 4, 2034 9.60% 7 5 750.00 - - - - INE957N08144 August 28, 2024 September 28, 2034 9.50% 2 5 250.00 - - - - INE957N08144* September 6, 2024 September 28, 2034 9.50% 6 0 600.00 - - - - INE957N08169 October 15, 2024 November 15, 2034 9.50% 5 5 550.00 - - - - INE957N08177 November 25, 2024 May 25, 2035 9.50% 5 0 500.00 - - - - INE957N08177* February 12, 2025 May 25, 2035 9.50% 1 20 1,200.00 - - - - Interest accrued but not due 275.62 - - EIR adjustments ( 207.09) - - 535 5,418.53 - - - - *Reissuance cases #The Group can redeem these debentures (using call option) on the maturity date, with prior approval of RBI. 18.2 Terms of repayment of non-convertible debentures-Tier II: As at September 30, 2025 As at September 30, 2024 ISIN of NCD Issue Date Redemption Date Interest Rate Amount Amount Number of NCDs Number of NCDs ₹ in Millions ₹ in Millions INE957N08011 September 15, 2015 September 15, 2025 9.35% - - 1 ,000 1,000.00 INE957N08029 August 3, 2016 August 3, 2026 8.98% 1 ,000 1,000.00 1 ,000 1,000.00 INE957N08037 June 20, 2017 June 18, 2027 8.52% 1 ,000 1,000.00 1 ,000 1,000.00 INE957N08045 December 6, 2018 November 24, 2028 9.81% 1 ,250 1,250.00 1 ,250 1,250.00 INE800X08012 December 28, 2018 December 28, 2028 9.50% 2 50 250.00 2 50 250.00 INE957N08052 February 5, 2020 February 5, 2030 8.85% 1 ,000 1,000.00 1 ,000 1,000.00 INE957N08060 March 4, 2020 March 4, 2030 8.49% 2 50 250.00 2 50 250.00 INE957N08078 December 11, 2020 December 11, 2030 7.65% 4 50 450.00 4 50 450.00 INE800X08020 March 5, 2021 March 5, 2031 7.85% 2 50 250.00 2 50 250.00 INE957N08086 July 18, 2022 July 16, 2032 8.65% 1 00 1,000.00 1 00 1,000.00 INE957N08094 October 21, 2022 October 21, 2032 8.65% 5 5 550.00 5 5 550.00 INE800X08038 November 25, 2022 November 25, 2032 8.75% 2 5 250.00 2 5 250.00 INE957N08102 December 1, 2022 December 1, 2032 8.65% 1 00 1,000.00 1 00 1,000.00 INE957N08110 January 5, 2024 January 5, 2034 9.00% 5 ,500 550.00 5 ,500 550.00 INE957N08151 September 27, 2024 May 27, 2030 9.20% 2 0,000 2,000.00 2 0,000 2,000.00 INE957N08185 December 31, 2024 December 31, 2034 9.30% 5 ,000 500.00 - - INE957N08193 June 2, 2025 June 4, 2035 9.10% 1 5,000 1,500.00 - - INE957N08193* August 22, 2025 June 4, 2035 9.10% 1 0,000 1,000.00 - - Interest accrued but not due 622.94 453.94 EIR adjustments ( 97.53) (37.29) 61,230 14,325.41 32,230 12,216.65 *Reissuance cases 148Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 ISIN of NCD Issue Date Redemption Date Interest Rate Amount Amount Amount Number of NCDs Number of NCDs Number of NCDs ₹ in Millions ₹ in Millions ₹ in Millions INE957N08011 September 15, 2015 September 15, 2025 9.35% 1 ,000 1,000.00 1 ,000 1,000.00 1 ,000 1,000.00 INE957N08029 August 3, 2016 August 3, 2026 8.98% 1 ,000 1,000.00 1 ,000 1,000.00 1 ,000 1,000.00 INE957N08037 June 20, 2017 June 18, 2027 8.52% 1 ,000 1,000.00 1 ,000 1,000.00 1 ,000 1,000.00 INE957N08045 December 6, 2018 November 24, 2028 9.81% 1 ,250 1,250.00 1 ,250 1,250.00 1 ,250 1,250.00 INE800X08012 December 28, 2018 December 28, 2028 9.50% 2 50 250.00 2 50 250.00 2 50 250.00 INE957N08052 February 5, 2020 February 5, 2030 8.85% 1 ,000 1,000.00 1 ,000 1,000.00 1 ,000 1,000.00 INE957N08060 March 4, 2020 March 4, 2030 8.49% 2 50 250.00 2 50 250.00 2 50 250.00 INE957N08078 December 11, 2020 December 11, 2030 7.65% 4 50 450.00 4 50 450.00 4 50 450.00 INE800X08020 March 5, 2021 March 5, 2031 7.85% 2 50 250.00 2 50 250.00 2 50 250.00 INE957N08086 July 18, 2022 July 16, 2032 8.65% 1 00 1,000.00 1 00 1,000.00 1 00 1,000.00 INE957N08094 October 21, 2022 October 21, 2032 8.65% 5 5 550.00 5 5 550.00 5 5 550.00 INE800X08038 November 25, 2022 November 25, 2032 8.75% 2 5 250.00 2 5 250.00 2 5 250.00 INE957N08102 December 1, 2022 December 1, 2032 8.65% 1 00 1,000.00 1 00 1,000.00 1 00 1,000.00 INE957N08110 January 5, 2024 January 5, 2034 9.00% 5 ,500 550.00 5 ,500 550.00 - - INE957N08151 September 27, 2024 May 27, 2030 9.20% 2 0,000 2,000.00 - - - - INE957N08185 December 31, 2024 December 31, 2034 9.30% 5 ,000 500.00 - - - - Interest accrued but not due 470.88 370.03 366.83 EIR adjustments ( 41.32) ( 28.69) (39.41) 37,230 1 2,729.56 12,230 10,141.34 6,730 9,577.42 18.3 No subordinated debts is guaranteed by directors and/or others. 18.4 During the period presented there were no defaults in the repayment of principal and/or interest. 18.5 Terms of repayment of Term Loans-Tier II (subordinated): Terms of repayment as at September 30, 2025: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity Amount No. of Amount No. of Amount No. of Amount Amount No. of Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Bullet More than 3 years - - - - - - 2 3,000.00 3,000.00 Interest accrued but not due 24.13 EIR Adjustments (20.29) Total - - - - - - 2 3,000.00 3,003.84 149Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Terms of repayment as at September 30, 2024: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity Amount No. of Amount No. of Amount No. of Amount Amount No. of Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Bullet More than 3 years - - - - - - 1 3,000.00 3,000.00 Interest accrued but not due 3.66 EIR Adjustments (24.71) Total - - - - - - 1 3,000.00 2,978.95 Terms of repayment as at March 31, 2025: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity Amount No. of Amount No. of Amount No. of Amount Amount No. of Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Bullet More than 3 years - - - - - - 1 3,000.00 3,000.00 Interest accrued but not due - EIR Adjustments (22.56) Total - - - - - - 1 3,000.00 2,977.44 Terms of repayment as at March 31, 2024: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity Amount No. of Amount No. of Amount No. of Amount Amount No. of Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Bullet More than 3 years - - - - - - - - - Interest accrued but not due - EIR Adjustments - Total - - - - - - - - - Terms of repayment as at March 31, 2023: Due within 1 Year Due 1 to 2 Years Due 2 to 3 Years More than 3 Years Total Periodicity Residual Maturity Amount No. of Amount No. of Amount No. of Amount Amount No. of Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions Instalments ₹ in Millions ₹ in Millions Original Maturity Bullet More than 3 years - - - - - - - - - Interest accrued but not due - EIR Adjustments - Total - - - - - - - - - 150Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 18.6DuringtheyearendedMarch31,2023,theHoldingCompanyhadallotted36,363,636CompulsorilyConvertiblePreferenceShares(CCPS)(comprisingof17,036,363ClassACCPSand19,327,273ClassBCCPS)offace valueof₹550eachaggregatingto₹20,000millions.AsperSection43oftheCompaniesAct,2013,thepreferencesharesareclassifiedaspartofShareCapital.However,asperIndAS32‘FinancialInstruments:Presentation’ and terms of conditions of such preference shares, they are required to be classified as a financial liability. InaccordancewithIndAS32‘FinancialInstruments:Presentation’,theHoldingCompanyhadclassifiedtheseCCPSasafinancialliabilityandpresenteditinaccordancewithScheduleIIIdivisionIIIoftheCompaniesAct,2013 (disclosed under the head of Subordinated liabilities). These CCPS are subsequently measured at fair value through profit or loss as per Ind-AS 109 requirements. IftheCCPSwereclassifiedinaccordancewithsection43oftheCompaniesAct,2013i.e.,asequity,profitaftertaxfortheperiodendedSeptember302025,wouldbehigherby₹2,638.60millions(September30,2024:₹ 1,746.38millions;March31,2025:₹3,331.23millions;March31,2024:₹3,486.90millions;March31,2023:₹3,100.52millions),andtotalequitywouldbehigherby₹30,882.20millions(September30,2024:₹27,258.75 millions;March31,2025:₹28,843.61millions;March31,2024:₹26,112.37millions;March31,2023:₹23,100.52millions)andsubordinatedliabilitieswouldbelowerby₹30,882.20millionsasatSeptember30,2025 (September 30, 2024: ₹ 27,258.75 millions; March 31, 2025: ₹ 28,843.61 millions; March 31, 2024: ₹ 26,112.37 millions; March 31, 2023: ₹ 23,100.52 millions). 18.7 EachCCPS isacompulsorilyandfullyconvertiblepreferenceshare,convertibleintoEquityShares,asperthetermsandconditionsaslaidoutinagreement.TheholdersofCCPSshallnotbeentitledtoanyvotingrights with respect to such CCPS, except in accordance with the Companies Act, 2013. 18.8Subjecttotermsandconditionsaslaidoutinagreement,theholderofeachCCPSshallbeentitledtoreceivedividendsincashannually,inrespectofeachCCPS,atminimumannualcumulativerateof3%(ThreePercent)on thefacevalueofsuchCCPSuptothedateofexpiryofQualifiedInstitutionalPlacementOffer("QIPO") period.Theboardofdirectorshasapprovedthepaymentofdividendof3%p.a.perCCPSfortheyearendedMarch31, 2025, March 31, 2024 and March 31, 2023 respectively. The dividend payable/ paid on CCPS is considered as appropriation of profit for the computation of impact on networth and profit or loss for the period for note 18.6. 18.9 AsperthetermsofissuanceofCCPS,intheevent,QIPOisnotcompletedonorpriortotheexpiryofQIPOperiod,thecouponfortheCCPSwillchangeto16%p.a.from3%p.a.aftertheexpiryofQIPOperiodtillthedate of conversion of such CCPS. 151Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 19. Lease liabilities (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Lease liabilities (refer note 43) 1,099.97 1,202.34 1,238.74 1,272.39 523.99 Total 1,099.97 1,202.34 1,238.74 1,272.39 523.99 20. Other financial liabilities (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Unclaimed dividend (refer note 20.1) 7.56 5.47 7.42 5.65 4.31 Book overdrafts 2,199.98 2,175.04 2,073.70 1,596.26 6,239.36 Other payables Salaries and wages payable 889.67 827.90 1,064.99 1,296.64 910.24 Security deposits 0.64 0.65 0.65 0.83 1.07 Margin money from customers 123.74 409.64 233.89 539.13 265.50 Others 2,228.68 1,663.24 1,608.53 1,674.83 1,606.76 Total 5,450.27 5,081.94 4,989.18 5,113.34 9,027.24 20.1UnclaimeddividenddoesnotincludeanyamountoutstandingasonSeptember30,2025,September30,2024,March31,2025,March31,2024andMarch31,2023whicharerequiredtobe credited to the Investor Education and Protection Fund. 21. Current tax liabilities (net) (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Provision for income tax - 4,100.45 2,260.96 2,952.04 1,978.84 Less : Advance tax - (3,674.40) (2,160.50) (2,543.50) (1,968.50) Total - 426.05 100.46 408.54 10.34 152Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 22. Provisions (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Provision for employee benefits -Provision for gratuity (refer note 36.2) 454.74 371.14 429.60 396.69 311.02 -Provision for compensated absences (refer note 36.3) 325.80 309.00 327.16 301.91 237.72 Total 780.54 680.14 756.76 698.60 548.74 23. Other non-financial liabilities (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Unamortised interest on margin money deposits 177.95 260.82 244.13 295.80 146.11 Statutory dues payable 463.41 371.52 568.61 452.87 514.03 Others 82.77 - - - - Total 724.13 632.34 812.74 748.67 660.14 153Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 24. Equity share capital As at As at Particulars September 30, 2025 September 30, 2024 Number of Amount Number of Amount shares ₹ in Millions shares ₹ in Millions Authorised Equity shares of ₹ 10 each 3 00,000,020 3,000.00 3 00,000,020 3,000.00 300,000,020 3 ,000.00 300,000,020 3 ,000.00 Issued Equity shares of ₹ 10 each 129,627,036 1,296.27 127,306,674 1,273.07 1 29,627,036 1 ,296.27 1 27,306,674 1 ,273.07 Subscribed and paid-up Equity shares of ₹ 10 each (fully paid up) 129,627,036 1,296.27 127,306,674 1,273.07 Equity shares of ₹ 10 each (partly paid up: ₹ 5 each) - - - - Total 1 29,627,036 1 ,296.27 1 27,306,674 1 ,273.07 As at As at As at Particulars March 31, 2025 March 31, 2024 March 31, 2023 Number of Amount Number of Amount Number of Amount shares ₹ in Millions shares ₹ in Millions shares ₹ in Millions Authorised Equity shares of ₹ 10 each 300,000,020 3,000.00 300,000,020 3,000.00 3 00,000,020 3,000.00 3 00,000,020 3,000.00 3 00,000,020 3,000.00 300,000,020 3 ,000.00 Issued Equity shares of ₹ 10 each 127,412,759 1,274.13 127,306,674 1,273.07 127,306,674 1,273.07 1 27,412,759 1,274.13 1 27,306,674 1,273.07 1 27,306,674 1 ,273.07 Subscribed and paid-up Equity shares of ₹ 10 each (fully paid up) 127,412,759 1,274.13 127,306,110 1,273.06 127,305,868 1,273.06 Equity shares of ₹ 10 each (partly paid up: ₹ 5 each) - - 564 # 806 # Total 1 27,412,759 1 ,274.13 1 27,306,674 1 ,273.06 1 27,306,674 1 ,273.06 # Below rounding off norms. 154Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 24.1 Reconciliation of number of shares and amount outstanding at the beginning and at the end of the reporting period/ year As at As at September 30, 2025 September 30, 2024 Particulars Number of Amount Number of Amount Shares ₹ in Millions Shares ₹ in Millions Equity shares of ₹ 10 each (fully paid-up) Opening balance 127,412,759 1,274.13 127,306,110 1,273.06 Issued during the period 2,214,277 22.14 548 # Converted into fully paid up during the period - - 16 # Equity shares of ₹ 10 each (partly paid up: ₹ 5 each) Opening balance - - 564 # Issued during the period - - - # Converted into fully paid up share during the period ₹ 10 each - - ( 16) # Forfeited during the period - - ( 548) # Outstanding at the end of the period 129,627,036 1,296.27 127,306,674 1,273.07 # Below rounding off norms. As at As at As at March 31, 2025 March 31, 2024 March 31, 2023 Particulars Number of Amount Number of Amount Number of Amount Shares ₹ in Millions Shares ₹ in Millions Shares ₹ in Millions Equity shares of ₹ 10 each (fully paid-up) Opening balance 127,306,110 1,273.06 127,305,868 1,273.06 127,305,868 1,273.06 Issued during the year 106,633 1.07 - - - - Converted into fully paid up during the year 16 # 242.00 # - - Equity shares of ₹ 10 each (partly paid up: ₹ 5 each) Opening balance 564 # 806.00 # 806 # Issued during the year - - - - - - Converted into fully paid up share during the year Rs. 10 each ( 16) # ( 242) # - - Forfeited during the year ( 548) # - - - - Outstanding at the end of the year 127,412,759 1,274.13 127,306,674 1,273.06 127,306,674 1,273.06 # Below rounding off norms. 155Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 24.2 Terms/ rights, preference and restriction attached to equity shares of ₹ 10 each (i) The Holding Company has only one class of equity share having face value of ₹ 10 per share. Each holder of equity share is entitled to one vote per share held. (ii)ThedividendproposedbytheBoardofDirectorswhichissubjecttoapprovalofshareholdersintheAnnualGeneralMeetingshallbeinthesameproportionasthecapitalpaidupon such equity share. (iii)Intheeventofliquidation,theequityshareholdersareeligibletoreceivetheremainingassetsoftheHoldingCompanyafterdistributionofallpreferentialamount,inproportionto capital paid upon such equity share. 24.3 Detail of shareholder holding more than 5% shares in the Holding Company: As at September 30, 2025 As at September 30, 2024 Name of Shareholder Number of % of Holding Number of % of Holding shares held shares held Equity shares Hero MotoCorp Ltd. 52,431,893 40.45 52,431,893 41.19 Bahadur Chand Investment Pvt. Ltd. 25,896,764 19.98 25,896,764 20.34 Otter Limited 12,882,170 9.94 12,882,170 10.12 Mr. Pawan Munjal (refer note 24.4 below) 3,608,812 2.78 3,608,812 2.83 Ms. Renu Munjal (refer note 24.4 below) 4,094,737 3.16 4,094,737 3.22 Ms. Santosh Munjal (refer note 24.4 below) - - 323,600 0.25 Mr. Pawan Munjal* (refer note 24.4 below) 323,600 0.25 Mr. Suman Kant Munjal (refer note 24.4 below) 4,094,737 3.16 4,094,737 3.22 Total Brijmohan Lal Om Parkash (Partnership firm) 12,121,886 9.35 12,121,886 9.52 *Jointly held with Renu Munjal and Suman Kant Munjal. 156Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 Name of Shareholder Number of % of Holding Number of % of Holding Number of % of Holding shares held shares held shares held Equity shares Hero MotoCorp Ltd. 52,431,893 41.15 52,431,893 41.19 52,431,893 41.19 Bahadur Chand Investment Pvt. Ltd. 25,896,764 20.33 25,896,764 20.34 25,896,764 20.34 Otter Limited 12,882,170 10.11 12,882,170 10.12 12,882,170 10.12 Mr. Pawan Munjal (refer note 24.4 below) 3,608,812 2.83 3,608,812 2.83 3,608,812 2.83 Ms. Renu Munjal (refer note 24.4 below) 4,094,737 3.21 4,094,737 3.22 4,094,737 3.22 Ms. Santosh Munjal (refer note 24.4 below) 323,600 0.25 323,600 0.25 323,600 0.25 Mr. Suman Kant Munjal (refer note 24.4 below) 4,094,737 3.21 4,094,737 3.22 4,094,737 3.22 Total Brijmohan Lal Om Parkash (Partnership firm) 12,121,886 9.50 12,121,886 9.52 12,121,886 9.52 24.4 Holding shares on behalf of Brijmohan Lal Om Parkash (partnership firm). 157Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 24.5 Shareholding pattern of Promoters As at September 30, 2025 As at September 30, 2024 Percentage of Percentage of Percentage of Percentage of S.No. Particulars No. of shares total shares change during No. of shares total shares change during (%) the period (%) (%) the period (%) Promoter: 1 Hero MotoCorp Limited 52,431,893 40.45 ( 0.70) 52,431,893 41.19 0.00 2 Bahadur Chand Investments Private Limited 25,896,764 19.98 ( 0.34) 25,896,764 20.34 (0.00) 3 Brijmohan Lal Om Parkash (partnership Firm) 12,121,886 9.35 ( 0.16) 12,121,886 9.52 (0.00) 4 Hero Investcorp Private Limited 3,433,008 2.65 ( 0.04) 3,433,008 2.70 0.00 5 Pawan Munjal 592,259 0.46 (0.00) 592,259 0.47 0.00 6 Renu Munjal 410,740 0.32 (0.00) 410,740 0.32 0.00 7 Suman Kant Munjal 184,534 0.14 (0.00) 184,534 0.15 - 8 Abhimanyu Munjal 151,229 0.12 (0.00) 151,229 0.12 (0.00) 9 Renuka Munjal 16,373 0.01 (0.00) 16,373 0.01 - Promoter Group: 1 Munjal Acme Packaging Systems Private Limited 1,921,968 1.48 ( 0.03) 1,921,968 1.51 0.00 2 Pawan Munjal Family Trust 7 90,394 0.61 ( 0.01) 790,394 0.62 0.00 3 RK Munjal and Sons Trust 7 90,394 0.61 ( 0.01) 790,394 0.62 0.00 4 Annuvrat Munjal 342,945 0.26 ( 0.01) 342,945 0.27 0.00 5 Sunil Kant Munjal 314,502 0.24 ( 0.01) 314,502 0.25 0.00 6 Survam Trust 2 43,905 0.19 (0.00) 243,905 0.19 - 7 Ujjwal Munjal 224,420 0.17 ( 0.01) 224,420 0.18 - 8 Rahul Munjal 224,166 0.17 (0.01) 224,166 0.18 - 9 Supria Munjal 190,978 0.15 (0.00) 190,978 0.15 0.00 10 Vasudha Dinodia 190,978 0.15 (0.00) 190,978 0.15 0.00 11 Akshay Munjal 187,324 0.14 (0.01) 187,324 0.15 0.00 12 Munjal Family Trust* 150,682 0.12 (0.00) 150,682 0.12 (0.00) 13 Radhika Uppal 104,805 0.08 (0.00) 104,805 0.08 - 14 Vidur Munjal 99,531 0.08 (0.00) 99,531 0.08 - 15 Geeta Anand 99,423 0.08 (0.00) 99,423 0.08 - 16 Aniesha Munjal 91,704 0.07 (0.00) 91,704 0.07 0.00 17 Vinod Ahuja HUF 37,000 0.03 (0.00) 37,000 0.03 0.03 18 Love Kumar Khosla 15,544 0.01 (0.00) 13,456 0.01 0.01 19 Vandana Raheja 7,204 0.01 - 7,204 0.01 - 20 Raj Kumari Khosla - - - 2,088 0.00 0.00 21 Savita Grover 1,500 0.00 (0.01) 1,500 0.00 0.00 22 Bindu Gupta - - - - - (0.00) * Beneficial owner of these shares is Abhimanyu Munjal. 158Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 Percentage of Percentage of Percentage of Percentage of Percentage of Percentage of S.No. Particulars No. of shares total shares change during No. of shares total shares change during No. of shares total shares change during (%) the year (%) (%) the year (%) (%) the year (%) Promoter: 1 Hero MotoCorp Limited 52,431,893 41.15 (0.03) 52,431,893 41.19 - 52,431,893 41.19 - 2 Bahadur Chand Investments Private Limited 25,896,764 20.33 (0.02) 25,896,764 20.34 - 25,896,764 20.34 - 3 Brijmohan Lal Om Parkash (partnership Firm) 12,121,886 9.51 (0.01) 12,121,886 9.52 - 12,121,886 9.52 - 4 Hero Investcorp Private Limited 3,433,008 2.69 (0.00) 3,433,008 2.70 - 3,433,008 2.70 - 5 Pawan Munjal 592,259 0.46 (0.00) 592,259 0.47 - 592,259 0.47 - 6 Renu Munjal 410,740 0.32 (0.00) 410,740 0.32 - 410,740 0.32 - 7 Suman Kant Munjal 184,534 0.14 (0.00) 184,534 0.15 - 184,534 0.15 - 8 Abhimanyu Munjal 151,229 0.12 (0.00) 150,681 0.12 (0.12) 301,363 0.24 - 9 Renuka Munjal 16,373 0.01 (0.00) 16,373 0.01 - 16,373 0.01 - Promoter Group: 1 Munjal Acme Packaging Systems Private Limited 1,921,968 1.51 (0.00) 1,921,968 1.51 - 1,921,968 1.51 - 2 Pawan Munjal Family Trust 790,394 0.62 (0.00) 790,394 0.62 - 790,394 0.62 - 3 RK Munjal and Sons Trust 790,394 0.62 (0.00) 790,394 0.62 - 790,394 0.62 - 4 Annuvrat Munjal 342,945 0.27 (0.00) 342,945 0.27 - 342,945 0.27 - 5 Sunil Kant Munjal 314,502 0.25 (0.00) 314,502 0.25 - 314,502 0.25 - 6 Survam Trust 243,905 0.19 - 243,905 0.19 - 243,905 0.19 - 7 Ujjwal Munjal 224,420 0.18 0.00 224,420 0.18 - 224,420 0.18 - 8 Rahul Munjal 224,166 0.18 (0.00) 224,166 0.18 - 224,166 0.18 - 9 Supria Munjal 190,978 0.15 (0.00) 190,978 0.15 - 190,978 0.15 - 10 Vasudha Dinodia 190,978 0.15 (0.00) 190,978 0.15 - 190,978 0.15 - 11 Akshay Munjal 187,324 0.15 (0.00) 187,324 0.15 - 187,324 0.15 - 12 Munjal Family Trust* 150,682 0.12 (0.00) 150,682 0.12 0.12 - - - 13 Radhika Uppal 104,805 0.08 (0.00) 104,805 0.08 - 104,805 0.08 - 14 Vidur Munjal 99,531 0.08 (0.00) 99,531 0.08 - 99,531 0.08 - 15 Geeta Anand 99,423 0.05 (0.03) 99,423 0.08 - 99,423 0.08 - 16 Aniesha Munjal 91,704 0.07 (0.00) 91,704 0.07 - 91,704 0.07 - 17 Vinod Ahuja HUF 37,000 0.03 0.03 37,000 0.03 - 37,000 0.03 - 18 Love Kumar Khosla 15,544 0.01 0.01 13,456 0.01 - 13,456 0.01 - 19 Vandana Raheja 7,204 0.01 - 7,204 0.01 - 7,204 0.01 - 20 Raj Kumari Khosla - - (0.00) 2,088 0.00 - 2,088 0.00 - 21 Savita Grover 1,500 0.01 - 1,500 0.00 - 1,500 0.00 - 22 Bindu Gupta - - (0.00) 20 0.00 - 20 0.00 - * Beneficial owner of these shares is Abhimanyu Munjal. 159Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 24.6 There are no shares issued by way of bonus shares or issued for consideration other than cash and no shares were bought back during the period of 5 years immediately preceding the period/ year ended September 30, 2025, September 30, 2024, March 31, 2025, March 31 2024 and March 31, 2023. 24.7 Employee stock options Terms attached to stock options granted to employees are described in Note-46 regarding share based payments. 24.8 Compulsorily convertible preference shares (CCPS) Refer note 18.6 to 18.9 for terms and rights attached to Compulsorily convertible preference shares (CCPS). 25. Other equity (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Securities premium Opening balance as at reporting date 39,518.05 39,425.05 39,425.05 39,427.47 39,476.39 Add: Additions during the period/ year 3,077.90 1.40 62.36 0.08 11.10 Less: Share issue expenses (135.20) - - (2.50) (60.02) Add: Transfer from stock options outstanding account (ESOP Reserve) - - 30.64 - - Closing balance as at reporting date 42,460.75 39,426.45 39,518.05 39,425.05 39,427.47 Statutory reserve as per RBI Act Opening balance as at reporting date 4,887.73 4,772.03 4,772.03 3,568.23 2,653.52 Add: Transferred from retained earnings* - - 115.70 1,203.80 914.71 Closing balance as at reporting date 4,887.73 4,772.03 4,887.73 4,772.03 3,568.23 Statutory reserve as per NHB Act Opening balance as at reporting date 223.90 121.66 121.66 49.45 4.19 Add: Transferred from retained earnings* - - 102.24 72.21 45.26 Closing balance as at reporting date 223.90 121.66 223.90 121.66 49.45 * transfer to reserve will be done on annual period end, no transfers during period ended September 30, 2025 and September 30, 2024. 160Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Stock options outstanding account Opening balance as at reporting date 664.95 458.51 458.51 315.53 314.56 Add: Charge during the period/ year 74.14 171.76 252.06 154.55 0.97 Less: Transfer to retained earnings (47.81) (7.55) (14.98) (11.57) - Less: Transferred to security premium (3.66) - (30.64) - - Closing balance as at reporting date 687.62 622.72 664.95 458.51 315.53 General reserve Opening balance as at reporting date 1,310.21 1,310.21 1,310.21 1,310.21 1,310.21 Add: Transfer from retained earning - - - - - Closing balance as at reporting date 1,310.21 1,310.21 1,310.21 1,310.21 1,310.21 Capital reserve Opening balance as at reporting date # - - - - Add: Forfeiture of partly paid up shares - # # - - Closing balance as at reporting date # # # - - Share application money - pending allotment Opening balance as at reporting date - - - - - Add: Share application money received - 0.18 - - - Less: Share allotment - - - - - Closing balance as at reporting date - 0.18 - - - Other comprehensive income/ (loss) Opening balance as at reporting date - - - - - Add: Restated other comprehensive income/ (loss) for the period/ year, 7.60 53.11 46.29 (9.88) 13.64 net of tax Less: Transferred to retained earnings (7.60) (53.11) (46.29) 9 .88 (13.64) Closing balance as at reporting date - - - - - # Below rounding off norms. 161Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Cash flow hedge reserve Opening balance as at reporting date (587.15) (271.06) (271.06) (21.87) (17.37) Add: Restated other comprehensive income/ (loss) for the period/ year, 62.37 (237.49) (316.09) (249.19) (4.50) net of tax Closing balance as at reporting date (524.78) (508.55) (587.15) (271.06) (21.87) Retained earnings Opening balance as at reporting date 10,239.70 10,570.24 10,570.24 6,512.32 2,660.64 Add: Restated profit/ (loss) for the period/ year (1,310.66) 866.22 1,094.93 6 ,367.83 4,798.01 Add: Restated other comprehensive income/ (loss) for the period/ year, 7.60 53.11 46.29 (9.88) 13.64 net of tax Add: Transfer from stock options outstanding account (ESOP Reserve) 47.81 7.55 14.98 1 1.57 - Less: Dividend paid on equity shares (142.59) (1,273.07) (1,273.07) (1,031.18) - Less: Transfers to general reserves - - - - - Less: Transfers to statutory reserve - - (217.94) (1,276.01) (959.97) Less: Adjustment for changes in ownership interests in subsidiary 2.15 1.05 4.27 (4.41) - Closing balance as at reporting date 8,844.01 10,225.10 10,239.70 10,570.24 6,512.32 Total 57,889.44 55,969.80 56,257.39 56,386.64 51,161.34 (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Non-controlling interests Opening balance as at reporting date 76.08 60.60 60.60 4 3.87 24.58 Add: Addition during the period/ year 10.10 5.19 15.26 9.62 17.74 Add: Restated profit/ (loss) for the period/ year 3.10 1.61 4.61 2.66 1.46 Add: Restated other comprehensive income/ (loss) for the period/ year, (0.04) (0.16) (0.12) 0.04 0.09 net of tax Less: Adjustment for changes in ownership interests in subsidiary (2.15) (1.12) (4.27) 4.41 - Closing balance as at reporting date 87.09 66.12 76.08 6 0.60 43.87 162Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Nature of other equity: Securities premium: Securities premium is used to record the premium on issuance of shares. The securities premium can be utilised as per the provisions of the Companies Act, 2013. Statutory reserve: Statutoryreserveisused to record reservein accordancewith section 45-IC oftheReserveBankofIndia Act, 1934 and in accordance with section 29Cof theNHB Act, 1987. Thestatutory reserves can be utilised for the purpose as specified by the RBI and NHB from time to time. Stock options outstanding account: StockoptionoutstandingaccountiscreatedasrequiredbyIndAS102'ShareBasedPayments'ontheEmployeeStockOptionSchemeoperatedbytheGroupforemployeesofthegroup.The reserve is used to recognise the fair value of the options issued to employees under Group's employee stock option plan. Refer note 46 for further detail of this plan. General reserve: Free reserve to be utilized as per provision of the Companies Act, 2013. Cash flow hedge reserve It represents the cumulative gains/ (losses) arising on revaluation of the derivative instruments designated as cash flow hedges through OCI. Retained earnings: Retained earnings is used to record profit/ (loss) for the period/ year. This amount is utilised as per the provision of the Companies Act, 2013. Capital Reserve: The Holding Company has transferred money received for forfeited partly paid-up shares to Capital reserve at the time of re-issue of these shares, in accordance with the provision of the Companies Act, 2013 and will be utilised in accordance with the provisions of the Companies Act, 2013. 163Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 26. Revenue from operations (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Interest on: - Loans (at amortised cost) 41,318.81 41,588.54 84,654.13 7 3,698.39 5 6,491.80 - Investments (FVTPL) 634.33 486.56 1,079.45 9 94.94 5 19.44 - Fixed deposits 187.48 66.38 153.11 1 00.48 1 84.76 Dividend income 0.09 0.05 0.19 7 .12 7 .43 Profit on sale of investments 520.69 76.88 446.15 6 47.01 8 56.25 Rental income - - - - 1 .07 Gain on derecognition of financial instruments under amortised cost category 1,164.01 721.91 1,348.23 2 12.80 2 31.30 Insurance commission 990.00 921.74 1,855.34 1 ,139.91 2 12.19 Others charges 3,985.37 4,653.74 8,790.73 6 ,108.39 5 ,511.69 Total 48,800.78 48,515.80 98,327.33 82,909.04 64,015.93 27. Other income (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Fees on value added services - 174.17 454.00 6 63.83 4 46.93 Other income 36.68 134.12 251.99 2 4.44 1 2.59 Total 36.68 308.29 705.99 688.27 459.52 28. Finance costs (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Interest expense on financial liabilities measured at amortised cost - Interest on debt securities 2,709.78 2,676.87 5,214.73 4 ,681.71 3 ,942.51 - Interest on borrowings (other than debt securities) 16,019.84 15,119.08 31,679.11 2 5,349.22 1 7,060.82 - Interest on subordinated liabilities 847.11 523.54 1,241.63 8 37.49 6 91.07 - Interest on lease liabilities 51.18 56.86 135.31 1 05.22 4 5.10 - Others - - 6.35 - - Total 19,627.91 18,376.35 38,277.13 30,973.64 21,739.50 164Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 29. Net loss on fair value changes (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 (A) Net (gain)/ loss on financial instruments at fair value through profit or loss (i) On financial instruments designated at fair value through profit or loss 2,638.60 1,746.38 3,331.23 3,486.90 3,100.52 (ii) Others (103.68) (237.78) (303.24) ( 101.66) ( 103.47) Total net loss on fair value changes (A) 2 ,534.92 1 ,508.60 3,027.99 3 ,385.24 2 ,997.05 (B) Fair value changes (i) Unrealised loss 2 ,638.60 1 ,746.38 3,331.23 3 ,486.90 3 ,100.52 (ii) Unrealised gain ( 103.68) (237.78) ( 303.24) ( 101.66) ( 103.47) Total net loss on fair value changes (B) 2 ,534.92 1 ,508.60 3,027.99 3 ,385.24 2 ,997.05 30. Impairment on financial instruments (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Impairment allowance (on loans measured at amortised cost)# ( 949.38) 2 ,433.62 5,986.77 ( 192.00) 1 64.40 Impairment allowance others ( 2.44) 1 .59 20.37 - - Settlement loss and bad debts written off * 14,996.39 11,940.26 22,833.71 1 7,415.90 1 1,957.90 Total 14,044.57 14,375.47 28,840.85 17,223.90 12,122.30 *Net off recoveries from bad debts written off cases 1,461.62 1,853.51 3,634.94 3 ,742.38 4,252.80 # Including the impairment allowance as of the derecognition date 11,087.98 9,257.50 17,719.40 14,226.52 9,634.97 31. Employee benefits expenses (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Salaries and wages 3,447.64 3,108.42 6,352.74 6 ,143.22 4 ,923.97 Contribution to provident and other funds (refer note 36.1) 173.58 168.76 325.77 2 88.01 2 24.20 Employee share based payment expense (refer note 46) 76.54 189.23 278.05 2 88.28 8 5.26 Gratuity expense (refer note 36.2) 53.10 50.70 109.73 9 3.53 7 6.98 Staff welfare expenses 82.26 91.12 232.12 1 14.11 1 11.04 Total 3,833.12 3,608.23 7,298.41 6,927.15 5,421.45 165Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 32. Other expenses (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Rent 2.52 21.36 16.68 4 2.56 3 8.23 Rates and taxes 5.46 9.24 23.68 8 .28 1 4.07 Insurance 137.33 95.08 191.10 1 52.17 1 51.12 Repairs and maintenance 42.87 46.08 91.05 7 1.84 4 4.58 Contractual staff cost 1,615.38 1,604.53 3,189.70 2 ,989.27 2 ,591.80 Recruitment and training 62.73 61.99 130.24 7 3.42 1 94.87 Loan processing fee 183.99 160.12 420.01 2 50.64 2 50.03 Communication 88.70 68.37 148.38 1 07.12 1 46.13 Printing and stationery 38.73 57.34 93.15 8 7.76 1 10.51 Bank charges 133.38 137.93 273.46 2 86.35 3 08.62 Travelling and conveyance 404.58 460.41 854.19 7 30.14 5 69.44 Loss on sale of property, plant and equipment (net) 9.94 5.25 15.97 1 2.44 1 5.97 Advertisement and marketing 383.44 537.48 905.27 4 28.09 3 35.31 Information technology 1,129.24 880.78 1,824.61 1 ,718.22 1 ,343.32 Loan collection charges 4,144.69 3,686.08 8,067.54 6 ,664.99 7 ,177.88 Legal and professional 342.44 550.84 1,098.24 7 35.73 8 43.97 Auditor's remuneration (refer note 32.1) 14.86 12.67 23.13 2 0.11 1 7.14 Expenditure towards corporate social responsibility (CSR) (refer note 32.2) 97.25 123.00 125.00 4 9.88 3 2.38 Other expenditure*# 249.16 272.54 576.94 3 93.26 2 78.26 Total 9,086.69 8,791.09 18,068.34 14,822.27 14,463.63 *IncludesdonationmadetoBharatiyaJanataPartyundersection182oftheCompaniesAct,2013fortheperiod/yearendedSeptember30,2025₹Nil(September30,2024:₹Nil;March31,2025:₹85.00millions;March 31, 2024: ₹ 80.00 millions; March 31, 2023: ₹ Nil). # Includes director's sitting fee of ₹ 5.56 millions for the period/ year ended September 30, 2025 (September 30, 2024: ₹ 6.21 millions; March 31, 2025: ₹ 13.27 millions; March 31, 2024: ₹ 5.12 millions; March 31, 2023: ₹ 2.56 millions). 32.1: Auditor's remuneration For the period ended For the period ended For the year ended For the year ended For the year ended Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Audit fee** 7.07 6.42 12.89 1 1.90 9 .50 Limited review* 6.16 5.00 7.80 6 .60 5 .70 Certification fees* - 0.50 1.20 0 .70 0 .80 Out of pocket expenses 1.63 0.75 1.24 0 .91 1 .14 Total 14.86 12.67 23.13 20.11 17.14 *₹ 2.70 millions is included in the period ended September 30, 2024 and year ended March 31, 2025, paid to predecessor auditor. ** In addition, an amount of ₹ 19.60 millions was paid to the auditors towards Euro Medium Term Note (EMT Note) bond issue for the period ended September 30, 2025. ** In addition, an amount of ₹ 21.03 million was paid to the auditors during the half year ended September 30, 2024 and year ended March 31, 2025 towards proposed IPO of the Holding Company. 166Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 32.2: Expenditure on Corporate Social Responsibility (CSR) For the period ended For the period ended For the year ended For the year ended For the year ended Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 (a) Gross amount required to be spent by the Group during the period/ year 1 70.64 1 23.80 123.80 46.40 11.70 (b) Amount approved by the Board to be spent during the period/ year 173.00 1 25.00 125.00 4 9.90 4 3.90 (c) Amount spent during the period/ year on*: i) Construction/ acquisition of any assets 8.30 - - - - ii) On purpose other than (i) above 88.95 3 7.30 125.00 4 9.90 4 3.90 (d) Remaining amount to be spent for the financial year 73.34 8 6.50 - (e) Shortfall at the end of the period/ year - - - - - (f) Total of previous years shortfall - - - - 1 1.59 (g) Reason for shortfall - - - - - (h) Nature of CSR activities # # # # # (i)Amountcarriedforwardfrompreviousyearforsettingoffinthecurrentperiod/ - - - - - year (j) Excess amount spent during the period/ year carried forward to subsequent - - - - - period/ year (k) The group has spent excess/(short) amount and details of the same are as follows: Balance not carried Amount required to be spent Amount spent during the Balance carried forward to For the period/ year ended Opening Balance forward to next period/ during the period/ year period/ year next period/ year** year September 30, 2025 - 170.59 97.25 - (73.34) September 30, 2024 - 123.80 37.30 - (86.50) March 31, 2025 - 123.80 125.00 1 .20 - March 31, 2024 - 46.40 49.90 3 .50 - March 31, 2023^ (11.59) 11.70 4 3.90 2 0.61 - * There is no related party transaction by the Group in relation to CSR expenditure. # Promote financial literacy, education, skill development and health & hygiene. ** This pertains to remaining amount to be spent in the remaining financial year. ^ The excess amounting to ₹ 20.61 million relates to the Holding Company. 167Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 33 Earning per share Thebasicearningspershareiscomputedbydividingthenetprofitattributabletoequityshareholdersfortheyearbytheweightedaveragenumberofequitysharesoutstandingduringtheyear.Dilutedearningspershare iscomputedusingtheweightedaveragenumberofequitysharesandalsotheweightedaveragenumberofequitysharesthatcouldhavebeenissuedontheconversionofalldilutivepotentialequityshares.Thedilutive potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair value. The following table shows the income and share data used in the basic and diluted EPS calculations: For the period ended For the period ended For the year ended For the year ended For the year ended Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Restated net profit/ (loss) for the period/ year attributable to owners of the (1,310.66) 866.22 1,094.93 6,367.83 4,798.01 Company (₹ in millions) (A) Calculation of weighted average number of equity shares Number of equity shares outstanding at the beginning of the period/ year 127,412,759 127,306,674 127,306,674 127,306,674 127,306,674 Number of equity shares issued during the period/ year 2,214,277 548 106,633 - - Number of equity shares forfeited during the period/ year - (548) (548) - - Number of equity shares outstanding at the end of the period/ year 129,627,036 127,306,674 127,412,759 127,306,674 127,306,674 Nominal value of equity share (in ₹) 10 10 1 0 1 0 1 0 Weighted average number of equity shares outstanding during the period/ year 128,694,955 127,306,413 127,352,756 127,306,273 127,306,271 (B) Basic earnings per share of face value of ₹ 10 each* (A)/ (B) (10.18) 6.80 8 .60 50.02 37.69 Weighted average number of potential dilutive equity shares (C) 128,988,360 127,562,628 127,587,349 127,560,202 127,423,670 Dilutive earnings per share of face value of ₹ 10 each* (A)/ (C) (10.18) 6.79 8 .58 49.92 37.65 Weighted average number of equity shares (diluted) Weighted average number of equity shares outstanding during the period/ year 128,694,955 127,306,413 127,352,756 127,306,273 127,306,271 Add: Number of potential equity share in respect of employee stock option 293,405 256,215 234,593 253,929 117,399 scheme and partly paid up shares Weighted average number of potential dilutive equity shares 128,988,360 127,562,628 127,587,349 127,560,202 127,423,670 * earnings not annualized for the six months/ period ended September 30, 2025 and September 30, 2024 168Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 34 Operating segments Anoperatingsegmentisacomponentthatengagesinbusinessactivitiesfromwhichitmayearnrevenuesandincurexpenses,includingrevenuesandexpensesthatrelatetotransactionswithanyoftheGroup’sothercomponents,and forwhichdiscretefinancialinformationisavailable.TheGroupisengagedinthebusinessoffinancing,leasingandrelatedfinancialservices.TheGroup'sactivities/businessisreviewedfromanoverallbusinessperspective,rather than reviewing its product/ services as individual standalone components. Thus, the Group has only one operating segment, and no reportable segments in accordance with Ind AS 108 Operating Segments. a)The Group wide disclosures as required by Ind AS 108 are as follows; Information about products and services: TheGroupprovidesawideportfolioofotherfinancialproductsincludingtwo-wheelerloans,pre-ownedcarloans,loyaltypersonalloan,inventoryfunding,loanagainstproperty,housingloan,loanstoSMEsandemergingcorporates etc. The break-up of revenue from interest income and other income is provided in note 26. b)Revenue from external customers The entire income of the Group is generated from customers who are domiciled in India. c)Revenue from external customer The Group does not derives revenues, from any single customer, amounting to ten per cent or more of Group’s revenues. 35 Investment in subsidiary The restated consolidated financial information include the financial information of Holding Company and its subsidiary. Group does not have any joint ventures or associates. Net assets, i.e. total asset minus total liability As at September 30, 2025 As at September 30, 2024 As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 Amount As % of Amount As % of Amount As % of Amount As % of Amount As % of ₹ in Millions consolidated net ₹ in Millions consolidated net ₹ in Millions consolidated net ₹ in Millions consolidated net ₹ in Millions consolidated net assets assets assets assets assets Parent Hero FinCorp Limited 58,466.28 98.78% 5 7,147.57 99.83% 57,124.02 99.29% 57,755.48 100.17% 52,886.18 100.86% Subsidiary Hero Housing Finance Limited 8,805.80 14.88% 8,167.08 14.27% 8,483.33 14.73% 7,974.42 13.83% 7,592.09 14.48% Inter Company (7,999.28) (13.51%) (8,005.66) (13.98%) (7,999.75) 13.90% (8,009.60) (13.89%) (8,000.00) (15.26%) Non controlling interest in subsidiary (87.09) (0.15%) (66.12) (0.12%) (76.08) 0.12% (60.60) (0.11%) (43.87) (0.08%) Total 59,185.71 100.00% 57,242.87 100.00% 57,531.52 100.00% 57,659.70 100.00% 52,434.40 100.00% 169Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Share in profit and loss For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Amount As % of Amount As % of Amount As % of Amount As % of Amount As % of ₹ in Millions consolidated ₹ in Millions consolidated ₹ in Millions consolidated ₹ in Millions consolidated ₹ in Millions consolidated profit & loss profit & loss profit & loss profit & loss profit & loss Parent Hero FinCorp Limited (1,625.42) 124.02% 660.27 76.23% 578.43 52.83% 6,019.19 94.52% 4,573.26 95.32% Subsidiary Hero Housing Finance Limited 317.34 (24.21%) 203.32 23.47% 511.02 46.67% 361.03 5.67% 226.21 4.71% Inter Company 0.52 (0.05%) 4.24 0.49% 10.09 0.92% (9.74) (0.15%) - - Non controlling interest in subsidiary (3.10) 0.24% (1.61) (0.19%) (4.61) (0.42%) (2.65) (0.04%) (1.46) (0.03%) Total (1,310.66) 100.00% 866.22 100.00% 1,094.93 100.00% 6,367.83 100.00% 4,798.01 100.00% Share in other comprehensive income For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Amount As % of Amount As % of Amount As % of Amount As % of Amount As % of ₹ in Millions consolidated ₹ in Millions consolidated ₹ in Millions consolidated ₹ in Millions consolidated ₹ in Millions consolidated other other other other other comprehensive comprehensive comprehensive comprehensive comprehensive income income income income income Parent Hero FinCorp Limited 72.08 102.94% (166.68) 90.48% (255.55) 94.73% (264.68) 102.14% (1.51) (16.48%) Subsidiary Hero Housing Finance Limited (2.11) (3.00%) (17.70) 9.61% (14.37) 5.32% 5.61 (2.16%) 10.74 117.58% Non controlling interest in subsidiary # 0.06% 0.19 (0.09%) 0.12 0.05% (0.04) 0.02% (0.09) (1.10%) Total 69.97 100.00% (184.19) 100.00% (269.80) 100.00% (259.11) 100.00% 9.14 100.00% # Below rounding off norms. Share in total comprehensive income For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Amount As % of Amount As % of Amount As % of Amount As % of Amount As % of ₹ in Millions consolidated ₹ in Millions consolidated ₹ in Millions consolidated ₹ in Millions consolidated ₹ in Millions consolidated total total total total total comprehensive comprehensive comprehensive comprehensive comprehensive income income income income income Parent Hero FinCorp Limited (1,553.41) 125.20% 493.60 72.37% 322.90 39.13% 5,754.53 94.20% 4,571.80 95.10% Subsidiary Hero Housing Finance Limited 315.30 (25.41%) 185.61 27.21% 496.63 60.19% 366.58 6.00% 236.91 4.93% Inter Company 0.52 (0.04%) 4.24 0.63% 10.09 1.23% (9.70) (0.15%) - 0.00% Non controlling interest in subsidiary (3.10) 0.25% (1.42) (0.21%) (4.49) (0.55%) (2.80) (0.05%) (1.60) (0.03%) Total (1,240.69) 100.00% 682.03 100.00% 825.13 100.00% 6,108.61 100.00% 4,807.11 100.00% 170Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 36 Retirement benefit plan 36.1 Defined contribution plan TheGroupmakesperiodiccontributiontowardsprovidentfund,superannuation fundand nationalpensionschemewhicharedefined contributionplans. TheGrouphasnoobligationsotherthantomakethe specified contributions. The contributions are charged to the consolidated statement of profit and loss as they accrue. The amount recognized as expense towards such contributions are as follows: (₹ in Millions) As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Employer's contribution to provident fund 157.50 153.77 303.09 264.81 205.25 Employer's contribution to superannuation fund 3.00 6.00 3.71 9.40 9.42 Employer's contribution to national pension scheme 13.08 8.99 18.97 13.80 9.53 Total 173.58 168.76 325.77 288.01 224.20 36.2 Defined benefit plan TheGroupoperatesanunfundedgratuityplanwhereineveryemployeeisentitledtothebenefitequivalentto15dayssalarylastdrawnforeachcompletedyearofservice.Thesameispayableonterminationof service,orretirement,ordeath,whicheverisearlier.Thebenefitvestsafterfiveyearofcontinuousservice.ThebenefittoemployeesisaspertheplanrulesorasperthePaymentofGratuityAct,1972,whichever is earlier. i) Reconciliation of the net defined benefit liability The following table shows a reconciliation from the opening balances to the closing balances for net defined benefit liability and its components: (₹ in Millions) Particulars As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Balance at the beginning of the year 429.60 396.69 396.69 311.02 269.36 Included in statement of profit and loss: Current service cost 39.29 36.56 81.49 70.74 59.17 Interest expense 13.81 14.14 28.24 22.79 17.81 Benefits paid (17.82) (7.13) (14.96) (22.18) (19.02) 35.28 43.57 94.77 71.35 57.96 Remeasurement gains/ (losses) in other comprehensive income (OCI) Actuarial loss/(gain) arising from : - demographic assumptions (5.51) (3.72) (4.16) (2.34) (3.84) - financial assumptions 7.37 4.24 11.84 12.12 (3.99) - experience adjustment (12.00) (69.64) (69.54) 4.54 (8.47) (10.14) (69.12) (61.86) 14.32 (16.30) 171Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) Particulars As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Other Contributions paid by the employer - - - - - Balance at the end of the year 454.74 371.14 429.60 396.69 311.02 Since the liability is not funded, therefore information with regards to the plan assets has not been furnished. ii) Expense recognised in statement of profit and loss: (₹ in Millions) Particulars For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Current service cost 39.29 36.56 81.49 70.74 59.17 Net interest expense/(income) 13.81 14.14 28.24 22.79 17.81 Total 53.10 50.70 109.73 93.53 76.98 iii) Expense recognised in other comprehensive (income)/loss: (₹ in Millions) Particulars For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Remeasurement (gains)/ losses Actuarial loss/ (gain)arising from : - demographic assumptions (5.51) (3.72) (4.16) (2.34) (3.84) - financial assumptions 7.37 4.24 11.84 12.14 (4.00) - experience adjustment (12.00) (69.64) (69.54) 4.52 (8.46) Total (10.14) (69.12) (61.86) 14.32 (16.30) iv) Plan characteristics and associated risks Valuationsareperformedoncertainbasicsetofpre-determinedassumptionsandotherregulatoryframeworkwhichmayvaryovertime.Thus,theGroupisexposedtovariousrisksinprovidingtheabovegratuity benefit which are as follows: InterestRaterisk:TheplanexposestheGrouptotheriskoffallininterestrates.Afallininterestrateswillresultinanincreaseintheultimatecostofprovidingtheabovebenefitandwillthusresultinan increase in the value of the liability (as shown in financial statements). 172Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information LiquidityRisk:ThisistheriskthattheGroupisnotabletomeettheshort-termgratuitypayouts.Thismayariseduetononavailabiltyofenoughcash/cashequivalenttomeettheliabilitiesorholdingofilliquid assets not being sold in time. SalaryEscalationRisk:Thepresentvalueofthedefinedbenefitplaniscalculatedwiththeassumptionofsalaryincreaserateofplanparticipantsinfuture.Deviationintherateofincreaseofsalaryinfuturefor plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan's liabilty. DemographicRisk:TheGrouphasusedcertainmortalityandattritionassumptionsinvaluationoftheliability.TheGroupisexposedtotheriskofactualexperienceturningouttobeworsecomparedtothe assumption. RegulatoryRisk:GratuitybenefitispaidinaccordancewiththerequirementsofthePaymentofGratuityAct,1972(asamendedfromtimetotime).Thereisariskofchangeinregulationsrequiringhigher gratuity payouts. v) Actuarial assumptions Principal actuarial assumptions at the reporting date (expressed as weighted averages) of Holding Company: As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Discount rate 6.10% 6.90% 6.50% 7.15% 7.30% Withdrawal rate Up to 30 years 25.00% 22.00% 22.00% 22.00% 22.00% 31 - 44 years 25.00% 22.00% 22.00% 22.00% 22.00% Above 44 years 25.00% 22.00% 22.00% 22.00% 22.00% Mortality rate 100% of 100% of 100% of 100% of 100% of IALM 2012-14 IALM 2012-14 IALM 2012-14 IALM 2012-14 IALM 2012-14 Retirement age (years) 58 58 58 58 58 Future salary growth* 7-10% 7-10% 7-10% 7-12% 7-12% *The estimate of future salary increase considered in actuarial valuation take account of inflation, seniority, promotion and relevant factors such as supply and demand in the employment market etc. 173Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Principal actuarial assumptions at the reporting date (expressed as weighted averages) of Subsidiary Company: As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Discount rate 6.30% 6.85% 6.55% 7.15% 7.40% Withdrawal rate 10%-20% 10%-20% 10%-20% 10%-15% 10.00% Mortality rate 100% of 100% of 100% of 100% of 100% of IALM 2012-14 IALM 2012-14 IALM 2012-14 IALM 2012-14 IALM 2012-14 Retirement age (years) 58 years 58 years 58 years 58 years 58 years Future salary growth* 10.00% 10.00% 10.00% 10.00% 10.00% *The estimate of future salary increase considered in actuarial valuation take account of inflation, seniority, promotion and relevant factors such as supply and demand in the employment market etc. vi) Sensitivity analysis of significant assumptions Thefollowingtablepresentasensitivityanalysistooneoftherelevantactuarialassumption,holdingotherassumptionsconstant,showinghowthedefinedbenefitobligationwouldhavebeenaffectedbychanges in the relevant actuarial assumptions that were reasonably possible at the reporting date. (₹ in Millions) Particulars As at As at September 30, 2025 September 30, 2024 Increase Decrease Increase Decrease Discount rate (- / + 1%) 437.33 472.09 356.24 387.31 Salary growth rate (- / + 1%) 471.10 437.84 386.47 356.74 Attrition rate (- / + 50%) 429.99 488.74 351.27 396.63 Mortality rate (- / + 10%) 454.06 454.06 371.15 371.14 (₹ in Millions) Particulars As at As at As at March 31, 2025 March 31, 2024 March 31, 2023 Increase Decrease Increase Decrease Increase Decrease Discount rate (- / + 1%) 412.24 448.31 382.31 412.33 300.11 322.81 Salary growth rate (- / + 1%) 447.03 413.02 411.18 382.93 322.13 300.46 Attrition rate (- / + 50%) 406.00 461.42 379.78 417.51 300.27 323.59 Mortality rate (- / + 10%) 429.54 429.55 396.69 396.68 310.98 310.98 Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown. 174Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information vii) Expected contribution during the next annual reporting period Since the scheme is managed on unfunded basis, the next period/ year contribution is taken as Nil (September 30, 2024: Nil; March 31, 2025: Nil; March 31, 2024: Nil; March 31, 2023: Nil). viii) Expected maturity analysis of the defined benefit plans in future years (valued on undiscounted basis) (₹ in Millions) Duration (years) As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 within the next 12 months 126.27 97.08 108.71 154.13 136.62 Between 2 to 5 years 267.17 209.80 242.83 181.48 128.06 Above 5 years 195.78 207.83 232.87 205.09 159.82 AsatSeptember30,2025,theweighted-averagedurationofthedefinedbenefitobligationwas4years(September30,2024:4years;March31,2025:3years;March31,2024:3years;March31,2023:3years) for the Holding Company and 6 years (September 30, 2024: 6 years; March 31, 2025: 6 years; March 31, 2024: 7 years; March 31, 2023: 8 years) for the Subsidiary Company. 36.3 Other long term employee benefit plan Otherlongtermemployeebenefitplanscomprisescompensatedabsences.TheGroupoperatescompensatedabsencesplan(earnedleaves),whereineveryemployeeisentitledtothebenefitequivalenttocertain leavesforeverycompletedyearof servicesubject tomaximum asprescribed inthepolicies. Thesameis payableduringearlyretirement, withdrawalof scheme, resignation byemployeeand upon deathof employee. TheHolding Companyalso recognises sick leaveprovision, wherein everyemployee is entitled tothe benefit equivalent to6 days salary for everycompleted year of service which is subject to maximumof20daysaccumulationofleaves.Theamountoftheprovisionis₹325.80millions(September30,2024:₹309.00millions;March31,2025:₹327.16millions;March31,2024:₹301.91millions; March 31, 2023: ₹ 237.72 millions) as per the actuarial report. 175Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 37 Maturity analysis of assets and liabilities The table below shows a maturity analysis of assets and liabilities. Loans is net of impairment loss allowance on loans considering realisability, the amount recoverable from Stage 3 assets is classified under after 12 months. (₹ in Millions) As at September 30, 2025 As at September 30, 2024 Particulars Within After Total Within After Total 12 months 12 months 12 months 12 months Assets Financial assets Cash and cash equivalents 3 ,442.07 - 3,442.07 5 ,005.04 - 5,005.04 Bank balance other than cash and cash equivalents 7 54.36 - 7 54.36 609.77 - 6 09.77 Derivative financial instruments 2 ,058.41 1 ,496.99 3,555.40 1 ,575.61 59.53 1,635.14 Trade receivables 3 56.33 - 3 56.33 199.87 - 1 99.87 Loans 228,990.72 303,749.17 532,739.89 2 40,133.01 2 85,468.09 525,601.10 Investments 22,149.49 2 57.50 22,406.99 1 9,637.74 77.60 19,715.34 Other financial assets 2 ,379.62 1 ,546.51 3,926.13 2 ,325.28 957.28 3,282.56 Non financial assets Current tax assets (net) - 1 ,397.52 1,397.52 - 1 ,563.24 1,563.24 Deferred tax assets (net) - 4 ,249.69 4,249.69 - 4 ,040.36 4,040.36 Property, plant and equipment - 1 ,559.30 1,559.30 - 1 ,702.36 1,702.36 Capital work in progress - 3 7.34 3 7.34 - 0.30 0.30 Right-of-use assets - 9 74.64 9 74.64 - 1 ,096.10 1,096.10 Intangible assets under development - 2 57.50 2 57.50 - 311.10 3 11.10 Other intangible assets - 9 31.36 9 31.36 - 362.24 3 62.24 Other non-financial assets 2 ,018.55 4 0.92 2,059.47 1 ,542.21 32.46 1,574.67 Total assets 2 62,149.55 3 16,498.44 5 78,647.99 2 71,028.53 2 95,670.66 5 66,699.19 176Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at September 30, 2025 As at September 30, 2024 Particulars Within After Total Within After Total 12 months 12 months 12 months 12 months Liabilities Financial liabilities Trade Payables (i) Total outstanding dues of micro enterprise 78.37 - 78.37 38.96 - 3 8.96 and small enterprise (ii) Total outstanding dues of creditors other 5,307.38 - 5,307.38 5 ,210.41 - 5,210.41 than micro enterprise and small enterprise Debt securities 37,810.54 23,911.25 61,721.79 5 2,166.47 1 1,671.83 63,838.30 Borrowing (other than debt securities) 148,515.81 241,965.91 390,481.72 1 32,797.99 2 53,988.36 386,786.35 Subordinated liabilities 1,878.19 51,718.13 53,596.32 1 ,836.80 4 3,656.57 45,493.37 Lease Liabilities 316.45 783.52 1,099.97 228.82 973.52 1,202.34 Other financial liabilities 5,292.29 157.98 5,450.27 4 ,657.83 424.11 5,081.94 Non financial liabilities Current tax liabilities (net) - - - 4 26.05 - 4 26.05 Deferred tax liabilities (net) 1 34.70 - 1 34.70 - - - Provisions 2 29.84 5 50.70 7 80.54 1 86.81 4 93.33 6 80.14 Other non - financial liabilities 5 33.89 1 90.24 7 24.13 4 19.22 2 13.12 6 32.34 Total liabilities 2 00,097.46 3 19,277.73 5 19,375.19 1 97,969.36 3 11,420.84 5 09,390.20 Net 6 2,052.09 (2,779.29) 59,272.80 7 3,059.17 (15,750.18) 5 7,308.99 (₹ in Millions) As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 Particulars Within After Total Within After Total Within After Total 12 months 12 months 12 months 12 months 12 months 12 months Assets Financial assets Cash and cash equivalents 19,645.99 - 19,645.99 9 87.84 - 9 87.84 7 ,501.40 - 7,501.40 Bank balance other than cash and cash equivalents 6 73.99 - 6 73.99 5 90.68 - 5 90.68 412.17 - 4 12.17 Derivative financial instruments 1,404.64 (255.50) 1 ,149.14 8 48.89 4 88.28 1,337.17 (0.47) 1 ,158.63 1,158.16 Trade receivables 2 74.04 - 2 74.04 1 00.67 - 1 00.67 13.02 - 1 3.02 Loans 230,715.37 307,437.59 538,152.96 222,306.47 276,498.23 498,804.70 1 88,143.07 2 10,569.62 398,712.69 Investments 25,306.25 2 55.10 25,561.35 18,883.35 7 6.21 18,959.56 1 7,298.74 176.20 17,474.94 Other financial assets 2,279.15 1 ,273.61 3 ,552.76 1 ,346.73 5 21.90 1,868.63 1 ,532.79 363.50 1,896.29 177Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 Particulars Within After Total Within After Total Within After Total 12 months 12 months 12 months 12 months 12 months 12 months Non financial assets Current tax assets (net) - 1 ,656.52 1 ,656.52 - 1 ,555.44 1,555.44 - 1 ,474.14 1,474.14 Deferred tax assets (net) - 4 ,635.30 4 ,635.30 - 3 ,690.19 3,690.19 - 3 ,761.54 3,761.54 Property, plant and equipment - 1 ,721.92 1 ,721.92 - 1 ,810.04 1,810.04 - 675.90 6 75.90 Capital work in progress - 1 5.52 1 5.52 - - - - - - Right-of-use assets - 1 ,124.72 1 ,124.72 - 1 ,182.72 1,182.72 - 455.54 4 55.54 Intangible assets under development - 1 81.54 1 81.54 - 7.50 7.50 - 27.60 2 7.60 Intangible assets - 7 36.56 7 36.56 - 2 71.74 2 71.74 - 191.54 1 91.54 Other non-financial assets 1,328.72 1 2.86 1 ,341.58 8 52.41 2 7.34 8 79.75 752.43 4.95 7 57.38 Total assets 281,628.15 3 18,795.74 6 00,423.89 2 45,917.04 2 86,129.59 5 32,046.63 2 15,653.15 2 18,859.16 4 34,512.31 Liabilities Financial liabilities Trade Payables (i) Total outstanding dues of micro enterprise 4 9.06 - 4 9.06 7.31 - 7.31 24.75 - 2 4.75 and small enterprise (ii) Total outstanding dues of creditors other 5,272.39 - 5 ,272.39 4,382.72 - 4,382.72 4 ,878.84 81.40 4,960.24 than micro enterprise and small enterprise Debt securities 55,922.60 15,824.84 71,747.44 54,032.10 13,005.05 67,037.15 4 0,772.77 2 6,698.02 67,470.79 Borrowing (other than debt securities) 146,663.62 261,166.26 407,829.88 139,492.30 218,911.60 358,403.90 9 8,487.12 1 67,642.75 266,129.87 Subordinated liabilities 30,590.22 19,378.92 49,969.14 3 70.03 35,883.68 36,253.71 357.70 3 2,320.24 32,677.94 Lease Liabilities 3 30.20 9 08.54 1 ,238.74 2 00.12 1 ,072.27 1,272.39 112.37 411.62 5 23.99 Other financial liabilities 4,767.60 2 21.58 4 ,989.18 4 ,465.90 6 47.44 5,113.34 8 ,776.10 251.14 9,027.24 Non financial liabilities Current tax liabilities (net) 1 00.46 - 1 00.46 4 08.54 - 4 08.54 1 0.34 - 1 0.34 Deferred tax liabilities (net) - 5 0.50 5 0.50 - - - - - - Provisions 2 00.17 5 56.59 7 56.76 2 64.22 4 34.38 6 98.60 2 30.90 3 17.84 5 48.74 Other non - financial liabilities 5 93.23 2 19.51 8 12.74 5 18.04 2 30.63 7 48.67 5 18.61 1 41.53 6 60.14 Total liabilities 244,489.55 2 98,326.74 5 42,816.29 2 04,141.28 2 70,185.05 4 74,326.33 1 54,169.50 2 27,864.54 3 82,034.04 Net 3 7,138.60 2 0,469.00 57,607.60 4 1,775.76 1 5,944.54 57,720.30 6 1,483.65 (9,005.38) 5 2,478.27 178Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 38 Change in liabilities arising from financing activities (₹ in Millions) As at Cash flows Others As at Particulars April 1, 2025 September 30, 2025 Debt securities* 71,747.44 (11,189.62) 1,163.97 61,721.79 Borrowings other than debt securities 407,829.88 (19,416.28) 2,068.12 390,481.72 Subordinated liabilities 49,969.14 900.00 2,727.18 53,596.32 Lease Liabilities 1,238.74 (219.93) 81.16 1,099.97 Total liabilities from financing activities 530,785.20 (29,925.83) 6,040.43 506,899.80 (₹ in Millions) As at Cash flows Others As at Particulars April 1, 2024 September 30, 2024 Debt securities* 67,037.15 (3,224.98) 26.13 63,838.30 Borrowings other than debt securities 358,403.90 27,787.26 595.19 386,786.35 Subordinated liabilities 36,253.71 7,500.00 1,739.66 45,493.37 Lease Liabilities 1,272.39 (206.55) 136.50 1,202.34 Total liabilities from financing activities 462,967.15 31,855.73 2,497.48 497,320.36 (₹ in Millions) As at Cash flows Others As at Particulars April 1, 2024 March 31, 2025 Debt securities* 67,037.15 5,829.54 (1,119.25) 71,747.44 Borrowings other than debt securities 358,403.90 49,270.63 155.35 407,829.88 Subordinated liabilities 36,253.71 10,249.99 3,465.44 49,969.14 Lease Liabilities 1,272.39 (423.35) 389.70 1,238.74 Total liabilities from financing activities 462,967.15 64,926.81 2,891.24 530,785.20 179Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at Cash flows Others As at Particulars April 1, 2023 March 31, 2024 Debt securities* 67,470.79 (2,747.60) 2,313.96 67,037.15 Borrowings other than debt securities 266,129.87 91,216.30 1,057.73 358,403.90 Subordinated liabilities 32,677.94 75.64 3,500.13 36,253.71 Lease Liabilities 523.99 (346.10) 1,094.50 1,272.39 Total liabilities from financing activities 366,802.59 88,198.24 7,966.32 462,967.15 (₹ in Millions) As at Cash flows Others As at Particulars April 1, 2022 March 31, 2023 Debt securities* 59,810.44 5,577.50 2,082.85 67,470.79 Borrowings other than debt securities 220,306.69 44,499.00 1,324.18 266,129.87 Subordinated liabilities 6,680.17 22,799.10 3,198.67 32,677.94 Lease Liabilities 484.82 (150.68) 189.85 523.99 Total liabilities from financing activities 287,282.12 72,724.92 6,795.55 366,802.59 *Others in debt securities represent discount on commercial paper amortised during the year. 39 Contingent liabilities, commitments and leasing arrangements 39.1 Capital commitment (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 (i) Estimated amount of contracts remaining to be 507.84 258.16 161.23 60.51 89.50 executed on capital account and not provided for* (ii) Undrawn committed credit lines 23,470.50 24,129.19 28,218.79 20,916.84 12,886.64 Total 23,978.34 24,387.35 28,380.02 20,977.35 12,976.14 *Net of advances paid 180Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 39.2 Contingent liability (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Claims against the Group not acknowledged as debt: VAT matters under appeal - - 0.90 2.00 2.00 Income tax matters Appeals/ Writ by the Group 1,090.30 1,073.50 1,090.27 1,126.17 3,121.07 Appeals by the Income tax department - - - 3.30 3.30 Bank Guarantee* 7.50 7.50 7.50 5.00 5.00 Total 1,097.80 1,081.00 1,098.67 1,136.47 3,131.37 *The Group has provided bank guarantee to National Stock Exchange to comply with the requirement of Recovery Expense Fund as per SEBI Circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/207 dated October 22, 2020. (a) The Parliament has approved the Code on Social Security, 2020 ('Code') which may impact the contribution by the Group towards Provident Fund and Gratuity. The effective date from which the Code and its provisions would be applicable is yet to be notified and the rules which would provide the details based on which financial impactcanbedeterminedareyettobeframedafterwhichthefinancialimpactcanbeascertained.TheGroupwillcompleteitsevaluationandwillgiveappropriateimpact, if any, in the financial result following the Code becoming effective and the related rules being framed and notified. 39.3 Litigations constitute the pending litigations filed by customers/vendors/ex-employees/others against the Group for service deficiency/title claims/monetary claims, etc. whichisinthecourseof businessasusual.AsidestheabovetheGroupinitsrightfulentitlementinitiatesappropriatelegalproceedingsforrecoveryof loanandenforcing securityinterest.Aprovisioniscreatedwhereanunfavourableoutcomeisdeemedprobablebasedonreviewofpendinglitigationswithitslegalcounselsandassessmentof suchcontingencyas‘low’,‘medium’or‘high’.Inrespectoftheopenlitigations,theManagementbelievesthattheoutcomeofsuchmatterswillnothaveamaterialadverse effect on the Group’s financial position, its operations and cash flows. 181Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 40 Related party transactions List of Related parties where transactions have occurred during the year: (a) Parties having significant influence over the Group: Hero MotoCorp Limited Bahadur Chand Investment Private Limited - Core Investment Company (b) Subsidiary Company: Hero Housing Finance Limited (c) Key managerial personnel (KMP): Mr. Pawan Munjal – Chairman Ms. Renu Munjal – Whole Time Director (upto May 02, 2024 designated as Managing Director) Mr. Abhimanyu Munjal – Managing Director & CEO (upto May 02, 2024 designated as Joint Managing Director & Chief Executive Officer) Mr. Pradeep Dinodia - Non-Executive Director Mr. Vivek Chaand Sehgal - Non-Executive Director (upto February 05, 2024) Mr. Sanjay Kukreja - Non-Executive Director Mr. Matthew Russell Michelini - Non-Executive Director (w.e.f August 03, 2022 upto February 05, 2024) Mr. Jayesh Jain – Chief Financial Officer (upto May 21, 2023)# Mr. Sajin Mangalathu - Chief Financial Officer (w.e.f August 04, 2023)# Mr. Shivendra Kumar Suman – Company Secretary# Mr. Amar Raj Singh Bindra - Non-Executive Director (w.e.f May 01, 2023) Mr. Paramdeep Singh - Non-Executive Director (w.e.f May 01, 2023) Ms. Anuranjita Kumar - Non-Executive Director (w.e.f February 05, 2024) Mr. Kaushik Dutta - Non-Executive Director (w.e.f June 27, 2024 ) Ms. Aparna Popat Ved - Non-Executive Director (w.e.f June 27, 2024 ) # identified as per the provisions of Companies Act, 2013 182Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (d) Enterprises over which key management personnel and their relatives are able to exercise significant influence: Hero Investcorp Private Limited Hero Solar Energy Private Limited Brijmohan Lal Om Parkash (Partnership Firm) Munjal Acme Packaging Systems Private Limited Cosmic Kitchen Private Limited Ather Energy Limited (formerly known as Ather Energy Private Limited) Hamari Asha Foundation BML Munjal University Richa Global Export Private Limited Foodcraft India Private Limited Herox Private Limited Motherson Lease Solution Limited (upto February 05, 2024) Northcap Services Private Limited (w.e.f February 05, 2024) Hero Mind Mine Institute Private Limited (upto June 30, 2024) Pawan Munjal Family Trust (w.e.f April 01, 2024) RK Munjal and Sons Trust (w.e.f April 01, 2024) Survam Trust (w.e.f April 01, 2024) Munjal Family Trust (w.e.f April 01, 2024) Paisabazaar Marketing and Consulting Private Limited (w.e.f. June 27, 2024) Elvy Lifestyle Private Limited A. Transactions with related parties during the period/ year: (a) Transaction with parties having significant influence over the Group (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Hero MotoCorp Limited Dividend received 0.09 0.05 0.19 0.18 0.10 Dividend paid on equity shares 57.68 524.32 524.32 424.70 - Dividend paid on compulsorily convertible preference shares 210.00 210.00 210.00 166.27 - Purchase of vehicles - - 1.25 - - Subvention income - 2.94 7.76 28.83 30.60 Other Income - - 32.37 - - Lease rental received - - - - 1.10 Reimbursement for sale of operating lease vehicles - - - - 2.10 Issuance of compulsorily convertible preference shares - - - - 7,000.00 Bahadur Chand Investment Private Limited - Core Investment Company Dividend paid on equity shares 28.49 258.97 258.97 209.76 - 183Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (b) Enterprises over which key management personnel and their relatives are able to exercise significant influence (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Cosmic Kitchen Private Limited Staff welfare expense and others 10.50 10.14 24.61 22.22 9.30 Business Promotion Expense - - - 1.17 4.20 Brijmohan Lal Om Parkash (Partnership firm) Dividend paid on equity shares 13.33 121.22 121.22 98.19 - Dividend paid on compulsorily convertible preference shares 24.00 24.00 24.00 19.00 - Issuance of compulsorily convertible preference shares - - - - 800.00 Hero Investcorp Private Limited Dividend paid on equity shares 3.78 34.33 34.33 27.81 - Munjal Acme Packaging Systems Private Limited Dividend paid on equity shares 2.11 19.22 19.22 15.57 - Ather Energy Limited (formerly known as Ather Energy Private Limited) Loan given - - - - 1,500.00 Loan repaid - 544.48 1,077.46 1,067.47 1,338.00 Processing fees received - - - - 18.80 Interest received/accrued - 57.99 79.64 216.55 171.60 Subvention income - - - 5.53 - Margin money paid - 24.38 24.38 30.44 - Right to subscribe income - 4.64 4.64 - - Dealer commission expense - 0.10 0.19 - - Hero Solar Energy Private Limited Loan given (including interest capitalisation) - - - - - Loan repaid - - - 502.15 1,760.80 Processing fees received - - - - - Interest received/accrued - - - 5.80 182.30 Interest waiver - - - 3.80 - Motherson Lease Solution Limited Loan repaid - - - - 425.80 Interest received/accrued - - - - 33.50 Dividend paid - - - 0.39 - 184Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Hero Mind Mine Institute Private limited Employee's training expense - - - 0.95 2.20 BML Munjal University Employee's training expense - - 7.83 4.36 - Hamari Asha Foundation Induction Expense - - - 0.19 - Business Promotion Expense - - - 2.71 - Staff welfare expense and others 0.14 - 4.09 - - Elvy Lifestyle Private Limited General Office Expense - 0.09 0.09 0.34 - Herox Private Limited Employee's training expense - - 0.94 - - Paisabazaar Marketing and Consulting Private Limited Sourcing and collection expense 527.74 362.64 840.13 - - Invocation of Default Loss Guarantee 80.25 - - - - Dealer commission expense 0.61 - 1.09 - - Foodcraft India Private Limited Staff welfare expense and others - - 0.81 - - Richa Global Export Private Ltd Courier expenses - - 0.19 - - Northcap Services Private Limited Travelling expenses - 0.12 0.12 - - Pawan Munjal Family Trust Dividend paid on equity shares 0.87 7.90 7.90 - - Dividend paid on compulsorily convertible preference shares 30.00 30.00 30.00 - - RK Munjal and Sons Trust Dividend paid on equity shares 0.87 7.90 7.90 - - Dividend paid on compulsorily convertible preference shares 30.00 30.00 30.00 - - Survam Trust Dividend paid on equity shares 0.27 2.44 2.44 - - Dividend paid on compulsorily convertible preference shares 6.00 6.00 6.00 - - Munjal Family Trust Dividend paid on equity shares 0.17 1.51 1.51 - - 185Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (c) Transactions with key management personnel and their relatives: (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Short term employee benefits^** 270.04 349.14 444.40 457.44 318.00 Post–employment benefits^ - - - - - Other long-term benefits^ - - - - - Dividend paid on equity shares 3.79 34.76 34.80 29.49 - Director sitting fee/commission 43.50 28.80 33.80 12.70 2.40 Issue of equity shares (incl. securities premium) - 1.37 1.37 - - Sale of data processing equipment - - # - - Loan given - - - - - Loan repaid - - - - - Interest received/accrued - - - - - Reimbursement of expenses 0.22 0.40 0.70 0.51 - ^ Does not include gratuity and compensated absences as these are provided based on the Group as a whole. ** Includes variable pay/ commission on payment basis since accruals are made at the Group level and are subject to requisite approvals. # Below rounding off norms. B. Outstanding balances at the year end: (a) Parties having significant influence over the Group: (₹ in Millions) As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Hero MotoCorp Limited Amount receivable as at year end - 0.79 5.69 0.51 0.20 Investment in equity shares 7.50 7.83 5.10 6.47 3.22 Issuance of compulsory convertible preference shares* 7,000.00 7,000.00 7,000.00 7,000.00 7,000.00 186Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (b) Enterprises over which key management personnel and their relatives are able to exercise significant influence (₹ in Millions) As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Brijmohan Lal Om Parkash (Partnership firm) Issuance of compulsory convertible preference shares* 800.00 800.00 800.00 800.00 800.00 Pawan Munjal Family Trust Issuance of compulsory convertible preference shares* 1,000.00 1,000.00 1,000.00 - - RK Munjal and Sons Trust Issuance of compulsory convertible preference shares* 1,000.00 1,000.00 1,000.00 - - Survam Trust Issuance of compulsory convertible preference shares* 200.00 200.00 200.00 - - Ather Energy Limited (formerly known as Ather Energy Private Limited) Loan outstanding at the year end (receivable) - 532.98 - 1,077.46 2,145.00 Outstanding margin money at the year end - - - 24.38 54.82 Amount receivable - - - 2.69 - Amount payable - - 0.06 - - Hero Solar Energy Private Limited Loan outstanding at the year end (receivable) - - - - 500.00 Hamari Asha Foundation Advance against expenses 0.88 2.00 - - - * represented amount invested by the respective parties in compulsory convertible preference shares and fair value changes is not included. 187Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Cosmic Kitchen Private Limited Amount payable 1.76 0.09 1.55 1.49 - Paisabazaar Marketing and Consulting Private Limited Amount payable 99.69 - 155.89 - - Herox Private Limited Amount payable 0.30 - 0.30 - - Foodcraft India Private Limited Amount payable - - 0.11 - - Richa Global Export Private Limited Amount payable - - 0.18 - - Pawan Munjal Amount payable 0.10 - - - - Anuranjita Kumar Amount payable 0.10 - - - - Paramdeep Singh Amount payable 0.60 - 9.60 - - Amar Raj Singh Bindra Amount payable - - 0.10 - - 188Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information C. The following are the details of the transactions which were eliminated upon consolidation as per Ind AS 110 read with SEBI ICDR Regulations during the period/ year ended September 30, 2025, September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023: (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 (a) Transactions entered during the years: Hero Housing Finance Limited Investment in equity shares - - - - 3,000.00 Purchase of property, plant and equipment - 1.77 1.77 - 0.33 Sale of property, plant and equipment - - - 12.73 0.83 Rental income 0.71 17.64 21.31 31.66 - Other Income 14.26 14.26 29.64 28.51 34.39 Sourcing commission income - - - - 1.45 Rental security deposit recoverable 0.41 - - - - ESOP cross charge received - # # 0.72 1.77 ESOP cross charge paid - - - - - (b) Outstanding balances at the year end: Hero Housing Finance Limited Investment in equity shares 8,000.00 8,000.00 8,000.00 8,000.00 8,000.00 Amount receivable at period/ year end 8.82 20.34 - 51.46 0.26 Amount payable at period/ year end - 1.77 - - - # Below rounding off norms. Notes: 1. Dividend related transactions are on actual payment/ receipt basis. 2. The above disclosure excludes payments made on behalf and recovered thereafter. 189Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 41 Capital TheGroupmaintainsanactivelymanagedcapitalbasetocoverrisksinherentinthebusinessandismeetingthecapitaladequacyrequirementsoftheReserveBankofIndia(RBI).TheadequacyoftheGroup’s capital is monitored using, among other measures, the regulations issued by RBI. The Group has complied in full with all its externally imposed capital requirements over the reported period. 41.1 Capital management TheprimaryobjectivesofGroup'scapitalmanagementpolicyaretoensurethattheGroupcomplieswithregulatorycapitalrequirements.TheGroupensuresadequatecapitalatalltimeandmanagesitsbusiness in a way in which capital is protected, satisfactory business growth is ensured, cash flow are monitored, borrowing covenants are honoured and ratings are maintained. Regulatorycapital-relatedinformationispresentedaspartof theRBImandateddisclosures.TheRBInormsrequirecapitaltobemaintainedatprescribedlevel.Inaccordancewithsuchnorms,TierIcapitalof theGroupcomprisesofsharecapital,compulsorilyconvertiblepreferenceshares,sharepremium,retainedearnings,generalreserve,statutoryreserve,employeestockoptionsoutstandingaccountlessdeferred revenue expenditure, deferred tax assets and intangible assets (excluding right-of-use assets). The other component of regulatory capital is Tier II Capital Instruments, which include subordinate debt and impairment allowance on loans for stage 1 to the extent the same does not exceed 1.25 % of Risk Weight Assets. There were no changes in capital management process during the period presented. 42 Events after balance sheet date There have been no significant events after the reporting date that requires disclosure in these restated consolidated financial information. 43 Leases (i) Statement showing carrying value of right of use assets (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 At the beginning of the period/ year 1,124.72 1,182.72 1,182.72 455.54 430.70 Additions 30.41 82.01 698.02 1,019.68 152.00 Deductions/ adjustments (1.07) 4.21 380.87 5 .86 5.40 Depreciation 181.56 164.42 375.15 2 86.64 121.76 At the year period/ end 974.64 1,096.10 1,124.72 1,182.72 455.54 (ii) Statement showing movement in lease liabilities (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 At the beginning of the period/ year 1,238.74 1,272.39 1,272.39 523.99 484.82 Add : Additions during the period/ year 29.57 76.07 668.76 981.52 147.82 : Interest on lease liability 51.18 56.86 135.31 105.22 45.10 Less : Deletion / adjustments during the period/ year - 4.82 414.35 8 .20 5.11 : Lease rental payments 219.52 198.16 423.37 3 30.14 148.64 At the period/ year end 1,099.97 1,202.34 1,238.74 1,272.39 523.99 190(iii) Amount recognized in statement of profit and loss (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Depreciation charge for right-of-use assets 181.56 164.42 375.15 286.60 121.76 Interest expense (included in finance cost) 51.18 56.86 135.31 105.22 45.10 Variable lease payments - - - - - Income from sub-leasing right-of-use assets - - - - - Expenses related to short term leases and leases of low value assets 2.52 21.36 16.68 42.56 38.23 (iv) Maturity analysis of undiscounted lease liability (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Less than one year 389.80 369.44 415.61 379.79 155.48 One to Five years 731.66 868.34 891.46 1,009.96 423.84 More than five years 142.40 170.45 186.34 179.63 72.24 Total Payments 1 ,263.86 1 ,408.23 1 ,493.41 1 ,569.38 6 51.56 (v) Cash Flows (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 The total cash outflow of leases 219.52 206.49 423.42 385.94 186.92 (vi) Future Commitments (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Future undiscounted lease payments to which leases are not commenced - 83.61 - 61.61 819.36 191Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 44 Financial instruments (a) Financial instruments by category and fair value hierarchy This section explains the judgements and estimates made in determining the fair values of the financial instruments that are: (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial information. Toprovideanindicationaboutthereliabilityoftheinputsusedindeterminingfairvalue,theGrouphasclassifieditsfinancialinstrumentsintothethreelevelsprescribedundertheaccountingstandard.Anexplanationofeach level follows underneath the table. (₹ in Millions) As at September 30, 2025 Carrying amount Fair value* Derivative FVTPL FVTOCI Amortised Cost instruments in Total Level 1 Level 2 Level 3 hedging relationship Financial assets Cash and cash equivalents# - - 3,442.07 - 3,442.07 - - - Bank balance other than cash and cash equivalents# - - 754.36 - 754.36 - - - Derivative financial instruments - - - 3,555.40 3,555.40 - 3,555.40 - Trade receivables# - - 356.33 - 356.33 - - - Loans - - 532,739.89 - 532,739.89 - - 534,904.31 Investments## 22,406.99 - - - 22,406.99 4,671.50 17,483.96 251.53 Other financial assets# - - 3,926.13 - 3,926.13 - - - 22,406.99 - 541,218.78 3,555.40 567,181.17 4,671.50 21,039.36 535,155.84 Financial liabilities Trade payables# (i) Total outstanding dues of micro enterprises and small - - 78.37 - 78.37 - - - enterprises; and (ii) Total outstanding dues of creditors other than micro - - 5,307.38 - 5,307.38 - - - enterprises and small enterprises Debt securities - - 61,721.79 - 61,721.79 - - 62,259.46 Borrowing (other than debt securities) - - 390,481.72 - 390,481.72 - - 390,291.74 Subordinated liabilities 30,882.21 - 22,714.11 - 53,596.32 - - 53,656.69 Lease Liabilities# - - 1,099.97 - 1,099.97 - - - Other financial liabilities# - - 5,450.27 - 5,450.27 - - - 30,882.21 - 486,853.61 - 517,735.82 - - 506,207.89 192Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at September 30, 2024 Carrying amount Fair value* Derivative FVTPL FVTOCI Amortised Cost instruments in Total Level 1 Level 2 Level 3 hedging relationship Financial assets Cash and cash equivalents# - - 5,005.04 - 5,005.04 - - - Bank balance other than cash and cash equivalents# - - 609.77 - 609.77 - - - Derivative financial instruments - - - 1,635.14 1,635.14 - 1,659.61 - Trade receivables# - - 199.87 - 199.87 - - - Loans - - 525,601.10 - 525,601.10 - - 527,549.23 Investments## 19,715.34 - - - 19,715.34 7,519.11 12,125.88 70.29 Other financial assets# - - 3,282.56 - 3,282.56 - - - 19,715.34 - 534,698.34 1,635.14 556,048.82 7,519.11 13,785.49 527,619.52 Financial liabilities Trade payables# (i) Total outstanding dues of micro enterprises and small - - 38.96 - 38.96 - - - enterprises; and (ii) Total outstanding dues of creditors other than micro - - 5,210.41 - 5,210.41 - - - enterprises and small enterprises Debt securities - - 63,838.30 - 63,838.30 - - 63,916.82 Borrowing (other than debt securities) - - 386,786.35 - 386,786.35 - - 386,704.14 Subordinated liabilities 27,258.75 - 18,234.62 - 45,493.37 - - 45,299.17 Lease Liabilities# - - 1,202.34 - 1,202.34 - - - Other financial liabilities# - - 5,081.94 - 5,081.94 - - - 27,258.75 - 480,392.92 - 507,651.67 - - 495,920.13 (₹ in Millions) As at March 31, 2025 Carrying amount Fair value* Derivative FVTPL FVTOCI Amortised Cost instruments in Total Level 1 Level 2 Level 3 hedging relationship Financial assets Cash and cash equivalents# - - 19,645.99 - 19,645.99 - - - Bank balance other than cash and cash equivalents# - - 673.99 - 673.99 - - - Derivative financial instruments - - - 1,149.14 1,149.14 - 1,149.14 - Trade receivables# - - 274.04 - 274.04 - - - Loans - - 538,152.96 - 538,152.96 - - 539,083.60 Investments## 25,561.35 - - - 25,561.35 5,652.45 19,658.60 250.30 Other financial assets# - - 3,552.76 - 3,552.76 - - - 25,561.35 - 562,299.74 1,149.14 589,010.23 5,652.45 20,807.74 539,333.90 193Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Financial liabilities Trade payables# (i) Total outstanding dues of micro enterprises and small - - 49.06 - 49.06 - - - enterprises; and (ii) Total outstanding dues of creditors other than micro - - 5,272.39 - 5,272.39 - - - enterprises and small enterprises Debt securities - - 71,747.44 - 71,747.44 - - 71,970.00 Borrowing (other than debt securities) - - 407,829.88 - 407,829.88 - - 407,833.26 Subordinated liabilities 28,843.61 - 21,125.53 - 49,969.14 - - 49,979.09 Lease Liabilities# - - 1,238.74 - 1,238.74 - - - Other financial liabilities# - - 4,989.18 - 4,989.18 - - - 28,843.61 - 512,252.22 - 541,095.83 - - 529,782.35 (₹ in Millions) As at March 31, 2024 Carrying amount Fair value* Derivative FVTPL FVTOCI Amortised Cost instruments in Total Level 1 Level 2 Level 3 hedging relationship Financial assets Cash and cash equivalents# - - 987.84 - 987.84 - - - Bank balance other than cash and cash equivalents# - - 590.68 - 590.68 - - - Derivative financial instruments - - - 1,337.17 1,337.17 - 1,337.17 - Trade receivables# - - 100.67 - 100.67 - - - Loans - - 498,804.70 - 498,804.70 - - 498,632.94 Investments## 18,959.56 - - - 18,959.56 4,419.76 14,469.62 70.18 Other financial assets# - - 1,868.63 - 1,868.63 - - - 18,959.56 - 502,352.52 1,337.17 522,649.25 4,419.76 15,806.79 498,703.12 Financial liabilities Trade payables# (i) Total outstanding dues of micro enterprises and small - - 7.31 - 7.31 - - - enterprises; and (ii) Total outstanding dues of creditors other than micro - - 4,382.72 - 4,382.72 - - - enterprises and small enterprises Debt securities - - 67,037.15 - 67,037.15 - - 67,008.33 Borrowing (other than debt securities) - - 358,403.90 - 358,403.90 - - 358,244.48 Subordinated liabilities 26,112.37 - 10,141.34 - 36,253.71 - - 36,150.58 Lease Liabilities# - - 1,272.39 - 1,272.39 - - - Other financial liabilities# - - 5,113.34 - 5,113.34 - - - 26,112.37 - 446,358.15 - 472,470.52 - - 461,403.39 194Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at March 31, 2023 Carrying amount Fair value* Derivative FVTPL FVTOCI Amortised Cost instruments in Total Level 1 Level 2 Level 3 hedging relationship Financial assets Cash and cash equivalents# - - 7,501.40 - 7,501.40 - - - Bank balance other than cash and cash equivalents# - - 412.17 - 412.17 - - - Derivative financial instruments - - - 1,158.16 1,158.16 - 1,158.26 - Trade receivables# - - 13.02 - 13.02 - - - Loans - - 398,712.69 - 398,712.69 - - 399,655.82 Investments## 17,474.94 - - - 17,474.94 1,303.42 15,983.00 188.40 Other financial assets# - - 1,896.29 - 1,896.29 - - - 17,474.94 - 408,535.57 1,158.16 427,168.67 1,303.42 17,141.26 399,844.22 Financial liabilities Trade payables# (i) Total outstanding dues of micro enterprises and small - - 24.75 - 24.75 enterprises; and - - - (ii) Total outstanding dues of creditors other than micro - - 4,960.24 - 4,960.24 enterprises and small enterprises - - - Debt securities - - 67,470.79 - 67,470.79 - - 67,059.22 Borrowing (other than debt securities) - - 266,129.87 - 266,129.87 - - 265,752.11 Subordinated liabilities 23,100.42 - 9,577.52 - 32,677.94 - - 32,719.53 Lease Liabilities# - - 523.99 - 523.99 - - - Other financial liabilities# - - 9,027.24 - 9,027.24 - - - 23,100.42 - 357,714.40 - 380,814.82 - - 365,530.86 *This includes fair value of financial instruments subsequently measured at amortised costs for which fair value as at reporting date is disclosed as per requirements of Ind AS 107 Financial Instruments : Disclosures. #Thecarryingamountofcashandcashequivalents,bankbalanceotherthancashandcashequivalents,tradereceivables,otherfinancialassets,tradepayable,leaseliabilitiesandotherfinancialliabilitiesapproximatesthefair value, due to their short-term nature except for security deposit, margin money received from customer for which fair value was calculated based on the discounted EIR. ## The fair values disclosed are only in respect of investment carried at FVTPL. (b) Changes in level 3 financial instruments (Valued at FVTPL) (₹ in Millions) Financial Assets Financial Liabilities As at As at As at As at September 30, 2025 September 30, September 30, September 30, 2024 2025 2024 Opening balance 250.30 70.18 28,843.61 26,112.37 Acquisitions during the period - - - - Disposals/ repayments during the period - - (600.00) (600.00) Fair value (gains)/ losses recognised in profit or loss* (1.23) (0.11) 2,638.60 1,746.38 (Gains) / losses recognised in other comprehensive income - - - - Closing balance 251.53 70.29 30,882.21 27,258.75 195 *includes unrealised (gain)/ loss recognized in profit or loss relatedtoassetsandliabilitiesheldattheendofthereporting (1.23) (0.11) 2,638.60 1,746.38 periodHero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) Financial Assets Financial Liabilities As at As at As at As at As at As at March 31, 2025 March 31, 2024 March 31, 2023 March 31, 2025 March 31, 2024 March 31, 2023 Opening balance 70.18 188.40 238.66 26,112.37 23,100.42 - Acquisitions during the year 250.00 - - - - 20,000.00 Disposals/repayments during the year (76.98) (117.95) (86.70) (599.99) (474.97) - Fair value (gains)/ losses recognised in profit or loss* (7.10) 0.27 (36.44) 3,331.23 3,486.92 3,100.42 (Gains) / losses recognised in other comprehensive income - - - - - - Closing balance 250.30 70.18 188.40 28,843.61 26,112.37 23,100.42 *includes unrealised (gain)/ loss recognized in profit or loss relatedtoassetsandliabilitiesheldattheendofthereporting ( 0.09) 0 .27 20.00 3,331.23 3,486.92 3,100.42 period (c) Valuation framework ThefinancedepartmentoftheGroupincludespersonnelthatperformsthevaluationsoffinancialassetsandliabilitiesrequiredforfinancialreportingpurposes,includinglevel3fairvalues.Thisteamreportsdirectlytothechief financial officer (CFO). The Group measures fair values using the following fair value hierarchy, which reflects the significance of the inputs used in making the measurements. Level 1 : Inputs that are quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level2:Thefairvalueoffinancialinstrumentsthatarenottradedinactivemarketsisdeterminedusingvaluationtechniqueswhichmaximizetheuseofobservablemarketdataeitherdirectlyorindirectly,suchasquotedprices forsimilarassetsandliabilitiesinactivemarkets,forsubstantiallythefulltermofthefinancialinstrumentbutdonotqualifyasLevel1inputs.Ifallsignificantinputsrequiredtofairvalueaninstrumentareobservablethe instrument is included in level 2. Level3:Ifoneormoreofthesignificantinputsisnotbasedonobservablemarketdata,theinstrumentsisincludedinlevel3.Thatis,Level3inputsincorporatemarketparticipants’assumptionsaboutriskandtheriskpremium required by market participants in order to bear that risk. The Group develops Level 3 inputs based on the best information available in the circumstances. The Group uses suitable valuation models to determine the fair value of common and simple financial instruments, that use only observable market data and require little management judgement and estimation. Loans Thefairvalueofloanandadvancesareestimatedbydiscountedcashflowmodels.Forfixedrateloans,thefairvaluerepresentthediscountedvalue(discountedbasistheweightedaverageyieldofrecentlydisbursedloans)ofthe expected future cash flow. For floating rate interest loans, the carrying amount of loans represent fair market value of loans. Debt securities, borrowings (other than debt securities) and subordinated liabilities (other than compulsorily convertible preference shares (CCPS)) Fairvalueisestimatedatportfoliolevelbyadiscountedcashflowmodelincorporatingmarketinterestratesandthegroup'sowncreditriskorbasedonmarket-observabledatasuchassecondarymarketpricesforitstradeddebt. Further, for floating rate interest bearing borrowings, the carrying amount of borrowings represent fair market value of borrowings. Compulsorily Convertible Preference Shares (CCPS) Fairvalueisestimatedbyusingadiscountedcashflowmodelbasedonmanagementexpectedcashflows(determinedusingmontecarlosimulations),discountrates(marketinputsadjustedfortheholdingcompanyspecificrisk) andtermsofCCPS.Thesignificantunobservableinputsincluderiskadjusteddiscountrate.Increaseinthediscountrateby100bpswoulddecreasethefairvalueby₹152.40millions(September30,2024:₹134.30millions; March31,2025:₹141.40millionsMarch31,2024:₹253.22millions;March31,2023:₹440.60millions)anddecreaseindiscountrateby100bpswouldincreasethefairvalueby₹153.10millions(September30,2024:₹ 135.00 millions; March 31, 2025: ₹ 141.40 millions; March 31, 2024: ₹ 255.81 millions; March 31, 2023: ₹ 450.50 millions). Investments Investment in alternate investment fund is recordedat fairvalue determined bythirdpartyusingdiscounted cashflowmethod.Investment ingovernment securities,commercialpaper,treasurybills,certificate ofdeposits, corporate bonds etc. are fair valued at reporting date. For rest of the investments, based on the information available from external sources, management believes that the carrying value of the investments approximates the fair 196 There were no transfers between levels during the period/ year.Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 45 Risk management framework 45.1 Risk profile and risk mitigation (a) Risk management structure and Group's risk profile The respective Company's Board of directors has overall responsibility for the establishment and oversight of the risk management framework. The respective Board of directors has established the Risk Management Committee, which is responsible for developing and monitoring the risk management policies. The committee reports regularly to the board of directors on its activities. The Group'sriskmanagementpoliciesareestablishedtoidentifyandanalyzetherisksfacedbytheGroup,tosetappropriaterisklimitsandcontrolsandtomonitorrisksandadherencetolimits.Riskmanagementpoliciesand systemsarereviewedregularlytoreflectchangesinmarketconditionsandtheGroup'sactivities.The Group,throughitstrainingandmanagementstandardsandprocedures,aimstomaintainadisciplinedandconstructive control environment in which all employees understand their roles and obligations. TheauditcommitteeofrespectiveCompaniesoverseeshowmanagementmonitorscompliancewiththeGroup'sriskmanagementpoliciesandprocedures,andreviewstheadequacyoftheriskmanagementframeworkin relation to the risks faced by the respective Companies. 45.2 Credit risk Creditriskarisesfromloans,cashandcashequivalents,bankbalanceotherthancashandcashequivalents,investments,tradereceivablesandotherfinancialassets.Creditriskistheriskoffinanciallosstothe Groupifa customerorcounterpartytoafinancialinstrumentfailstomeetitscontractualobligations,andarisesprincipallyfromthe Group'sassetonfinanceandtradereceivablesfromcustomers;loansandinvestments.Thecarrying amounts of financial assets represent the maximum credit risk exposure. TheGroupholdscashandcashequivalentsandotherbankbalanceswithbanksandfinancialinstitutions.Fundsareinvestedaftertakingintoaccountparameterslikesafety,liquidityandpost-taxreturnsetc.Thecredit worthiness of such banks and financial institutions is evaluated by the Management on an ongoing basis and is considered to be high. a) Credit risk management Financial assets measured on a collective basis The Group splits its exposure into smaller homogeneous portfolios, based on shared credit risk characteristics, as described below in the following order: - Secured/unsecured i.e. based on whether the loans are secured - Nature of security i.e. the nature of the security if the loans are determined to be secured - Nature of loan i.e. based on the nature of loan The Group'sexposuretocreditriskisinfluencedmainlybytheindividualcharacteristicsofeachcustomer.However,managementalsoconsidersthefactorsthatmayinfluencethecreditriskofitscustomerbase,including thedefaultriskassociatedwiththeindustry. Afinancialassetis‘credit-impaired’whenoneormoreeventsthathaveadetrimentalimpactontheestimatedfuturecashflowsofthefinancialassethaveoccurred.Evidencethat a financial asset is credit-impaired includes the following observable data: • significant financial difficulty of the borrower or issuer; • a breach of contract such as a default or past due event; • the restructuring of a loan by the Group on terms that the Group would not consider otherwise; or • it is becoming probable that the borrower will enter bankruptcy or other financial re-organization; TheriskmanagementcommitteehasestablishedacreditpolicyunderwhicheachnewcustomerisanalyzedindividuallyforcreditworthinessbeforetheGroupstandardpaymentandtermsandconditionsareoffered.The Group's reviewincludes externalratings, if theyareavailable,background verification,financialstatements,incometaxreturns, creditagencyinformation,industryinformation,etc. Portfolioreviewisperformed bythe management on quarterly basis. 197Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (b) Definition of default TheGroupconsidersafinancialinstrumentasdefaultedandthereforeStage3(credit-impaired)forECLcalculationsinallcaseswhentheborrowercrosses90dayspastdueonitscontractualpayments.Furtherincompliance withRBIcirculardatedNovember12,2021,Cases,whereborrowerhadcrossed90dayspastdue,continuedtobeconsideredasStage3(credit-impaired)forECLcalculationstillthetimealltheduecontractualpaymentsare paid by the borrower. TheGroupconsidersprobabilityofdefaultuponinitialrecognitionofassetandwhethertherehasbeenanysignificantincreaseincreditriskonanongoingbasisthroughouteachreportingperiod.Toassesswhetherthereisa significant increase in credit risk the Group compares the risk of default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. Following indicators are incorporated: - DPD analysis as on each reporting date - significant changes in expected performance and behaviour of the borrower including changes in payment status of borrowers. (c) Probability of default (PD) Daypastdues(DPD)analysisisthe preliminaryinputsinthedeterminationofthetermstructureofPDforexposures.TheGroupcollectsperformanceanddefaultinformationaboutitscreditriskexposuresanalysedbytype of product and borrowers as well as by DPD. The Group analyses the data collected and generates estimates of the PD of exposures and how these are expected to change as result of passage of time. Themonth-on-monthoutstandingbalancesineachDPDbucketareassessedtoestimatethehistoricprobabilityofdefaultforeachbucket;thisprobabilityisthencombinedwithamacro-economicvariabletocomputethefinal PD estimate. (d) Exposure at default Theexposureatdefault(EAD)representsthegrosscarryingamount(inadditiontotheinteresttobeearnedduringthenextyear)ofthefinancialinstrumentssubjecttotheimpairmentcalculation,addressingboththeclient’s abilitytoincreaseitsexposurewhileapproachingdefaultandpotentialearlyrepaymentstoo.TocalculatetheEADforaStage1loan,theGroupassessesthepossibledefaulteventswithin12monthsforthecalculationofthe 12 months ECL. For Stage 2 and Stage 3 financial assets, the exposure at default is considered for events over the lifetime of the instruments. (e) Loss given default Lossgivendefault(LGD)representestimatedfinanciallosstheGroupislikelytosufferintheeventofdefaultanditisusedtocalculateprovisionrequirementonEADalongwithprobabilityofdefault.LGDvaluesare assessed, reviewed and approved by the Group. These LGD rates take into account the expected EAD in comparison to the amount expected to be recovered or realized from any collateral held. (f) Significant increase in credit risk TheGroupcontinuouslymonitoralltheassetssubjecttoECLinordertodeterminewhetheraninstrumentoraportfolioofinstrumentsissubjectto12monthsECLorlifetimeECL,theGroupassesseswhethertherehasbeen significantincreaseincreditrisksinceinitialrecognition.TheGroupalsoappliesasecondary qualitativemethodsfortriggeringasignificantincreaseincreditriskforanasset,suchasmovingcustomer/facilitiestothewatch list,ortheaccountbecomingforborne.Regardlessofthechangeincreditgrades,ifcontractualpaymentsaremorethanonemonthoverdue,thecreditriskisdeemedtohaveincreasesignificantlysinceinitialrecognition.The Group continuously monitors all assets subject to ECLs. g) Expected credit loss on loans TheGroupassesseswhetherthecreditriskonafinancialassethasincreasedsignificantlyoncollectivebasis.Forthepurposeofcollectiveevaluationofimpairment,financialassetsaregroupedonthebasisofsharedcredit risk characteristics, date of initial recognition, remaining term to maturity, collateral type, and other relevant factors. For the assessment, each financial asset (after segmentation based on the nature), is then clubbed into the following DPD cohorts: - Current (0 DPD) - 1-30 DPD - 31-60 DPD - 61-90 DPD - >90 DPD TheGroupconsidersitshistoricallossexperienceandadjuststhesameforcurrentobservabledata.ThekeyinputsintothemeasurementofECLaretheprobabilityofdefault,lossgivendefaultandexposureatdefault.These parameters are derived from the statistical models and other historical data. 198Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 45.2.1 Inputs, assumptions and estimation techniques used to determine expected credit loss TheHoldingCompany’sloanlossprovisionaremadeonthebasisoftheHoldingCompany’shistoricallossexperienceandfutureexpectedcreditloss,afterfactoringinvariousmacro-economicparameterssuchasConsumer Prices(%changepa;av),IndustrialProduction(%changepa),RealGDP,UnemploymentRate(%),RealManufacturing,LendingInterestRate(%)etc.Theselectionofthesevariableswasmadebasisstatisticalanalysisand relevance to the business. The macro- economic variables were regressed using a regression model against the log-odds of the weighted average PDs to forecast the forward-looking PDs with macro-economic overlay incorporated. Best,baseandworstscenarioswerecreatedforallthevariablesanddefaultrateswereestimatedforallthescenarios.ThesedefaultrateswerethenusedwiththesameLGDandEADtoarriveattheexpectedcreditlossforall three cases. The three cases were then assigned weights and a final probability-weighted expected credit loss estimate was computed. Macro economic indicator Scenario 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 2026Q4 2027Q1 Base 6 .80 7.10 5 .60 6 .60 6 .80 6 .90 6 .60 6 .33 Real GDP (% change pa) Best 7 .48 7.81 6 .16 7 .26 7 .48 7 .59 7 .26 6 .96 Worst 4 .76 4.97 3 .92 4 .62 4 .76 4 .83 4 .62 4 .43 Base 4 .70 6.90 7 .90 7 .40 7 .40 6 .80 5 .20 6 .92 Private consumption (real % change pa) Best 5 .17 7.59 8 .69 8 .14 8 .14 7 .48 5 .72 7 .61 Worst 3 .29 4.83 5 .53 5 .18 5 .18 4 .76 3 .64 4 .84 Base 6 .40 3.30 3 .00 5 .00 4 .30 3 .50 2 .30 3 .63 Government consumption (% real change pa) Best 7 .04 3.63 3 .30 5 .50 4 .73 3 .85 2 .53 3 .99 Worst 4 .48 2.31 2 .10 3 .50 3 .01 2 .45 1 .61 2 .54 Base 8 .60 9.70 5 .80 5 .60 5 .90 7 .70 7 .60 6 .73 Gross fixed investment (% real change pa) Best 9 .46 10.67 6 .38 6 .16 6 .49 8 .47 8 .36 7 .40 Worst 6 .02 6.79 4 .06 3 .92 4 .13 5 .39 5 .32 4 .71 Base 5 .90 7.30 6 .60 7 .30 6 .80 6 .80 5 .60 6 .54 Domestic demand (% real change pa) Best 6 .49 8.03 7 .26 8 .03 7 .48 7 .48 6 .16 7 .19 Worst 4 .13 5.11 4 .62 5 .11 4 .76 4 .76 3 .92 4 .58 Base 4 .75 4.74 4 .74 4 .74 4 .74 4 .73 4 .73 4 .73 Agriculture (% change pa) Best 5 .22 5.22 5 .22 5 .21 5 .21 5 .21 5 .20 5 .20 Worst 3 .32 3.32 3 .32 3 .32 3 .32 3 .31 3 .31 3 .31 Base 5 .89 5.88 5 .86 5 .85 5 .83 5 .82 5 .80 5 .79 Industry (% change pa) Best 6 .48 6.46 6 .45 6 .43 6 .41 6 .40 6 .38 6 .37 Worst 4 .12 4.11 4 .10 4 .09 4 .08 4 .07 4 .06 4 .05 Base 6 .25 6.19 6 .13 6 .07 6 .01 5 .95 5 .89 5 .83 Manufacturing (% change pa) Best 6 .87 6.81 6 .74 6 .68 6 .61 6 .55 6 .48 6 .41 Worst 4 .37 4.33 4 .29 4 .25 4 .21 4 .17 4 .12 4 .08 Base 7 .66 7.53 7 .40 7 .28 7 .15 7 .02 6 .89 6 .76 Services (% change pa) Best 8 .43 8.29 8 .14 8 .00 7 .86 7 .72 7 .58 7 .43 Worst 5 .36 5.27 5 .18 5 .09 5 .00 4 .91 4 .82 4 .73 199Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Macro economic indicator Scenario 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 2026Q4 2027Q1 Base 5 .52 5.53 5 .54 5 .55 5 .56 5 .57 5 .58 5 .58 Industrial production (% change pa) Best 6 .08 6.09 6 .10 6 .10 6 .11 6 .12 6 .13 6 .14 Worst 3 .87 3.87 3 .88 3 .88 3 .89 3 .90 3 .90 3 .91 Base 1 3.00 12.70 12.30 1 1.80 1 0.50 1 0.00 1 0.00 1 0.82 Lending interest rate (%) Best 1 1.70 11.43 11.07 1 0.62 9 .45 9 .00 9 .00 9 .74 Worst 1 6.90 16.51 15.99 1 5.34 1 3.65 1 3.00 1 3.00 1 4.06 Base 6 .70 6.60 6 .30 5 .80 4 .60 4 .50 4 .60 5 .13 Deposit interest rate (%) Best 6 .03 5.94 5 .67 5 .22 4 .14 4 .05 4 .14 4 .62 Worst 8 .71 8.58 8 .19 7 .54 5 .98 5 .85 5 .98 6 .67 Base 6 .69 6.70 6 .34 5 .75 4 .84 4 .70 4 .88 5 .32 Short term interest rate (%; end-period) Best 6 .02 6.03 5 .71 5 .17 4 .36 4 .23 4 .39 4 .79 Worst 8 .69 8.71 8 .24 7 .47 6 .29 6 .11 6 .34 6 .92 Base 8 .70 8.30 8 .30 8 .00 7 .00 6 .70 6 .70 7 .26 Short term interest rate (%; average) Best 7 .83 7.47 7 .47 7 .20 6 .30 6 .03 6 .03 6 .54 Worst 1 1.31 10.79 10.79 1 0.40 9 .10 8 .71 8 .71 9 .44 Base 6 .80 6.70 6 .00 6 .60 6 .24 6 .17 6 .09 6 .02 Long-term bond yield (%) Best 6 .12 6.03 5 .40 5 .94 5 .62 5 .55 5 .48 5 .42 Worst 8 .84 8.71 7 .80 8 .58 8 .11 8 .02 7 .92 7 .82 Base 4 .80 4.20 3 .40 4 .60 4 .70 4 .50 4 .60 4 .52 Consumer prices (% change pa; av) Best 4 .32 3.78 3 .06 4 .14 4 .23 4 .05 4 .14 4 .07 Worst 6 .24 5.46 4 .42 5 .98 6 .11 5 .85 5 .98 5 .88 Base 3 .30 2.80 2 .70 2 .90 2 .70 2 .80 2 .80 2 .64 Producer prices (% change pa; av) Best 2 .97 2.52 2 .43 2 .61 2 .43 2 .52 2 .52 2 .37 Worst 4 .29 3.64 3 .51 3 .77 3 .51 3 .64 3 .64 3 .43 45.2.2 Analysis of risk concentration The Group's concentrations of risk are managed by client/ counterparty and industry sector. (₹ in Millions) Particulars As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 The maximum credit exposure to any individual 3,500.93 3,528.05 3,131.93 3,529.10 3,000.70 client or counterparty 200Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 45.2.3 Analysis of portfolio An analysis of changes in gross carrying amount in relation to loan portfolio is as follows: (₹ in Millions) For the half year ended For the half year ended Particulars September 30, 2025 September 30, 2024 Stage 1 Stage 2 Stage 3*# Total Stage 1 Stage 2 Stage 3*# Total Gross carrying amount opening balance 516,412.96 15,513.40 28,279.73 560,206.09 481,339.03 12,819.39 20,712.52 514,870.94 New assets originated 151,648.07 543.24 235.93 152,427.24 174,566.68 1,276.18 326.02 176,168.88 (refer note 1 and 2 below) Assets repaid (excluding write offs) (136,771.12) (3,498.67) (757.67) (141,027.46) ( 128,592.77) (2,841.50) (844.02) ( 132,278.29) (refer note 2 below) Transfers from Stage 1 (21,062.41) 10,671.27 10,391.14 - (21,194.25) 11,979.30 9,214.95 - Transfers from Stage 2 1,187.24 (8,948.44) 7,761.20 - 941.59 (6,302.03) 5,360.44 - Transfers from Stage 3 286.69 176.91 (463.60) - 391.89 63.53 (455.42) - Settlement loss and bad debts written off ** ( 10.49) (184.35) (17,458.43) (17,653.27) (2,334.94) (1,610.97) (10,714.52) (14,660.43) Gross carrying amount closing balance 511,690.94 14,273.27 27,988.24 553,952.45 505,117.23 15,383.90 23,599.97 544,101.10 (₹ in Millions) For the year ended March 31, 2025 For the year ended March 31, 2024 Particulars Stage 1 Stage 2 Stage 3*# Total Stage 1 Stage 2 Stage 3*# Total Gross carrying amount opening balance 481,339.03 12,819.39 20,712.52 514,870.94 382,933.19 10,837.47 21,202.02 414,972.68 New assets originated 297,673.05 4,532.48 4,688.32 306,893.85 294,768.68 4,740.78 4,715.29 304,224.75 (refer note 1 and 2 below) Assets repaid (excluding write offs) (229,241.60) (3,590.74) (549.27) (233,381.61) ( 174,648.43) (4,177.81) (2,863.77) ( 181,690.01) (refer note 2 below) Transfers from Stage 1 (27,763.24) 9,706.72 18,056.52 - (17,919.07) 7,076.91 10,842.16 - Transfers from Stage 2 677.81 (2,721.68) 2,043.87 - 1,015.78 (2,938.55) 1,922.77 - Transfers from Stage 3 334.66 76.93 (411.59) - 223.85 132.77 (356.62) - Settlement loss and bad debts written off ** (6,606.75) (5,309.70) (16,260.64) (28,177.09) (5,034.97) (2,852.18) (14,749.33) (22,636.48) Gross carrying amount closing balance 516,412.96 15,513.40 28,279.73 560,206.09 481,339.03 12,819.39 20,712.52 514,870.94 (₹ in Millions) For the year ended March 31, 2023 Particulars Stage 1 Stage 2 Stage 3*# Total Gross carrying amount opening balance 286,179.15 18,471.30 24,857.60 329,508.05 New assets originated 261,988.81 4,292.04 3,381.25 269,662.10 (refer note 1 and 2 below) Assets repaid (excluding write offs) ( 151,340.44) (11,619.75) (3,854.78) ( 166,814.97) (refer note 2 below) Transfers from Stage 1 (14,493.40) 5,356.19 9,137.21 - Transfers from Stage 2 969.29 (4,280.43) 3,311.14 - Transfers from Stage 3 681.85 203.17 (885.02) - Settlement loss and bad debts written off ** (1,052.07) (1,585.05) (14,745.38) (17,382.50) Gross carrying amount closing balance 382,933.19 10,837.47 21,202.02 414,972.68 201Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information * Principal overdue and total interest overdue (as per contractual terms) of more than 90 days cases is as follows: Particulars As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Principal Overdue for more than 90 days 306,708 269,108 325,299 205,180 206,010 (Number of cases) Principal overdue of more than 90 days cases 7,751.15 6,861.14 7,633.80 5,424.20 4,178.12 (₹ in Millions) Total Interest overdue for more than 90 days cases (₹ 3,183.19 2,685.30 3,062.20 2,056.80 2,019.99 in Millions) Further, stage 3 also includes carrying value of loans which are tagged as NPA / Stage 3 as per RBI circular dated November 12, 2021 and contractual value of loans under other facilities of such NPA customer which are less than 90 days, however tagged as NPA / Stage 3. ** Interest overdue on bad debts written off cases is as follows: (₹ in Millions) Particulars For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Interst overdue on bad debts written off 1,193.30 863.40 1,841.10 1,477.30 1,174.50 #Stage3assetisnetofinterestincomeonimpairedportionofloanassetsamountingto₹1,635.30millions(September30,2024:₹1,374.40millions;March31,2025:₹1,596.30millions;March31,2024:₹1,118.60 millions; March 31, 2023: ₹ 1,132.00 millions) Reconciliation of Impairment loss allowance in relation to loan portfolio is as follows: (₹ in Millions) For the half year ended September 30, 2025 For the half year ended September 30, 2024 Particulars Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Impairment allowance- opening balance 2,915.66 3,358.64 15,778.83 22,053.13 2,836.01 2,582.67 10,647.56 16,066.24 New assets originated 801.13 123.06 124.86 1,049.05 1,027.73 286.73 172.05 1,486.51 (refer note 1 and 2 below) Effect of change in estimate/ repayment (1,140.44) 1,592.78 8,746.02 9,198.36 413.74 2,606.16 7,184.85 10,204.75 Transfers from Stage 1 (168.73) 80.32 88.41 - (167.38) 92.07 75.31 - Transfers from Stage 2 190.80 (2,117.91) 1,927.11 - 128.40 (1,289.77) 1,161.37 - Transfers from Stage 3 124.71 61.21 (185.92) - 165.21 26.82 (192.03) - Settlement loss and bad debts written off ( 2.18) (116.50) (10,969.30) (11,087.98) (1,498.40) (1,034.33) (6,724.77) (9,257.50) Impairment allowance- Closing balance 2,720.95 2,981.60 15,510.01 21,212.56 2,905.31 3,270.35 12,324.34 18,500.00 202Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) For the year ended March 31, 2025 For the year ended March 31, 2024 Particulars Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Impairment allowance- opening balance 2,836.01 2,582.67 10,647.56 16,066.24 3,718.45 2,208.22 10,333.32 16,259.99 New assets originated 1,760.05 1,072.08 2,787.52 5,619.65 1,875.56 1,052.89 2,794.82 5,723.27 (refer note 1 and 2 below) Effect of change in estimate/ repayment 2,838.90 3,375.84 11,871.90 18,086.64 443.27 1,555.40 6,310.83 8,309.50 Transfers from Stage 1 (440.32) 178.49 261.83 - (149.86) 56.86 93.00 - Transfers from Stage 2 74.96 (461.10) 386.14 - 114.44 (485.59) 371.15 - Transfers from Stage 3 96.92 25.99 (122.91) - 8 9.54 39.51 (129.05) - Settlement loss and bad debts written off (4,250.86) (3,415.33) (10,053.21) (17,719.40) (3,255.39) (1,844.62) (9,126.51) (14,226.52) Impairment allowance- Closing balance 2,915.66 3,358.64 15,778.83 22,053.13 2,836.01 2,582.67 10,647.56 16,066.24 (₹ in Millions) For the year ended March 31, 2023 Particulars Stage 1 Stage 2 Stage 3 Total Impairment allowance- opening balance 1,925.18 3,443.85 10,728.63 16,097.66 New assets originated 1,552.54 911.33 1,729.93 4,193.80 (refer note 1 and 2 below) Effect of change in estimate/ repayment 680.98 (571.32) 5,493.84 5,603.50 Transfers from Stage 1 (190.84) 52.82 138.02 - Transfers from Stage 2 153.01 (765.27) 612.26 - Transfers from Stage 3 209.55 59.41 (268.96) - Settlement loss and bad debts written off (611.97) (922.60) (8,100.40) (9,634.97) Impairment allowance- Closing balance 3,718.45 2,208.22 10,333.32 16,259.99 An analysis of Expected credit loss rate: For the half year ended September 30, 2025 For the half year ended September 30, 2024 Particulars Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Expected credit loss rate* 0.53% 20.89% 55.42% 3.83% 0.58% 21.26% 52.22% 3.40% For the year ended March 31, 2025 For the year ended March 31, 2024 Particulars Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Expected credit loss rate* 0.56% 21.65% 55.80% 3.94% 0.59% 20.15% 51.41% 3.12% For the year ended March 31, 2023 Particulars Stage 1 Stage 2 Stage 3 Total Expected credit loss rate* 0.97% 20.38% 48.74% 3.92% * Expected credit loss rate is computed ECL divided by EAD 203Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Note1:Newassetsoriginatedrepresentsfreshdisbursalsmadeduringtheyear.Classificationofnewassetsoriginatedinstage1,stage2,andstage3isbasedonperiod/yearendstaging.Interestaccrualsonexistingloansthat remain unpaid at the end of the year, are classified under new assets originated as per their opening stage category. Note 2 : Assets originated and repaid during the year have not been disclosed in the movement of gross carrying amount. Note 3: The contractual amount of financial assets that has been written off by the Group is as follows: (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Contractual amount of financial assets that has been 15,756.91 13,103.80 2 4,892.30 20,872.80 16,221.80 written off that were still subject to enforcement activity Note 4: The Group recognize expected credit loss (ECL) on collective basis that takes into account comprehensive credit risk information. Note 5: Stage 3 assets include properties held for disposal under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Properties 296.40 1 90.60 2 31.60 209.90 160.40 45.2.4 Collateral and other credit enhancements TheloanportfoliooftheGrouphasbothsecuredandunsecuredloansandtheyvarywiththetypeoffunding.Productslikeloanagainstproperty,corporateloan,twowheelerloanandpreownedcarloanareallsecuredloans whereas products like business loan and personal loan generally do not carry any collateral security. Forloanagainstproperty,properties(residential,commercial,industrial,mixeduse,etc.)aregenerallyacceptablecollateral.Forcorporateloanthereisusuallyacollateralbasketcomprisingofproperties,ratedsecurities, current assets (including stock and book debts), plant and machinery, and deposits. For two wheeler loan and pre owned car loan, the respective vehicle against which the loan being offered is taken as a collateral security. TheHoldingCompanyhasapre-definedloantovaluenormsinthepolicyandthesameisdisbursedtocontroltheriskoftheHoldingCompany.Forloanagainstproperty,theloantovalue(‘LTV’)isintherangeof50%to 75%.Forcorporateloan,thefundingissecuredbywayofacollateralbasket–theoverallsecuritycoverisgenerallymaintainedintherangeof1.1timesto3.0timesandabove.Forloanagainstshares,aminimumcoverof 2.0 times is maintained. For pre-owned car and two wheeler loan, the Holding Company maintains a loan to value range of 75% to 90% depending upon tenure and model. The loan to value for refinance of pre-owned car can be up to 175%. Valuationofthecollateral,whereverapplicable,isdonebyempanelledvaluerswhocarrythenecessaryexperienceandexpertiseinthearea. Theguidelines governingthesevaluationhavebeenclearlylaidoutforeach collateralclass.FortwowheelerloansincetheassetisnewnovaluationhasbeencarriedoutbytheHoldingCompany.Valuationofthecollateralforpre-ownedcarisdonebyempanelledvaluerswhocarrythenecessary experienceandexpertiseinthearea.Collateralsrelatedtocreditimpairedassetsarerevaluedforassessment/provisioningpurposesanddistressvalueisconsidered.TheGrouphasanin-houseteamoftechnicalmanagerswho oversee the property valuation activity undertaken by empaneled technical valuers. 204Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Theloanportfolioofthesubsidiarycompanygenerallycompriseshousingloanandnon-housingloanwhicharegenerallysecuredbylandandbuildingsuchasresidentialbuilding,commercialbuilding,industrialbuilding,etc. TheSubsidiaryCompanyisregulatedbyNationalHousingBankDirections(NHBDirections)andReserveBankofIndiaMasterDirections(RBIMasterDirections),theLTVratiosareinlinewiththeNHBDirectionsand RBI Master Directions and the internal credit policy framework of the Subsidiary company. As at September 30, 2025 (₹ in Millions) Wheeled Immovables Other Asset Total Collateral Net Exposure Total ECL Stage 3 Total Outstanding (TOS) Assets (Land & (D) (E=B+C+D) (F=A-E) (A) (B) Buildings) (C) 13,828.32 14,724.03 7,481.82 702.31 2 2,908.16 (9,079.84) 5,602.80 As at September 30, 2024 (₹ in Millions) Wheeled Immovables Other Asset Total Collateral Net Exposure Total ECL Stage 3 Total Outstanding (TOS) Assets (Land & (D) (E=B+C+D) (F=A-E) (A) (B) Buildings) (C) 14,888.94 15,198.23 6,921.53 881.59 2 3,001.35 (8,112.41) 6,169.04 As at March 31, 2025 (₹ in Millions) Wheeled Immovables Other Asset Total Collateral Net Exposure Total ECL Stage 3 Total Outstanding (TOS) Assets (Land & (D) (E=B+C+D) (F=A-E) (A) (B) Buildings) (C) 14,280.15 16,381.08 6,810.11 722.60 2 3,913.79 (9,633.64) 5,887.31 As at March 31, 2024 (₹ in Millions) Wheeled Immovables Stage 3 Total Outstanding (TOS) Assets (Land & Other Asset Total Collateral Net Exposure Total ECL (A) (B) Buildings) (D) (E=B+C+D) (F=A-E) (C) 13,457.89 14,039.63 6,194.67 907.76 2 1,142.06 (7,684.17) 5,504.45 As at March 31, 2023 (₹ in Millions) Wheeled Immovables Stage 3 Total Outstanding (TOS) Assets (Land & Other Asset Total Collateral Net Exposure Total ECL (A) (B) Buildings) (D) (E=B+C+D) (F=A-E) (C) 13,878.87 11,524.32 7,098.06 2,805.65 2 1,428.03 (7,549.16) 5,376.96 Note 1: Including Buyout Portfolio Note 2: Stage 3 TOS and Total ECL is of the secured assets Note 3: The total collateral value is the fair market value of the collaterals and the distress value of the collaterals has been used to compute the total ECL allowances. 205Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 45.3 Liquidity risk LiquidityriskarisesastheGrouphascontractualfinancialliabilitiesthatarerequiredtobeservicedandredeemedaspercommittedtimelinesandinthebusinessoflendingwherefundsarerequiredforthedisbursementand creationoffinancialassetstoaddressthegoingconcernoftheGroup.LiquidityriskmanagementisimperativetotheGroupasthisallowscoveringthecoreexpenses,marketinvestment/creationoffinancialassets,timely repaymentofdebtcommitmentsandcontinuingwithitsoperations.TheGroupusesvariousliquiditymonitoringtoolstomeasureandgaugetheliquidityriskaspernecessaryguidelinesstipulatedbytheRBI.TheGroupwith thehelpoftheAssetandLiabilityCommittee(ALCO),ALMpolicyandLiquidityDesk,monitorstheLiquidityriskandusesstructural,dynamicliquiditystatementsandcashflowstatementsasamechanismtoaddressthis. ToeffectivelymanagethefalloutoftheCOVID-19pandemicrelatedRBImeasuresonitsfundingandliquidity,theGrouphasbeencontinuouslymaintainingadequatelevelofliquiditybuffersintermsofHighQualityLiquid Assets as a safeguard against any likely disruption in the funding and market liquidity. 45.3.1 Contractual maturities of financial instruments The table below summarizes the maturity profile of the undiscounted cash flows of the Group’s financial liabilities as at reporting date. (₹ in Millions) Carrying Within 1 year 1 to 5 years After 5 years Total value As at September 30, 2025 Financial liabilities Trade payables 5,385.75 5,385.75 - - 5,385.75 Debt securities* 61,721.79 39,748.26 27,016.64 582.27 67,347.17 Borrowings (other than debt securities)* 390,481.72 171,639.67 264,798.55 5,734.34 442,172.56 Subordinate liabilities*# 53,596.32 3,619.91 16,046.43 16,912.70 36,579.04 Lease liabilities 1,099.97 406.54 759.06 145.13 1,310.73 Other financial liabilities 5,450.27 5,299.84 92.90 275.36 5,668.10 Total undiscounted financial liabilities 517,735.82 226,099.97 308,713.58 23,649.80 558,463.35 (₹ in Millions) Carrying Within 1 year 1 to 5 years After 5 years Total value As at September 30, 2024 Financial liabilities Trade payables 5,249.37 5,249.37 - - 5,249.37 Debt securities* 63,838.30 53,325.28 14,856.27 621.84 68,803.39 Borrowings (other than debt securities)* 386,786.35 157,337.31 283,415.67 6,315.54 447,068.52 Subordinate liabilities*# 45,493.37 3,225.66 9,277.23 16,626.69 29,129.58 Lease liabilities 1,202.34 388.64 902.74 177.46 1,468.84 Other financial liabilities 5,081.94 4,699.13 383.44 303.75 5,386.32 Total undiscounted financial liabilities 507,651.67 224,225.39 308,835.35 24,045.28 557,106.02 206Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) Carrying Within 1 year 1 to 5 years After 5 years Total value As at March 31, 2025 Financial liabilities Trade payables 5,321.45 5,321.45 - - 5,321.45 Debt securities* 71,747.44 56,550.17 19,567.63 536.80 76,654.60 Borrowings (other than debt securities)* 407,829.88 168,562.13 283,511.57 6,269.50 458,343.20 Subordinate liabilities*# 49,969.14 3,457.73 11,484.63 18,842.58 33,784.94 Lease liabilities 1,238.74 415.61 891.46 186.34 1,493.41 Other financial liabilities 4,989.18 4,783.47 179.77 311.71 5,274.95 Total undiscounted financial liabilities 541,095.83 239,090.56 315,635.06 26,146.93 580,872.55 (₹ in Millions) Carrying Within 1 year 1 to 5 years After 5 years Total value As at March 31, 2024 Financial liabilities Trade payables 4,390.03 4,441.50 - - 4,441.50 Debt securities* 67,037.15 56,329.15 14,864.98 555.13 71,749.26 Borrowings (other than debt securities)* 358,403.90 159,561.66 234,556.90 6,855.81 400,974.37 Subordinate liabilities*# 36,253.71 1,420.65 7,776.10 6,608.38 15,805.13 Lease liabilities 1,272.39 408.14 1,097.07 179.63 1,684.84 Other financial liabilities 5,113.34 4,523.34 580.68 318.27 5,422.29 Total undiscounted financial liabilities 472,470.52 226,684.44 258,875.73 14,517.22 500,077.39 (₹ in Millions) Carrying Within 1 year 1 to 5 years After 5 years Total As at March 31, 2023 value Financial liabilities Trade payables 4,984.99 4,903.65 81.40 - 4,985.05 Debt securities* 67,470.79 42,844.50 27,531.56 3,312.25 73,688.31 Borrowings (other than debt securities)* 266,129.87 114,247.62 179,880.34 4,650.30 298,778.26 Subordinate liabilities*# 32,677.94 1,230.95 6,946.13 7,793.73 15,970.81 Lease liabilities 523.99 155.48 423.91 72.24 651.63 Other financial liabilities 9,027.24 8,794.94 294.30 166.43 9,255.67 Total undiscounted financial liabilities 380,814.82 172,177.14 215,157.64 15,994.95 403,329.73 *The interest payments on variable interest rate loans in the table above reflect interest rates at the reporting date and these amounts may change as market interest rates change. #InrespectofCompulsorilyConvertiblePreferenceShares(CCPS)issuedduringtheperiod/year,theHoldingCompanyhasonlyconsideredamandatorypay-outofpreferencedividendof3%p.a.forthepurposeofliquidity risk, as such CCPS are likely to be converted into the holding company’s own shares as estimated by the management of the Holding Company as on September 30, 2025. Also refer to note 18.8. 207Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 45.4 Market risk Marketriskistheriskthatthefairvalueorfuturecashflowoffinancialinstrumentwillfluctuateduetochangesinmarketvariablessuchasinterestrates,foreignexchangeratesetc.Theobjectiveofmarketriskmanagement istomanageandcontrolmarketriskexposurewithinacceptableparameterswhilemaximisingthereturn.Cashandcashequivalents,bankbalanceotherthancashandcashequivalents,tradereceivables,andotherfinancial assets do not have any interest and market risk exposure due to the nature of balances. Interest rate risk AmajorportionoftheGroup'sassetsandliabilitiesareinterestbearing-whichcouldbeeitheratafixedorafloatingrate.Interestrateriskismanagedbywayof regularmonitoringofallinterestratebearingassetsand liabilities. The same also forms part of the ALCO and ALM policy. The exposure of Group's financial assets and liabilities to interest rate risk is as follows: (₹ in Millions) Financial assets Floating rate Fixed rate September 30, 2025 ins1t6ru0,m10e4n.t3s9 i n s 3tr9u3m,8e4n8t.s06 September 30, 2024 145,382.57 398,718.53 March 31, 2025 153,624.46 406,581.63 March 31, 2024 1 44,030.57 370,840.37 March 31, 2023 1 01,450.46 313,522.22 Financial liabilities September 30, 2025 3 48,942.80 156,857.03 September 30, 2024 3 75,875.25 120,242.77 March 31, 2025 3 78,226.62 151,319.84 March 31, 2024 3 50,870.50 110,824.26 March 31, 2023 2 69,557.42 96,721.18 Thetablebelowillustratestheimpactofa1.00%movementininterestratesoninterestincomeandinterestexpenseonfloatingloansandfloatingborrowingsrespectivelyfornextoneyear,assumingthatthechangesoccurat the reporting date and has been calculated based on risk exposure outstanding as of date. The year end balances are not necessarily representative of the average loans and borrowings outstanding during the year. Impact on profit before tax ( ₹ in Millions) Movement in interest rates For the half year ended For the half year ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 1.00% (1,071.94) (2,340.36) (1,488.73) (1,321.26) (1,051.66) (1.00%) 1,071.94 2,340.36 1,488.73 1,321.26 1,051.66 208Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Price risk Priceriskistheriskthatthefairvalueofafinancialinstrumentwillfluctuateduetochangesinmarkettradedprice.Itarisesfromfinancialassetssuchasinvestmentsinequityinstruments,bonds,mutualfunds,G-secs,T- Bills,moneymarketinstrumentsetc.TheGroupisexposedtopriceriskarisingmainlyfrominvestmentscarriedatfairvaluethroughprofitandloss.Asensitivityanalysisdemonstratingtheimpactofchangeinmarketprices of these instruments from the prices existing as at the reporting date is given below: (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Investments carried at FVTPL valued using quoted 22,156.99 1 9,715.34 25,311.45 18,959.56 17,474.94 prices in active market Impact on profit before tax ( ₹ in Millions) Movement in price For the half year ended For the half year ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 5.00% 1,107.85 985.77 1,265.57 947.98 873.74 (5.00%) (1,107.85) (985.77) (1,265.57) (947.98) (873.74) 45.5 Foreign currency risk management Currencyriskistheriskthatthevalueofafinancialinstrumentwillfluctuateduetochangesinforeignexchangerates.ForeigncurrencyriskfortheGrouparisesmajorlyonaccountofforeigncurrencyborrowings.TheGroup presentlymanagesthisforeigncurrencyriskbyenteringintocrosscurrencyswapsandforwardcontract.Whenaderivativeisenteredintoforthepurposeofbeingashedge,theGroupnegotiatesthetermsofthosederivatives to match with the terms of the underlying exposure. The Group's policy is to fully hedge its foreign currency borrowings at the time of drawdown and remain so till repayment. TheGroupholdsderivativefinancialinstrumentssuchascrosscurrencyinterestrateswaptomitigateriskofchangesinexchangerateinforeigncurrencyandfloatinginterestrate.Thecounterpartyforthesecontractsis generally a bank. These derivative financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in market place. The Group's exposure to foreign currency risk at the end of the reporting period expressed in '₹ in Millions', are as follows: (₹ in Millions) As at As at Foreign currency exposure Currency September 30, 2025 September 30, 2024 Borrowings (other than debt securities) USD 71,698.35 56,098.47 Borrowings (other than debt securities) SGD 3,390.95 6,773.79 Borrowings (other than debt securities) AED 4,457.09 - Trade Payables USD 11.77 - Trade Payables AED - - Trade Payables GBP - - Trade Payables SGD - - 209Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (₹ in Millions) As at As at As at Foreign currency exposure Currency March 31, 2025 March 31, 2024 March 31, 2023 Borrowings (other than debt securities) USD 73,582.84 41,710.38 33,720.18 Borrowings (other than debt securities) SGD 3,140.25 6,395.40 6,401.27 Borrowings (other than debt securities) AED 4,290.48 - - Trade Payables USD 5.34 20.43 - Trade Payables AED 0.10 0.76 - Trade Payables GBP 6.66 - - Trade Payables SGD 1.43 - - Impact of hedge on the Balance Sheet: (₹ in Millions) As at September 30, 2025 As at September 30, 2024 Carrying Carrying Carrying Carrying Foreign currency exposure Notional amount amount Notional amount amount Currency of hedging of hedging of hedging of hedging Amount Amount instrument instrument instrument instrument asset liability asset liability USD 68,872.63 3,153.91 - 54,021.55 1,237.49 245.70 External commercial borrowing SGD 3,390.95 354.00 - 6,773.81 667.51 - AED 4,457.11 - 2 8.11 - - - Foreign currency loan USD 2,825.70 75.60 - 2,330.70 1.34 25.50 Impact of hedge on the Balance Sheet: (₹ in Millions) As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 Carrying Carrying Carrying Carrying Carrying Carrying Foreign currency exposure Notional amount amount Notional amount amount Notional amount amount Currency of hedging of hedging of hedging of hedging of hedging of hedging Amount Amount Amount instrument instrument instrument instrument instrument instrument asset liability asset liability asset liability USD 71,723.54 1,458.92 224.96 41,201.91 1,108.68 3 3.10 32,947.01 921.98 69.94 External commercial borrowing SGD 3,140.25 86.25 - 6,395.40 296.22 3 3.53 6,401.27 309.31 2.72 AED 4,290.48 - 175.11 - - - - - - Foreign currency loan USD 1,859.30 4.04 - 508.47 0.50 1 .60 773.17 - 0.47 210Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Movement in cash flow hedge reserve (₹ in Millions) Foreign Cross currency Derivative instruments exchange Total swaps contracts As at April 1, 2025 22.07 565.08 587.15 Add: Changes in discounted spot element of foreign exchange contracts/ CCS 78.59 2,247.02 2,325.61 Add: MTM gain/ (loss) of derivative contracts (74.26) (2,334.60) (2,408.86) Less: Amount reclassified to profit and loss - - - Less: Deferred tax relating to above 1.19 (22.07) (20.88) As at September 30, 2025 25.21 499.57 524.78 As at April 1, 2024 5.38 265.68 271.06 Add: Changes in discounted spot element of foreign exchange contracts/ CCS (3.50) 611.54 608.04 Add: MTM gain/ (loss) of derivative contracts 22.56 (321.03) (298.47) Less: Amount reclassified to profit and loss - - - Less: Deferred tax relating to above (1.04) 73.12 72.08 As at September 30, 2024 25.48 483.07 508.55 As at April 1, 2024 5.38 265.68 271.06 Add: Changes in discounted spot element of foreign exchange contracts/ CCS 28.68 207.11 235.79 Add: MTM gain/ (loss) of derivative contracts (5.66) 193.06 187.40 Less: Amount reclassified to profit and loss - - - Less: Deferred tax relating to above 6.33 100.77 107.10 As at March 31, 2025 22.07 565.08 587.15 As at April 1, 2023 9.99 11.91 21.90 Add: Changes in discounted spot element of foreign exchange contracts/ CCS (7.26) 518.78 511.52 Add: MTM gain/ (loss) of derivative contracts 1.88 (179.64) (177.76) Less: Amount reclassified to profit and loss - - Less: Deferred tax relating to above (0.77) 85.37 84.60 As at March 31, 2024 5.38 265.68 271.06 As at April 1, 2022 19.62 (2.22) 17.40 Add: Changes in discounted spot element of foreign exchange contracts/ CCS (8.68) 1,157.81 1,149.13 Add: MTM gain/ (loss) of derivative contracts (2.60) (1,138.90) (1,141.50) Less: Amount reclassified to profit and loss - - - Less: Deferred tax relating to above (1.66) 4.82 3.16 As at March 31, 2023 10.00 11.87 21.87 211Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Foreign currency sensitivity Thesensitivityofprofitorlosstochangesintheexchangeratesarisesmainlyfromforeigncurrencydenominatedfinancialinstrumentsandtheimpactonothercomprehensiveincomearisesfromforeignforwardexchange contracts and foreign exchange option contracts designated as cash flow hedges. Group has considered a sensitivity of +/- 5% for increase and decrease in the ₹ against the relevant foreign currencies to calculate the net impact on OCI. (₹ in Millions) Impact on profit after tax Impact on other comprehensive income For the half For the half For the year For the year For the year For the half For the half For the year For the year Foreign currency exposure year ended year ended ended ended ended year ended year ended ended ended For the year September September 30, March 31, March 31, 2024 March 31, September 30, September 30, March 31, March 31, ended 30, 2025 2024 2025 2023 2025 2024 2025 2024 March 31, 2023 USD Borrowings (other than debt securities) +5% - - - - - 431.81 172.41 237.32 33.92 (64.80) Borrowings (other than debt securities) -5% - - - - - (431.81) (172.41) (237.44) (33.92) 64.80 Trade Payables +5% 0 .59 - 0.27 1.02 - - - - - - Trade Payables -5% (0.59) - ( 0.27) (1.02) - - - - - - SGD Borrowings (other than debt securities) +5% - - - - - 95.99 34.98 1.77 5.13 (20.06) Borrowings (other than debt securities) -5% - - - - - ( 95.99) (34.98) ( 1.77) (5.13) 20.06 Trade Payables +5% - - 0.07 - - - - - - - Trade Payables -5% - - ( 0.07) - - - - - - - AED Borrowings (other than debt securities) +5% - - - - - (115.32) - ( 4.05) - - Borrowings (other than debt securities) -5% - - - - - 115.32 - 4.05 - - Trade Payables +5% - - # 0 .04 - - - - - - Trade Payables -5% - - # ( 0.04) - - - - - - GBP Trade Payables +5% - - 0.33 - - - - - - - Trade Payables -5% - - ( 0.33) - - - - - - - # Below rounding off norms. 212Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 45.6 Interest rate sensitivity on derivative financial instruments Thesensitivityofchangesintheinterestratesfromderivativefinancialinstrumentsi.e.forwardexchangecontractsandcurrencyswaps,designatedascashflowhedges,willberecognisedinOCI.Grouphasconsidereda sensitivity of +/-1% for related interest rate changes to calculate the impact on OCI. (₹ in Millions) Impact on profit after tax Impact on other comprehensive income For the half For the half For the year For the year For the year For the half For the half For the year For the year For the year Movement in interest rates year ended year ended ended ended ended year ended year ended ended ended ended September September 30, March 31, March 31, 2024 March 31, September 30, September 30, March 31, March 31, March 31, 2023 30, 2025 2024 2025 2023 2025 2024 2025 2024 USD 1.00% - - - - - ( 60.37) 23.41 (1,203.20) (463.01) (356.02) (1.00%) - - - - - 60.37 (23.41) 1,284.09 473.12 363.76 SGD 1.00% - - - - - ( 3.54) (6.68) (13.71) 4.32 3 .99 (1.00%) - - - - - 3.54 6.68 13.86 (4.32) (3.99) AED 1.00% - - - - - 0.86 - 6.12 - - (1.00%) - - - - - ( 0.86) - ( 6.62) - - 45.7 Modified financial assets (₹ in Millions) As at As at As at As at As at Particulars September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Amortized cost of modified assets at the time of - 3 4.12 79.15 1 34.00 4 1.61 modification during the year Modification gain/ (loss) for the year - - - - - Carrying cost of the modified financial assets 1 ,163.98 1 ,634.28 1 ,330.62 1 ,988.90 2 ,849.45 45.8 Derecognition of financial assets Duringtheperiod/yearendedSeptember30,2025,September30,2024,March31,2025,March31,2024andMarch31,2023,theGrouphassold80%/90%ofaportionofitsloansthroughdirectassignments,measuredat amortised cost, to maintain reasonable leverage. As per regulatory requirement, the Group continues to hold balance 10% or more of those loans as Minimum Retention Requirement (MRR). The Group transferred substantially all the risks and rewards relating to assets to the buyer and accordingly, sold portion of loans was derecognised. 213Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information The following table below sets forth, for the periods indicated, the summary of carrying amounts of the derecognised financial assets measured at amortised cost and the gain/ (loss) on derecognition: (₹ in Millions) Particulars For the half year ended For the half year ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Value of financial assets derecognised 15,703.73 9,601.90 16,337.70 1,543.49 2,095.30 Gain on derecognition of financial assets 1,164.01 721.91 1,348.17 212.80 231.30 SincetheGrouptransferredtheabovefinancialassetinatransferthatqualifiedforderecognitioninitsentiretythereforethewholeoftheinterestspreadatitspresentvalue(discountedovertheexpectedlifeoftheasset)is recognisedonthedateofderecognitionasinterest-onlystripreceivable(excessinterestspreadreceivableonassignedloans)withacorrespondingcredittothestatementofprofitandloss.TheOutstandingpoolofdownsell portfolio as on September 30, 2025 is ₹ 27,672.90 millions (September 30, 2024: ₹ 12,339.80 millions; March 31, 2025: ₹ 16,999.20 millions; March 31, 2024: ₹ 3,337.20 millions; March 31, 2023: ₹ 2,536.20 millions). 214Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 46 Employee Stock Option Scheme (i) Equity settled TheEmployeeStockOptionsSchemetitled“ESOPScheme2017”inrespectofholdingcompanyand“ESOPScheme2018”inrespectofsubsidiarycompanyor“theScheme”wasapprovedbytheshareholdersof theholdingCompanyandsubsidiarycompanythroughpostalballotonJune09,2017andSeptember21,2018respectively.TheSchemecovered2,639,703optionsofHoldingCompanyand22,900,000optionsof subsidiarycompany.TheSchemeallowstheissueof optionstoemployeesoftherespectivecompanieswhichareconvertibletooneequityshareoftherespectivecompanies.AspertheScheme,theNomination andRemunerationCommitteegrantstheoptionstotheemployeesdeemedeligible.Theoptionsgrantedvestoveraperiodof4yearsfromthedateofthegrantinproportionsspecifiedintheESOPPlan.Thefair value as on the date of the grant of the options, representing Stock compensation charge, is expensed over the vesting period. Plan Number of Options Grant date Number of Vesting condition and Exercise price Weighted Granted Options vesting period (Rs.) average fair outstanding value of the options at grant date (₹) ESOP 2017# 962,590 July 1, 2017 328,364 10% on completion of 495 240.60 first year, 25,000 December 1, 2017 - 495 329.09 20% on completion of 49,000 December 5, 2017 49,000 second year, 495 329.21 93,215 January 8, 2018 69,889 30% on completion of 495 327.95 third year and 30,000 December 6, 2019 30,000 780 345.68 40% on completion of 115,000 April 1, 2020 - fourth year 780 345.68 ESOP 2017^ 678,600 July 1, 2020 227,086 780 306.80 17,400 October 1, 2020 17,400 780 306.80 6,400 January 1, 2021 5,140 780 306.80 45,000 October 1, 2021 29,000 780 199.52 6,000 January 1, 2022 3,900 780 199.52 202,800 June 1, 2022 96,800 780 201.45 10% on completion of 7,500 October 1, 2022 4,875 780 201.45 first year, 12,000 November 1, 2022 12,000 25% on completion of 780 201.45 second year, 142,000 January 2, 2023 142,000 780 273.64 30% on completion of 107,418 March 1, 2023 107,418 third year and 780 273.64 35% on completion of 1,108,656 October 1, 2023 956,423 780 492.76 fourth year 20,000 December 1, 2023 20,000 780 492.76 12,600 March 1, 2024 12,600 780 565.43 215first year, 25% on completion of second year, 30% on completion of third year and 35% on completion of fourth year Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information ESOP 2017^ 30,000 August 1, 2024 30,000 780 565.43 86,000 May 1, 2025 86,000 780 549.76 17,600 June 1, 2025 17,600 780 547.79 71,311 August 1, 2025 71,311 780 547.79 ESOP 2018-Tranche 1* 1,200,000 September 24, 7,000 10 4.69 10% on completion of 2018 first year, ESOP 2018-Tranche 2* 3,000,000 September 24, 25% on completion of 10 5.34 2018 second year, ESOP 2018-Tranche 3* 3,600,000 September 24, 30% on completion of 10 5.87 2018 third year and ESOP 2018-Tranche 4* 4,200,000 September 24, 35% on completion of 10 6.33 2018 fourth year ESOP 2018-Tranche 1** 850,000 July 01, 2020 6 ,787,500 10 4.84 10% on completion of first year, ESOP 2018-Tranche 2** 2,125,000 July 01, 2020 25% on completion of 10 5.33 second year, ESOP 2018-Tranche 3** 2,550,000 July 01, 2020 30% on completion of 10 5.81 third year and ESOP 2018-Tranche 4** 2,975,000 July 01, 2020 35% on completion of 10 6.22 fourth year ESOP 2018-Tranche 1** 216,000 December 01, 1 ,400,000 12 5.45 10% on completion of 2021 first year, ESOP 2018-Tranche 2** 540,000 December 01, 25% on completion of 12 5.95 2021 second year, ESOP 2018-Tranche 3** 648,000 December 01, 30% on completion of 12 6.49 2021 third year and ESOP 2018-Tranche 4** 756,000 December 01, 35% on completion of 12 6.97 2021 fourth year ESOP 2018-Tranche 1** 45,000 May 01, 2022 8,750 12 7.79 10% on completion of first year, ESOP 2018-Tranche 2** 112,500 May 01, 2022 25% on completion of 12 8.40 second year, ESOP 2018-Tranche 3** 135,000 May 01, 2022 30% on completion of 12 9.00 third year and ESOP 2018-Tranche 4** 157,500 May 01, 2022 35% on completion of 12 9.57 fourth year 216Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Plan Number of Options Grant date Number of Vesting condition and Exercise price Weighted Granted Options vesting period (Rs.) average fair outstanding value of the options at grant date (₹) ESOP 2018-Tranche 1** 30,380 April 01, 2023 220,985 20 7.19 10% on completion of first year, ESOP 2018-Tranche 2** 75,950 April 01, 2023 25% on completion of 20 8.09 second year, ESOP 2018-Tranche 3** 91,140 April 01, 2023 30% on completion of 20 8.85 third year and 35% on completion of ESOP 2018-Tranche 4** 106,330 April 01, 2023 20 9.59 fourth year ESOP 2018-Tranche 1** 12,949 May 01, 2023 73,173 21.2 6.50 10% on completion of first year, ESOP 2018-Tranche 2** 32,373 May 01, 2023 25% on completion of 21.2 7.39 second year, ESOP 2018-Tranche 3** 38,848 May 01, 2023 30% on completion of 21.2 8.19 third year and ESOP 2018-Tranche 4** 45,322 May 01, 2023 35% on completion of 21.2 8.94 fourth year ESOP 2018-Tranche 1** 5,000 August 01, 2023 32,500 21.2 6.50 10% on completion of first year, ESOP 2018-Tranche 2** 12,500 August 01, 2023 25% on completion of 21.2 7.39 second year, ESOP 2018-Tranche 3** 15,000 August 01, 2023 30% on completion of 21.2 8.19 third year and ESOP 2018-Tranche 4** 17,500 August 01, 2023 35% on completion of 21.2 8.94 fourth year #ModificationtoschemeapprovedbyshareholdervidespecialresolutiondatedJune30,2024,incrementalfairvaluegrantedduetomodificationisNilasonSeptember30,2025(September30,2024:₹23.58per option;March31,2025:₹23.58peroption;March31,2024:Nil;March31,2023:Nil)andincrementalcostrecognizedduetomodificationisNilasonSeptember30,2025(September30,2024:₹60.10millions; March 31, 2025: ₹ 60.01 millions; March 31, 2024: Nil; March 31, 2023: Nil). ^ As amended vide shareholders' special resolution dated June 28, 2020. * Approved by shareholders of Subsidiary Company dated September 21, 2018. ** Amended and approved by shareholders of Subsidiary Company dated June 30, 2020. 217Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Fair value of share options granted The fair value of options granted is estimated using the Black Scholes Option Pricing Model after applying the key assumption which are tabulated below: Inputs in to the pricing model of Holding Company ESOP 2017 Particulars Weighted average Weighted Dividend yield Risk-free interest fair value of option average share Exercise price (₹) Expected volatility** Option life (Years) (%) rate (%)* (₹) price (₹) July 1, 2017 2 40.60 616.30 495.00 Nil 4.5 0.26 6.58 December 1, 2017 3 29.09 647.40 495.00 38.18 4.5 0.82 6.60 December 5, 2017 3 29.21 647.40 495.00 38.22 4.5 0.82 6.60 January 8, 2018 3 27.95 647.40 495.00 37.8 4.5 0.82 6.60 December 6, 2019 3 45.68 820.70 780.00 38.55 4.5 1.75 6.28 April 1, 2020 3 45.68 820.70 780.00 38.55 4.5 1.75 6.28 July 1, 2020 3 06.80 740.90 780.00 43.40 4.5 0.32 5.20 October 1, 2020 3 06.80 740.90 780.00 43.40 4.5 0.32 5.20 January 1, 2021 3 06.80 740.90 780.00 43.40 4.5 0.32 5.20 October 1, 2021 1 99.52 550.60 780.00 48.80 4.5 0.39 5.49 January 1, 2022 1 99.52 550.60 780.00 48.80 4.5 0.39 5.49 June 1, 2022 2 01.45 550.00 780.00 47.67 4.5 0.36 7.00 October 1, 2022 2 01.45 550.00 780.00 47.67 4.5 0.36 7.00 November 1, 2022 2 01.45 550.00 780.00 47.67 4.5 0.36 7.00 January 2, 2023 2 73.64 611.80 780.00 53.09 4.5 0.38 7.21 March 1, 2023 2 73.64 611.80 780.00 53.09 4.5 0.38 7.21 October 1, 2023 4 92.76 892.83 780.00 51.13 4.5 0.82 7.38 December 1, 2023 4 92.76 892.83 780.00 51.13 4.5 0.82 7.38 March 1, 2024 5 65.43 993.13 780.00 49.73 4.5 0.82 7.20 August 1, 2024 5 65.43 993.13 780.00 49.73 4.5 0.82 7.20 May 1, 2025 5 49.76 869.50 780.00 64.10 4.5 0.13 6.23 June 1, 2025 5 47.79 869.50 780.00 64.10 4.5 0.13 6.01 August 1, 2025 5 47.79 869.50 780.00 64.10 4.5 0.13 6.01 218Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Inputs in to the pricing model of Subsidiary Company ESOP 2018 Particulars Weighted average Weighted Dividend yield Risk-free interest (For grant date September 24, 2018) fair value of option average share Exercise price (₹) Expected volatility** Option life (Years) (%) rate (%)* (₹) price (₹) Tranche 1 4 .69 11.24 10.00 35.61 3.5 Nil 7.94 Tranche 2 5 .34 11.24 10.00 36.29 4.5 Nil 8.03 Tranche 3 5 .87 11.24 10.00 36.09 5.5 Nil 8.09 Tranche 4 6 .33 11.24 10.00 35.69 6.5 Nil 8.13 ESOP 2018 Particulars Weighted average Weighted Dividend yield Risk-free interest (For grant date July 1, 2020) fair value of option average share Exercise price (₹) Expected volatility** Option life (Years) (%) rate (%)* (₹) price (₹) Tranche 1 4 .84 11.46 10.00 43.4 3.5 Nil 4.81 Tranche 2 5 .33 11.46 10.00 41.5 4.5 Nil 5.20 Tranche 3 5 .81 11.46 10.00 40.5 5.5 Nil 5.51 Tranche 4 6 .22 11.46 10.00 39.4 6.5 Nil 5.76 ESOP 2018 Particulars Weighted average Weighted Dividend yield Risk-free interest (For grant date December 1, 2021) fair value of option average share Exercise price (₹) Expected volatility** Option life (Years) (%) rate (%)* (₹) price (₹) Tranche 1 5 .45 12.76 12.00 47.92 3.5 Nil 5.18 Tranche 2 5 .95 12.76 12.00 44.95 4.5 Nil 5.53 Tranche 3 6 .49 12.76 12.00 43.7 5.5 Nil 5.83 Tranche 4 6 .97 12.76 12.00 42.51 6.5 Nil 6.08 ESOP 2018 Particulars Weighted average Weighted Dividend yield Risk-free interest (For grant date May 1, 2022) fair value of option average share Exercise price (₹) Expected volatility** Option life (Years) (%) rate (%)* (₹) price (₹) Tranche 1 7 .79 16.96 12.00 28.19 3.5 Nil 6.20 Tranche 2 8 .40 16.96 12.00 25.75 4.5 Nil 6.51 Tranche 3 9 .00 16.96 12.00 24.07 5.5 Nil 6.73 Tranche 4 9 .57 16.96 12.00 23.2 6.5 Nil 6.90 219Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information ESOP 2018 Particulars Weighted average Weighted Dividend yield Risk-free interest (For grant date April 1, 2023) fair value of option average share Exercise price (₹) Expected volatility** Option life (Years) (%) rate (%)* (₹) price (₹) Tranche 1 7 .19 21.20 20.00 27.63 3.5 Nil 7.12 Tranche 2 8 .09 21.20 20.00 26.08 4.5 Nil 7.14 Tranche 3 8 .85 21.20 20.00 24.32 5.5 Nil 7.14 Tranche 4 9 .59 21.20 20.00 23.02 6.5 Nil 7.15 ESOP 2018 Particulars Weighted average Weighted Dividend yield Risk-free interest (For grant date May 1, 2023) fair value of option average share Exercise price (₹) Expected volatility** Option life (Years) (%) rate (%)* (₹) price (₹) Tranche 1 6 .50 21.20 21.20 27.36 3.5 Nil 6.86 Tranche 2 7 .39 21.20 21.20 25.69 4.5 Nil 6.92 Tranche 3 8 .19 21.20 21.20 24.13 5.5 Nil 6.96 Tranche 4 8 .94 21.20 21.20 22.81 6.5 Nil 7.00 ESOP 2018 Particulars Weighted average Weighted Dividend yield Risk-free interest (For grant date August 1, 2023) fair value of option average share Exercise price (₹) Expected volatility** Option life (Years) (%) rate (%)* (₹) price (₹) Tranche 1 6 .50 21.20 21.20 27.36 3.5 Nil 6.86 Tranche 2 7 .39 21.20 21.20 25.69 4.5 Nil 6.92 Tranche 3 8 .19 21.20 21.20 24.13 5.5 Nil 6.96 Tranche 4 8 .94 21.20 21.20 22.81 6.5 Nil 7.00 *The risk free interest rate being considered for the calculation is interest rate applicable to the implied yield of zero coupon government securities. **Expected volatility calculation is based on volatility of similar listed enterprises. 220Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Movement in share options during the year of Holding Company Particulars As at September 30, 2025 As at September 30, 2024 Number of options Weighted Number of Weighted average options average exercise exercise price of the price of the options options (₹ per share) (₹ per share) (i) Outstanding at the beginning of the period 2,376,072 726.35 2,556,529 721.76 (ii) Granted during the period 174,911 780.00 30,000 780.00 (iii) Forfeited/ cancelled during the period 234,177 780.00 40,647 761.44 (iv) Exercised during the period - - - - (v) Outstanding at the end of the period 2,316,806 724.98 2,545,882 721.64 (vi) Exercisable at the end of the period 987,001 650.85 1,025,587 635.55 Particulars As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 Number of Weighted Number of options Weighted Number of Weighted options average average options average exercise exercise exercise price of the price of the price of the options options options (₹ per share) (₹ per share) (₹ per share) (i) Outstanding at the beginning of the year 2,556,529 721.76 1,514,381 674.80 1,333,534 633.25 (ii) Granted during the year 30,000 780.00 1,141,256 780.00 471,718 780.00 (iii) Forfeited/ cancelled during the year 104,372 772.77 99,108 674.93 290,871 654.91 (iv) Exercised during the year 106,085 585.08 - - - - (v) Outstanding at the end of the year 2,376,072 726.35 2,556,529 721.76 1,514,381 674.80 (vi) Exercisable at the end of the year 1,099,574 664.08 878,344 610.48 732,128 562.40 Weightedaverageremainingcontractuallifeofoptionsoutstandingasatperiod/yearendis5.8months(September30,2024:7months;March31,2025:6.2months;March31,2024:16months; March31,2023: 11 months) of Holding Company. 221Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Movement in share options during the year of Subsidiary Company Particulars As at September 30, 2025 As at September 30, 2024 Number of options Weighted average Number of Weighted fair value of the options average fair options at grant value of the date options at grant date (₹ per share) (₹ per share) (i) Outstanding at the beginning of the period 9,143,794 6.03 10,330,292 6.23 (ii) Granted during the period - - - - (iii) Forfeited/ cancelled during the period 37,085 8.26 22,500 9.06 (iv) Exercised during the period 576,801 6.32 295,000 6.19 (v) Outstanding at the end of the period 8,529,908 6.00 10,012,792 6.14 (vi) Exercisable at the end of the period 7,568,510 5.81 8,219,078 5.83 Particulars As at March 31, 2025 As at March 31, 2024 As at March 31, 2023 Number of Weighted Number of options Weighted average Number of Weighted options average fair fair value of the options average fair value of the options at grant value of the options at grant date options at grant date date (₹ per share) (₹ per share) (₹ per share) (i) Outstanding at the beginning of the year 10,330,292 6.23 10,427,500 5.39 12,070,000 5.93 (ii) Granted during the year - - 483,292 8.50 450,000 8.93 (iii) Forfeited/ cancelled during the year 330,560 - - - 320,000 - (iv) Exercised during the year 855,938 - 580,500 - 1,772,500 - (v) Outstanding at the end of the year 9,143,794 6.03 10,330,292 6.23 10,427,500 6.06 (vi) Exercisable at the end of the year 8,040,641 5.81 5,307,000 5.69 2,912,500 5.39 Weightedaverageremainingcontractuallifeofoptionsoutstandingasatperiod/yearendis0.85years(September30,2024:1.68years;March31,2025:1.17years;March31,2024:4.75years; March31,2023: 5.5 years) of subsidiary company. 222Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information (ii) Cash settled TheCashsettledEmployeeStockOptionsSchemetitled“PhantomStockUnitsPlan2022”or“thePhantomScheme”wasapproved,ontherecommendationsoftheNominationand RemunerationCommittee (NRC),bytheBoardoftheHoldingCompanyonAugust03,2022.TheSchemeconfersarightupontheEmployeetoreceivesumofmoneyequaltoappreciationinaccordancewiththetermsandconditionsof suchissue.AspertheScheme,theNominationandRemunerationCommitteegrantstheoptionstotheemployeesdeemedeligible.Thefairvalueisre-measuredateachreportingperiodupto,andincludingthe settlement date, is expensed over the vesting period. The said scheme vide board resolution dated June 27, 2024 has been converted into "Long Term Cash Reward Plan", hence no disclosure is required. (iii) Expense recognised for share based payment transactions (₹ in Millions) For the period For the period For the year ended ended For the year ended For the year ended Particulars ended September 30, September 30, March 31, 2025 March 31, 2024 March 31, 2023 2025 2024 Expense arising from equity-settled share based payment transactions 76.54 189.23 278.05 170.60 11.54 Expense arising from cash-settled share based payment transactions - - - 117.68 73.72 Total expense arising from share based payment transactions 76.54 189.23 278.05 288.28 85.26 223Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 47 Dividend paid and proposed (₹ in Millions) For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Declared and paid during the period/ year Dividends on ordinary shares: Final dividend for the year ended March 31, 2025: ₹ 1.10# per share (March 31, 2024: ₹ 10.00## 142.59 1,273.07 1,273.07 1,031.18 - per share; March 31, 2023: ₹ 8.10### per share) Total dividends paid (including dividend distribution tax) 142.59 1 ,273.07 1,273.07 1,031.18 - After thereportingdates thefollowingdividends wereproposed bythe Board of Directors subject tothe approvalof theshareholders atAnnualGeneralMeeting. Accordingly, the dividends have notbeen recognised as liabilities. Dividend on ordinary shares: Proposed for approval at Annual General Meeting March 31, 2025: ₹ 1.10# per share (March 31, - - 140.15 1,273.06 1,031.18 2024: ₹ 10.00## per share; March 31, 2023: ₹ 8.10### per share) - - 140.15 1,273.06 1,031.18 # OnApril29,2025,theBoardofDirectorsoftheHoldingCompanyhasproposedafinaldividendonequitysharesof₹1.10pershareforthefinancialyearendedMarch31,2025andsamewasapprovedbytheshareholdersat the Annual General Meeting held on July 28, 2025. ## OnMay03,2024,theBoardofDirectorsoftheHoldingCompanyhasproposedafinaldividendonequitysharesof₹10.00pershareforthefinancialyearendedMarch31,2024andsamewasapprovedbytheshareholdersat the Annual General Meeting held on August 21, 2024. ### OnMay01,2023,theBoardofDirectorsoftheHoldingCompanyhasproposedafinaldividendonequitysharesof₹8.10pershareforthefinancialyearendedMarch31,2023andsamewasapprovedbytheshareholdersat Annual General Meeting held on August 02, 2023 48 Additional Regulatory Information required by Schedule III to the Companies Act, 2013 (i) The Group has not entered any transactions with companies that were struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956. (ii) The Group is in compliance with number of layers of companies, as prescribed under clause (87) of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017. (iii) Duringtheyear,noschemeofarrangementsinrelationtotheGroup hasbeen approvedbythecompetentauthorityin termsof Sections230to237oftheCompaniesAct, 2013.Accordingly, aforesaiddisclosurearenot applicable, since there were no such transaction. (iv) The Group does not have any transactions which were not recoded in the books of accounts, but offered as income during the year in the income tax assessment. (v) The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year. (vi) The Group has not been declared as Wilful Defaulter by any Bank or Financial Institution or other Lender. (vii) TheGrouphasnotadvancedorprovidedloantoorinvestedfunds(eitherborrowedfundsorsharepremiumoranyothersourcesorkindoffunds)toanyotherpersonsorentitiesincludingforeignentities(Intermediaries)with the understanding (whether recorded in writing or otherwise) that the Intermediary shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries. (viii) The Group has not received any fund from any persons or entities, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Group shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. 224Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information 49 Statement of Adjustments to Audited Consolidated Financial Statements Summarized below are the restatement adjustments made to the Audited Consolidated Financial Statements for the period/ year ended September 30, 2025, September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023 and their impact on equity and the profit/ (loss) of the Group: Part A : Statement of Adjustments to Audited Consolidated Financial Statements Reconciliation between audited equity and restated equity (₹ in Millions) Particulars As at As at As at As at As at September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Total Equity as per Audited Consolidated Financial Statements 59,272.80 57,308.99 57,607.60 57,720.30 52,478.27 Restatement adjustments - - - - - Total Equity as per Restated Consolidated Financial Information 59,272.80 57,308.99 57,607.60 57,720.30 52,478.27 Reconciliation between audited profit /(loss) after tax and restated profit/ (loss) after tax (₹ in Millions) Particulars For the period ended For the period ended For the year ended For the year ended For the year ended September 30, 2025 September 30, 2024 March 31, 2025 March 31, 2024 March 31, 2023 Profit/ (loss) after tax as per Audited Consolidated Financial Statements (1,307.56) 867.83 1,099.54 6,370.48 4,799.47 Restatement adjustments - - - - - Restated Profit/ (loss) after tax as per Restated Consolidated Financial Information (1,307.56) 867.83 1,099.54 6,370.48 4,799.47 225Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Note to adjustment: i) Audit qualifications - There are no audit qualifications in auditor's report for the periods/ years ended September 30, 2025, September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023. ii)Materialregrouping/reclassification-Appropriateregrouping/reclassifiacationhavebeenmadeintherestatedconsolidatedstatementofassetsandliabilities,restatedconsolidatedstatementofprofitandlossandrestatedconsolidated statementofcashflows,whereverrequired,byreclassificationofcorrespondingitemsofincome,expenses,assets,liabilitiesandcashflows,inordertobringtheminlinewiththeaccountingpoliciesandclassificationaspertheAudited ConsolidatedFinancialStatementsfortheperiodendedSeptember30,2025,preparedinaccordancewithSchecdule-III(Division-III)oftheAct,asamended,requirementsofINDAS1-‘Preparationoffinancialstatements’andother applicable IND AS principles and the requirements of the Securities and Exchange Board of India (Issue of Capital & Disclosure Requirements ) Regulations, 2018, as amended. Part B : Non Adjusting Items a) Auditor's Comments in Annexure to Auditors’ Report: Certainstatements/commentsincludedintheCAROonthestandalonefinancialstatementsoftheHoldingCompanyfortheyearsendedMarch31,2025,March31,2024andMarch31,2023whichdonotrequireanyadjustmentsinthe Restated Consolidated Financial Information are reproduced below. Additionally,thestatements/commentsintheCAROissuedontheseparatestatutoryfinancialstatementsofHeroHousingFinanceLimited,asubsidiaryoftheCompanyasatandfortheyearsendedMarch31,2025,March31,2024and March 31, 2023 have also been reproduced below: i) Hero FinCorp Limited Annexure to Auditor's Report for the year ended March 31, 2025 Clause vii(b) of CARO, 2020 Order The particulars of statutory dues referred to in sub-clause (a) as at March 31, 2025 which have not been deposited on account of a dispute, are as follows: Name of the statute Nature of dues Amount (₹ In Period to Forum where the Remarks, if any millions) which the dispute is pending amount relates Income Tax Act, 1961 Income tax 3.30 2006-07 The High Court of Delhi Amount paid under protest is ₹ 3.30 millions 2009-10 Income Tax Act, 1961 Income tax 258.30 2013-14 Commissioner (Appeals) Amount paid under protest is ₹ 151.80 2014-15 of Income Tax millions 2020-21 Income Tax Act, 1961 Income tax 2,809.80 2016-17 Income Tax Amount paid under protest is ₹ 404.80 2017-18 Appellate Tribunal millions Income Tax Act, 1961 Income tax 16.80 2022-23 Commissioner Amount paid under protest is ₹ 16.80 millions of Income Tax Delhi Value added Tax Act Value added 2.00 2013-14 Objection hearing - tax 2014-15 authority (Trade & Tax department) Goods and Services Tax, 2017 Goods and 239.90 2017-18 Directorate General - Services Tax to of GST Intelligence 2022-23 (DGGI) 226Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Annexure to Auditor's Report for the year ended March 31, 2024 Clause vii(b) of CARO, 2020 Order The particulars of statutory dues referred to in sub-clause (a) as at March 31, 2024 which have not been deposited on account of a dispute, are as follows: Name of the statute Nature of dues Amount (Rs. Period to Forum where the dispute is pending Remarks, if any In millions) which the amount relates Income Tax Act, 1961 Income tax 91.10 2013-14 Commissioner (Appeals) of Income Tax Amount paid under protest is ₹ 36.90 2014-15 millions Income Tax Act, 1961 Income tax 3.30 2006-07 The High Court of Delhi Amount paid under protest is ₹ 1.40 2009-10 millions Income Tax Act, 1961 Income tax 829.80 2017-18 Commissioner (Appeals) of Income Tax Amount paid under protest is ₹ 243.30 millions Income Tax Act, 1961 Income tax 1,989.50 2016-17 Commissioner (Appeals) of Income Tax Amount paid under protest is ₹ 257.30 millions Income Tax Act, 1961 Income tax 4.00 2019-20 Commissioner (Appeals) of Income Tax - Income Tax Act, 1961 Income tax 167.20 2020-21 Commissioner (Appeals) of Income Tax Amount paid under protest is ₹ 113.50 millions Delhi Value added Tax Act Value added 2.00 2013-14 Objection hearing - tax 2014-15 authority (Trade & Tax department) Annexure to Auditor's Report for the year ended March 31, 2023 Clause vii(a) of CARO, 2020 Order AccordingtotheinformationandexplanationsgiventousandtherecordsoftheCompanyexaminedbyus,inouropinion,theCompanyisgenerallyregularindepositingundisputedstatutoryduesinrespectofProvidentFund,though therehasbeenaslightdelayinafewcases,andisregularindepositingundisputedstatutorydues,includingemployee’stateinsurance,incometax,valueaddedtax,cess,goodsandservicestaxandothermaterialstatutorydues,as applicable, with the appropriate authorities. The extent of the arrears of undisputed statutory dues outstanding as at March 31, 2023, for a period of more than six months from the date they became payable are as follows: Name of the statute Nature of dues Amount (Rs. Period to Due date Date of Payment Remarks, if any In millions) which the amount relates Employees’ Provident Fund Organization Provident fund 0.30 April 2022 to May 2022 to September Not yet paid Due to non - linking of Aadhar number with employee’s PF dues August 2022 2022 account as required by notification dated June 15th, 2021, issued by Provident Fund authorities. Amount of ₹ 0.05 millions deposited subsequently. 227Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Clause vii(b) of CARO, 2020 Order According to the information and explanations given to us and the records of the Company examined by us, there are no statutory dues of goods and service tax and cess which have not been deposited on account of any dispute. The particulars of other statutory dues referred to in sub-clause (a) as at March 31, 2023 which have not been deposited on account of a dispute, are as follows: Name of the statute Nature of dues Amount (Rs. Period to Forum where the Remarks, if any In millions) which the dispute is pending amount relates Income Tax Act, 1961 Income tax 91.10 2013-14 Commissioner (Appeals) Amount paid under protest is ₹ 36.90 millions 2014-15 of Income Tax Income Tax Act, 1961 Income tax 3.30 2006-07 The High Court of Delhi Amount paid under protest is ₹ 1.40 millions 2009-10 Income Tax Act, 1961 Income tax 829.80 2017-18 Commissioner (Appeals) Amount paid under protest is ₹ 243.30 of Income Tax millions Income Tax Act, 1961 Income tax 2,028.70 2016-17 Commissioner (Appeals) Amount paid under protest is ₹ 257.30 of Income Tax millions Income Tax Act, 1961 Income tax 4.00 2019-20 Commissioner (Appeals) - of Income Tax Income Tax Act, 1961 Income tax 167.20 2020-21 Commissioner (Appeals) Amount paid under protest is ₹ 113.50 of Income Tax millions Delhi Value added Tax Act Value added 2.00 2013-14 Objection hearing - tax 2014-15 authority (Trade & Tax 2015-16 department) 2016-17 2017-18 228Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information ii) Hero Housing Finance Limited Annexure to Auditor's Report for the year ended March 31, 2025 Clause vii(a) & vii(b) of CARO, 2020 Order According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion: a)TheCompanyhasbeengenerallyregularindepositingundisputedstatutoryduesincludingProvidentFund,Income-tax,GoodsandServicesTax,andothermaterialstatutorydues,asapplicabletotheCompany,withtheappropriate authorities. Accordingtotheinformationandexplanationsgiventous,noundisputedamountspayableinrespectofProvidentFund,Income-tax,GoodsandServicesTax,andothermaterialstatutorydueswereinarrearsasatMarch31,2025fora period of more than six months from the date they became payable. b) As at March 31, 2025, the following are the particulars of dues referred in sub-clause (a) above which have not been deposited on account of any dispute: Name of the Statute Period to Amount (In Amount Forum where which amount INR millions) paid* (In dispute is relates INR millions) pending Income-tax Act, 1961 AY 2017-18 0.20 0.20 Commissioner (Appeals) *Adjusted against earlier / subsequent year refund orders Annexure to Auditor's Report for the year ended March 31, 2024 Clause vii(a) & vii(b) of CARO, 2020 Order According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion: a)TheCompanyhasbeengenerallyregularindepositingundisputedstatutoryduesincludingProvidentFund,Income-tax,GoodsandServicesTax,andothermaterialstatutorydues,asapplicabletotheCompany,withtheappropriate authorities. Accordingtotheinformationandexplanationsgiventous,noundisputedamountspayableinrespectofProvidentFund,Income-tax,GoodsandServicesTax,andothermaterialstatutorydueswereinarrearsasatMarch31,2024fora period of more than six months from the date they became payable. b) As at March 31, 2024, the following are the particulars of dues referred in sub-clause (a) above which have not been deposited on account of any dispute: Name of the Statute Period to Amount (In Amount Forum where which amount INR millions) paid* (In dispute is relates INR millions) pending Income-tax Act, 1961 AY 2017-18 0.20 0.20 Commissioner (Appeals) *Adjusted against earlier / subsequent year refund orders 229Hero FinCorp Limited CIN - U74899DL1991PLC046774 Notes to the Restated Consolidated Financial Information Annexure to Auditor's Report for the year ended March 31, 2023 Clause vii(a) & vii(b) of CARO, 2020 Order According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion: (a)TheCompanyhasbeengenerallyregularindepositingundisputedstatutoryduesincludingProvidentFund,Income-tax,GoodsandServicesTax,andothermaterialstatutorydues,asapplicabletotheCompany,withtheappropriate authorities.Accordingtotheinformationandexplanationsgiventous,noundisputedamounts,exceptforonecasestatedbelow,payableinrespectofProvidentFund,Incometax,GoodsandServicesTax,andothermaterialstatutorydues wereinarrearsasatMarch31,2023foraperiodofmorethansixmonthsfromthedatetheybecamepayableexceptincaseofProvidentFundfortwoemployees,forwhichtheamount,inouropinion,isnotmaterialandcouldnotbe deposited due to inconsistency in the employees’ records with the Employee Provident Fund Organisation. (b) As at 31 March, 2023, the following are the particulars of dues referred in sub-clause (a) above which have not been deposited on account of any dispute: Name of the Statute Period to Amount (In Amount Forum where which amount INR millions) paid* (In dispute is relates INR millions) pending Income-tax Act, 1961 AY 2017-18 0.17 0.17 Commissioner (Appeals) *Adjusted against earlier/ subsequent year refund orders For and on behalf of the Board of Directors of Hero FinCorp Limited Abhimanyu Munjal Kaushik Dutta Sajin Mangalathu Shivendra Suman Managing Director & CEO Director Chief Financial Officer Company Secretary (DIN No. : 02822641) (DIN No. : 03328890) Place: Dubai Place: Delhi Place: Gurugram Place: Gurugram Date: November 14, 2025 230OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS The disclosures in the section “Outstanding Litigation and Material Developments” beginning on page 279 of the DRHP shall be read with the following disclosures. Except as disclosed below, from the date of the DRHP and as on date of this Addendum, there are no new outstanding (i) criminal proceedings; (ii) actions taken by regulatory or statutory authorities; (iii) litigation involving claims related to direct and indirect taxes wherein the amount involved exceeds the Materiality Threshold (defined below); and (iv) other pending litigation as determined to be material as per the Materiality Policy, in each case involving our Company, its Subsidiary, Promoters and Directors (“Relevant Parties”). For the purpose of identification of material litigation in (iv) above, our Board had considered and adopted the Materiality Policy pursuant to the Board resolution dated November 14, 2025. As on date of the DRHP, the materiality thresholds were determined basis the Restated Consolidated Financial Information for the Financial Years ended March 31, 2024, March 31, 2023, and March 31, 2022. The revised materiality thresholds determined basis the Restated Consolidated Financial Information for the Financial Years ended March 31, 2025, March 31, 2024 and March 31, 2023 for all outstanding litigation, involving the Relevant Parties, other than criminal proceedings, actions by regulatory authorities and statutory authorities, disciplinary actions including any penalty imposed by SEBI or stock exchanges against our Promoters in the last five Financial Years including any outstanding actions, and tax matters (direct or indirect), would be as follows: (i) where such matters involve our Company, our Subsidiary, Directors and Promoters except Hero MotoCorp Limited, the monetary amount of claim by or against the entity or person in any such pending proceeding is in excess of ₹ 204.49 million, being the amount equivalent to 5% of Company’s average of absolute value of the profit or loss after tax as per last three audited consolidated financial statements (“Materiality Threshold”); and where such matters involves Hero MotoCorp Limited, the monetary amount of claim by or against the entity in any such pending proceeding is in excess of ₹1,819.60 million, being the amount equivalent to 5% of the average of absolute value of profit or loss after tax as per last three audited consolidated financial statements of Hero MotoCorp Limited in accordance with the materiality policy adopted by Hero MotoCorp Limited in accordance with the SEBI Listing Regulations. Further, as on date of this Addendum, there are no new (a) disciplinary actions including penalty imposed by the SEBI or stock exchanges against our Promoters in the last five Financial Years including any outstanding action; and (b) pending litigation involving our Group Companies which may have a material impact on our Company. Furthermore, except as disclosed below, there are no (a) outstanding criminal cases involving the Key Managerial Personnel and Senior Management Personnel; and (b) outstanding action by regulatory and statutory authorities against the Key Managerial Personnel and Senior Management Personnel. I. Litigation involving our Company Litigation against our Company Criminal Litigation 1. Deepak Kumar Singh (“Complainant”) has filed an application (“Application”) with the Court of Chief Judicial Magistrate, Ghaziabad (“Court”) against our Company and certain of our Directors (“Accused”) under Section 156 (3) of the CrPC. The Complainant had availed financing for his vehicle from our Company, pursuant to which our Company has issued a ‘no-objection certificate’ for use of the vehicle. However, upon failure to make timely payments of the facilities, our Company had taken possession of the vehicle. The Complainant has alleged that the Accused have acted illegally by taking possession of his vehicle and has prayed, inter alia, to direct the Sahibabad Police Station, Ghaziabad to register a criminal complaint and take appropriate action against the Accused. Pursuant to the inaction of the local authorities to register a first information report in this regard, the Complainant has filed a criminal complaint dated January 22, 2025 under Section 223 of the Bharatiya Nyaya Sanhita, 2023 with the Court 231of Chief Judicial Magistrate, Ghaziabad seeking initiation of criminal proceedings. The matters are currently pending. 2. Sathisha (“Complainant”) has filed a first information report dated March 27, 2025 (“FIR”) with the Dudda Police Station, Hassan (“Police Station”), against our Company and others (“Accused”) under Sections 3(5) and 108 of the Bharatiya Nyaya Sanhita, 2023. The Complainant has alleged that the Accused have abetted the suicide committed by his brother who had availed certain facilities from our Company and upon non-payment of these facilities, the Accused had allegedly harassed his brother. The Additional District and Sessions Court at Hassan vide its order dated July 11, 2025 has granted anticipatory bail to certain Accused. The investigation regarding the FIR was conducted by the Police Station, and the closure report with a notice given to the Complainant dated August 20, 2025 was filed by the Police Station concluding that no offence had been committed by the Accused. The matter is currently pending for final disposal. Actions taken by Regulatory or Statutory Authorities 1. Our Company had sanctioned credit facilities of ₹ 50.15 million to Superior Soil Products (“SSP”) against security on certain assets owned by SSP (“Assets”) as a part of its ordinary course of business, after conducting pre-disbursement due diligence, pursuant to which the Assets were mortgaged with our Company. The Directorate of Enforcement, New Delhi (“ED”) has filed a complaint dated March 3, 2025 (“Complaint”) before the Adjudicating Authority (“AO”) against Sativa Global Exports (“SGE”), SSP (partnership firms) and their partners Rajesh Kumar (beneficial owner of SGE and SSP), his affiliates (“Accused”), and others, including our Company, under inter alia, Section 5(5) of the Prevention of Money Laundering Act, 2002 (“PMLA”). Pursuant to the Complaint, the ED has issued a show cause notice dated March 26, 2025 (“SCN”) to the Accused and our Company, alleging that the Accused have fraudulently availed credit facilities from Punjab National Bank (“Bank”) by, inter alia, forging its financial statements and disposing the collateral security which was mortgaged and hypothecated with the Bank, consequently committing the acts of criminal breach of trust, criminal misappropriation, forgery and cheating (“Offences”). However, the AO, pursuant to an order dated February 3, 2025 (“Attachment Order”) provisionally attached the Assets on the ground that they constitute proceeds of the Offences and subsequently, has confirmed the provisional attachment vide order dated July 7, 2025 (“Order”). Our Company has filed a reply dated May 2, 2025 to the SCN and a rejoinder dated June 25, 2025 before the AO, contending that they had no role or relevance in the Offences and that they are a bona fide third party lender, having a valid mortgage over the Assets and praying for a release of the Assets from attachment. Additionally, our Company has also filed an appeal dated August 20, 2025 before the Appellate Tribunal, Department of Revenue, Ministry of Finance under Section 26 of the Prevention of Money Laundering Act, 2002, challenging the validity of the Order. Our Company has contended inter alia that the provisional attachment vide the Order has materially affected the rights of our Company as a secured creditor, seeking quashing of the Attachment Order. The matter is currently pending. Litigation by our Company Material Civil Litigation 1. Our Company has filed two Form Bs dated February 11, 2025 and February 13, 2025 claiming amounts of ₹ 597.75 million and ₹ 582.39 million, respectively, under Regulation 7(1) of the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 as a financial creditor in respect of the insolvency resolution process initiated against Mamta Apparao and Shamik Apparao, respectively, as personal guarantors of Tag Offshore Limited (“Borrower”). Our Company had sanctioned loan facilities of ₹360.00 million to the Borrower who failed to repay its contractual dues under the loan facilities and despite repeated follow-up, the dues remained unpaid. The matter is currently pending. 2. Our Company has filed a Form B dated November 29, 2024 claiming an amount of ₹ 810.47 million under Regulation 7(1) of the Insolvency Resolution Process for Personal Guarantors to Corporate 232Debtors) Regulations, 2019 as a financial creditor in respect of the insolvency resolution process initiated against Kunwar Sachdev, as a personal guarantor of Su-Kam Power Systems Limited (“Borrower”). Our Company had sanctioned loan facilities of ₹362.50 million to the Borrower who failed to repay its contractual dues under the loan facilities and despite repeated follow-up, the dues remained unpaid. The matter is currently pending. 3. Our Company has filed a Form C dated July 1, 2024 claiming an amount of ₹ 505.25 under Regulation 8 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as a financial creditor in respect of the CIRP initiated against JTPL Townships Private Limited as a personal guarantor of Kwality Limited (“Borrower”). Our Company had sanctioned loan facilities of ₹350.00 million to the Borrower who failed to repay its contractual dues under the loan facilities and despite repeated follow-up, the dues remained unpaid. The matter is currently pending. 4. Our Company has filed a Form C dated October 25, 2024 claiming an amount of ₹ 900.36 million under Regulation 8 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as a financial creditor in respect of the CIRP initiated against Future Corporate Resources Private Limited (“Borrower”). Our Company had loan facilities of ₹750.00 million to the Borrower who failed to repay its contractual dues under the loan facilities and despite repeated follow-up, the dues remained unpaid. The matter is currently pending. 5. Our Company has filed a Form C dated July 25, 2024 claiming an aggregate amount of ₹ 761.34 million under Regulation 8 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as a financial creditor in respect of the CIRP initiated against Feedback Infra Private Limited (“Debtor”), in its capacity as a principal borrower and a guarantor. Our Company had sanctioned loan facilities of ₹ 370.50 million to the Debtor and loan facilities of ₹ 206.20 million to Feedback Energy Distribution Limited and Feedback Power Operations and Maintenance Services Limited (“ Borrowers”), which was secured by way of a guarantee by the Debtor. The Debtor and Borrowers failed to repay its contractual dues under the loan facilities and despite repeated follow- up, the dues remained unpaid. The matter is currently pending. 6. Our Company has filed two Form Bs dated January 6, 2025 each, claiming an amount of ₹ 366.74 million under Regulation 7(1) of the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 as a financial creditor in respect of the insolvency resolution process initiated against Satish Dhondiram Chavan and Ashwini Satish Chavan, as personal guarantors of Pratibha Krushi Prakriya Limited and Pratibha Milk Industries (“Borrowers”). Our Company had sanctioned loan facilities of ₹ 330.00 million to the Borrowers. The borrowers failed to repay its contractual dues under the loan facilities and despite repeated follow-up, the dues remained unpaid. The matter is currently pending. Criminal Litigation 1. Our Company has filed a criminal complaint dated April 15, 2025 (“Complaint”) before the Court of the Chief Judicial Magistrate, Palamau, Jharkhand against Raushan Singh Parmar (“Accused”) under Sections 318, 316, 336, 338 and 340 of the Bharatiya Nyaya Sanhita, 2023. Our Company has alleged that the Accused was a contractual employee, tasked with collection of EMI payments and arrears from various borrowers of our Company and depositing the amount with our Company. However, the Accused failed to deposit an amount of ₹ 1.32 million collected from the borrowers. Pursuant to the inaction of the local authorities to register a first information report, our Company has filed the Complaint against the Accused seeking initiation of criminal proceedings. The Court vide order dated June 13, 2025 has directed the relevant authorities to file a first information report against the Accused. The matter is currently pending. 2. Our Company has filed a criminal complaint dated January 8, 2025 (“Complaint”) before the Court of the Chief Judicial Magistrate, Kaushambi against Nishant Dubey (“Accused”) under Section 173(4) of 233the Bharatiya Nagarik Suraksha Sanhita, 2023. Our Company has alleged that the Accused was tasked with collection of EMI payments and arrears from various borrowers of our Company and depositing the amount with our Company. However, the Accused failed to deposit an amount of ₹ 0.34 million collected from the borrowers. Pursuant to the inaction of the local authorities to register a first information report, our Company has filed the Complaint against the Accused seeking initiation of criminal proceedings. The matter is currently pending. 3. Our Company has filed a first information report dated April 10, 2025 with the Shakespeare Sarani Police Station, Kolkata, against Signet Media Service Private Limited and others (“Accused”) under, inter alia, Sections 420, 465, 467 and 471 of the IPC. Our Company has alleged that the Accused, by forging documents, had misrepresented themselves to be the lawful owners of a property and mortgaged the said property to avail a loan of ₹ 22.00 million from our Company (“Loan”). The Accused has defaulted in repayment of the Loan and consequently, our Company is unable to enforce the security against the Accused. The matter is currently pending. 4. Our Company has filed a first information report dated December 11, 2024 with the Central Crime Station, Hyderabad, against M.P. Satyamurthy and others (“Accused”) under, inter alia, Sections 420, 464, 468 read with 120B of the IPC. Our Company has alleged that the Accused, by forging documents, had misrepresented themselves to be the lawful owners of a property and mortgaged the said property to avail a loan of ₹ 27.90 million from our Company (“Loan”). The Accused has defaulted in repayment of the Loan and consequently, our Company is unable to enforce the security against the Accused. The matter is currently pending. 5. Our Company has filed a first information report dated August 23, 2025 with the Rani Bagh Police Station, New Delhi against Aman Sharma (“Accused”) under, inter alia, Section 420 of the IPC. The Accused who was a contractual employee of our Company had sourced fraudulent loans from our Company by submitting fabricated documents with inter alia untraceable mobile numbers, non-existent customer addresses and invalid bank account details for his personal profit. The matter is currently pending. II. Litigation involving our Promoters Litigation against our Promoters Criminal Litigation Abhimanyu Munjal 1. Tribhuwan Raj Bhandari (“Complainant”) has filed a first information report (“FIR”) dated November 7, 2022 with the Police Station Basni, District Jodhpur City (West) against Abhimanyu Munjal, Dr. Pawan Munjal, Renu Munjal, Pradeep Dinodia, Sanjay Kukreja, Sajin Purushothaman Mangalathu, Ajay Sahasrabuddhe and others (“Accused”), alleging that the Accused acted in connivance to cheat the Complainant by charging higher interest rate on the loan advanced to them by the Company. Subsequently, the Accused filed two separate criminal miscellaneous petitions under Section 482 of Criminal Procedure Code, 1973 before the High Court of Judicature for Rajasthan at Jodhpur (“High Court”) for quashing the FIR. However, the investigating officer filed a final report dated May 3, 2024 (“Final Report”) stating inter alia that the matter is civil in nature. Subsequently, the High Court passed orders dated May 15, 2023 and August 28, 2023 dismissing the petitions, observing that the Final Report will be submitted before the competent court, and therefore the petition is infructuous. The matter is currently pending 2. Deepak Kumar Singh has filed two applications with the Court of Chief Judicial Magistrate, Ghaziabad against our Company and certain of our Directors, including Abhimanyu Munjal. For details, see “– Litigation involving our Company – Litigation against our Company – Criminal Litigation” on page 231. Dr. Pawan Munjal 2341. Brains Logistics Private Limited (“Complainant”) has filed a petition dated July 7, 2024, with the High Court of Punjab and Haryana (“Court”) against our Promoters, Dr. Pawan Munjal, HMCL and others (collectively, “Accused”) under Section 340 of the CrPC. The Complainant has alleged that the Accused have submitted documents with fabricated dates while representing themselves before the Court. However, no notice has been issued by the Court. The matter is currently pending. 2. Tribhuwan Raj Bhandari has filed a first information report dated November 7, 2022 against certain of our Promoters, Directors, Key Managerial Personnel and Senior Management Personnel, including Dr. Pawan Munjal. For details see “– Litigation involving our Promoters – Litigation against our Promoters – Criminal Litigation – Abhimanyu Munjal – No. 1” on page 234. Hero MotoCorp Limited 1. Brains Logistics Private Limited has filed a petition dated July 7, 2024, with the High Court of Punjab and Haryana against our Promoters, Dr. Pawan Munjal, HMCL and others. For details see “– Litigation involving our Promoters – Litigation against our Promoters – Criminal Litigation – Dr. Pawan Munjal – No. 1” on page 235. Renu Munjal 1. Tribhuwan Raj Bhandari has filed a first information report dated November 7, 2022 against certain of our Promoters, Directors, Key Managerial Personnel and Senior Management Personnel, including Renu Munjal. For details see “– Litigation involving our Promoters – Litigation against our Promoters – Criminal Litigation – Abhimanyu Munjal – No. 1” on page 234. Outstanding actions by statutory or regulatory authorities against our Promoters Abhimanyu Munjal 1. Mahesh Ambadasrao Palaskar (“Complainant”) has filed a complaint dated April 1, 2022 before the Labour Court, Nanded against Abhimanyu Munjal, the Chief Executive Officer and the HR manager of our Company (“Accused”) under Sections 26, 28 read with Schedule IV of Maharashtra Recognition of Trade Unions and Prevention of Unfair Labour Practices Act, 1971. The Complainant has alleged that the Accused has illegally terminated his employment by way of a termination order (“Order”) without conducting a due enquiry or issuing retrenchment notice, as required under the applicable labour laws. The Complainant seeks quashing of the Order and reinstatement of his services with our Company. The matter is currently pending. III. Litigation involving our Directors Litigation against our Directors Criminal Litigation Amar Raj Singh Bindra 1. Deepak Kumar Singh has filed two applications with the Court of Chief Judicial Magistrate, Ghaziabad against our Company and certain of our Directors, including Amar Raj Singh Bindra. For details, see “– Litigation involving our Company – Litigation against our Company – Criminal Litigation” on page 231. 235Pradeep Dinodia 1. Tribhuwan Raj Bhandari has filed a first information report dated November 7, 2022 against certain of our Promoters, Directors, Key Managerial Personnel and Senior Management Personnel, including Pradeep Dinodia. For details see “– Litigation involving our Promoters – Litigation against our Promoters – Criminal Litigation – Abhimanyu Munjal – No. 1” on page 234. 2. Deepak Kumar Singh has filed two applications with the Court of Chief Judicial Magistrate, Ghaziabad against our Company and certain of our Directors, including Pradeep Dinodia. For details, see “– Litigation involving our Company – Litigation against our Company – Criminal Litigation” on page 231. 3. Brains Logistics Private Limited has filed a petition dated July 7, 2024, with the High Court of Punjab and Haryana against certain of our Promoters, Directors and others, including Pradeep Dinodia. For details see “– Litigation involving our Promoters – Litigation against our Promoters – Criminal Litigation – Dr. Pawan Munjal – No. 1” on page 235. Sanjay Kukreja 1. Tribhuwan Raj Bhandari has filed a first information report dated November 7, 2022 against certain of our Promoters, Directors, Key Managerial Personnel and Senior Management Personnel, including Sanjay Kukreja. For details see “– Litigation involving our Promoters – Litigation against our Promoters – Criminal Litigation – Abhimanyu Munjal – No. 1” on page 234. IV. Litigation involving our Subsidiary Litigation by our Subsidiary Criminal Litigation 1. Our Subsidiary has filed a criminal complaint dated January 4, 2025 (“Complaint”) before the Court of the Judicial Magistrate (First Class), Thane against Ameeruddin Siddiqui and others (“Accused”) under, inter alia Sections 316, 318, 319, 336 and 338 of the Bharatiya Nyaya Sanhita, 2023. Our Subsidiary has alleged that the Accused colluded with each other and by forging documents, had misrepresented themselves to be the lawful owners of a property and mortgaged the said property to avail a loan of ₹ 3.33 million from our Subsidiary (“Loan”). The Accused has defaulted in repayment of the Loan and consequently, our Subsidiary is unable to enforce the security against the Accused. Pursuant to the inaction of the local authorities to register a first information report in this regard, our Subsidiary has filed the Complaint seeking initiation of criminal proceedings. The matter is currently pending. 2. Our Subsidiary has filed a criminal complaint dated December 30, 2024 (“Complaint”) before the Court of the Judicial Magistrate (First Class), Vasai, Palghar against Deepak Chaurasia and others (“Accused”) under, inter alia Sections 406, 416, 420, 120B read with Section 34 of the IPC. Our Subsidiary has alleged that that the Accused colluded with each other and by forging documents, had misrepresented themselves to be the lawful owners of a property and mortgaged the said property to avail a loan of ₹ 4.37 million from our Subsidiary (“Loan”). The Accused has defaulted in repayment of the Loan and consequently, our Subsidiary is unable to enforce the security against the Accused. Pursuant to the inaction of the local authorities to register a first information report in this regard, our Subsidiary has filed the Complaint seeking initiation of criminal proceedings. The matter is currently pending. 3. Our Subsidiary has filed a criminal complaint dated December 30, 2024 (“Complaint”) before the Court of the Judicial Magistrate (First Class), Vasai against Swapnil Maruti Nalawade and others (“Accused”) under, inter alia Sections 406, 416, 420, 120B read with Section 34 of the IPC. Our Subsidiary has alleged that that the Accused colluded with each other and by forging documents, had misrepresented themselves to be the lawful owners of a property and mortgaged the said property to avail a loan of ₹ 2.96 million from our Subsidiary (“Loan”). The Accused has defaulted in repayment of the Loan and consequently, our Subsidiary is unable to enforce the security against the Accused. Pursuant to the 236inaction of the local authorities to register a first information report in this regard, our Subsidiary has filed the Complaint seeking initiation of criminal proceedings. The matter is currently pending. 4. Our Subsidiary has filed a criminal complaint dated January 4, 2025 (“Complaint”) before the Court of the Judicial Magistrate (First Class), Vasai against Mansur Ahmed and others (“Accused”) under, inter alia Sections 316, 318, 319, 336 and 338 of the Bharatiya Nyaya Sanhita, 2023. Our Subsidiary has alleged that the Accused Persons colluded with each other and by forging documents, had misrepresented themselves to be the lawful owners of a property and mortgaged the said property to avail a loan of ₹ 7.10 million from our Subsidiary (“Loan”). The Accused has defaulted in repayment of the Loan and consequently, our Subsidiary is unable to enforce the security against the Accused. Pursuant to the inaction of the local authorities to register a first information report in this regard, our Subsidiary has filed the Complaint seeking initiation of criminal proceedings. The matter is currently pending. 5. Our Subsidiary has filed a first information report dated March 2, 2024 (“FIR”) with the Juhi Police Station, Kanpur, Uttar Pradesh against Govind Singh an others (“Accused”) under, inter alia Sections 420, 467, 468 and 471 of the IPC. Our Subsidiary has alleged that the Accused Persons had misrepresented themselves to be buyers of a property, and by forging documents, had mortgaged the said property and availed a loan of ₹ 2.15 million from our Subsidiary (“Loan”) to finance the purchase of the said property. The Accused has defaulted in repayment of the Loan, pursuant to which our Subsidiary has filed the FIR seeking initiation of criminal proceedings. The matter is currently pending. 6. Our Subsidiary has filed a criminal complaint dated February 10, 2025 (“Complaint”) before the Superintendent of Police, Cuddalore against Chennilavan (“Accused”). Our Subsidiary has alleged that the Accused had misrepresented himself to be in possession of certain deeds and consequently availed a loan of ₹ 1.38 million from our Subsidiary (“Loan”). The Accused defaulted in repayment of the Loan and upon requests for the repayment, the Accused threatened physical harm to the representative of our Subsidiary. Pursuant to the Complaint, our Subsidiary is seeking initiation of criminal proceedings. The matter is currently pending. V. Litigation involving our Key Managerial Personnel and Senior Management Personnel Litigation against our Key Managerial Personnel and Senior Management Personnel Criminal Litigation Abhimanyu Munjal For litigation involving the Managing Director and Chief Executive Officer of our Company, who is also our Promoter, please see “– Litigation involving our Promoters – Litigation against our Promoters – Abhimanyu Munjal” on page 234. Sajin Purushothaman Mangalathu 1. Tribhuwan Raj Bhandari has filed a first information report dated November 7, 2022 against certain of our Promoters, Directors, Key Managerial Personnel and Senior Management Personnel, including Sajin Purushothaman Mangalathu. For details see “– Litigation involving our Promoters – Litigation against our Promoters – Criminal Litigation – Abhimanyu Munjal – No. 1” on page 234. Ajay Sahasrabuddhe 1. Tribhuwan Raj Bhandari has filed a first information report dated November 7, 2022 against certain of our Promoters, Directors, Key Managerial Personnel and Senior Management Personnel, including Ajay Sahasrabuddhe. For details see “– Litigation involving our Promoters – Litigation against our Promoters – Criminal Litigation – Abhimanyu Munjal – No. 1” on page 234. Outstanding actions by statutory or regulatory authorities against our Key Managerial Personnel and Senior Management Personnel 237Abhimanyu Munjal For litigation involving the Managing Director and Chief Executive Officer of our Company, who is also our Promoter, please see “– Litigation involving our Promoters – Litigation against our Promoters – Abhimanyu Munjal” on page 234. Tax claims Material Tax Matters Litigation involving our Promoters Direct Tax Dr. Pawan Munjal 1. In the assessment year 2014-15, Dr. Pawan Munjal (“Assessee”) filed his return of income under Section 139 (1) of the Income Tax Act, 1961 (“Act”) on July 23, 2014. The Deputy Commissioner of Income tax, Central Circle 27, Delhi initiated re-assessment proceedings vide notice dated March 31, 2024 under Section 148 of the Act. These re-assessment proceedings were concluded vide re-assessment order dated March 25, 2025 (“Order”) by making addition of ₹ 851.46 million as taxable perquisite on account of expenses disallowed in the hands of HMCL. Consequently, the Assessee has filed an appeal dated April 24, 2025 before Commissioner of Income tax (Appeals) – 29, New Delhi against the Order. The matter is currently pending. Indirect Tax Hero MotoCorp Limited 1. The Additional Commissioner, Central Goods and Services Tax Commissionerate, Alwar (“Additional Commissioner”) issued a show cause notice (“Notice”) dated August 3, 2024 to HMCL under Section 9 of Central Goods and Services Tax Act, 2017 (“CGST Act”). The Notice alleged incorrect classification of two-wheeler parts and accessories supplied by HMCL, for the period July 2017 to March 2024. HMCL submitted a reply dated November 6, 2024, contesting the Notice on various grounds. Subsequently, the Additional Commissioner issued an order dated February 3, 2025 (“Order”) raising a tax demand of ₹4,560.68 million, along with equivalent penalty and interest, under Section 74 of the CGST Act. HMCL has filed an appeal dated May 2, 2025 before the Commissioner (Appeals), CSGT Appeals, Jaipur Commissionerate (“Commissioner (Appeals)”) contesting that the Order does not follow classification principles and the tax demand is not maintainable in law. The matter is currently pending before Commissioner (Appeals). 238GROUP COMPANIES The disclosures in the section “Group Companies” beginning on page 498 of the Draft Red Herring Prospectus shall be replaced with the following section. In terms of the SEBI ICDR Regulations and the applicable accounting standards, ‘group companies’ of our Company shall include (i) the companies (other than our subsidiaries and corporate promoters, as applicable) with which there were related party transactions, in accordance with Ind AS 24, as disclosed in the Restated Consolidated Financial Information (“Relevant Period”), including any additions or deletions in such companies, after the Relevant Period and until the date of the respective Offer documents; and (ii) such other companies as considered material by the Board. With respect to (ii) above, our Board in its meeting held on July 29, 2024 has considered that such companies (other than our Subsidiary and Corporate Promoter that are a part of the Promoter Group with which there were transactions in the most recent financial year and stub period, if any, to be included in the Offer documents (“Test Period”), and which individually or in the aggregate, exceed 10% of the total restated consolidated revenue of our Company for the Test Period, shall also be classified as Group Companies. Accordingly, based on the parameters outlined above, as on the date of this Addendum, our Company has the following Group Companies: 1. Ather Energy Limited; 2. Cosmic Kitchen Private Limited; 3. Elvy Lifestyle Private Limited; 4. Foodcraft India Private Limited; 5. Hamari Asha Foundation; 6. Hero Mindmine Institute Private Limited (now known as Skillera Tech Private Limited); 7. Hero Solar Energy Private Limited; 8. Herox Private Limited; 9. Motherson Lease Solution Limited; 10. Munjal Acme Packaging Systems Private Limited; 11. Northcap Services Private Limited; 12. Paisabazaar Marketing and Consulting Private Limited; and 13. Richa Global Exports Private Limited In accordance with the SEBI ICDR Regulations, certain financial information in relation to our Group Companies for the previous three financial years, extracted from their respective audited financial statements (as applicable) are hosted on the websites of the respective Group Companies, as indicated below. Details of our top five Group Companies Our top five Group companies in accordance with the SEBI ICDR Regulations comprise of Ather Energy Limited, Hero Solar Energy Private Limited, Motherson Lease Solution Limited, and Paisabazaar Marketing and Consulting Private Limited and Richa Global Exports Private Limited. . In accordance with the SEBI ICDR Regulations, the details of our top five Group Companies have been set out below and certain financial information in relation to these entities for the previous three financial years, extracted from their respective audited financial statements is available at the websites indicated below. Our Company is providing link to such websites solely to comply with the requirements specified under the SEBI ICDR Regulations. Such financial information of the Group Companies and other information provided on the 239websites given below does not constitute a part of the Draft Red Herring Prospectus or this Addendum. Such information should not be considered as part of information that any investor should consider before making any investment decision. Our Company, the BRLMs or any of our Company’s or the BRLMs’ respective directors, employees, affiliates, associates, advisors, agents or representatives have verified the information available on the websites indicated below. 1. Ather Energy Limited Registered Office The registered office of Ather Energy Private Limited is situated at 3rd floor, Tower D, IBC Knowledge Park, #4/1, Bannerghatta Main Road, Bengaluru 560 029, Karnataka, India. Financial information Certain financial information derived from the audited financial statements of Ather Energy Limited for Fiscals 2025, 2024 and 2023, as required by the SEBI ICDR Regulations, is available on the website of our Company at https://www.herofincorp.com/investor-relations/disclosures-under-regulation-62-of- the-sebi-lodr/financial-performance. 2. Hero Solar Energy Private Limited Registered Office The registered office of Hero Solar Energy Private Limited is situated at Plot No. 201, Ground Floor, Okhla Industrial Estate, Phase-III, Okhla Industrial Estate, South Delhi, New Delhi 110 020, Delhi, India. Financial information Certain financial information derived from the audited financial statements of Hero Solar Energy Private Limited for Fiscals 2025, 2024 and 2023, as required by the SEBI ICDR Regulations, is available on the website of our Company at https://www.herofincorp.com/investor-relations/disclosures-under- regulation-62-of-the-sebi-lodr/financial-performance . 3. Motherson Lease Solution Limited Registered Office The registered office of Motherson Lease Solution Limited is situated at 2nd Floor, F-7, Block B-1, Mohan Cooperative Industrial Estate, South Delhi, Mathura Road, New Delhi 110 044, Delhi, India. Financial information Certain financial information derived from the audited financial statements of Motherson Lease Solution Limited for Fiscals 2025, 2024 and 2023, as required by the SEBI ICDR Regulations, is available on the website of our Company at https://www.herofincorp.com/investor-relations/disclosures-under- regulation-62-of-the-sebi-lodr/financial-performance . ] 4. Paisabazaar Marketing and Consulting Private Limited Registered Office The registered office of Paisabazaar Marketing and Consulting Private Limited is situated at Plot No. 135P, Sector-44, Gurgaon 122 001, Haryana, India. Financial information Certain financial information derived from the audited financial statements of Paisabazaar Marketing and Consulting Private Limited for Fiscals 2025, 2024 and 2023, as required by the SEBI ICDR Regulations, is available on the website of our Company at https://www.herofincorp.com/investor- relations/disclosures-under-regulation-62-of-the-sebi-lodr/financial-performance . 2405. Richa Global Exports Private Limited Registered Office The registered office of Richa Global Exports Private Limited is situated at A-41, Mayapuri Industrial Area Phase-I, New Delhi 110 064, Delhi, India. Financial information Certain financial information derived from the audited financial statements of Richa Global Exports Private Limited for Fiscals 2025, 2024 and 2023, as required by the SEBI ICDR Regulations, is available on the website of our Company at https://www.herofincorp.com/investor-relations/disclosures-under- regulation-62-of-the-sebi-lodr/financial-performance . Details of other Group Companies 1. Cosmic Kitchen Private Limited The registered office of Cosmic Kitchen Private Limited is situated at Shop no. 67-A, Ground Floor, Khan Market New Delhi, South Delhi, New Delhi 110 003, Delhi, India. 2. Elvy Lifestyle Private Limited The registered office of Elvy Lifestyle Private Limited is situated at 1 Khosla Farms, Sultanpur, Mehrauli Gurgaon Road, New Delhi 100 031, Delhi, India. 3. Foodcraft India Private Limited The registered office of Foodcraft India Private Limited is situated at 76/2, Ground Floor, Garhi Main Road Opposite G.K. House, Sant Nagar, New Delhi 110 065, Delhi, India. 4. Hamari Asha Foundation The registered office of Hamari Asha Foundation is situated at 67 KM stone, Delhi Jaipur Highway VPO Sidhhrawali, Gurgaon 122 413, Haryana, India. 5. Hero Mindmine Institute Private Limited (now known as Skillera Tech Private Limited) The registered office of Hero Mindmine Institute Private Limited (now known as Skillera Tech Private Limited) is situated at 264, Okhla Industrial Estate, Phase-III, South Delhi, New Delhi 110 020, Delhi, India. 6. Herox Private Limited The registered office of Herox Private Limited is situated Plot No 2, Lado Sarai Institutional Area, New Delhi 110 030, Delhi, India. 7. Munjal Acme Packaging Systems Private Limited The registered office of Munjal Acme Packaging Systems Private Limited is situated at The Grand Plaza, Plot No. 2, Nelson Mandela Road Vasant Kunj, Phase – II, New Delhi110 070, Delhi, India. 8. Northcap Services Private Limited The registered office of Northcap Services Private Limited is situated at B 702, The Palm Springs, Golf Course Road, Opp Hotel IBIS, Sector 54, Gurgaon 122 011, Haryana, India. Nature and extent of interest of our Group Companies In the promotion of our Company 241None of our Group Companies have any interest in the promotion of our Company. In the properties acquired by our Company in the past three years before filing this Addendum or proposed to be acquired by our Company None of our Group Companies are interested in the properties acquired by our Company in the three years preceding the filing of this Addendum or proposed to be acquired by our Company. In transactions for acquisition of land, construction of building and supply of machinery, etc. None of our Group Companies are interested in any transactions for acquisition of land, construction of building or supply of machinery, etc. Common pursuits among our Group Companies and our Company or its Subsidiary There are no common pursuits amongst our Group Companies and our Company or its Subsidiary. Related business transactions within our Group Companies and significance on the financial performance of our Company Except as disclosed in “Restated Consolidated Financial Information - Note 40: Related Party Transactions” on page 182 of this Addendum, there are no other related business transactions with our Group Companies. Litigation As on the date of this Addendum, there is no pending litigation involving our Group Companies which will have a material impact on our Company. Business interest of our Group Companies Except in the ordinary course of business and as stated in “Restated Consolidated Financial Information – Annexure VI - Note 40: Related Party Transactions” on page 182 of this Addendum, none of our Group Companies have any business interest in our Company. Other confirmations None of our Group Companies have any securities listed on any stock exchange. Further, our Group Companies have not made any public or rights issue (as defined under the SEBI ICDR Regulations) of securities in the three years preceding the date of this Addendum. 242DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules or, guidelines or, regulations issued by the Government of India or the rules, or guidelines, or regulations issued by SEBI, established under Section 3 of the SEBI Act, as the case may be, have been complied with and no statements, disclosures and undertakings made in this Addendum is contrary to the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or the rules made or guidelines or regulations notified thereunder, as the case may be. I further certify that all the statements, disclosures and undertakings in this Addendum are true and correct. SIGNED BY THE DIRECTOR OF OUR COMPANY _________________________ Renu Munjal Whole- time Director Date: November 17, 2025 Place: Bangkok , Thailand 243DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules or, guidelines or, regulations issued by the Government of India or the rules, or guidelines, or regulations issued by SEBI, established under Section 3 of the SEBI Act, as the case may be, have been complied with and no statements, disclosures and undertakings made in this Addendum is contrary to the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or the rules made or guidelines or regulations notified thereunder, as the case may be. I further certify that all the statements, disclosures and undertakings in this Addendum are true and correct. SIGNED BY THE DIRECTOR OF OUR COMPANY _________________________ Dr. Pawan Munjal Chairman and Non- Executive Director Date: November 17, 2025 Place: New Delhi 244DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, or guidelines, or regulations issued by the Government of India or the rules, or guidelines, or regulations issued by SEBI, established under Section 3 of the SEBI Act, as the case may be, have been complied with and no statements, disclosures and undertakings made in this Addendum is contrary to the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or the rules made or guidelines or regulations notified thereunder, as the case may be. I further certify that all the statements, disclosures and undertakings in this Addendum are true and correct. SIGNED BY THE DIRECTOR OF OUR COMPANY _________________________ Sanjay Kukreja Non-Executive Director Date: November 17, 2025 Place: Dubai 245DECLARATION We hereby certify and declare that all relevant provisions of the Companies Act and the rules or, guidelines or, regulations issued by the Government of India or the rules, or guidelines, or regulations issued by SEBI, established under Section 3 of the SEBI Act, as the case may be, have been complied with and no statements, disclosures and undertakings made in this Addendum is contrary to the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or the rules made or guidelines or regulations notified thereunder, as the case may be. We further certify that all the statements, disclosures and undertakings in this Addendum are true and correct. ____________________ _______________________ Pradeep Dinodia Abhimanyu Munjal Non-Executive Director Managing Director and Chief Executive Officer _____________________________ Sajin Purushothaman Mangalathu Chief Financial Officer Place: Gurugram Date: November 17, 2025 246DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, or guidelines, or regulations issued by the Government of India or the rules, or guidelines, or regulations issued by SEBI, established under Section 3 of the SEBI Act, as the case may be, have been complied with and no statements, disclosures and undertakings made in this Addendum is contrary to the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or the rules made or guidelines or regulations notified thereunder, as the case may be. I further certify that all the statements, disclosures and undertakings in this Addendum are true and correct. SIGNED BY THE DIRECTOR OF OUR COMPANY _________________________ Paramdeep Singh Independent Director Date: November 17, 2025 Place: New York, USA 247DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, or guidelines, or regulations issued by the Government of India or the rules, or guidelines, or regulations issued by SEBI, established under Section 3 of the SEBI Act, as the case may be, have been complied with and no statements, disclosures and undertakings made in this Addendum is contrary to the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or the rules made or guidelines or regulations notified thereunder, as the case may be. I further certify that all the statements, disclosures and undertakings in this Addendum are true and correct. SIGNED BY THE DIRECTOR OF OUR COMPANY _________________________ Amar Raj Singh Bindra Independent Director Date: November 17, 2025 Place: Hong Kong 248DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, or guidelines, or regulations issued by the Government of India or the rules, or guidelines, or regulations issued by SEBI, established under Section 3 of the SEBI Act, as the case may be, have been complied with and no statements, disclosures and undertakings made in this Addendum is contrary to the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or the rules made or guidelines or regulations notified thereunder, as the case may be. I further certify that all the statements, disclosures and undertakings in this Addendum are true and correct. SIGNED BY THE DIRECTOR OF OUR COMPANY _________________________ Anuranjita Kumar Independent Director Date: November 17, 2025 Place: Lausanne, Switzerland 249DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, or guidelines, or regulations issued by the Government of India or the rules, or guidelines, or regulations issued by SEBI, established under Section 3 of the SEBI Act, as the case may be, have been complied with and no statements, disclosures and undertakings made in this Addendum is contrary to the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or the rules made or guidelines or regulations notified thereunder, as the case may be. I further certify that all the statements, disclosures and undertakings in this Addendum are true and correct. SIGNED BY THE DIRECTOR OF OUR COMPANY _________________________ Aparna Popat Ved Independent Director Date: November 17, 2025 Place: Mumbai 250DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, or guidelines, or regulations issued by the Government of India or the rules, or guidelines, or regulations issued by SEBI, established under Section 3 of the SEBI Act, as the case may be, have been complied with and no statements, disclosures and undertakings made in this Addendum is contrary to the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or the rules made or guidelines or regulations notified thereunder, as the case may be. I further certify that all the statements, disclosures and undertakings in this Addendum are true and correct. SIGNED BY THE DIRECTOR OF OUR COMPANY _________________________ Kaushik Dutta Independent Director Date: November 17, 2025 Place: Delhi 251DECLARATION We, AHVF II Holdings Singapore II Pte. Ltd., acting as a Selling Shareholder hereby confirm that all statements, disclosures and undertakings specifically made or confirmed by us in this Addendum in relation to ourselves, severally and not jointly, as a Selling Shareholder and our respective portion of the Offered Shares, are true and correct. We assume no responsibility for any other statements, disclosures and undertakings including any statements, disclosures and undertakings made or confirmed by or relating to the Company, any other Selling Shareholder(s) or any other person(s) in this Addendum. SIGNED BY/FOR AND ON BEHALF OF AHVF II HOLDINGS SINGAPORE II PTE. LTD. _________________________ Authorised Signatory Name: Mrigank Roy Designation: Director Place: Singapore Date: November 17, 2025 252DECLARATION We, APIS Growth II (Hibiscus) Pte. Ltd., acting as a Selling Shareholder hereby confirm that all statements, disclosures and undertakings specifically made or confirmed by us in this Addendum in relation to ourselves, severally and not jointly, as a Selling Shareholder and our respective portion of the Offered Shares, are true and correct. We assume no responsibility for any other statements, disclosures and undertakings including any statements, disclosures and undertakings made or confirmed by or relating to the Company, any other Selling Shareholder(s) or any other person(s) in this Addendum. SIGNED BY/FOR AND ON BEHALF OF APIS GROWTH II (HIBISCUS) PTE. LTD. _________________________ Authorised Signatory Name: Lu Yuquan Designation: Director Place: Singapore Date: November 17, 2025 253DECLARATION We, Link Investment Trust (through Vikas Srivastava), acting as a Selling Shareholder hereby confirm that all statements, disclosures and undertakings specifically made or confirmed by us in this Addendum in relation to ourselves, severally and not jointly, as a Selling Shareholder and our respective portion of the Offered Shares, are true and correct. We assume no responsibility for any other statements, disclosures and undertakings including any statements, disclosures and undertakings made or confirmed by or relating to the Company, any other Selling Shareholder(s) or any other person(s) in this Addendum. SIGNED BY/FOR AND ON BEHALF OF LINK INVESTMENT TRUST (THROUGH VIKAS SRIVASTAVA) _________________________ Authorised Signatory Name: Ashley Menezes Designation: Authorised Signatory Place: Delhi Date: November 17, 2025 254DECLARATION We, Otter Limited, acting as a Selling Shareholder hereby confirm that all statements, disclosures and undertakings specifically made or confirmed by us in this Addendum in relation to ourselves, severally and not jointly, as a Selling Shareholder and our respective portion of the Offered Shares, are true and correct. We assume no responsibility for any other statements, disclosures and undertakings including any statements, disclosures and undertakings made or confirmed by or relating to the Company, any other Selling Shareholder(s) or any other person(s) in this Addendum. SIGNED BY/FOR AND ON BEHALF OF OTTER LIMITED _________________________ Authorised Signatory Name: Devesh Heeraman Designation: Director Place: Mauritius Date: November 17, 2025 255

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