Piramal Finance Ltd(PIRAMALFIN)

NSE: PIRAMALFINBSE: 544597

₹ 1,872-4.30%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 44,297 crWebsite: www.piramalfinance.comUpdated: 24 Oct 2026

About

Piramal Finance Ltd is an Indian NBFC offering retail and wholesale lending across mortgages, unsecured loans, and business loans. Total AUM reached ₹1,06,940 Cr in Q1 FY27, up 25% year-on-year, with retail lending comprising 85% of the book. All three domestic rating agencies (CRISIL, ICRA, CARE) upgraded the company to AA+ in FY26. It reported FY26 revenue of 11852.49 (Rs Cr).^[1][2]

Business segments

Retail AUM reached USD 9.6 Bn, up 32% YoY; retail is 85% of total AUM, up from 80% in Jun-25.^[3]
Wholesale 2.0 AUM was USD 1,393 Mn, up 27% YoY, with an average ticket of USD 5.9 Mn; repayments (USD 203 Mn) were 74% of disbursements.^[3]
Legacy AUM is down 94% since Mar-22 and 61% YoY, and is now about 2% of total AUM.^[3]

Loan book composition

Mortgages (home loans + LAP) grew 30% YoY to ₹61,199 Cr in Q1 FY27, the largest single product within the retail book.^[1]
Unsecured AUM grew 45% YoY to ₹21,412 Cr in Q1 FY27; cross-sell sourcing in unsecured disbursements reached ~30% in Q4 FY26.^[1]
Salaried personal loan AUM grew 49% YoY and digital loans AUM 67% YoY; digital loan disbursements rose 115% YoY.^[3]
Gold loans completed their first quarter of business, with Phase 1 rolled out to 67 branches and Phase 2 started.^[3]

Network and distribution

The company operates 780 branches across 607 cities and 26 states.^[3]
Gold loan branch network expanded from 22 (Mar-26) to 67 (Jun-26) after Phase 1 in Maharashtra and Telangana.^[1]
Rural branch network expanded to 178 branches in Q1 FY27 from 136 in Q4 FY26.^[1]

Key operating metrics

Total AUM was USD 11,257 Mn, up 25% YoY; retail disbursements grew 44% YoY.^[3]
Consolidated NIM was 6.5% in Q1 FY27, up 47 bps YoY; Growth business NIM was 6.8% in Q1 FY27.^[1]
GNPA ratio improved to 2.4% in Q1 FY27 from 2.8% in Q1 FY26; NNPA ratio improved to 1.6% from 2.0%.^[1]
Growth business credit cost was 1.6% p.a. in Q1 FY27; retail 90+ DPD was 0.7%.^[1]
Retail AUM yield was 13.6%, steady QoQ.^[3]
Capital adequacy ratio was 18.85% in Q1 FY27, vs 19.29% in Q1 FY26; management comfort floor is 18%.^[1]
Cost of borrowing was 8.80%, reflecting 37 bps of rate-cut transmission over the last one year; debt to equity was 2.8x.^[3]

Operational efficiency

Retail opex-to-AUM fell to 3.5%, about 300 bps lower over three years, and is now inside the guided range.^[3]
AUM-to-equity leverage rose to 3.7x in Q1 FY27 from 3.2x a year earlier, toward a long-range goal of 4.5 - 5.0x.^[1]
Growth business RoAUM was 1.9% in Q1 FY27, up from 1.5% in Q1 FY26, driven by a 57 bps improvement in the opex ratio.^[1]
AI token usage grew 3x in FY26 to 178 billion tokens per quarter; operations headcount was flat while AUM doubled.^[4]

Credit ratings and funding

CRISIL, ICRA and CARE upgraded long-term debt to AA+ in FY26; management expects 50 - 80 bps lower borrowing cost as liabilities churn over about three years.^[4]
Borrowing mix diversified in FY26 with ECB, securitisation and mutual funds reducing bank concentration.^[5]
Board approved an enabling resolution to raise up to ₹4,000 Cr in equity in Q1 FY27, subject to shareholder approval.^[1]

Expansion plans

Gold loan branch network targeted to reach 200 branches by end-FY27.^[3][1]
Salaried personal loan branch penetration to reach 100% of urban branches over the next 2 - 3 quarters from Q1 FY27.^[1]
Total AUM target of ~₹1.5 lakh Cr by FY28 from the FY26 base of ₹1,01,230 Cr.^[4]

Recent developments

Total AUM crossed ₹1 lakh Cr for the first time as of March 2026, reaching ₹1,01,230 Cr (+25% YoY).^[4]
Origination market share improved across home loans, LAP, unsecured consumer, personal and business loans in CY25 per credit bureau data.^[4]
Company carries ~₹16,000 Cr in carry-forward tax losses, giving a near-zero effective tax rate until about 2032.^[4]

Market Cap

₹44,297 Cr

High / Low

₹2,328 / 1,235

Stock P/E

22.6

Price / Book

1.4

Book Value

₹1,242

EPS

₹66.4

No. of Shares

22.67 Cr

ROE

5.3%

Debt / Equity

2.84

Sales

₹11,852 Cr

Net Profit

₹1,506 Cr

Promoter holding

44.2%

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