Piramal Finance
Piramal Finance
Financial ServicesKey Fundamentals
MidcapFinanceFinancial ServicesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
6- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -1.94%
- Tax rate seems low
- Company has a low return on equity of 0.55% over last 3 years.
- Dividend payout has been low at 5.51% of profits over last 3 years
- Working capital days have increased from -7.71 days to 83.6 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoPiramal Finance Ltd trades at a market cap of ~₹51,420 Cr with a P/E of ~32x and P/B of ~1.79x. AUM crossed ₹1 lakh crore in FY26 (up 25% YoY) and FY26 PAT surged 210% YoY to ₹1,506 Cr, but the company's 3-year average ROE remains subdued at ~1% and legacy asset quality (GNPA 2.3%, NNPA 1.6% as of Q4 FY26) continues to weigh on overall returns.
- AUM crossed ₹1,01,230 Cr in FY26, growing 25% YoY, with management targeting ₹1.5 lakh Cr by FY28
- FY26 PAT rose 210% YoY to ₹1,506 Cr; Q4 FY26 PAT jumped 390% YoY to ₹502 Cr, signalling an earnings inflection
- Growth business now constitutes ~97% of AUM (up from 34% in FY22), substantially de-risking the legacy wholesale book
- Growth business RoAUM improved to 2.1% in Q4 FY26 vs 1.8% in Q4 FY25, indicating improving unit economics
- Opex-to-AUM for the growth business declined to 3.4% in Q4 FY26 from 4.0% in Q4 FY25, showing operating leverage
- TTM revenue growth of 18% and 3-year compounded sales CAGR of 21% reflect healthy topline momentum
- Retail book anchors ~85% of AUM with retail 90+ DPD stable at 0.8%, indicating granular and lower-risk lending mix
- 3-year average ROE is just ~1% and last year ROE was ~0.55%, far below the cost of equity for an NBFC
- GNPA at 2.3% and NNPA at 1.6% (Q4 FY26) remain elevated; legacy book wind-down still carries credit risk
- Interest coverage ratio is low, flagging potential stress if borrowing costs rise or asset quality deteriorates
- Compounded profit CAGR is -56% over 3 years and -23% TTM, reflecting historically volatile and weak earnings
- Promoter holding declined by 1.94% in the last quarter, signalling potential dilution or reduced promoter confidence
- Dividend payout has been just 5.51% of profits over the last 3 years with a current yield of only 0.48%, offering minimal income return
- Working capital days deteriorated sharply from -7.7 days to 83.6 days, indicating balance-sheet inefficiency
- P/E of ~32x is demanding for an NBFC that has yet to demonstrate sustained ROE above mid-single digits
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- RBI rate hike expected by Feb Sep 10
CEO Jairam Sridharan indicated RBI is likely to lean towards raising rates, with a hike expected around February, which could pressure borrowing costs and margins for the NBFC.
- Higher impairment charges in Q1 Aug 24
Piramal Finance recorded higher impairment charges in Q1FY27 despite overall profit growth, signaling potential stress in parts of the loan book.
- Equity dilution from ₹3,850 cr raise Aug 28
Combined QIP (₹2,100 cr) and promoter warrant issue (₹1,750 cr) increased paid-up share capital from ₹45.34 cr to ₹47.33 cr, with further dilution pending on warrant conversion over 18 months.
- Q1FY27 profit surges 67% YoY Sep 11
Consolidated net profit rose 67% YoY to ₹461 crore in Q1FY27 with PPOP up 89% to ₹804 crore. Revenue grew 27% to ₹3,368 crore and NII increased 43% to ₹1,442 crore.
- AUM crosses ₹1 lakh crore mark Sep 11
Total AUM grew 25% YoY to ₹1,06,940 crore with retail AUM up 32% to ₹91,249 crore (85% of total). Retail disbursements surged 44% to ₹12,527 crore.
- Moody's upgrades credit rating Sep 10
Moody's upgraded Piramal Finance's long-term CFR and senior secured debt rating from Ba3 to Ba2, reflecting strong business and risk profile as an Upper Layer NBFC.
- QIP 10x oversubscribed at ₹21,000 cr Aug 24
First-ever QIP attracted ₹21,000 crore in bids against ₹2,100 crore on offer, with marquee participation from BlackRock, Goldman Sachs, ICICI Prudential, Nippon India and Kotak Mutual Fund.
- Stock up ~80%, eyes acquisitions Sep 10
With shares up about 80% over the past year and market cap at ₹52,118 crore, CEO Sridharan confirmed the company is in multiple conversations for acquisitions in microfinance, gold loans and MSME lending over the next 12-18 months.
- Asset quality improving steadily Sep 11
Gross NPA improved to 2.4% from 2.8% in the year-ago quarter, while the customer base grew 24% to 6 million across 780 branches in 607 cities.
- Shareholders approve ₹4,000 cr raise Aug 18
Special resolution to raise up to ₹4,000 crore via equity or other securities passed with 99.97% approval in postal ballot, with promoters voting unanimously in favor.
- EGM corrigendum narrows investment options Sep 12
Corrigendum to the September 19 EGM notice removes mutual funds as a permitted temporary investment option for unutilised preferential issue proceeds, restricting them to FDs, CDs, and money market instruments like TREPS and T-Bills.
- ₹2,000 cr secured NCD issuance Sep 8
Committee approved issuance of up to ₹2,000 crore in secured NCDs at 8.57% coupon with 3-year-45-day tenure, base size ₹500 crore with ₹1,500 crore oversubscription option.
- NCD partial redemption plan dropped Sep 4
Committee reversed its earlier decision on partial redemption of non-convertible debentures; the instruments will continue under existing terms.
- EGM set for ₹1,750 cr warrants Aug 28
EGM scheduled for September 19, 2026, to approve ₹1,750.03 crore warrant issue at ₹2,110 each to promoter entity Nithyam Realty, with remote e-voting opening September 16.
- QIP floor price set at ₹2,103 Aug 24
Floor price for the QIP was set at ₹2,102.65 per share following shareholder approval via postal ballot on August 17, 2026.
TL;DR: Piramal Finance is firing on most cylinders — Q1FY27 profit up 67%, AUM past ₹1 lakh crore, a Moody's upgrade to Ba2, and a massively oversubscribed QIP backed by top-tier global and domestic institutions. The 80% stock rally and strong balance sheet position it well for planned acquisitions in microfinance, gold loans and MSME lending. Key risks include potential RBI rate hikes by February 2025, rising impairment charges, and dilution from the ₹3,850 crore capital raise. The trend is clearly improving, with the next catalysts being the September 19 EGM outcome and any acquisition announcements over the coming quarters.
Quarterly Results
| Particulars | Jun 2022 | Dec 2022 | Mar 2023 | Dec 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,672 | 1,751 | 1,640 | 1,689 | 1,717 | 2,365 | 2,825 | 2,854 | 2,639 | 2,872 | 2,918 | 3,424 | 3,368 |
| Expenses | 366 | 1,570 | 966 | 729 | 2,780 | 936 | 1,374 | 1,537 | 919 | 922 | 983 | 1,978 | 1,296 |
| Operating Profit | 1,306 | 181 | 674 | 960 | -1,063 | 1,429 | 1,451 | 1,317 | 1,721 | 1,949 | 1,935 | 1,446 | 2,073 |
| OPM % | 78% | 10% | 41% | 57% | -62% | 60% | 51% | 46% | 65% | 68% | 66% | 42% | 62% |
| Other Income | 95 | 7 | -10,250 | -1,855 | 249 | 121 | 58 | 269 | 129 | 11 | 96 | 1,377 | 160 |
| Interest | 890 | 834 | 848 | 928 | 999 | 1,305 | 1,364 | 1,417 | 1,492 | 1,567 | 1,646 | 1,674 | 1,734 |
| Depreciation | 18 | 22 | 37 | 38 | 45 | 55 | 54 | 53 | 57 | 144 | 57 | 645 | 56 |
| PBT | 492 | -668 | -10,461 | -1,862 | -1,858 | 190 | 91 | 116 | 301 | 249 | 328 | 505 | 443 |
| Tax % | 25% | -523% | -14% | -31% | -60% | 14% | 57% | 12% | 8% | -31% | -22% | 1% | -4% |
| Net Profit | 370 | 2,824 | -8,982 | -1,282 | -752 | 163 | 39 | 102 | 276 | 327 | 401 | 502 | 461 |
| EPS in Rs | 0.17 | 1.32 | -4.2 | -0.6 | -0.32 | 0.07 | 0.02 | 0.04 | 0.11 | 14.42 | 17.69 | 22.14 | 20.34 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,420 | 7,835 | 11,465 | 10,849 | 12,882 | 9,558 | 8,771 | 6,039 | 6,644 | 6,729 | 10,375 | 11,903 | 12,582 |
| Expenses | 968 | 1,196 | 1,477 | 1,413 | 4,496 | 21,824 | 28,621 | 1,859 | 5,660 | 4,915 | 4,608 | 4,801 | 5,178 |
| Operating Profit | 5,451 | 6,639 | 9,989 | 9,436 | 8,386 | -12,266 | -19,850 | 4,180 | 984 | 1,814 | 5,767 | 7,102 | 7,403 |
| OPM % | 85% | 85% | 87% | 87% | 65% | -128% | -226% | 69% | 15% | 27% | 56% | 60% | 59% |
| Other Income | 2 | 4 | 6 | 41 | -22 | 19 | 32 | -62 | -10,210 | -1,618 | 373 | 1,563 | 1,644 |
| Interest | 4,460 | 5,492 | 6,674 | 7,744 | 9,417 | 5,736 | 218 | 3,337 | 3,470 | 3,659 | 5,282 | 6,379 | 6,621 |
| Depreciation | 27 | 30 | 43 | 28 | 51 | 79 | 81 | 52 | 97 | 152 | 214 | 903 | 902 |
| PBT | 966 | 1,121 | 3,276 | 1,706 | -1,104 | -18,063 | -20,117 | 728 | -12,794 | -3,616 | 645 | 1,383 | 1,525 |
| Tax % | 34% | 34% | 15% | 27% | -11% | -26% | -25% | 26% | -42% | -45% | 25% | -9% | — |
| Net Profit | 642 | 749 | 2,806 | 1,263 | -966 | -13,456 | -15,051 | 540 | -7,401 | -1,975 | 485 | 1,506 | 1,691 |
| EPS in Rs | 22.05 | 25.68 | 89.62 | 40.28 | -30.78 | -429 | -480 | 0.25 | -3.46 | -0.85 | 0.19 | 66.36 | 74.59 |
| Div. Payout % | 14% | 31% | 4% | 14% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 17% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 146 | 292 | 313 | 314 | 314 | 314 | 314 | 21,365 | 21,365 | 23,365 | 45 | 45 |
| Reserves | 4,836 | 5,098 | 7,417 | 8,684 | 7,624 | -5,860 | -20,959 | 823 | -6,584 | -8,470 | 27,051 | 28,103 |
| Borrowings | 48,881 | 61,050 | 81,511 | 91,979 | 96,812 | 90,412 | 89,851 | 46,416 | 41,233 | 45,680 | 65,577 | 79,989 |
| Other Liabilities | 1,567 | 2,805 | 3,048 | 5,367 | 1,853 | 964 | 1,153 | 11,036 | 6,253 | 5,283 | 2,271 | 2,409 |
| Total Liabilities | 55,429 | 69,245 | 92,290 | 1,06,344 | 1,06,602 | 85,830 | 70,359 | 79,640 | 62,266 | 65,858 | 94,943 | 1,10,546 |
| Fixed Assets | 191 | 508 | 211 | 850 | 865 | 920 | 940 | 10,820 | 1,616 | 1,768 | 3,268 | 2,352 |
| CWIP | 810 | 590 | 634 | 129 | 104 | 105 | 0 | 12 | 4 | 10 | 43 | 116 |
| Investments | 1,751 | 1,811 | 13,509 | 8,120 | 2,498 | 3,881 | 8,449 | 13,851 | 12,966 | 8,307 | 12,539 | 9,814 |
| Other Assets | 52,677 | 66,336 | 77,936 | 97,245 | 1,03,135 | 80,924 | 60,970 | 54,956 | 47,681 | 55,773 | 79,094 | 98,264 |
| Total Assets | 55,429 | 69,245 | 92,290 | 1,06,344 | 1,06,602 | 85,830 | 70,359 | 79,640 | 62,266 | 65,858 | 94,943 | 1,10,546 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -12,272 | -12,582 | -15,593 | -18,136 | -8,735 | 12,576 | 7,135 | 8,661 | 6,723 | -1,928 | -8,119 | -15,892 |
| Investing | -866 | 24 | -10,930 | 6,091 | 6,135 | 644 | -4,526 | 764 | 72 | -816 | -471 | 2,631 |
| Financing | 12,643 | 15,416 | 26,289 | 11,173 | 1,937 | -7,631 | 0 | -8,366 | -9,487 | 2,773 | 11,625 | 12,393 |
| Net Cash Flow | -496 | 2,858 | -234 | -872 | -663 | 5,589 | 2,609 | 1,060 | -2,691 | 29 | 3,035 | -869 |
| Free Cash Flow | -12,315 | -12,710 | -15,693 | -18,319 | -8,820 | 12,556 | 7,139 | 8,615 | 6,694 | -2,149 | -8,160 | -15,949 |
| CFO/OP | -220 | -184 | -148 | -188 | -99 | -103 | -36 | 217 | 683 | -106 | -141 | -224 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 11 | 10 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 11 | 10 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -585 | -661 | -346 | -421 | -62 | 38 | 34 | -495 | -230 | -178 | 71 | 84 |
| ROCE % | — | 11% | 10% | 10% | 8% | -13% | -26% | 6% | 1% | 3% | 8% | 6% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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52 extracted metrics + investor summaries across FY14–FY27.
Documents
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Company Information
Piramal Finance Corporation's main business is of providing loans to Retail customers for construction or purchase of residential property, loans against property, etc.
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