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Piramal Finance

PIRAMALFIN NSE
₹1,946.20 +33.60 (+1.76%)
P/E
Not meaningful: last twelve months’ earnings are mostly a one-off item
View as Markdown
MCP
Close 4 Nov 2026 ₹1,946.20 +623.20 +47.1% 1Y
Start ₹1,323.00

Key Fundamentals

MidcapFinanceFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
6.47%
Debt to Equity
2.77
EPS (TTM)
₹82.84
Book Value
₹1,307.60
Market Cap
—
P/E (TTM)
Not meaningful: last twelve months’ earnings are mostly a one-off item
P/B
1.49
ROE
0.86%
Dividend Yield
0.58%
EBITDA
₹7,230 Cr
52W High
₹2,326.40
52W Low
₹1,260.00
Day Range
₹1,905.70 – ₹1,958.00
Volume
3,89,123

Peer Comparison

Financial Services › Finance › Housing Finance Company

Piramal Finance peer comparison
Bajaj Housing Finance
₹81.4225.21₹65,542 Cr2.820.00%12.10%—₹11,604 Cr₹2,692 Cr
Piramal Finance (this company)
₹1,946.20—₹45,625 Cr1.490.58%0.86%6.47%₹13,357 Cr₹1,909 Cr
LIC Housing Finance
₹520.004.98₹28,072 Cr0.651.98%14.40%—₹28,562 Cr₹5,739 Cr
PNB Housing Finance
₹1,082.0011.99₹28,029 Cr1.390.75%12.90%—₹8,700 Cr₹2,350 Cr
Aadhar Housing Finance
₹431.2016.44₹18,689 Cr2.520.00%15.90%—₹3,817 Cr₹1,140 Cr
Sammaan Capital
₹125.98—₹14,065 Cr0.821.67%−3.21%—₹7,418 Cr−₹7,236 Cr
Home First Finance Company
₹1,082.3019.38₹11,147 Cr2.430.49%15.70%—₹1,999 Cr₹581 Cr
Median 7 companies₹520.0016.44₹28,029 Cr1.490.58%12.90%6.47%₹8,700 Cr₹1,909 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

46 Average

Data confidence 100/100

Category scores

Quality
42
Weak
Returns, margins, earnings quality 22% weight
Valuation
51
Average
Cheap vs sector & own history 24% weight
Growth
65
Good
Sales & profit trajectory 9% weight
Financial Health
12
Poor
Solvency, leverage, coverage 9% weight
Momentum
38
Weak
Trend strength, vol-adjusted 12% weight
Ownership
53
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral757
OscillatorsNeutral252
Moving AveragesNeutral505

Key readings

RSI (14)
47.95
Neutral
MACD (12,26,9)
−54.09
Bullish
SMA (50)
2,091.14
Bearish
SMA (200)
1,963.01
Bearish

As of

Analyst Rating

Based on 9 analysts
BUY89%

8 of 9 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
8
89%
HOLD
1
11%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+4.27%
5Y+6.30%
3Y+21.45%
1Y+14.73%
TTM+19.37%

Net profit

Net profit growth by window
10Y+7.23%
5YTurned to profit
3YTurned to profit
1Y+210.52%
TTM+156.59%

Operating cash flow

Operating cash flow growth by window
10YOutflow widened by ₹3,310 Cr
5YTurned negative
3YTurned negative
1YOutflow widened by ₹7,773 Cr
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−25.07 pp
5Y+285.98 pp
3Y+44.86 pp
1Y+4.08 pp
TTM+1.04 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹11,465 Cr
Mar 2018₹10,849 Cr
Mar 2019₹12,882 Cr
Mar 2020₹9,558 Cr
Mar 2021₹8,771 Cr
Mar 2022₹6,039 Cr
Mar 2023₹6,644 Cr
Mar 2024₹6,729 Cr
Mar 2025₹10,375 Cr
Mar 2026₹11,903 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹2,806 Cr
Mar 2018₹1,263 Cr
Mar 2019−₹966 Cr
Mar 2020−₹13,456 Cr
Mar 2021−₹15,051 Cr
Mar 2022₹540 Cr
Mar 2023−₹7,401 Cr
Mar 2024−₹1,975 Cr
Mar 2025₹485 Cr
Mar 2026₹1,506 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EPS
₹102.37 +54.0% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

As of 2026-11-02, Piramal Finance Ltd trades at ₹1,914 with a market cap of ₹43,869 Cr, a P/E of 23.1x and P/B of 1.46x. The company shows strong recent revenue growth (TTM sales up 19%) but profitability remains under pressure with ROE at 5.34% and a 10-year compounded profit decline of -11%, leaving investors to weigh top-line momentum against weak bottom-line conversion and elevated leverage.

Bull Case 7
  • TTM revenue growth of 19% and 3-year compounded sales growth of 21% indicate accelerating top-line momentum in the lending franchise
  • 5-year compounded profit growth of 15% shows the business has delivered earnings expansion over a medium-term cycle despite recent volatility
  • P/B ratio of 1.46x is moderate for a financial services company, suggesting the stock is not priced at an aggressive premium to book value
  • 10-year stock CAGR of 19% demonstrates meaningful long-term wealth creation for shareholders over a full market cycle
  • 10-year compounded sales growth of 4% alongside 5-year compounded sales growth of 6% and 3-year growth of 21% shows a clear acceleration trend in revenue generation
  • The stock trades roughly 18% below its 52-week high of ₹2,326, which may reflect a correction from peak valuations while the underlying business continues to grow revenue
  • The stock has rallied roughly 52% from its 52-week low of ₹1,260, signalling renewed investor interest after a period of weakness
Bear Case 8
  • ROE stands at just 5.34% as of the latest period, with a 3-year average ROE of only 1% and last year's ROE at 1%, well below the cost of equity for a leveraged financial services firm
  • Debt-to-equity ratio of 2.84x is elevated, and the company has a low interest coverage ratio, raising questions about balance sheet resilience in a rising-rate or credit-stress scenario
  • TTM compounded profit declined 30% and 3-year compounded profit fell 56%, indicating severe and sustained earnings deterioration despite revenue growth
  • 10-year compounded profit growth of -11% means the company has destroyed earnings power over the long term even as the stock appreciated, suggesting returns were driven by re-rating rather than fundamentals
  • Working capital days have increased from -7.71 days to 83.6 days, a sharp deterioration that ties up more capital in the business and pressures cash conversion
  • Promoter holding decreased by 1.94% in the most recent quarter, which may signal reduced promoter confidence or dilution-related events
  • Dividend payout has averaged only 5.51% of profits over the last 3 years with a current yield of just 0.61%, offering minimal income return to shareholders
  • The apparently low tax rate may indicate reliance on one-time adjustments, carried-forward losses, or non-recurring items that flatter reported earnings

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Piramal Finance delivered a standout Q2FY27 with 67% profit growth, 24% AUM expansion, and a sharp cost-to-income improvement to 52.1%, firmly establishing its retail-led transformation five years after the DHFL merger. The ₹3,850 crore equity raise and Moody's upgrade to BA2 reinforce the balance sheet, while management is confident of 50% net profit growth for FY27. The key risk is a potential 18-24 bps ROA hit in FY28 from proposed insurance commission guidelines. The overall trend is strongly improving, with operating leverage, rating upgrades, and scaling retail franchise all working in the company's favour.

Headwinds 2
  • Insurance commission rule risk Oct 19

    MD Jairam Sridharan warned that proposed insurance distribution commission guidelines could reduce ROA by 18-24 basis points in FY28, impacting ~₹200 crore in annual distribution income from life and non-life insurance products.

  • Loan-loss provisions rising Oct 19

    Loan-loss provisions and fair-value losses rose 22% YoY to ₹302 crore in Q2FY27 from ₹248 crore, even as asset quality metrics held steady.

Positives 7
  • Q2 profit surges 67% YoY Oct 21

    Consolidated net profit jumped 67% YoY to ₹545 crore in Q2FY27 and 18% sequentially; H1 FY27 PAT stands at ₹1,006 crore with management confident of meeting 50% YoY net profit growth guidance for FY27.

  • AUM grows 24%, retail leads Oct 21

    Total AUM rose 24% YoY to ₹1,13,112 crore with retail AUM up 30% to ₹97,462 crore (85% of portfolio); retail disbursements grew 34% to ₹14,646 crore, and growth AUM now accounts for ~98% of the book.

  • Sharp cost-to-income improvement Oct 21

    Cost-to-income ratio improved to 52.1% from 61.2% a year ago, while NIM expanded 35 bps YoY to 6.5% and PPOP surged 64% to ₹846 crore.

Neutral 3
  • Equity RTA switched to KFin Oct 19

    Board approved changing Registrar and Share Transfer Agent for equity shares from MUFG Intime to KFin Technologies, citing better infrastructure.

  • Debt roadshow in Japan Oct 8

    Piramal Finance conducted a debt investors roadshow in Japan on October 14, 2026, engaging institutional debt investors to diversify its borrowing mix.

  • Q2FY27 earnings call hosted Oct 12

    Earnings conference call held on October 19, 2026, to discuss Q2 and H1 FY2027 results with dial-in access across five countries.

Quarterly Results

₹ Cr
PIRAMALFIN quarterly results, ₹ crore
Particulars Dec 2022Mar 2023Dec 2023Mar 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,751
1,640
1,689
1,717
2,365
2,825
2,854
2,639
2,872
2,918
3,424
3,356
3,659
Expenses
1,570
966
729
2,780
936
1,374
1,537
919
922
983
1,978
1,283
1,290
Operating Profit
181
674
960
−1,063
1,429
1,451
1,317
1,721
1,949
1,935
1,446
2,073
2,369
OPM %
10%
41%
57%
−62%
60%
51%
46%
65%
68%
66%
42%
62%
65%
Other Income
7
−10,250
−1,855
249
121
58
269
129
11
96
1,377
160
95
Interest
834
848
928
999
1,305
1,364
1,417
1,492
1,567
1,646
1,674
1,734
1,825
Depreciation
22
37
38
45
55
54
53
57
144
57
645
56
58
PBT
−668
−10,461
−1,862
−1,858
190
91
116
301
249
328
505
443
580
Tax %
−523%
−14%
−31%
−60%
14%
57%
12%
8%
−31%
−22%
1%
−4%
6%
Net Profit
2,824
−8,982
−1,282
−752
163
39
102
276
327
401
502
461
545
EPS (₹)
1.32
−4.2
−0.6
−0.32
0.07
0.02
0.04
0.11
14.42
17.69
22.14
20.25
22.76

Profit & Loss

₹ Cr
PIRAMALFIN profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
13,357
Expenses
968
1,196
1,477
1,413
4,496
21,824
28,621
1,859
5,660
4,915
4,608
4,801
5,534
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
7,823
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
1,728
Interest
4,460
5,492
6,674
7,744
9,417
5,736
218
3,337
3,470
3,659
5,282
6,379
6,879
Depreciation
27
30
43
28
51
79
81
52
97
152
214
903
816
PBT
966
1,121
3,276
1,706
−1,104
−18,063
−20,117
728
−12,794
−3,616
645
1,383
1,856
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
1,909
EPS (₹)
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
66.36
82.84
Div. Payout %
14%
31%
4%
14%
0%
0%
0%
0%
0%
0%
0%
17%
—

Balance Sheet

₹ Cr
PIRAMALFIN balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
146
292
313
314
314
314
314
21,365
21,365
23,365
45
45
47
Reserves
4,836
5,098
7,417
8,684
7,624
−5,860
−20,959
823
−6,584
−8,470
27,051
28,103
30,895
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
85,809
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
3,007
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
1,19,758
Fixed Assets
191
508
211
850
865
920
940
10,820
1,616
1,768
3,268
2,352
2,468
CWIP
810
590
634
129
104
105
0
12
4
10
43
116
0
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
8,706
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
1,08,583
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
1,19,758

Cash Flow

₹ Cr
PIRAMALFIN cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
−220
−184
−148
−188
−99
−103
−36
217
683
−106
−141
−224

Ratios

PIRAMALFIN financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Piramal Finance insights

48 extracted metrics across FY14–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 44.22%
  • DIIs 21.75%
  • FIIs 15.61%
  • Public 11.76%
  • Others 6.66%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

  • Concall · Oct 2026
    PPT
  • Q2 FY27 concall · Oct 2026
    PPT Recording
  • Q1 FY27 concall · Sep 2026
    PPT
  • Q1 FY27 concall · Sep 2026
    PPT
  • Q1 FY27 concall · Sep 2026
    PPT

Frequently Asked Questions about Piramal Finance

What does Piramal Finance Ltd do?
Piramal Finance Corporation's main business is of providing loans to Retail customers for construction or purchase of residential property, loans against property, etc.
Where is Piramal Finance Ltd (PIRAMALFIN) listed?
Piramal Finance Ltd trades as PIRAMALFIN on the NSE and under code 544597 on the BSE.
Which sector does Piramal Finance Ltd belong to?
Piramal Finance Ltd is classified under the Financial Services sector, in the Finance industry.
What is the 52-week high and low of Piramal Finance Ltd?
Over the last 52 weeks Piramal Finance Ltd has traded between ₹1,260 and ₹2,326.4 as of 4 Nov 2026.
Does Piramal Finance Ltd pay dividends?
Piramal Finance Ltd has a dividend yield of 0.58%.
What is the Return on Equity (ROE) of Piramal Finance Ltd?
Piramal Finance Ltd reported a return on equity of 0.86%. Its debt-to-equity ratio is 2.77.

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.

Website piramalfinance.com
Listed 7 Nov 2025
Face Value ₹2

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