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Piramal Finance Q3 FY26: 9M PAT Crosses ₹1,000 Cr; AUM Up 23% YoY to ₹96,690 Cr
Piramal Finance reported a robust performance for Q3 FY26, with 9-month consolidated PAT exceeding ₹1,000 crores compared to ₹383 crores in the previous year. Total AUM grew by 23% YoY to ₹96,690 crores, led by a 34% surge in the Growth business segment. A significant milestone was the CRISIL rating upgrade to AA+, which the management expects will reduce borrowing costs by 50-80 basis points. The company is also set to expand its retail footprint by opening 100 new branches in Q4, targeting Microfinance and Gold loan segments.
Key Highlights
9-month consolidated PAT reached ₹1,004 crores, a significant jump from ₹383 crores in 9M FY25.
Total AUM grew 23% YoY to ₹96,690 crores, while Growth AUM rose 34% YoY to ₹91,460 crores.
CRISIL upgraded long-term debt rating to AA+, providing access to lower-cost funding markets.
Retail opex-to-AUM ratio improved to 3.8%, continuing a consistent 3-year downward trajectory.
Monetization of Shriram Life Insurance stake for ₹600 crores is expected to conclude in Q4 FY26.
💼 Action for Investors
Investors should monitor the impact of the AA+ rating on borrowing costs and the execution of the new branch expansion in Q4. The steady improvement in operating leverage and asset quality makes this a strong recovery story in the NBFC space.
Piramal Finance Q3 FY26: PAT Surges to ₹401 Cr; Growth AUM Up 34% YoY
Piramal Finance reported a strong Q3 FY26 with consolidated PAT reaching ₹401 Cr, driven by robust growth in its core retail and wholesale 2.0 segments. Total AUM grew 23% YoY to ₹96,690 Cr, with the 'Growth' business now accounting for 95% of the total book. Net Interest Margins (NIM) expanded by 51 bps YoY to 6.3%, while the retail opex-to-AUM ratio improved to 3.8%. The company remains on track to achieve its long-term target of ₹1.5 Lakh Cr AUM by FY28.
Key Highlights
Consolidated AUM grew 23% YoY to ₹96,690 Cr, led by a 34% YoY increase in Growth AUM.
Net Interest Margin (NIM) improved to 6.3% from 5.8% YoY, reflecting better product mix and pricing power.
Retail asset quality remains stable with 90+ DPD at 0.8%, despite rapid scaling in unsecured segments.
Legacy business AUM reduced significantly to ₹5,230 Cr, now representing only 5% of the total portfolio.
Secured $350 million in DFI funding from IFC and ADB, and received a CRISIL AA+ rating for long-term debt.
💼 Action for Investors
Investors should note the successful transition from legacy wholesale to a retail-heavy growth engine with improving RoAUM. The stock remains a 'Watch' for sustained execution of the FY28 AUM targets and continued reduction in legacy stress.
Piramal Finance Q3 PAT Surges 10x YoY to ₹401 Cr; 9M PAT Crosses ₹1,000 Cr
Piramal Finance reported a robust Q3 FY26 with PAT jumping 10x YoY to ₹401 Cr, driven by a 23% growth in total AUM to ₹96,690 Cr. The company has successfully pivoted its portfolio, with 'Growth AUM' now comprising 95% of the total mix compared to legacy assets. Net Interest Margins (NIM) expanded by 51 bps YoY to 6.3%, supported by operating leverage and stable yields. Furthermore, the company strengthened its liability profile by securing $350 million in DFI funding and achieving a CRISIL AA+ credit rating.
Key Highlights
Consolidated PAT for Q3 FY26 rose 940% YoY to ₹401 Cr, while 9M FY26 PAT reached ₹1,004 Cr.
Total AUM grew 23% YoY to ₹96,690 Cr, with Retail AUM growing 34% YoY to reach 82% of the total book.
Net Interest Margin (NIM) expanded to 6.3%, up 51 bps YoY, while the average borrowing cost fell to 8.91%.
Asset quality remained stable with GNPA at 2.6% and NNPA at 1.9%; Retail 90+ DPD remained steady at 0.8%.
Announced monetization of Shriram Life Insurance stake for ₹600 Cr, expected to close in Q4 FY26.
💼 Action for Investors
The company's successful transition to a retail-led model and the significant expansion in NIMs are strong positive indicators. Investors should watch for the continued liquidation of legacy wholesale assets and the impact of the new CRISIL AA+ rating on future borrowing costs.
Piramal Finance Q3 FY26 PAT Surges 940% YoY to ₹401 Cr; Retail AUM Grows 34%
Piramal Finance reported a stellar Q3 FY26 with Consolidated PAT jumping 940% YoY to ₹401 Cr, driven by a 23% YoY growth in total AUM to ₹96,690 Cr. The retail segment remains the primary growth engine, with AUM increasing 34% YoY to ₹79,413 Cr, now representing 82% of the total portfolio. Profitability metrics showed significant improvement as NIM expanded by 51bps YoY to 6.3% and the Growth Business RoAUM reached 1.9%. The company has successfully de-risked its balance sheet, with legacy wholesale assets now comprising only 5% of total AUM.
Key Highlights
Consolidated PAT rose to ₹401 Cr in Q3 FY26 compared to ₹39 Cr in the previous year's quarter.
Retail AUM grew 34% YoY to ₹79,413 Cr, supported by a 26% YoY increase in quarterly disbursements.
Net Interest Margin (NIM) improved to 6.3%, up from 5.8% YoY, reflecting better yield management.
Retail Opex-to-AUM ratio continued its downward trajectory, falling to 3.8% from 4.7% YoY.
Legacy AUM reduced significantly to ₹5,230 Cr, now making up just 5% of the total AUM mix.
💼 Action for Investors
The company's successful transition to a retail-led model is delivering high profitability and operating leverage. Investors should maintain a positive outlook as the firm remains on track for its FY28 target of ₹1.5 lakh Cr AUM with a >3% RoAUM.
Piramal Finance Q3 FY26 Results: Board Approves Financials Post-PEL Merger
Piramal Finance Limited has released its unaudited financial results for the quarter and nine months ended December 31, 2025. These results are the first major reporting period following the completion of the Composite Scheme of Arrangement with Piramal Enterprises Limited (PEL), which became effective in September 2025. The company has restated its comparative financial figures to reflect this reverse acquisition. While the group saw profits from certain subsidiaries, it also recorded a share of loss from its life insurance joint venture, Pramerica Life Insurance.
Key Highlights
Board approved Q3 and 9M FY26 results following the reverse acquisition merger with Piramal Enterprises Limited (PEL).
Three subsidiaries reported a combined revenue of ₹42.22 crores and a net profit of ₹38.13 crores for the quarter.
The group recorded a share of net loss amounting to ₹17.79 crores from its joint venture for the quarter.
Deferred tax assets have been recognized based on future taxable profit projections and business growth targets.
Financials for comparative periods have been restated in accordance with Ind AS 103 for business combinations.
💼 Action for Investors
Investors should analyze the restated financials to establish a new baseline for the company's performance post-merger. Key focus should remain on the integration synergies with PEL and the company's ability to meet the profit projections required to realize deferred tax assets.
Mallcom (India) Receives [ICRA]A (Stable) Rating for Enhanced Rs 120 Cr Bank Limits
ICRA Limited has reaffirmed Mallcom (India) Limited's long-term credit rating at [ICRA]A with a Stable outlook. The agency also assigned a short-term rating of [ICRA]A1 for the company's working capital facilities. The total rated amount has been enhanced to Rs 120 crore, involving facilities from Citi Bank and ICICI Bank. This rating action underscores the company's sound financial position and its capacity to service debt obligations while managing increased working capital requirements.
Key Highlights
Long-term rating reaffirmed at [ICRA]A with a Stable outlook
Short-term rating of [ICRA]A1 assigned for working capital facilities
Total rated bank limits increased to Rs 120.00 crore
Facilities include Rs 90 crore from Citi Bank and Rs 30 crore from ICICI Bank
💼 Action for Investors
The reaffirmation of a 'Stable' outlook and high short-term rating indicates strong liquidity and creditworthiness. Investors can remain confident in the company's ability to fund its operational needs and manage debt efficiently.
Mallcom (India) Q3 Consolidated PAT Dips 7.7% YoY to ₹8.42 Cr Despite 8.6% Revenue Growth
Mallcom (India) Limited reported a consolidated revenue of ₹113.12 crore for Q3 FY26, marking an 8.6% increase over the same period last year. However, consolidated net profit declined to ₹8.42 crore from ₹9.13 crore YoY, primarily due to losses in its subsidiaries. The company's subsidiaries, Mallcom Safety and Mallcom VSFT, reported a combined net loss of ₹1.27 crore for the quarter, dragging down the overall performance. While the standalone business remains profitable and grew its PAT to ₹9.68 crore, the consolidated margins are under pressure.
Key Highlights
Consolidated Revenue from Operations increased 8.6% YoY to ₹113.12 crore in Q3 FY26.
Consolidated Net Profit (PAT) declined by 7.7% YoY to ₹8.42 crore from ₹9.13 crore.
Subsidiaries Mallcom Safety and Mallcom VSFT reported a combined net loss of ₹126.67 lakhs for the quarter.
Standalone PAT showed growth, rising to ₹9.68 crore compared to ₹9.13 crore in the year-ago quarter.
Earnings Per Share (EPS) for the quarter decreased to ₹13.49 from ₹14.62 YoY.
💼 Action for Investors
Investors should closely monitor the performance of the new subsidiaries as their current losses are offsetting the growth in the core standalone business. A neutral stance is advised until the subsidiaries reach a break-even point and stop diluting consolidated earnings.
Mallcom Q3 FY26 Revenue Grows 11.4% to ₹1,311 Mn; EBITDA Margins Rise to 14.71%
Mallcom reported a steady Q3 FY26 with operational income growing 11.4% YoY to ₹1,311 million, driven by increased realizations and market share gains. EBITDA for the quarter rose significantly by 27% YoY to ₹193 million, with margins expanding by 180 bps to 14.71% due to lower raw material costs and operational efficiencies. However, 9M FY26 PAT saw a 14.4% decline to ₹237 million, primarily impacted by higher depreciation and finance costs resulting from major capex. The company's new facilities in Sanand and Chandpur are now operational and expected to drive future volume growth.
Key Highlights
Q3 FY26 EBITDA grew 27% YoY to ₹193 Mn with margins improving to 14.71% from 12.91% YoY.
9M FY26 revenue increased 12.5% YoY to ₹3,929 Mn, though PAT fell 14.4% to ₹237 Mn due to expansion-related costs.
New manufacturing facilities at Sanand (Gujarat) and Chandpur (West Bengal) are now fully operational.
Safety shoes remain the largest product segment, contributing 49% of the 9M FY26 revenue mix.
The company maintains a healthy balance sheet with a Net Debt to Equity ratio of 0.35x as of H1 FY26.
💼 Action for Investors
Investors should monitor the ramp-up of the new Sanand and Chandpur facilities, as their contribution to the top line will be crucial for offsetting increased depreciation and interest costs. The margin expansion in Q3 is a positive sign of operational efficiency and cooling input costs.
Mallcom (India) Limited Approves Q3 FY26 Unaudited Financial Results
Mallcom (India) Limited held a board meeting on January 20, 2026, to approve its financial performance for the third quarter and nine months ending December 31, 2025. The company submitted both standalone and consolidated unaudited results to the stock exchanges as per SEBI regulations. These results were accompanied by a limited review report from the statutory auditors, M/s. Agarwal Maheswari & Co. While the specific financial figures were not detailed in the cover letter, this filing marks the official disclosure of the company's quarterly performance.
Key Highlights
Board approved consolidated and standalone unaudited results for the quarter ended December 31, 2025.
The results cover the cumulative nine-month period of the 2025-26 financial year.
Statutory auditors M/s. Agarwal Maheswari & Co. issued a Limited Review Report on the financials.
The board meeting was conducted between 3:05 p.m. and 5:10 p.m. IST on January 20, 2026.
💼 Action for Investors
Investors should download the full financial tables from the exchange to analyze specific revenue and PAT growth figures. Compare these results against year-on-year performance to assess the company's current valuation and growth trajectory.
ICRA Downgrades Thirumalai Chemicals to [ICRA]BBB+ (Negative) Over US Project Cost Overruns
ICRA has downgraded the credit ratings for Thirumalai Chemicals Limited's bank facilities and NCDs totaling over Rs. 1,317 crore. The long-term rating has been moved to [ICRA]BBB+ with a Negative outlook, while short-term ratings are now [ICRA]A2. The downgrade is primarily driven by a moderation in the company's operational performance and significant cost increases in its US-based project. This rating action reflects heightened credit risk and potential pressure on the company's balance sheet.
Key Highlights
Long-term ratings for Rs. 437.05 crore term loans and Rs. 480.50 crore working capital downgraded to [ICRA]BBB+ (Negative).
Non-convertible debentures (NCDs) worth Rs. 100 crore downgraded to [ICRA]BBB+ (Negative).
Short-term ratings for non-fund based facilities totaling Rs. 100 crore downgraded to [ICRA]A2.
Downgrade attributed to moderated company performance and increased capital expenditure for the US project.
Total bank limits under surveillance amount to Rs. 1,217.55 crore plus Rs. 100 crore in NCDs.
💼 Action for Investors
Investors should exercise caution as the downgrade and negative outlook signal rising financial stress due to US project delays or cost overruns. Monitor upcoming quarterly results for signs of margin stabilization and updates on the US project's funding requirements.
CRISIL Assigns AA+/Stable Rating to Piramal Finance; Total AUM Reaches ₹91,000 Cr
CRISIL Ratings has assigned a long-term rating of AA+/Stable to Piramal Finance Limited, reflecting its successful transition to a retail-led lending model. The company's total AUM stands at ₹91,000 crore, with the core retail business growing at a 40% CAGR over the last four years. This rating, which is higher than its previous AA/Stable domestic ratings, is expected to significantly reduce borrowing costs for its ₹75,000 crore debt. The management has set an ambitious target to reach an AUM of ₹1.5 lakh crore by FY28.
Key Highlights
CRISIL assigned a new AA+/Stable rating to NCDs and bank debt; A1+ reaffirmed for Commercial Paper.
Total AUM stands at ₹91,000 crore, with the non-legacy retail portfolio growing at a 40% CAGR.
Total outstanding borrowings are approximately ₹75,000 crore, with ₹21,000 crore raised in FY25.
Company targets scaling AUM to over ₹1.5 lakh crore by FY28 with sustained profitability improvements.
Rating reflects strong capital buffers and a diversified retail loan book across 26 states.
💼 Action for Investors
The rating upgrade is a significant positive that will likely lower the cost of funds and improve net interest margins. Investors should maintain a positive outlook as the company scales toward its FY28 AUM target of ₹1.5 lakh crore.
Piramal Finance Assigned 'CRISIL AA+/Stable' Rating for Bank Loans and NCDs
CRISIL Ratings has assigned a high-grade 'CRISIL AA+/Stable' rating to Piramal Finance's bank loan facilities and Non-Convertible Debentures (NCDs). The agency also reaffirmed the 'CRISIL A1+' rating for the company's short-term Commercial Papers. These ratings underscore the company's strong business and financial risk profile as an Upper Layer NBFC. This credit profile is expected to facilitate easier access to capital and potentially lower borrowing costs for the firm.
Key Highlights
Assigned 'CRISIL AA+/Stable' rating for Bank loan facilities
Assigned 'CRISIL AA+/Stable' rating for Non-Convertible Debentures (NCDs)
Reaffirmed 'CRISIL A1+' rating for Commercial Papers
Validation of strong financial and risk profile as an Upper Layer NBFC
💼 Action for Investors
Investors should consider this a positive indicator of the company's creditworthiness and financial stability. Monitor the company's ability to leverage these high ratings to reduce its cost of funds in future debt issuances.
Thirumalai Chemicals Starts US Operations; 40,500 TPA Maleic Anhydride Plant Begins Sales
Thirumalai Chemicals' US subsidiary, TCL Specialties LLC, has commenced the first phase of commercial operations at its new manufacturing facility with the first sale of Maleic Anhydride (MAN). The facility features a MAN plant with a capacity of 40,500 tons per year and a food ingredients plant with over 30,000 tons per year capacity for Malic and Fumaric acid. The company expects the phased commissioning process to be fully stabilized during the first half of calendar year 2026. This expansion targets underserved markets in the North-Eastern and Mid-West US, providing a significant footprint in the North American specialty chemicals sector.
Key Highlights
Commencement of first phase commercial operations with the first sale of Maleic Anhydride (MAN)
Maleic Anhydride (MAN) plant capacity of approximately 40,500 tons per year (~90 million lbs/yr)
Food ingredients plant capacity of over 30,000 tons per year for Malic acid and Fumaric acid
Phased commissioning and stabilization expected to be completed during H1 of calendar year 2026
Strategic entry into underserved North-Eastern and Mid-West US regional markets
💼 Action for Investors
Investors should monitor the ramp-up of the US facility as it represents a major capacity addition and geographic diversification. The successful stabilization by H1 2026 could significantly boost the company's top-line and global market share in specialty chemicals.
Piramal Finance Appoints Shikha Sharma and 3 Others to Board with Over 99% Shareholder Approval
Piramal Finance Limited has announced the results of its postal ballot, confirming the appointment of four new directors to its board. Shareholders approved the appointment of Ms. Shikha Sharma as a Non-Executive Director and Ms. Anjali Bansal, Mr. Rajiv Mehrishi, and Mr. Asheet Lalit Mehta as Independent Directors. All resolutions were passed with a significant majority, exceeding 99.3% of the total votes polled. The inclusion of these experienced professionals is expected to strengthen the company's governance framework and strategic direction.
Key Highlights
Ms. Shikha Sharma appointed as Non-Executive Director with 99.36% votes in favor.
Ms. Anjali Bansal and Mr. Rajiv Mehrishi approved as Independent Directors with 99.37% support.
Mr. Asheet Lalit Mehta appointed as Independent Director with 99.75% of votes in favor.
Total voting turnout stood at 70.35% of the 226.68 million outstanding shares.
💼 Action for Investors
The addition of high-caliber professionals to the board is a positive signal for corporate governance; investors should maintain their positions. Monitor how these strategic appointments influence the company's future growth and risk management policies.
Thirumalai Chemicals Allots 18.96 Lakh Shares to Promoters, Raising ₹56.14 Crores
Thirumalai Chemicals has successfully completed the allotment of 1,896,614 equity shares on a preferential basis to its promoter group at a price of ₹296 per share. This transaction has raised approximately ₹56.14 crores for the company, with the promoter group entity Ultramarine and Pigments Ltd contributing the bulk of the investment (₹45 crores). The allotment increases the company's total paid-up capital from 11.87 crore shares to 12.06 crore shares. This capital infusion by the promoters signals strong internal confidence in the company's long-term growth prospects.
Key Highlights
Allotment of 1,896,614 equity shares of face value ₹1 each at an issue price of ₹296 per share.
Total fundraise aggregates to ₹56,13,97,744 through a preferential issue to 16 promoter group entities.
Ultramarine and Pigments Ltd emerged as the largest allottee, subscribing to 1,520,270 shares.
Post-allotment, the company's paid-up capital has increased to ₹12,05,52,774 divided into 12.05 crore shares.
💼 Action for Investors
Investors should take note of the promoter group's decision to infuse capital at ₹296 per share, which serves as a benchmark for valuation and a sign of management's commitment. Monitor the company's upcoming quarterly results to see how this additional capital is deployed for operational expansion.
Piramal Finance to sell 14.72% stake in Shriram Life Insurance for Rs 600 crore
Piramal Finance Limited has entered into a share purchase agreement to divest its entire 14.72% equity stake in Shriram Life Insurance Company Ltd (SLIC). The stake is being sold to Sanlam Emerging Markets (Mauritius) Limited for a total consideration of Rs 600 crore. This move is part of Piramal's strategic focus on monetizing non-core assets to strengthen its balance sheet. The transaction is expected to close by March 31, 2026, subject to IRDAI and other regulatory approvals.
Key Highlights
Sale of 14.72% equity stake in Shriram Life Insurance for Rs 600 crore
Divested asset contributed only 0.12% (Rs 12.68 crore) to FY25 revenue via dividends
Transaction expected to conclude in Q4 FY26 pending IRDAI approval
Proceeds intended to strengthen the balance sheet and exit non-core investments
Buyer is Sanlam Emerging Markets (Mauritius) Limited, part of the South African Sanlam Group
💼 Action for Investors
Investors should view this as a positive value-unlocking move that streamlines the company's focus on its core lending business. Monitor the timely receipt of regulatory approvals and the deployment of the Rs 600 crore cash inflow.
Piramal Finance Investor Presentation on Investec AI Unmasked Conference
Piramal Finance Limited is presenting to investors at the 'Investec AI Unmasked - The Real & Possible Conference' on December 15, 2025. The investor presentation highlights the company's journey, tech approach, and AI integration. Piramal Finance's retail AUM has grown to ₹74,704 Cr, now representing 94% of the total AUM. The company has expanded its product portfolio to 13 products and has a presence in 429 cities across 26 states.
Key Highlights
Retail AUM is ₹74,704 Cr
Growth book is 94% of total AUM
Expanded product portfolio to 13 products
517 branches across the country
Cross-sell contributes to 11% of all disbursements
💼 Action for Investors
Review the investor presentation to understand Piramal Finance's growth strategy and AI initiatives. Monitor the company's progress in expanding its retail business and improving operational efficiency.
TIRUMALCHM: Malaysia Unit Outage Prolonged; ₹235 Cr Revenue Impact
Thirumalai Chemicals' step-down subsidiary, Optimistic Organic Sdn Bhd (OOSB) in Malaysia, faces a prolonged outage of its Maleic Anhydride unit due to machinery failure. This is expected to reduce consolidated revenue by ₹235 Cr annually, representing 9.6% of FY25 consolidated revenue. The outage has already resulted in an approximate revenue reduction of ₹118 crore in H1 FY26. The Maleic Anhydride unit constituted about 4% (₹140 crore) of the consolidated net worth as at the end of FY25. The derivatives plant of OOSB continues to operate.
Key Highlights
Maleic Anhydride unit outage expected to reduce consolidated revenue by ₹235 Cr annually.
Maleic Anhydride business contributed about 9.6% of FY25 consolidated revenue.
Outage resulted in approximately ₹118 crore reduction in revenue in H1 FY26.
Maleic Anhydride unit constituted about ₹140 crore of the consolidated net worth as at end of FY25.
💼 Action for Investors
Investors should closely monitor the progress of the repairs and the impact on Thirumalai Chemicals' consolidated financials. Consider the reduced revenue guidance when evaluating the company's future performance.