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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.
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.
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.
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.