Pilani Investment and Industries Corporation Limited (PILANIINVS)
₹3,984.20 +0.38% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Pilani Investment's revenue was ₹14.4 Cr (-70.9% year on year, -67.3% on the previous quarter), and net profit ₹-47.3 Cr (a bigger loss than a year earlier); the operating margin was 79.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹14.4 | -70.9% | -67.3% |
| Operating profit | ₹11.5 | -75.1% | -71.8% |
| Net profit | ₹-47.3 | loss widened | to loss |
| EPS (₹) | -42.68 | loss widened | to loss |
| Operating margin | 79.5% | — | — |
PILANIINVS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 60.67% of the PILANIINVS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 66.97%. That is close to its usual level. Turnover was only ₹40 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 67.1% · 65.8% · 86.2% · 85.2% · 60.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Pilani Investment and Industries Corporation Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Share Transfer Agent Niche Technologies Private Limited on October 6, 2026, covers the quarter ended September 30, 2026. It confirms that securities received for dematerialisation during the period were duly verified, mutilated, cancelled, and listed on the exchanges. This is a regular administrative disclosure with no financial impact.
- Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent Niche Technologies Private Limited on October 6, 2026
- Confirmation that securities received for dematerialisation were accepted/rejected and listed on relevant stock exchanges
CARE Ratings has reaffirmed Pilani Investment and Industries Corporation's credit ratings at 'CARE AA+; Stable' for ₹1,000 crore Non-Convertible Debentures and 'CARE A1+' for ₹2,000 crore Commercial Papers. The rating reflects the company's status as a core investment company of the Aditya Birla Group, backed by a listed investment portfolio valued at ₹25,189.71 crore as of June 30, 2026. This portfolio provides a healthy debt cover of 10.08x over external debt of ₹2,500 crore. However, ratings remain constrained by market value volatility and dependence on dividend and interest income from group entities.
- Reaffirmed CARE AA+; Stable for ₹1,000 crore NCDs and CARE A1+ for ₹2,000 crore CPs
- Portfolio market value stood at ₹25,189.71 crore as of June 30, 2026
- Debt cover stood at 10.08x against external borrowings of ₹2,500 crore
- Tangible net worth stood at ₹15,037 crore with overall gearing at 0.16x as of March 31, 2026
- FY26 dividend income rose to ₹83.05 crore compared to ₹79.21 crore in FY25
Pilani Investment reported a standalone net loss of ₹34.54 Cr for Q1 FY27 (ended June 30, 2026), compared to a net profit of ₹4.32 Cr in Q1 FY26. Standalone total income dropped sharply to ₹14.51 Cr from ₹49.55 Cr in the year-ago period, largely driven by lower interest income. Total expenses stood elevated at ₹49.08 Cr, driven by finance costs of ₹26.08 Cr. Meanwhile, Other Comprehensive Income surged to ₹2,280.30 Cr due to fair value gains on equity holdings, lifting Total Comprehensive Income to ₹2,245.75 Cr.
- Standalone revenue from operations declined to ₹14.28 Cr in Q1 FY27 from ₹49.55 Cr in Q1 FY26.
- Standalone net loss stood at ₹34.54 Cr against a profit of ₹4.32 Cr in the corresponding quarter last year.
- Finance costs remained the single largest expense item at ₹26.08 Cr during the quarter.
- Other Comprehensive Income rose to ₹2,280.30 Cr on mark-to-market appreciation of core investment holdings.
- Confirmed 100% utilization of ₹500 Cr NCD proceeds raised in March 2026 with zero deviation.
Pilani Investment and Industries Corporation reported a standalone net loss of ₹34.54 Cr for the quarter ended June 30, 2026, swinging from a net profit of ₹4.32 Cr in Q1 FY26. Total income declined 70.7% YoY to ₹14.51 Cr (₹1,451.27 Lakhs) compared to ₹49.55 Cr in the corresponding prior-year quarter, primarily due to lower interest income. Total expenses stood at ₹49.08 Cr, driven by finance costs of ₹26.08 Cr. However, Other Comprehensive Income reflected fair value gains of ₹2,280.30 Cr on investment holdings, bringing Total Comprehensive Income to ₹2,245.75 Cr.
- Standalone net loss stood at ₹34.54 Cr (₹3,454.42 Lakhs) vs a net profit of ₹4.32 Cr in Q1 FY26
- Total income dropped 70.7% YoY to ₹14.51 Cr from ₹49.55 Cr in Q1 FY26
- Interest income declined to ₹13.88 Cr from ₹48.74 Cr in the year-ago period
- Finance costs remained elevated at ₹26.08 Cr for the quarter
- Company confirmed full utilization of ₹500 Cr NCD proceeds with zero deviation
Pilani Investment and Industries Corporation has issued a mandatory notice to shareholders holding securities in physical form to update their PAN, KYC, and nomination details. This action follows SEBI's Master Circular dated February 6, 2026, and June 10, 2024. Shareholders who fail to comply will be ineligible for service requests from the Registrar and Share Transfer Agent (RTA) and will not receive dividends until their records are updated. All future payments, including dividends, will be processed exclusively through electronic mode.
- Compliance with SEBI Master Circular HO/38/13/(4)2026-MIRSD-POD/I/4298/2026 dated February 6, 2026
- Mandatory submission of Forms ISR-1 and ISR-2 for all physical security holders
- Future dividend payments to be made only via electronic mode upon compliance
- Company net worth stands at Rs 15,037 Cr as per latest financial context
Shri A. K. Kothari will cease to be an Independent Director of Pilani Investment and Industries Corporation Limited effective July 25, 2026. This follows the completion of his second consecutive five-year term, which was approved by members during the 74th AGM in 2021. Consequently, he will also vacate his chairmanship and membership roles across various board committees. This is a routine regulatory retirement as per the maximum tenure limits for independent directors under Indian law.
- Shri A. K. Kothari completes his second 5-year term on July 24, 2026
- Cessation from the Board and all committees is effective from July 25, 2026
- The director was previously re-appointed at the 74th AGM held on September 16, 2021
- The company maintains a significant net worth of ₹15,037 Cr as a key Aditya Birla Group holding entity
Pilani Investment and Industries Corporation Limited concluded its 79th AGM on July 13, 2026, with shareholders approving all five proposed resolutions. Key approvals include the adoption of FY26 financial statements, dividend declaration, and material related party transactions. The resolution for related party transactions saw 1.55% of votes cast against it, while other resolutions passed with near-unanimous support. The company continues to function as a core investment vehicle for the Aditya Birla Group, holding a net worth of Rs 15,037 Cr.
- All 5 resolutions passed with requisite majority at the AGM held on July 13, 2026
- Resolution for Material Related Party Transactions approved with 98.45% votes in favor
- Dividend for the financial year ended March 31, 2026, was officially declared
- Total of 45 shareholders (5 Promoter, 40 Public) attended the meeting via video conferencing
- Re-appointment of Shri D. K. Mantri as Director approved with 99.45% majority
Pilani Investment and Industries Corporation Limited concluded its 79th Annual General Meeting (AGM) on July 13, 2026. Shareholders considered five key resolutions, including the adoption of FY26 financial statements, declaration of dividend, and the appointment of Arun Laddha as an Independent Director. Crucially, the meeting sought approval for material Related Party Transactions (RPTs), which is significant given the company's 100% concentration on Aditya Birla Group entities. Voting results are expected to be released separately following the 15-minute post-meeting e-voting window.
- 79th Annual General Meeting successfully conducted on July 13, 2026, via video conferencing.
- Shareholders voted on the adoption of Audited Financial Statements for the year ended March 31, 2026.
- Approval sought for material Related Party Transactions, essential for its role as a group holding company.
- Appointment of Shri Arun Laddha (DIN: 00079406) as a Non-Executive Independent Director proposed.
- Dividend declaration for FY26 was a key item on the agenda for shareholder approval.
Pilani Investment and Industries Corporation Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Niche Technologies Private Limited (RTA), confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed correctly. This involves the mutilation and cancellation of physical certificates and updating the register of members with the depository's name. As a holding company with a net worth of 15,037 Cr, this is a standard administrative procedure with no impact on financial operations.
- Compliance certificate submitted for the quarter ended June 30, 2026
- Confirmation provided by Registrar and Share Transfer Agent (RTA) Niche Technologies Private Limited
- Verification that physical certificates were mutilated and cancelled after dematerialization
- Register of members updated to reflect the depository as the registered owner
Pilani Investment and Industries Corporation Limited has responded to a clarification sought by the National Stock Exchange (NSE) regarding the signing of its financial results for the quarter and year ended March 31, 2026. The company clarified that Director Shri Devendra Kumar Mantri was duly authorized by the Board to sign the results, in accordance with Regulation 33 of SEBI LODR. This procedural clarification confirms that the previously submitted financial statements are valid and compliant with regulatory standards.
- Clarification issued for the financial results of the quarter and year ended 31st March 2026
- Director Devendra Kumar Mantri (DIN: 00075664) confirmed as the authorized signatory by the Board
- Board of Directors approved the audited results in a meeting held on 28th May 2026
- Company asserts full compliance with Regulation 33(2)(b) of SEBI LODR Regulations
Pilani Investment and Industries Corporation Limited has announced the closure of its trading window starting July 1, 2026. This action is in compliance with SEBI's insider trading regulations ahead of the release of the unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated and connected persons until 48 hours after the public announcement of the results. The specific date for the board meeting to approve these results will be announced at a later date.
- Trading window closure begins on July 1, 2026, for all designated and connected persons.
- The closure pertains to the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
- The window will reopen 48 hours after the financial results are officially declared to the public.
Pilani Investment and Industries Corporation Limited has received a disclosure under SEBI Takeover Regulations from The Punjab Produce & Trading Company Private Limited (PPTC). The company's management has explicitly stated that the existing promoters do not recognize PPTC or its associates as part of the promoter group. While PPTC and its associates hold a 25.16% stake, the recognized promoter group claims control over 58.68% of the company. This disclosure highlights a continuing internal dispute regarding the classification of major shareholders.
- The Punjab Produce & Trading Company Private Limited (PPTC) submitted a disclosure under Regulation 31(4) of SEBI Takeover Regulations.
- Pilani Investment's promoters do not accept PPTC and its associates as part of the official Promoter group.
- PPTC and its associates (excluding Birla Cotton Spinning) hold a 25.16% stake in the company.
- The group claiming control as promoters represents a 58.68% shareholding in the entity.
- Birla Cotton Spinning & Weaving Company Limited is confirmed to have zero shareholding in the company.
Pilani Investment and Industries Corporation Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The company, primarily an investment vehicle for the Birla Group, reported a turnover of ₹293.49 crore and a massive net worth of ₹15,037.15 crore. It maintains a lean operation with 22 employees and holds a significant 33.29% associate stake in Aditya Birla Real Estate Limited. The report indicates stable governance with all 8 shareholder complaints resolved during the year.
- Reported a substantial Net Worth of ₹15,037.15 crore as of FY 2025-26.
- Investment and financing activities contribute 97.64% of the total turnover of ₹293.49 crore.
- Holds a strategic 33.29% stake in Aditya Birla Real Estate Limited (formerly Century Textiles).
- Board diversity maintained with 28.57% female representation (2 out of 7 directors).
- Resolved 100% of the 8 shareholder complaints received during the financial year.
Pilani Investment and Industries Corporation Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. As a core investment company, it reported a turnover of ₹293.49 crore and a massive net worth of ₹15,037.15 crore. The company maintains a lean operational structure with only 22 employees and holds a significant 33.29% stake in Aditya Birla Real Estate Limited. The report confirms that 97.64% of its revenue is derived from investment and financing activities.
- Reported a total turnover of ₹293.49 crore and a net worth of ₹15,037.15 crore for the financial year ended March 31, 2026.
- Investment and financing activities constitute the core business, accounting for 97.64% of total turnover.
- Holds a major 33.29% associate stake in Aditya Birla Real Estate Limited (formerly Century Textiles and Industries Limited).
- Board composition includes 28.57% female representation, with 2 women out of 7 total directors.
- The company operates with a minimal workforce of 22 employees, of which 15 are permanent staff.
Pilani Investment and Industries Corporation has scheduled its 79th Annual General Meeting for July 13, 2026, to adopt FY26 results and declare a dividend. A major agenda item involves seeking shareholder approval for significant Inter Corporate Deposits (ICDs) totaling ₹3,500 Crores to related parties. This includes a ₹2,200 Crore limit for Birla Group Holdings and ₹1,300 Crores combined for Applause Entertainment and Azure Jouel. The company also proposes the appointment of Shri Arun Laddha as an Independent Director for a five-year term.
- 79th AGM scheduled for July 13, 2026, to approve FY26 financial statements and equity dividend.
- Proposed Inter Corporate Deposit (ICD) limit of ₹2,200 Crores for Birla Group Holdings Private Limited.
- Additional ICD limits sought for Applause Entertainment (₹600 Crores) and Azure Jouel (₹700 Crores).
- Appointment of Shri Arun Laddha as Non-Executive Independent Director for a term ending May 2031.
- Book closure for dividend eligibility set from July 7, 2026, to July 13, 2026.
Financial Performance
Revenue Growth by Segment
Dividend income grew by 20.6% YoY to INR 79.21 Cr in FY25 from INR 65.68 Cr in FY24. Interest income remained nearly flat with a 0.16% increase to INR 235.85 Cr in FY25 compared to INR 235.47 Cr in FY24. Total income from operations for the quarter ended September 30, 2025, was INR 39.94 Cr.
Geographic Revenue Split
100% of revenue is derived from India, as the company functions as a holding entity for the Aditya Birla Group, investing primarily in Indian listed and unlisted group companies.
Profitability Margins
Net Profit for FY25 was INR 167.62 Cr. Total Comprehensive Income for FY25 reached INR 752.06 Cr, largely driven by fair value gains on investments. The company maintains high margins as its primary costs are administrative and interest-related rather than manufacturing-based.
EBITDA Margin
Not disclosed in available documents; however, the company recorded a Net Profit of INR 167.62 Cr against a total income from dividend and interest of approximately INR 315.06 Cr, suggesting a high core profitability margin exceeding 50%.
Capital Expenditure
The company has no major capital expenditure or working capital requirements as it functions as a Core Investment Company (CIC). Its primary 'expenditure' is the deployment of capital into group company shares and loans.
Credit Rating & Borrowing
The company holds a CRISIL AA/Stable long-term rating and A1+ short-term ratings from both CARE and CRISIL. Borrowing is primarily through Commercial Paper (CP) with an enhanced limit of INR 2,000 Cr. Gearing increased from 0.07x in FY24 to 0.13x in FY25.
Operational Drivers
Raw Materials
Not applicable as the company is a Core Investment Company (CIC) and does not engage in manufacturing.
Capacity Expansion
Not applicable for an investment company; however, the company is expanding its horizon by entering into the field of financing activities to diversify its income streams.
Strategic Growth
Growth Strategy
The company plans to achieve growth by expanding into financing activities and supporting the capital requirements of Aditya Birla Group entities. It leverages its strong financial flexibility, derived from a market investment value of INR 26,121 Cr (as of June 2025), to provide loans and inter-corporate deposits to group companies.
Products & Services
Investment holding services, inter-corporate loans, and financial assistance to group companies.
Brand Portfolio
Operates under the Aditya Birla Group umbrella.
New Products/Services
New focus on expanded financing activities and lending to group entities, expected to contribute to interest income growth.
Market Expansion
Focus remains on the Aditya Birla Group ecosystem in India, with no specific plans for geographic expansion outside the group's footprint.
Market Share & Ranking
Functions as a key holding company for one of India's largest conglomerates; specific market share in the NBFC/CIC sector is not disclosed.
Strategic Alliances
Strategic alignment with Aditya Birla Group companies including Grasim, Hindalco, and UltraTech Cement.
External Factors
Industry Trends
The CIC industry is seeing increased regulatory oversight from the RBI regarding group exposure limits and capital adequacy. The company is positioning itself by maintaining a debt cover well above the 7x management target.
Competitive Landscape
As a group holding company, it does not compete in the open market but functions as an internal capital allocator for the Birla Group.
Competitive Moat
The company's moat is its permanent and strategic equity stakes in market-leading companies of the Aditya Birla Group. This advantage is highly sustainable due to the group's long-term holding structure and the robust credit profiles of the underlying entities.
Macro Economic Sensitivity
Highly sensitive to equity market performance and the industrial growth of India, as its portfolio companies operate in core sectors like cement, metals, and chemicals.
Consumer Behavior
Not directly applicable; however, consumer demand for housing (cement) and automobiles (aluminum) affects the dividends received from UltraTech and Hindalco.
Geopolitical Risks
Indirect exposure through group companies like Hindalco and Grasim which have global operations and are subject to international trade barriers.
Regulatory & Governance
Industry Regulations
Registered as a Systemically Important Non-Deposit-taking NBFC (Core Investment Company) with the RBI. Must comply with RBI's CIC directions and SEBI Listing Obligations and Disclosure Requirements (LODR).
Environmental Compliance
Not applicable to the holding company directly, but its subsidiaries and investee companies must comply with stringent environmental norms in manufacturing.
Taxation Policy Impact
Subject to standard corporate tax rates in India; dividend income is taxed as per prevailing Income Tax Act provisions.
Legal Contingencies
The company reported NIL loans or advances to firms in which directors are interested. No specific pending high-value court cases were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the refinancing risk of Commercial Papers, which the company mitigates through its high market value of investments (INR 22,281 Cr to INR 26,121 Cr) providing a massive cover for its INR 1,000 Cr debt.
Geographic Concentration Risk
100% of investments and operations are concentrated within the Indian market.
Third Party Dependencies
Highly dependent on the financial health and dividend-paying capacity of Aditya Birla Group companies.
Technology Obsolescence Risk
Low risk for a holding company, though investee companies face digital transformation needs in manufacturing and telecommunications (VIL).
Credit & Counterparty Risk
Credit exposure is limited to group companies, which generally possess strong credit profiles (e.g., Grasim and UltraTech are rated AAA).
