Investor Presentation
Awaiting price reaction for this filing.
Piramal Enterprises reported FY25 consolidated PAT of INR 485 Cr, swinging from a loss of INR 1,684 Cr in FY24. Total AUM grew 17% YoY to INR 80,689 Cr, with retail now making up 80% (up from 70% in FY24). Retail AUM jumped 35% YoY to INR 64,652 Cr across 517 branches, while legacy (discontinued) AUM fell 53% YoY to INR 6,920 Cr. Growth business PBT was INR 896 Cr with PBT-RoAUM improving to 1.8% in Q4 FY25 from 1.3% in Q3 FY25, and opex-to-AUM dropped 220 bps over 8 quarters to 4.3%. The company met all its stated FY25 targets on AUM growth, retail-wholesale mix, legacy run-down, AIF recoveries (INR 926 Cr), and operating efficiency. For FY26, PEL guided ~25% YoY AUM growth to ~INR 100k Cr and consolidated PAT of INR 1,300-1,500 Cr, led by growth business profits.
Strong turnaround in profitability, achievement of all stated targets, and upbeat FY26 guidance on AUM growth and PAT should be viewed positively by investors. The RBI-approved merger with Piramal Finance (expected by Sep 2025) simplifies the group structure and could re-rate the stock, though legacy book residual stress remains a watchpoint.