Piramal Finance assigned BBB Stable rating by JCR and R&I
PIRAMALFIN · price
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Piramal Finance has been assigned a BBB Stable issuer rating by both Japan Credit Rating Agency (JCR) and Rating and Investment Information (R&I) — its first such ratings from Japanese agencies. The rating is one notch below India's sovereign BBB+ Stable. JCR cited INR1 trillion AUM, strong retail focus (85% retail, 15% wholesale), gross NPA of 2.3%, capital adequacy of 19.8%, and diversified funding as positives. Piramal Group holds 46.2% stake. FY26 net profit was INR15.1 billion, though adjusted earnings were lower due to legacy asset provisioning.
Initial investment-grade BBB rating from two international agencies validates PFL's retail transformation, likely supportive for offshore borrowing costs and investor confidence.