Piramal Finance Limited has informed the Exchange regarding a press release dated February 26, 2026, titled - CARE Ratings Upgrades Piramal Finance to CARE AA+ Stable
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CARE Ratings has upgraded Piramal Finance's long-term bank facilities and debentures to 'CARE AA+; Stable' from 'CARE AA; Stable', citing improved business stability, steady run-down of legacy exposures, and the company's shift to a retail-led portfolio. This is the second domestic AA+ rating for the company, following CRISIL's AA+/Stable assignment in January 2026, and comes on the back of S&P Global also upgrading it to 'BB' from 'BB-' in February 2026. Retail loans are projected to make up around 85% of total assets under management (AUM) by FY26, with total AUM exceeding ₹96,000 crore and retail AUM growing at 40% CAGR over four years to about ₹86,000 crore. The company has raised nearly ₹14,000 crore through external commercial borrowings across FY25 and FY26, including a recent USD 400 million ECB facility and USD 350 million from IFC and ADB under a Sustainable Finance Framework.
A higher credit rating from a second domestic agency should help Piramal Finance borrow at lower costs, widen its investor base, and support continued growth — generally a positive signal for shareholders, though the stock is not directly listed (the parent Piramal Enterprises holds the stake).