Transcript of conference call on the Audited Financial Results (Standalone & Consolidated) for the quarter and financial year ended 31st March 2026

Piramal Finance beat its FY26 targets, with total AUM growing 25% year-on-year to cross the INR 1 lakh crore mark and consolidated net profit tripling to INR 1,506 crores (vs guidance of INR 1,300–1,500 crores). The retail business led growth, expanding 33% YoY to INR 85,885 crores (85% of AUM), while the legacy wholesale book shrank 59% YoY to INR 2,807 crores, now less than 3% of the book. Profitability improved sharply, with Q4 Return on AUM at 2.1% (up from 1.7% YoY) and Growth business PBT of INR 495 crores, supported by credit rating upgrades to AA+ from all three domestic agencies. Asset quality strengthened, with GNPA down 32 bps QoQ to 2.3%, retail delinquencies improving 20 bps to 0.6%, and zero NPAs in the Wholesale 2.0 book. Management guided for FY27: ~25% AUM growth, ~50% profit growth, and exit-quarter RoAUM of ~2.5%, with the AA+ rating expected to lower cost of borrowing by 50–80 bps over three years. The company opened 22 gold loan branches (plans to add 180 in FY27), expanded its branch network to 701, and maintained strong capital adequacy at 19.8% with capital runway of 3–4 quarters.