NSE: PILANIINVS · BSE: 539883
PILANI INV & IND COR LTD
Holds and manages a portfolio of investments and lends money, with investment and financing activities accounting for 97.64% of turnover in FY26. Total assets stood at Rs 19,580.93 crore against revenue of Rs 282.87 crore and net profit of Rs 31.06 crore, with an EBITDA margin of 90.43%. The company extends Inter Corporate Deposits of up to Rs 2,200 crore to Birla Group Holdings, Rs 600 crore to Applause Entertainment and Rs 700 crore to Azure Jouel as approved at the 79th AGM. Operations run with just 22 employees and no workers, with employee cost at 2.6% of revenue and other operating expenses at 2.9%, while materials (0%) and capex (0%) are nil and depreciation is 0.1%. Associate Aditya Birla Real Estate holds a 33.29% stake in the company. Shareholders at the 79th AGM approved a Rs 9 per share dividend (on Rs 10 face value) for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Investment and financing (98%). Asset-heavy investment and financing company with very high EBITDA margins and minimal operating costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 258 | 279 | 286 | 302 | 283 |
| EBITDA (ex other income) | 250 | 272 | 276 | 288 | 250 |
| margin % | 97.2 | 97.6 | 96.4 | 95.4 | 88.5 |
| Owners' profit | 0 | 0 | 0 | 98 | 31 |
| EPS, as reported (₹) | 181.92 | 222.11 | 150.34 | 88.95 | 28.05 |
| ROE % · ROCE % | 1.8 · 2.1 | 2.2 · — | 1.1 · — | 0.6 · — | 0.2 · — |
| Debt / equity (x) | 0.10 | — | — | — | — |
| Cash from operations | (100) | 417 | (31) | 650 | 1,347 |
| Capex | 0 | 0 | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 123 | 61 | 57 | 50 | 129 | 60 | 44 | 14 |
| Profit before tax | 103 | 37 | 24 | 6 | 69 | 13 | 2 | (34) |
| Net profit | 78 | 13 | (25) | (4) | 45 | (14) | 5 | (47) |
| EPS (₹) | 70.17 | 12.07 | (22.66) | (3.63) | 40.38 | (13.00) | 4.29 | (42.68) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.3 | 0.6 | 16 of 63 | 74% |
| ROE | 0.2 | 1.3 | 48 of 65 | 27% |
| EBITDA margin | 81.1 | 61.6 | 25 of 62 | 61% |
| Revenue growth | (70.9) | 13.6 | 49 of 56 | 13% |
| Profit growth | (1075.5) | 10.7 | 65 of 66 | 2% |
| Market cap | 4318 | 273 | 11 of 68 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Newspaper notice on SEBI special window for physical share re-lodgement | compliance | minimal | — | — |
| 9 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Sept 2026 quarter | compliance | minimal | — | — |
| 24 Sept 2026 · CARE reaffirms AA+ Stable rating on PIICL NCDs and A1+ on commercial paper | credit debt | medium | — | — |
| 23 Sept 2026 · Trading window closure for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · Clarification on Q1 FY27 financial results to NSE query | regulatory legal | medium | — | — |
| 8 Sept 2026 · NSE seeks clarification from Pilani Investment on June 2026 quarter results | compliance | low | — | — |
| 14 Aug 2026 · Pilani Investments Q1 FY27: Rs 34.5 cr standalone loss vs Rs 4.3 cr profit YoY | results | high | — | — |
| 14 Aug 2026 · PILANI INV Q1 FY27 standalone loss of Rs 34.54 cr | results | high | — | — |
| 13 Aug 2026 · Newspaper notice on SEBI special window for physical share re-lodgement | compliance | minimal | — | — |
| 5 Aug 2026 · Reminder to physical shareholders for mandatory KYC and nomination update | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.