NSE: PIRAMALFIN · BSE: 544597
PIRAMAL FINANCE LIMITED
Lends to retail and wholesale borrowers as a non-banking financial company that has shifted 98% of its book to growth (retail) lending. The wholesale book is 70:30 between real estate and CMML at an average ticket of Rs 56 crore and yield of 14.2%. Retail disbursements accelerated to Rs 12,527 crore in Q1 FY27, up 44% YoY, with the network covering 780 branches across 607 cities and around 6 million customers. The biggest line in the FY26 cost stack is employee cost at Rs 1,811.24 crore (15.3% of revenue), followed by other opex at Rs 1,268.69 crore and depreciation at Rs 902.8 crore. Capital adequacy stood at 18.85% with debt-to-equity at 2.80; the company is rated AA+ domestically by CRISIL, ICRA and CARE, and BBB/Stable by Japanese agencies. Three group companies are being merged into the lender via an NCLT-filed scheme, and the board has approved a fund raise of up to Rs 4,000 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Retail/Growth lending (85%), Wholesale lending (15%). Retail-focused upper-layer NBFC with a mortgage-heavy book and a residual wholesale real estate portfolio
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 11,852 |
| EBITDA (ex other income) | 8,296 |
| margin % | 70.0 |
| Owners' profit | 1,504 |
| EPS, as reported (₹) | 66.49 |
| ROE % · ROCE % | 5.3 · — |
| Debt / equity (x) | — |
| Cash from operations | (15,892) |
| Capex | (116) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 2,872 | 2,918 | 3,424 | 3,368 |
| Profit before tax | 186 | 289 | 496 | 344 |
| Net profit | 327 | 401 | 502 | 461 |
| EPS (₹) | 14.43 | 17.69 | 22.14 | 20.38 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.2 | 18.1 | 119 of 200 | 41% |
| P/B | 1.4 | 1.1 | 148 of 253 | 41% |
| ROE | 5.3 | 3.1 | 101 of 257 | 61% |
| EBITDA margin | 63.4 | 48.6 | 104 of 249 | 59% |
| Market cap | 40999 | 34 | 10 of 268 | 97% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · CARE finds no deviation in use of Piramal Finance issue funds | compliance | minimal | — | — |
| 28 Oct 2026 · Postal ballot seeks approval for independent director appointment | management changes | medium | — | — |
| 23 Oct 2026 · Q2 profit rises 67%; FY27 profit growth guidance retained | investor communications | medium | — | — |
| 19 Oct 2026 · Piramal Finance posts Q2 FY27 earnings call audio on website | investor communications | medium | — | — |
| 19 Oct 2026 · Amendment to PFL Employee ESOP Trust Deed - Trustee change | management changes | low | — | — |
| 19 Oct 2026 · Q2 FY27 Results: PAT up 67% YoY to Rs 545 Cr, AUM up 24% to Rs 1.13 lakh Cr | investor communications | medium | — | — |
| 19 Oct 2026 · Piramal Finance Q2 PAT up 67% YoY at Rs 545 cr; raises Rs 3,850 cr capital | compliance | low | — | — |
| 19 Oct 2026 · Change of Registrar and Share Transfer Agent for equity shares | general | low | — | — |
| 19 Oct 2026 · Piramal Finance appoints former SBI Chairman Dinesh Khara as Independent Director | management changes | medium | — | — |
| 19 Oct 2026 · Piramal Finance Q2 FY26: PAT up 91% YoY, revenue rises 28% | results | high | — | — |
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.