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Piramal Finance Q2 FY27 results: net profit up 66.8% to ₹545.42 crore, revenue up 27.4%
Piramal Finance Limited reported consolidated Q2 FY27 revenue of ₹3,659 crore and net profit of ₹545.42 crore, up 27.4% and 66.8% from a year earlier. Profit also rose against Q1 FY27, while basic EPS increased to ₹23.68 from ₹20.38 in the previous quarter. The figures are consolidated, while the standalone quarter showed revenue of ₹3,625.20 crore and profit of ₹529.21 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹3,659 crore, up ₹787.64 crore or 27.4% from Q2 FY26.
- Net profit was ₹545.42 crore, up ₹218.43 crore or 66.8% from Q2 FY26 and ₹84.44 crore or 18.3% from Q1 FY27.
- Basic EPS was ₹23.68, compared with ₹14.43 in Q2 FY26 and ₹20.38 in Q1 FY27.
- H1 FY27 revenue was ₹7,015.11 crore and net profit was ₹1,006.4 crore, against ₹5,510.8 crore and ₹603.36 crore in H1 FY26.
- Total assets were ₹119,757.89 crore as on 30 September 2026, while equity was ₹31,180.12 crore.
How did Piramal Finance perform in Q2 FY27?
Piramal Finance reported consolidated Q2 FY27 revenue of ₹3,659 crore, total income of ₹3,717.16 crore, profit before tax of ₹543.14 crore and net profit of ₹545.42 crore. Revenue rose ₹787.64 crore, or 27.4%, from ₹2,872 crore in Q2 FY26, while net profit increased ₹218.43 crore, or 66.8%, from ₹326.99 crore. Basic EPS rose to ₹23.68 from ₹14.43.
Against Q1 FY27, consolidated revenue increased ₹290.92 crore, or 8.6%, from ₹3,368 crore, and net profit rose ₹84.44 crore, or 18.3%, from ₹460.98 crore. Basic EPS increased ₹3.30, or 16.2%, to ₹23.68 from ₹20.38. On the standalone basis, revenue was ₹3,625.20 crore and net profit was ₹529.21 crore in Q2 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,659 | 3,368 | 2,872 | +27.4% | +8.6% |
| Other income | 57.97 | 61.27 | 28.72 | +101.8% | −5.4% |
| Total expenses | 3,174 | 3,085 | 2,633 | +20.5% | +2.9% |
| Profit before tax | 543.14 | 344.12 | 186.28 | +191.6% | +57.8% |
| Tax | 34.61 | −17.99 | −77.59 | ||
| Net profit | 545.42 | 460.98 | 326.99 | +66.8% | +18.3% |
| EPS (₹) | 23.68 | 20.38 | 14.43 | +64.1% | +16.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Piramal Finance's costs and profit?
Total expenses increased ₹541.03 crore, or 20.5%, to ₹3,174 crore from ₹2,633 crore in Q2 FY26. Finance costs rose ₹258.30 crore, or 16.5%, to ₹1,825 crore from ₹1,567 crore, while employee cost increased ₹66.59 crore, or 14.7%, to ₹520.28 crore from ₹453.69 crore. Other expenses rose ₹42.14 crore, or 14.0%, to ₹342.70 crore from ₹300.56 crore.
Depreciation fell ₹85.29 crore, or 59.4%, to ₹58.39 crore from ₹143.68 crore. Other income increased ₹29.25 crore, or 101.8%, to ₹57.97 crore from ₹28.72 crore. There was no exceptional item in Q2 FY27, against an exceptional charge of ₹81 crore in Q2 FY26. Tax moved to ₹34.61 crore from ₹77.59 crore, a difference of ₹112.20 crore, while profit before tax rose ₹356.86 crore, or 191.6%, to ₹543.14 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Employee cost | 520.28 | 453.69 | +66.59 | +14.7% |
| Finance costs | 1,825 | 1,567 | +258.30 | +16.5% |
| Depreciation | 58.39 | 143.68 | −85.29 | −59.4% |
| Other expenses | 342.70 | 300.56 | +42.14 | +14.0% |
| Total expenses | 3,174 | 2,633 | +541.03 | +20.5% |
| Other income | 57.97 | 28.72 | +29.25 | +101.8% |
| Tax | 34.61 | −77.59 | +112.20 | |
| Exceptional items | none | −81 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹7,015.11 crore, up ₹1,504.31 crore or 27.3% from ₹5,510.8 crore in H1 FY26. Total income rose ₹1,543.97 crore, or 27.6%, to ₹7,134.35 crore from ₹5,590.38 crore, while profit before tax increased ₹478.31 crore, or 117.0%, to ₹887.26 crore from ₹408.95 crore.
H1 FY27 net profit was ₹1,006.4 crore, up ₹403.04 crore or 66.8% from ₹603.36 crore in H1 FY26. Basic EPS increased ₹17.39, or 65.3%, to ₹44.04 from ₹26.65. The results presentation reported total AUM of ₹1,13,112 crore, up 24% YoY, and retail AUM of ₹97,462 crore, up 30% YoY.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 7,015 | 5,511 | +27.3% |
| Profit before tax | 887.26 | 408.95 | +117.0% |
| Net profit | 1,006 | 603.36 | +66.8% |
| EPS (₹) | 44.04 | 26.65 | +65.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As on 30 September 2026, total assets were ₹119,757.89 crore, compared with ₹110,546.47 crore as on 31 March 2026. Total equity was ₹31,180.12 crore against ₹28,191.47 crore at the previous balance-sheet date, while cash and cash equivalents were ₹2,054.45 crore against ₹4,123.12 crore. The results presentation separately reported cash and equivalents of ₹6,899 crore and borrowings of ₹85,802 crore.
H1 FY27 operating cash flow was negative ₹9,012.21 crore, compared with negative ₹8,177.38 crore in H1 FY26. Investing cash flow was negative ₹89.48 crore against negative ₹238.41 crore, while financing cash flow was positive ₹7,033.02 crore against ₹5,255.12 crore. Capital expenditure was ₹91.62 crore in H1 FY27 and ₹47.77 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,19,758 | 1,10,546 |
| Total equity | 31,180 | 28,191 |
| Cash and equivalents | 2,054 | 4,123 |
| Inventories | 0 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −9,012 | −8,177 |
| Cash from investing | −89.48 | −238.41 |
| Cash from financing | 7,033 | 5,255 |
| Capital expenditure | 91.62 | 47.77 |
Source: Company's results filing (XBRL).
How has Piramal Finance done over the last 5 quarters?
Revenue increased across the five reported quarters, rising from ₹2,871.55 crore in Q2 FY26 to ₹3,659.19 crore in Q2 FY27. The lowest revenue and profit in the period were in Q2 FY26, at ₹2,871.55 crore and ₹326.99 crore, while the highest were in Q2 FY27, at ₹3,659.19 crore and ₹545.42 crore. Revenue rose from ₹3,368.27 crore in Q1 FY27 to ₹3,659.19 crore in Q2 FY27, while profit rose from ₹460.98 crore to ₹545.42 crore.
The reported data does not provide an EBITDA or EBITDA-margin series for these quarters. The company’s presentation showed growth-business RoAUM at 2.0% in Q2 FY27, compared with 1.7% in Q2 FY26, and described consolidated profits as stable over the last 11 quarters.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026 on 19 October 2026. The filing also included a limited review report from the joint statutory auditors, a statement on utilisation of proceeds and a security cover certificate.
Piramal Finance appointed former SBI chairman Dinesh Kumar Khara as an additional director designated as independent director, effective 19 October 2026, for a term of 5 years, subject to shareholder approval. The same-day presentation reported a capital raise of ₹3,850 crore, comprising a QIP of ₹2,100 crore and preferential allotment of warrants of ₹1,750 crore to the promoter group. The filing did not report a dividend.
What did Piramal Finance's management say?
Management reiterated FY27 guidance for AUM growth of 25% YoY, PAT growth of 50% YoY and exit Q4 FY27 RoA of 2.5%, with a long-term target of 3%+. It also maintained a medium-term leverage path of 4.5-5x, compared with 3.6x currently, and a target for unsecured AUM of 25-26% over the coming quarters, compared with 21% currently. Gold loan branches are targeted at 200 by March 2027, from 100 currently.
Management said the IRDAI consultation paper on insurance commission could have a gross 18-24 bps FY28 ROA impact. FY28 guidance was deferred to the Q4 FY27 call pending the consultation outcome. The company cited the Pramerica stake and incentive rationalisation as natural hedges. Management also identified South India home-loan stress in the IT sector and systemic gold-loan risk, including more than 35% of customers with gold loans on file.
How did Piramal Finance shares react?
After the filing, the stock rose 0.9% after 5 minutes, 2.4% after 15 minutes and 2.6% after 30 minutes. It closed the reaction day 3.6% above the pre-results close of ₹1,950, against a 1.9% fall for the median other Non Banking Financial Company (NBFC) stocks, a relative move of 5.5 percentage points.
By the next day’s close, the stock was down 0.1% from its pre-results close, against a 2.1% fall for the industry median. By the fifth session’s close, it was down 7.3% from the pre-results close, compared with a 2.9% fall for the industry median, a relative move of negative 4.3 percentage points. Earlier results-day reactions were negative 2.3% on 16 July 2026, positive 9.7% on 27 April 2026 and positive 0.8% on 23 January 2026.
| After the filing | Stock | Non Banking Financial Company (NBFC) median |
|---|---|---|
| 5 minutes | +0.9% | |
| 15 minutes | +2.4% | |
| 30 minutes | +2.6% | |
| Reaction day | +3.6% | −1.9% |
| Next day | −0.1% | −2.1% |
| 5 days | −7.3% | −2.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 16 July 2026 | −2.3% |
| 27 April 2026 | +9.7% |
| 23 January 2026 | +0.8% |
Source: MarketPing price-reaction measurement.
How did other Non Banking Financial Company (NBFC) companies do?
Among 77 other Non Banking Financial Company (NBFC) companies compared for the quarter, the median revenue growth was 21.4%. Of the companies with growth data, 44 grew more slowly than Piramal Finance and 33 grew faster than it, compared with the company’s 27.4% consolidated revenue growth.
Profit increased for 56 of the 85 peers included in the profit comparison. The peer figures were available as of 4 November 2026.
| Piramal Finance revenue growth (YoY) | +27.4% |
|---|---|
| Median of 77 other Non Banking Financial Company (NBFC) companies | +21.4% |
| Companies with slower revenue growth than Piramal Finance | 44 of 77 |
| Companies with faster revenue growth than Piramal Finance | 33 of 77 |
| Companies whose net profit rose | 56 of 85 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Piramal Finance's revenue in Q2 FY27?
Revenue from operations was ₹3,659 crore, up 27.4% from ₹2,872 crore in Q2 FY26 (consolidated).
Did Piramal Finance make a profit in Q2 FY27?
Yes. Net profit was ₹545.42 crore, against a net profit of ₹326.99 crore in Q2 FY26.
What was Piramal Finance's EPS in Q2 FY27?
Basic earnings per share were ₹23.68, against ₹14.43 in Q2 FY26.
How did Piramal Finance shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.6% from the previous close; the median Non Banking Financial Company (NBFC) stock moved −1.9%.
When did Piramal Finance announce its Q2 FY27 results?
On 19 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For Considering And Approving The Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended 30Th September 2026 (BSE, 12 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On 19Th October 2026 (BSE, 19 October 2026) · PDF
- Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Half Year Ended 30Th September 2026 (BSE, 19 October 2026) · PDF
- The earnings call (19 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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