PIRAMALFIN
Small CapPiramal Finance Limited
Financial Services
Piramal Finance is a diversified NBFC with a prominent presence across retail and wholesale lending, alternatives, and insurance. It has successfully transitioned to a retail-led business, growing with a 'High Tech + High Touch' approach, and is well-capitalized with a liquid balance sheet primed for future growth.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +20% YoY · PAT +392% YoY · +17% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,424 Cr | +20.0% | +17.3% |
| EBITDA | ₹1,446 Cr | +9.8% | -25.3% |
| Operating margin | 42.0% | -400 bps | -2400 bps |
| PAT | ₹502 Cr | +392.2% | +25.2% |
| PAT margin | 14.7% | +1109 bps | +92 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Piramal Finance crosses ₹1 lakh Cr AUM in FY26, up 25% YoY, driven by 33% YoY growth in Growth AUM. Consol. PAT surged 210% YoY to ₹1,506 Cr, with Growth business RoAUM at 2.1% in Q4 FY26, meeting all FY26 targets and showing stable asset quality.
The company delivered strong FY26 results, meeting all targets, with significant AUM growth, improved profitability, and stable asset quality. The retail-led strategy, supported by AI integration, appears to be yielding positive operational leverage and risk control, reinforcing the growth trajectory.
AUM Mix by Product (Q4 FY26)
Latest issuer-disclosed distribution across 11 reported categories.
Retail AUM Scale-up
Retail AUM grew 33% YoY to ₹85,885 Cr, making Piramal Finance the fastest among Retail NBFCs to grow AUM from ₹20k Cr to ₹85k Cr in 4 years.
Wholesale 2.0 Expansion
Wholesale 2.0 AUM grew 38% YoY to ₹12,538 Cr, tapping opportunities in underpenetrated real estate and corporate mid-market lending.
AI-Native Company Blueprint
Use of Gen-AI has grown more than 3x in FY26, impacting underwriting, driving growth, improving CX, enhancing productivity, and building more solutions.
Expanding Branch Network
Total branch network reached 701 across 26 states (up from 301 in Mar-22), with new Gold and Rural branches contributing to reach and product penetration.
Branch Network Expansion
Total branch network reached 701 as of Mar-26, including 543 urban, 136 rural, and 22 gold branches.
Gold Loans Business Launch
Launched Phase 1 of Gold loans business with 22 branches in 2 states (Maharashtra & Telangana), with plans to open ~180 more branches in FY27.
Credit Rating Upgrades
Q4 FY26 witnessed several pivotal credit rating upgrades, with Crisil, ICRA & Care assigning AA+/Stable and S&P upgrading international rating to BB.
Favorable Real Estate Market
Management notes the beginning of a growth cycle in real estate, developer consolidation, and a market gap in the HFC/NBFC space.
AI-Driven Operational Efficiency
AI tools like Operations.ai and ARYA have reduced query resolution time, automated processes, and kept operations team staffing flat despite AUM doubling.
Legacy AUM Management
Legacy (discontinued) AUM, though reduced by 59% YoY, still stands at ₹2,807 Cr, representing 3% of total AUM.
Retail Employee Attrition
The 12-month trailing attrition rate for overall retail frontline employees was 51% as of Mar-26, despite a 22 pps reduction from peak.
Credit Quality of New Originations
While vintage risk is improving, the company's 'Off-Us analysis' shows that 16% of rejected applicants get loans elsewhere, with 2.8x higher risk.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall business expansion and annual performance against targets. QoQ comparison is important for tracking sequential momentum in AUM, disbursements, NIM, and asset quality trends, especially in a dynamic lending environment.
Total AUM Growth
Total AUM crossed ₹1,01,230 Cr, up 25% YoY and 5% QoQ.
Growth AUM Growth
Growth AUM (Retail + Wholesale 2.0) was up 33% YoY, comprising 97% of total AUM.
Retail Disbursements Growth
Retail disbursements were up 34% YoY in Q4 FY26 and 31% YoY for FY26.
Wholesale 2.0 Disbursements Growth
Wholesale 2.0 disbursements were up 63% YoY for FY26.
AUM Target for Mar-28
Management is on track for ₹1.5 lakh Cr AUM by Mar-28, with ~25% YoY growth projected for FY27.
Long-Range Profitability Goals
On track to achieve RoAUM >3% and AUM-to-equity of 4.5-5.0x by Mar-28.
FY27 Profit Growth Outlook
Management targets ~50% YoY growth in Consolidated PAT for FY27, with an exit quarter RoAUM of ~2.5%.
Building an AI-Native Company
Management aims to build a future-proof, AI-native company, with Gen-AI use growing over 3x in FY26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Retail Opex-to-AUM | 3.6% (Q4 FY26) | Continued decline towards the FY27-28 long-range goal of 3.0%. |
| Retail 90+ DPD | 0.6% (Q4 FY26) | Stability or further improvement in asset quality across all retail product segments. |
| Gold Loan Branch Rollout | 22 branches (Phase 1 launched) | Commissioning of ~180 more branches in FY27 and the ramp-up of the gold loan portfolio. |
| Wholesale 2.0 Repayments as % of Disbursements | 63% (FY26) | Sustained strong repayment rates, indicating continued health of the wholesale book and borrower cashflows. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +11.5% / mo · near 52W high
Technical chart
PIRAMALFINweekly · 1Y+50.7%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 64.
- SMA20 rising (~10.3% over last month) — short-term momentum positive.
- RSI(14) at 64 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 4% off 52W high · 58% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 12/25 to the score.
- Cash flow contributes 3/10 to the score.
- Valuation contributes 5/30 to the score.
Main drags
- Altman Z is 1.1, in distress territory.
- Penalty bucket subtracts 1 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 4th percentile of the scored universe and 7th percentile within Financial Services. Main check: balance sheet trust is weak at 8/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-15892 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 7th pctile, median 62 · Small: 5th pctile, median 65
125 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 7%.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-15892 Cr.
- ▸Debt/equity is 2.84.
- ▸Altman Z is 1.09.
- ▸Interest coverage is 1.1x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 173.00
- P/B
- 1.61
- EV/EBITDA
- 15.74
- Market Cap
- 45184.00Cr
Profitability
- ROE
- 0.94%
- ROCE
- 6.49%
- ROA
- 1.36%
- Dividend Y
- 0.55%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- -55.00%
Balance Sheet
- Debt/Equity
- 2.84
- Interest Coverage
- 1.11×
- Altman Z
- 1.09
- Book Value
- 1242.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -15892.00 Cr
- EPS TTM
- 66.44
Shareholding
- Promoter Hold
- 46.16%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.