Piramal Finance Ltd.

•

piramalfinance.comBSE: 544597NSE: PIRAMALFIN

Market Cap₹ 54,103 Cr.

Current Price

High / Low₹ 2,326 / 1,260

Stock P/E32.1

Book Value₹ 1,289

Price to Book1.48

Dividend Yield0.48 %

ROCE7.7 %

ROE5.5 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2018 • Loans: 99.3% • Asset Management: 0.6% • Others: 0.1%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Promoters have been increasing their shareholding - up 6.9pp over 2 years
Comfortable capital adequacy - CAR of 19.8%
Solid return on assets for a lender - ROA of 1.5%
Operating margins have improved to 44.1% from 15.7%
Institutional investors have been accumulating - FII+DII up 30.4pp

CONS

Net NPA is elevated at 1.6% - provisioning cushion is thin
A large part of profit comes from other income (145.5% of PBT)
Company has a low return on equity of -1.8% over last 3 years
Company has a low return on capital employed of 5.2%
Free cash flow has been persistently negative
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Housing

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJAJHFL	84.34	674.68	70274.91	0.00	715.28	22.63	3063.02	17.79	8.83	92.39
2.	PIRAMALFIN	2286.40	32.07	54103.15	0.48	460.98	—	3368.27	33.52	7.74	64.47
3.	HUDCO	174.05	8.19	34843.07	3.48	851.11	35.05	3717.17	27.10	8.41	97.08
4.	PNBHOUSING	1182.05	13.32	30828.33	0.68	557.34	4.47	2263.44	9.02	9.41	91.52
5.	LICHSGFIN	537.05	5.15	29541.13	1.86	1499.03	9.90	7082.59	-1.16	8.59	97.06
6.	AADHARHFC	462.05	17.75	20247.34	0.00	282.36	19.00	992.89	17.06	11.31	75.02
7.	SAMMAANCAP	149.75	0.00	17439.24	0.00	243.30	-27.22	1651.93	-31.18	-4.70	99.91
8.	HOMEFIRST	1209.90	21.76	12650.65	0.43	1598.51	1244.52	5380.11	1086.05	11.13	77.98
9.	APTUS	252.40	12.84	12640.96	1.78	260.94	19.01	600.29	15.38	15.45	81.94
10.	CANFINHOME	781.85	9.22	10410.69	1.92	267.82	19.63	1096.15	7.43	9.14	91.29
11.	AAVAS	1288.30	20.82	10215.49	0.00	142.48	12.34	546.02	21.42	9.97	74.58
12.	INDIASHLTR	674.20	14.63	7360.06	1.48	137.59	27.24	408.23	24.73	12.96	73.07

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Jun 2021	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	20,345	20,007	2,215	2,308	2,444	2,523	2,715	2,867	3,042	3,368
	18,266	15,538	936	1,374	1,537	919	922	983	1,978	3,085
Operating Profit	2,795	5,138	1,429	1,451	1,317	1,721	1,787	1,935	4,099	2,172
OPM %	13.74%	25.68%	64.54%	62.84%	53.87%	68.21%	65.82%	67.49%	134.77%	64.47%
Other Income	260	7	87	54	179	51	29	57	42	61
Interest	512	480	1,305	1,364	1,417	1,492	1,567	1,646	1,674	1,734
Depreciation	204	188	55	54	53	57	144	57	645	56
	2,339	4,476	156	86	26	223	186	289	496	443
Tax %	58.64%	29.75%	17.46%	60.50%	52.79%	11.07%	-41.65%	-25.30%	0.60%	-4.06%
Net Profit	968	3,144	0	0	0	0	327	401	502	461
	3	10	7	2	5	12	14	18	22	2

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	9,610	10,849	12,882	9,558	8,771	6,039	6,606	6,703	10,270	11,852	11,992
	1,565	1,574	4,938	22,656	28,621	1,929	8,013	6,392	6,666	6,622	6,968
Operating Profit	8,045	9,276	7,944	-13,098	-19,850	4,109	-1,406	311	3,603	5,230	5,024
OPM %	83.71%	85.49%	61.66%	-137.04%	-226.32%	68.05%	-21.29%	4.64%	35.09%	44.13%	41.89%
	1,949	202	420	851	32	6	-7,812	3	2,436	3,257	1,435
Interest	6,674	7,744	9,417	5,736	218	3,349	3,499	3,705	5,317	6,390	6,621
Depreciation	43	28	51	79	81	52	97	152	214	903	902
Profit before Tax	3,276	1,706	-1,104	-18,063	-20,117	728	-12,794	-3,616	645	1,383	1,414
Tax %	14.65%	27.03%	10.88%	25.66%	25.18%	25.84%	42.15%	45.37%	24.72%	-8.90%	-11.72%
Net Profit	2,796	1,245	-984	-13,427	-15,051	540	-7,401	-1,975	485	1,506	1,580
EPS	92.47	40.11	-30.78	-428.77	-479.61	0.25	-3.46	-0.85	0.00	66.53	—
Dividend Payout %	4.46%	13.66%	-8.12%	0.00%	0.00%	0.00%	0.00%	0.00%	—	16.53%	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: 6%
3 Years:: 22%

COMPOUNDED PROFIT GROWTH

10 Years:: 7%
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: -108%
5 Years:: 5%
3 Years:: -2%
Last Year:: 5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	313	314	314	314	314	21,365	21,365	23,365	0	45
Minority Interest	0	0	0	0	0	0	0	0	0	43
	7,410	8,654	7,580	-5,885	-20,987	823	-6,584	-8,470	26,936	28,004
	78,473	92,299	97,249	90,412	89,851	51,877	44,838	49,332	65,940	80,310
Trade Payables	23	104	102	121	76	520	293	356	415	427
	6,072	4,878	923	-4,176	-9,097	5,055	923	515	852	-486
Total Liabilities	92,290	1,06,249	1,06,168	80,786	60,158	79,640	60,835	65,098	94,144	1,08,342
	211	850	865	920	877	10,820	641	808	737	520
Capital Work in Progress	546	0	0	0	0	0	0	0	0	0
	13,509	8,120	2,498	3,881	8,449	13,851	12,966	8,307	12,539	9,814
	0	0	0	0	0	0	0	2	6	13
Cash & Bank	3,430	2,843	3,032	7,720	10,324	5,160	1,952	1,985	5,096	4,168
	74,594	94,436	99,773	68,266	40,508	49,809	45,276	53,996	75,766	93,827
Total Assets	92,290	1,06,249	1,06,168	80,786	60,158	79,640	60,835	65,098	94,144	1,08,342

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,174	3,789	216	4,474	8,150	9,078	6,320	-6,431	-8,119	-15,892
Cash from Investing	-10,930	6,091	6,135	644	-4,526	-325	72	70	-1,788	2,631
Cash from Financing	26,289	11,173	1,937	-7,631	0	-8,366	-9,487	6,389	11,625	12,393
	-234	-872	-663	5,589	2,609	-30	-2,692	29	1,718	-869

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Nov 2025	Dec 2025	Mar 2026	Jun 2026
	39.21	39.21	39.21	39.21	39.21	46.16	46.16	46.16	46.16
	2.89	2.47	2.47	1.92	0.25	15.10	15.57	14.63	15.45
	3.45	3.45	3.45	3.45	3.45	14.46	16.26	18.80	18.63
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	54.45	54.87	54.87	55.42	57.09	24.27	22.01	20.40	19.76

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Corrigendum

2026-09-11 - Piramal Finance Limited has informed the Exchange regarding Corrigendum to the Notice of Extra Ordinary General Meeting scheduled to be held on September 19, 2026

2026-09-11

Press Release

2026-09-11 - Press Release titled - Moody's Ratings upgrades Piramal Finance s rating to Ba2 from Ba3 ; Outlook - Stable

2026-09-11

Credit Rating

2026-09-11 - Piramal Finance Limited has informed the Exchange about Credit Rating

2026-09-11

Investor Presentation

2026-09-11 - Piramal Finance Limited has informed the Exchange about Investor Presentation

2026-09-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-11 - Intimation of Schedule of Analyst/Investor Meeting under SEBI Listing Regulations - Citi India Financials Investor Forum (Virtual)

2026-09-08

Issue of Securities

2026-09-08 - Outcome of meeting of Committee of Directors (Administration, Authorisation & Finance) for issuance of NCDs on private placement basis

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Intimation of Schedule of Analyst/Investor Meeting under SEBI Listing Regulations - Branch Visit

2026-09-04

Updates

2026-09-04 - Piramal Finance Limited has informed the Exchange regarding 'Outcome of meeting of Committee of Directors (Administration, Authorization and Finance) held today i.e. Friday, 4th September 2026'.

2026-09-01

Updates

2026-09-01 - Piramal Finance Limited (Formerly known as Piramal Capital & Housing Finance Limited) has informed the Exchange regarding intimation of meeting of Committee of Directors (Administration, Authorization and Finance) to be held on Friday, 4th September 2026 inter alia, to consider and approve a proposal for partial redemption at the option of the debenture holders of secured, rated, listed, redeemable non-convertible debentures issued by the Company in accordance with the terms of the private placement memorandum

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