Piramal Finance Ltd.

•

piramalfinance.comBSE: 544597NSE: PIRAMALFIN

Market Cap₹ 53,391 Cr.

Current Price

High / Low₹ 2,326 / 1,260

Stock P/E31.6

Book Value₹ 1,289

Price to Book1.48

Dividend Yield0.49 %

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	84.16	673.24	70124.93	0.00	715.28	22.63	3063.02	17.79	8.83	92.39
2.	PIRAMALFIN	2256.30	31.65	53390.90	0.49	460.98	—	3368.27	33.52	7.74	64.47
3.	HUDCO	172.70	8.12	34572.81	3.50	851.11	35.05	3717.17	27.10	8.41	97.08
4.	LICHSGFIN	562.55	5.39	30943.79	1.78	1499.03	9.90	7082.59	-1.16	8.59	97.06
5.	PNBHOUSING	1175.00	13.24	30644.46	0.68	557.34	4.47	2263.44	9.02	9.41	91.52
6.	AADHARHFC	456.35	17.53	19997.56	0.00	282.36	19.00	992.89	17.06	11.31	75.02
7.	SAMMAANCAP	147.45	0.00	17171.39	0.00	243.30	-27.22	1651.93	-31.18	-4.70	99.91
8.	APTUS	249.30	12.68	12485.70	1.81	260.94	19.01	600.29	15.38	15.45	81.94
9.	HOMEFIRST	1184.65	21.31	12386.64	0.44	1598.51	1244.52	5380.11	1086.05	11.13	77.98
10.	CANFINHOME	781.05	9.21	10400.04	1.92	267.82	19.63	1096.15	7.43	9.14	91.29
11.	AAVAS	1275.10	20.61	10110.82	0.00	142.48	12.34	546.02	21.42	9.97	74.58
12.	INDIASHLTR	652.05	14.15	7118.25	1.53	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

2026-09-12

Copy of Newspaper Publication

2026-09-12 - Piramal Finance Limited has informed the Exchange about Copy of Newspaper Publication

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'.

News

Recent coverage and analyst commentary for PIRAMALFIN

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Piramal Finance Ltd.

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Name

BAJAJHFL

84.16

673.24

70124.93

0.00

715.28

22.63

3063.02

17.79

8.83

92.39

PIRAMALFIN

2256.30

31.65

53390.90

0.49

460.98

—

3368.27

33.52

7.74

64.47

HUDCO

172.70

8.12

34572.81

3.50

851.11

35.05

3717.17

27.10

8.41

97.08

LICHSGFIN

562.55

5.39

30943.79

1.78

1499.03

9.90

7082.59

-1.16

8.59

97.06

PNBHOUSING

1175.00

13.24

30644.46

0.68

557.34

4.47

2263.44

9.02

9.41

91.52

AADHARHFC

456.35

17.53

19997.56

0.00

282.36

19.00

992.89

17.06

11.31

75.02

SAMMAANCAP

147.45

0.00

17171.39

0.00

243.30

-27.22

1651.93

-31.18

-4.70

99.91

APTUS

249.30

12.68

12485.70

1.81

260.94

19.01

600.29

15.38

15.45

81.94

HOMEFIRST

1184.65

21.31

12386.64

0.44

1598.51

1244.52

5380.11

1086.05

11.13

77.98

CANFINHOME

781.05

9.21

10400.04

1.92

267.82

19.63

1096.15

7.43

9.14

91.29

AAVAS

1275.10

20.61

10110.82

0.00

142.48

12.34

546.02

21.42

9.97

74.58

INDIASHLTR

652.05

14.15

7118.25

1.53

137.59

27.24

408.23

24.73

12.96

73.07

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

179

Interest

512

480

1,305

1,364

1,417

1,492

1,567

1,646

1,674

1,734

Depreciation

204

188

144

645

2,339

4,476

156

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

327

401

502

461

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

-7,812

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

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%

—

16.53%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

313

314

21,365

23,365

Minority Interest

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

104

102

121

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

13,509

8,120

2,498

3,881

8,449

13,851

12,966

8,307

12,539

9,814

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

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

-1,788

2,631

Cash from Financing

26,289

11,173

1,937

-7,631

-8,366

-9,487

6,389

11,625

12,393

-234

-872

-663

5,589

2,609

-30

-2,692

1,718

-869

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2020

Sep 2020

Dec 2020

Mar 2021

Jun 2021

Nov 2025

Dec 2025

Mar 2026

Jun 2026

39.21

46.16

2.89

2.47

1.92

0.25

15.10

15.57

14.63

15.45

3.45

14.46

16.26

18.80

18.63

Government

0.00

54.45

54.87

55.42

57.09

24.27

22.01

20.40

19.76

Piramal Finance Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Piramal Finance Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI