---
title: "Piramal Enterprises Ltd(Merged) (PEL) — Share Price, Financials & Analysis"
symbol: "PEL"
company: "Piramal Enterprises Ltd(Merged)"
canonical: "https://tapetide.com/stocks/PEL"
isin: "INE140A01024"
nse_symbol: "PEL"
sector: "Financial Services"
industry: "Finance"
generated_at: "2026-09-13T19:14:46.469Z"
---

# Piramal Enterprises Ltd(Merged) (PEL)

Canonical page: https://tapetide.com/stocks/PEL

## Company

- **NSE Symbol:** PEL
- **ISIN:** INE140A01024
- **Sector:** Financial Services
- **Industry:** Finance
- **Macro Sector:** Financial Services
- **Stock Type:** DELISTED
- **Face Value:** ₹2
- **F&O Eligible:** No
- **Website:** piramal.com

## About

Piramal Enterprises Limited (PEL) is one of India’s leading diversified non-banking financial companies (NBFC) with assets worth ~$10 billion, with a network of over 400 branches across 26 states/Union Territories, offering a wide range of financial products and solutions across retail and wholesale lending, fund-based platforms and investments.[1]

## Latest Price

- **Price:** ₹1124.2
- **Change:** 0 (0%)
- **Open:** ₹1129
- **Day High:** ₹1189
- **Day Low:** ₹1108.5
- **Previous Close:** ₹1124.2
- **Volume:** 0
- **As Of:** 2025-09-22T10:27:27+00:00

## Key Insights

### Strengths

- Stock is trading at 0.94 times its book value

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -4.51% over past five years.
- Company has a low return on equity of 3.14% over last 3 years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | — | -33% | 102% |
| revenue growth | 13% | 10% | -5% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 1894 | 2811 | 2132 | 2878 | 2193 | 2476 | 2473 | 2227 | 2288 | 2825 | 2854 | 2643 |
| Expenses | 3783 | 1818 | 1318 | 1158 | 1075 | 1270 | 2851 | 762 | 936 | 1374 | 1537 | 922 |
| Financing Profit | -2890 | 34 | -178 | 677 | 79 | 103 | -1544 | 269 | 47 | 87 | -100 | 229 |
| Financing Margin % | -153 | 1 | -8 | 24 | 4 | 4 | -62 | 12 | 2 | 3 | -4 | 9 |
| Other Income | 687 | 110 | 24 | 42 | 18 | -3396 | 1572 | 30 | 198 | 58 | 269 | 129 |
| Interest | 1000 | 959 | 991 | 1042 | 1039 | 1103 | 1167 | 1196 | 1305 | 1364 | 1417 | 1492 |
| Depreciation | 27 | 30 | 41 | 37 | 38 | 41 | 712 | 51 | 55 | 54 | 53 | 57 |
| Profit before tax | -2230 | 113 | -194 | 682 | 59 | -3335 | -684 | 248 | 190 | 91 | 116 | 301 |
| Tax % | -31 | -3024 | 1 | 25 | 18 | -29 | -120 | 27 | 14 | 57 | 12 | 8 |
| Net Profit | -1536 | 3545 | -196 | 509 | 48 | -2378 | 137 | 181 | 163 | 39 | 102 | 276 |
| EPS in Rs | -64.36 | 148.53 | -8.21 | 21.31 | 2.14 | -105.81 | 6.1 | 8.05 | 7.23 | 1.71 | 4.54 | 12.19 |
| Gross NPA % | 3.7 | 4.01 | 3.76 | 2.79 | 2.74 | 2.41 | 2.37 | 2.67 | 3.08 | 2.83 | 2.84 | 2.83 |
| Net NPA % | 1.3 | 1.69 | 1.93 | 1.47 | 1.48 | 1.11 | 0.83 | 1.08 | 1.46 | 1.46 | 1.85 | 2.01 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 8504 | 10631 | 11883 | 13068 | 12809 | 7726 | 8981 | 10110 | 10375 | 10609 |
| Expenses | 4997 | 5471 | 5264 | 6801 | 5338 | 2137 | 7434 | 6351 | 4608 | 4768 |
| Financing Profit | 1475 | 2182 | 2519 | 947 | 3263 | 1363 | -2447 | -584 | 485 | 263 |
| Financing Margin % | 17 | 21 | 21 | 7 | 25 | 18 | -27 | -6 | 5 | 2 |
| Other Income | 217 | 260 | 198 | 1555 | 754 | 1116 | 8470 | -1865 | 373 | 655 |
| Interest | 2031 | 2978 | 4100 | 5321 | 4209 | 4225 | 3994 | 4344 | 5282 | 5577 |
| Depreciation | 382 | 477 | 401 | 520 | 561 | 74 | 123 | 829 | 214 | 220 |
| Profit before tax | 1310 | 1964 | 2316 | 1982 | 3456 | 2405 | 5900 | -3278 | 645 | 698 |
| Tax % | 17 | -146 | 37 | 99 | 59 | 17 | -69 | -49 | 25 | — |
| Net Profit | 1252 | 5120 | 1464 | 21 | 1413 | 1999 | 9969 | -1684 | 485 | 580 |
| EPS in Rs | 61.39 | 250.81 | 70.26 | 1.07 | 59.08 | 80.57 | 417.62 | -74.92 | 21.53 | 25.67 |
| Dividend Payout % | 29 | 9 | 35 | 1314 | 56 | 41 | 7 | -13 | 51 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 35 | 35 | 36 | 37 | 45 | 45 | 48 | 48 | 45 | 45 |
| Reserves | 12914 | 14848 | 26526 | 27187 | 30526 | 33973 | 35441 | 31011 | 26512 | 27051 |
| Borrowing | 16279 | 30451 | 44161 | 56037 | 42238 | 39557 | 55539 | 49583 | 53611 | 65577 |
| Other Liabilities | 1722 | 2875 | 2048 | 2333 | 2091 | 3321 | 8652 | 3110 | 2437 | 2271 |
| Total Liabilities | 30949 | 48209 | 72771 | 85594 | 74900 | 76896 | 99681 | 83752 | 82605 | 94943 |
| Fixed Assets | 7525 | 9973 | 10726 | 11197 | 6415 | 7860 | 9133 | 3263 | 3389 | 3268 |
| CWIP | 355 | 880 | 647 | 494 | 517 | 636 | 1188 | 6 | 20 | 43 |
| Investments | 16317 | 25181 | 28842 | 25747 | 19443 | 22029 | 24857 | 22332 | 12513 | 12539 |
| Other Assets | 6752 | 12176 | 32556 | 48156 | 48525 | 46371 | 64503 | 58151 | 66683 | 79094 |
| Total Assets | 30949 | 48209 | 72771 | 85594 | 74900 | 76896 | 99681 | 83752 | 82605 | 94943 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -6956 | -10057 | -15967 | -11611 | 7516 | 3665 | 8443 | 1378 | 95 | -8091 |
| Cash from Investing Activity | -594 | -2376 | -1747 | -820 | 7491 | -2766 | -967 | -646 | -1581 | -1854 |
| Cash from Financing Activity | 7544 | 13570 | 18650 | 10752 | -13019 | 2072 | -6774 | -3287 | 1031 | 11664 |
| Net Cash Flow | -7 | 1138 | 936 | -1679 | 1988 | 2970 | 702 | -2555 | -455 | 1718 |
| Free Cash Flow | -7639 | -12155 | -16771 | -12303 | 7050 | 3074 | 7483 | 1181 | -1143 | -8131 |
| CFO/OP | -417 | -274 | -293 | -162 | 133 | 59 | 167 | 89 | 3 | -140 |

### Ratios

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ROE % | 7 | 9 | 25 | 7 | 0 | 4 | 4 | 6 | 1 | 2 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Jun 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 51.43% | 51.38% | 49.7% | 46.06% | 46.06% | 43.49% | 43.48% | 46.2% | 46.41% | 46.16% |
| FIIs | 27.58% | 27.11% | 26.86% | 29.45% | 29.07% | 35.03% | 28.67% | 16.97% | 16.12% | 15.23% |
| DIIs | 3.57% | 3.84% | 6.27% | 9.66% | 10.54% | 8.44% | 9.59% | 13.19% | 14.33% | 15.19% |
| Public | 16.32% | 16.79% | 16.36% | 14.07% | 13.6% | 12.65% | 17.75% | 23.14% | 22.78% | 22.75% |
| Others | 1.11% | 0.88% | 0.81% | 0.76% | 0.73% | 0.39% | 0.49% | 0.49% | 0.35% | 0.64% |
| No. of Shareholders | 93133 | 103897 | 115466 | 134091 | 131713 | 168251 | 268946 | 315945 | 259283 | 247946 |

### Quarterly

| Category | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 43.48% | 43.48% | 43.48% | 43.48% | 46.2% | 46.2% | 46.2% | 46.03% | 46.3% | 46.3% | 46.41% | 46.16% |
| FIIs | 32.05% | 31.25% | 28.67% | 26.04% | 19.69% | 17.19% | 16.97% | 16.19% | 14.93% | 16.44% | 16.12% | 15.23% |
| DIIs | 7.85% | 8.05% | 9.59% | 11.92% | 12.06% | 13.02% | 13.19% | 13.35% | 14.94% | 13.82% | 14.33% | 15.19% |
| Public | 16.1% | 16.71% | 17.75% | 18.06% | 21.56% | 23.09% | 23.14% | 23.94% | 23.42% | 23.08% | 22.78% | 22.75% |
| Others | 0.5% | 0.49% | 0.49% | 0.49% | 0.5% | 0.5% | 0.49% | 0.5% | 0.41% | 0.37% | 0.35% | 0.64% |
| No. of Shareholders | 259635 | 265213 | 268946 | 282932 | 295109 | 314913 | 315945 | 310857 | 278243 | 263898 | 259283 | 247946 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 5 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 140.71 | Sell |
| EMA (10) | 138.54 | Sell |
| SMA (20) | 142.85 | Sell |
| EMA (20) | 142.13 | Sell |
| SMA (50) | 149.9 | Sell |
| EMA (50) | 170.73 | Sell |
| SMA (100) | 213.64 | Sell |
| EMA (100) | 300.73 | Sell |
| SMA (200) | 685.54 | Sell |
| EMA (200) | 527.83 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 36.94 | Neutral |
| MACD (12,26,9) | -4.84 | Sell |
| Stochastic (14,3,3) | 17.05 | Buy |
| ADX (14) | 25.63 | Buy |
| Williams %R (14) | -69.12 | Neutral |
| ATR (14) | 5.82 | High Volatility |
| ROC (12) | -6.66 | Sell |
| Stoch RSI (14) | 42.44 | Neutral |
| UO (7,14,28) | 41.23 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 20 Sep 2025 - PEL merging into PFL; 1:1 equity allotment on 23 Sep 2025; PEL securities stop trading. | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement 20 Sep 2025 - PEL merging into PFL; 1:1 equity allotment on 23 Sep 2025; PEL securities stop trading.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/49b330cc-66a7-4af0-90b0-1e97882e04ee.pdf) |
| 19 Sep 2025 - CFO Upma Goel resigns; last working day 30 Sep 2025; merger with Piramal Finance Ltd noted. | [Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO) 19 Sep 2025 - CFO Upma Goel resigns; last working day 30 Sep 2025; merger with Piramal Finance Ltd noted.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/42358156-4cee-4813-a2ba-30e598edaf2a.pdf) |
| 17 Sep 2025 - Piramal Enterprises given 73.1 ESG score (Medium) by SES ESG Research on September 16, 2025. | [ESG Rating By SES ESG Research Pvt. Ltd. 17 Sep 2025 - Piramal Enterprises given 73.1 ESG score (Medium) by SES ESG Research on September 16, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/424b08d9-6a18-4a72-ace4-38ceee056ed9.pdf) |
| 16 Sep 2025 - Scheme of Merger effective 16 Sep 2025: Piramal Enterprises merged into Piramal Finance and dissolved. | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement 16 Sep 2025 - Scheme of Merger effective 16 Sep 2025: Piramal Enterprises merged into Piramal Finance and dissolved.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e7ff539c-c7de-4292-b1ca-7909e7c2eb05.pdf) |
| 15 Sep 2025 - With respect to Investor Presentation to be made at Jefferies NBFC Tour | [Announcement under Regulation 30 (LODR)-Investor Presentation 15 Sep 2025 - With respect to Investor Presentation to be made at Jefferies NBFC Tour](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b23ba43c-cc1a-4c1f-b3a4-cc6c542fcd5b.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Sep 2025 | [Concall - Sep 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5636bec0-24a4-4be5-a447-b948535e3e6e.pdf) |
| Sep 2025 | [Concall - Sep 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b23ba43c-cc1a-4c1f-b3a4-cc6c542fcd5b.pdf) |
| Sep 2025 | [Concall - Sep 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0f119444-660e-4b37-8417-d0502d698390.pdf) |
| Sep 2025 | [Concall - Sep 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5636bec0-24a4-4be5-a447-b948535e3e6e.pdf) |
| Sep 2025 | [Concall - Sep 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0f119444-660e-4b37-8417-d0502d698390.pdf) |
| Sep 2024 | [Concall - Sep 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=792cc9b8-a75a-4cf7-9d5c-56687c297f16.pdf) |
| Sep 2024 | [Concall - Sep 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/792cc9b8-a75a-4cf7-9d5c-56687c297f16.pdf) |
| Oct 2024 | [Concall - Oct 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d107b1c3-6b9c-427e-b643-f9c5b37c4a21.pdf) |
| Oct 2024 | [Concall - Oct 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d107b1c3-6b9c-427e-b643-f9c5b37c4a21.pdf) |
| Oct 2021 | [Concall - Oct 2021](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2b9dda0f-22aa-41fc-b4bc-faa669d46978.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2012 from nse](https://archives.nseindia.com/annual_reports/AR_PIRHEALTH_2011_2012_25062012115125.zip) |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f7f400d3-614e-452b-be54-ccccaa4a0361.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/09a02074-503b-4ad9-9bde-cd1a6bd2ec92.pdf) |
| from bse | [Annual Report 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b8b833a9-8619-4c30-9456-22b7803d5f56.pdf) |
| from bse | [Annual Report 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/500302/73518500302.pdf) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/500302/68619500302.pdf) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/500302/5003020320.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/500302/5003020319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/500302/5003020318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/500302/5003020317.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:14:46.469Z.