Piramal Finance
Piramal Finance
Financial ServicesKey Fundamentals
MidcapFinanceFinancial ServicesPrice-based figures as of 09 Oct 2026, 15:31 IST · EPS basis: Consolidated · TTM
Tapetide Score
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Key Insights
Weaknesses
6- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -1.94%
- Tax rate seems low
- Company has a low return on equity of 0.55% over last 3 years.
- Dividend payout has been low at 5.51% of profits over last 3 years
- Working capital days have increased from -7.71 days to 83.6 days
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 62% · Jun 2026
AI Analysis — Bull vs Bear
As of the 2026-10-09 close, Piramal Finance Ltd traded at ₹1,971.2, giving it a market capitalisation of ₹46,644.57 crore, a trailing P/E of 26.43x and a price-to-book of 1.54x. Revenue is growing at 18% TTM and 21% CAGR over 3 years. Profitability is weak, though: ROE is 5.34%, ROCE is 7.24%, and profit has fallen 23% TTM and at a 56% CAGR over 3 years. The stock sits about 15% below its 52-week high of ₹2,326.4 and about 56% above its 52-week low of ₹1,260.
- Top-line growth is strong. Sales grew 18% TTM and at a 21% CAGR over 3 years, well above the 6% 5-year and 4% 10-year CAGRs, which suggests the business is expanding faster than before.
- Current ROE of 5.34% is well above the roughly 0.55% to 1% 3-year average, so return ratios have recovered from their low point.
- A price-to-book of 1.54x is relatively modest for a growing lender. If ROE keeps normalising upward, the gap between valuation and returns could narrow.
- A debt-to-equity ratio of 2.84x is moderate for a lending business, where leverage is structural. It leaves balance-sheet room to grow the loan book.
- Profit has grown at a 15% CAGR over 5 years, so the longer-term earnings trend is positive despite recent weakness.
- The stock has compounded at 21% a year over 10 years, a record of long-term shareholder value creation.
- Trailing EPS is ₹74.59, and the price is about 15% below the 52-week high of ₹2,326.4, so part of the earlier peak valuation has already come out of the stock.
- A P/E of 26.43x is demanding next to an ROE of 5.34% and a ROCE of 7.24%. It implies an earnings yield of about 3.8%, so the valuation already assumes a meaningful improvement in profitability.
- Earnings have deteriorated sharply in the recent past. Profit fell 23% TTM and at a 56% CAGR over 3 years, the opposite direction to the 18% to 21% sales growth.
- Return on equity has averaged only about 0.55% over the last 3 years and 1% last year, far below what lenders typically need to cover their cost of equity.
- Interest coverage is low and ROCE is 7.24%. With debt-to-equity at 2.84x, profits are sensitive to rising borrowing costs or higher credit losses.
- Promoter holding fell 1.94% in the last quarter, which may signal reduced promoter commitment or stake monetisation.
- Shareholder payouts are thin. The 3-year dividend payout ratio is 5.51% and the dividend yield is 0.56%.
- The tax rate looks low, so reported EPS of ₹74.59 may not be sustainable if the effective tax rate normalises.
- The stock is volatile. The 52-week range runs from ₹1,260 to ₹2,326.4, an 85% spread, and working capital days rose from -7.71 to 83.6.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- IRDAI commission rule risk Sep 24
Management estimates possible IRDAI commission changes could reduce FY28e RoA by 18-24 bps if the new rules are implemented. This puts pressure on the insurance distribution fee income that supports returns.
- Equity dilution from capital raise Oct 5
The ₹3,850 crore equity program combines a ₹2,100 crore QIP with 82.94 lakh promoter warrants worth ₹1,750 crore. This increases the share count, and RoE could dilute until the new capital is deployed.
- Stock slips 3% intraday Sep 21
Shares traded over 3% lower at ₹2,230.70 on NSE at 1:42 p.m. on the NCD allotment day. Some profit-taking is likely after a 35.73% year-to-date gain.
- Q1FY27 PAT jumps 67% YoY Sep 23
Consolidated net profit rose 67% YoY to ₹461 crore from ₹276 crore, with total income up 37% to ₹1,693 crore and NII up 43% to ₹1,442 crore. Cost-to-income improved to 52.5% and asset quality stayed stable.
- AUM crosses ₹1 lakh crore Sep 21
AUM grew 25% YoY to ₹1,06,940 crore, led by 32% growth in retail/non-legacy assets. Wholesale lending AUM grew 27% YoY.
- Promoter commits ₹1,750 cr via warrants Oct 5
82.94 lakh warrants were allotted to promoter entity Nithyam Realty for ₹1,750.03 crore, with ₹437.50 crore (25%) received upfront. Shareholders approved the issue at the Sep 19 EGM, which signals promoter confidence.
- FY27 ~50% profit growth reaffirmed Sep 24
Management reaffirmed guidance of about 50% YoY net profit growth in FY27 despite the regulatory uncertainty around IRDAI commissions.
- Oversubscribed ₹2,100 cr QIP Sep 21
The heavily oversubscribed ₹2,100 crore QIP was part of the ₹3,850 crore equity capitalization completed on Aug 31, 2026. It strengthens the capital base for growth in affordable housing and MSME lending.
- ₹2,000 cr NCD at 8.62% Sep 28
The company approved a private placement of secured NCDs with a ₹500 crore base issue and a ₹1,500 crore green shoe, at an 8.62% annual coupon. The tenor is 3 years 45 days, maturing Nov 22, 2029, with allotment on Oct 8.
- ₹1,100 cr NCDs allotted Sep 21
1,10,000 secured, rated NCDs of ₹1 lakh face value each were allotted on private placement for ₹1,100 crore. They will list on the NSE and BSE wholesale debt markets.
- Japan debt investor roadshow Oct 8
The company will hold a debt investors roadshow in Japan on Oct 14, 2026, to meet institutional debt investors and broaden its funding sources.
- CIO Viral Gandhi exits role Sep 30
Viral Gandhi stepped down as Senior Management Personnel effective Sep 30, 2026, and is moving to a new role within the Piramal Group.
- EGM notice corrigendum issued Sep 11
A corrigendum to the Sep 19, 2026 EGM notice removed overnight and liquid funds from the permitted investment options for preferential issue proceeds.
- Series of analyst/investor meets Sep 21
Analyst and investor meetings were scheduled around Sep 21-28, including the Anand Rathi flagship conference in Mumbai on Sep 22, as part of regular investor relations.
TL;DR: Piramal Finance is executing well, with Q1FY27 PAT up 67% YoY to ₹461 crore, AUM above ₹1 lakh crore, a 52.5% cost-to-income ratio and stable asset quality. Its funding position is strong after a ₹3,850 crore equity raise, ₹1,100 crore of allotted NCDs, a ₹2,000 crore NCD program at 8.62% and expanding outreach to overseas debt investors. The main risks are possible IRDAI commission changes, estimated to cut FY28e RoA by 18-24 bps, near-term equity dilution, and some profit-taking after a 35.73% YTD rally. The trend is improving, and the next test is whether the company deploys the new capital quickly enough to meet its ~50% FY27 profit growth guidance without lowering returns.
Quarterly Results
| Particulars | Jun 2022 | Dec 2022 | Mar 2023 | Dec 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,672 | 1,751 | 1,640 | 1,689 | 1,717 | 2,365 | 2,825 | 2,854 | 2,639 | 2,872 | 2,918 | 3,424 | 3,368 |
| Expenses | 366 | 1,570 | 966 | 729 | 2,780 | 936 | 1,374 | 1,537 | 919 | 922 | 983 | 1,978 | 1,296 |
| Operating Profit | 1,306 | 181 | 674 | 960 | -1,063 | 1,429 | 1,451 | 1,317 | 1,721 | 1,949 | 1,935 | 1,446 | 2,073 |
| OPM % | 78% | 10% | 41% | 57% | -62% | 60% | 51% | 46% | 65% | 68% | 66% | 42% | 62% |
| Other Income | 95 | 7 | -10,250 | -1,855 | 249 | 121 | 58 | 269 | 129 | 11 | 96 | 1,377 | 160 |
| Interest | 890 | 834 | 848 | 928 | 999 | 1,305 | 1,364 | 1,417 | 1,492 | 1,567 | 1,646 | 1,674 | 1,734 |
| Depreciation | 18 | 22 | 37 | 38 | 45 | 55 | 54 | 53 | 57 | 144 | 57 | 645 | 56 |
| PBT | 492 | -668 | -10,461 | -1,862 | -1,858 | 190 | 91 | 116 | 301 | 249 | 328 | 505 | 443 |
| Tax % | 25% | -523% | -14% | -31% | -60% | 14% | 57% | 12% | 8% | -31% | -22% | 1% | -4% |
| Net Profit | 370 | 2,824 | -8,982 | -1,282 | -752 | 163 | 39 | 102 | 276 | 327 | 401 | 502 | 461 |
| EPS (₹) | 0.17 | 1.32 | -4.2 | -0.6 | -0.32 | 0.07 | 0.02 | 0.04 | 0.11 | 14.42 | 17.69 | 22.14 | 20.34 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,420 | 7,835 | 11,465 | 10,849 | 12,882 | 9,558 | 8,771 | 6,039 | 6,644 | 6,729 | 10,375 | 11,903 | 12,582 |
| Expenses | 968 | 1,196 | 1,477 | 1,413 | 4,496 | 21,824 | 28,621 | 1,859 | 5,660 | 4,915 | 4,608 | 4,801 | 5,178 |
| Operating Profit | 5,451 | 6,639 | 9,989 | 9,436 | 8,386 | -12,266 | -19,850 | 4,180 | 984 | 1,814 | 5,767 | 7,102 | 7,403 |
| OPM % | 85% | 85% | 87% | 87% | 65% | -128% | -226% | 69% | 15% | 27% | 56% | 60% | 59% |
| Other Income | 2 | 4 | 6 | 41 | -22 | 19 | 32 | -62 | -10,210 | -1,618 | 373 | 1,563 | 1,644 |
| Interest | 4,460 | 5,492 | 6,674 | 7,744 | 9,417 | 5,736 | 218 | 3,337 | 3,470 | 3,659 | 5,282 | 6,379 | 6,621 |
| Depreciation | 27 | 30 | 43 | 28 | 51 | 79 | 81 | 52 | 97 | 152 | 214 | 903 | 902 |
| PBT | 966 | 1,121 | 3,276 | 1,706 | -1,104 | -18,063 | -20,117 | 728 | -12,794 | -3,616 | 645 | 1,383 | 1,525 |
| Tax % | 34% | 34% | 15% | 27% | -11% | -26% | -25% | 26% | -42% | -45% | 25% | -9% | — |
| Net Profit | 642 | 749 | 2,806 | 1,263 | -966 | -13,456 | -15,051 | 540 | -7,401 | -1,975 | 485 | 1,506 | 1,691 |
| EPS (₹) | 22.05 | 25.68 | 89.62 | 40.28 | -30.78 | -429 | -480 | 0.25 | -3.46 | -0.85 | 0.19 | 66.36 | 74.59 |
| Div. Payout % | 14% | 31% | 4% | 14% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 17% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 146 | 292 | 313 | 314 | 314 | 314 | 314 | 21,365 | 21,365 | 23,365 | 45 | 45 |
| Reserves | 4,836 | 5,098 | 7,417 | 8,684 | 7,624 | -5,860 | -20,959 | 823 | -6,584 | -8,470 | 27,051 | 28,103 |
| Borrowings | 48,881 | 61,050 | 81,511 | 91,979 | 96,812 | 90,412 | 89,851 | 46,416 | 41,233 | 45,680 | 65,577 | 79,989 |
| Other Liabilities | 1,567 | 2,805 | 3,048 | 5,367 | 1,853 | 964 | 1,153 | 11,036 | 6,253 | 5,283 | 2,271 | 2,409 |
| Total Liabilities | 55,429 | 69,245 | 92,290 | 1,06,344 | 1,06,602 | 85,830 | 70,359 | 79,640 | 62,266 | 65,858 | 94,943 | 1,10,546 |
| Fixed Assets | 191 | 508 | 211 | 850 | 865 | 920 | 940 | 10,820 | 1,616 | 1,768 | 3,268 | 2,352 |
| CWIP | 810 | 590 | 634 | 129 | 104 | 105 | 0 | 12 | 4 | 10 | 43 | 116 |
| Investments | 1,751 | 1,811 | 13,509 | 8,120 | 2,498 | 3,881 | 8,449 | 13,851 | 12,966 | 8,307 | 12,539 | 9,814 |
| Other Assets | 52,677 | 66,336 | 77,936 | 97,245 | 1,03,135 | 80,924 | 60,970 | 54,956 | 47,681 | 55,773 | 79,094 | 98,264 |
| Total Assets | 55,429 | 69,245 | 92,290 | 1,06,344 | 1,06,602 | 85,830 | 70,359 | 79,640 | 62,266 | 65,858 | 94,943 | 1,10,546 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -12,272 | -12,582 | -15,593 | -18,136 | -8,735 | 12,576 | 7,135 | 8,661 | 6,723 | -1,928 | -8,119 | -15,892 |
| Investing | -866 | 24 | -10,930 | 6,091 | 6,135 | 644 | -4,526 | 764 | 72 | -816 | -471 | 2,631 |
| Financing | 12,643 | 15,416 | 26,289 | 11,173 | 1,937 | -7,631 | 0 | -8,366 | -9,487 | 2,773 | 11,625 | 12,393 |
| Net Cash Flow | -496 | 2,858 | -234 | -872 | -663 | 5,589 | 2,609 | 1,060 | -2,691 | 29 | 3,035 | -869 |
| Free Cash Flow | -12,315 | -12,710 | -15,693 | -18,319 | -8,820 | 12,556 | 7,139 | 8,615 | 6,694 | -2,149 | -8,160 | -15,949 |
| CFO/OP | -220 | -184 | -148 | -188 | -99 | -103 | -36 | 217 | 683 | -106 | -141 | -224 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 11 | 10 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 11 | 10 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -585 | -661 | -346 | -421 | -62 | 38 | 34 | -495 | -230 | -178 | 71 | 84 |
| ROCE % | — | 11% | 10% | 10% | 8% | -13% | -26% | 6% | 1% | 3% | 8% | 6% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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65 extracted metrics + investor summaries across FY14–FY27.
Documents
Frequently Asked Questions about Piramal Finance
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Company Information
Piramal Finance Corporation's main business is of providing loans to Retail customers for construction or purchase of residential property, loans against property, etc.
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