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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Piramal Enterprises
Piramal Enterprises (PEL) investor relations material
Piramal Enterprises has been acquired
Piramal Enterprises Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary17 Oct, 2025
Executive summary
Completed merger of Piramal Enterprises Ltd with Piramal Finance, marking a pivotal transition and leadership change.
Focused on value creation through growth, profitability, and predictability, supported by an AI-native strategy (Piramal.ai) with 45 live use cases.
Ambition to double AUM to over INR 1.5 lakh crore by FY 2028, with a sustainable ROAUM target above 3%.
Financial highlights
Q2 FY 2026 profit after tax reached INR 327 crore, up 101% year-over-year.
Retail disbursements and AUM both grew 36% YoY; wholesale 2.2 AUM up 43% YoY; consolidated AUM up 22% YoY.
Cost of borrowings fell below 9%, down 19 bps QoQ; growth business NIM up 10 bps QoQ.
Operating profit grew 73% YoY to INR 687 crore; growth business credit cost at 1.7%.
Tax write-back of INR 78 crore in Q2, including DTA of INR 35 crore.
Outlook and guidance
On track to meet FY 2026 targets for AUM, AUM mix, and consolidated PAT.
Full-year profit guidance reiterated at INR 1,300–1,500 crore, with INR 600 crore delivered in H1.
No capital raise expected through FY 2026–27, barring a drop in capital adequacy below 18%.
Retail OpEx to AUM target revised downward to 3.25%–3.75%.
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Latest events from Piramal Enterprises
- Growth AUM surged as legacy assets ran down, but FY24 closed with a consolidated loss.PEL
Q4 23/24 - AUM up 22% YoY, PAT up 52% YoY, retail drives growth as merger nears completion.PELQ1 25/26
- AUM up 12% YoY, PAT at INR 163 crore, legacy rundown and $150M bond oversubscribed 3.5x.PELQ2 24/25
- AUM up 10% YoY to INR 70,576 crore; net profit after tax was INR 181 crore.PELQ1 24/25
- AUM up 17% YoY, net profit at INR 485 crore, and FY26 PAT guided at INR 1,300-1,500 crore.PELQ4 24/25
- AUM up 16% YoY, Growth AUM at 87%, and merger with PCHFL targeted for September 2025.PELQ3 24/25
Piramal Enterprises
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Frequently asked questions
Piramal Enterprises Limited operates in financial services and pharmaceuticals businesses in India, North America, Europe, Japan, and internationally. It offers various financial solutions, such as structured finance solutions in real estate sector; and fixed income securities in housing finance sector. The company also operates as a contract development and manufacturing organization (CDMO) for generic active pharmaceutical ingredients (APIs) and formulations products. In addition, it provides customized research solutions for the pharmaceutical and biotechnology industries.