Piramal Finance (PIRAMALFIN) Q2 25/26 earnings summary

Executive summary

• Total AUM reached ₹91,447 Cr, up 22% YoY and 7% QoQ, with retail forming 82% of AUM and legacy AUM reduced to 6% of total.

• PAT doubled YoY to ₹327 Cr; growth business PBT at ₹344 Cr, driving overall profitability.

• PEL-PFL merger completed, with seamless transition and PFL stock to be listed in Nov 2025; amalgamation accounted as a reverse acquisition with restated comparatives.

• Unaudited standalone and consolidated financial results for Q2 and H1 FY26 approved, reflecting the impact of the major amalgamation.

• Corporate structure simplified, non-core divestments monetized, and available tax shield of ₹14.5k Cr.

Financial highlights

• Net interest income for Q2 FY26 was ₹1,132 Cr, up 29% YoY; total income at ₹1,328 Cr, up 17% YoY.

• Consolidated revenue from operations for Q2 FY26 was ₹2,871.55 Cr, up from ₹2,364.90 Cr YoY; consolidated net profit for Q2 FY26 was ₹326.99 Cr, up from ₹162.97 Cr YoY.

• Pre-provision operating profit (PPOP) rose 30% YoY to ₹515 Cr; PAT up 101% YoY to ₹327 Cr.

• Basic EPS (consolidated) for Q2 FY26 was ₹14.43; net profit margin (consolidated) for Q2 FY26 was 11.27%.

• Cost of borrowings fell below 9% after five quarters.

Outlook and guidance

• On track to meet FY26 targets: 25% YoY AUM growth, 30% growth AUM, retail share 80-85%, legacy AUM to ₹3,000-3,500 Cr, and PAT of ₹1,300-1,500 Cr.

• Retail opex-to-AUM target refreshed 25bps lower to 3.25-3.75%.

• The company is in the process of listing its equity shares on stock exchanges following the amalgamation.