Piramal Finance (PIRAMALFIN) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 AUM reached INR 113,112 crore, up 24% YoY; Growth AUM rose 30% and represented 98.5% of total AUM.

• Consolidated PAT was INR 545.42 crore, up 67% YoY; H1 PAT was INR 1,006.40 crore. Growth-business ROAUM reached 2.0%, versus 1.7% in Q2 FY26.

• Retail AUM grew 30% YoY to INR 97,462 crore, with Q2 disbursements up 34%.

• Q2 FY27 results were approved on October 19, 2026; statutory auditors issued limited-review conclusions without material misstatement findings.

Financial highlights

• Consolidated Q2 revenue from operations was INR 3,659.19 crore versus INR 2,871.55 crore YoY; PBT was INR 580.03 crore versus INR 249.40 crore.

• Consolidated PPOP was INR 846 crore, up 64% YoY; consolidated PAT was INR 545.42 crore versus INR 327 crore.

• H1 consolidated total income was INR 7,134.35 crore and PBT INR 1,023.02 crore; H1 PAT was INR 1,006.40 crore versus INR 603 crore.

• Growth-business pro forma PBT was INR 538 crore versus INR 344 crore in Q2 FY26; legacy recovery added INR 90 crore to Q2 P&L, while legacy-book reduction was PBT-neutral.

Outlook and guidance

• FY27 exit-quarter targets include ~25% AUM growth, ~50% PAT growth and ~2.5% annualized ROAUM; Q2 readings were 24%, 67% and 2.0%, respectively.

• Medium-term goals include doubling AUM to INR 1.5 lakh crore by FY28 and reaching AUM-to-equity of 4.5x–5.0x; ROAUM target is above 3%.

• Growth-business operating expenses are expected to decline a further 30–35 bps over six quarters; retail opex-to-AUM guidance was reduced by a further 25 bps.

• Proposed insurance commission caps could reduce FY28 ROAUM by 18–24 bps gross; mitigation includes improving insurer economics and rationalizing incentives.