Piramal Finance (PIRAMALFIN) Q3 25/26 earnings summary

Executive summary

• Achieved 23% YoY growth in total AUM, with growth AUM up 34% YoY and now 95% of total AUM.

• Net Interest Margin (NIM) increased by 51bps YoY to 6.3%.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved and published following a Board meeting on January 23, 2026.

• Results reflect the impact of a Composite Scheme of Arrangement (reverse acquisition) with Piramal Enterprises Limited, effective September 16, 2025, with restated comparatives.

• Announced monetization of Shriram Life Insurance stake for ₹600 Cr and received AA+ long-term debt rating.

Financial highlights

• Q3 FY26 consolidated PAT rose 940% YoY to ₹401 Cr.

• Consolidated revenue from operations for Q3 FY26: ₹2,917.68 crore; nine months: ₹8,428.48 crore.

• 9M FY26 growth business PBT at ₹1,066 Cr, up 101% YoY.

• Total AUM reached ₹96,690 Cr, up 23% YoY and 6% QoQ.

• Net worth at ₹27,872 Cr; debt-to-equity at 2.7x.

Outlook and guidance

• On track to achieve FY26 targets: 25% YoY AUM growth, 30% growth AUM YoY, retail share in AUM at 80-85%.

• Legacy AUM expected to fall below ₹3,500 Cr by March 2026.

• FY26 PAT guidance of ₹1,300-1,500 Cr.

• The sale of a 14.72% equity stake in Shriram Life Insurance Company Ltd for ₹600 crore is expected to close in Q4 FY26, pending regulatory approvals.

• The company will continue to monitor the impact of new Labour Codes and assess further effects on employee benefit liabilities.