Piramal Finance (PIRAMALFIN) Q4 25/26 earnings summary

Executive summary

• Achieved strong Q4 and FY26 results, surpassing internal targets for AUM growth, profitability, and risk management, with AUM at ₹1,01,230 crore, up 25% YoY and 97% in growth assets; retail:wholesale mix at 85:15.

• Legacy wholesale book reduced by 59% YoY, now less than 3% of AUM; completed AUM mix transition.

• Consolidated net profit for FY26 was ₹1,506 crore, up 3x YoY; growth business PBT at ₹1,560 crore.

• Multiple credit rating upgrades, including AA+ (domestic) and improved international outlooks.

• Audited results reflect impact of major amalgamation with Piramal Enterprises Limited effective September 16, 2025.

Financial highlights

• Q4 FY26 consolidated net profit: ₹502 crore (vs ₹102 crore in Q4 FY25); FY26 PAT at ₹1,506 crore, up 210% YoY.

• Net interest income for FY26 rose 32% YoY to ₹4,731 crore; total income up 22% YoY to ₹5,601 crore.

• Operating expenses for FY26 increased 10% YoY to ₹3,308 crore, but opex-to-AUM ratio declined to 3.6%.

• NIM for Q4 FY26 at 6.5%, up 14bps YoY; growth book NIM at 7%.

• Capital adequacy at 19.8% as of March 2026.

Outlook and guidance

• FY27 targets: ~25% AUM growth, ~50% profit growth, and exit ROAUM of ~2.5%.

• Long-term goal to double AUM to ₹1.5 lakh crore by Mar-28, with ROAUM >3%.

• Legacy book expected to become irrelevant by end of FY27.

• Continued focus on expanding gold loan and rural branches, with 180 more gold loan branches planned in FY27.

• Board recommended a final dividend of Rs. 11 per equity share, subject to shareholder approval.