Piramal Finance is a retail-led NBFC lending across housing, loan against property, microfinance, gold loans and wholesale segments, with retail now 85% of its Rs. 1,06,940 Cr book. The Q2 print will speak to whether the IT-salaried early-stage delinquency signals stay contained and how much of the post-quarter Rs. 3,850.03 Cr capital raise and Moody's Ba2 upgrade flows into funding costs and growth.
| Results date | October 19, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,368.27 Cr (consolidated revenue from operations, Q1 FY27) |
| Previous quarter PAT | Rs. 460.98 Cr (consolidated, up 67% YoY) |
| Market cap | Rs. 48,185.03 Cr |
| CMP | Rs. 2,036.3 |
The Board of Directors of Piramal Finance Ltd will meet on October 19, 2026, to consider the audited financial results for the quarter and half year ended September 30, 2026.
The Q2 FY27 print will test whether Piramal Finance can hold its FY27 markers — ~25% AUM growth, ~50% consolidated PAT growth and ~2.5% RoAUM in the exit quarter — while credit cost normalizes from 1.6% in Q1 FY27 toward the guided 1.9%-2.0% steady state. The demand backdrop stayed supportive through the quarter: RBI data showed NBFC credit up 14.9% YoY in July 2026 with housing loans up 11.9% YoY versus 4.0% a year ago, and system liquidity ran an average daily Rs. 5.9 lakh crore surplus since the August MPC, with CP/CD rates moderating significantly in August-September — a tailwind for the cost-of-borrowing glide from 8.80% in Q1. The swing factor is the IT-salaried segment, about 13% of the unsecured base, where early-bucket delinquencies rose 250-300 bps and layoffs ran at scale through the window (~1.76 lakh across sectors in nine months to late September) with only tentative signs of easing at quarter-end. Management has also flagged that the ~20 bps QoQ growth-NIM compression in Q1 was largely a deliberate cut in direct-assignment/co-lending volume (~17-20 bps), so the call will likely focus on whether growth NIM stabilizes at 6.8% and how the Rs. 3,850.03 Cr equity raise at Rs. 2,110/share is deployed given capital adequacy of 18.85% after a ~95 bps single-quarter drawdown.
Performance vs FY27 guidance tracking: Where each stated FY27 marker stood after Q1 FY27:
IT-salaried delinquency and credit-cost path
NIM and funding-cost trajectory
Capital deployment after the Rs. 3,850.03 Cr raise
Strategic and balance-sheet updates
Management has guided growth-business credit cost to a steady state of 1.9%-2.0%, up from 1.5% in FY26 and 1.6% in Q1 FY27. It plans to offset this via ~50 bps of opex-to-assets improvement, 50-80 bps of cost-of-borrowing improvement over three years, and the shift toward prime-like mortgage business.
Management flagged early-stage delinquency signals in the salaried IT segment in Southern India, with a 250-300 basis point rise in initial buckets; the segment is about 13% of the unsecured loan base. Management said it is 'too early to determine the flow rate into subsequent buckets or NPA' and that the stress is in the seasoned pool, not 90+ delinquency.
The company raised Rs. 3,850.03 Cr — a Rs. 2,100 Cr QIP of 99,52,606 shares and Rs. 1,750.03 Cr of promoter warrants to Nithyam Realty — both at Rs. 2,110 per share. The QIP was allotted on 28 August 2026 and the warrants on 5 October 2026, with Rs. 437.51 Cr (25% of the warrant tranche) received on allotment.
Yes — total AUM grew 25% YoY to Rs. 1,06,940 Cr in Q1 FY27, in line with the ~25% FY27 guidance, and retail AUM grew 32% YoY to Rs. 91,249 Cr. All five FY26 targets were also met, including consolidated PAT of Rs. 1,506 Cr against a Rs. 1,300-1,500 Cr target.
Moody's upgraded Piramal Finance to Ba2 from Ba3 with a Stable outlook on 11 September 2026 — its second international upgrade of 2026 after S&P's upgrade to BB in February 2026, alongside domestic AA+/Stable ratings. Management expects the upgrades to lower funding costs; the stock cost of borrowing was 8.8% in Q4 FY26 with incremental long-term borrowing at 8.4%.