Piramal Finance Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 17 Jul 2026 | Finance | Market Cap: ₹46.6K Cr
Piramal Finance aims for a 25% AUM growth by the end of FY '26, supported by a 35% growth rate achieved in the first 9 months. Piramal Finance targets a 25% AUM growth by the end of the year, with the Growth book expanding steadily at around 35%.
From Piramal Finance Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹2,181
Market Cap
₹46.6K Cr
P/E Ratio
103.9
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Compare Piramal Finance Ltd against every Finance company this quarter on revenue, margins and earnings-call signals.
Piramal Finance Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹3.4K Cr, net profit ₹502 Cr.
Full financials →📊 Revenue & Sales Performance
- →Piramal Finance aims for a 25% AUM growth by the end of FY '26, supported by a 35% growth rate achieved in the first 9 months.
- →Retail AUM grew 34% year-on-year, with broad-based growth across six product categories (20%-60% YoY).
- →Wholesale 2.0 AUM grew 35% YoY, showing steady scaling in real estate and corporate mid-market segments.
- →Disbursements in retail were up 26% YoY, with an expected healthy growth trajectory in Q4.
- →The company plans to open approximately 100 new branches in Q4, expanding in full-service, gold loans (25 branches), and microfinance (50 branches), targeting growth in these white spaces.
- →Growth business is now 95% of the total book and growing at 35%, bolstering confidence in meeting growth targets.
- →Management expects growth momentum to continue steadily with a well-diversified, calibrated expansion approach.
📈 Profitability & Margins
- →Piramal Finance targets a 25% AUM growth by the end of the year, with the Growth book expanding steadily at around 35%.
- →The Growth business has shown consistent profitability improvements, with 9-month consolidated PAT at INR 1,004 crore without major one-offs.
- →Return on AUM is expected to reach around 3% by FY '28, up from 1.9% in the latest quarter, indicating improving operating efficiency.
- →Leverage (AUM to equity) aims to rise from 3.5x to between 4.5x and 5x over 2-3 years, enhancing earnings potential.
- →Operating expenses (OPEX) to AUM ratio is projected to decline further to a range of 3.25%-3.75%, supporting margin expansion.
- →Management remains confident of achieving PAT in the range of INR 3,000 crore to INR 4,500 crore by FY '28, factoring in refinancing of liabilities.
- →Margins (NIMs) are expected to be stable with minor cyclical pressures; no major margin compression anticipated structurally.
🏗️ Capital Expenditure Plans
- →In Q4, Piramal Finance plans to open 100 new branches: 25 full-service, 20 gold loan branches, and 55 microfinance branches.
- →The Capex associated with this branch expansion is described as very small, with a focus on maintaining the overall opex to AUM ratio trajectory.
- →Branch growth strategy will be calibrated to ensure smooth opex to assets ratio progression.
- →Expansion plans beyond the 100 branches for the next year are under consideration, but details are not yet finalized.
- →The company remains open to inorganic growth, particularly in gold and microfinance sectors, maintaining a lookout for attractive M&A opportunities, although none are currently underway.
- →Recent inaugural long-term DFI funding of $350 million from IFC and ADB, with a total multilateral fundraising pipeline of up to $500 million in the financial year, supports capital availability.
💰 Fundraising & Capital Structure
- →No plans to raise commercial papers (CPs); focus is on long-term borrowing through Non-Convertible Debentures (NCDs).
- →Upcoming NCD repayments (e.g., DHFL-related NCDs) are expected to be refinanced at similar cost levels (~7.3%), with minimal impact on overall borrowing cost.
- →Recently secured $350 million long-term DFI funding from IFC and ADB, with a multilateral fundraising pipeline targeting up to $500 million for the financial year.
- →Upgraded to AA+ credit rating by CRISIL, expected to reduce borrowing costs by 50-80 bps on debt churning and provide access to new lending markets.
- →No specific current equity fundraising mentioned; focus is on managing borrowing costs and calibrated branch and business growth.
- →Open to inorganic growth opportunities, especially in gold loans and microfinance, but no active deals currently.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Piramal Finance Ltd Q3 FY26 results?
Piramal Finance aims for a 25% AUM growth by the end of FY '26, supported by a 35% growth rate achieved in the first 9 months. Piramal Finance targets a 25% AUM growth by the end of the year, with the Growth book expanding steadily at around 35%.
What is Piramal Finance Ltd share price analysis?
Piramal Finance Ltd currently shows a neutral. The stock trades at a P/E of 103.9 with a market cap of ₹46,643 Cr. Investors should review the full earnings analysis for detailed insights.
Is Piramal Finance Ltd planning capital expenditure?
In Q4, Piramal Finance plans to open 100 new branches: 25 full-service, 20 gold loan branches, and 55 microfinance branches.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.