Piramal Pharma Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 5 Aug 2026 | Pharmaceuticals & Biotechnology | Market Cap: ₹27.5K Cr
Piramal Finance aims to double its AUM to over Rs.1.5 lakh crores by FY28, implying strong growth in lending volumes. Piramal Finance targets doubling its AUM to over Rs.1.5 lakh crores by FY28, driving growth.
From Piramal Pharma Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹214
Market Cap
₹27.5K Cr
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Piramal Pharma Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹2.8K Cr, net profit ₹-9 Cr.
Full financials →📊 Revenue & Sales Performance
- →Piramal Finance aims to double its AUM to over Rs.1.5 lakh crores by FY28, implying strong growth in lending volumes.
- →Retail lending disbursements grew 36% YoY in Q2 FY26, with mortgages growing 37% YoY and crossing Rs.50,000 crores in AUM.
- →Wholesale 2.0 AUM grew 43% YoY to Rs.11,295 crores, with active disbursements in real estate and mid-market loans.
- →Growth business AUM was up 37% YoY, with consolidated AUM growing 22% YoY.
- →The unsecured lending share is targeted to increase from 17% to 25% of the overall book over the medium term, indicating diversification.
- →Technology and AI investments are driving higher sales productivity and better conversion of leads.
- →Focus is on semi-urban markets, expected to be key growth drivers.
- →New products like gold loans are being introduced slowly to add incremental growth.
📈 Profitability & Margins
- →Piramal Finance targets doubling its AUM to over Rs.1.5 lakh crores by FY28, driving growth.
- →Consolidated PAT has been steadily growing for seven quarters, with a 101% YoY increase to Rs.327 crores in Q2 FY26.
- →They aim for a steady-state return on AUM (ROAUM) north of 3%.
- →Full-year profit guidance for FY26 is Rs.1,300 to Rs.1,500 crores, with Rs.600 crores delivered in H1 and Rs.700-900 crores expected in H2.
- →Improvement in retail operating leverage and stable asset quality support profitability growth.
- →Operating expenses are expected to reduce, with retail OPEX-to-AUM guidance lowered to 3.25%-3.75%.
- →With continued focus on scaling microfinance, unsecured retail, and selective real estate lending, profitability and EPS are forecasted to improve steadily over the medium term.
- →The company expects sustained earnings growth and improved predictability in risk and profitability metrics over the next 3-5 years.
🏗️ Capital Expenditure Plans
- →Piramal Finance is focused on strategic investments in technology and AI (referred to as Piramal.ai) to boost sales staff productivity and improve lead conversion rates.
- →There is an ongoing investment in expanding branches and embedding AI and analytics across operations.
- →The company is in the process of launching a new gold loan business, which they will build slowly and organically over the next couple of years.
- →No immediate capital raise is expected in FY26 or FY27 due to strong organic profit generation and capital release from legacy investment exits.
- →Management remains open to capital raise discussions if capital adequacy approaches 18%, but currently, capital deployment is managed through profit and asset reallocation.
- →Discussions with rating agencies continue as the company aims for a rating upgrade, which could support better cost of funds and future growth.
- →No specific details on large future capex projects, focus is more on technology and measured business expansions.
💰 Fundraising & Capital Structure
- →Piramal Finance does not anticipate requiring any new capital infusion in the near term.
- →Organic profit generation, capital released from exiting investments, and reduction of legacy book will support growth.
- →The company aims to manage capital adequacy above an internal threshold of 18%; presently, capital adequacy is strong (~20.7%).
- →Capital raise is unlikely in FY26 and FY27; however, management remains open to possibilities if needed.
- →No explicit mention of new debt fundraising, but the company continues to diversify borrowing mix (including securitization, international borrowing, and mutual funds).
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Piramal Pharma Ltd Q2 FY26 results?
Piramal Finance aims to double its AUM to over Rs.1.5 lakh crores by FY28, implying strong growth in lending volumes. Piramal Finance targets doubling its AUM to over Rs.1.5 lakh crores by FY28, driving growth.
What is Piramal Pharma Ltd share price analysis?
Piramal Pharma Ltd currently shows a neutral. The stock trades at a P/E of N/A with a market cap of ₹27,530 Cr. Investors should review the full earnings analysis for detailed insights.
Is Piramal Pharma Ltd planning capital expenditure?
Piramal Finance is focused on strategic investments in technology and AI (referred to as Piramal.ai) to boost sales staff productivity and improve lead conversion rates.
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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.