Piramal Finance Ltd

Business overview

• Merged with Piramal Enterprises in Sep 2025; now a consolidated growth platform.
• Core activities: retail and wholesale lending; AI-native credit origination.
• Offers housing, LAP, unsecured, micro loans; multi-product retail platform.
• Piramal.ai scales underwriting, CX, collections; five-year AI roadmap.

Operational highlights

• Total AUM ₹95,369 Cr; Jun-26; Retail 85%, Wholesale 15%.
• Retail AUM up 32% YoY to ₹91,249 Cr; disbursements +44% YoY.
• Wholesale AUM ₹13,238 Cr; 27% YoY.
• Wholesale disbursements ₹2,604 Cr; 13% YoY.
• Unsecured disbursements up 115% YoY.
• Gold loans: first full month ₹6 Cr; Phase 2; 200 branches by FY27.
• Branch network: ~780 branches across 607 cities in 26 states.
• Cross-sell: 25-30% of unsecured disbursements; total customer franchise 6 million.
• Pia investor relations AI agent launched.
• 82% customers outside tier-1; 91% Retail AUM from urban branches.

Financial performance

• Total income ₹1,693 Cr; YoY +37%.
• Net interest income ₹1,442 Cr; YoY +43%.
• PPOP ₹804 Cr; YoY +89%.
• Net profit ₹461 Cr; YoY +67%.
• LCR 553% on period-average basis.
• GNPA 2.4%; NNPA 1.6%.
• Total AUM ₹95,369 Cr; Net AUM ₹93,203 Cr.
• Gross debt ₹82,345 Cr; cash ₹6,925 Cr.
• Debt to equity 2.8x; Total provisions ₹1,764 Cr; coverage 2.3% of AUM.
• Credit ratings reaffirmed: AA+ domestically; S&P BB; Moody's Ba3.

Capital structure & liquidity

• Debt to equity 2.8x; gross debt ₹82,345 Cr.
• Net worth ₹28,906 Cr.
• LCR 553% (period average).
• Capital adequacy 18.85%.
• Diversification via MFs, ECB & securitisation; ratings AA+/BB mix.

Strategic priorities & outlook

• AI-driven growth focus; scale across underwriting, growth, CX, and collections.
• Growth AUM target supported by diversified product mix and cross-sell expansion.

Risks & governance

• Asset quality remains stable; GNPA/NNPA within guidance metrics.
• Provisioning framework aligns with stage-wise risk; ongoing model risk monitoring.

Key QIP details

• Security: fully paid-up equity shares with face value Rs 2 each.
• Purpose: fundraising via Qualified Institutions Placement under SEBI ICDR Regulations.
• Floor price fixed at Rs 2102.65 per share; up to 5% discount allowed.
• Opening of the Issue approved for 24 August 2026.
• Relevant date fixed as 24 August 2026.
• Board approval obtained on 16 July 2026.
• Shareholders approved via postal ballot on 17 August 2026.
• Committee approved opening and floor price on 24 August 2026.
• Issue price to be determined in consultation with BRLMs.
• Preliminary placement document filed with BSE/NSE on 24 August 2026.
• Trading window for designated persons closed per Code.

Subject and purpose

• Board approves unaudited condensed standalone and consolidated interim financial statements for quarter ended 30 June 2026.
• Statements prepared for fund raising via QIP/rights issue under approved resolution plan.

Regulatory actions and structure

• Composite Scheme of Arrangement with Piramal Enterprises Limited (PEL) approved; effective 16 September 2025.
• NCLT approval on 10 September 2025; RBI approval; comparatives restated accordingly.
• Equity share capital increased to Rs 45.25 crore; 22.5477 million new equity shares allotted.
• Appointed date for scheme: 1 April 2024; merger treated as reverse acquisition; treasury/space adjusted.

Financials and capital metrics

• Standalone Q1 2026 net profit: Rs 439.92 Cr; Basic EPS 19.41; Diluted 19.30.
• Consolidated Q1 2026 net profit: Rs 460.98 Cr; Total income Rs 3,368.27 Cr; Diluted EPS 20.27.
• Unabsorbed tax losses: Rs 23,879.58 Cr; potential DTAs up to Rs 6,010.49 Cr; recognised DTAs Rs 2,162.25 Cr.

Preferential Issue Summary

• Purpose: fundraise via private placement; aggregate consideration up to ₹1,750.03 crore.
• Securities: Warrants convertible into equity shares.
• Total: 82,94,000 warrants; up to ₹1,750.03 crore.
• Issue price: ₹2,110 per warrant; premium ₹2,108 per share; cash.
• Tenor and conversion: 18 months; 1:1 conversion; unexercised warrants lapse.
• Allottee: Nithyam Realty Private Limited (Promoter Group); post-issue holding 3.53%.
• Post-issue: 82,94,000 warrants exercised; 3.53% fully diluted.
• Approvals: shareholder approval via EGM; in-principle stock-exchange approvals.
• Investment Agreement: executed with Nithyam Realty Private Limited.
• Floor price relation: issue price ₹2,110 is ₹24.94 above floor ₹2,085.06.
• Nature of consideration: cash payment for warrants.
• Conditions: subject to statutory/regulatory approvals including shareholders.

Meeting Details

• Board meeting scheduled for 24 August 2026; time and venue not disclosed.

Key Agenda Items

• Proposal for raising funds through issuance of eligible securities via preferential allotment, subject to market conditions.
• Board to convene a shareholders' meeting to obtain approval for the fund-raising proposal.
• Subject to regulatory/statutory approvals as may be required.

Other Notes

• Trading window closed for designated persons and their immediate relatives, per Company Code and SEBI PIT Regulations.

Postal ballot resolutions and results

• Purpose: Special resolution to raise up to Rs 4,000 crore capital via QIP, rights, preferential, or private placements.
• Outcome: Approved by requisite majority.
• Voting summary: Total votes polled 173,421,806; in favour 173,361,134; against 60,672.
• Impact: Capital raise up to Rs 4,000 crore via multiple issuance routes.
• Promoter group not interested in the agenda.

Meeting Details

• Date: 20 August 2026.
• Meeting type: Branch Visit (physical).
• Event: Analyst/Institutional Investor Meeting.
• Venue: Varanasi.
• Interaction with: Investor Group.

Purpose

• Purpose: Investor interaction as part of the Analyst/Institutional Investor Meeting.

Meeting Details

• Date: 17 August 2026; time not specified.
• Event: Motilal Oswal 22nd Annual Global Investor Conference; venue Mumbai.

Participants

• Key company participants: management team (roles not specified).

Purpose

• Purpose: earnings discussion and general investor interaction at the conference.

Additional Notes

• Investor presentation is enclosed; presentation will be available at the conference.

Chennai roadshow

• Date: 3 August 2026; Chennai, physical roadshow (NDR) with Investor Group.
• Purpose: Analyst/institutional investor interaction; investor presentation enclosed.
• Key company participant: Head – IR, Strategy and Sustainability.
• Event: Chennai Roadshow (NDR).

Conference call

• Date/time: 16 July 2027, 5:00 PM IST; virtual conference call.
• Purpose: Investor update and Q&A.
• Key company participant: Head – IR, Strategy and Sustainability.