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Piramal Enterprises Results: Latest Quarterly Results & Analysis

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Piramal Enterprises Ltd. 29 Jul 2025 18:22 PM
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Q1FY26 Quarterly Result Announced for Piramal Enterprises Ltd.

Finance company Piramal Enterprises announced Q1FY26 results

  • Total Assets Under Management (AUM) grew 22% YoY to Rs 85,756 crore.
  • Growth -to-Legacy AUM mix improved to 93:07, vs 34:66 in FY22.
    • Growth AUM grew 38% YoY to Rs 79,430 crore
    • Retail AUM grew by 37% YoY to Rs 69,005 crore and forms 80% of total AUM.
    • Legacy (discontinued) AUM declined 51% YoY to Rs 6,327 crore, down 85% since FY22.
  • Net Interest Margin (NIM) expanded by 10 bps QoQ to 5.9%.
  • Profit After Tax (PAT) up 52% YoY at Rs 276 crore, vs 181 crore in Q1FY25.
    • Profit Before Tax (PBT) at Rs 301 crore, led by Growth business PBT of Rs 295 crore.
    • Growth business PBT-to-AUM* at 1.5%, along with reducing opex-to-AUM and credit cost.
  • GNPA at 2.8% with NNPA ratio at 2.0%.
    • Growth business credit cost declined to 1.4%, vs 1.8% in Q4FY25.
  • Networth of Rs 27,174 crore with strong liquidity of Rs 9,070 crore (9% of total assets) in cash and liquid investments.

Ajay Piramal, Chairman, Piramal Enterprises, said, “FY26 has commenced on a strong note with profitable growth and disciplined execution. Our diversified lending model continues to scale efficiently – driven by robust asset quality, improved operating leverage, and deeper integration of technology and AI across platforms.

The impending merger of our lending entities will further streamline operations, unlock synergies, and sharpen our strategic focus.

We also have meaningful embedded value in our balance sheet - through Shriram investments, AIF recoveries and deferred transaction proceeds – and remain focused on timely, value-accretive monetisation of these assets.

With a strong foundation, clear strategic priorities, and continued operational momentum, we are well positioned to drive sustainable growth and long-term value creation as a future-ready financial services institution.”

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Finance company Piramal Enterprises announced Q4FY25 & FY25 results

  • Total Assets Under Management (AUM) grew 17% YoY to Rs 80,689 crore, led by our Growth1 business.
    • In FY26, we expect AUM growth of c.25% YoY.
  • Growth AUM to Legacy AUM mix has improved to 91:09 from 34:66 in FY22.
    • Growth AUM grew 36% YoY to Rs 73,769 crore.
    • Legacy (discontinued) AUM are down 33% QoQ and 53% YoY to Rs 6,920 crore, down 84% since FY22.
    • We expect further run down to Rs 3,000-3,500 crore in FY26.
  • AIF recoveries of Rs 802 crore including gains of Rs 369 crore in Q4FY25. FY25 gains of Rs 926 crore.
  • In FY25, we met all our stated targets on AUM growth and mix, run-down of Legacy business, AIF recoveries and operating efficiency in our Growth business.
  • Reported a consolidated Profit After Tax (PAT) of Rs 102 crore, vs Rs 39 crore in Q3 FY25. FY25 consolidated PAT stood at Rs 485 crore, vs a loss of Rs 1,684 crore in FY24.
    • Pro forma Growth business PBT-RoAUM* of 1.8% in Q4FY25.
  • Consolidated GNPA at 2.8% with NNPA ratio at 1.9%.
    • Growth business credit cost at 1.8%, vs 1.7% in Q3 FY25.
  • Net worth of Rs 27,096 crore with capital adequacy ratio at 23.6% on consolidated balance sheet.
  • Strong liquidity with cash and liquid investments of Rs 10,084 crore (11% of total assets).
  • Significant embedded value in our Balance Sheet - such as stakes in Shriram GI and LI, AIF recoveries and deferred consideration from a past business sale. We continue to look to monetize this
  • Raised USD 815mn in FY25 from global capital markets, including USD 265 million raised in Q4FY25 through ECB route.
  • PEL-PFL merger: In Q4FY25, PCHFL, a subsidiary of PEL, was renamed Piramal Finance Limited (PFL) and transitioned from a Housing Finance Company (HFC) to a Non-Banking Financial Company (NBFC).
    • PFL is now an Upper Layer NBFC and one of top-10 private sector NBFCs in India.
    • We also received Reserve Bank of India (RBI) approval for the merger of PEL with PFL and have initiated the Hon’ble National Company Law Tribunal (NCLT) process for approvals, which is expected to conclude around September 2025.

Ajay Piramal, Chairman, Piramal Enterprises, said: “FY25 marks the successful conclusion of a three-year transition phase, during which we reshaped our organisation and repositioned our business mix for the future. I am pleased to report that we delivered on all the key objectives we had set for the year — including AUM growth and mix, the run-down of our Legacy business, strong AIF recoveries, and improved operating efficiency in our Growth business.

We have received RBI approval for the merger of PEL into PFL and are now working through the NCLT process, which we expect to complete within the next five months. Once concluded, we will operate as a single entity — Piramal Finance Ltd. As we look ahead, we are confident in our ability to sustain this momentum and continue building a scaled financial services platform that delivers consistent and high-quality performance. In FY26, we expect a sharp YoY increase in our consol PAT, led primarily by our Growth business profits.”

Result PDF

Finance company Piramal Enterprises announced Q3FY25 results

  • Total Assets Under Management (AUM) grew 16% YoY to Rs 78,362 crore, led by our Growth1 business.
  • Growth to Legacy AUM mix has improved to 87:13 from 34:66 in FY22.
    • Growth AUM grew 40% YoY to Rs 68,009 crore.
    • Legacy (discontinued) AUM down 14% QoQ and 45% YoY to Rs 10,353 crore, down 76% since FY22.
  • AIF recoveries of Rs 551 crore including gains of Rs 376 crore. 9M FY25 gains of Rs 557 crore.
    • Expect further significant recoveries in Q4FY25 and FY26.
  • Consolidated GNPA at 2.8% with NNPA ratio at 1.5%.
    • Growth business credit cost at 1.9% from 1.6% in Q2FY25.
  • Reported a consolidated Profit After Tax (PAT) of Rs 39 crore.
    • Pro forma Growth business PBT-ROA of 1.4%.
  • Net worth of Rs 26,924 crore with capital adequacy ratio at 23.7% on consolidated balance sheet.
    • Strong liquidity with cash and liquid investments of Rs 8,277 crore (9% of total assets).
  • Further strengthening the balance sheet, deferred consideration of USD 140 million expected in FY26 from 2018 divestment of Piramal Imaging.
  • With regard to the PEL-PCHFL merger, on December 23, 2024, the RBI has advised PCHFL to change the name to Piramal Finance Ltd. and submit the new certificate of incorporation and MoA indicating the new name and the intended business as NBFC-ICC. The application for name change is being processed with ROC. We expect to complete the merger process by September 2025.

Ajay Piramal, Chairman, Piramal Enterprises, said: “While the overall macroeconomic environment remains challenging with subdued growth, we are encouraged by steady growth in loan disbursements, AUM growth, and sustained asset quality. We continue to actively run down the legacy book, ensuring a sharper focus on our Growth businesses, which are expected to perform well. Continued improvement in the operating performance of our retail lending business is encouraging. Our capital and liquidity position continue to be strong. Looking ahead, the agile integration of PEL and PCHFL into a unified financial services entity, renamed as Piramal Finance Ltd., underpins our optimism for the future.”

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Finance company Piramal Enterprises announced Q2FY25 results

  • Total Assets Under Management (AUM) grew 12% YoY to Rs 74,692 crore, led by our Growth business.
    • Growth to Legacy AUM mix has improved to 84:16 from 34:66 in FY22.
    • Growth AUM grew 45% YoY to Rs 62,626 crore.
  • Legacy (discontinued) AUM down 49% YoY to Rs 12,066 crore, down 72% since FY22.
  • Opex-to-AUM of Growth business down 80bps YoY to 4.5% now.
  • Consolidated GNPA at 3.1% with NNPA ratio at 1.5%.
  • Reported a consolidated Profit After Tax (PAT) of Rs 163 crore.
  • Net worth of Rs 26,930 crore with capital adequacy ratio at 23.3% on consolidated balance sheet.

Ajay Piramal, Chairman, Piramal Enterprises said: “As we reflect on Q2 FY25, I am pleased with the strong momentum in our Growth business, which has significantly boosted AUM and profitability. Our strategic focus on growth along with controlled risk and operating leverage continues to yield strong results. We have made strides in digital enhancement, borrowing diversification, and ensuring robust asset quality.

We are on track to reduce legacy discontinued AUM to below 10% of total AUM by March 2025, with ongoing recovery efforts strengthening our financial position. In October 2024, we raised an additional USD150 million through a Sustainability Bond, which was oversubscribed 3.5 times, reflecting strong investor confidence in our vision for sustainable growth.

Looking ahead, we remain committed to innovation and operational efficiency as we continue delivering a diverse range of financial solutions to our customers. I extend my sincere gratitude to our stakeholders for their continued support. We are focused on the steadfast execution of our identified strategy. This should position us well to build a resilient organisation for a long-term success.”

Result PDF

Finance company Piramal Enterprises announced Q1FY25 results: 

  • Total Assets Under Management (AUM) grew 10% YoY to Rs 70,576 crore, led by our Growth business.
  • Growth AUM grew 51% YoY to Rs 57,601 crore. 
  • Growth to Legacy AUM mix has improved to 82:18 from 34:66 in FY22.
  • Legacy (discontinued) AUM down 50% YoY to Rs 12,975 crore, down 70% since FY22.
  • Retail to Wholesale AUM mix improved to 72:28 from 33:67 in FY22.
  • Opex-to-AUM of Growth business down 104 bps YoY to 4.6% now.
  • Consolidated GNPA at 2.7% with NNPA ratio at 1.1%.
  • Reported a consolidated Profit After Tax (PAT) of Rs 181 crore.
  • Net worth of Rs 26,863 crore with capital adequacy ratio at 24.4% on consolidated balance sheet

Ajay Piramal, Chairman, Piramal Enterprises, said, “The Q1 FY25 results show two important trends that highlight our progress and strategy. First, our Growth business continues to build on the momentum established over the past two to three years, now representing the majority of our Assets Under Management (AUM) and net profit. Second, we continue to reduce our legacy discontinued AUM. Notably, in Q1 FY25, the decline of Rs 1,597 crore in legacy AUM had no impact on our profit and loss statement from credit costs.

The expansion of our Growth business reflects our strategy to balance growth, risk and profitability as we develop these businesses. Our asset quality remains stable across retail and wholesale products. Further, our Opex-to-AUM - a key driver of profitability - is consistently decreasing

We are also making progress in diversifying our borrowings. We successfully raised our first-ever $300 million dollar bond in July 2024, which received a 4X level of demand. We are pleased to see that the foundations for long term sustainable growth and earnings are firmly in place, and we anticipate that the upcoming quarters will demonstrate a consistent journey along this path.”

Result PDF

Finance company Piramal Enterprises announced Q4FY24 & FY24 results:

Financial Highlights:

  • Growth AUM up 55% YoY to Rs 54,273 crore | 79% of total AUM
  • Retail AUM (Rs 47,927 crore) form 70% of total AUM | Mortgages 68% of retail AUM
  • Wholesale 2.0 AUM now at Rs 6,347 crore | Avg. ticket size – new RE: Rs 141 crore, CMML: Rs 59 crore
  • Wholesale 1.0 AUM down 22% QoQ to Rs 14,572 crore, down 66% since end-FY22
  • 90 DPD stable-to-down across retail products | Wholesale 2.0 asset quality strong
  • Overall, GNPA ratio at 2.4% and NNPA ratio at 0.8%
  • Total capital adequacy at 25.6% with net worth of Rs 26,557 crore
  • AIF recoveries of Rs 450 crore and provision write-back of Rs 1,067 crore in Q4 FY24
  • Assessed carry forward business loss of Rs 10,627 crore is available for set off against business profits of future years starting FY 25
  • NII up 36% YoY to Rs 839 crore in Q4FY24. Cost of funds drives NIM down 100bps YoY to 6.8%
  • NII up 50% YoY in FY24 to Rs 3,065 crore
  • Strong fee income growth of 111% YoY of Rs 190 crore in Q4FY24
  • Fee income up 101% YoY to Rs 570 crore in FY24
  • PBT of Rs 273 crore in Q4FY24 (vs Rs 34 crore in Q4FY23)
  • PBT up 39% in FY24 YoY to Rs 1,044 crore

Result PDF

Non-banking Financial company Piramal Enterprises announced Q3FY24 & 9MFY24 results:

  • Total Assets Under Management (AUM) up 6% QoQ and 9% YoY, excluding the impact of AIF provisions.
    • Provisions of Rs 3,540 crore taken under RBI circular on AIF investments, led to reduction in AUM.
    • We remain confident of full recovery of the AIF investments.
  • Growth to Legacy AUM mix improved to 72:28 from 34:66 in FY22. 
    • Growth AUM grew 63% YoY to Rs 48,590 crore.
    • Legacy AUM down 47% YoY to Rs 18,693 crore, down 57% since FY22.
    • Retail to Wholesale AUM mix improved to 64:36 from 33:67 in FY22.
  • On AUM growth and AUM mix, the company is thus running ahead of the medium term guidance.
  • Consolidated GNPA ratio down 33bps QoQ to 2.4% and NNPA ratio down 37bps QoQ to 1.1%.
  • Profit After Tax (PAT) for Q3 FY24 stood at Rs 290 crore, excluding impact of AIF provisions.
    • Reported loss of Rs 2,378 crore (vs PAT of Rs 48 crore in Q2 FY24) after the impact of AIF provisions.
  • Net worth stood at Rs 26,376 crore with capital adequacy ratio at 24.3% on consolidated balance sheet.
  • Announced sale of Rs 1,440 crore from Shriram investments (carrying value of Rs 569 crore). We expect closure in Q4 FY24; the proceeds from the transaction will further strengthen our balance sheet.

Ajay Piramal, Chairman, Piramal Enterprises, said, “We have achieved significant milestones outlined in our strategic roadmap earlier in this financial year. We have made progress across key areas, including AUM growth momentum, business mix optimization, enhanced underlying operating profitability, and improved asset quality. Notably, we are surpassing our medium-term guidance in terms of growth and business mix.

In response to the RBI circular issued in December, we made complete provisions for our investments in AIFs, subsequently removing them from our AUM. Our confidence in the full recovery of these investments remains strong, which is evident in the positive payment record thus far.

We have made substantial enhancements to our net interest margins, achieved robust fee income growth, and optimized opex ratios to deliver a strong core operating profit. Our commitment is to further enhance profitability by optimizing operating leverage in our growth business and reducing the contribution of the legacy business.

Positioned as an at-scale player in both retail and wholesale segments, PEL is poised for continued growth and improved profitability. The trajectory forward involves steadily scaling up our growth business, strategically winding down legacy wholesale assets, and divesting non-core assets. We believe, this approach will drive future growth and sustained profitability.”

 

 

Result PDF

Non-banking Financial company Piramal Enterprises announced Q2FY24 results:

  • Total Assets Under Management (AUM) up 4% QoQ and 5% YoY to Rs 66,933 crore.
  • Retail to Wholesale AUM mix improved to 58:42 from 39:61 in Q2FY23.
  • Retail AUM grew 55% YoY to Rs 38,604 crore.
  • Wholesale 1.0 AUM was down 8% QoQ, while Wholesale 2.0 AUM grew 48% QoQ.
  • Reported Profit After Tax (PAT) for Q2FY24 stood at Rs 48 crore.
    • PAT, excluding exceptionals and one-offs, stood at Rs 113 crore vs Rs 30 crore in Q1FY24.
  • Completed share buyback of Rs 1,750 crore, announced by the Board last quarter.
  • Strong net worth of Rs 28,710 crore with a capital adequacy ratio of 31% on the consolidated balance sheet.
  • Consolidated GNPA ratio down 10 bps to 2.7%, NNPA ratio flat at 1.5%.

Ajay Piramal, Chairman, of Piramal Enterprises, said, “Our performance in the second quarter was supported by growth in AUM, led by retail business. The improved mix between retail and wholesale showcases our dedicated efforts in building a robust and diversified non-banking financial institution.

We are consistently progressing on our strategic journey of building a leading multi-product retail business, optimally running down the Wholesale 1.0 book and building a granular Wholesale 2.0 book. During this quarter, we also made progress on our portfolio's underlying profitability and asset quality.

We are also pleased that we completed the share buyback during the quarter, thus reiterating our commitment to value creation. Our balance sheet reflects a robust financial position, characterized by strong net worth and capital adequacy ratio.

Our retail lending business is consistently growing, driven by increased disbursements to fulfill the credit needs of the "Bharat" market. We will continue investing in talent, branches, cognitive intelligence, and data analytics to keep this momentum.

In wholesale lending, we have significantly reduced our Wholesale 1.0 AUM, with a concerted effort to streamline this portfolio further. Our Wholesale 2.0 book is performing well, in line with or ahead of underwriting.”

 

Result PDF

Non-banking Financial company Piramal Enterprises announced Q1FY24 results:

  • Total AUM remains stable at Rs 63,938 crore, while Retail to Wholesale AUM mix improved to 55:45.
  • PAT for Q1FY24 stood at Rs 509 crore, led by a gain of Rs 855 crore on the sale of Shriram Finance Limited's stake.
  • Sold 8.34% stake (3.12 crore shares) of Shriram Finance Limited for Rs 4,820 crore at Rs 1,545 per share.
  • Consolidated net worth of Rs 30,844 crore with a Capital Adequacy Ratio of 34.3% on the consolidated balance sheet.
  • Cash and liquid investments of Rs 9,613 crore (12% of Total Assets).
  • Average borrowing cost for Q1FY24 reduced to 8.6% from 8.8% in Q1FY23.
  • GNPA ratio reduced to 2.8% from 3.8% in Q4FY23.
  • NNPA ratio reduced to 1.5% from 1.9% in Q4FY23. 

Ajay Piramal, Chairman, Piramal Enterprises, said, “In line with our consistent focus on long-term value creation for stakeholders and effective utilisation of capital, the Board of Directors of the company is pleased to announce the buyback of equity shares of the company. The promoter and promoter group shall not participate in the buyback. This capital allocation strategy aims to combine investing in our core business and returning excess capital to shareholders.

Our Q1 performance is in line with our endeavour towards building a large diversified non-banking financial company. In the mid to long term, we aim to have a retail lending account for two-thirds of our assets, reflecting our strategic focus.

In Retail lending, we have achieved sustained growth in the retail sector, fulfilling the credit needs of the "Bharat" market through our technology-led multi-product franchise. This business now contributes to 55% of our AUM. While we actively expand our retail lending business, we are simultaneously investing in human resources, branch infrastructure, technology, and analytics to ensure its future growth.

In Wholesale lending, we are capitalizing on market gaps and leveraging our strengths to build the new cash flow and asset-backed Wholesale 2.0 book across real estate and corporate mid-market lending. We have reduced our Wholesale 1.0 AUM by 38% YoY. Our Stage 2 3 AUM has reduced by 34% QoQ and we are focused on further bringing these down.”

 

Result PDF

Finance firm Piramal Enterprises announced Q4FY23 & FY23 results:

  • PAT for FY23 grew 5% YoY to Rs 1,902 crore
  • PAT for Q4FY23 stood at Rs (196) crore, led by MTM loss of Rs 375 crore on Shriram investments.
  • The Board has recommended a dividend of Rs 31 per share, subject to shareholders’ approval at the AGM; the total dividend pay-out would be Rs 740 crore
  • Strong consolidated net worth of Rs 31,059 crore for FY23 with Capital Adequacy Ratio of 31% on consolidated balance sheet.
  • Cash and liquid investments of Rs 7,430 crore (9% of Total Assets).
  • GNPA ratio reduced to 3.8% in Q4 FY23 from 4% in Q3FY23.
  • Total provisions as a % of Total AUM now stands at 6.2% in Q4FY23.
  • Average borrowing cost for FY23 reduced to 8.6% from 9.6% in FY22.

Ajay Piramal, Chairman, Piramal Enterprises Ltd., said, “We are pleased with our resilient performance amid macroeconomic and geopolitical headwinds. India continues to remain a relative “bright spot” in the world and will likely contribute significantly to global growth in the coming years.

In Retail, we have achieved substantial growth and this business now contributes to 50% of our AUM. We are consciously pivoting to a technology-led multi-product strategy to continue building a large diversified NBFC. As we continue to expand our retail lending business, we are also investing in manpower, branch infrastructure, technology and analytics for its future growth.

In Wholesale, we have reduced our Wholesale 1.0* AUM by 33% YoY. Our Stage 2 3 AUM has reduced by 39% QoQ and we are focused on further bringing these down. We remain focused on ensuring sustained value creation for all stakeholders.”

 

Result PDF

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