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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹3,424 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
screener in
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Piramal Finance delivered a strong Q4 FY26, surpassing its FY26 targets. Total AUM grew 25% YoY to ₹1,01,230 crore, driven by retail AUM growth of 33% YoY to ₹85,585 crore, now 85% of total AUM. The legacy wholesale book was reduced to just ₹2,87 crore (3% of AUM). Consolidated net profit for FY26 was ₹1,156 crore, a 3x YoY increase, exceeding the ₹1,300-1,500 crore target. The growth business ROAUM improved to 2.1% from 1.7% a year ago. Management guided for ~25% AUM growth and ~50% profit growth in FY27, targeting an exit ROAUM of 2.5%. Key risks include potential credit impact from the Iran conflict, which management is monitoring closely but has not yet materialized.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects another year of approximately 25% growth in total AUM.
- Consolidated net profit is expected to grow by approximately 50% year-on-year.
- Target return on AUM for the growth business to reach approximately 2.5% by Q4 FY27, up from 2.1% in Q4 FY26.
- Plan to expand gold loan branch network from 22 to approximately 200 branches during FY27.
Risks flagged
- The ongoing war in the Middle East could impact vulnerable sectors like travel, logistics, textiles, and gems & jewelry, potentially leading to higher credit costs.
- Current credit costs of 1.5% are below the steady-state guidance of 1.9-2%, and normalization could pressure ROAUM expansion.
- With CAR at 19.8% and consumption of 50 bps per quarter, the company has only 3-4 quarters of runway before needing to raise capital if growth continues.
- Aggressive branch expansion (180 gold + 60 rural) could increase opex if productivity gains don't materialize, though management prioritizes opex control.
Key quotes
- We have completed our AUM mixed transition with a legacy book down 59% year-on-year to 2,87 crores versus the target of reducing it to 3 to three and a half thousand crores.
- We have now consistently reduced our opex to AUM ratio for 3 years and have now entered the target range which we had indicated some years earlier.
- If it comes to choosing between a declining opex to assets ratio and putting up new branches in this year our bias will still be towards the opex to assets curve.
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