Total AUM
₹1,01,230 Cr
+25% YoY
Total assets under management crossed ₹1 lakh crore milestone.
PIRAMALFINANCE
Financial Services
2026-04-??
Piramal Finance Ltd — Q4 FY26
Piramal Finance delivered a strong Q4 FY26, surpassing its FY26 targets.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Retail AUM
₹85,585 Cr
+33% YoY
Retail AUM now forms 85% of total AUM, up from 66% four years ago.
Retail Customer Franchise
5.7 Mn
+22% YoY
Customer base crossed 5 million, with cross-sell contributing 30% of unsecured disbursements.
Gold Loan Branches
22
+22 branches QoQ
Launched gold loan business in Q4; plan to open 180 more branches in FY27.
Management Guidance
Total AUM growth of ~25% in FY27
Management expects another year of approximately 25% growth in total AUM.
Management guidance growthConsolidated profit growth of ~50% in FY27
Consolidated net profit is expected to grow by approximately 50% year-on-year.
Management guidance revenueExit FY27 with ROAUM of ~2.5%
Target return on AUM for the growth business to reach approximately 2.5% by Q4 FY27, up from 2.1% in Q4 FY26.
Management guidance marginsOpen 180 gold loan branches in FY27
Plan to expand gold loan branch network from 22 to approximately 200 branches during FY27.
Management guidance expansionKey Risks
Geopolitical disruption from Iran conflict
The ongoing war in the Middle East could impact vulnerable sectors like travel, logistics, textiles, and gems & jewelry, potentially leading to higher credit costs.
high · management_commentaryCredit cost normalization
Current credit costs of 1.5% are below the steady-state guidance of 1.9-2%, and normalization could pressure ROAUM expansion.
medium · analyst_questionCapital adequacy runway
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.
medium · analyst_questionBranch expansion cost overruns
Aggressive branch expansion (180 gold + 60 rural) could increase opex if productivity gains don't materialize, though management prioritizes opex control.
low · analyst_questionNotable 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.
Frequently Asked Questions
What was Piramal Finance's revenue in Q4 FY26?
Piramal Finance reported revenue of ₹3,424 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Piramal Finance management give for FY27?
Total AUM growth of ~25% in FY27: Management expects another year of approximately 25% growth in total AUM. Consolidated profit growth of ~50% in FY27: Consolidated net profit is expected to grow by approximately 50% year-on-year. Exit FY27 with ROAUM of ~2.5%: Target return on AUM for the growth business to reach approximately 2.5% by Q4 FY27, up from 2.1% in Q4 FY26. Open 180 gold loan branches in FY27: Plan to expand gold loan branch network from 22 to approximately 200 branches during FY27.
What are the key risks for Piramal Finance in FY27?
Key risks include Geopolitical disruption from Iran conflict — The ongoing war in the Middle East could impact vulnerable sectors like travel, logistics, textiles, and gems & jewelry, potentially leading to higher credit costs.; Credit cost normalization — Current credit costs of 1.5% are below the steady-state guidance of 1.9-2%, and normalization could pressure ROAUM expansion.; Capital adequacy runway — 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.; Branch expansion cost overruns — Aggressive branch expansion (180 gold + 60 rural) could increase opex if productivity gains don't materialize, though management prioritizes opex control..
Did Piramal Finance meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Piramal Finance Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.