Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Oct - Schedule of Analyst / Institutional Investors Meeting
Source: Bse
Piramal Finance Limited (PIRAMALFIN)
Small CapFinancial Services stocks · Small cap · NSE
Piramal Finance Limited is an NBFC focused on retail and wholesale lending in India. It aims for 2x AUM growth in ~3 years, RoAUM >3%, stable risk, and steady earnings, leveraging AI to build a future-proof, AI-native company.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result19 Oct, 03:34 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
37BearishSMA20 -8.5% / mo · MACD −
Stock trend: 32
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PIRAMALFIND candles · FIT view+4.6%Latest close ₹1948.70 on 2026-10-19
Daily history is available from 2025-11-07; the requested 1Y window is partially covered.
Bar
-0.6%
RSI
36
MACD hist
-7.50
52W pos
65%
2026-10-19O ₹1960.00H ₹1970.20L ₹1939.00C ₹1948.70Vol 2.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PIRAMALFINNifty Financial ServicesNifty 500
- PIRAMALFIN
- -9.7%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -4.1 pp
Chart stats
19 Oct 2026- From 52W high
- -16.2%
- 52W range position
- 65%
- ATR (14)
- 3.9%
- Volume vs 20D
- 0.55x
- Avg traded value
- ₹71.6 Cr
- 20D price channel
- ₹1,781.2 - ₹2,304.8
₹2,326.4
₹1,260 - ₹2,326.4
₹75.9
Latest completed session
20-session average
34.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED19
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +27.4% · PAT +66.8% YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model+4.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence46
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 77/100Rev +27% YoY · PAT +67% YoY · +9% QoQ · operating leverage · margin compression
Filed 19 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,659.2 Cr | +27.4% | +8.6% |
| EBITDA | ₹2,368.8 Cr | +21.5% | +14.3% |
| Operating margin | 64.7% | -327 bps | +319 bps |
| PAT | ₹545.4 Cr | +66.8% | +18.3% |
| PAT margin | 14.9% | +352 bps | +122 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 24.28
- P/B
- 1.57
- EV/EBITDA
- 15.17
- Market Cap
- 46096.50Cr
Profitability
- ROE
- 0.86%
- ROCE
- 6.47%
- ROA
- 1.53%
- Dividend Y
- 0.56%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- -56.00%
Balance Sheet
- Debt/Equity
- 2.84
- Interest Coverage
- 1.12×
- Altman Z
- 1.12
- Book Value
- 1242.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -15892.00 Cr
- EPS TTM
- 80.27
Shareholding
- Promoter Hold
- 44.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 65%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 11.9k+14.7% vs prev
Net Profit
₹ CrLatest: 1,506+210.5% vs prev
Return on Equity
%Latest: 5.3+198.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~9.3% over last month) — short-term momentum negative.
- RSI(14) at 36 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 55% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
66
RS percentile
Stage 1 Base / Transition
1M return
-15.3%
3M return
-9.7%
6M return
+6.0%
1Y return
-
RS 1D
-5
RS 20D
-8
Sector rank
#9
Industry rank
#16
Stage evidence
- Price is within 3.7% of the 30-week proxy.
- The 30-week proxy changed +1.8% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
235 observations
19 Oct 2026Value 157.18+0.95%
RS vs Nifty 500157
Valuation & peers
U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation3/30
Growth12/25
Quality0/20
Balance Sheet0/15
Cash Flow3/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
19
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
19/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 12/25 to the score.
- Cash flow contributes 3/10 to the score.
- Valuation contributes 3/30 to the score.
Main drags
- Altman Z is 1.1, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
24.3
PB
1.6
EV/EBITDA
15.2
ROE
0.9%
ROCE
6.5%
FCF Yield
—
Debt/Equity
2.8
MoS
+4.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
19
Previous: 19
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
+4.8%
Previous: +4.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
17
17
17
17
17
17
17
17
17
17
19
19
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,497.71
-30.1% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹2,046.89
+4.8% MoS
PEG
1.62
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MOTILALOFS
Mid
Motilal Oswal Financial Services Limited
NBFC / Capital Markets / Insurance
match 150
26
32.4
15.5%
-89%
OVERVALUED
NORTHARC
Small
Northern Arc Capital Limited
NBFC / Capital Markets / Insurance
match 149
44
10.7
11.1%
+60%
WATCHLIST
LTF
Mid
L&T Finance Limited
NBFC / Capital Markets / Insurance
match 149
35
18.4
11.2%
+28%
WATCHLIST
TATACAP
Large
Tata Capital Limited
NBFC / Capital Markets / Insurance
match 136
22
25.1
12.4%
+4%
OVERVALUED
JIOFIN
Large
Jio Financial Services Limited
NBFC / Capital Markets / Insurance
match 134
39
69.8
1.2%
-162%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-17T07:53:01.230Z
Management commentary snapshot
Q1 FY27 saw strong AUM growth (+25% YoY), robust PAT (+67% YoY), and improved RoAUM (1.9%), driven by retail segment expansion and declining operating costs, while maintaining stable asset quality.
The company is demonstrating strong execution on its "blueprint for value creation," with significant AUM growth, particularly in retail, and improving profitability metrics like RoAUM and cost-to-income. Asset quality remains stable, and AI integration is enhancing productivity and risk management.
Current business mix
AUM mix (Jun-26)
Latest issuer-disclosed distribution across 11 reported categories.
Housing loans31.0%
Loan against property (LAP)26.0%
Used car loans5.0%
Salaried personal loans8.0%
Unsecured business loans6.0%
Rural micro loans1.0%
Digital loans5.0%
Other retail3.0%
Corporate mid market loans (CMML)4.0%
Real estate9.0%
Legacy2.0%
Growth engines
Retail Lending Scale-up
Retail AUM up 32% YoY, disbursements up 44% YoY. Fastest among retail NBFCs to grow AUM from ₹20k Cr to ₹90k Cr in ~4 years.
Digital & Unsecured Products
Digital loans AUM +67% YoY, disbursements +115% YoY. Salaried PL AUM +49% YoY, disbursements +53% YoY.
Rural Micro-lending
Micro-loan AUM +101% YoY, disbursements +296% YoY, with expanding rural branch network.
AI Integration
Use of Gen-AI grown >5x, 57% of code written by AI, impacting underwriting, growth, CX, productivity, and collections. Credit manager productivity up ~50% in 2 years.
Capacity and execution
Branch Network Expansion
Total branch network 780 (Urban 535, Rural 178, Gold 67). Rural branches increased from 76 to 178 YoY.
Gold Loan Business Launch
Gold loans business launched in Q1 FY27, disbursed ₹6 Cr in June'26. Aiming to reach 200 branches by end-FY27.
AI-powered Investor Relations
Launched Pia (Piramal Investor Assistant) to parse financials and synthesize transcripts for investors.
Tailwinds
Declining Operating Costs
Retail opex-to-AUM 3.5%, down 66bps YoY, ~300 bps reduction over 13 quarters. Company cost-to-income 52.5% vs 65.6% in Q1 FY26.
Improving Borrowing Costs
COB declined ~37bps during this cycle to 8.80% in Q1 FY27.
Granular Wholesale Book
Wholesale AUM mix by ratings shifting towards higher rated borrowers, with strong repayment rates.
Headwinds
Lower Direct Assignment (DA)
Company chose to do lower Direct Assignment (DA) in Q1FY27 resulting in lower other income.
Risk radar
Increased Loan Loss Provisions
Loan loss provisions & FV loss / (gain) increased 127% YoY to ₹460 Cr.
Digital Loan Asset Quality
Digital loans 90+ DPD (12 months on book) at 1.0% (Q1 FY27), which is higher than other retail products like Housing (0.5%) and LAP (0.6%).
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual growth trends in AUM, PAT, and cost efficiency, especially given the company's long-range goals. QoQ comparison is important for tracking sequential momentum in disbursements, profitability, and asset quality management.
Sector KPIs management disclosed
AUM Growth
Total AUM ₹1,06,940 Cr, up 25% YoY / 6% QoQ. Retail AUM ₹91,249 Cr, up 32% YoY. Wholesale AUM ₹13,238 Cr, up 27% YoY.
Disbursements
Retail disbursements up 44% YoY. Wholesale disbursements up 13% YoY.
Net Interest Margin (NIM)
NIM 6.5%, up 47bps YoY, stable QoQ. Growth NIM 6.8% (Q1 FY27).
Borrowing Cost (COB)
COB 8.8%, stable QoQ. COB (as % of debt) 8.80% (Q1 FY27) vs 9.13% (Q1 FY26), ~37bps decline.
Management forward view
Focus on Value Creation Blueprint
Management is focused on achieving long-range goals of 2x AUM in ~3 years, RoAUM >3%, stable risk, and steady earnings.
AI-Native Company Vision
Management is building a future-proof, AI-native company, with significant AI adoption across operations, credit, and customer experience.
Productivity and Efficiency Drive
Management highlights urban branch productivity improvement and increasing product penetration into existing branches.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Growth Business RoAUM | 1.9% (Q1 FY27) | Progress towards the long-range goal of >3%. |
| Retail Opex-to-AUM | 3.5% (Q1 FY27) | Continued decline towards the guided range and further efficiency gains. |
| GNPA/NNPA Ratios | GNPA 2.4%, NNPA 1.6% (Q1 FY27) | Stability or further improvement, especially with rapid growth in unsecured and micro-loans. |
| Gold Loan Branch Expansion | 67 branches (Jun-26) | Achievement of the target of 200 branches by end-FY27 and portfolio build-up. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
46Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 3rd percentile of the scored universe and 4th percentile within Financial Services. Main check: balance sheet trust is weak at 8/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
123 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
3rd percentile
overall median 67 · Financial Services: 4th pctile, median 62 · Small: 4th pctile, median 66
Evidence depth
Financial-only
123 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
8
weak · leverage and solvency
Discipline
28
weak · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-15892 Cr.
- ▸Debt/equity is 2.84.
- ▸Altman Z is 1.12.
- ▸Promoter holding fell 1.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Piramal Finance Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Intimation of Schedule of Analyst/Investor Meeting under SEBI Listing Regulations - Middle East Roadshow (NDR)
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - Intimation of Schedule of Analyst/Investor Meeting under SEBI Listing Regulations - Nuvama Emerging India CEO Forum
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Sep - Moody’s upgrades Piramal Finance to Ba2 from Ba3; outlook stable.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 11 Sep - Moody’s upgrades Piramal Finance to Ba2 from Ba3; outlook revised to stable.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Aug - Intimation of Schedule of Analyst/Investor Meeting under SEBI Listing Regulations - Branch Visit
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug - Intimation of Schedule of Analyst/Investor Meeting under SEBI Listing Regulations - Motilal Oswal 22nd Annual Global Investor Conference
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Aug - Intimation of Schedule of Analyst/Investor Meeting under SEBI Listing Regulations - Singapore Roadshow (NDR)
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jul - Intimation regarding newspaper advertisement confirming dispatch of the Notice of Postal Ballot
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jun - Newspaper Advertisement for dispatch of Notice of the 42nd Annual General Meeting and e-voting information
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 10 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.