Piramal Enterprises — Jefferies 4th India Forum (September 2025)
68 slides from Piramal Enterprises's conference presentation, Sep 9, 2025
Slide 1: Intimation of Analyst/Institutional Investor Meeting
9th September, 2025 BSE Limited National Stock Exchange of India Limited 1st Floor, New Trading Wing, Exchange Plaza, 5th Floor, Rotunda Building, P.J. Towers, Plot No. C/1, G-Block, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 001 Mumbai – 400 051 BSE Scrip Code: 500302 NSE
Slide 2: Piramal Enterprises Investor Presentation September 2025
Piramal Enterprises Investor Presentation September 2025
Slide 3: Table of contents
Table of contents A Overview 03 B Executive Summary 10 C Retail 18 D Wholesale 2.0 41 E Legacy (discontinued) business 48 F Liabilities 50 G Financials 54 H Appendix 58 2
Slide 4: Overview
6 Piramal Overview
Slide 5: The Piramal Finance Story
The Piramal Finance Story Illustrative examples A growing diversified lending business being built by a credible management team and backed by a solid promoter group 1 Strong promoter group with demonstrated ability to raise equity and debt across market cycles Management team with track record brou
Slide 6: Group structure and years history timeline in financial services
Group structure and 14 years history timeline in financial Services FS entry Ajay Piramal Group Piramal Group enters financial services through Entry and scale-up FY11-12 fund management and as a wholesale c. 46% c. 35% (1) c. 58% (2) NBFC entities lender Scaled up wholesale book Financial Services
Slide 7: Corporate actions
Corporate actions Illustrative examples Shriram investments Conversion into listed NBFC ▪ 2014 ▪ 2022 ▪ Invested ₹ 46bn in Shriram ▪ Piramal pharma demerged group of companies ▪ Piramal Enterprises converts from ▪ 2023 & 2024 a corporate Holdco to an NBFC ▪ Bulk of Shriram stake divested with residu
Slide 8: Strong management team on-board
Strong management team on-board Illustrative examples Anand Piramal Rupen Jhaveri Promoter, Executive Director Group President Harvard Business School Former MD at KKR India University of Pennsylvania NYU Stern School of Business Jairam Sridharan Yesh Nadkarni CEO, Retail Lending CEO, Wholesale Lend
Slide 9: Board with industry leaders having deep expertise in FS and Tech
Board with industry leaders having deep expertise in FS and Tech Illustrative examples Guided by Expert Counsel Vijay Shah Shikha Sharma Rajiv Mehrishi Gautam Doshi Anjali Bansal Non-Executive Director Non-Executive Director Independent Director Independent Director Independent Director Former MD, F
Slide 10: Business snapshot
Business snapshot Illustrative examples GROWTH BUSINESS Retail Wholesale 2.0^ AUM AUM Multi-product retail platform – Housing loans, ₹ 69,005 LAP, Used car loans, Business loans, Salaried ₹ 10,425 Real estate and corporate mid market loans (CMML) Crore PL and Digital loans Crore LEGACY OTHER (Discon
Slide 11: Executive Summary
6 Piramal Executive Summary
Slide 12: Executive Summary 1/7: Three years of transformation
Three years of transformation Total AUM Up 17% YoY in FY25 Growth AUM 50% CAGR over 3 years Legacy AUM Down at 46% CAGR over 3 years In ₹ Cr. In ₹ Cr. In ₹ Cr. 81k 74k Legacy AUM (₹ Cr.) 69k WS 2.0 9k 43k % Total AUM 65k 64k Retail 3.3x -84% 66% Executive Summary 1/7 65k 22k 7k 22k 9% FY22 FY23 FY24
Slide 13: Executive Summary 2/7: June 2025 Snapshot
June 2025 Snapshot Illustrative examples ₹ 85,756 Cr Housing loans 7% LAP Consol. AUM 9% Used car loans up 22% YoY / 6% QoQ 3% 33% Salaried PL 3% Business loans 4% AUM mix Digital loans Q1 FY26 7% Other retail Growth : Legacy AUM mix 93 : 7 7% CMML New real estate Executive Summary 2/7 5% 22% 91 : 9
Slide 14: Executive Summary 3/7: Q1 FY26 highlights
Q1 FY26 highlights 1 Continued resurgence in consol. AUM growth (up 22% YoY), led by retail (up 37% YoY; 80% of consol AUM) 2 Stable asset quality: Retail 90+ DPD at 0.8% (Q4 FY25: 0.8%) | Wholesale 2.0 maintained zero delinquencies Executive Summary 3/7 3 Sustained reduction in Growth business opex
Slide 15: Executive Summary 4/7
With mix shift from Legacy to Growth… 1 Consol. AUM growth and NIM are increasing,… 2 …volatility in net profit is reducing, and… Consol. PAT, in ₹ Cr. 8,155 3,545 509 276 Consol. AUM YoY growth 5.9% 181 163 137 5.8% 102 Consol. NIM* 48 39 5.7% Executive Summary 4/7 22% -196 5.1% -1,536 -2,378 4.9%
Slide 16: Executive Summary 5/7: Growth business profitability
Growth business profitability* Ratios on on-balance sheet (B/S) assets Ratios on AUM 1 Total income (on-book) Total 2 Net total income (on-book) 3 Net total income + DA/co-lending income Retail fee As % on-B/S assets As % on-B/S assets As % of AUM# Total Interest income FY24 FY25 Q1 FY26 DA/Co-lendi
Slide 17: Executive Summary 6/7: We met FY25 targets
We met FY25 targets FY25 – stated targets FY25 - actual ~80 81 ✓ Growth and mix Total AUM (INR ‘000 Cr) (up ~15% YoY) (up 17% YoY) ✓ Executive Summary 6/7 Retail : Wholesale mix 75 : 25 80 : 20 Legacy AUM INR 6,000 - 7,000 Cr INR 6,920 Cr ✓ Legacy book INR 1,700 over 2 years AIF gains (FY25 & FY26)
Slide 18: Executive Summary 7/7: On track to meet all FY26 targets
On track to meet all FY26 targets FY25 Q1 FY26 FY26 Target 1 Total AUM - YoY growth 17% 22% 25% AUM growth and mix Executive Summary 7/7 2 Growth AUM - YoY growth 36% 38% 30% 3 Retail share in total AUM 80% 80% 80-85% 4 Legacy AUM (₹ Cr) 6,920 6,327 3,000-3,500 5 Consol. PAT (₹ Cr) 485 276 1,300-1,5
Slide 19: Retail
Retail
Slide 20: Snapshot - Retail Lending
Snapshot - Retail Lending AUM ₹ 69,005 Cr Presence 517 428 26 37% YoY Branches Cities States Mortgages AUM ₹ 47,101 Cr Opex to AUM 4.2% (HL+LAP) 38% YoY | 68% of retail AUM 230bps in nine quarters AUM yield 13.6% 90+ DPD 0.8% Steady QoQ Stable portfolio over three years * Weighted average of all liv
Slide 21: Experienced and strong leadership team to drive retail business
Experienced and strong leadership team to driveIllustrative retail business examples Jairam Sridharan CEO, Retail Jagdeep Sunit Saurabh Markandey Vipul Arvind Mallareddy Madan Mittal Upadhyay Agarwal Iyer Chief Chief Chief Chief Data & Business Head Head – Business Officer Operating Officer Technolo
Slide 22: Agile tech framework with 'High Tech / High Touch' model
Agile tech framework seamlessly integrated withIllustrative unique examples ‘High Tech / High Touch’ model A lender that goes beyond just PAPERS and sees the INTENT of the person Who are we? High Touch High Tech Who are our customers? What we do for them? Budget customers of Bharat, residing in Prov
Slide 23: 'High Tech / High Touch' model (cont'd)
Agile tech framework seamlessly integrated withIllustrative unique examples ‘High Tech / High Touch’ model (cont’d) Home loan Sales and Underwriting (u/w) Eligibility checks Monitoring Collections as an example Sourcing and sanction D A High Touch G C High Tech B C E F A. Strong branch A B. Paramete
Slide 24: Growth momentum across product verticals
Growth momentum across product verticals Retail AUM up 37% YoY Disbursements up 28% YoY In ₹ Cr. 69,005 64,652 4% FY26 FY25 FY24 FY23 5% 4% 9,754 4% 8% 9% 9% 8,910 8,718 47,927 8% 8,362 6% 8,066 4% 7,692 6% 8% Total (₹ Cr) 6% 6,828 6,816 9% 27% Others * 32,144 27% 6,248 4% 6% Digital loan 5,706 9% 3
Slide 25: AUM tailwinds: multi-product approach & leadership in mortgages
AUM tailwinds: multi-product approach & leadership in mortgages 1 Large diversified retail NBFCs have grown faster than large monoline 2 Further, in small-ticket mortgages, Piramal is outpacing peers… Mortgage AUM growth - Piramal vs peers3 retail NBFCs Piramal YoY growth Peer group - mortgage YoY g
Slide 26: Sustained growth momentum across secured products
Sustained growth momentum across secured products (In ₹ Cr) Housing loans +23% YoY LAP +67% YoY Used car loans +73% YoY 28,034 19,067 4,357 26,661 4,039 25,287 17,180 22,706 23,965 3,530 14,740 3,077 13,040 11,398 2,524 AUM Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 F
Slide 27: Actively managing disbursements to navigate risk
Actively managing disbursements to navigate risk (In ₹ Cr) Salaried PL +59% YoY Business loans +27% YoY Digital loans -11% YoY (UBL^ and Microfinance) 5,975 6,034* 5,615 * 3,542 5,253 5,271 5,219 4,997 3,076 3,138 4,749 2,852 2,898 4,102 AUM 3,524 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q1 FY25 Q2 F
Slide 28: Customer profile for branch-based acquisition
Customer profile for branch-based acquisition Median customer at 38 years of age c.55% customers are self-employed Geographic split of branches 517 26 7% Branches* States 19% 1 41% 18 - 34 yrs. No. of branches 35 - 44 yrs. Employment 48% Salaried Share in retail AUM % Age group 52% category Self emp
Slide 29: Cross-sell franchise
Cross-sell franchise | 25-30% of unsecured disb. through cross-sell Cross-sell% in unsecured disbursements Total customer franchise up 21% YoY to 4.8 Mn 3,126 3,017 2,664 2,770 Q1 FY25 Q1 FY26 2,540 29% 26% 15% 17% 30% In Mn 4.0 Total customer franchise 4.8 Total (₹ Cr) Cross-sell 3.0 Credit segment
Slide 30: Scaling up new channels for liabilities and assets
Scaling up new channels for liabilities (DA and co-lending) and assets (CSCs) Direct Assignment (DA) and Co-lending Leveraging Common Services Centres (CSCs) Direct ₹ 8,200 Cr+ Disbursements ~₹ 2,500 Cr In last 5 quarters Assignment* Started 9 quarters ago 7x growth in Q1 FY26 over Q1 FY25 Co-lendin
Slide 31: AI and Agentic solutions: Driving real impact
AI and Agentic solutions: Driving real impact on productivity, risk management and customer experience Deployed and scaling Productivity Risk management Customer Experience Revenue Enhancement Partial / early deployment Under development Arya – General purpose AI AI bank statement End-to-end email A
Slide 32: Leveraging AI for improving efficiency
Leveraging AI for improving efficiency Illustrative examples Illustrative examples AI/ML scorecards AI/ML scorecards Automated credit memo Traditional AI 1 Risk management Fraud prevention 10-20% ~80k credit memos generated by credit managers lift in “Bad” capture over bureau scores in FY25 Automate
Slide 33: Stable income profile – operating leverage playing out well
Stable income profile – operating leverage playing out well 1 Interest income (on-book) 2 Fee income (on-book) As % on-B/S assets As % on-B/S assets Amortization of processing fee led Opex ratio reduced ~230 bps over last 9 quarters to a drop in reported fee income 13.4% 13.3% 13.3% (from 1.5% in FY
Slide 34: Branch and employee productivity are steadily improving
Branch and employee productivity are steadily improving AUM per branch In ₹ Cr Revenue per branch Indexed at 100 as on Mar-23 Revenue per branch (trailing 12 months) 133 177 125 168 98 138 80 100 Mar-23 Mar-24 Mar-25 Jun-25 Mar-23 Mar-24 Mar-25 Jun-25 Disbursement per branch In ₹ Cr Disbursement per
Slide 35: Productivity improvement to continue
Productivity improvement to continue 1 We are moderating the pace of branch expansion… 2 …and focusing more on increasing product penetration into existing branches No. of branches 105 Products offered Mar-23 Mar-24 Mar-25 Jun-25 86 Housing loans 398 470 512 514 LAP 343 461 512 512 Used car loans 16
Slide 36: Retail risk (1/2) – Overall stable 90+ DPD
Retail risk (1/2) – Overall stable 90+ DPD reflects diversified AUM mix AUM as of Q1 FY26 (₹ Cr) Housing loans 28,034 33% LAP 19,067 22% % of consol. AUM as of Q1 FY26 3% 3% 90+ DPD 2% 2% 1.6% 1.5% 0.9% 1.0% 1% 0.6% 0.6% 0.6% 0.7% 0.7% 0.6% 0.6% 0.4% 0.4% 0.5% 0.5% 0.5% 0.5% 1% 0.5% 0.5% 0.3% 0.4% 0
Slide 37: Retail risk (2/2) – vintage risk
Retail risk (2/2) – vintage risk* : controlled quality of new originations AUM as of Q1 FY26 (₹ Cr) Housing loans 28,034 33% LAP 19,067 22% % of consol. AUM as of Q1 FY26 6% 6% * 90+ DPD at 12 months on book 5% 5% 4% 4% 3% 3% 1.5% 2% 2% 0.9% 0.6% 0.4% 0.4% 0.5% 0.4% 0.5% 0.3% 0.5% 0.6% 0.5% 0.4% 0.4
Slide 38: Superior data driven underwriting capabilities
Superior data driven underwriting capabilities Detailed Due Approval & Loan Origination Initial Assessment Disbursement Monitoring Diligence Negotiation Lead generation (e.g. Financial analysis Internal credit, Legal & Execution of Post-disbursement direct, partner KYC & AML checks (bank statements,
Slide 39: Superior data driven underwriting capabilities (contd.)
Superior data driven underwriting capabilities (contd.) Visuals from physical PD 700+ Credit managers in Branches 150+ Mobile shop owner Tailor Master Marble Trader Personal Discussion Credit managers from Bhilwara from Gwalior From Shahpura based underwriting in Central Processing Unit Leaders with
Slide 40: Superior data driven underwriting capabilities (contd.)
Superior data driven underwriting capabilities (contd.) 250+ On-roll Appraisal Staff Appraisal staff on site 50+ On-roll Legal Staff In-house Collateral appraisal1 and Legal Approvers 1,00,000+ Appraisal Visits in FY25 Road constructor Hotel owner Govt. servant from Bangalore from Aurangabad from Ja
Slide 41: Are our Credit scorecards doing a good job?
Are our Credit scorecards doing a good job? Illustrative examples 16% of people we reject get a loan elsewhere, but their risk is 2.8x of those we approve Off-Us analysis1 of the reject base (All products) Risk on the portfolio2 1x Total loan applications (100) 2.8x Notes: (1) Off-Us take ups are id
Slide 42: Wholesale 2.0
iramal >) G Wholesale 2.0
Slide 43: Snapshot – Wholesale 2.0
Snapshot – Wholesale 2.0 AUM ₹ 10,425 Cr Mix 74 : 26 47% YoY Real estate CMML ₹ 2,302 Cr Disbursements 46% YoY Average ticket size ₹ 74 Cr Portfolio EIR (Effective interest rate) 14.5% Repayments as 43% Steady QoQ % of disbursements High repayments reflect strong underwriting 42
Slide 44: Experienced and strong leadership team to drive wholesale business
Experienced and strong leadership team to driveIllustrative wholesale examples business Yesh Nadkarni CEO, Wholesale Origination Credit Asset Mgmt VEG* Sriram S Arpit B Abhishek M Laxman M Abhijeet V Sandeep A Khodadad P Rohit G 20+ years 15+ years 20+ years 19+ years 18+ years 20+ years 20+ years 2
Slide 45: Wholesale 2.0: Tapping opportunity in real estate and corporate mid-market lending
Wholesale 2.0: Tapping opportunity in underpenetrated real estate Illustrative examples and corporate mid-market lending Corporate Mid-market Lending: Why Real Estate Financing Market? A Large Untapped Market in India OPPORTUNE TIMING Predominantly OpCo loans Beginning of growth cycle as affordabili
Slide 46: Building a diversified and granular book backed by cash flows and assets
Building a diversified and granular book backed by cash flows and assets AUM +47% YoY +14% QoQ Disbursements +46% YoY +35% QoQ Total repayments (including pre-payments) In ₹ Cr. 2,302 1,496 Total 10,425 CMML 2,075 Real estate 9,117 630 8,916 1,837 2,661 1,708 526 7,889 625 2,437 1,572 1,028 1,027 2,
Slide 47: Granular and diversified build-out
Granular and diversified build-out (Charts represents data for outstanding AUM) A granular build-out WS 2.0 AUM Average loan tenure AUM, in ₹ Cr. In years, represents average residual tenor Average ticket size 75 77 74 74 70 10,425 3.3 3.2 3.2 3.2 9,117 3.1 8,916 7,889 7,071 Q1 FY25 Q2 FY25 Q3 FY25
Slide 48: Portfolio analysis
Portfolio analysis Repayment analysis In ₹ Cr. Effective Interest Rate (EIR)* <14% >14% Total WS2.0 AUM (₹ Cr.) Contracted repayment Portfolio 13.9% 14.3% 14.4% 14.4% 14.5% Actual repayment 1,496 EIR^ Repayment + Prepayment + Exits 10,425 8,916 9,117 1,028 1,027 7,889 999 7,071 846 6,292 5,028 5,143
Slide 49: Legacy (discontinued) business
Legacy (discontinued) business 48
Slide 50: Reiterate taking Legacy AUM to ₹ 30-35bn by March 2026
Reiterate taking Legacy AUM to ₹ 30-35bn by March 2026 AUM down 85% since March 2022 -51% YoY -9% QoQ AUM composition 51,436 Total (₹ Cr) Legacy AUM (₹ Cr.) Stage 1 loans % Total AUM 29,053 Stage 2 loans 45,429 44,411 43,174 Stage 3 loans AIF 91% 91% 89% SRs Lands & receivables 46% -33% YoY Total AU
Slide 51: Liabilities
6 Piramal Liabilities y N
Slide 52: Liabilities management
Liabilities management Average borrowing cost – stabilized and beginning to fall Leverage ratios Gross debt to equity Net debt to equity 2.5 9.17% 9.13% 2.4 9.12% 9.12% 2.3 8.94% 2.1 2.0 2.2 2.0 2.0 1.9 1.8 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Cum. ALM gap
Slide 53: Focused on continued diversification of borrowings
Focused on continued diversification of borrowings Borrowing mix by type of instrument Borrowing mix by type of lender As of Jun‘25 48.8k 53.5k 65.8k 68.6k 5% 4% 3% 3% 5% 4% 5% 8% 7% 8% 6% 1% 8% 9% 9% 8% 6% 1% 8% 9% Borrowings^ (₹ Cr) 10% NCDs / Bonds 12% 11% Employee Benefit Funds Loans 1% 10% 10%
Slide 54: Asset-liability profile
Asset-liability profile As on Jun 30, 2025 In ₹ Cr. Very strong position on liquidity Cumulative inflows PEL's consol. LCR % - period end Cumulative outflows Regulatory LCR% requirement (NBFCs) 1,34,665 1,20,139 1032% 90,405 78,969 71,524 672% 64,510 448% 35,567 29,750 337% 21,456 14,832 16,184 230%
Slide 55: Financials
6 Piramal Financials
Slide 56: Profit and loss statement – consolidated
Profit and loss statement – consolidated In ₹ Cr. Consolidated income statement Q1 FY26 Q1 FY25 YoY % Q4 FY25 QoQ % 1 Interest income 2,504 2,011 24% 2,381 5% Less: Interest expense 1,494 1,205 24% 1,417 5% Net interest income 1,010 807 25% 964 5% Fee & commission 114 109 5% 123 (7%) Dividend 15 - 1
Slide 57: Link to Data Sheet Q1 FY26
Link to Data Sheet Q1 FY26 Data from previous quarters now available on our website Click here to download the ‘Data Sheet Q1 FY26’ Story in charts Asset quality Pro forma business wise P&L Overview 56
Slide 58: Balance sheet
Balance sheet In ₹ Cr. Consolidated balance sheet Particulars Q1 FY26 Q4 FY25 Q1 FY25 Assets Cash & liquid investments 9,070 10,084 5,803 Gross asset under management 77,572 73,685 68,053 ECL provision 1,829 2,042 2,997 Net assets under management 75,743 71,642 65,056 Investments in Shriram group 1,
Slide 59: Appendix
6 Piramal Appendix
Slide 60: Asset classification: Total assets
Asset classification: Total assets Total assets (₹ Cr.) Q1 FY26 Q4 FY25 Q1 FY25 Stage 1 73,568 69,743 61,594 Stage 2 1,641 1,637 3,940 Stage 3 2,047 1,951 1,641 Sub-Total 77,256 73,331 67,175 POCI 315 354 877 Total AUM* 77,572 73,685 68,053 Total provisions (₹ Cr.) Q1 FY26 Q4 FY25 Q1 FY25 Stage 1 1,
Slide 61: Asset classification: Growth assets
Asset classification: Growth assets Total assets (₹ Cr.) Q1 FY26 Q4 FY25 Q1 FY25 Stage 1 68,263 64,063 52,395 Stage 2 1,416 1,259 1,050 Stage 3 1,251 1,089 756 Sub-Total 70,930 66,411 54,201 POCI 315 354 877 Total AUM* 71,245 66,765 55,078 Total provisions (₹ Cr.) Q1 FY26 Q4 FY25 Q1 FY25 Stage 1 656
Slide 62: Asset classification: Legacy assets
Asset classification: Legacy assets Total assets (₹ Cr.) Q1 FY26 Q4 FY25 Q1 FY25 Stage 1 5,305 5,679 9,199 Stage 2 225 378 2,890 Stage 3 796 862 885 Total AUM* 6,327 6,920 12,975 Total provisions (₹ Cr.) Q1 FY26 Q4 FY25 Q1 FY25 Stage 1 362 369 591 Stage 2 27 101 716 Stage 3 175 259 706 Total 564 728
Slide 63: Multi-product retail lending platform across the risk-reward spectrum – Q1 FY26
Multi-product retail lending platform across the risk-reward spectrum – Q1 FY26 Average disbursement Disbursement Share in Product Segments Products AUM yield Share in AUM* ticket size (₹ lakh) yield disbursements Affordable housing Housing Mass affluent housing 22.0 11.7% 27.7% 11.7% 40.6% Budget h
Slide 64: Proposed merger of PEL with PFL to complete by Q3FY26
Proposed merger of PEL with PFL to complete by Q3FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Board Approval (May 8th, 2024) Blackout Period Filing of scheme with Stock Exchanges ~40-45 Days Approval receipt from • SEBI • RBI NCLT process Receipt of shareholders’ and creditors’ approval NCL
Slide 65: Strong ESG Framework
Strong ESG Framework ▪ Identification and monitoring of Risk Management ESG risk for portfolio Responsible ▪ Implementation of exclusion list Lending across portfolio ▪ Quarterly review of ESG Corporate performance by the Board Governance and ▪ At least 1 ESG expert on the Board Compliance ▪ Increas
Slide 66: Glossary
Glossary Term Description 90+ DPD delinquency 90 to 180 days past due (DPD, % of average AUM) for secured loans; and 90 to 170 days DPD for unsecured loans ALM Profile Based on contractual ALM for wholesale and behavioral ALM for the retail portfolio AUM yield (retail) Weightage average yield exclud
Slide 67: Disclaimer
Disclaimer Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as 'will', 'aim', 'will likely result', 'would', 'believe', 'may', 'expect', 'will continue', 'anticipate', 'estimate', 'intend', 'pl
Slide 68: Thank You
Thank You For Investors: Ravi Singh Head of Investor Relations, Strategy and Sustainability singh.ravi@piramal.com Ruchika Jain VP - Investor Relations and Sustainability ruchika.jain@piramal.com
Piramal Enterprises — Jefferies 4th India Forum (September 2025) on 6ix