Piramal Finance Limited · NSE:PIRAMALFIN
Piramal Finance — Q1 FY27 Earnings Presentation
53 slides from Piramal Finance's earnings presentation, Sep 16, 2026
Slide 1: Intimation of Analyst/Institutional Investor Meeting
16th September 2026 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: 544597
Slide 2: Piramal Finance Limited Results Presentation Q1 FY27
Piramal Finance Limited Results Presentation Q1 FY27 16 July 2026
Slide 3: Table of contents
Table of contents A Our blueprint for value creation 03 B Q1 FY27 Results Summary 08 C Retail lending 13 D Wholesale lending 29 Launched today F Financials 34 Our AI-powered investor relations agent Pia (Piramal Investor Assistant) Appendix 41 Access Pia: https://www.piramalfinance.com/investors Not
Slide 4: Our blueprint for value creation
Our blueprint for value creation 1 2 3 % Growth Profitability Predictability 2x AUM in ~3 years RoAUM >3% Stable Risk Steady Earnings 4 Build a future-proof, AI-native company 3 Long range goals as disclosed in August 2023
Slide 5: Our Growth AUM are scaling up at 32% YoY
1 Our Growth AUM are scaling up at 32% YoY Total AUM, YoY growth Growth AUM*, YoY growth 51% 45% 40% 38% 37% 36% 34% 33% 32% 25% 25% 23% 22% 22% 16% 17% 12% 10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY25 FY26 FY27 4 Note: (*) Growth AUM include Retail and Wholesale AUM and exclude the discontinued Legacy busin
Slide 6: Profitability – progressing against the long-range goals
2 Profitability – progressing against the long-range goals 1. Growth business RoAUM Excluding POCI recovery related profits 2. AUM-to-equity FY25 FY26 FY27 5.0 3.25% Long range goal* Long range goal* 3.00% 4.5 2.75% Q4 FY27 target as 2.5% disclosed at end-FY26 2.50% 4.0 2.25% 2.1% 3.7 3.6 1.8%^ 3.5
Slide 7: Predictability – Profits growing steadily with stable risk
3 Predictability – Profits growing steadily with stable risk Stable consol profits in last 10 quarters Consol. PAT, in ₹ Cr. Steady risk 90+ DPD in Retail 8,155 3,545 509 502 461 401 327 276 181 163 1.1% 137 1.1% 102 48 39 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.6% -1
Slide 8: Piramal.ai – Use of Gen-AI has grown more than 5x
4 Piramal.ai – Use of Gen-AI has grown more than 5x in the last year Impact of AI across five key business areas 1. Underwrite Better 2. Drive Growth Vintage Risk (30+ at 6MOB) - retail Consistent retail disbursement growth YoY % 5.6% 4.7% 43,275 31% 3.7% Token volume 16% 32,996 2.4% # Bn 2.3% Total
Slide 9: Q1 FY27 Results Summary
6 Piramal Finance Ql FY27 Results Summary
Slide 10: Q1 FY27 Summary – Continued momentum on AUM and profit growth
Q1 FY27 Summary – Continued momentum on AUM and profit growth Growth AUM up 32% YoY PAT up 67% YoY 1.9% Growth book RoAUM 1 AUM ₹1,06,940 Cr, up 25% YoY | Retail AUM ₹91,249 Cr, up 32% YoY Q1 FY27 Results Summary 1/4 2 NIM 6.5%, up 47bps YoY and stable QoQ | COB 8.8%, stable QoQ 3 Retail opex-to-AUM
Slide 11: Business Snapshot
Business Snapshot ₹1,06,940 Cr Housing loans AUM 2% Loan against property (LAP) 9% up 25% YoY / 6% QoQ Used car loans 4% 3% 31% Salaried personal loans Retail 5% Unsecured business loans Retail : Wholesale 85 : 15 1% AUM mix Q1 FY27 Results Summary 2/4 Rural micro loans AUM mix 6% Jun-26 80 : 20 in
Slide 12: Retail scale-up with declining opex and controlled risk
Our retail scale-up (along with declining opex and controlled risk) is among the fastest ones in industry 1 We are one of the fastest among retail NBFCs* to grow 2 …while reducing our opex-to-AUM by ~300 bps over last 13 AUM from ₹20k Cr to ₹90k Cr… quarters, and… 6.75% 6.5% AUM ₹ k Cr 6.50% 6.25% 6
Slide 13: Growth business profitability
Growth business profitability 1 Ratios on AUM2 1 Total income 2 Interest expense 3 Net income margin Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 13.5% 13.4% 13.3% 13.4% 13.1% 8.95% 8.95% 9.13% 8.84% 7.0% 8.80% 6.9% 6.9% 6.9% 6.8% 6.48% 6.61% 6.39% 6.41% 6.26% Q1 FY27 Results Summary 4/4 4 Q1 FY26 Q2 FY2
Slide 14: Retail lending
Retail lending 13
Slide 15: Q1 FY27 Snapshot – Retail Lending
Q1 FY27 Snapshot – Retail Lending AUM ₹ 91,249 Cr Presence 780 607 26 32% YoY Branch network Cities States Mortgages AUM ₹ 61,199 Cr Opex to AUM 3.5% (HL+LAP) 30% YoY | 67% of retail AUM ~300 bps in three years AUM yield 13.6% 90+ DPD 0.7% Steady QoQ Stable portfolio over four years (excl. fee incom
Slide 16: Retail AUM up 32% YoY, disbursements up 44% YoY
Retail AUM up 32% YoY, disbursements up 44% YoY Retail AUM +32% YoY Retail disbursements +44% YoY In ₹ Cr. FY23 FY24 FY25 FY26 FY27 91,249 85,885 3% 6% 13,101 3% 2% 5% 12,527 2% 7% 7% Total (₹ Cr) 9% 64,652 10,958 9% Others* 10,498 4% 6% Digital loans 9,754 4% 6% 2% 7% Rural micro loans 8,718 8,910
Slide 17: Stable income profile – operating leverage playing out well
Stable income profile – operating leverage playing out well Retail total income As % of loans Opex ratio has entered our guided range, and continues to fall Total Income 6.75% As % of AUM Company chose to do lower Direct Other Income 6.5% Assignment (DA) in Q1FY27 resulting Interest Income in lower
Slide 18: Retail risk (1/2) – Stable asset quality across all products
Retail risk (1/2) – Stable asset quality across all products Housing loans 33,079 31% LAP 28,121 26% Used car loans 5,760 5% 3% 3% 3% 1.6% 1.5% 1.4% 1.4% 2% 2% 1.3% 2% 1.2% 1.2% 1.1% 1.1% 1.0% 1.0% 1.0% 0.9% 0.9% 0.9% 0.9% 0.8% 0.8% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.
Slide 19: Retail risk (2/2) – vintage risk
Retail risk (2/2) – vintage risk* : New originations have been of improving / stable quality Housing loans 33,079 31% LAP 28,121 26% Used car loans 5,760 5% 6% 6.3% 6% 6% 5% 3.9% 5% 5% 4% 2.7% 4% 2.6% 2.5% 2.4% 4% 2.3% 2.3% 2.3% 2.3% 2.2% 2.0% 3% 1.9% 3% 3% 1.5% 0.9% 0.7% 0.6% 0.6% 0.6% 0.6% 0.5% 2%
Slide 20: Housing loans and LAP
Mortgage and its sub-segments AUM (In ₹ Cr) Disbursements (In ₹ Cr) +18% YoY +15% YoY 33,079 31,854 30,648 29,547 28,034 Average Average LTV Average Disbursement ticket size CIBIL score yield 2,927 11,545 2,770 2,777 Housing loans 2,891 8,915 2,664 Total ₹ 24 Lac 60% 750 11.7% 2,509 2,476 2,692 2,41
Slide 21: Other secured products – Used car loans and gold loans
Other secured products – Used car loans and gold loans AUM (In ₹ Cr) Disbursements (In ₹ Cr) +32% YoY +15% YoY FY27 FY26 FY25 FY24 5,760 5,538 966 ₹ 6.8 Lac 752 5,082 Used car loans 4,797 Average Average 821 4,357 ticket size CIBIL score 768 721 807 668 748 720 70% 15.5% 644 Average Disbursement 574
Slide 22: Unsecured products – Growth picked up strongly
Unsecured products – Growth picked up strongly across all products (In ₹ Cr) FY27 FY26 FY25 FY24 8,381 AUM 7,744 ₹ 5.0 Lac Disbursements 1,695 1,658 +49% YoY 7,008 Average +53% YoY 1,459 6,434 ticket size 1,324 5,615 Salaried PL 1,492 761 1,110 1,316 Average 948 CIBIL score 708 976 16.6% 891 564 Dis
Slide 23: Micro-loan is first product in our emerging rural strategy
Micro-loan is first product in our emerging rural strategy AUM (In ₹ Cr) Micro-loans disbursements (In ₹ Cr) +101% YoY +296% YoY 1,547 FY27 FY26 FY25 1,384 571 539 487 1,144 466 894 456 770 408 123 Handloom weaver | 7+ yrs in business 97 66 ₹40k for purchasing raw material Jun-25 Sep-25 Dec-25 Mar-2
Slide 24: Branch network is expanding across various formats
Branch network is expanding across various formats Geographic split of branch network 780 26 Branch network States # branches, by category Our branch network 1 No. of urban branches No. of rural branches 780 No. of gold branches 1 701 67 19 Share in retail AUM % 1 8 22 22 573 136 178 13 10% 46 11% 4
Slide 25: Profile of customers acquired at urban branches
Profile of customers acquired at urban branches Median customer at 38 years of age 56% customers are self-employed 6% 21% 39% 18 - 34 yrs. Employment 44% Salaried Age group 35 - 44 yrs. category Self empoyed 45 - 54 yrs 56% >=55 yrs. Mobile shop owner from Bhilwara Tailor Master from Gwalior 33% Med
Slide 26: Cross-sell franchise
Cross-sell franchise | 25-30% of unsecured disb. through cross-sell Total customer franchise up 24% YoY to 6 Mn Q1 FY26 Q1 FY27 In Mn 4.8 Total customer franchise 6.0 Cross-sell% Unsecured disbursements* Total retail disbursements* 3.7 Credit segment filtered customers 4.1 5,288 12,198 12% 28% 8,600
Slide 27: Urban branch productivity improvement to continue
Urban branch productivity improvement to continue We are expanding our urban branch network in a calibrated …and are focusing on increasing product penetration into 1 2 manner… existing branches No. of branches 105 Products offered Mar-23 Mar-25 Jun-26 Housing loans 398 512 532 86 LAP 343 512 532 Cl
Slide 28: Piramal.ai – Use case dashboard
Piramal.ai – Use case dashboard Category # AI Solution Metric Q1 FY26 Q1 FY27 1 ARYA (work assistant / coach / friend) # Queries on ARYA 1,25,000 3,18,900 2 AI driven sales assistance on Incentive # AI assisted incentive queries answered 54,000 71,800 Drive Growth 3 AI driven contest management # AI
Slide 29: Our Q1 FY27 AI spotlight – Credit.ai
Our Q1 FY27 AI spotlight – Credit.ai ~50% increase in credit manager productivity in last 2 years Average decisioned amount per credit manager (₹ Cr) Automation Insight Decisioning 12.6 Straight to Credit Credit Assessment Copilot AI based Credit Decision 10.8 AI verifies submitted documents and mov
Slide 30: Wholesale lending
Wholesale lending 29
Slide 31: Q1 FY27 Snapshot – Wholesale lending
Q1 FY27 Snapshot – Wholesale lending AUM ₹ 13,238 Cr Mix 70 : 30 27% YoY Real estate CMML Q1 FY27 ₹ 2,604 Cr Disbursements 13% YoY Average ticket size (On outstanding AUM) ₹ 56 Cr Q1 FY27 Portfolio EIR (Effective interest rate) 14.2% Repayments as 74% % of disbursements Repayments rate remains stron
Slide 32: Building a diversified and granular book
Building a diversified and granular book backed by cash flows and assets In ₹ Cr. AUM +27% YoY Disbursements +13% YoY Total repayments (including pre-payments) Total 13,238 Total Total CMML 12,538 CMML 2,782 2,268 CMML 12,047 Real estate Real estate 2,604 Real estate 11,295 4,022 1,932 10,425 3,347
Slide 33: Granular and diversified build-out
Granular and diversified build-out A granular build-out Average loan tenure AUM, in ₹ Cr. Wholesale AUM In years, represents average residual tenor Average ticket size 54 54 56 53 53 3.1 13,238 3.0 2.9 2.9 12,538 2.7 12,047 11,295 10,425 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q2 FY26 Q3 FY2
Slide 34: Portfolio analysis
Portfolio analysis Repayment analysis In ₹ Cr. Effective Interest Rate (EIR)* <14% >14% Total Wholesale WS 2.0 AUM WS 2.0 AUM (₹ Cr.) Contracted repayment 2,268 Portfolio 14.5% 14.5% 14.5% 14.4% 14.2% Actual repayment EIR^ 1,932 Repayment + Prepayment + Exits 13,238 12,047 12,538 11,295 1,428 10,425
Slide 35: Financials
Financials 34
Slide 36: Profit and loss statement – consolidated
Profit and loss statement – consolidated Consolidated income statement Q1 FY27 Q1 FY26 YoY % Q4 FY26 QoQ % 1 Interest income 3,179 2,504 27% 3,038 5% Less: interest expense 1,736 1,494 16% 1,676 4% Net interest income 1,442 1,010 43% 1,362 6% Fee & commission 127 114 11% 75 70% Dividend 18 15 23% 16
Slide 37: Link to Data Sheet Q1 FY27 and Pia
Link to Data Sheet Q1 FY27 and Pia (Piramal Investor Assistant) Data from previous quarters now available on our website Launched today Click here to download the ‘Data Sheet Q1 FY27’ Launched our AI-powered investor relations agent Pia (Piramal Investor Assistant) What can Pia do for you? Pia is tr
Slide 38: Quarterly P&L - Growth business
Quarterly P&L* - Growth business In ₹ Cr. Net total income PPOP 1,716 877 1,632 850 1,548 1,430 775 1,313 687 565 PBT 495 470 427 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 344 295 Opex Credit Cost 839 773 782 407 748 743 348 355 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q
Slide 39: Consol ROEs have steadily risen
Consol ROEs have steadily risen Growth RoE Consol RoE 10% FY25 FY26 FY27 10% FY25 FY26 FY27 9% 9% 8.1% 8% 8% 7.3% 7.3% 7.0% 7% 7% 6.5% 5.8% 5.8% 6% 5.6% 6% 5.2% 5% 4.7% 5% 5.0% 4.1% 4.1% 3.9% 4% 4% 3% 2.7% 3% 2.4% 2% 2% 1.5% 1% 1% 0.6% 0% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1FY25 and Q2FY25 RoE benefited fr
Slide 40: Balance sheet – consolidated
Balance sheet – consolidated In ₹ Cr. Particulars Jun-26 Jun-25 Mar-26 Assets Cash & liquid investments 6,925 9,070 8,640 Gross asset under management 95,369 77,572 90,018 ECL provision 2,167 1,829 1,843 Net assets under management 93,203 75,743 88,175 Investments in Shriram group 1,372 1,708 1,372
Slide 41: Liabilities
Liabilities COB – We have seen ~37bps decline in our COB during this cycle Positive ALM gaps throughout 9.17% In ₹ Cr, period-end 52% 51% 9.12% 9.13% 9.13% 43% GAP % 14,840 15,358 8.93% 8.94% 8.95% 8.95% 14,092 8.84% 28% 8.80% 8.73% +20% 8,844 8.64% 8.64% 5,818 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 42: Appendix
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Slide 43: Asset classification: Growth assets
Asset classification: Growth assets Total assets (₹ Cr.) Jun-26 Mar-26 Jun-25 Stage 1 89,287 84,033 68,263 Stage 2 1,640 1,387 1,416 Stage 3 1,862 1,627 1,251 Sub-Total 92,790 87,047 70,930 POCI 127 164 315 Total AUM* 92,917 87,211 71,245 Total provisions (₹ Cr.) Stage 1 889 842 656 Stage 2 229 171
Slide 44: Asset classification: Total assets
Asset classification: Total assets Total assets (₹ Cr.) Jun-26 Mar-26 Jun-25 Stage 1 90,692 86,350 73,568 Stage 2 2,344 1,535 1,641 Stage 3 2,206 1,970 2,047 Sub-Total 95,242 89,855 77,256 POCI 127 164 315 Total AUM* 95,369 90,018 77,572 Total provisions (₹ Cr.) Stage 1 1,099 1,069 1,018 Stage 2 374
Slide 45: Growth book now drives our consolidated financials
Growth book now drives our consolidated financials Growth and Consol profits have been largely identical over the last 5 quarters Consol. NIM getting closer to Growth NIM Growth PBT Consol. PAT Growth NIM 1,560 Consol. NIM 1,506 ₹ Cr. 8.4% 8.5% 8.5% As % AUM# 8.2% 7.6% 1,044 896 7.3% 7.1% 7.0% 6.9%
Slide 46: Legacy AUM are now ~2% of total AUM
Legacy AUM are now ~2% of total AUM AUM down 94% since March 2022 -61% YoY -13% QoQ 43,175 Legacy AUM (₹ Cr.) % Total AUM 66% -33% YoY 29,053 45% -50% YoY 14,572 -53% YoY 21% 6,920 -59% YoY -61% YoY 2,807 2,452 9% 3% 2% FY22 FY23 FY24 FY25 FY26 Q1 FY27 45
Slide 47: Cost-to-income ratio continues to come down
Cost-to-income ratio continues to come down Cost-to-income: Growth business Cost-to-income: Company FY25 FY26 FY27 FY25 FY26 FY27 72% 62% 62% 69% 58% 66% 65% 57% 61% 53% 58% 52% 55% 55% 50% 49% 53% 48% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 46
Slide 48: Earnings per share and book value per share
Earnings per share (EPS) and book value per share (BVPS) EPS (Trailing 12 months) +190% YoY BVPS +6% YoY in ₹ in ₹ 1,271 74.6 1,247 66.5 1,233 1,214 1,203 48.9 32.9 25.7 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 47
Slide 49: Multi-product retail lending platform across the risk-reward spectrum
Multi-product retail lending platform across the risk-reward spectrum – Q1 FY27 Average disbursement Disbursement Share in Product Segments Products AUM yield Share in AUM* ticket size (₹ lakh) yield disbursements Mass affluent housing Housing Affordable housing 24 11.7% 22.1% 11.7% 36.3% Budget hou
Slide 50: Glossary
Glossary Term Description 90+ DPD delinquency 90 to 180 days past due (DPD) % of AUM (DPD 0 to 180) for secured loans; and 90 to 170 days DPD % of AUM (DPD 0 to 170) for unsecured loans AUM Loans (on-book) + off-book assets AUM yield (retail) Weightage average yield excludes POCI and pertains to all
Slide 51: Disclaimer
Disclaimer PLEASE READ THIS DISCLAIMER CAREFULLY AND AGREE WITH THE TERMS AND CONDITIONS OF THIS DISCLAIMER BEFORE CONTINUING. IT APPLIES TO ALL PERSONS WHO VIEW THIS. PLEASE NOTE THAT THE DISCLAIMER SET OUT BELOW MAY BE ALTERED OR UPDATED. Except for the historical information contained herein, sta
Slide 52: Dial-in details for Q1 FY27 earnings conference call
Dial-in details for Q1 FY27 earnings conference call Event details Location & time Telephone numbers India – 5:00 PM Universal dial-in (India standard time) +91 22 6280 1264 / +91 22 7115 8165 USA – 7:30 AM Toll free number (Eastern time – New York) 1 866 746 2133 UK – 12:30 PM Toll free number (Lon
Slide 53: Thank You!
Thank You! For Investors: Ravi Singh Head – IR, Strategy and Sustainability singh.ravi@piramal.com Ruchika Jain VP – IR and Sustainability ruchika.jain@piramal.com 52