Piramal Finance Limited · NSE:PIRAMALFIN
Piramal Finance — Q2 FY27 Earnings Presentation
58 slides from Piramal Finance's earnings presentation, Oct 19, 2026
Slide 1: Exchange intimation letter for investor presentation
19th October, 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 NS
Slide 2: Results Presentation Q2 and H1 FY27
Piramal Finance Limited Results Presentation Q2 and H1 FY27 19 October 2026
Slide 3: Table of contents
Table of contents A Our blueprint for value creation 03 B Q2 FY27 Results Summary 08 D Liabilities 15 E Retail lending 19 F Wholesale lending 35 G Financials 40 Appendix 47 2
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 ₹ 1.5 lac Cr AUM by Mar-28 With AUM-to-equity of 4.5-5.0x by Mar-28 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 30% YoY
1 Our Growth AUM are scaling up at 30% YoY Growth AUM*, YoY growth Total AUM, YoY growth 51% 45% 40% 38% 37% 36% 34% 33% 32% 30% 25% 25% 23% 24% 22% 22% 16% 17% 12% 10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY25 FY26 FY27 Legacy AUM down 32% QoQ (down 69% YoY) to ₹1,673 Cr (1.5% of Total AUM) 4 Note: (*) Gr
Slide 6: Profitability – we are progressing towards our long-range goals
2 Profitability – we are progressing towards our long-range goals 1. Growth business RoAUM, annualized 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% Equity capital disclosed at end-FY26 rais
Slide 7: Predictability – Profits are growing steadily with stable risk
3 Predictability – Profits are growing steadily with stable risk Stable consol profits in last 11 quarters Consol. PAT, in ₹ Cr. Steady risk 90+ DPD in Retail 545 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% 0.7% 0.6% 0.6%
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 # Bn 16% 32,996 2.4% 2.3% Total
Slide 9: Q2 FY27 Results Summary
6 Piramal Finance Q2 FY27 Results Summary
Slide 10: Q2 FY27 Summary – Continued momentum on AUM and profit growth
Q2 FY27 Summary – Continued momentum on AUM and profit growth PAT up 67% YoY Growth AUM up 30% YoY 2.0% Growth book RoAUM 1 PAT ₹545 Cr, up 67% YoY | RoAUM 2.0% (Growth business), vs 1.7% in Q2 FY26 Q2 FY27 Results Summary 1/6 2 Total Capital raise of ₹3,850 Cr | QIP of ₹2,100 Cr + preferential allo
Slide 11: Business Snapshot
Business Snapshot ₹1,13,112 Cr Housing loans AUM 8% 1% Loan against property (LAP) up 24% YoY / 6% QoQ Used car loans 4% 1% 30% Loan against securities (LAS) 6% Retail Salaried personal loans 2% Retail : Wholesale 86 : 14 AUM mix Unsecured business loans Q2 FY27 Results Summary 2/6 6% AUM mix Sep-26
Slide 12: Years since DHFL merger – A transformational journey
5 years since DHFL merger in Sept 2021 – A transformational journey Branch network up ~3x Employees count up 3x Growth AUM up 5x In ₹ Cr. 838* ~18,500 1,11,440 3x 3x 301 5x ~6,500 Q2 FY27 Results Summary 3/6 22,628 14 ~800 4,327 Pre-merger Post-merger Sep-26 Pre-merger Post-merger Sep-26 Pre-merger
Slide 13: Our retail scale-up is among the fastest in industry
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 14 AUM from ₹20k Cr to ₹90k Cr… quarters, and… 6.75% 6.5% AUM ₹ k Cr 6.50% 6.25% 6
Slide 14: Growth business profitability
Growth business profitability 1 Ratios on AUM2, annualized 1 Total income 2 Interest expense 3 Net income margin Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 13.4% 13.3% 13.4% 13.1% 13.0% 8.95% 8.95% 8.84% 7.0% 8.80% 8.79% 6.9% 6.9% 6.8% 6.8% 6.48% 6.39% 6.41% 6.26% 6.21% Q2 FY27 Results Summary 5/6 4 Q2
Slide 15: On track to meet all FY27 targets
On track to meet all FY27 targets 1 FY26 FY27 Target Q2 FY27 Results Summary 6/6 1 Total AUM - YoY growth 25% ~25% Q2 FY26: 22% Q2 FY27: 24% 2 Consol. PAT - YoY growth 210% ~50% Q2 FY26: 101% Q2 FY27: 67% 3 RoAUM, Annualized 2.1% ~2.5% Exit quarter (Q4) Q2 FY26: 1.7% Q2 FY27: 2.0% 14
Slide 16: Liabilities
6 Piramal Finance Liabilities
Slide 17: Liabilities (1/3) – a diversified and well-matched borrowings mix
Liabilities (1/3) – a diversified and well-matched borrowings mix Large Share of Borrowings insulated from near-term repricing Fixed : Floating rate mix As of Sep‘26 As of Sep‘26 30% Fixed rate 39% MCLR linked ₹83.8k Cr ₹33k Cr Fixed rate Market rate linked Liabilities Assets ₹51k Cr Borrowings^ Flo
Slide 18: Liabilities (2/3) – Incremental COB is lower than cost of maturing debt
Liabilities (2/3) – Incremental COB is lower than cost of maturing debt In Q4FY26 our credit rating got upgraded… Assigned AA+ / Stable Upgraded to AA+ / Stable Assigned BBB / Stable Outlook upgraded to ‘Positive’ Domestic | Jan-26 International | Jan-26 Domestic | Feb-26 Domestic | Mar-26 Internati
Slide 19: Liabilities (3/3) – Strongly positioned on ALM and liquidity
Liabilities (3/3) – Strongly positioned on ALM and liquidity Asset-liability profile – Positive gaps maintained across all cumulative buckets Positive ALM gaps throughout In ₹ Cr, period-end Cumulative Inflows 47% Gap % 51% Cumulative Outflows 1,67,579 16,103 15,358 In ₹ Cr, as of Sep’26* 1,44,441 2
Slide 20: Retail lending
Retail lending 19
Slide 21: Q2 FY27 Snapshot – Retail Lending
Q2 FY27 Snapshot – Retail Lending AUM ₹ 97,462 Cr Presence 838 621 25 30% YoY Branch network Cities States Mortgages AUM ₹ 64,650 Cr Opex to AUM 3.48% (HL+LAP) 27% YoY | 66% of retail AUM ~300 bps in over last 14 quarters AUM yield 13.6% 90+ DPD 0.7% Steady QoQ Stable portfolio over four years (excl
Slide 22: Retail AUM up 30% YoY, disbursements up 34% YoY
Retail AUM up 30% YoY, disbursements up 34% YoY Retail AUM +30% YoY Retail disbursements +34% YoY In ₹ Cr. 97,462 FY23 FY24 FY25 FY26 FY27 1% 6% 85,885 2% # 14,646 2% 7% 5% 2% 9% Total (₹ Cr) 13,101 7% 2% Others* 12,527 64,652 9% 6% Digital loans 3% 2% 4% 6% Rural micro loans 10,958 2% 10,498 7% UBL
Slide 23: 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 Strategic choice to reduce Direct 6.75% As % of AUM Other Income Assignment (DA) run-rate resulted 6.5% in lower other income 6.50
Slide 24: Retail risk (1/2) – Stable asset quality across all products
Retail risk (1/2) – Stable asset quality across all products Housing loans 34,164 30% LAP 30,486 27% Used car loans 6,008 5% 3% 3% 3% 1.6% 1.5% 1.4% 1.4% 2% 2% 1.3% 2% 1.2% 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.
Slide 25: Retail risk (2/2) – vintage risk
Retail risk (2/2) – vintage risk* : New originations have been of improving / stable quality Housing loans LAP Used car loans 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% 1.5% 0.9% 0.8% 0.7% 0.6% 0.6% 0.6% 0.6% 2% 0.5% 0.5% 0.8% 0.4% 0.4%
Slide 26: Housing loans and LAP
Mortgage and its sub-segments AUM (In ₹ Cr) Disbursements (In ₹ Cr) +16% YoY +7% YoY 34,164 33,079 31,854 Average Average Disbursement 30,648 Average LTV 2,958 29,547 +26% YoY ticket size CIBIL score yield 2,927 2,770 Housing loans 12,176 2,777 2,891 2,664 9,654 Total ₹ 24 Lac 60% 750 11.7% 2,509 2,
Slide 27: Other secured – Used car loans, gold loans and loan against shares
Other secured – Used car loans, gold loans and loan against shares AUM 5,760 6,008 Disbursements FY27 FY26 FY25 FY24 (In ₹ Cr) 5,538 966 +25% YoY 5,082 +4% YoY 4,797 ₹ 6.8 Lac 751 Used car loans 858 Average Average 768 721 807 ticket size CIBIL score 821 668 748 720 644 574 69% 15.5% 450 Average Dis
Slide 28: Unsecured products – Growth picked up across all products
Unsecured products – Growth picked up strongly across all products (In ₹ Cr) FY27 FY26 FY25 FY24 AUM 9,179 ₹ 5.5 Lac Disbursements 1,912 8,381 7,744 1,695 1,658 +43% YoY Average +31% YoY 7,008 ticket size 6,434 1,459 Salaried PL 1,324 763 1,492 1,110 Average 948 1,316 CIBIL score 708 976 16.6% 891 5
Slide 29: 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) +97% YoY +50% YoY 1,762 FY27 FY26 FY25 1,547 1,384 610 571 539 1,144 487 466 894 456 408 123 97 66 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Q1 Q2 Q3 Q4 Kirana shop owner| 5+ yrs in business ₹76k fo
Slide 30: Branch network is expanding across various formats
Branch network is expanding across various formats Geographic split of branch network 838 25 Branch network States # branches, by category Our branch network 1 No. of urban branches No. of rural branches 838 No. of gold branches 780 1 100 19 Share in retail AUM % 701 67 1 8 22 22 13 11% 573 178 203
Slide 31: Profile of customers acquired at urban branches
Profile of customers acquired at urban branches Median customer at 38 years of age 59% customers are self-employed 7% 18 - 34 yrs. 21% 38% 35 - 44 yrs. 41% Salaried Age group Employment 45 - 54 yrs Self empoyed category 59% >=55 yrs. Mobile shop owner from Bhilwara Tailor Master from Gwalior 34% Med
Slide 32: Cross-sell franchise
Cross-sell franchise | 30% of unsecured disb. through cross-sell Total customer franchise up 26% YoY to 6.5 Mn Q2 FY26 Q2 FY27 In Mn 5.2 Total customer franchise 6.5 Cross-sell% Unsecured disbursements* Total retail disbursements* 3.9 Credit segment filtered customers 4.9 6,339 14,186 14% 30% 10,619
Slide 33: 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 Sep-26 Housing loans 398 512 529 86 LAP 343 512 530 Cl
Slide 34: Piramal.ai – Use case dashboard
Piramal.ai – Use case dashboard Category # AI Solution Metric Q2 FY26 Q2 FY27 1 ARYA (work assistant / coach / friend) # Queries on ARYA 3,85,000 5,56,400 Drive Growth 2 AI driven contest management # AI assisted contest gamification messages 1,68,000 2,11,600 3 Disbursements via conversational AI ₹
Slide 35: Our Q2 FY27 AI spotlight – CX.ai
Our Q2 FY27 AI spotlight – CX.ai Boosting productivity, digital engagement and cross-sell through AI-led solutions 1 GenAI email automation 2 Piramal Instant Assistant (PIA) 3 AI assisted lead generation By automating routine service emails, we have Self-service AI assistant interacts with users AI
Slide 36: Wholesale lending
Wholesale lending 35
Slide 37: Q2 FY27 Snapshot – Wholesale lending
Q2 FY27 Snapshot – Wholesale lending AUM ₹ 13,978 Cr Mix 68 : 32 24% YoY Real estate CMML Q2 FY27 ₹ 2,615 Cr Disbursements 28% YoY Average ticket size (On outstanding AUM) ₹ 55 Cr Q2 FY27 Portfolio EIR (Effective interest rate) 14.1% Repayments as 72% % of disbursements Repayments rate remains stron
Slide 38: Building a diversified and granular book backed by cash flows and assets
Building a diversified and granular book backed by cash flows and assets In ₹ Cr. AUM +24% YoY Disbursements +28% YoY Total repayments (including pre-payments) Total Total Total CMML CMML 2,782 2,268 13,978 CMML Real estate Real estate 2,604 2,615 Real estate 13,238 12,538 1,932 12,047 1,889 11,295
Slide 39: 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 55 53 13,978 3.0 2.9 2.9 13,238 2.7 2.6 12,047 12,538 11,295 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q3 FY26 Q4 FY2
Slide 40: Portfolio analysis
Portfolio analysis Repayment analysis In ₹ Cr. Effective Interest Rate (EIR)* <14% >14% Wholesale AUM AUM Total Wholesale Wholesale (₹ Cr.) Contracted repayment 2,268 Portfolio 14.5% 14.5% 14.4% 14.2% 14.1% Actual repayment EIR^ 1,932 1,889 Repayment + Prepayment + Exits 13,978 13,238 12,047 12,538
Slide 41: Financials
Financials 40
Slide 42: Profit and loss statement – consolidated
Profit and loss statement – consolidated In ₹ Cr. Consolidated income statement Q2 FY27 Q2 FY26 YoY % Q1 FY27 QoQ % H1 FY27 H1 FY26 YoY % 1 Interest income 3,358 2,702 24% 3,174* 6% 6,532 5,206 25% Less: interest expense 1,828 1,570 16% 1,736 5% 3,564 3,064 16% Net interest income 1,530 1,132 35% 1,
Slide 43: Balance sheet – consolidated
Balance sheet – consolidated In ₹ Cr. Particulars Sep-26 Sep-25 Jun-26 Assets Cash & liquid investments 6,899 7,238 6,925 Gross asset under management 1,01,296 82,323 95,369 ECL provision 2,457 1,708 2,167 Net assets under management 98,840 80,616 93,203 Investments in Shriram group 1,372 1,708 1,37
Slide 44: Link to Data Sheet Q2 FY27 and Pia
Link to Data Sheet Q2 FY27 and Pia (Piramal Investor Assistant) Data from previous quarters now available on our website Upcoming event : Click here to download the ‘Data Sheet Q2 FY27’ 19th & 20th Nov’26 Story in charts Pro forma business wise P&L Our AI-powered investor relations agent Pia (Pirama
Slide 45: Quarterly P&L - Growth business
Quarterly P&L* - Growth business In ₹ Cr. Net total income PPOP 1,827 1,716 953 1,632 877 1,548 850 1,430 775 687 PBT 538 495 470 427 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 344 Opex Credit Cost 874 407 415 839 773 782 743 348 355 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY
Slide 46: 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% 7.7% 8% 7.3% 7.2% 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 be
Slide 47: Earnings per share (EPS) and Book value per share (BVPS)
Earnings per share (EPS) and Book value per share (BVPS) EPS (Trailing 12 months) BVPS +9% YoY +155% YoY in ₹ in ₹ 83.9 1,318 74.6 1,275 66.5 1,244 1,230 1,211 1,202 1,202 1,194 48.9 32.9 25.7 23.1 21.6 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q
Slide 48: Appendix
Ix Append rm ~ I Ms 47
Slide 49: Asset classification: Growth assets
Asset classification: Growth assets Total assets (₹ Cr.) Sep-26 Jun-26 Sep-25 Stage 1 95,894 89,287 73,695 Stage 2 1,580 1,640 1,525 Stage 3 2,071 1,862 1,382 Sub-Total 99,545 92,790 76,602 POCI 78 127 274 Total AUM* 99,624 92,917 76,876 Total provisions (₹ Cr.) Stage 1 1,048 889 690 Stage 2 230 229
Slide 50: Asset classification: Total assets
Asset classification: Total assets Total assets (₹ Cr.) Sep-26 Jun-26 Sep-25 Stage 1 96,666 90,692 78,385 Stage 2 2,165 2,344 1,671 Stage 3 2,386 2,206 1,994 Sub-Total 1,01,218 95,242 82,050 POCI 78 127 274 Total AUM* 1,01,296 95,369 82,323 Total provisions (₹ Cr.) Stage 1 1,359 1,099 916 Stage 2 34
Slide 51: Growth book now drives our company financials
Growth book now drives our company financials Company profits have essentially been same as Growth book profits over the last Company NIM getting closer to Growth NIM 6 quarters Growth PBT Company PAT Growth NIM Company NIM 1,560 1,506 ₹ Cr. 8.4% 8.5% 8.5% As % AUM# 8.2% 7.6% 1,044 896 7.3% 7.1% 7.0
Slide 52: Legacy AUM now 1.5% of total AUM
Legacy AUM now 1.5% of total AUM AUM down 96% since March 2022 -69% YoY -32% QoQ 43,175 Legacy AUM (₹ Cr.) % Total AUM ₹459 Cr ECL provision pool available 1 66% against the remaining Legacy book 29,053 Expect to discontinue separate Legacy 2 disclosures after the Dec’26 quarter 45% Legacy AUM reduc
Slide 53: 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% 58% 53% 52% 55% 55% 50% 49% 53% 52% 48% 48% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 52
Slide 54: Multi-product retail lending platform across the risk-reward spectrum
Multi-product retail lending platform across the risk-reward spectrum – Q2 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% 20.2% 11.7% 35.0% Budget hou
Slide 55: Glossary
Glossary Term Description 90+ DPD delinquency 90 to 180 days past due (DPD) % of AUM (DPD 0 to 180) AUM Loans (on-book) + off-book assets AUM yield (retail) Weightage average yield excludes POCI and pertains to all customers outstanding as of 30th Sep 2026 Average AUM Average of periodic average tot
Slide 56: 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 57: Dial-in details for Q2 FY27 earnings conference call
Dial-in details for Q2 FY27 earnings conference call Event details Location & time Telephone numbers India – 4:45 PM Universal dial-in (India standard time) +91 22 6280 1264 / +91 22 7115 8165 USA – 7:15 AM Toll free number (Eastern time – New York) 1 866 746 2133 UK – 12:15 PM Toll free number (Lon
Slide 58: Thank You!
Thank You! For Investors: investor.relations@piramal.com Ruchika Jain Ashish Raj VP – IR and Sustainability Senior Manager – IR and Strategy 57