Piramal Finance Limited · NSE:PIRAMALFIN
Piramal Finance — Q3 FY26 Earnings Presentation
46 slides from Piramal Finance's earnings presentation, Jan 23, 2026
Slide 1: Cover letter to stock exchanges
23rd January, 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 NSE S
Slide 2: Piramal Finance Results Presentation Q3 FY26
Piramal Finance Results Presentation Q3 FY26 23 January 2026
Slide 3: Table of contents
Table of contents A Our blueprint for value creation 03 B Q3 FY26 Results Summary 08 C Retail 13 D Wholesale 2.0 24 E Legacy (discontinued) business 29 F Financials 31 G Appendix 37 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 target AUM-to-equity of 4.5-5.0x 4 Build a future-proof, AI native company Click here to access Piramal.ai presentation 3
Slide 5: Growth – On track for ₹1.5 L Cr AUM by FY28
1 Growth – On track for ₹ 1.5 L Cr AUM by FY28 We expect FY28 total AUM to cross ₹ 1.5 L Cr In ₹ L Cr CAGR 1.5 24-26% 1.0 0.97 23% 0.8 0.78 Mar-25 Mar-26P Mar-28P Dec-24 Dec-25 4
Slide 6: Profitability – On track to achieve long range goals
2 Profitability – On track to achieve long range goals 1. Growth business RoAUM Excluding POCI recovery related profits 2. AUM-to-equity 3.25% 5.0 Long range goal Long range goal 3.00% 4.5 2.75% FY26 FY25 4.0 2.50% 3.5 2.25% 3.5 3.3 3.2 3.0 2.00% 2.9 1.8% 3.0 2.8 2.6 2.6 2.6 1.75% 1.6% 1.5% 2.5 2.3
Slide 7: Predictability – Steady profit growth over last 8 quarters
3 Predictability – Steady profit growth over last 8 quarters Steady risk 90+ DPD in Retail Stable consol profits Consol. PAT, in ₹ Cr. 8,155 3,545 509 401 1.1% 1.1% 327 276 181 163 137 102 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 48 39 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% -196 -1,536 -2,378 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 8: Piramal.ai strategy delivering value across 5 key dimensions
4 Piramal.ai strategy delivering value across 5 key dimensions 1. Underwrite Better 2. Drive Growth Vintage Risk (30+ at 6MOB) - retail Consistent retail disbursement growth In ₹ Cr. AI Spotlight: Q3 FY26 YoY % 5.6% 4.7% 16% 33,135 30,170 3.7% 28,555 30% 55% Collections.ai 2.4% 2.3% 23,243 1.8% 1.7%
Slide 9: Q3 FY26 Results Summary
6 Piramal Finance Q3 FY26 Results Summary
Slide 10: Q3 FY26 Summary – Steady progress across parameters
Q3 FY26 Summary – Steady progress across parameters 1 Total AUM are up 23% YoY, led by Growth AUM (up 34% YoY; at 95% of total AUM) Consol. AUM growth & NIM are increasing Consol. AUM YoY growth 6.3% 2 Consol NIM is up 51bps YoY to 6.3% Consol. NIM 6.1% 5.8% 5.9% Q3 FY26 Results Summary 1/4 5.8% 23%
Slide 11: Business Snapshot – Q3 FY26
Business Snapshot – Q3 FY26 Illustrative examples Housing loans Consol. AUM ₹ 96,690 Cr 9% 5% LAP Used car loans up 23% YoY / 6% QoQ 3% 32% Salaried PL 3% Unsecured business loans (UBL) 4% 1% AUM mix Microfinance Q3 FY26 Digital loans 6% Growth : Legacy 95 : 5 Other retail Q3 FY26 Results Summary 2/
Slide 12: Growth business profitability
Growth business profitability* Ratios on AUM Ratios on loans 1 RoAUM^ Total 2 Net income margin Total income Total Retail fee POCI recoveries As % of AUM# Total As % of loans PBT ex-POCI recoveries Interest income DA/Co-lending income 2.4% Net total income 14.8% 14.4% 14.4% 8.4% Off-B/S asset as % o
Slide 13: On track to meet all FY26 targets
On track to meet all FY26 targets FY25 9M FY26 FY26 Target 1 Total AUM - YoY growth 17% 23% 25% AUM growth and mix Q3 FY26 Results Summary 4/4 2 Growth AUM - YoY growth 36% 34% 30% 3 Retail share in total AUM 80% 82% 80-85% 4 Legacy AUM (₹ Cr) 6,920 5,230 3,000-3,500 5 Consol. PAT (₹ Cr) 485 1,004 1
Slide 14: Retail
Retail
Slide 15: Snapshot - Retail Lending
Snapshot - Retail Lending AUM ₹ 79,413 Cr Presence 518 429 26 34% YoY Branches Cities States Mortgages AUM ₹ 53,958 Cr Opex to AUM 3.8% (HL+LAP) 35% YoY | 68% of retail AUM 270bps in eleven quarters AUM yield 13.6% 90+ DPD 0.8% Steady QoQ Stable portfolio over four years * Weighted average of all li
Slide 16: Retail AUM up 34% YoY, disbursements up 26% YoY
Retail AUM up 34% YoY, disbursements up 26% YoY Retail AUM Retail disbursements +30% YoY (9M FY26) +26% YoY (Q3 FY26) In ₹ Cr. 79,413 4% FY23 FY24 FY25 FY26 5% 1% 7% 10,954 64,652 10,498 4% 9% 9,892 4% 2% 7% 6% 8,910 8,718 47,927 9% 8,362 Total (₹ Cr) 8,065 4% 6% 7,692 8% Others* 2% 29% Digital loan
Slide 17: Steady AUM growth momentum across secured products
Steady AUM growth momentum across secured products (In ₹ Cr) Housing loans +21% YoY LAP +58% YoY Used car loans +44% YoY 23,308 5,082 29,550 30,650 21,285 4,797 28,034 19,067 4,357 26,661 4,039 25,287 17,180 3,530 14,740 AUM Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3
Slide 18: Strong AUM growth across unsecured products
Strong AUM growth across unsecured products (In ₹ Cr) Salaried PL +40% YoY UBL (Unsecured Business Loans)^ +41% YoY Digital loans +31% YoY 7,008 5,564 5,695 3,740 6,434 5,264 * 3,425 5,975 3,138 5,615 * 2,898 4,247 2,852 4,997 4,031 AUM Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26
Slide 19: Customer profile for branch-based acquisition
Customer profile for branch-based acquisition Median customer at 38 years of age 55% customers are self-employed Geographic split of branches 518 26 7% Branches* States 20% 1 41% 18 - 34 yrs. No. of branches 35 - 44 yrs. Employment 45% Salaried Share in retail AUM % Age group category Self empoyed 4
Slide 20: Cross-sell franchise | 25-30% of unsecured disb. through cross-sell
Cross-sell franchise | 25-30% of unsecured disb. through cross-sell Cross-sell% Total customer franchise up 22% YoY to 5.4 Mn Unsecured disbursements Total retail disbursements 11,099 11,330 32,998 30,170 Q3 FY25 Q3 FY26 23% 27% 8% 10% In Mn 4.5 Total customer franchise 5.4 Total (₹ Cr) Cross-sell 3
Slide 21: Productivity improvement to continue
Productivity improvement to continue 1 We have moderated the pace of branch expansion… 2 …and are focusing more on increasing product penetration into existing branches No. of branches 105 We are restarting branch opening in Q4 FY26 Products offered Mar-23 Mar-24 Mar-25 Dec-25 86 Housing loans 398 4
Slide 22: Stable income profile – operating leverage playing out well
Stable income profile – operating leverage playing out well 1 Interest income 2 Fee income As % of loans As % of loans Amortization of processing fee led to a drop in reported fee income Opex ratio reduced ~270 bps over last 11 quarters 13.3% 13.3% 13.2% (from 1.5% in FY24), which is now normalizing
Slide 23: Retail risk (1/2) – Overall stable 90+ DPD reflects diversified AUM mix
Retail risk (1/2) – Overall stable 90+ DPD reflects diversified AUM mix Housing loans 30,650 32% LAP 23,308 24% Used car loans 5,082 5% 3% 3% 3% 2% 2% 1.6% 1.5% 2% 1.3% 1.4% 1.4% 1.1% 1.0% 1.0% 1.1% 0.9% 0.9% 1.0% 0.9% 0.8% 0.9% 0.8% 0.7% 0.7% 0.6% 0.6% 0.6% 0.7% 0.7% 0.6% 0.6% 1% 0.7% 1% 0.4% 0.4%
Slide 24: Retail risk (2/2) – vintage risk: controlled quality of new originations
Retail risk (2/2) – vintage risk* : controlled quality of new originations Housing loans 30,650 32% LAP 23,308 24% Used car loans 5,082 5% 6.3% 6% 6% 6% 5% 5% 3.9% 5% 4% 4% 2.6% 2.3% 2.4% 2.3% 2.3% 2.7% 2.3% 2.5% 3% 3% 3% 2.2% 1.5% 2% 2% 0.9% 0.6% 0.4% 0.4% 0.5% 0.4% 0.5% 0.3% 0.5% 0.5% 0.5% 0.6% 0.
Slide 25: Wholesale 2.0
iramal Finance Pp G Wholesale 2.0
Slide 26: Snapshot – Wholesale 2.0
Snapshot – Wholesale 2.0 AUM ₹ 12,047 Cr Mix 74 : 26 35% YoY Real estate CMML ₹ 2,166 Cr Disbursements 4% YoY Average ticket size ₹ 54 Cr Portfolio EIR (Effective interest rate) 14.5% Repayments as 66% Steady QoQ % of disbursements High repayments reflect strong underwriting 25
Slide 27: 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 +35% YoY +7% QoQ Disbursements +4% YoY +6% QoQ Total repayments (including pre-payments) Total Total Total CMML CMML CMML 12,047 Real estate Real estate 2,302 Real estate 1,496 11,295 1,428 2,166 10,425 2,075 2,043
Slide 28: Granular and diversified build-out
Granular and diversified build-out (Charts represents data for outstanding AUM) A granular build-out Average loan tenure AUM, in ₹ Cr. WS 2.0 AUM In years, represents average residual tenor Average ticket size 54 53 54 54 51 3.3 3.2 3.1 12,047 11,295 3.0 10,425 2.8 8,916 9,117 Q3 FY25 Q4 FY25 Q1 FY2
Slide 29: Portfolio analysis
Portfolio analysis Repayment analysis In ₹ Cr. Effective Interest Rate (EIR)* <14% >14% Total WS 2.0 WS2.0 AUM AUM (₹ Cr.) WS 2.0 Contracted repayment Portfolio 14.4% 14.4% 14.5% 14.5% 14.5% Actual repayment 1,496 EIR^ 1,428 Repayment + Prepayment + Exits 12,047 11,295 1,165 10,425 8,916 9,117 1,027
Slide 30: Legacy (discontinued) business
Legacy (discontinued) business 29
Slide 31: We reiterate bringing Legacy AUM to below ₹35bn by March 2026
We reiterate bringing Legacy AUM to below ₹ 35bn by March 2026 AUM down 88% since March 2022 -49% YoY -4% QoQ AUM composition 51,436 Legacy AUM (₹ Cr.) Total (₹ Cr) % Total AUM Stage-1 loans 45,429 29,053 Stage-2 loans 44,411 43,175 Stage-3 loans AIF 91% 91% 89% SRs Land & receivables 46% Total Lega
Slide 32: Financials
6 Piramal Finance Financials
Slide 33: Profit and loss statement – consolidated
Profit and loss statement – consolidated In ₹ Cr. Consolidated income statement Q3 FY26 Q3 FY25 YoY % Q2 FY26 QoQ % 9M FY26 9M FY25 YoY % Interest income1 2,878 2,318 24% 2,702 7% 8,084 6,527 24% Less: interest expense 1,651 1,378 20% 1,570 5% 4,714 3,900 21% Net interest income 1,227 940 31% 1,132
Slide 34: Link to Data Sheet Q3 FY26
Link to Data Sheet Q3 FY26 Data from previous quarters now available on our website Click here to download the ‘Data Sheet Q3 FY26’ Story in charts Asset quality Pro forma business wise P&L Overview 33
Slide 35: Quarterly P&L - Growth business
Quarterly P&L* - Growth business In ₹ Cr. Net total income PPOP 775 1,548 1,430 687 1,316 1,313 619 1,194 565 499 PBT 9M FY26 ₹1,066 Cr Total POCI recoveries 427 PBT ex-POCI recoveries 15 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 344 307 295 10 15 7 212 27 412 3
Slide 36: Balance sheet
Balance sheet In ₹ Cr. Consolidated balance sheet Particulars Q3 FY26 Q2 FY26 Q3 FY25 Assets Cash & liquid investments 7,504 7,238 8,277 Gross asset under management 86,194 82,323 72,811 ECL provision 1,763 1,708 3,101 Net assets under management 84,431 80,616 69,710 Investments in Shriram group 1,7
Slide 37: Liabilities
Liabilities COB – We have seen 26 bps rate cut transmission in last one year Positive ALM gaps throughout 52% 9.17% In ₹ Cr, period-end 9.12% 9.13% 9.12% GAP % 14,840 8.93% 8.94% 8.93% 8.91% +28% 8.73% 20% 8,844 8.65% 8.64% 8.64% +11% +8% 5,818 +5% 3,059 Q4 FY25 Q4 FY23 Q4 FY24 Q1 FY25 Q3 FY24 Q3 FY
Slide 38: Appendix
6 Piramal Finance Appendix
Slide 39: Asset classification: Total assets
Asset classification: Total assets Total assets (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 82,144 78,385 66,474 Stage 2 1,715 1,671 3,967 Stage 3 2,118 1,994 1,903 Sub-Total 85,977 82,050 72,343 POCI 216 274 467 Total AUM* 86,194 82,323 72,810 Total provisions (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 96
Slide 40: Asset classification: Growth assets
Asset classification: Growth assets Total assets (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 77,633 73,695 59,617 Stage 2 1,503 1,525 1,363 Stage 3 1,611 1,382 1,011 Sub-Total 80,747 76,602 61,991 POCI 216 274 467 Total AUM* 80,964 76,876 62,457 Total provisions (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 7
Slide 41: Asset classification: Legacy assets
Asset classification: Legacy assets Total assets (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 4,511 4,689 6,857 Stage 2 212 146 2,604 Stage 3 507 612 892 Total AUM* 5,230 5,448 10,353 Total provisions (₹ Cr.) Q3 FY26 Q2 FY26 Q3 FY25 Stage 1 222 226 539 Stage 2 23 19 808 Stage 3 66 122 530 Total 311 366 1
Slide 42: Multi-product retail lending platform across the risk-reward spectrum – Q3 FY26
Multi-product retail lending platform across the risk-reward spectrum – Q3 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 22.6 11.9% 25.4% 11.7% 38.6% Budget h
Slide 43: Glossary
Glossary Term Description 90+ DPD delinquency 90 to 180 days past due (DPD, % of average on-book 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 Loans (on-book) + off-book assets AUM
Slide 44: 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 45: Dial-in details for Q3 FY26 earnings conference call
Dial-in details for Q3 FY26 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 – 6:30 AM Toll free number (Eastern time – New York) 1 866 746 2133 UK – 11:30 AM Toll free number (Lon
Slide 46: Thank You
Thank You For Investors: Ravi Singh Head of Investor Relations, Strategy and Sustainability singh.ravi@piramal.com Ruchika Jain Vice President - Investor Relations and Sustainability ruchika.jain@piramal.com