Piramal Finance Limited · NSE:PIRAMALFIN
Piramal Finance — Q4 FY26 Earnings Presentation
57 slides from Piramal Finance's earnings presentation, Apr 27, 2026
Slide 1: Exchange filing cover letter
27th April 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 Symb
Slide 2: Piramal Finance Results Presentation Q4 and full year FY26
Piramal Finance Results Presentation Q4 and full year FY26 27 April 2026
Slide 3: Table of contents
Table of contents A Our blueprint for value creation 03 B Q4 and full year FY26 Results Summary 08 C Retail 18 D Wholesale 2.0 34 E Legacy (discontinued) business 39 F Financials 41 G Appendix 48 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 Mar-28 targets as disclosed in FY24 Click here to access
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 In ₹ L Cr YoY growth 1.5+ 22-23% ~1.25 ~25% 1.0 0.8 25% Mar-25 Mar-26 Mar-27P Mar-28P 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% 3.6 3.5 2.1% 3.5 3.3 2.25% 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.
Slide 7: Predictability – Profits steadily climbing with stable risk
3 Predictability – Profits are now steadily climbing up with stable risk Stable consol profits Consol. PAT, in ₹ Cr. Steady risk 90+ DPD in Retail 8,155 3,545 509 502 401 327 1.1% 1.1% 276 181 163 137 102 48 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 39 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.6% -196 -1,536 -2,378
Slide 8: Piramal.ai – Use of Gen-AI has grown more than 3x in FY26
4 Piramal.ai – Use of Gen-AI has grown more than 3x in FY26 Impact of AI across five key business areas 1. Underwrite Better 2. Drive Growth Vintage Risk (30+ at 6MOB) - retail Consistent retail disbursement growth In ₹ Cr. YoY % 5.6% 4.7% 43,275 31% 3.7% Token volume # Bn 16% 32,996 2.4% 2.3% Total
Slide 9: Q4 and full year FY26 Results Summary
Q4 and full year FY26 Results Summary
Slide 10: AUM mix transition completed; crossed ₹1,00,000 Cr total AUM
We have completed our AUM mix transition and crossed ₹1,00,000 Cr in total AUM Retail WS2.0 Total AUM 101 3% Q4 & full year FY26 Results Summary 1/9 Legacy 3 ₹1,01,230 Cr In ₹ k Cr 13 97% 25% YoY Growth AUM 65 Retail : Wholesale 49 85 : 15 80 : 20 in Mar-25 43 86 88% 43 0.5 Growth : Legacy 22 97 : 3
Slide 11: Q4 FY26 credit rating upgrades
Q4 FY26 witnessed several pivotal credit rating upgrades 1 3 5 Q4 & full year FY26 Results Summary 2/9 Assigned AA+ / Stable Upgraded to AA+ / Stable Outlook upgraded to ‘Positive’ from AA / Stable Ba3 / Positive from Ba3 / Stable Domestic | Jan-26 International | Jan-26 Domestic | Feb-26 Domestic |
Slide 12: We met all our FY26 targets
We met all our FY26 targets FY25 FY26 Target FY26 Actual 1 Total AUM - YoY growth 17% 25% 25% AUM growth and mix Q4 & full year FY26 Results Summary 3/9 2 Growth AUM - YoY growth 36% 30% 33% 3 Retail share in total AUM 80% 80-85% 85% 4 Legacy AUM (₹ Cr) 6,920 3,000-3,500 2,807 5 Consol. PAT (₹ Cr) 4
Slide 13: Q4 and FY26 Summary – A strong finish to the year
Q4 and FY26 Summary – A strong finish to the year 1 Total AUM crossed ₹1 lakh Cr, up 25% YoY, led by Growth AUM (up 33% YoY; 97% of total AUM) | Legacy AUM down 59% YoY; <3% of total AUM 2 Consol NIM for Q4 FY26 is up 14bps YoY and up 23bps QoQ to 6.5% Q4 & full year FY26 Results Summary 4/9 3 Retai
Slide 14: Business Snapshot
Business Snapshot Illustrative examples Housing loans Consol. AUM ₹1,01,230 Cr 9% 3% LAP Used car loans 3% up 25% YoY / 5% QoQ 3% 31% Salaried PL 4% Unsecured business loans 1% AUM mix Rural micro loans Q4 & full year FY26 Results Summary 5/9 6% Q4 FY26 Digital loans Growth : Legacy AUM mix 97 : 3 8
Slide 15: Retail scale-up among the fastest in the industry
Our retail scale-up (along with declining opex and controlled risk) is among the fastest ones in industry 1 We are the fastest among Retail NBFCs* to grow AUM 2 …while reducing our opex-to-AUM by ~290 bps over last 12 from ₹20k Cr to ₹85k Cr… quarters, and… 6.75% 6.5% 6.50% AUM ₹ k Cr 6.25% 6.00% 5.
Slide 16: 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 Q4 & full year FY26 Results Summary 7/9 Growth NIM As % AUM# Growth PBT Consol. PAT Consol. NIM 1,560 1,506 ₹ Cr. 8.4% 8.5% 8.5%
Slide 17: Growth business profitability
Growth business profitability1 Ratios on AUM2 1 Total income 2 CoB and Interest expense 3 Net income margin 14.1% FY25 FY26 FY27 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 13.4% 13.5% 13.4% 13.3% 13.4% 7.2% 6.9% 6.9% 6.9% 6.9% 7.0% 9.09% 8.96% 9.13% 8.95% 8.95% 8.84% Q4 & full year FY26 Results Summary 8/9 6.8
Slide 18: FY27 outlook – 25% AUM growth; 50% profit growth
FY27 outlook – 25% growth in AUM; 50% growth in profits FY26 FY27 Target Q4 & full year FY26 Results Summary 9/9 1 Total AUM - YoY growth 25% ~25% 2 Consol. PAT - YoY growth 210% ~50% 3 RoAUM 2.1% ~2.5% Exit quarter (Q4) 17
Slide 19: Retail
Retail
Slide 20: Snapshot - Retail Lending
Snapshot - Retail Lending AUM ₹ 85,885 Cr Presence 701 568 26 33% YoY Branch network Cities States Mortgages AUM ₹ 57,837 Cr Opex to AUM 3.6% (HL+LAP) 32% YoY | 67% of retail AUM ~290 bps in three years AUM yield 13.6% 90+ DPD 0.6% Steady QoQ Stable portfolio over four years * Weighted average of al
Slide 21: Retail AUM up 33% YoY, disbursements up 34% YoY
Retail AUM up 33% YoY, disbursements up 34% YoY Retail AUM Retail disbursements +31% YoY (FY26) +34% YoY (Q4 FY26) 85,885 In ₹ Cr. FY23 FY24 FY25 FY26 3% 5% 2% 7% 13,101 64,652 9% 4% 4% 6% 10,958 2% 7% 10,498 Total (₹ Cr) 9,754 47,927 9% Others* 4% 6% 8,718 8,910 8% 30% Digital loans 8,362 2% 8,065
Slide 22: 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 As % of AUM Total Income 6.75% Other income 6.5% Interest Income 6.50% Total income 6.25% 15.5% 15.1% 15.2% 15.0% 15.2% 15.1% 6.00% 1.7% 5.8% 5
Slide 23: Retail risk (1/2) – asset quality improvement across products
Retail risk (1/2) – Q4 FY26 has seen improvement in asset quality across all products 31,8554 31% 25,983 26% Used car loans 5,538 5% Housing loans LAP 3% 3% 3% 2% 2% 1.6% 1.5% 2% 1.3% 1.4% 1.4% 1.2% 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% 1% 0.6% 0.6% 0.6% 0.4% 0.4% 0.5% 0.5
Slide 24: Retail risk (2/2) – vintage risk
Retail risk (2/2) – vintage risk* : New originations have been of improving / better quality 31,8554 31% 25,983 26% Used car loans 5,538 5% Housing loans LAP 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% 2.0% 1.5% 2% 2% 0.9% 0.6% 0.4%0.4% 0.5% 0.4% 0.5% 0.3%
Slide 25: Mortgage and its sub-segments
Mortgage and its sub-segments AUM (In ₹ Cr) Disbursements (In ₹ Cr) +19% YoY 31,854 +13% YoY (FY26) +9% YoY (Q4 FY26) 26,661 Average Average LTV Average Disbursement ticket size CIBIL score yield 2,927 10,938 2,777 Housing loans 22,022 2,891 8,216 2,664 Total ₹ 23 Lac 60% 752 11.7% 5,883 2,509 2,476
Slide 26: Other secured products – Used car loans and gold loans
Other secured products – Used car loans and gold loans AUM (In ₹ Cr) Disbursements (In ₹ Cr) +37% YoY +11% YoY (FY26) +20% YoY (Q4 FY26) 5,538 FY26 FY25 FY24 966 ₹ 7 Lac 752 Used car loans 4,039 Average Average 821 ticket size CIBIL score 721 807 668 748 720 70% 15.3% 2,117 644 Average Disbursement
Slide 27: Unsecured products – Salaried PL, UBL, digital loans
Unsecured products – Growth picked up strongly in UBL & digital (In ₹ Cr) FY26 FY25 FY24 AUM 7,744 ₹ 4.7 Lac Disbursements 1,658 +30% YoY +24% YoY (FY26) 1,459 Average 5,975 ticket size 1,324 +11% YoY (Q4 FY26) 1,492 Salaried PL 1,110 761 1,316 Average 948 3,098 CIBIL score 708 976 891 16.8% 564 Dis
Slide 28: Micro-loan is first product in our emerging rural strategy
Micro-loan is first product in our emerging rural strategy AUM (In ₹ Cr) ATS ₹50k +42% YoY 1,384 972 Yield 23-26% Handloom weaver | 7+ yrs in business Mar-25 Mar-26 ₹40k for purchasing raw material Micro-loans disbursements Tenure 24-30 months +51% YoY (FY26) +760% YoY (Q4 FY26) (In ₹ Cr) FY26 FY25
Slide 29: Branch network is expanding across various formats
Branch network is expanding across various formats Geographic split of branch network 701 26 Branch network States # branches, by category Our branch network 1 No. of urban branches No. of rural branches 701 No. of gold branches 1 22 19 Share in retail AUM % 1 8 573 136 22 13 9% 56 490 46 11% 49 6 4
Slide 30: 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 7% 20% 39% 18 - 34 yrs. 35 - 44 yrs. Employment 45% Salaried Age group category Self empoyed 45 - 54 yrs 55% >=55 yrs. Mobile shop owner from Bhilwara Tailor Master from Gwalior 33% Med
Slide 31: Cross-sell franchise
Cross-sell franchise | 25-30% of unsecured disb. through cross-sell Total customer franchise up 22% YoY to 5.7 Mn Q4 FY25 Q4 FY26 In Mn 4.7 Total customer franchise 5.7 Cross-sell% Unsecured disbursements* Total retail disbursements* 3.4 Credit segment filtered customers 3.9 15,478 42,015 11% 28% 31
Slide 32: 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 more on increasing product penetration into 1 2 manner… existing branches No. of branches 105 Products offered Mar-23 Mar-24 Mar-25 Mar-26 86 Housing loans 398 470 512 527 LA
Slide 33: Piramal.ai – Use case dashboard
Piramal.ai – Use case dashboard Category # AI Solution Metric Q1 FY26 Q4 FY26 1 AI driven sales assistance on Incentive # AI assisted incentive queries answered 54,000 82,000 Drive Growth 2 AI driven contest management # AI assisted contest gamification messages 23,000 1,55,600 3 ARYA (work assistan
Slide 34: Our Q4 FY26 AI spotlight – Operations.ai
Our Q4 FY26 AI spotlight – Operations.ai Between FY24 and FY26, the operations team staffing is flat although the book doubled Retail AUM up ~2x in 2 years; operations headcount stayed nearly flat Core AI BYOT Automation Retail AUM (₹ Cr) Operations staff (#) 85,885 Arya* Chatbot Branch Ops Register
Slide 35: Wholesale 2.0
iramal Finance Pp G Wholesale 2.0
Slide 36: Snapshot – Wholesale 2.0
Snapshot – Wholesale 2.0 AUM ₹ 12,538 Cr Mix 73 : 27 38% YoY Real estate CMML FY26 ₹ 9,292 Cr Disbursements 29% YoY Average ticket size ₹ 53 Cr FY26 Portfolio EIR (Effective interest rate) 14.4% Repayments as 63% Steady QoQ % of disbursements Repayments rate remains strong with strong environment fo
Slide 37: Building a diversified and granular book
Building a diversified and granular book backed by cash flows and assets In ₹ Cr. AUM +38% YoY +4% QoQ Disbursements +63% YoY +28% QoQ Total repayments (including pre-payments) Total Total Total CMML 12,538 CMML 2,782 2,268 12,047 CMML Real estate Real estate Real estate 11,295 10,425 2,302 3,347 3,
Slide 38: 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 53 54 54 53 51 3.2 3.1 3.0 2.9 2.9 12,538 12,047 11,295 10,425 9,117 Q4 FY25 Q1 FY26 Q2 FY
Slide 39: Portfolio analysis
Portfolio analysis Repayment analysis In ₹ Cr. Effective Interest Rate (EIR)* <14% >14% WS 2.0Total AUMWS2.0WS 2.0(₹ Cr.) AUM Contracted repayment Portfolio 14.4% 14.5% 14.5% 14.5% 14.4% Actual repayment EIR^ 2,268 Repayment + Prepayment + Exits 12,538 12,047 11,295 10,425 9,117 1,496 1,428 7,124 7,
Slide 40: Legacy (discontinued) business
Legacy (discontinued) business 39
Slide 41: Legacy AUM are now <3% of total AUM
Legacy AUM are ow <3% of total AUM AUM down 93% since March 2022 -59% YoY -46% QoQ 51,436 Legacy AUM (₹ Cr.) % Total AUM 45,429 44,411 43,175 91% 91% 89% -33% YoY 29,053 66% -50% YoY 45% 14,572 -53% YoY 6,920 -59% YoY 21% 2,807 9% 3% FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 40
Slide 42: Financials
6 Piramal Finance Financials
Slide 43: Profit and loss statement – consolidated
Profit and loss statement – consolidated Consolidated income statement Q4 FY26 Q4 FY25 YoY % Q3 FY26 QoQ % FY26 FY25 YoY % In ₹ Cr. Interest income1 3,038 2,381 28% 2,878 6% 11,121 8,909 25% Less: interest expense 1,676 1,417 18% 1,651 2% 6,390 5,317 20% Net interest income 1,362 964 41% 1,227 11% 4
Slide 44: Link to Data Sheet Q4 FY26
Link to Data Sheet Q4 FY26 Data from previous quarters now available on our website Click here to download the ‘Data Sheet Q4 FY26’ Story in charts Asset quality Pro forma business wise P&L Overview 43
Slide 45: Quarterly P&L - Growth business
Quarterly P&L* - Growth business In ₹ Cr. Net total income PPOP 850 1,632 775 1,548 1,430 687 1,316 1,313 619 565 PBT FY26 ₹1,560 Cr 495 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 427 344 307 295 Opex Credit Cost 773 782 748 743 348 355 697 344 313 Q4 FY25 Q1 FY2
Slide 46: Consol ROEs have steadily risen in last 6 quarters
Consol ROEs have steadily risen in last 6 quarters Growth vs Consol RoE 8.1% Growth RoE Consol RoE 7.3% 7.0% 5.8% 5.8% 5.6% 5.2% 5.0% 4.7% 4.1% 4.1% 3.9% 2.7% 2.4% 1.5% 0.6% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 45
Slide 47: Balance sheet
Balance sheet In ₹ Cr. Consolidated balance sheet Particulars Mar-26 Dec-25 Mar-25 Assets Cash & liquid investments 8,640 7,504 10,084 Gross asset under management 90,018 86,194 73,685 ECL provision 1,843 1,763 2,042 Net assets under management 88,175 84,431 71,642 Investments in Shriram group 1,372
Slide 48: Liabilities
Liabilities COB1 – We have seen ~35bps decline in our COB during this cycle Positive ALM gaps throughout 9.17% In ₹ Cr, period-end 51% 9.12% 9.13% 9.13% 52% GAP % 14,840 15,358 8.93% 8.94% 8.95% 8.95% +28% 8.84% 8.73% 20% 8.65% 8.64% 8.64% 8,844 +8% 5,818 Q4 FY25 Q4 FY23 Q4 FY24 Q4 FY26 Q3 FY24 Q3 F
Slide 49: Appendix
6 Piramal Finance Appendix
Slide 50: Asset classification: Total assets
Asset classification: Total assets Total assets (₹ Cr.) Mar-26 Dec-25 Mar-25 Stage 1 86,350 82,144 69,743 Stage 2 1,535 1,715 1,637 Stage 3 1,970 2,118 1,951 Sub-Total 89,855 85,977 73,331 POCI 164 216 354 Total AUM* 90,018 86,194 73,685 Total provisions (₹ Cr.) Mar-26 Dec-25 Mar-25 Stage 1 1,069 96
Slide 51: Asset classification: Growth assets
Asset classification: Growth assets Total assets (₹ Cr.) Mar-26 Dec-25 Mar-25 Stage 1 84,033 77,633 64,063 Stage 2 1,387 1,503 1,259 Stage 3 1,627 1,611 1,089 Sub-Total 87,047 80,747 66,411 POCI 164 216 354 Total AUM* 87,211 80,964 66,765 Total provisions (₹ Cr.) Mar-26 Dec-25 Mar-25 Stage 1 842 744
Slide 52: Asset classification: Legacy assets
Asset classification: Legacy assets Total assets (₹ Cr.) Mar-26 Dec-25 Mar-25 Stage 1 2,317 4,511 5,679 Stage 2 148 212 378 Stage 3 343 507 862 Total AUM 2,807 5,230 6,920 Total provisions (₹ Cr.) Mar-26 Dec-25 Mar-25 Stage 1 227 222 369 Stage 2 19 23 101 Stage 3 50 66 259 Total 296 311 728 Provisio
Slide 53: Multi-product retail lending platform across the risk-reward spectrum
Multi-product retail lending platform across the risk-reward spectrum – Q4 FY26 Average disbursement Disbursement Share in Product Segments Products AUM yield Share in AUM* ticket size (₹ lakh) yield disbursements Mass affluent housing Housing Affordable housing 23 11.7% 22.3% 11.7% 37.1% Budget hou
Slide 54: 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 AUM Loans (on-book) + off-book assets AUM yield (retail) Weightage average yield excludes POCI and pertains to all customers outstanding
Slide 55: 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 56: Dial-in details for Q4 FY26 earnings conference call
Dial-in details for Q4 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 – 7:30 AM Toll free number (Eastern time – New York) 1 866 746 2133 UK – 12:30 AM Toll free number (Lon
Slide 57: 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