HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
PIRAMALFIN
NSE: PIRAMALFINFinancial ServicesCredit Services
- Last close
- ₹1,874.40
- Day change
- −₹77.60 (−3.98%)vs
- Market cap
- ₹46,018 crIndian rupees
- Research updated
- 2 reports
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About PIRAMALFIN
Piramal Finance Limited, a housing finance company, provides financing solutions to corporate and private customers in India. It offers housing loans, such as home, construction, and home renovation and extension loan; business loans, which include working capital loan, loan against property and secured business loan, as well as loans for growing business, consolidate business needs, and professionals; and real estate financing, corporate finance, emerging corporate lending, and capital markets and advisory services. Piramal Finance Limited was formerly known as Piramal Capital & Housing Finance Limited and changed its name to Piramal Finance Limited in March 2022. The company was incorporated in 1984 and is based in Mumbai, India.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: PIRAMALFIN
- Chief executive
- Mr. Jairam Sridharan
- Employees
- 16,684
- Headquarters
- Mumbai, India
- ISIN
- INE202B01038
- Website
- piramalfinance.com
Public research · Report of
Business model & financial foundation
Piramal Finance (NSE: PIRAMALFIN), Upper-Layer diversified retail NBFC: revenue of ₹11,852 crore in FY26 (+15.4% on FY25) and net profit of ₹1,504 crore.
- Revenue, FY26 (₹ crore)
- 11,852
- consolidated
- Revenue growth, FY26
- +15.4%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,504
- to owners
- Return on equity, FY26
- 5.4%
- on average equity
- Market capitalisation (₹ crore)
- 48,086
- at the close of 19 Oct 2026
Company profile
Piramal Finance originates retail mortgages, loan-against-property, used-vehicle and unsecured loans alongside new wholesale real-estate and corporate lending. Its managed AUM includes off-book assets and is not the statutory loan balance. The group is shrinking legacy wholesale exposures while expanding branch-led retail lending, including rural and gold products. Alternatives, insurance interests and investment property complicate the bridge from recurring lending earnings to reported profit.
| Item | Value |
|---|---|
| Legal name | Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited, Dewan Housing Finance Corporation Limited) |
| Exchange and ticker | NSE: PIRAMALFIN; BSE: 544597 |
| ISIN | INE202B01038 |
| CIN | L64910MH1984PLC032639 |
| Sector | Financial Services |
| Industry | Upper-Layer diversified retail NBFC |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Singhi & Co. and Lodha & Co. LLP (since 2024 / 2025) |
| Market capitalisation | ₹48,086 crore (19 Oct 2026) |
| Shares outstanding | 22.67 crore shares (FY26) |
| Price | ₹1,950 (close, 19 Oct 2026) |
| Website | https://www.piramalfinance.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| DHFL Investments Limited | 100% | Holds 50% Pramerica Life JV |
| Piramal Agastya Offices Private Limited | 100% | Commercial investment property |
| Piramal Corporate Tower Private Limited | 100% | Commercial investment property |
| Piramal Payment Services Limited | 100% | Payments; Q1FY27 consolidation list uses Origin.Al Studios |
| Piramal Fund Management Limited | 100% | Investment/fund management |
| Piramal Investment Advisory Services Private Limited | 100% | Investment holding and advisory |
| Piramal Alternatives Private Limited | 100% | Alternatives investment platform |
| INDIAREIT Investment Management Co. | 100% | Offshore investment management |
| Piramal Alternatives India Credit Opportunities Fund II | 84.31% | Consolidated credit fund |
PEL merged effective16Sep2025 appointed1Apr2024; exchange ratio1:1. Statutory single segment lending/investing; retail, new wholesale and legacy are management portfolios. Additional funds/trusts consolidated.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 46.16% | 46.16% | 46.16% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 15.58% | 14.63% | 15.45% | |
| Domestic institutions | 16.26% | 18.81% | 18.63% | |
| of which mutual funds | 9.02% | 11.52% | 12.77% | |
| Retail | 12.18% | 11.28% | 10.82% | |
| Other | 9.82% | 9.12% | 8.94% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Piramal Finance Limited (NSE: PIRAMALFIN) is an Upper-Layer NBFC formed when Piramal Enterprises merged into its lending subsidiary. The merger was effective 16 Sep 2025, with an appointed date of 1 Apr 2024 and a 1:1 share swap. It earns spread income on managed AUM of INR 1,06,940 cr at Q1FY27: retail INR 91,249 cr (85%), new wholesale (real estate and corporate mid-market lending) INR 13,238 cr, and legacy INR 2,452 cr. Products are housing, loan-against-property, used-car, unsecured personal and business loans, microfinance and, since FY26, gold loans, sold through 780 branches. Management total income (INR 5,601 cr in FY26) is net of interest expense and is not gross statutory revenue (INR 11,852 cr). Non-lending assets add earnings and complexity: alternatives AUM, a 50% Pramerica Life JV, a Shriram General stake held for sale, and investment property.
| Peer | Why the dossier compares them |
|---|---|
| L&T Finance (LTF) | Retailisation and operating leverage comparator |
| Shriram Finance (SHRIRAMFIN) | Mass-market secured retail credit and funding comparator |
| Cholamandalam Investment and Finance (CHOLAFIN) | Vehicle/LAP origination and asset-quality comparator |
| Bajaj Finance (BAJFINANCE) | Retail franchise and productivity upper benchmark |
| Poonawalla Fincorp (POONAWALLA) | Growth-stage retail NBFC profitability ramp |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Gross statutory revenue from operations | 10,020 | 10,270 | 11,852 |
| Cost of revenue (vendor classification) * | 4,591 | 6,638 | 7,934 |
| Other operating costs (vendor classification) * | 971.0 | 148.1 | 1,128 |
| EBITDA (vendor classification) * | 1,489 | 2,761 | 2,402 |
| EBIT not applicable to lender operating presentation | n.a. | n.a. | n.a. |
| Statutory finance costs | 4,344 | 5,282 | 6,379 |
| Statutory profit before tax after associates and exceptional | -3,278 | 644.9 | 1,383 |
| Current deferred and prior-year tax expense / credit | -1,595 | 159.4 | -123.1 |
| Statutory consolidated profit after tax incl NCI | -1,684 | 485.5 | 1,506 |
| Reported diluted earnings per share (₹) | -72.82 | 21.33 | 66.11 |
| Statutory interest income | 7,314 | 8,461 | 10,623 |
| Statutory fees and commission income | 559.7 | 439.5 | 434.0 |
| Employee benefits expenses | 1,350 | 1,622 | 1,811 |
| Statutory other expenses | 1,533 | 1,179 | 1,269 |
| Depreciation amortisation and nonfinancial impairment | 829.0 | 213.7 | 902.8 |
| Financial instrument impairment allowances / reversals | -733.4 | -1,581 | -321.4 |
| Statutory other income (nonoperating) | 158.1 | 342.3 | 179.1 |
| Share of profit of associates and joint ventures | 153.7 | 136.6 | 188.9 |
| Statutory exceptional gains / losses (signed) | -2,087 | 0.00 | 1,245 |
| Profit after tax attributable to owners | -1,684 | 485.5 | 1,504 |
| Statutory fees and commission expenses | 56.5 | 35.5 | 11.6 |
| Net loss on fair value changes (expense) | 0.00 | 410.5 | 1,156 |
| Net loss on derecognition amortised-cost instruments | 4,145 | 2,943 | 874.9 |
| Profit attributable to noncontrolling interests | 0.00 | 0.00 | 1.83 |
| Dividend income in gross revenue | 147.9 | 57.5 | 52.6 |
| Rental income in gross revenue | 78.8 | 129.4 | 132.5 |
| Sale of services in gross revenue | 5.45 | 15.3 | 11.0 |
| Other operating income in gross revenue | 1,181 | 1,167 | 599.2 |
| Net fair value gain included in gross revenue | 734.0 | 0.00 | 0.00 |
| Management net interest income | 3,022 | 3,591 | 4,731 |
| Management total income AFTER interest expense | 3,971 | 4,596 | 5,601 |
| Management noninterest income including fees and dividends | 948.0 | 1,005 | 870.0 |
| Management pre-provision operating profit | 1,197 | 1,582 | 2,294 |
| Management interest income incl DA upfront | 7,423 | 8,909 | 11,121 |
| Management interest expense | 4,400 | 5,317 | 6,390 |
| Management operating expenses | 2,774 | 3,014 | 3,308 |
| Management loan loss provisions and FV loss / gain | 3,990 | 1,074 | 2,608 |
| Statutory interest income less finance costs | 2,970 | 3,179 | 4,245 |
| Statutory total income before finance costs | 10,178 | 10,612 | 12,032 |
| FY24 PCHFL subgroup statutory revenue not PEL group | 6,703 | ||
| FY24 PCHFL subgroup statutory interest income | 5,839 | ||
| FY24 PCHFL subgroup statutory finance costs | 3,659 | ||
| FY24 PCHFL subgroup fees and commission income | 567.0 | ||
| FY24 PCHFL subgroup employee costs | 1,146 | ||
| FY24 PCHFL subgroup other expenses | 1,039 | ||
| FY24 PCHFL subgroup depreciation amortisation impairment | 152.4 | ||
| FY24 PCHFL subgroup financial impairment reversal | -666.3 | ||
| FY24 PCHFL subgroup other income | 66.0 | ||
| FY24 PCHFL subgroup joint venture profit contribution | -71.8 | ||
| FY24 PCHFL subgroup exceptional loss signed | -1,658 | ||
| FY24 PCHFL subgroup profit before tax | -3,616 | ||
| FY24 PCHFL subgroup total tax credit | -1,640 | ||
| FY24 PCHFL subgroup profit after tax | -1,975 | ||
| FY24 PCHFL subgroup diluted EPS Rs10 premerger shares (₹) | -0.92 | ||
| Management exceptional gains and losses | -1,596 | 0.00 | 1,509 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total statutory equity including noncontrolling interests | 26,557 | 27,096 | 28,191 |
| Debt securities other borrowings deposits and subordinated debt | 53,611 | 65,577 | 79,989 |
| Statutory cash and cash equivalents | 3,274 | 4,992 | 4,123 |
| Trade receivables net (excludes loan receivables) | 12.9 | 5.93 | 13.0 |
| Trade payables total | 294.5 | 415.2 | 427.1 |
| Net property plant and equipment excluding rightofuse assets | 402.1 | 234.6 | 168.6 |
| Total consolidated statutory assets | 82,605 | 94,943 | 1,10,546 |
| Statutory equity attributable to owners | 26,557 | 27,096 | 28,149 |
| Loans net of financial impairment allowance | 54,943 | 65,791 | 84,838 |
| Gross onbalance loans before financial impairment allowance | 58,296 | 67,811 | 86,636 |
| Bank balances other than cash equivalents incl earmarked | 1,173 | 1,284 | 1,445 |
| Total statutory investments net of ECL | 12,513 | 12,539 | 9,814 |
| Unencumbered specified treasury investments (derived) | 1,757 | 3,717 | 3,012 |
| Derived debt less cash and specified unencumbered treasury | 48,581 | 56,868 | 72,854 |
| Other receivables separate from trade receivables | 53.6 | 43.5 | 24.0 |
| Debt securities carrying amount | 32,419 | 35,822 | 31,592 |
| Borrowings other than debt securities | 21,040 | 29,539 | 48,269 |
| Subordinated debt liabilities | 127.2 | 127.5 | 127.9 |
| Deposit liabilities | 25.2 | 88.4 | 0.00 |
| FY24 PCHFL subgroup equity before PEL merger | 14,895 | ||
| FY24 PCHFL subgroup total statutory assets | 65,858 | ||
| FY24 PCHFL subgroup loans net | 48,276 | ||
| FY24 PCHFL subgroup cash equivalents | 1,957 | ||
| FY24 PCHFL subgroup bank balances other than cash | 992.5 | ||
| FY24 PCHFL subgroup total investments | 8,307 | ||
| FY24 PCHFL subgroup trade receivables | 2.34 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Statutory cash from operating activities | 26.4 | -8,119 | -15,892 |
| Free cash flow (vendor definition) * | -6,684 | -8,393 | -16,009 |
| Dividends paid positive cash outflow | 739.9 | 225.1 | 249.4 |
| Gross cash capital expenditure positive outflow | 1,270 | 273.8 | 116.5 |
| Cash consideration for business acquisitions | 0.00 | n.d. | n.d. |
| Share buybacks cash outflow including tax and expenses | 2,168 | 0.00 | 0.00 |
| PCHFL subgroup premerger CFO not main predecessor group | -1,928 | ||
| PCHFL subgroup PPE and intangible gross cash capex | 253.0 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Yearend paid-up shares or merger-entitled predecessor | 22.47 | 22.55 | 22.67 |
| Weighted average diluted shares actually used in reported EPS | 23.12 | 22.76 | 22.78 |
| Weighted average basic equity shares | 23.12 | 22.52 | 22.65 |
| Yearend issued equity shares including abeyance | 22.47 | n.a. | 22.67 |
| ESOP trust treasury shares deducted from consolidated capital | n.r. | n.r. | 0.06 |
| Consolidated yearend shares net of treasury shares | 22.61 | ||
| Rounded management gross debt | 65,484 | 79,945 | |
| Management total assets distinct statutory presentation | 92,580 | 1,08,136 | |
| Management cash and liquid investments rounded | 8,640 | ||
| PCHFL premerger legal paidup shares | 2,336 | ||
| PCHFL premerger basic and diluted EPS denominator (crore shares) | 2,140 | ||
| FY24 PEL potential share table before loss antidilution (crore shares) | 23.30 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Statutory gross revenue from operations | 2,365 | 2,825 | 2,854 | 2,639 | 2,872 | 2,918 | 3,424 | 3,368 |
| Cost of revenue (vendor classification) * | 1,789 | 1,821 | 1,943 | 2,123 | 2,104 | 2,238 | ||
| Other operating costs (vendor classification) * | 307.6 | 325.9 | 467.2 | 286.8 | 377.0 | 329.2 | ||
| EBITDA (vendor classification) * | 1,314 | 1,467 | 507.0 | 678.6 | 735.2 | 1,207 | ||
| EBIT * | 631.8 | 607.6 | 288.7 | 406.6 | 248.2 | 690.8 | ||
| Statutory profit before tax after associates and exceptionals | 190.2 | 90.7 | 116.1 | 301.0 | 249.4 | 327.9 | 504.8 | 443.0 |
| Total statutory current prior-year and deferred tax | 27.2 | 52.1 | 13.6 | 24.7 | -77.6 | -73.1 | 2.99 | -18.0 |
| Statutory consolidated profit after tax including NCI | 163.0 | 38.6 | 102.4 | 276.4 | 327.0 | 401.0 | 501.8 | 461.0 |
| Statutory diluted EPS INR per share not annualised | 7.15 | 1.69 | 4.50 | 12.13 | 14.26 | 17.50 | 22.01 | 20.27 |
| Statutory finance costs excluding fee expenses | 1,305 | 1,364 | 1,417 | 1,492 | 1,567 | 1,646 | 1,674 | 1,734 |
| Statutory interest income | 2,080 | 2,189 | 2,264 | 2,393 | 2,585 | 2,730 | 2,914 | 3,085 |
| Statutory fees and commission income | 101.9 | 107.5 | 124.2 | 114.3 | 120.7 | 124.5 | 74.5 | 126.8 |
| Statutory other income outside revenue from operations | 87.0 | 53.6 | 179.1 | 50.9 | 28.7 | 57.4 | 42.1 | 61.3 |
| Statutory total income before finance costs | 2,452 | 2,878 | 3,033 | 2,690 | 2,900 | 2,975 | 3,466 | 3,430 |
| Statutory fees and commission expenses | 12.4 | 13.9 | 0.71 | 2.27 | 2.85 | 4.16 | 2.29 | 2.42 |
| Statutory employee benefits expenses | 413.0 | 424.6 | 404.5 | 450.8 | 453.7 | 476.7 | 430.1 | 504.2 |
| Statutory other expenses | 272.5 | 307.6 | 325.9 | 304.3 | 300.6 | 286.8 | 377.0 | 329.2 |
| Statutory depreciation amortisation and impairment | 55.4 | 54.1 | 53.1 | 57.1 | 143.7 | 57.0 | 645.0 | 56.0 |
| Statutory impairment allowances reversals financial instruments | 66.5 | -74.5 | -1,085 | -226.8 | -148.1 | 18.9 | 34.6 | 273.6 |
| Statutory net loss gain on fair value changes | -26.7 | 266.1 | -54.5 | -3.42 | 116.5 | 63.5 | 979.8 | 12.4 |
| Statutory net loss on derecognition financial instruments | 197.8 | 436.2 | 1,946 | 391.5 | 196.9 | 132.6 | 154.0 | 173.8 |
| Share of net profit associates and joint ventures | 34.3 | 4.52 | 90.3 | 78.4 | 63.1 | 38.9 | 8.60 | 98.9 |
| Statutory exceptional gains losses signed | 0.00 | 0.00 | 0.00 | 0.00 | -81.0 | 0.00 | 1,326 | 0.00 |
| Statutory profit attributable to owners | 163.0 | 38.6 | 102.4 | 276.4 | 326.8 | 400.2 | 500.9 | 459.1 |
| Management interest income including DA upfront income | 2,198 | 2,318 | 2,381 | 2,504 | 2,702 | 2,878 | 3,038 | 3,179 |
| Management financing cost including fee expenses | 1,317 | 1,378 | 1,417 | 1,494 | 1,570 | 1,651 | 1,676 | 1,736 |
| Company management NII not statutory interest less finance cost | 881.0 | 940.0 | 964.0 | 1,010 | 1,132 | 1,227 | 1,362 | 1,442 |
| Management other income including fees dividends other items | 257.0 | 205.0 | 377.0 | 227.0 | 196.0 | 252.0 | 194.0 | 251.0 |
| Management total income NET of financing cost | 1,137 | 1,145 | 1,341 | 1,237 | 1,328 | 1,480 | 1,556 | 1,693 |
| Management operating expenses adjusted from statutory cost stack | 741.0 | 786.0 | 783.0 | 812.0 | 813.0 | 821.0 | 862.0 | 889.0 |
| Company management pre-provision operating profit | 396.0 | 358.0 | 557.0 | 425.0 | 515.0 | 659.0 | 694.0 | 804.0 |
| Management loan loss provisions and FV loss gain | 240.0 | 272.0 | 531.0 | 202.0 | 248.0 | 370.0 | 1,787 | 460.0 |
| Management PBT before management exceptional gains losses | 190.0 | 91.0 | n.d. | 301.0 | 330.0 | 328.0 | -1,085 | 443.0 |
| Management exceptional gain loss not statutory exceptional line | n.d. | n.d. | n.d. | n.d. | -81.0 | n.d. | 1,590 | n.d. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 2.5% | 15.4% | |
| Net margin | -16.8% | 4.7% | 12.7% |
| Return on equity | -6.3% | 1.8% | 5.4% |
| Return on assets | -2.0% | 0.5% | 1.5% |
| Dividend payout | -43.9% | 46.4% | 16.6% |
| EPS, diluted (₹) | -72.82 | 21.33 | 66.11 |
| Book value per share (₹) | 1,182 | 1,202 | 1,244 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Reported diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 19 Oct 2026); market data at the close of 19 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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Report history
Reports on PIRAMALFIN
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 19 Oct 2026; page updated 25 Oct 2026.
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