Retail assets accounted for 86% of Piramal Finance Limited's assets under management in a quarter when the Indian lender's net profit rose 67% to ₹545 crore.
Piramal's unaudited results, released Oct. 19, cover the quarter ended Sept. 30, 2026. Profit was ₹327 crore a year earlier and ₹461 crore in the preceding quarter.
Total assets under management reached ₹113,112 crore, up 24% from a year earlier. Retail assets under management grew 30% to ₹97,462 crore, outpacing growth in the total.
Net interest income rose 35% to ₹1,530 crore. Piramal said its net income margin reached 6.5%, up 35 basis points from a year earlier, while its cost-to-income ratio fell to 52.1% from 61.2%. A combined line for loan-loss provisions and fair-value gains or losses rose 22% to ₹302 crore from ₹248 crore.
The year-earlier quarter included ₹60 crore in merger expenses and a ₹21 crore one-time tax charge, affecting the profit comparison. Chairman Anand Piramal described the DHFL merger five years ago as a milestone in the lender's shift toward retail lending.
Piramal completed a ₹2,100 crore qualified institutional placement and allotted warrants to the promoter group with a total price of about ₹1,750 crore. Its Oct. 5 allotment filing recorded ₹437.51 crore received upfront for the warrants. The company said the capital raise supports its retail-led growth.
In a Sept. 24 disclosure, Piramal maintained its forecast for about 50% year-over-year net profit growth in FY2027. It said insurance commissions totaled about ₹200 crore in FY2026.
Piramal estimates that proposed insurance distribution rules, if implemented as described, could lower its FY2028 return on assets by 18 to 24 basis points before offsets. The company said its ownership of Pramerica Life Insurance and changes to sales incentives could soften the impact. Its estimate assumes the proposed rules take effect on April 1, 2027.
