Piramal Finance Q2 FY27 Results Analysis: PAT Jumps 67%, NII Grows 40% (PIRAMALFIN)
Piramal Finance Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 3,659.19 Cr (+27.40% YoY) and PAT growth of +66.80% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 19, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 3,659.19 Cr (+27.40% YoY) |
| PAT (Q2) | Rs. 545.42 Cr (+66.80% YoY) |
| EPS (Q2) | Rs. 23.68 (+64.10% YoY) |
| Market cap | Rs. 46,127.52 Cr |
| CMP | Rs. 1,948.70 |
Quarter Snapshot
Consolidated PAT grew 66.8% YoY to Rs.545.42 Cr with H1 already tracking ahead of management's ~50% FY27 PAT growth guidance, driven by NII growth of 40.3% YoY as finance costs rose only 16.5%. The Rs.2,099.99 Cr QIP lifted capital adequacy to 20.10%, Moody's upgraded to Ba2, and GNPA/NNPA held stable at 2.40%/1.66%. Watch items are the swing to a Rs.235.38 Cr provision charge and the 62.7% QoQ drop in associate profit contribution.
Key Investment Insights
Key Positives
- Consolidated PAT grew 66.8% YoY to Rs.545.42 Cr; H1 FY27 PAT of Rs.1,006.40 Cr is tracking ahead of management's FY27 guidance of ~50% PAT growth
- Revenue from operations grew 27.4% YoY to Rs.3,659.19 Cr and 9.04% QoQ
- NII grew 40.3% YoY to Rs.1,428.25 Cr as finance costs grew 16.5% YoY versus interest income growth of 25.9%
- PPOP grew 22.3% QoQ to Rs.968.15 Cr; PPOP margin at 26.46% of revenue from operations
- Capital to RWA improved to 20.10% from 18.85% in Q1 after the Rs.2,099.99 Cr QIP; debt-equity improved to 2.71x from ~2.8x
- Moody's upgraded to Ba2 from Ba3 (11 Sep 2026); Rs.1,625 Cr of NCDs raised at 8.57% coupon
- GNPA stable at 2.40% and NNPA at 1.66%, unchanged from Q1 FY27
- Loans grew 13.88% since March 2026 to Rs.96,618.21 Cr
Risk Factors
- Impairment allowances swung to a Rs.235.38 Cr charge from a Rs.148.06 Cr reversal in Q2FY26
- Share of net profit of associates and JVs fell 62.7% QoQ to Rs.36.89 Cr from Rs.98.87 Cr in Q1FY27
- Other operating income declined 56.1% YoY to Rs.52.04 Cr from Rs.118.65 Cr
- Cash and cash equivalents fell 50.17% to Rs.2,054.45 Cr as loan growth was funded
- Effective tax rate of 5.97% reflects only Rs.0.04 Cr of current tax, supported by carried-forward tax credits that may not persist
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.