1. Opening Hook
So while half the market was busy debating rate cuts, Piramal Finance quietly packed its bags for Europe, the UK, and the UAE—armed with slides, spreadsheets, and supreme confidence. The message was clear: “We’ve survived DHFL, tamed legacy junk, and now we’re a clean retail beast.”
Q3 FY26 was less drama, more delivery. AUM surged, profits exploded (low base magic included), and management sounded unusually calm for an NBFC. AI got its own spotlight, legacy loans kept shrinking, and RoAUM finally started behaving like the long-term goal presentations promised years ago.
But before you clap too hard, margins, credit costs, and execution risks are still lurking backstage. Read on—because the real story sits between the bold targets and the fine print.
2. At a Glance
- AUM ₹96,690 Cr (+23% YoY) – Growth engine revving; legacy now an afterthought.
- Retail = 82% of AUM – Wholesale humbled, retail crowned king.
- PAT ₹401 Cr (+940% YoY) – Low base deserves flowers too.
- RoAUM 1.9% (Growth business) – Finally inching toward the 3% dream.
- GNPA 2.6% / NNPA 1.9% – Risk behaving… for now.
- NIM 6.3% – Funding costs behaving better than expected.
3. Management’s Key Commentary
“We are on track to reach ₹1.5 lakh crore AUM by FY28.”
(Translation: Please don’t ask us about macro shocks until then 😏)
“Growth AUM now constitutes
