Jun Q: In Line Consol PAT; Improving Trajectory, But Valuation Caps Upside

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Jun Q: In Line Consol PAT; Improving Trajectory, But Valuation Caps Upside

India | Diversified Financials

Piramal EquityJulyResearch16, 2026

TARGET | ESTIMATE CHANGEJun Q: In Line Consol PAT; Improving

RATING HOLDTrajectory, But Valuation Caps Upside

PRICE INR2,170.90^

Piramal reported 1QFY27 PAT of Rs4.6bn vs. our Rs4.5bn est. due to lower

tax, higher assoc income. PBT of Rs3.4bn missed our est. due to higher PRICE TARGET | % TO PT INR2,300 (INR1,940) | +6%

provision mainly in wholesale 1.0. Consol. AUM grew 25% YoY & NIM rose 52W HIGH-LOW INR2,214.95 - INR1,235.15

QoQ. Retail GNPA inched up QoQ. We expect healthy AUM growth, lower FLOAT (%) | ADV MM (USD) 48.9% | 10.07

CoF led NIM gains and op. leverage to drive profit growth & RoA expansion MARKET CAP INR518.1B | $5.4B

over FY26-29e, but at 1.6x FY27e BV, valuation upside seems capped given TICKER PIRAMALF IN ^Prior trading day's closing price unless otherwise

10/12% ROE by FY28/29e. Hold. noted.

Healthy AUM growth momentum in retail: 1Q AUM grew 25% to Rs1.1 trn led by 32% growth FY (Mar) CHANGE TO JEFe JEF vs CONS

in Growth AUM. Retail AUM grew 32% led by 44% disbursement growth with LAP (47% YoY) & 2027 2028 2027 2028

unsecured loans (45% YoY) the key drivers; HL moderated to 18% (19% 4QFY26). Wholesale REV NA NA NA NA

2.0 AUM grew 27% YoY, while wholesale 1.0 AUM fell 13% QoQ to Rs24.5bn (2% of AUM).

EPS +3% +2% NA NA

Digital loans, largely FLDG backed, grew 67% YoY (19% QoQ) as fintech partner activity picked

up sharply in last 2 quarters. Mgmt indicated good traction in higher ticket mass affluent HL

2027 (INR) Q1 Q2 Q3 Q4 FY

and large ticket LAP. In wholesale 2.0, elevated rundown is a drag on growth. We expect AUM

EPS -- -- -- -- 104.66

to grow at 25% CAGR over FY26-28e led by 26% CAGR growth in retail AUM.