Piramal Finance Limited has opened its qualified institutional placement of fully paid-up equity shares with a floor price of ₹2102.65 per share. The issue commenced on August 24, 2026, following shareholder approval granted via postal ballot on August 17, 2026.

The Committee of Directors (Administration, Authorisation & Finance) approved the opening of the issue and the preliminary placement document during a meeting held on August 24, 2026. The committee fixed August 24, 2026, as the relevant date for pricing purposes under Regulation 171(b)(i) of the SEBI ICDR Regulations.

Pricing and Regulatory Framework

The floor price of ₹2102.65 per equity share was determined based on the pricing formula prescribed under Regulation 176(1) of the SEBI ICDR Regulations. The company may offer a discount of up to 5% on this floor price at its discretion, in accordance with regulatory guidelines.

The final issue price will be determined by the company in consultation with the book running lead managers appointed for the issue.

Governance and Compliance

The board of directors initially approved the issue at its meeting on July 16, 2026. Shareholders subsequently passed a special resolution approving the placement on August 17, 2026.

In compliance with the SEBI Prohibition of Insider Trading Regulations, 2015, and the company’s code of conduct for designated persons, the trading window for dealing in the company’s securities remains closed for all designated persons and their immediate relatives.

The preliminary placement document was filed with the BSE Limited and the National Stock Exchange of India Limited on August 24, 2026. A copy of the document is available on the company’s website.

The Board of Directors of Piramal Finance approved the unaudited condensed standalone and consolidated interim financial statements for the quarter ended June 30, 2026, on August 24, 2026. The company, formerly known as Piramal Capital & Housing Finance Limited, has transitioned its regulatory status from a Housing Finance Company (HFC) to a Non-Banking Financial Company - Investment and Credit Company (NBFC-ICC). This shift was formalized when the Reserve Bank of India issued the Certificate of Registration on April 4, 2025.

Financial Performance

Consolidated net profit attributable to owners of the company rose 66% year-on-year to ₹459.12 crore for the quarter ended June 30, 2026, compared to ₹276.37 crore in the same period last year. Total comprehensive income for the period stood at ₹659.27 crore, up from ₹309.50 crore in Q1FY26.

Standalone results mirrored this growth trajectory, with profit for the period increasing to ₹439.92 crore from ₹263.25 crore in the corresponding quarter of the previous fiscal year. Earnings per share (EPS) on a consolidated basis reached ₹20.38 (basic) and ₹20.27 (diluted), up from ₹12.22 and ₹12.13 respectively in Q1FY26.

Revenue and Expense Analysis

Total revenue from operations on a consolidated basis grew 27% to ₹3,368.27 crore, driven primarily by an expansion in interest income. Interest income increased to ₹3,085.48 crore from ₹2,393.43 crore year-ago. Fees and commission income also saw a modest rise to ₹126.83 crore from ₹114.27 crore. Other operating income, largely comprising recoveries from written-off accounts, contributed ₹99.61 crore.

On the expense side, total expenses climbed to ₹3,085.42 crore from ₹2,470.86 crore. Finance costs accounted for the bulk of this increase, rising to ₹1,733.86 crore from ₹1,491.71 crore. Impairment allowances on financial instruments reversed from a credit of ₹226.83 crore in Q1FY26 to a charge of ₹273.59 crore in the current quarter. Employee benefit expenses also increased to ₹504.16 crore from ₹450.84 crore.

Balance Sheet Signals

As of June 30, 2026, total assets on a consolidated basis stood at ₹1,13,669.75 crore, up from ₹1,10,546.47 crore at the end of FY26. Loans, the largest asset class, grew to ₹90,257.97 crore from ₹84,838.02 crore. Cash and cash equivalents declined significantly to ₹1,673.72 crore from ₹4,123.12 crore, reflecting deployment into lending activities.

Total liabilities and equity matched the asset side at ₹1,13,669.75 crore. Borrowings (other than debt securities) increased to ₹50,842.09 crore from ₹48,269.35 crore. Debt securities remained relatively stable at ₹31,389.80 crore. Equity share capital remained unchanged at ₹45.25 crore, while other equity reserves grew to ₹28,780.27 crore.

What the Numbers Show

A notable divergence exists between the growth in interest income and the rise in finance costs. While interest income expanded by approximately 29% year-on-year, finance costs grew by roughly 16%. This suggests an improvement in the net interest margin environment, although the exact NIM figure is not explicitly disclosed in the summary data. Furthermore, the reversal of impairment credits to impairment charges indicates a tightening in credit provisioning or specific asset quality movements during the quarter, contrasting with the previous year's release of provisions.

Corporate Developments

The financial statements reflect the impact of the Composite Scheme of Arrangement between Piramal Finance Limited (Transferee Company) and Piramal Enterprises Limited (Transferor Company). Sanctioned by the National Company Law Tribunal on September 10, 2025, the scheme became effective on September 16, 2025. The amalgamation has been accounted for using the pooling of interest method under Appendix C of Ind AS 103, with comparative figures restated accordingly.

The unaudited condensed interim financial statements were reviewed by Singhi & Co. and Lodha & Co. LLP, who issued their review reports on August 24, 2026. The reports confirm that nothing came to their attention to cause them to believe the statements are not prepared in accordance with Ind AS 34.