Piramal Finance Limited Receives Exchange Approval for Modified Non-Convertible Debentures ISINs

1 min read Updated on 17 Feb 2026, 06:54 PM

Reviewed by

Shriram SScanX News Team

Overview

Piramal Finance Limited received listing approval from BSE and NSE for new ISINs following Non-Convertible Debentures coupon rate modifications. The changes increased rates from 9.27% to 9.52% for 2028 debentures and from 9.5109% to 9.7609% for 2029 debentures. Old ISINs have been suspended while new ISINs INE202B07JY0 and INE202B07JX2 are now available for trading on both exchanges.

*this image is generated using AI for illustrative purposes only.

Piramal Finance Limited has announced that it has received listing and trading approval from both BSE Limited and National Stock Exchange of India for new ISINs following modifications in the coupon rates of its Non-Convertible Debentures. The company made this disclosure under Regulations 30 & 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Exchange Approvals and Timeline

BSE Limited granted the approval through Notice no. 20260212-19 dated 12th February 2026, while National Stock Exchange of India issued Circular no. 0267/2026 dated 17th February 2026. These approvals come as an update to the company's previous communications dated 14th November 2025 and 11th December 2025 regarding modifications in the clause(s) mentioned in the Information Memorandum of Non-Convertible Debentures.

ISIN Modifications and Trading Details

The modifications have resulted in changes to both the ISINs and the associated trading identifiers across both exchanges:

Parameter	ISIN INE202B07JY0 (erstwhile INE516Y07014)	ISIN INE202B07JX2 (erstwhile INE516Y07063)
BSE Scrip ID - Old:	927PFL28	95109PFL29
BSE Scrip ID - New:	952PFL28	97609PFL29
NSE Symbol - Old:	Piramal Capital 9.27% 2028	Piramal Capital 9.5109% 2029
NSE Symbol - New:	PFL 9.52% 2028	PFL 9.7609% 2029

Coupon Rate Changes

The modifications reflect changes in coupon rates for both debenture series. The 2028 maturity debentures saw their coupon rate increase from 9.27% to 9.52%, while the 2029 maturity debentures experienced a rate change from 9.5109% to 9.7609%. These modifications necessitated the creation of new ISINs to reflect the updated terms.

Trading Commencement

As a result of these modifications, the old ISINs INE516Y07014 and INE516Y07063 have been suspended from trading. The new ISINs INE202B07JY0 and INE202B07JX2 are now listed on both NSE and BSE, with trading available on both exchanges from the respective dates specified in the exchange notices issued for this purpose.

The company, formerly known as Piramal Capital & Housing Finance Limited, has its registered office at Amiti Building, Agastya Corporate Park, Kurla (West), Mumbai. The announcement was signed by Company Secretary Bipin Singh and filed under the company's CIN: L64910MH1984PLC032639.

S&P Global Ratings Upgrades Piramal Finance Limited to 'BB' with Stable Outlook

2 min read Updated on 17 Feb 2026, 08:04 AM

Reviewed by

Riya DScanX News Team

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Overview

S&P Global Ratings upgraded Piramal Finance Limited's long-term issuer credit rating to 'BB' from 'BB-' with stable outlook, reflecting stronger business stability and retail-focused transformation. The company has total outstanding borrowings of ₹75,000 crore and raised ₹14,000 crore in ECBs across FY 25 and FY 26. With retail loans projected to account for 85% of total AUM by FY26, the upgrade supports the company's diversified funding strategy and growth ambitions as an upper layer NBFC serving over 5 million customers.

*this image is generated using AI for illustrative purposes only.

S&P Global Ratings has upgraded Piramal Finance Limited's long-term issuer credit rating to 'BB' from 'BB-' with a stable outlook, marking a significant milestone in the company's multi-year transformation into a scaled, diversified, retail-focused lending franchise. The rating agency also affirmed the company's 'B' short-term issuer credit rating.

Rating Upgrade Details

The upgrade reflects S&P Global Ratings' expectation of stronger business stability and earnings resilience at Piramal Finance, driven by the steady run-down of legacy exposures and transition to a predominantly retail-focused portfolio. The rating agency projects that retail loans will account for about 85% of total AUM by FY26.

Rating Component:	Previous	Current
Long-term Issuer Rating:	BB-	BB
Short-term Issuer Rating:	B	B (Affirmed)
Outlook:	-	Stable

Management Commentary

Jairam Sridharan, MD & CEO of Piramal Finance, emphasized that the rating upgrade reflects significant progress in strengthening the balance sheet and building a resilient, diversified retail-focused franchise. He highlighted the company's focus on sharpened underwriting, strengthened governance, and deeper technology integration, resulting in a more granular and scalable platform.

Financial Position and Funding Profile

Piramal Finance demonstrates strong financial positioning with diversified funding sources:

Financial Metric:	Amount
Total Outstanding Borrowings:	₹75,000 crore
External Commercial Borrowings (ECBs):	₹14,000 crore
ECB Period:	FY 25 and FY 26
Total AUM:	₹96,000 crore
Retail AUM (excluding legacy):	₹86,000 crore

Recent Funding Initiatives

The company has undertaken several significant funding initiatives to strengthen its liability profile:

January 2026: Secured USD 350 million in multilateral funding from the International Finance Corporation (IFC) and Asian Development Bank (ADB) under its Sustainable Finance Framework
Recent: Raised USD 400 million through external commercial borrowing facility from a consortium including Axis Bank, DBS Bank Ltd, Deutsche Bank AG, Far Eastern International Bank, and Sumitomo Mitsui Banking Corporation (SMBC)
January 2026: Obtained 'AA+/Stable' rating from CRISIL

Business Profile and Growth

Piramal Finance operates as a retail-led upper layer NBFC with pan-India presence, having served over 5 million customers across 26 states. The company is classified by the Reserve Bank of India as an Upper Layer NBFC and ranks among the fastest-growing large NBFCs in India, with retail AUM (excluding legacy business) growing at a 40% CAGR over the past four years.

The company operates through a distinctive phygital model, combining high-touch engagement across 13,000+ pin codes with advanced technology capabilities including machine learning models, agentic AI tools, and real-time dashboards. Its product portfolio spans home loans, loans against property, used car loans, personal loans, digital loans, and small business loans, with strong focus on metro-adjacent, semi-urban, and rural markets.