Piramal Finance Q2 FY27 Results: Consolidated Net Profit ₹545 Crore on Total Income of ₹3,717 Crore

Earnings
Financial Services

Blacklitt Research19 October 20262 min read

A stone bank building with tall columns and trees in front — Daderot, via Wikimedia Commons (CC0 1.0). Illustrative image.

Piramal Finance reported consolidated total income of ₹3,717.16 crore and net profit of ₹545.42 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹3,683.06 crore and net profit was ₹529.21 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹3,717 crore, up 28.2% YoY, up 8.4% QoQ
Net profit: ₹545 crore, up 66.8% YoY, up 18.3% QoQ
EPS: ₹23.68, against ₹14.43 in Q2 FY26
Tax expense: ₹34.61 crore, 6.4% of profit before tax, against a credit of ₹77.59 crore a year earlier

Standalone

The company on its own, without its subsidiaries

Total income: ₹3,683 crore, up 28.3% YoY, up 6.1% QoQ
Net profit: ₹529 crore, up 90.6% YoY, up 20.3% QoQ
EPS: ₹22.97, against ₹12.25 in Q2 FY26
Gross NPA (stage 3): 2.40% of loans, with net 1.66% and capital adequacy of 20.10%

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	3,717.16	2,900.27	+28.2%	3,429.54	+8.4%
Revenue from operations	3,659.19	2,871.55	+27.4%	3,368.27	+8.6%
Other income	57.97	28.72	+101.8%	61.27	-5.4%
	545.42	326.99	+66.8%	460.98	+18.3%
Finance costs	1,825.21	1,566.91	+16.5%	1,733.86	+5.3%
Depreciation	58.39	143.68	-59.4%	56.03	+4.2%
Tax expense	34.61	-77.59	n/a	-17.99	n/a
Net profit margin	14.67%	11.27%	+3.40 pp	13.44%	+1.23 pp
Tax as share of profit before tax	6.4%	n/a	n/a	n/a	n/a
EPS, basic (₹)	23.68	14.43	+64.1%	20.38	+16.2%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Profit grew 67% on 28% more income, with a lower depreciation charge and a low tax rate. Consolidated net profit rose 66.8% to ₹545.42 crore, and total income rose 28.2% to ₹3,717.16 crore. Finance costs rose 16.5% to ₹1,825.21 crore, slower than income, depreciation fell 59.4% to ₹58.39 crore, and tax was only ₹34.61 crore, 6.4% of profit before tax; a year ago there was a tax credit of ₹77.59 crore. The filing text read does not explain the low tax rate, or the drop in depreciation.

Earnings per share rose 64.1% to ₹23.68. Against June profit rose 18.3% from ₹460.98 crore, a quarter that also had a tax credit of ₹17.99 crore.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	3,683.06	2,869.85	+28.3%	3,470.84	+6.1%
Revenue from operations	3,625.20	2,842.63	+27.5%	3,409.79	+6.3%
Other income	57.86	27.22	+112.6%	61.05	-5.2%
	529.21	277.67	+90.6%	439.92	+20.3%
Finance costs	1,801.30	1,546.06	+16.5%	1,710.32	+5.3%
Depreciation	58.16	142.81	-59.3%	54.85	+6.0%
Tax expense	29.44	-80.17	n/a	-18.84	n/a
Net profit margin	14.37%	9.68%	+4.69 pp	12.67%	+1.69 pp
Tax as share of profit before tax	5.3%	n/a	n/a	n/a	n/a
EPS, basic (₹)	22.97	12.25	+87.5%	19.41	+18.3%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The company is almost the whole group. Standalone net profit of ₹529.21 crore is 97% of the consolidated figure (derived), and total income of ₹3,683.06 crore is 99% of the group's. Net profit rose 90.6%, a net margin of 14.37% against 9.68%, and earnings per share were ₹22.97 against ₹12.25.

As at 30 September 2026, on the basis of regulatory reporting, the stage 3 gross NPA ratio was 2.40%, the net stage 3 ratio 1.66% and the capital to risk-weighted assets ratio 20.10%; total borrowings were 0.71 times total assets. The year-earlier half carried an exceptional item of ₹81 crore. The statement is in crore and the scan is partly legible.

Inference

Piramal Finance's profit rose faster than income because finance costs and depreciation grew slower, and a very low tax share helped.

The filing text read does not describe the loan book or credit costs in readable form, so the underlying credit trend is not shown by it.

Reference: Original filing (PDF)

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