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Informist, Saturday, Apr. 25, 2026

By Durgesh Nandan

MUMBAI - Piramal Finance Ltd. is likely to report a more than sixfold on-year rise in net profit for the March quarter due to higher net interest income and a significant growth in advances, according to brokerages tracking the non-banking finance company.

Its net profit for the March quarter is expected to range between INR 4.7 billion and INR 7.6 billion, according to the estimates of three brokerages. The highest estimate is INR 7.6 billion by Nomura Equity Research, suggesting a massive 892% on-year jump, and the lowest is INR 4.7 billion by JM Financial Institutional Securities Pvt. Ltd., implying a rise of nearly 514%.

Piramal Finance's net interest income is seen between INR 11.95 billion and 14.59 billion for the March quarter, according to the average of estimates from brokerages. The highest estimate for net interest income is INR 14.59 billion, up 123% year-on-year, by Emkay Global Financial Services Ltd., while the lowest estimate is INR 11.95 billion, up nearly 83% from a year ago, by Nomura.

The non-banking finance company's net interest margin is likely to rise marginally by 4.8-5.4% on quarter, according to two brokerage reports. This comes due to a higher share of high-interest loans and strong growth in unsecured lending business, Emkay Global said in its report.

Assets under management are likely to grow 25-28% year-on-year, according to estimates by brokerages. Nomura expects Piramal Finance's AUM growth to be the strongest among all non-banking finance companies. 

"We expect PIEL (Piramal Enterprises Ltd.) to report strong retail disbursements led by strong demand for mortgage and MSME loans, resulting in AUM growing ~6.5% QoQ (on quarter) 35% YoY (year-on-year)," according to Emkay Global. Piramal Enterprises merged with Piramal Finance late last year to focus on the lending side of business.

Notable developments since the company got listed on Nov. 7, such as selling its 14% stake in Shriram Life for INR 6 billion and making a profit of INR 2.5 billion, and an AA+ long-term rating from CRISIL, led to an upgrade in profit estimates, according to Emkay Global. Lower cost of funding also played a significant role, it added.

The non-banking financial company will detail its March quarter earnings on Monday. Of the five brokerage reports available with Informist, all have a 'buy' or equivalent recommendation on the stock with an average target price of INR 1,942 per share, which is over 4% higher than the current market price.

Friday, shares of Piramal Finance closed marginally higher at INR 1,863 on the National Stock Exchange. The NBFC had reported a consolidated net profit of INR 4.00 billion for the March quarter on revenues of INR 29.18 billion. Since reporting its December quarter earnings, shares of the company have risen almost 4%.

Following are the March quarter earnings estimates for Piramal Finance Ltd. from three brokerages in descending order of the estimate of net profit in INR billion:

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Edited by Deepshikha Bhardwaj

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