CARE Upgrades Piramal Finance to AA+; Retail AUM at ₹86,000 Crore, Total AUM Crosses ₹96,000 Crore

CARE Upgrades Piramal Finance to AA+; Retail AUM at ₹86,000 Crore, Total AUM Crosses ₹96,000 Crore​

Mumbai, February 26, 2026: Piramal Finance Limited (BSE: 544597 | NSE: PIRAMALFIN) has announced that CARE Ratings has upgraded its long-term bank facilities and debentures rating to CARE AA+; Stable from CARE AA; Stable, reflecting continued strengthening of the company’s financial and risk profile.
The upgrade marks the second domestic rating action at the AA+ level in recent months, reinforcing confidence in the company’s earnings resilience, asset quality trajectory, and business stability.

Rating Upgrade Reflects Retail-Led Transformation​

According to the company, the upgrade factors in expectations of improved business stability, supported by the steady run-down of legacy exposures and the transition to a predominantly retail-led portfolio. Retail loans are projected to account for approximately 85% of total AUM by FY26.
The rating also reflects strong promoter backing, which provides financial flexibility and strategic stability to support long-term growth.
Jairam Sridharan, Managing Director and CEO, Piramal Finance, said:

“The rating upgrade is a strong endorsement of the progress we have made in strengthening our balance sheet, diversifying our portfolio, and enhancing our operational resilience. Receiving AA+ ratings from two domestic agencies within a short span is a clear reflection of market confidence in our strategic direction.
This rating action complements our sustained focus on disciplined growth, robust risk management, and funding diversification, while enhancing our ability to access capital at competitive costs to support long-term expansion.”

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Assets Under Management and Borrowings Snapshot​

Piramal Finance has reported strong expansion in its retail franchise, alongside a diversified liability profile.

AUM Growth Overview​

Retail AUM has grown at a compounded annual growth rate of 40% over the past four years, driven by expansion across metro-adjacent, semi-urban, and rural markets.

Liability and Funding Profile​

In January 2026, the company secured USD 350 million in multilateral funding under its Sustainable Finance Framework, marking its first development finance institution borrowing, with discussions underway to scale the facility to USD 500 million.
In February 2026, the company also raised USD 400 million through an external commercial borrowing facility from a consortium of global and domestic lenders, further strengthening its diversified funding base.
Additionally, S&P Global Ratings upgraded the company’s long-term issuer credit rating to ‘BB’ from ‘BB-’ with a Stable outlook, citing strengthening asset quality and improved earnings stability.

Business Profile and Market Positioning​

Piramal Finance, classified as an Upper Layer NBFC, operates across 26 states and has served over 5 million customers. The company manages AUM of over ₹96,000 crore and follows a “phygital” operating model, combining high-touch engagement across more than 13,000 pin codes with high-tech capabilities such as machine learning models, agentic AI tools, and real-time dashboards.

Retail Lending Portfolio​

The company’s retail offerings include:

• Home loans
• Loans against property
• Used car loans
• Personal loans
• Digital loans
• Small business loans

In wholesale lending, Piramal Finance provides asset-backed solutions across real estate and select non-real estate sectors, with a focus on mid-segment residential projects and capital solutions for mid-market corporates.

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