Piramal Finance Ltd. Receives Rating Upgrade from Moody’s
Singapore, March 23, 2026 – Moody’s Ratings has affirmed Piramal Finance Limited’s (PFL) long-term corporate family rating (CFR) and senior secured debt rating at Ba3, and reaffirmed its (P)Ba3 senior secured medium-term note programme ratings. The rating agency has also changed PFL's rating outlook to positive from stable.The positive outlook reflects Moody's expectation that PFL’s asset quality and profitability will further improve over the next 12 months. The affirmation of the Ba3 ratings reflects the company's high capitalization and increasingly diversified portfolio mix, offset by its moderate profitability.
PFL’s consolidated return on average assets improved to 1.4% for the nine months ending December 2025, compared to 0.6% in the fiscal year ended March 2025. The company’s stage 3 loans ratio was at 2.5% of gross loans in December 2025, compared to 2.6% in March 2025. Legacy real estate assets exposures declined to 5% of total assets under management from 9% over the same period.
As of September 2025, the company’s tangible common equity to tangible managed assets ratio was 26.6%, with a consolidated regulatory capital adequacy ratio of 20.3% at the end of December 2025. Piramal Finance Limited reported consolidated assets of INR 1.03 trillion as of December 31, 2025.
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