Piramal Finance

What Piramal Finance does

Piramal Finance Limited is a publicly listed Indian non-banking financial company (NBFC) and the consolidated financial services arm of the Piramal Group, formed through Piramal Group's 2021 acquisition of Dewan Housing Finance Corporation (DHFL) and the September 2025 merger of Piramal Enterprises into Piramal Finance. The company operates a retail-focused lending platform offering home loans (purchase, construction, renovation, extension, balance transfer), loan against property, secured and unsecured business loans, personal loans, used car loans, loan against securities, group-lending microfinance, and a recently launched gold loan vertical. Insurance products are distributed through a corporate agency partnership with Shriram General Insurance, among multiple carrier relationships, generating fee commission income.

Piramal Finance distributes through a 701-branch network spanning 26 states and 13,000+ pin codes targeting semi-urban and rural Bharat markets, supplemented by a website, Android and iOS apps, WhatsApp support, and a toll-free contact center. The portfolio is supported by AI/ML and agentic AI capabilities deployed across the lending lifecycle — including a patent-pending Leverage Risk Model for post-disbursement credit monitoring and agentic AI for document processing — under CTO Saurabh Mittal. In March 2026, an AI Hiring Bot autonomously recruited 262 entry-level sales executives via voice-bot interviews in candidates' preferred languages.

The company earns primarily interest income from its diversified retail loan book (₹85,885 crore of ₹1,01,230 crore total AUM, or 85% retail as of FY26), supplemented by fee and processing income, insurance distribution commissions, and one-off gains from non-core divestments such as the ₹600 crore Shriram Life Insurance stake sale to Sanlam Emerging Markets. Funding is sourced from domestic and international debt markets, including a $350 million IFC/ADB facility, a $400 million ECB consortium led by Deutsche Bank and SMBC, and a planned $1 billion in additional foreign-currency borrowing. Leadership comprises Managing Director Jairam Sridharan, CBO Syed Imtiaz Ahmed, COO Vikas Arora, and CTO Saurabh Mittal. FY26 consolidated revenue was ₹11,253 crore with net profit of ₹1,506 crore (up 210% YoY, partly on exceptional gains), GNPA of 2.1%, and credit ratings of AA+/Stable from CRISIL and CARE and BB/Stable from S&P Global.

Name

Piramal Finance

Legal name

Piramal Finance Limited

Website

https://piramalfinance.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Piramal Finance Limited is an India-focused retail NBFC and the listed financial services arm of the Piramal Group, offering home, business, LAP, personal, used car, gold and microfinance loans through 701 branches across 26 states to over 5 million customers, with AI/ML embedded across the lending lifecycle.

Ownership category

akta.pro rank

Product category

Retail Lending / NBFC Services

NAICS

Commercial Banking (522110), Finance and Insurance (52)

SIC

Miscellaneous Business Credit Institution (6159), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)

akta.pro secondary industries

SME Term Loans & Growth Capital (FSAKAGAB), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF), Direct Lending — Specialty Finance (Consumer/SME Lending Platforms) (FSAHAJAF)

Keywords

• Retail lending
• NBFC services
• Home loans
• MSME finance
• Personal loans

Headquarters

HQ city

Kurla

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Retail Lending: Piramal Finance's primary revenue stream is interest income from its diversified retail loan portfolio, including home loans, business loans, loan against property, personal loans, gold loans, used car loans, and loan against securities. As of FY26, retail AUM stood at ₹85,885 crore forming 85% of total AUM of ₹1,01,230 crore, with net interest income of ₹1,362 crore in Q4 FY26 (up 41% YoY).
2. Insurance Distribution Commission: Piramal Finance acts as an Insurance Corporate Agent (IRDAI registration CA0052) for multiple life and general insurance providers including Pramerica Life, Cholamandalam MS, Navi General Insurance, Tata AIG, HDFC ERGO, Go Digit, and Care Health Insurance, earning commission income on insurance products sold through its network.
3. Fee and Processing Income: The company earns fee income from loan processing, balance transfer charges, prepayment fees on certain loan products, and other financial services. It also generates one-off exceptional gains from asset sales such as the sale of Piramal Imaging (deferred consideration of $148 million) and Shriram Life Insurance stake (₹600 crore).

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Piramal Finance is a retail-focused non-banking financial company (NBFC) in India that provides a range of lending products to individual consumers and micro, small and medium enterprises (MSMEs). Its offerings include home loans, business loans, personal loans, loan against property, used car loans, and gold loans, distributed through a 700+ branch network and digital channels across India.

Product overview

Piramal Finance is a retail-focused non-banking financial company (NBFC) offering a comprehensive suite of lending products under a unified platform architecture. The core product portfolio centers on secured lending including home loans (purchase, construction, renovation, extension, and balance transfer), loans against property and securities, and secured business loans. The company has expanded into unsecured segments including personal loans, business loans, and microfinance group lending. Recent additions include gold loans launched in FY27 and insurance services distributed through corporate agency partnerships. The product ecosystem also includes digital self-service tools (EMI Calculator, Eligibility Calculator) and specialized offerings like Piramal Suvidha EMI and Piramal Saarthi. The company serves over 5 million customers through 700+ branches across India with a strategy focused on semi-urban and rural market penetration.

Differentiator

Problem solved

Functional benefit

Products and services

• Home Loans

Quantifiable outcome

• 210% YoY increase in FY26 net profit to ₹1,506 crore
• +6 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability10 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Shriram General InsurancecoreChannel Partner/ Reseller/ Distributor · 25 May 2026Corporate agency partnership enabling Shriram General Insurance to distribute its insurance products through Piramal Finance's network of 701 branches across 26 states and over 13,000 pin codes. The partnership targets Piramal's base of over 5 million customers in semi-urban and rural markets where insurance coverage remains low, expanding insurance accessibility and supporting broader financial inclusion goals.
• 1Point1 SolutionsminorImplementation/ SI/ Consulting Partner · 22 March 20261Point1 Solutions secured a ₹60 crore, three-year customer experience operations contract from Piramal Finance covering inbound and outbound CX operations for customer service and sales across Piramal Finance's lending portfolio. The deal is delivered from 1Point1's Mumbai and Chennai centres, providing revenue visibility while strengthening its presence in the BFSI vertical.
• IIFL Samasta FinanceminorOthersPiramal Finance was in exploratory early-stage talks to acquire IIFL Samasta Finance, the microfinance arm of IIFL Finance, for an estimated ₹4,000-4,500 crore (approximately 2.2-2.5x price-to-book). IIFL Samasta had a net worth of ₹1,800 crore and loan book of ₹6,600 crore as of December 31, 2025. The primary obstacle is a valuation gap. EY was conducting due diligence. This would be the first major M&A transaction in India's microfinance sector since mid-2024.

Scale indicators10 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Tata Capital: Promoted by the Tata Group, Tata Capital offers home loans, personal loans, business loans, and LAP, and is also pursuing an IPO. Comparable in retail NBFC focus, conglomerate promoter backing, and broad product suite aimed at salaried and self-employed segments.
• Bajaj Finance: India's largest retail-focused NBFC offering consumer durable loans, personal loans, business loans, home loans, and LAP. Closest comparable in terms of retail-led strategy, multi-product lending, and consumer-facing distribution, though larger in scale and more diversified.
• Aditya Birla Capital: Aditya Birla Capital is a diversified financial services holding company with NBFC operations spanning home loans, personal loans, SME finance, and insurance distribution. Comparable in conglomerate backing, retail lending mix, and cross-sell strategy.
• Mahindra & Mahindra Financial Services: M&M Financial Services focuses on rural and semi-urban lending, auto/vehicle finance, SME loans, and home loans with deep branch presence in tier 2/3 markets. Highly comparable in targeting Bharat customers and a similar mix of vehicle and secured retail loans.
• Shriram Finance: One of India's largest NBFCs with a stronghold in commercial vehicle finance, used vehicle loans, and small enterprise lending, with growing presence in housing finance and gold loans. Comparable in its focus on underbanked and small-ticket borrowers, and the existing Piramal-Shriram General Insurance tie-up deepens the relevance.
• IIFL Finance: IIFL Finance is a large Indian NBFC offering home loans, LAP, gold loans, personal loans, and microfinance through IIFL Samasta. Comparable across multiple of the same product lines (especially gold and home loans) and an actual potential M&A counterparty for Piramal.
• Cholamandalam Investment and Finance: Chola is a leading Indian NBFC focused on vehicle finance (auto, used cars, tractors) and home equity/LAP, with growing MSME and home loan businesses. Highly comparable in retail lending mix, secured product orientation, and pan-India branch reach.
• L&T Finance Holdings: L&T Finance is a diversified Indian NBFC with home loans, LAP, farm equipment finance, and personal loans, and a strategic objective of becoming a retail-led franchise. Comparable in retail pivot, product mix, and rating agency profile.

Broad incumbents

• HDFC Bank: Post the HDFC Ltd merger, HDFC Bank is India's largest mortgage lender with deep retail home loan, LAP, personal loan, and MSME businesses. It competes directly with Piramal in housing finance but with structural funding cost advantage and far broader deposit franchise.
• ICICI Bank: ICICI Bank is a top private sector Indian bank with a large retail lending franchise across mortgages, personal loans, business loans, and rural banking. Competes with Piramal in retail and rural segments, with structural funding cost and balance sheet advantages.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights8 records

Customer concentration

• Xx.com/PiramalFinance
• YouTubeyoutube.com/@PiramalFinance
• Facebookfacebook.com/PiramalFinance
• LinkedInlinkedin.com/company/piramalcapital
• Instagraminstagram.com/piramalfinance

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds3 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Piramal Finance