Piramal Finance made a stellar market debut on Friday, defying weakness in broader indices. Shares of the non-banking financial company (NBFC) listed at ₹1,270 on the BSE, a 12.9% premium over the discovered price of ₹1,124.20, and soon hit the upper circuit of 5%, ending the day at ₹1,333.45, up 18.6%.

The sharp debut lifted the company’s market capitalisation to ₹30,226 crore, with over 1.23 lakh shares changing hands over the counter on the BSE.

The listing follows the merger of Piramal Enterprises Ltd (PEL) with its wholly owned subsidiary, Piramal Finance Ltd (PFL), approved by the National Company Law Tribunal (NCLT) in September. Under the scheme, shareholders of PEL received equity shares of PFL in a 1:1 ratio, and all of PEL’s debt securities were transferred to PFL.

“A new chapter for Piramal Finance”

Marking the milestone, the company’s management — including Anand Piramal, Chairman, Piramal Finance; Jairam Sridharan, Managing Director & CEO; and Rupen Jhaveri, Group President – Piramal Group — rang the opening bell at the NSE, joined by Ashishkumar Chauhan, MD & CEO, NSE.

“This listing is the realization of one of India’s most ambitious transformation journeys in financial services,” said Anand Piramal. “In just four years, Piramal Finance has pivoted from a wholesale lender to a retail-focused, technology-led institution that serves the spirit and aspiration of a rising Bharat. The listing marks an important milestone in our journey — and the most promising chapters still lie ahead.”

Jairam Sridharan, MD & CEO, added, “Today’s listing marks the beginning of a new chapter for Piramal Finance — one defined by scale, innovation, and a customer-first approach.

Aims ₹1.5 lakh crore AUM by FY28

Piramal Finance’s assets under management (AUM) have grown from ₹49,000 crore in FY21 to ₹91,477 crore in Q2 FY26, with retail now contributing over 82% of the total portfolio. Going forward, the company aims to achieve ₹1.5 lakh crore in AUM by FY28.

“Our goal is to reach ₹1.5 lakh crore in AUM by FY28 while sustaining industry-leading returns and deepening our pan-India presence. By combining technology with human insight, we aim to build a more inclusive and resilient financial institution for the next decade of India’s growth,” said MD & CEO of the company.

The firm serves more than 5.2 million customers across 13,000+ pin codes, operating through 517 branches in 428 cities.

Its retail offerings include home loans, loans against property (LAP), small business loans, digital personal loans, and used-car loans.

This transformation was built on the back of the ₹34,250 crore acquisition of DHFL in 2021, the largest resolution in Indian financial services under the Insolvency and Bankruptcy Code (IBC).

As per the company, artificial intelligence plays a central role in Piramal Finance’s strategy. As India’s first AI-native NBFC, the firm runs over 45 live AI models through its proprietary Piramal.ai platform, which powers credit underwriting, fraud detection, collections, and customer experience.

This technology-driven approach has enhanced both inclusion and efficiency — with retail OPEX-to-AUM improving from 6.5% in FY23 to 3.9% in Q2 FY26, and asset quality remaining strong (GNPA at 2.6% and NNPA at 1.8%).

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