Date: 11th September 2026

Rating Upgrade Announcement

Piramal Finance Limited announced that Moody's Ratings has upgraded its Long-Term Corporate Family Rating (CFR) and Senior Secured Debt Rating to 'Ba2' from 'Ba3' with a Stable outlook. This represents the second upgrade from a leading international rating agency in 2026, following S&P's upgrade to 'BB' from 'BB-' in February 2026.

Reasons for Upgrade

Moody's cited the following factors for the rating upgrade:

  • Substantial reduction in legacy assets
  • Improved capitalisation
  • Expectation of improving profitability
  • Diversified funding profile
  • Improving credit profile supporting lower funding costs

Domestic Rating Profile

The company's domestic credit profile has improved since January 2026 with:

  • CRISIL assigning an AA+/Stable rating
  • ICRA upgrading long-term rating to AA+/Stable
  • CARE Ratings upgrading long-term rating to AA+/Stable

Management Commentary

Jairam Sridharan, Managing Director & CEO, stated that the rating upgrades reflect progress made over the last few years, including:

  • Strengthened balance sheet
  • Reduced legacy exposures
  • Improved profitability
  • Building a more diversified, retail-led and technology-driven institution

He emphasized the consistency of recognition with domestic long-term debt ratings now at AA+ across CRISIL, ICRA, and CARE, alongside international upgrades from S&P and Moody's.

Capital Infusion

Piramal Finance recently announced a ₹3,850 crore equity capital infusion comprising:

  • ₹2,100 crore raised through a QIP with participation from leading domestic and global institutional investors
  • Proposed ₹1,750 crore preferential allotment of promoter warrants (subject to requisite approvals)

Company Overview

Piramal Finance Limited is a retail-led upper-layer NBFC with pan-India presence. Key metrics as of 30th June 2026:

  • Assets Under Management (AUM): Over ₹1,00,000 Cr
  • Customers served: Over 6 million
  • Geographic coverage: 26 states
  • Pin code coverage: 13,000+

The company operates a phygital model combining high-touch engagement with high-tech capabilities including machine learning models, agentic AI tools, and real-time dashboards.

Business Segments

Retail Lending: Affordable housing loans, loan against property, gold loans, microfinance, used car loan, personal loans, insurance solutions, and small business credit across metro-adjacent, semi-urban, and rural markets.

Wholesale Lending: Asset-backed, data-driven financing solutions across real estate and select non-real estate sectors, focusing on mid-income residential development and bespoke capital solutions for mid-market corporates.

Current Ratings Profile

  • Domestic long-term debt: AA+/Stable by CRISIL, ICRA, and CARE
  • International rating: BB by S&P Global
  • International rating: Ba2/Stable by Moody's

The company maintains a digital-first approach and AI-enabled platforms to expand access to affordable credit and drive inclusive growth across India.