• FY27 growth outlook: Piramal Finance has guided for 25% asset growth and approximately 50% profit growth, driven by the near-complete rundown of its loss-making legacy book and an expected 50–80 basis point reduction in borrowing costs following an AA+ credit rating upgrade.
• Net interest margins: Overall NIM reached 6.5% in the fourth quarter while the core book delivered 7%, with management projecting a 40–50 basis point margin improvement as the legacy book fully winds down.
• Segment expansion strategy: Despite launching gold loans across 22 initial branches alongside rural lending initiatives, near-term growth will remain concentrated in established mortgage, unsecured lending, and real estate portfolios.
• Asset quality trends: Gross NPAs dropped to a multi-year low of around 2.25%, retail 90-day delinquency fell to 0.6%, and fourth-quarter credit costs moderated to 1.5%.
• Macro risk thresholds: Business performance remained resilient through April, though management noted that crude oil prices sustaining above $110 per barrel on a 3- to 4-month average would require recalibrating macroeconomic growth and risk expectations.