Piramal Finance Limited

PFL is an upper layer NBFC operating in both retail and wholesale lending. As of December 31, 2025, its assets under management (AUM) stood at Rs. 96,690 crore. Its retail business spans housing loans in the affordable and budget segments, secured and unsecured lending to small businesses, preowned car loans, loans against securities, and unsecured finance including microfinance, digital purchase finance, and salaried personal loans. On the wholesale side, it lends to real estate developers and corporate clients. Retail operations are supported by a network of over 518 conventional branches and 76 microfinance branches spanning 26 states and Union Territories as of December 2025. The Group entered financial services through the erstwhile Piramal Capital & Housing Finance Limited (PCHFL), a housing finance company offering both wholesale and retail finance. PCHFL was selected as the successful resolution applicant for DHFL, an HFC serving low- and middle-income borrowers, by DHFL's Committee of Creditors. The erstwhile PCHFL was reverse merged with DHFL effective September 30, 2021, with the combined entity renamed PCHFL. As its non-housing retail lending book grew, PCHFL no longer met the principal business criteria for HFCs and applied for an NBFC-Investment and Credit Company (NBFC-ICC) licence, which it received on April 4, 2025; the company was renamed Piramal Finance Limited (PFL) on March 22, 2025. Piramal Enterprises Limited (PEL), the Group's former holding company, obtained its own NBFC licence as part of a broader corporate restructuring in which the pharma business was demerged into a separate listed entity, Piramal Pharma Limited (PPL; rated [ICRA]A1+). PHL Fininvest Private Limited (PFPL), a wholly-owned NBFC subsidiary of PEL, was merged into PEL effective August 12, 2022. To simplify the group structure and meet listing requirements for an upper layer NBFC, management proposed a reverse amalgamation of PEL into PFL in Q1 FY2025; this scheme received RBI approval on April 8, 2025, and NCLT approval on September 11, 2025, taking effect on September 16, 2025.