Piramal Finance shares in focus after S&P Global rating upgrade
Piramal Finance said the upgrade reflected S&P’s expectation of improved business stability and earnings resilience, supported by the run-down of legacy exposures and a shift to a retail-focused portfolio.
- Feb 17, 2026,
- Updated Feb 17, 2026 8:44 AM IST
Shares of Piramal Finance Ltd are in focus on Tuesday after S&P Global Ratings upgraded its long-term issuer credit rating to ‘BB’ from ‘BB-’ with a Stable outlook, while affirming its ‘B’ short-term issuer credit rating.
In a filing to the stock exchanges, Piramal Finance said the upgrade reflected S&P’s expectation of improved business stability and earnings resilience, supported by the run-down of legacy exposures and a shift to a predominantly retail-focused portfolio. Retail loans are expected to account for about 85 per cent of total AUM by FY26. The rating also considered promoter strength and financial flexibility.
Jairam Sridharan, MD and CEO, Piramal Finance, said, “The rating upgrade reflects the significant progress Piramal Finance has made in strengthening its balance sheet and building a resilient, diversified retail-focused franchise.” He added that the company remained focused on responsible credit, strong asset quality and sustainable returns, and that the upgrade would support access to diversified and cost-efficient funding.
The company has total outstanding borrowings of about Rs 75,000 crore and raised nearly Rs 14,000 crore through external commercial borrowings in FY25 and FY26. In January 2026, it secured a ‘AA+/Stable’ rating from CRISIL.
During the same month, Piramal Finance raised $350 million in multilateral funding from the International Finance Corporation and the Asian Development Bank under its Sustainable Finance Framework, with discussions underway to increase this to $500 million. It also raised $400 million through an external commercial borrowing facility from Axis Bank, DBS Bank Ltd, Deutsche Bank AG, Far Eastern International Bank and Sumitomo Mitsui Banking Corporation.
The Reserve Bank of India classifies Piramal Finance as an Upper Layer NBFC. Its retail AUM, excluding legacy business, has grown at a 40 per cent CAGR over the past four years to about Rs 86,000 crore, with total AUM exceeding Rs 96,000 crore.
Shares of Piramal Finance Ltd are in focus on Tuesday after S&P Global Ratings upgraded its long-term issuer credit rating to ‘BB’ from ‘BB-’ with a Stable outlook, while affirming its ‘B’ short-term issuer credit rating.
In a filing to the stock exchanges, Piramal Finance said the upgrade reflected S&P’s expectation of improved business stability and earnings resilience, supported by the run-down of legacy exposures and a shift to a predominantly retail-focused portfolio. Retail loans are expected to account for about 85 per cent of total AUM by FY26. The rating also considered promoter strength and financial flexibility.
Jairam Sridharan, MD and CEO, Piramal Finance, said, “The rating upgrade reflects the significant progress Piramal Finance has made in strengthening its balance sheet and building a resilient, diversified retail-focused franchise.” He added that the company remained focused on responsible credit, strong asset quality and sustainable returns, and that the upgrade would support access to diversified and cost-efficient funding.
The company has total outstanding borrowings of about Rs 75,000 crore and raised nearly Rs 14,000 crore through external commercial borrowings in FY25 and FY26. In January 2026, it secured a ‘AA+/Stable’ rating from CRISIL.
During the same month, Piramal Finance raised $350 million in multilateral funding from the International Finance Corporation and the Asian Development Bank under its Sustainable Finance Framework, with discussions underway to increase this to $500 million. It also raised $400 million through an external commercial borrowing facility from Axis Bank, DBS Bank Ltd, Deutsche Bank AG, Far Eastern International Bank and Sumitomo Mitsui Banking Corporation.
The Reserve Bank of India classifies Piramal Finance as an Upper Layer NBFC. Its retail AUM, excluding legacy business, has grown at a 40 per cent CAGR over the past four years to about Rs 86,000 crore, with total AUM exceeding Rs 96,000 crore.