Piramal Enterprises Limited (PEL) released its investor presentation on 16 May 2025, highlighting the Q4 & FY25 results and strategic updates.
FY25 Consolidated AUM stood at ₹80,689 Crore, up 17% YoY, with a retail to wholesale mix of 80:20 (vs 70:30 in FY24).
Consolidated PAT for FY25 was ₹485 Crore, a significant improvement from a loss of ₹1,684 Crore in FY24.
Legacy AUM reduced to ₹6,920 Crore, down 53% YoY, now comprising only 9% of the total AUM.
Growth business PBT reached ₹896 Crore in FY25 compared to ₹1,044 Crore in FY24.
Net worth increased to ₹27,096 Crore from ₹26,557 Crore in FY24.
Borrowings amounted to ₹65,484 Crore, compared to ₹53,402 Crore in FY24.
AIF gains totaled ₹926 Crore for FY25.
Total gross recovery of ₹1,601 Crore in FY25.
Q4 FY25 PAT stood at ₹102 Crore (Q3 FY25: ₹39 Crore).
Retail AUM grew 35% YoY and now constitutes 80% of the total AUM, with 78% of retail AUM in secured assets.
Wholesale 2.0 AUM increased by 44% YoY, with an average ticket size of ₹70 Crore.
Opex to AUM ratio decreased by 220bps over eight quarters to 4.3%.
Growth business PBT - RoAUM at 1.8% in Q4 FY25 (Q3 FY25: 1.3%).
Strong AIF recoveries of ₹802 Crore in Q4 FY25, including gains of ₹369 Crore. Total FY25 gains were ₹926 Crore.
Cash and liquid investments at ₹10,084 Crore, representing 11% of total assets, with a total capital adequacy of 23.6%.
Legacy AUM reduced by ₹3,433 Crore QoQ.
RBI has approved the merger of PEL with Piramal Finance Limited (PFL). Piramal Finance has surrendered its HFC license and converted into an NBFC and is now an Upper Layer NBFC.
The NCLT process has been initiated for the merger, expected to be completed by around September 2025.
Raised USD 265 million (~₹2,300 Crores) through ECB. Total USD 815 million raised in FY25 from global debt capital markets.
The presentation indicates an improving FY26 outlook with a target of ~25% YoY growth in Total AUM to ~₹100,000 Crore and Growth AUM to ~₹96,000 Crore.
The company aims to reduce the Legacy book to ₹3,000-3,500 Crore and improve Consolidated PAT to ₹1,300-1,500 Crore in FY26.