Piramal Finance wholesale AUM up 24%, repayments reach 72%

Piramal Finance’s wholesale assets under management (AUM) rose 24% year on year to Rs 13,978 crore in the second quarter of financial year 2027 (Q2 FY27), while Rs 1,889 crore of repayments, including Rs 793 crore of prepayments, equalled 72% of Rs 2,615 crore quarterly disbursements.

How did Piramal Finance’s wholesale book grow in Q2 FY27?

Piramal Finance’s wholesale AUM increased by Rs 2,683 crore from Q2 FY26 to Rs 13,978 crore in Q2 FY27, supported by 28% year-on-year growth in quarterly disbursements to Rs 2,615 crore. The book also expanded from Rs 13,238 crore in Q1 FY27, a sequential increase of Rs 740 crore.

The expansion came from both reported segments, although their quarterly lending patterns differed. CMML, a segment label not expanded in the presentation, had AUM of Rs 4,487 crore in Q2 FY27, up from Rs 2,687 crore a year earlier, while real-estate AUM rose from Rs 8,608 crore to Rs 9,491 crore. CMML disbursements declined sequentially from Rs 1,480 crore in Q1 FY27 to Rs 1,170 crore, whereas real-estate disbursements rose from Rs 1,124 crore to Rs 1,445 crore.

What do Piramal Finance’s repayments say about loan cash flows?

Piramal Finance received Rs 1,889 crore in total repayments in Q2 FY27, compared with Rs 1,096 crore of contracted repayments, meaning actual repayments exceeded the contracted amount by Rs 793 crore. That difference corresponds to the Rs 793 crore of prepayments reported for the quarter, and total repayments represented 72% of the Rs 2,615 crore disbursed during the same period.

Repayments were lower than the Rs 1,932 crore collected in Q1 FY27 and below Q4 FY26’s Rs 2,268 crore, but remained above Rs 1,165 crore in Q2 FY26. The annualised repayment rate, calculated as a percentage of average AUM, was 24% in Q2 FY27, down from 34% in Q1 FY27 and 49% in Q4 FY26, but above 17% a year earlier. The presentation linked the repayment outcome to an environment supportive of borrower cash flows.

Since inception in Q2 FY22, Piramal Finance has disbursed Rs 30,728 crore across 460 loans and received Rs 16,730 crore of total repayments. The current Rs 13,978 crore outstanding book has therefore been built alongside repayment flows as well as new lending.

How is Piramal Finance’s book diversified by assets and loan size?

Piramal Finance reported a 68:32 split between real estate and CMML in Q2 FY27, with real estate accounting for Rs 9,491 crore and CMML Rs 4,487 crore of the Rs 13,978 crore wholesale book. Within overall AUM as of September 2026, residential assets were the largest category at 56%, followed by commercial assets at 12%, broking at 7% and other corporates at 7%.

The asset mix also included non-bank financial company exposures in fintech at 5%, microfinance institutions at 5%, and micro, small and medium enterprise, gold and other activities at 4%. Steel represented 2% and renewable energy represented 1% of AUM as of September 2026.

Piramal Finance’s average outstanding ticket size was Rs 55 crore in Q2 FY27, compared with Rs 56 crore in Q1 FY27 and Rs 54 crore in Q2 FY26. In the real-estate portfolio at September 2026, 211 deals were below Rs 100 crore, 36 were above Rs 100 crore and up to Rs 200 crore, and six exceeded Rs 200 crore. The deal count was concentrated in the smallest disclosed ticket band.

What changed in Piramal Finance’s tenure, yield and portfolio exposures?

Piramal Finance’s average residual loan tenor declined to 2.6 years in Q2 FY27 from 3.0 years in Q2 FY26 and 2.7 years in Q1 FY27. At the same time, the portfolio effective interest rate (EIR), which includes fee income, decreased to 14.1% from 14.5% a year earlier. AUM earning below 14% rose by Rs 2,288 crore year on year to Rs 6,416 crore, while AUM earning above 14% increased by Rs 395 crore to Rs 7,562 crore.

For real-estate AUM at September 2026, Bangalore and the geography labelled MMR each represented 22%, Chennai represented 17%, Pune 13%, the geography labelled NCR-Delhi 12%, and Hyderabad 11%; other locations accounted for 4%. The CMML ratings mix also changed over the year: the share rated A and better was 38% in Q2 FY27 versus 32% in Q2 FY26, while the BBB-minus to A-minus band was 37% versus 40%. The not-rated share was 25%, compared with 26% a year earlier.

Conclusion

Piramal Finance combined 24% year-on-year wholesale AUM growth with repayment flows equal to nearly three-quarters of Q2 FY27 disbursements. CMML accounted for Rs 1,800 crore of the Rs 2,683 crore annual AUM increase, compared with Rs 883 crore from real estate, while the average residual tenor fell to 2.6 years and EIR reached 14.1%.

The presentation discloses no forward wholesale AUM target or scheduled lending event. The next reported quarter will clarify whether repayments remain near the Q2 FY27 level of Rs 1,889 crore after the annualised repayment rate declined to 24% from 34% in Q1 FY27, and whether the Rs 55 crore average ticket size and the 68:32 real-estate-to-CMML mix change with new disbursements.