Piramal Finance wholesale AUM reaches Rs 13,978 crore in Q2 FY27

Piramal Finance reported wholesale assets under management of Rs 13,978 crore in Q2 FY27, up 24% from Rs 11,295 crore a year earlier. Actual repayments, including prepayments and exits, were Rs 1,889 crore, exceeding Rs 1,096 crore of contracted repayments, while 211 of 253 disclosed outstanding real-estate deals were below Rs 100 crore.

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

Piramal Finance’s wholesale AUM rose to Rs 13,978 crore in Q2 FY27 from Rs 13,238 crore in Q1 FY27 and Rs 11,295 crore in Q2 FY26. The year-on-year increase was Rs 2,683 crore, while the sequential increase was Rs 740 crore, matching the company’s reported 24% year-on-year AUM growth.

Disbursements were Rs 2,615 crore in Q2 FY27, 28% higher than Rs 2,043 crore in Q2 FY26 and marginally above Rs 2,604 crore in Q1 FY27. Real-estate disbursements increased to Rs 1,445 crore from Rs 1,124 crore sequentially, whereas CMML disbursements fell to Rs 1,170 crore from Rs 1,480 crore. The presentation does not define the CMML abbreviation.

The average ticket size on outstanding AUM was Rs 55 crore in Q2 FY27, versus Rs 54 crore in Q2 FY26 and Rs 56 crore in Q1 FY27. Average residual loan tenure declined from 3.0 years in Q2 FY26 to 2.6 years in Q2 FY27, despite the Rs 2,683 crore annual increase in wholesale AUM.

Which segments accounted for Piramal Finance’s wholesale AUM?

Piramal Finance’s wholesale portfolio consisted of Rs 9,491 crore of real estate and Rs 4,487 crore of CMML in Q2 FY27, representing a 68:32 mix. Real estate rose by Rs 275 crore from Q1 FY27, while CMML rose by Rs 465 crore, making CMML the larger contributor to the Rs 740 crore sequential AUM increase.

CMML AUM increased by Rs 1,800 crore from Rs 2,687 crore in Q2 FY26, while real-estate AUM increased by Rs 883 crore from Rs 8,608 crore. CMML therefore grew faster than real estate over the 12-month period, and its share of reported wholesale AUM increased from about 24% to 32%, based on the disclosed segment values.

Real estate accounted for Rs 1,445 crore of Q2 FY27 disbursements, exceeding the Rs 1,170 crore disbursed in CMML. This reversed Q1 FY27, when CMML disbursements of Rs 1,480 crore were higher than Rs 1,124 crore for real estate.

As of September 2026, residential assets accounted for 56% of the reported wholesale AUM mix and commercial assets for 12%. Broking and other corporates each represented 7%, NBFC-Fintech and NBFC-MFI each represented 5%, NBFC-MSME, gold and others represented 4%, steel 2% and renewable energy 1%.

How granular is Piramal Finance’s outstanding real-estate portfolio?

Piramal Finance reported 211 outstanding real-estate deals below Rs 100 crore as of September 2026, out of 253 deals across the three disclosed ticket ranges. The sub-Rs 100 crore range therefore comprised about 84% of the reported outstanding real-estate deal count; 36 deals were above Rs 100 crore to Rs 200 crore and six were above Rs 200 crore.

The ticket-range figures apply to outstanding AUM and not to all loans originated since inception. The Rs 55 crore average ticket size for overall outstanding wholesale AUM in Q2 FY27 was Rs 1 crore above Q2 FY26 and Rs 1 crore below Q1 FY27, alongside the rise in total AUM to Rs 13,978 crore.

Mumbai Metropolitan Region and Bangalore each accounted for 22% of real-estate AUM as of September 2026, for a combined 44% share. Chennai represented 17%, Pune 13%, NCR-Delhi 12%, Hyderabad 11% and other locations 4%.

CMML’s share rated A and better was 38% in Q2 FY27, compared with 32% in Q2 FY26. The BBB- to A- category declined to 37% from 40%, while the not-rated share was 25%, compared with 26% a year earlier; the presentation left the BB+ or below field blank for Q2 FY27.

Did Piramal Finance’s repayments exceed contracted amounts?

Piramal Finance received Rs 1,889 crore of actual repayments in Q2 FY27, exceeding the Rs 1,096 crore contracted repayment amount by Rs 793 crore. The company defines actual repayment as repayments plus prepayments plus exits, and separately reported Q2 FY27 prepayments of Rs 793 crore.

Actual repayments equalled 72% of Q2 FY27 disbursements of Rs 2,615 crore. They were lower than Rs 1,932 crore in Q1 FY27 but higher than Rs 1,165 crore in Q2 FY26, while the annualised repayment rate moved from 34% in Q1 FY27 and 17% in Q2 FY26 to 24% in Q2 FY27.

Since inception in Q2 FY22, Piramal Finance said it had disbursed Rs 30,728 crore across 460 loans and received total repayments of Rs 16,730 crore. Management described the portfolio as performing in line with or ahead of underwriting, citing prepayments; the quarterly data show actual repayments above contracted repayments in each of the five quarters presented.

The portfolio effective interest rate, including fee income, was 14.1% in Q2 FY27, down from 14.5% in Q2 FY26 and 14.2% in Q1 FY27. AUM with an effective interest rate below 14% was Rs 6,416 crore in Q2 FY27, while Rs 7,562 crore was above 14%.

Conclusion

Piramal Finance expanded its wholesale AUM by Rs 2,683 crore year on year to Rs 13,978 crore, with CMML accounting for Rs 1,800 crore of that increase and real estate for Rs 883 crore. The Q2 FY27 portfolio combined a 68:32 real-estate-to-CMML mix with 211 disclosed real-estate deals below Rs 100 crore and actual repayments that were Rs 793 crore above contracted repayments.

The next quarterly disclosures will show whether actual repayments continue to exceed contracted amounts after the Q2 FY27 annualised repayment rate of 24%, versus 34% in Q1 FY27. They will also show whether disbursement mix continues to favour real estate after its Rs 1,445 crore of Q2 FY27 disbursements exceeded CMML’s Rs 1,170 crore.