Piramal Enterprises Limited — Investor Meet, 13-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Piramal Enterprises reported strong FY25 with AUM up 17% YoY to Rs. 80,689 Cr, retail making up 80%. Legacy AUM reduced to 9% of total, while growth AUM surged 36% YoY, improving operating leverage and lowering retail opex-to-AUM from 6.5% to 4.3%. Consolidated PAT turned positive at Rs. 485 Cr vs. a loss in FY24. For FY26, management targets 25% AUM growth with retail at 80-85%, further legacy reduction, and PAT of Rs. 1,300-1,500 Cr. Asset quality remains healthy, wholesale 2.0 grew 44% with no delinquencies. Cost of borrowings eased; margin expansion expected. Capital adequacy strong at 23.6%; leverage capped below 4x. Dividend payout increased to 50%. Management highlighted disciplined credit and calibrated product growth, signaling confidence in earnings and execution.