External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Piramal Finance (PIEL) completed its reverse merger with Piramal Enterprises, slated to be listed on stock exchanges from 7th November</li><li>With the corporate structure simplified, PIEL is on course to achieve steady-state profitability, having improved its operating performance considerably in H1FY26</li><li>The growth portfolio (Retail + Wholesale 2.0) witnessed healthy AUM growth (+37% YoY) and steady profitability (RoAUM of 1.7%) in Q2FY26, with levers for further improvement (cost of funds and efficiency gains)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Piramal Finance (PIEL) completed its reverse merger with Piramal Enterprises, slated to be listed on stock exchanges from 7th NovemberWith the corporate structure simplified, PIEL is on course to achieve steady-state profitability, having improved its operating performance considerably in H1FY26The growth portfolio (Retail + Wholesale 2.0) witnessed healthy AUM growth (+37% YoY) and steady profitability (RoAUM of 1.7%) in Q2FY26, with levers for further improvement (cost of funds and efficiency gains)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Piramal Finance: Corporate Structure Simplified, Legacy Drag Diminishing. Maintain ADD

Thematic (Sector/Industry)

<ul><li>Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC</li><li>This has been despite enjoying huge structural advantage (vs peers) like low cost of funds and liquidity backstop</li><li>In recent years, several corporates have either revived/restructured their NBFCs or acquired/set up new ones</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFCThis has been despite enjoying huge structural advantage (vs peers) like low cost of funds and liquidity backstopIn recent years, several corporates have either revived/restructured their NBFCs or acquired/set up new onesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Piramal Enterprises (PIEL) reported a 2QFY25 net profit of ~INR1.6b (PQ: ~INR1.8b).</li><li>This included an exceptional gain of ~INR770m from recoveries in the AIF portfolio.</li><li>NII rose ~17% YoY and 9% QoQ to ~INR8.8b.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Piramal Enterprises (PIEL) reported a 2QFY25 net profit of ~INR1.6b (PQ: ~INR1.8b).This included an exceptional gain of ~INR770m from recoveries in the AIF portfolio.NII rose ~17% YoY and 9% QoQ to ~INR8.8b.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Piramal Enterprises - Strong Retail Loan Growth; Credit Costs Higher QoQ

<ul><li>PIEL is committed to reducing its legacy AUM from ~INR130b as of Jun’24 to ~INR60-70b by Mar’25 and expects (not guidance) that a ~25% haircut could be required to run down the residual stressed legacy book.</li><li>As in the past, the rundown will not impair the company’s net worth thanks to pockets of value in Shriram Life/General investments, AIF recoveries and tax-related gains.</li><li>Unsecured digital loans are still a difficult but unavoidable channel (necessary evil) for lenders primarily focused on customer acquisition.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PIEL is committed to reducing its legacy AUM from ~INR130b as of Jun’24 to ~INR60-70b by Mar’25 and expects (not guidance) that a ~25% haircut could be required to run down the residual stressed legacy book.As in the past, the rundown will not impair the company’s net worth thanks to pockets of value in Shriram Life/General investments, AIF recoveries and tax-related gains.Unsecured digital loans are still a difficult but unavoidable channel (necessary evil) for lenders primarily focused on customer acquisition.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Piramal Enterprises - Making Efforts to Strengthen Retail and Rundown Legacy Wholesale

<ul><li>PIEL had fixed 1st Sep’22 as the record date for the demerger of Piramal Pharma (PPL).</li><li>Price discovery for the Financial Services business has already occurred, and PIEL now trades as a diversified NBFC registered with the RBI.</li><li>Integration of DHFL has progressed well. The Retail lending business continues to gain traction, with an improvement in the disbursement run-rate.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PIEL had fixed 1st Sep’22 as the record date for the demerger of Piramal Pharma (PPL).Price discovery for the Financial Services business has already occurred, and PIEL now trades as a diversified NBFC registered with the RBI.Integration of DHFL has progressed well. The Retail lending business continues to gain traction, with an improvement in the disbursement run-rate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PIEL Had Fixed 1st Sep’22 as the Record Date for the Demerger of Piramal Pharma (PPL)

India

Piramal Enterprises Limited provides diversified commercial services. The Company offers pharmaceutical production and distribution, real estate, healthcare insights and analysis, and financial services. Piramal Enterprises serves customers globally.

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Piramal Enterprises (PIEL IN)

Piramal Finance: Corporate Structure Simplified, Legacy Drag Diminishing. Maintain ADD

Piramal Finance (PIEL) completed its reverse merger with Piramal Enterprises, slated to be listed on stock exchanges from 7th November

HDFC Securities

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC

HDFC Securities

Piramal Enterprises - Strong Retail Loan Growth; Credit Costs Higher QoQ

Piramal Enterprises (PIEL) reported a 2QFY25 net profit of ~INR1.6b (PQ: ~INR1.8b).This included an exceptional gain of ~INR770m from recoveries in...

Motilal Oswal

Piramal Enterprises - Making Efforts to Strengthen Retail and Rundown Legacy Wholesale

We value the lending business at 0.6x FY26E P/BV (unchanged). Retain Neutral with a revised TP of INR1,000 (premised on Mar’26 SOTP).

Motilal Oswal

PIEL Had Fixed 1st Sep’22 as the Record Date for the Demerger of Piramal Pharma (PPL)

Price discovery for the Financial Services business has already occurred, and PIEL now trades as a diversified NBFC registered with the RBI.

Motilal Oswal

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