Whalesbook
Piramal Finance ne FY26 khatam karte hue finance world mein apna ek naya record banaya hai. Unka AUM ₹1 Lakh Crore ke paar pahunch gaya hai, jo ki ek badi achievement hai. Profit bhi toh seedha 3 guna badh gaya, ab yeh ₹1,500 Crore tak pahunch gaya hai. Aur toh aur, company ki credit rating bhi upgrade hokar AA+ ho gayi hai, matlab investors ka bharosa aur badh gaya hai.
Par CEO Jairam Sridharan kyun hain chintit? (Macro Risks ka Darr)
Abhi sab kuch mast lag raha hai, par MD aur CEO Jairam Sridharan ne sabko thoda alert rehne ko kaha hai. Unka kehna hai ki global crude oil prices mein kaafi utaar-chadhav aa sakta hai. Agar ye prices $120 per barrel ke aas paas pahunchin toh India ki economy par pressure aa sakta hai, current account deficit badh sakta hai aur rupee bhi kamzor ho sakta hai. Is sab ka asar seedha logon ki kharch karne ki taakat par bhi padega.
Is vajah se, company ne kuch sectors ko high-risk category mein dala hai. Jaise ki food & beverage, transport, courier services wale chote businesses, aur jo ceramics ya Middle East ko export karte hain. Piramal Finance ne in areas mein lending ko kam kar diya hai, aur 1.5% se 2% tak ke sabse zyada risky loans toh poori tarah se band kar diye hain. Ek aur sign jo Sridharan ne notice kiya hai woh hai LPG consumption mein kami, jo thodi ajeeb baat hai.
Logon ka paisa kahan ja raha hai? (Consumer Habits Shift)
Ek aur interesting cheez ho rahi hai logon ke paise manage karne ke tareeke mein. Jo paisa pehle savings ya fixed deposits mein rakhte the, ab log use seedha market mein, jaise stocks aur mutual funds mein daal rahe hain. Is trend se banks ki deposit growth thodi slow ho sakti hai.
Par haan, Piramal Finance jaisi NBFCs ke liye ye ek achhi khabar ho sakti hai, kyunki woh khud bhi market se funding uthate hain. Aur aajkal, log borrowing se bhi pehle jitna ghabrate nahi hain, especially young generation. Toh yeh ek taraf se challenge hai toh dusri taraf companies ke liye opportunity bhi.
Gold Loan Segment: Naye Risks?
Gold loan segment Piramal Finance ke liye ek growth area hai, par yahan bhi kuch risks hain. Jo loans ₹2.5 lakh se zyada ke hain, unmein thoda zyada credit risk hai chote loans ke muqable. Ye bade loans shayad business ke liye liye ja rahe hain, aur family ke jewelry ko collateral rakha ja raha hai. Agar business nahi chala toh EMI bharne mein dikkat aa sakti hai. Is segment mein competition bhi bahut badh gaya hai, banks ne lagbhag 50% market share le liya hai.
Valuation aur Analysts kya keh rahe hain?
Ab valuation ki baat karein toh Piramal Finance ka P/E ratio 29-36x chal raha hai, jo ki banking sector ke average P/E (10-18x) se kaafi upar hai. Agar Shriram Finance (22.89x) aur Bajaj Finance (29.37x) jaise peers se compare karein toh bhi ye high lagta hai. Yahan tak ki MarketsMojo ne bhi April 2026 mein iska valuation 'very expensive' bataya tha, haan! Haalanki, company ka profit achha grow kar raha hai.
Par analysts abhi bhi is stock par positive hain. Kai logon ne 'Buy' rating de rakhi hai aur average price target around ₹1,953 pakad rahe hain.
Aage ka Rasta aur Company ka Plan
Future ki baat karein toh company retail lending par zyada focus kar rahi hai. Target hai FY26 tak iska hissa 85% AUM ho jaye. Aur FY28 tak company ₹1.5 trillion AUM ka target le kar chal rahi hai. Woh apne operations ko streamline kar rahe hain aur loan portfolio ko aur diversify kar rahe hain taaki business zyada stable aur profitable rahe.