The Corner Office - Disciplined scale-up of retail franchise

Company

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Piramal Finance shifted from wholesale to retail-led model, reducing legacy wholesale to <5% by Mar 26

Focus on semi-urban India with competitive housing loan rates and 35% retail growth

NIM expansion via fee income, unsecured loans growth, and lower borrowing costs

AI integration boosts underwriting, risk, and operational efficiency significantly

Retail business breakeven since Jul 23; targeting 2.5%-3% RoA medium term

Strong capital, no equity raise till 1HFY27; TP revised to INR 1,790 with BUY rating