CARE Ratings Upgrades Piramal Finance to ‘CARE AA+; Stable’

Piramal Finance Limited announced that CARE Ratings has upgraded its Long-Term Bank Facilities and Debentures rating to ‘CARE AA+; Stable’ from ‘CARE AA; Stable’. This is the second domestic rating action at the AA+ level, following CRISIL’s assighment of AA+/Stable in January 2026. The CARE upgrade reflects expectations of improved business stability, supported by the steady run-down of legacy exposures and the company’s transition to a predominantly retail-led portfolio. Retail loans are projected to account for approximately 85% of total AUM by FY26. The rating also factors in the company’s strong promoter backing, which provides financial flexibility, strategic stability, and sustained support for long- term growth.