PEL shares last traded at Rs 1,124.60 on 22 September 2025, before being suspended ahead of the merger record date. Shareholders of PEL received equity shares of Piramal Finance in a 1:1 ratio.

The merger combines the operations of PEL and its erstwhile subsidiary, Piramal Capital & Housing Finance, under a single platform. All PEL debt securities have been transferred to Piramal Finance.

The integration aims to streamline operations and create a stronger, more diversified non-banking financial company (NBFC) under the Piramal brand.

In a media interview, managing director and CEO Jairam Sridharan described the merger as the beginning of 'Piramal 2.0,' positioning the firm as a fast-growing, technology-led retail lender focused on semi-urban India. He said the company is targeting a Return on Assets (RoA) of 3% in the coming years, supported by efficiency gains and AI adoption.

For Q1 FY26, Piramal Enterprises reported a 22% year-on-year rise in consolidated total AUM to Rs 85,756 crore, with net profit up 52% to Rs 276 crore. The company operates 517 branches across 26 states and maintained retail 90+ DPD (Days Past Due) at 0.8%, reflecting strong asset quality.