Brands
Piramal Finance secures AA plus long-term rating from Crisil
MUMBAI: Crisil Ratings has assigned a long-term rating of AA plus/Stable to Piramal Finance, a step up that underscores the lender’s multi-year shift into a scaled, retail-focused non-bank.
The upgrade applies to the company’s non-convertible debentures and bank debt, while the A1 plus rating on its commercial paper was reaffirmed. Piramal Finance carries outstanding borrowings of about Rs 75,000 crore.
Crisil cited sustained improvements in asset quality, a more granular retail loan book, strengthening profitability and a conservative liquidity position. The rating also reflects promoter strength, which provides financial flexibility and stability, alongside growing institutional confidence in governance and risk management.
Over the past four to five years, the lender has tightened underwriting, diversified its liabilities and invested heavily in technology-led risk and collections frameworks. Its retail portfolio has expanded rapidly, supported by data analytics and AI-driven decision-making across origination and monitoring.
Piramal Finance MD and CEO Jairam Sridharan, said the AA plus/stable rating validates the firm’s disciplined approach to risk, governance and execution, and strengthens its access to competitive long-term funding.
Classified by the RBI as an upper-layer nbfc, Piramal Finance raised nearly Rs 21,000 crore in long-term funding in FY25. Its assets under management stand at about Rs 91,000 crore, with plans to scale beyond Rs 1.5 lakh crore by FY28 as profitability continues to improve.
Brands
Aditya Birla Fashion & Retail reshuffles top deck; Nikhil Modha to take over as CFO
Phased transition sees Marco Agnolin head OWND!, Nikhil Modha lined up as CFO as company readies next growth leg
MUMBAI: Aditya Birla Fashion & Retail is redrawing its leadership map, lining up a new generation of executives across key roles as it prepares for its next phase of growth.
The company has named Suraj Bahirwani as chief executive (designate) of Pantaloons, effective April 1, 2026, with a full transition to the top role slated for October 1, 2026. He will also be designated as senior managerial personnel.
A two-decade veteran of the Aditya Birla Group, Bahirwani joined as a group management trainee in 2002 and has since held a string of leadership roles across retail and manufacturing. His resume spans stints at Aditya Birla Retail, a tenure as chief operating officer of Pantaloons, and most recently, head of global sales at the group’s cellulosic fibres business, where he drove international expansion and strengthened value-added portfolios.
Academically, he holds a PhD from the University of Mumbai, a postgraduate management diploma from SP Jain Institute of Management and Research, and is a chartered accountant. Over the years, he has picked up multiple chairman’s awards, including distinguished achiever, exceptional contributor and accomplished leader.
The transition at Pantaloons will be staged. Incumbent chief executive Sangeeta Tanwani will continue until September 30, 2026, steering the handover before moving into an advisory role to the managing director from October 1, 2026. She is set to retire on January 31, 2027, at which point she will step down as whole-time director and key managerial personnel.
Alongside, the company has brought in Marco Agnolin as chief executive of OWND! and senior managerial personnel, effective April 6, 2026. Agnolin arrives with over three decades of global experience, having held senior roles at Inditex, where he helped expand Zara in Italy, and later served as chief executive of Bershka and Diesel. His track record spans fast fashion, brand turnarounds and youth-focused retail.
On the finance side, Nikhil Modha has been appointed chief financial officer (designate) and senior managerial personnel from April 1, 2026. He will assume full charge as chief financial officer and key managerial personnel from January 1, 2027.
Current chief financial officer Jagdish Bajaj will oversee a phased transition until December 31, 2026, before retiring and stepping down from his roles.
The reshuffle signals a calibrated succession plan rather than a sudden overhaul, with the company staggering exits and appointments to ensure continuity even as it refreshes leadership across verticals.
As Aditya Birla Fashion & Retail juggles legacy brands and new-age formats, the message is clear: steady hands for the present, sharper ones for the future—and no pause in the push for scale.
