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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
Havas reports solid Q1 2026 with 2.5 per cent organic net revenue growth
Advertising group maintains positive momentum and confirms full-year guidance.
MUMBAI: Havas has started 2026 on a strong note proving that even in uncertain times, its converged model continues to deliver. The global advertising and communications group reported net revenue of €638 million for the first quarter of 2026, representing organic growth of +2.5 per cent compared to the same period last year. This performance was driven particularly by a robust +7.4 per cent organic growth in the United States.
Total revenue for the quarter reached €667 million, with organic growth of +2.8 per cent. Recent acquisitions contributed a positive scope impact of +1.7 per cent, while foreign exchange movements had a negative impact of -5.8 per cent, mainly due to the US dollar and British pound.
Europe, which accounts for 50 per cent of net revenue, delivered +1.1 per cent organic growth, supported by a good performance in France. North America (36 per cent of net revenue) led the way with +7.4 per cent growth, thanks to strong contributions from both Havas Creative and Havas Media. APAC & Africa (8 per cent) saw a decline of -6.2 per cent, while Latin America (6 per cent) remained nearly stable at -0.6 per cent.
Havas chairman and CEO Yannick Bolloré said, “Havas has started 2026 on a solid footing, continuing its momentum and delivering organic growth in net revenue of +2.5 per cent. This performance, in line with our full-year 2026 guidance, was driven in particular by continued strength in the US.”
The group also continued its bolt-on acquisition strategy, acquiring majority stakes in four agencies during the quarter: Acento Public Affairs (Spain), Ctrl Digital (Sweden), Styleheads (Germany), and Eyesight (France).
Havas maintained its strong creative reputation, ranking as a top holding company in the WARC Creative 100 for the sixth consecutive year, with three agencies BETC, Havas Paris, and Havas India placing in the Top 50.
Looking ahead, Havas confirmed its 2026 guidance: organic net revenue growth between +2.0 per cent and +3.0 per cent, adjusted EBIT margin between 13.2 per cent and 13.5 per cent, and a dividend payout ratio of around 40 per cent. The group also reiterated its medium-term targets for 2028.
Despite ongoing macroeconomic and geopolitical uncertainty, Havas enters the rest of the year with solid fundamentals and confidence in its ability to deliver sustainable, profitable growth.
In a challenging environment, Havas is proving that its integrated, client-centric model remains resilient delivering steady growth while continuing to invest in creativity and innovation. The first quarter results suggest the group is well-positioned to navigate the year ahead with confidence.
