Synopsis: Throughout client lending, auto manufacturing, and client items, 5 listed Indian corporations are deploying AI not as a headline function however as a measurable working lever and the monetary impression is starting to floor in collections restoration charges, income projections, and distribution effectivity.
Indian boardrooms spent a lot of the final two years saying AI pilots. FY26 has began to disclose which of these pilots transformed into measurable working outcomes. Throughout sectors as assorted as car manufacturing, specialty paints, and retail credit score, a set of listed corporations at the moment are citing AI instantly within the context of income technology, price discount, and threat mitigation. 5 of them are value inspecting on the proof obtainable.
1. Piramal Finance
Piramal Finance is the retail lending arm of Piramal Enterprises, with a portfolio spanning residence loans, MSME credit score, and client finance. Its AI rollout has been among the many extra operationally particular disclosures in Indian monetary companies, chopping throughout the credit score lifecycle from origination via collections restoration.
GenAI adoption throughout the enterprise grew greater than 3x in FY26, with the expertise deployed in underwriting, fraud detection, customer support, and hiring workflows. AI-driven collections elevated almost 10x in the course of the 12 months. FY26 consolidated PAT rose to Rs. 1,506 crore, almost 3 times the prior 12 months, whereas AUM crossed Rs. 1 lakh crore. How a lot of that collections restoration is AI-attributable versus broader credit score cycle enchancment is a good query, however the 10x collections metric shouldn’t be a determine Piramal administration has certified with caveats.
With a market capitalisation of Rs. 48,067.01 crore, the shares of Piramal Finance Restricted closed on Thursday at Rs. 2,120.50 per share, down 0.67 p.c from its earlier closing worth of Rs. 2,134.80 apiece. It’s buying and selling at a P/E of 202.
2. Bajaj Finance
Bajaj Finance is India’s largest client lending NBFC by AUM, with a franchise constructed on cross-sell depth, buyer acquisition scale, and disciplined underwriting. Administration has recognized greater than 100 AI use circumstances and is constructing what it describes as an AI-first working mannequin throughout lending origination, collections, buyer engagement, and threat administration.
AUM crossed Rs. 5 lakh crore throughout FY26, whereas PAT grew 24 p.c to Rs. 20,689 crore. On the scale Bajaj Finance now operates, the AI case is primarily about unit economics and headcount effectivity relatively than particular person productiveness wins. Even incremental positive factors in collections accuracy or credit score scoring translate into massive absolute rupee outcomes throughout a e-book this measurement. The productiveness enhancements are troublesome to isolate within the numbers, however the addressable acquire from any profitable AI deployment at Bajaj’s portfolio scale is correspondingly vital.
With a market capitalization of Rs. 6,11,015.16 crore, the shares of Bajaj Finance Restricted closed on Thursday at Rs. 981.40 per share, down 0.96 p.c from its earlier closing worth of Rs. 990.95 apiece. It’s buying and selling at a P/E of 31.94.
3. Mahindra & Mahindra
Mahindra & Mahindra operates throughout automotive, farm gear, monetary companies, and expertise. On the automotive facet, it has made essentially the most particular AI income dedication of any large-cap on this cohort: administration has guided for AI to generate an extra Rs. 4,100 crore in automotive income in FY27, via product growth, buyer acquisition, car gross sales optimisation, and manufacturing effectivity. For a big industrial, quantified AI income steering is uncommon.
FY26 outcomes present the backdrop. Income grew 25 p.c to Rs. 1.48 lakh crore, whereas internet revenue elevated 32 p.c to Rs. 15,639 crore, pushed by sustained SUV demand and execution. The Rs. 4,100 crore AI income projection quantities to roughly three p.c of FY26 income, materials with out being your entire development story. It’s particular sufficient to be held towards precise FY27 outcomes, which makes the steering each credible and accountable.
With a market capitalization of Rs. 3,96,101.24 crore, the shares of Mahindra & Mahindra Restricted closed on Thursday at Rs. 3,185.30 per share, up 3.94 p.c from its earlier closing worth of Rs.3,064.50 apiece. It’s buying and selling at a P/E of twenty-two.88.
4. Poonawalla Fincorp
Poonawalla Fincorp is a retail-focused NBFC constructing a technology-led lending platform throughout private, enterprise, and client sturdy loans. AI is integral to the corporate’s mannequin: underwriting, buyer acquisition, threat analytics, and mortgage processing are all designed round automated choice methods relatively than conventional credit score officer workflows.
Q3 FY26 PAT greater than doubled quarter-on-quarter to Rs. 150 crore, whereas AUM grew almost 78 p.c year-on-year to Rs. 55,017 crore. Poonawalla continues to be within the development part of its AI buildout, and the unit economics of automated underwriting versus conventional fashions would require a number of extra credit score cycles to evaluate beneath stress circumstances. The tempo of AUM development at steady margins suggests the mannequin is scaling with out instant asset high quality deterioration, however a fuller image will emerge solely because the portfolio ages.
With a market capitalization of Rs. 38,697.10 crore, the shares of Poonawalla Fincorp Restricted closed on Thursday at Rs. 439.50 per share, up 2.65 p.c from its earlier closing worth of Rs. 428.15 apiece. It’s buying and selling at a P/E of 69.58.
5. Asian Paints
Asian Paints enters this dialog from a special place. Competitors has intensified, volumes have come beneath strain in latest quarters, and the inventory has had a troublesome 12 months. AI deployment right here is much less about development acceleration and extra about operational continuity: utilizing superior analytics to take care of effectivity throughout a distribution community that spans tens of 1000’s of sellers, lots of of SKUs, and vital uncooked materials worth publicity.
AI is utilized throughout demand forecasting, stock optimisation, supplier servicing, pricing selections, and supply-chain administration. For a enterprise operating one in all India’s largest distribution networks, these are the levers that decide whether or not margins maintain when revenues soften. Asian Paints’ return ratios have remained among the many highest in Indian manufacturing for years, and the analytical layer is a part of what sustains them. In a troublesome aggressive surroundings, that could be a completely different however equally critical use case for AI than something the lending corporations are pursuing.
With a market capitalization of Rs. 2,53,228.22 crore, the shares of Asian Paints Restricted closed on Thursday at Rs. 2,640 per share, down 1.03 p.c from its earlier closing worth of Rs. 2,667.50 apiece. It’s buying and selling at a P/E of 60.50.
The Frequent Thread
The rising sample throughout these 5 corporations is instructive. AI adoption amongst Indian corporates is neither uniform in intent nor on the similar stage of maturity. In retail lending, Piramal and Poonawalla are testing AI as a collections and underwriting software in dwell portfolios; Bajaj Finance is making use of it as a scalability lever throughout a franchise already at vital AUM scale. M&M has assigned a selected rupee determine to anticipated FY27 AI contribution, a type of accountability few large-caps are prepared to simply accept on a expertise wager. Asian Paints is utilizing analytics to defend margins beneath aggressive strain relatively than venture development. The frequent thread is that every of those corporations is now being assessed on AI outcomes in its outcomes, not simply on AI ambition in its technique presentation.
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