Parag Parikh Financial Advisory Services Ltd Unlisted Shares: Price, FY26 Financials, and What Investors Should Know

Parag Parikh Financial Advisory Services Ltd (PPFAS) is one of the most talked about names in the Indian unlisted share market. The company runs one of the biggest and most successful mutual fund franchises in the country. PPFAS is an unlisted shares company and hence not listed on the NSE or BSE. Exposure to the company can be had only through the unlisted-shares route. Interest in the company’s growth has led to an increase in searches for “PPFAS unlisted shares price”, “PPFAS unlisted stock” and “PPFAS share price today”. The latest news on PPFAS unlisted shares is summarized with the help of data from PPFAS’s FY2025-26 Annual Report numbers, current OTC pricing and practical points for anyone who is considering a transaction with an unlisted shares dealer.

Company Overview

PPFAS was incorporated on 12th October 1992 and was one of the first SEBI registered Portfolio Managers in India, launching its Portfolio Management Services (PMS) business in 1996. Head Office : Nariman Point, Mumbai (CIN: U67190MH1992PLC068970) We have transformed from a standalone advisory boutique to a diversified financial services group with presence in asset management, portfolio management, wealth advisory and pension fund management and over 59 lakh unique investors in FY26.

The group consists of PPFAS itself (the unlisted parent) and four wholly owned subsidiaries: PPFAS Asset Management Pvt Ltd (investment manager to PPFAS Mutual Fund), PPFAS Trustee Company Pvt Ltd, PPFAS Alternate Asset Managers IFSC Pvt Ltd (its GIFT City arm, established in November 2024), and PPFAS Pension Fund Managers Pvt Ltd (incorporated on 8 May 2026 after receiving PFRDA approval to manage an NPS pension fund).

Performance Highlights FY2025-26

In July 2026 PPFAS published its 34th Annual Report prior to the AGM on 10 August 2026. The significant figures disclosed are:

Consolidated PAT: ₹347.56 crore in FY26 Vs ₹246.60 crore in FY25

Consolidated PBT of Rs 467.00 crore (FY25E: Rs 335.76 crore)

Consolidated fee and commission income: ₹573.75 crore (FY24: ₹375.88 crore)

Return on Equity: 41.91% (FY25: 46.69%)

Dividend: ₹25 per equity share of ₹10 face value (250%) recommended for FY26 compared to ₹15 in FY25 — payout ratio at around 5.58%

Paid-up equity capital: ₹7,90,97,740 consisting of 79,09,774 equity shares of ₹10 each; during the year 2,13,900 new shares were issued under the ESOP scheme

Standalone PAT: ₹27.64 crore (₹2,763.84 lakh) in FY26 vs ₹34.26 crore (₹3,426.26 lakh) in FY25 on standalone gross income of ₹39.55 crore (₹3,954.57 lakh) – down even as consolidated profit rose

Average Group AUM: ₹1.37 lakh crore approx.

Unique investors: 59.38 lakh versus 42.41 lakh last year

Live accounts: 71.97 lakh

Employees: 320+; Women represent 33% of the workforce

CSR Expenditure: ₹3.88 crore

Why AUM is increasing

The main source of income for PPFAS is the management fees. Hence the financial performance of PPFAS is closely linked to the asset base of PPFAS Mutual Fund. Total mutual fund AUM grew by over 39% in one year from ₹1,06,357.72 crore (31 March 2025) to ₹1,47,954.75 crore (31 March 2026).

The flagship scheme, Parag Parikh Flexi Cap Fund (Direct Plan), returned -0.63% over the one year to 30 March 2026 but delivered 17.14% CAGR over three years, 16.38% over five years and 18.14% since inception in May 2013. As on 31 March 2026, the asset mix of the fund was 91.09% equity, 5.41% hybrid and 3.50% liquid. Geographically, T-30 cities contributed 75.80% to AUM and B-30 cities contributed the rest 24.20%.

The smaller legacy PMS business also grew sharply with overall PMS AUM rising 578.33% YoY to ₹547.21 crore (from ₹80.67 crore in FY25) driven primarily by the newly launched Advisory Services segment (₹362.70 crore of total) and growth in Non-Discretionary PMS assets. The flagship PMS strategy, “Cognito” — closed to new clients for years — posted -9.81% one-year TWRR but 17.78% return since inception in November 1996.

PPFAS Unlisted Shares Price Today

None of the above AUM or profit figures translate into an official market price, as PPFAS trades only via bilateral OTC deals, and not an exchange order book. That said, the PPFAS share price today is being quoted on unlisted-share platforms in a fairly tight range through July-August 2026:

Typical dealer quote: Rs 19,000-21,200 a share 52-week high/low: around Rs 21,195 / 14,545

Face value: ₹10 per share ISIN: INE0FGC01012

Shares outstanding: 79,09,774 (per FY26 Board’s Report) implying a rough (non-exchange verified) market cap of ₹15,000-16,700 crore at current quotes

Typical dealer lot size: 10 to 50 shares per transaction

For context, the company’s own PPFAS ESOP 2026 scheme, approved at the FY26 AGM, has an internal exercise price of ₹16,500 per option — but based on the Intrinsic Value method (appropriate for an unlisted public company), not a market-quoted fair value, so it shouldn’t be read as a benchmark trading price.

At any given time quotes can vary widely between dealers – this is a normal feature of the unlisted market and is driven by each dealer’s stock, demand and spread. There is no such thing as a 'right' price.

Is IPO On The Cards? (PPFAS IPO Share Price Today)

The company has not announced or filed for an IPO. PPFAS IPO share price today is a common search term, as per its FY26 Annual Report and the AGM notice published in August 2026. It remains privately held and unlisted and current OTC pricing should be regarded as an informal market estimate only – and not a proxy for a future listing price. Any eventual IPO would be under the standard SEBI framework and the pricing could be very different from today’s unlisted quotes.

How a Dealer of Unlisted Shares Does Transactions

PPFAS shares are not exchange traded so one has to go through an unlisted shares dealer or an OTC platform that deals with pre-IPO stock to buy or sell. The normal procedure is:

Receive a live buy/sell quote from the dealer (prices differ between platforms)

Check the trade and lot size.

Upload KYC documents – PAN card, demat account Client Master Report (CMR) and canceled cheque

Settlement in demat form (through NSDL or CDSL) usually within a few days of trade confirmation

On the regulatory front, SEBI has put a lock-in on unlisted shares bought by certain categories of investors since August 2021: a six-month lock-in for Venture Capital Funds and Foreign Venture Capital Investors from the date of acquisition. This is generally not the case for Alternative Investment Funds Category II (AIF-II). Retail investors should consult their dealer for specific lock-in and settlement terms which may vary depending on type of investor and platform.

Keeping Up to Date

So, don’t trust the price-alert pages you find on the internet. The best source of reliable information would be PPFAS’s own Annual Reports and AGM notices on ppfas.com and the monthly factsheets and portfolio disclosures of PPFAS Mutual Fund. Key highlights from the FY26 report include PFRDA approval for new pension fund business, PPFAS ESOP 2026 scheme (up to 75,000 options at exercise price of ₹16,500), a proposed amendment to MOA to apply for SEBI Alternative Investment Fund (AIF) license, and proposed launch of GIFT City inbound fund (Parag Parikh India Flexi Cap Fund) for NRIs and foreign investors.

Risk Dashboard

Investing in PPFAS Mutual Fund and investing in PPFAS's own unlisted stock are quite different propositions. There are a few risks which are specific to the latter:

Imperfect price discovery: OTC quotes are dealer-driven and indicative, and not from a regulated exchange order book, and can be different from the company's own ESOP exercise price or book value.

Limited liquidity: There may be no buyer or seller at your desired price and bid-ask spreads can be wide.

Lighter disclosure regime: SEBI rules on stamp duty, DP charges, and some lock-ins still apply, but PPFAS does not have the quarterly disclosure obligations of a listed company – annual disclosure is only through its Annual Report and AGM filings.

Fee income is market-linked: The FY26 report itself shows the flagship Flexi Cap Fund’s one-year return turning marginally negative during a period of market consolidation, while standalone PAT fell even as consolidated PAT rose, a reminder that different parts of the group can move in different directions within the same year.

Valuations are opinions The strong fee income, tied to AUM, does not imply there was a “fair” price agreed to for the unlisted shares as investors don’t necessarily agree on the right valuation multiple.

The Bottom Line

PPFAS's FY26 Annual Report describes a business still compounding at scale. AUM is up almost 39% YoY to nearly ₹1.48 lakh crore, consolidated PAT is up to ₹347.56 crore and a ₹25/share dividend has been declared – despite the flagship equity scheme posting a flat year in absolute return terms. No stock exchange listing, no confirmed IPO timeline, and OTC pricing varies from dealer to dealer. One should compare the quotes from a number of registered unlisted-share dealers before considering this trade. Review the full Annual Report at ppfas.com and size any investment with the liquidity and valuation-uncertainty risks of pre-IPO holdings in mind.

FAQs

1.What is the current price of Parag Parikh Financial Advisory Services Ltd unlisted shares?

The stock’s 52-week high is ₹21,195 and its 52-week low is ₹14,545. Dealer quotes have fluctuated between ₹19,000 and ₹21,200 a share since August 2026. There is no exchange order book, so always verify the live quote with your dealer prior to transacting.

2. Is Parag Parikh Financial Advisory Services Ltd Listed on NSE or BSE ?

No. It is an unlisted public company and its shares are dealt only in the OTC / pre-IPO market through unlisted-share dealers and platforms and not on any recognized stock exchange.

3.Parag Parikh Financial Advisory Services Ltd IPO share price today

The company has neither announced nor filed for an IPO as per its FY26 Annual Report and August 2026 AGM, so there is no official IPO price. You will only see the indicative unlisted/OTC price. The IPO price is not something you will see quoted anywhere on the Internet.

4.What is the face value of company & paid up capital? What is an ISIN number?

face value is ₹10 per share and paid up share capital as on 31 March 2026 was ₹7,90,97,740 (₹7,90,97,740 comprising 79,09,774 equity shares) ISIN is INE0FGC01012

5.What is the minimum lot size to buy PPFAS unlisted shares?

The amount varies from dealer to dealer, but is normally between 10 and 50 shares per transaction.

6.PPFAS FY2025-26 profit and dividend?

Consolidated Profit After Tax Rs. 347.56 crore (Rs. 246.60 crore in FY25) The Board recommended a dividend of Rs. 25/- per equity share of Rs. 10/- face value equivalent to a dividend payout ratio of ~5.58%.

7.Parag Parikh Financial Advisory Services Ltd. does what?

It sponsors PPFAS Mutual Fund and is the parent company of PPFAS Asset Management which manages schemes like Parag Parikh Flexi Cap Fund, ELSS Tax Saver Fund, Liquid Fund, Conservative Hybrid Fund, Arbitrage Fund, Dynamic Asset Allocation Fund and Large Cap Fund (to be launched in FY26). The company also has a legacy PMS business (since 1996) and has also forayed into pension fund management (through PPFAS Pension Fund Managers) from FY26.

8.How do you even value a stock like this that isn't listed? There is no central exchange and prices are set bilaterally, each unlisted shares dealer quoting its own buy/sell levels depending on recent trades, inventory available and demand. That’s why quotes can be far apart at the same time on different platforms. The Intrinsic Value method is also used by the company’s own ESOP scheme and has an internal exercise price ( ₹ 16,500 per option under PPFAS ESOP 2026 ). The fair value method assumes market price is available.

9.Are these shares under lock-in?

It is contingent upon the investor. As per SEBI rules, Venture Capital Funds and Foreign Venture Capital Investors have a lock-in of 6 months from August 2021. Category II Alternative Investment Funds (AIF-II) are generally exempt. Retail investors should contact their dealer as to the applicable terms.

10.Where can I buy and sell shares and what documents do I need?

An unlisted shares dealer will generally provide you with a quote, confirm the trade and lot size and share KYC documents – PAN card, client master report (CMR) from your demat account and a canceled cheque. Settlement is only in demat form through NSDL or CDSL and it takes couple of days.

11.Does Unlisted Share Company in Noida need to deal through a Particular City Dealer?

No, access is not limited by location PPFAS has a branch presence in Noida. Of its 28-city network and dealers based in Mumbai, Delhi-NCR (including Noida and Gurugram), Bengaluru and elsewhere, all deal in the same unlisted stock. It is worth sourcing quotes from a few platforms, no matter where their headquarters are based.

12.Where can I find the latest news and financials from the company?

The best source of information is PPFAS own Annual Report and AGM notices on ppfas.com and PPFAS Mutual Fund’s monthly factsheets and portfolio disclosures. They report on real developments with more authority than the informal price-alert pages.