PIRAMAL PHARMA LIMITED

Operates three pharmaceutical businesses that together generated Rs 8,869 crore in FY26. The largest is CDMO (Contract Development and Manufacturing Organization), which produced Rs 4,915 crore or 55% of FY26 revenue by manufacturing active ingredients and drug products on behalf of global pharma and biotech customers; the pipeline includes 35+ Phase 3 molecules and antibody-drug conjugate (ADC) capacity at the Grangemouth facility. The Critical Care segment (formerly Complex Hospital Generics) generated Rs 2,703 crore or 30% of revenue and supplies hospital-administered generics such as Sevoflurane (inhalation anaesthesia) and Gablofen (Baclofen pre-filled syringes, where the brand holds a 77% share of the US Baclofen PFS/vial market); the Kenalog acquisition expands this portfolio with supplies starting Q2 FY27. India Consumer Healthcare contributed Rs 1,274 crore or 14% of FY26 revenue (growing 17% YoY), selling OTC brands through retail and its Wellify.in D2C platform, with Power brands contributing 43% of segment sales. The cost base is dominated by employees at Rs 2,415.92 crore (27.2% of revenue) and materials at Rs 1,995.85 crore (22.5%), with capex of Rs 890.02 crore in FY26 including a US$90 million commitment to expand the Lexington and Riverview sites. Q1 FY27 revenue rose 17% YoY to Rs 2,270 crore with EBITDA margin expanding 400 bps to 12.5%, though the consolidated business remained loss-making.