NSE: PPLPHARMA · BSE: 543635
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. CDMO (55%), Critical Care (30%), Consumer Healthcare (14%). Asset-heavy pharmaceutical manufacturer and service provider across CDMO, hospital generics and consumer healthcare
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 7,082 | 8,171 | 9,151 | 8,869 |
| EBITDA (ex other income) | 621 | 1,133 | 1,445 | 725 |
| margin % | 8.8 | 13.9 | 15.8 | 8.2 |
| Owners' profit | (186) | 18 | 91 | (326) |
| EPS, as reported (₹) | (1.57) | 0.14 | 0.69 | (2.46) |
| ROE % · ROCE % | (2.8) · 1.6 | 0.2 · 5.2 | 1.1 · 6.4 | (4.0) · 0.8 |
| Debt / equity (x) | 0.81 | 0.58 | 0.58 | 0.67 |
| Cash from operations | 484 | 1,005 | 892 | 1,653 |
| Capex | (965) | (712) | (664) | (890) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,242 | 2,204 | 2,754 | 1,934 | 2,044 | 2,140 | 2,752 | 2,270 |
| Profit before tax | 103 | 50 | 257 | (98) | (61) | (104) | 29 | (27) |
| Net profit | 23 | 4 | 154 | (82) | (99) | (136) | (9) | (69) |
| EPS (₹) | 0.17 | 0.03 | 1.16 | (0.62) | (0.75) | (1.03) | (0.07) | (0.52) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 3.8 | 3.1 | 94 of 163 | 42% |
| ROCE | (1.8) | 10.8 | 157 of 183 | 14% |
| ROE | (4.0) | 9.8 | 148 of 166 | 11% |
| Debt / Equity | 0.7 | 0.2 | 147 of 166 | 12% |
| EBITDA margin | 12.5 | 17.5 | 105 of 165 | 37% |
| Revenue growth | 17.4 | 16.3 | 77 of 161 | 53% |
| Profit growth | 15.1 | 30.9 | 96 of 158 | 40% |
| Market cap | 30609 | 806 | 22 of 181 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Conference call audio for September 2026 results now available | investor communications | low | — | — |
| 27 Oct 2026 · Piramal Pharma raises FY27 growth outlook on strong Q2 performance | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27 revenue up 28%, EBITDA up 72%, FY27 outlook upgraded | compliance | low | — | — |
| 27 Oct 2026 · Q2 FY27 revenue rises 28%, consolidated profit turns positive but standalone profit falls | results | high | — | — |
| 27 Oct 2026 · Q2 results: sales rise, standalone profit falls, Yapan stake reaches 74% | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Earnings call on 28 Oct to discuss Q2 and H1 FY2027 results | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Board meeting on 27 Oct to consider Q2 FY27 results | results | low | — | — |
| 1 Oct 2026 · Bayer distribution arrangement to end on 31 Dec 2026, no renewal | business updates | high | — | — |
| 1 Oct 2026 · Piramal Pharma: Ontario funds CAD 1.7 Million to Aurora facility, says not material | business updates | medium | — | — |
| 30 Sept 2026 · Piramal Pharma appoints Viral Gandhi as Chief Technology Officer | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.