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Piramal Pharma Results: Latest Quarterly Results & Analysis

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Piramal Pharma Ltd. 06 Nov 2025 11:57 AM
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Q2FY26 Quarterly Result Announced for Piramal Pharma Ltd.

Pharmaceuticals company Piramal Pharma announced Q2FY26 results

  • Revenue from Operations: Rs 2,044 crore compared to Rs 2,242 crore during Q2FY25, change -9%.
  • EBITDA: Rs 224 crore compared to Rs 403 crore during Q2FY25, change -44%.
  • EBITDA Margin: 11% for Q2FY26.
  • PAT: Rs -99 crore compared to Rs 23 crore during Q2FY25.

Nandini Piramal, Chairperson, Piramal Pharma,  said: “YoY growth in the CDMO Business was primarily impacted by inventory destocking in one large on-patent commercial product. Inconsistent recovery in US biopharma funding along with uncertainties on global trade policies led to adverse impact on order inflows and customer decision making during H1FY26. However, in the months of September and October 2025, we have seen a significant pick up in biopharma funding, which if sustains, should lend impetus to increased RFPs and orders going forward. Also, we are seeing strong customer interest for onshore offerings which bodes well for the investments we have made in our overseas sites. In our CHG business we further strengthened our leadership position in the US Sevoflurane market, while simultaneously working to obtain regulatory approvals for ex-US markets from our India plant. Our consumer business delivered healthy mid-teen growth, seamlessly collaborating with various stakeholders for smooth transition to new GST rates changes.”

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Pharmaceuticals company Piramal Pharma announced Q1FY26 results

  • Revenue from Operations stood at Rs 1,934 crore vs Rs 1,951 crore in Q1FY25. Excluding the impact of destocking in one of the large CDMO product, the YoY revenue growth was in early double-digit
  • EBITDA margin at 9% vs 11% in Q1FY25. Impact of inventory destocking, partly offset by improved profitability of the overseas facilities in the CDMO business
  • Net-Debt to EBITDA ratio at 2.6x
  • Best-in-Class Quality Track Record – Successfully closed USFDA inspection at Aurora facility (Canada) with zero observations. Continue to maintain our ‘Zero OAIs’ status since 2011
  • Sustainability Efforts Yielding Results – Assigned an ESG rating of ‘61’ for FY2024 by NSE Sustainability Ratings and Analytics Limited

Nandini Piramal, Chairperson, Piramal Pharma said, “Excluding the impact of destocking in one large on-patent commercial product, our CDMO business delivered mid-teen revenue growth during the quarter accompanied by improvement in EBITDA margin, especially at our overseas sites. Growth in our CHG business is also expected to pick up for the remaining part of the year given the timing of some of the institutional orders. Our consumer business delivered healthy growth, in-line with our expectations, driven by power brands and ecommerce sales.

Withstanding the near-term challenges, we believe we are on track to achieve our FY2030 aspirations of becoming a US$2bn revenue company with 25% EBITDA margin and high-teen ROCE.”

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Pharmaceuticals company Piramal Pharma announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations for Q4FY25 was Rs 2,754 crore, an increase of 8% compared to Rs 2,552 crore in Q4FY24.
  • EBITDA grew by 8% YoY and 15% YoY in Q4FY25 and FY25 respectively, on account of operating leverage, cost optimization, and operational excellence initiatives
  • EBITDA for Q4FY25 was Rs 603 crore, an increase of 8% compared to Rs 556 crore in Q4FY24. The EBITDA Margin was 22% in both Q4FY25 and Q4FY24.
  • PAT (before exceptional item) for Q4FY25 was Rs 154 crore, an increase of 16% compared to Rs 132 crore in Q4FY24.
  • PAT (after exceptional item) for Q4FY25 was Rs 154 crore, a significant increase of 52% compared to Rs 101 crore in Q4FY24.

FY25 Financial Highlights:

  • Revenue from Operations for FY25 was Rs 9,151 crore, an increase of 12% compared to Rs 8,171 crore in FY24.
  • EBITDA for FY25 was Rs 1,580 crore, an increase of 15% compared to Rs 1,372 crore in FY24. The EBITDA Margin was 17% in both FY25 and FY24.
  • PAT (before exceptional item) for FY25 was Rs 91 crore, an increase of 13% compared to Rs 81 crore in FY24.
  • PAT (after exceptional item) for FY25 was Rs 91 crore, a substantial increase of 411% compared to Rs 18 crore in FY24.

Nandini Piramal, Chairperson, Piramal Pharma said, “FY25 has been a steady year for the company as we crossed USD 1 billion in revenues with 12% YoY growth accompanied by 17% EBITDA margin and 5x increase in Net Profits, in-line with our annual guidance. We also managed to maintain our Net Debt / EBITDA level below 3x, while making regular investments in capabilities and capacities for future growth. During the year, we progressed well on our key performance metrics such as growth in innovation related work and differentiated capabilities in the CDMO business, maintaining our leading position in inhalation anesthetic Sevoflurane in the US market, and healthy growth in our power brands in our consumer healthcare business.

We believe, we are on track to deliver on our FY2030 aspirations of becoming a USD 2 billion revenue company with 25% EBITDA margins and high teens ROCE.”

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Pharmaceuticals company Piramal Pharma announced Q3FY25 results

  • Revenue from Operations: Rs 2,204 crore, up 13% YoY from Rs 1,959 crore
    • CDMO: Rs 1,278 crore, up 13% YoY from Rs 1,134 crore
    • CHG: Rs 654 crore, up 14% YoY from Rs 576 crore
    • ICH: Rs 278 crore, up 10% YoY from Rs 252 crore
  • EBITDA: Rs 350 crore, up 6% YoY from Rs 330 crore
  • EBITDA Margin: 16%, down 1% YoY from 17%
  • Share of Net Profit of Associates: Rs 17 crore, up 22% YoY from Rs 14 crore
  • Net Profit After Tax: Rs 4 crore, down 64% YoY from Rs 10 crore

Nandini Piramal, Chairperson, Piramal Pharma, said: “FY25 so far has been a steady year for the Company with revenue growth of 14% and EBITDA growing at 20%. Our CDMO business continues to deliver robust performance with 18% revenue growth along with EBITDA margin improvement in 9MFY25. This performance was largely led by innovation related work. Our CHG business registered an early-teen revenue growth during the quarter on the back of strong volume growth in our Inhalation Anesthesia portfolio. In our ICH business, power brands continue to register about 19% growth.

The quarter also marked a significant milestone in our journey towards sustainable manufacturing with the conversion of coal-fired steam boiler at our Digwal facility to operate on biomass briquettes. This will significantly reduce our GHG emissions - underscoring our unwavering commitment towards the planet.”

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Pharmaceuticals company Piramal Pharma announced Q2FY25 results

  • Revenue from Operations grew by 17% YoY, primarily driven by robust growth in CDMO business.
  • EBITDA grew by 28% YoY with EBITDA margin of 18%, a YoY improvement of about 150bps, driven by operating leverage, cost optimization initiatives and superior revenue mix.
  • Released our FY24 Sustainability Report. The report follows GRI standards and is aligned with SASSB and UNGC frameworks. It also highlights our commitment to reduce our GHG emissions inline with SBTi’s 1.5 decarbonization pathway.

Nandini Piramal, Chairperson, Piramal Pharma said: “We continue our momentum of delivering healthy revenue growth accompanied by YoY EBITDA margin expansion. This has been primarily driven by consistent growth in our CDMO business which has witnessed a good pick-up in innovation related work and on-patent commercial revenues. To sustain this growth momentum and to capitalize on rising demand for sterile fill-finish capabilities, we have announced a US USD 80 million expansion plan at our Lexington facility which is expected to get complete by end FY27. In our CHG business, we are witnessing steady volume growth in Inhalation Anesthesia products in the US and Emerging Markets. In our ICH business, we continue to see a robust growth in our power brands and e-commerce sales.

During the quarter, we released our Sustainability Report for FY24 under the theme, ‘Building Resilience for a Sustainable Tomorrow’, highlighting our progress on the sustainability initiatives.

Over the long term, we remain committed to achieving our financial goals of US USD 2 billion revenue with 25% EBITDA margin and 1x net debt / EBITDA by FY30.”

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Pharmaceuticals company Piramal Pharma announced Q1FY25 results:

  • Revenue from Operations grew by 12% YoY to 1,951 crore in Q1FY25, driven by robust high-teen growth in the CDMO business and steady double-digit growth in the ICH business
  • EBITDA grew by 31% YoY to Rs 221 crore with EBITDA margin of 11%, a YoY improvement of over 170bps vs. Q1FY24, driven by operating leverage, cost optimization measures and superior revenue mix
  • Best-in-class quality track record - Successfully closed the USFDA inspections at Lexington facility (US) with an EIR# and at PPDS facility (Analytical Services, India) with zero observations
  • Piramal Pharma was honoured as one of the top Sustainable Organizations at the 3rd edition of “Times Now Global Sustainability Alliance Sustainable Organizations 2024” 

Nandini Piramal, Chairperson, Piramal Pharma Limited said, “We have had a good start to the financial year with a steady all-round performance. We delivered a healthy revenue growth accompanied by over 170bps YoY expansion in EBIDTA margin driven by favorable revenue mix and cost optimization initiatives. Our CDMO business continues to witness sustained order inflows, especially for on-patent commercial manufacturing. We are also seeing good demand for our differentiated offerings with increase in customer enquiries and visits. In our CHG business, our planned expansion for inhalation anesthesia portfolio is on track and is expected to get commercialized in FY26. Our India Consumer Healthcare business is also delivering steady growth driven by power brands and strong traction in e-commerce channel.

As a responsible organisation, we are taking good strides in our journey towards building sustainable operations. Our continuous efforts in quality and compliance bore fruits with successful closure of USFDA inspections at two of our facilities at Lexington (USA) and PPDS (Analytical Services, India).

Historically our H2 outperforms H1, both in terms of revenue and profitability, and we expect this trend to continue in FY25. We intend to further build on to the good start that we have had to the financial year.”

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Pharmaceuticals company Piramal Pharma announced Q4FY24 & FY24 results:

  • Revenue from Operations grew by 18% YoY and 15% YoY in Q4FY24 and FY24 respectively, driven by healthy growth in our CDMO and ICH businesses
  • EBITDA grew by 48% YoY and 61% YoY in Q4FY24 and FY24 respectively, primarily driven by revenue growth, operating leverage, cost optimization, and operational excellence initiatives
  • Net Profit After Tax (before exceptional Items) more than doubled in Q4FY24 at Rs 132 crore compared to Rs 50 crore in Q4FY23
  • Net Debt / EBITDA improved from 5.6x at the start of the financial year to 2.9x at the end of FY24 

Nandini Piramal, Chairperson, Piramal Pharma Limited said, “FY24 has been a strong year for the Company with all round improvement, mainly driven by our CDMO business that delivered a robust 19% YoY revenue growth. We saw significant increase in order inflows, especially for on-patent commercial manufacturing, amidst a difficult biotech funding environment. Contributions from our innovation related work and differentiated offerings also increased in FY24. Capacity expansion at our Grangemouth facility for Antibody Drug Conjugate segment was commercialized and is seeing good customer interest.

In the Inhalation anesthesia business, we continue to maintain our leading position in Sevoflurane in the US market and are expanding our capacities to tap the growing demand in the ROW markets. Our India Consumer Healthcare business is also continuing to perform well with focus on better EBITDA margin.

During the year, we also showed a significant improvement in our profitability with EBITDA margin of 17% (Vs. 12% in FY23). All our three businesses delivered higher EBITDA margins through operating leverage, cost optimization, and operational excellence initiatives. Our Net Debt / EBITDA ratio also improved significantly, as we ended the financial year below 3x compared to 5.6x at the start of the year.”

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Pharmaceuticals company Piramal Pharma announced Q3FY24 & 9MFY24 results:

  • Revenue from Operations grew by 14% YoY both in Q3FY24 and 9MFY24, driven by double-digit growth across all the three businesses
    • Q3FY24: Rs 1,959 crore (14% YoY growth)
    • 9MFY24: Rs 5,619 crore (14% YoY growth)
  • EBITDA grew by 94% YoY and 71% YoY in Q3FY24 and 9MFY24 respectively, primarily driven by operating leverage, reduction in raw material cost & energy prices, cost optimization, and operational excellence initiatives
    • Q3FY24: Rs 330 crore (94% YoY growth)
    • 9MFY24: Rs 815 crore (71% YoY growth)
  • Net Debt / EBITDA ratio has improved over the last three quarters on account of healthy growth in EBITDA and repayment of debt from the proceeds of the recently concluded Rights Issue
  • Sustainability - Taken a target to reduce Scope 1 and Scope 2 emissions by 42% by FY30 (with a baseline of FY22), which is in accordance with the 1.5 degrees C trajectory suggested by SBTi. Further, we have also taken a target to reduce Scope 3 emissions by 25% by FY30 (with a baseline of FY22)

Nandini Piramal, Chairperson, Piramal Pharma said, “We continue to build on our improved performance in FY24 with 14% YoY revenue growth in Q3 along with a significant improvement in EBITDA margin. Our CDMO business is delivering healthy growth with robust order inflows, especially for differentiated offerings and innovation-related work. Our Inhalation Anesthesia portfolio is registering good volume growth in our key market of the US and is also seeing increasing traction in ROW markets. Our India Consumer Healthcare business is delivering steady growth driven by our power brands and contributions from new product launches.

On the sustainability front, we have taken significant reduction targets for our Scope 1, 2, and 3 GHG emissions by FY2030. We are also working on multiple initiatives in the areas of water conservation, responsible waste disposal, gender diversity, employee safety, sustainable supply chain, and community development.

We look forward to continuing our momentum in Q4 and ending the financial year on a positive note.”

 

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Pharmaceuticals company Piramal Pharma announced Q1FY24 results:

  • Revenue from operation of Rs 1,749 crore in Q1FY24 compared to Rs 1,482 crore, up 18% YoY
  • EBITDA of Rs 171 crore in Q1FY24 compared to Rs 89 crore in Q1FY23, up 92% YoY
  • EBITDA margin of 10% in Q1FY24 compared to 6% in Q1FY23
  • PAT of Rs (99) crore in Q1FY24 compared to Rs (109) crore in Q1FY23
  • The company has shared the details of its Rights Issue - Rights Price of Rs 81, Record Date of August 2, 2023, and Entitlement Ratio of 5:46

Nandini Piramal, Chairperson, Piramal Pharma Limited said, “We had a positive start to the new financial year with healthy revenue growth and improvement in our EBITDA margins. Our CDMO business is also witnessing continued order inflows, especially for our differentiated offerings and innovation-related work. Our Inhalation Anesthesia portfolio is seeing a healthy demand and our India Consumer Healthcare business is delivering good growth driven by power brands. We continue to maintain our best-in-class quality track record and are also taking multiple initiatives in the area of ESG to grow our business responsibly.

Historically our H2 has been better than H1, both in terms of revenue and profitability. We are working to leverage our good start to the financial year and continuing this momentum to deliver a healthy YoY performance for the rest of the year. We believe in the growth potential of our business and are accordingly executing our strategic priorities to create shareholder value. Our promoter and promoter group have agreed to subscribe to the extent of 100% of the equity shares offered in our Rights Issue, thereby reaffirming their confidence in the underlying strengths of our business.”

 

 

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Pharmaceuticals company Piramal Pharma announced Q4FY23 & FY23 results:

  • Revenue from Operation grew by 2% YoY in Q4FY23 and 8% in FY23
  • EBITDA margin for Q4FY23 and FY23 was 17% and 12% respectively impacted by lower sales and higher operating expenses
  • Successfully cleared multiple regulatory inspections and customer audits in FY23
  • New capabilities / capacity expansion gone live at Ahmedabad PDS, peptide facility (Turbhe, India) and Riverview (US) are witnessing good customer demand
  • Rights Issue – DLOF filed with the SEBI, currently under review

Nandini Piramal, Chairperson, Piramal Pharma said, “Over the recent years, Q4 has always been the strongest quarter for the Company in terms of revenue contribution and EBITDA margin. This year as well, we have seen a healthy pickup in our Q4 revenues and EBITDA margin compared to previous three quarters of the financial year.

Our CDMO business, which had a challenging year, witnessed significant pickup in order bookings in Q4. Our Inhalation Anesthesia portfolio continues to see a healthy demand and hence we are expanding our capacities. Our India Consumer Healthcare business is delivering good growth driven by our power brands.

We continue to maintain our quality track record with successful US FDA inspections – zero observations at Riverview and Digwal facilities, and EIR received for Lexington and Sellersville facilities. We believe in the potential of our businesses and our main focus over the next few months will be on capturing demand and executing them well, driving productivity through operational excellence and executing critical maintenance and growth capex.”

 

 

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