Piramal Pharma Limited (NSE: PPLPHARMA | BSE: 543635), a leading global pharmaceutical, health and wellness company, today announced its standalone and consolidated results for the second quarter (Q2) and half-year (H1) ended 30 September 2025.
Consolidated Financial Highlights
(in ₹ Crores or as stated)
| Particulars | Q2FY26 | Q2FY25 | YoY Growth | H1FY26 | H1FY25 | YoY Growth |
|---|---|---|---|---|---|---|
| Revenue from Operations | 2,044 | 2,242 | (9)% | 3,977 | 4,193 | (5)% |
| CDMO | 1,044 | 1,324 | (21)% | 2,041 | 2,381 | (14)% |
| CHG | 644 | 643 | 0% | 1,281 | 1,274 | 1% |
| ICH | 319 | 277 | 15% | 621 | 541 | 15% |
| EBITDA | 224 | 403 | (44)% | 389 | 627 | (38)% |
| EBITDA Margin | 11% | 18% | – | 10% | 15% | – |
| PAT | (99) | 23 | NM | (181) | (66) | NM |
Key Highlights for Q2 and H1 FY26
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Revenue from operations for the quarter and half-year FY26 stood at ₹2,044 crores and ₹3,977 crores respectively. YoY growth was impacted due to inventory destocking by the customer in one large CDMO order.
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EBITDA margin for the quarter and half-year FY26 were 11% and 10% respectively. Despite lower revenues in H1FY26, its impact on EBITDA was partly offset by efforts towards cost optimization and operational excellence.
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Net debt at the end of H1FY26 reduced by ₹228 crores (vs. FY25) to ₹3,971 crores, supported by tight control over working capital and capex investments, maintaining net debt to EBITDA ratio below 3x.
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Sustainability – Released the 4th Annual Sustainability Report for FY25, under the theme ‘Innovating responsibly. Growing sustainably’, assured by DNV Business Assurance India Pvt Ltd. The report outlines measurable progress and strengthened commitments under four strategic pillars.
Nandini Piramal, Chairperson, Piramal Pharma Limited, 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 September and October 2025, we have seen a significant pick up in biopharma funding, which if sustained, 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 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 stakeholders for smooth transition to new GST rate changes.”
Key Business Highlights for Q2/H1 FY26
Contract Development and Manufacturing Organization (CDMO):
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YoY growth during Q2 and H1 FY26 was primarily impacted by inventory destocking by the customer in one large CDMO order for on-patent commercial product.
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Inconsistent recovery in US biopharma funding along with uncertainties on global trade policies adversely impacted order inflow and decision making in H1FY26. Early signs of improvement observed with funding uptick in September and October 2025.
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Efforts towards cost optimization and operational excellence helped partially offset impact on EBITDA.
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Increasing RFPs/RFIs, especially for onshore manufacturing facilities and differentiated capabilities like ADC, sterile fill-finish, and on-patent commercial manufacturing, with significant investments made in capabilities and capacities.
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Progress in the development pipeline – Entered into a multi-million-dollar joint investment at Sellersville site (US) with NewAmsterdam Pharma for commercial manufacturing capacity for FDC of Obicetrapib and Ezetimibe.
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Best-in-class quality track record – Successfully closed 19 regulatory inspections, including one USFDA inspection with zero observations in H1FY26, maintaining ‘Zero OAI’ status.
Complex Hospital Generics (CHG):
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Inhalation Anesthesia (IA) – Strengthened leadership in the mature US Sevoflurane market with 45% value market share in Mar’25 (up from 44% in MAT Mar’24, Source: IQVIA). Working on regulatory approvals for ex-US markets from Digwal plant, India.
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Intrathecal Therapy – Sales impacted by temporary supply challenges; supplies expected to normalize in H2FY26. Maintained #1 rank in intrathecal Baclofen in US with 75% value market share.
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Injectable Anesthesia and Pain Management – Initiatives to resolve supply constraints yielding results.
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Differentiated and Specialty Products – Investing in 505(b)(2)s, complex generics, differentiated generics, and branded products via in-licensing or co-development projects for long-term growth.
Piramal Consumer Healthcare (PCH):
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Power brands posted strong growth of 20% YoY during Q2FY26, contributing 51% of total PCH sales, driven by Little’s, Lacto Calamine, CIR, and i-range.
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New product launches – Added 26 new products and SKUs in H1FY26.
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Investments in media and promotions – 12% of PCH sales in H1FY26.
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E-commerce sales grew over 40% YoY in Q2 and H1FY26, contributing ~24% to PCH sales; more than 40% coming from quick commerce.
Consolidated Profit and Loss Statement
(in ₹ Crores or as stated)
| Particulars | Q2FY26 | Q2FY25 | YoY Change | Q1FY26 | QoQ Change | H1FY26 | H1FY25 | YoY Change |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 2,044 | 2,242 | (9)% | 1,934 | 6% | 3,977 | 4,193 | (5)% |
| Other Income | 66 | 61 | 7% | 58 | 12% | 124 | 81 | 54% |
| Total Income | 2,109 | 2,303 | (8)% | 1,992 | 6% | 4,101 | 4,274 | (4)% |
| Material Cost | 703 | 796 | (12)% | 694 | 1% | 1,397 | 1,471 | (5)% |
| Employee Expenses | 611 | 560 | 9% | 619 | (1)% | 1,230 | 1,139 | 8% |
| Other Expenses | 571 | 544 | 5% | 514 | 11% | 1,085 | 1,037 | 5% |
| EBITDA | 224 | 403 | (44)% | 165 | 36% | 389 | 627 | (38)% |
| Interest Expenses | 82 | 108 | (23)% | 86 | (4)% | 169 | 215 | (21)% |
| Depreciation | 203 | 192 | 6% | 197 | 3% | 400 | 377 | 6% |
| Share of Net Profit of Associates | 15 | 17 | (14)% | 19 | (20)% | 33 | 40 | (16)% |
| Profit Before Tax | (46) | 120 | NM | (100) | NM | (146) | 75 | NM |
| Tax | 53 | 98 | (46)% | 3 | 1,879% | 56 | 141 | (61)% |
| Net Profit after Tax | (99) | 23 | NM | (102) | NM | (202) | (66) | NM |
| Exceptional Item | 1 | – | NM | 21 | NM | 21 | – | NM |
| Net Profit after Tax after Exceptional Item | (99) | 23 | NM | (82) | NM | (181) | (66) | NM |
Exceptional items include one-time insolvency proceeds received from a claim filed against a third-party supplier of the complex hospital generics business, with the NCLT in November 2023.
Consolidated Balance Sheet
(in ₹ Crores or as stated)
| Key Balance Sheet Items | As at 30-Sep-25 | As at 31-Mar-25 |
|---|---|---|
| Total Equity | 8,073 | 8,125 |
| Net Debt | 3,971 | 4,199 |
| Total | 12,045 | 12,324 |
| Net Fixed Assets | 9,394 | 9,110 |
| Tangible Assets | 4,655 | 4,534 |
| Intangible Assets including goodwill | 3,651 | 3,599 |
| CWIP (including IAUD) | 1,088 | 977 |
| Net Working Capital | 2,201 | 2,798 |
| Other Assets | 450 | 416 |
IAUD – Intangible Assets Under Development; Other Assets include Investments and Deferred Tax Assets (Net).
Q2 and H1 FY26 Earnings Conference Call
Piramal Pharma Limited will host a conference call for investors/analysts on 06 November 2025 from 9:30 AM to 10:15 AM (IST) to discuss its Q2 and H1 FY26 results.
| Event | Location & Time | Telephone Number |
|---|---|---|
| Conference call | India – 09:30 AM IST | +91 22 6280 1461 / +91 22 7115 8320 (Primary Number), 1 800 120 1221 (Toll free) |
| Conference call | USA – 11:00 AM Eastern Time | 18667462133 (Toll free) |
| Conference call | UK – 04:00 AM London Time | 08081011573 (Toll free) |
| Conference call | Singapore – 12:00 PM Singapore Time | 8001012045 (Toll free) |
| Conference call | Hong Kong – 12:00 PM Hong Kong Time | 800964448 (Toll free) |
Express Join with Diamond Pass™ – Please use the link for prior registration to reduce wait time at the time of joining the call – Click here.
