Piramal Pharma Limited Announces Results for Q2 and H1 FY26

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 Business Highlights for Q2/H1 FY2026

Contract Development and Manufacturing Organization (CDMO) :

-          YoY growth during Q2 and H1 FY26 was primarily impacted by inventory destockingby the customer in one large CDMO order for on-patent commercial product.

-          Inconsistent recovery in US biopharma funding along with uncertainties on global trade policies led to adverse impact on order inflow and decision making by customers in H1FY26. Although, seeing early signs of improvement with funding uptick in the months of September and October 2025.

-          Efforts towards cost optimization and operational excellence helped partially offset impact on EBITDA.

-          Recently increasing RFPs/RFIs- especially for our onshore manufacturing facilities and differentiated capabilities like ADC, Sterile fill-finish, and on-patent commercial manufacturing, where we have made significant investments in capabilities and capacities.

-          Good progress in the existing 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 to meet commercial demand.

-          Best-in-Class Quality Track Record – Successfully closed 19 regulatory inspections, including 1 USFDA inspection with zero observations in H1FY26. Continue to maintain our 'Zero OAI' status.

Complex Hospital Generics (CHG):

-          Inhalation Anesthesia (IA) -

o   Continue to further strengthen our leadership position in the mature US Sevoflurane market with value market share of 45% in Mar'25 - up from 44% in MAT Mar'24.    (Source:- IQVIA)

o   To drive growth, we are working on obtaining regulatory approvals for Sevoflurane in the ex-US markets from our Digwal plant in India.

-          Intrathecal Therapy – Sales during the quarter was impacted due to temporary supply challenges. Expect supplies to normalize in H2FY26. Maintained our #1 Rank in intrathecal Baclofen in the US with 75% value market share.      (Source:- IQVIA)

-          Injectable Anesthesia and Pain Management – Initiatives to resolve supply constraints starting to yield results.

-          Differentiated and Specialty Products - Continue to invest in 505(b)(2)'s, complex generics, differentiated generics, and branded products through in-licensing deals or co-development projects to enable long term growth.

Piramal Consumer Healthcare (PCH):

-          Power Brands continue to post strong growth of 20% YoY during Q2FY26, contributing to 51% of total PCH sales. Growth was primarily driven by Little's, Lacto Calamine, CIR, and i-range.

-          New Product Launches - Added 26 new products and SKUs in H1FY26.

-          Investments in Media and Promotions - 12% of PCH sales in H1FY26.

-          E-commerce sales grew at over 40% YoY in Q2 and H1FY26, contributing about 24% to PCH sales. More than 40% of e-commerce sales coming from quick commerce.

Consolidated Profit and Loss Statement

(in ₹ Crores or as stated)

Particulars

Quarterly

Half Yearly

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 item¹

-

-

NM

21

NM

21

-

NM

Net Profit after Tax after Exceptional Item

(99)

23

NM

(82)

NM

(181)

(66)

NM

1.Exceptional items include, one time insolvency proceeds received from a claim filed against a third-party supplier of our complex hospital generics business, with the NCLT in November 2023

Consolidated Balance Sheet

(in ₹ Cr. or as stated)

   Key Balance Sheet Items

As at

30-Sep-25

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 IAUD²)

1,088

977

Net Working Capital

2,201

2,798

Other Assets³

450

416

Total Assets

12,045

12,324

Location & Time

Telephone Number

India – 09:30 AM IST

+91 22 6280 1461 / +91 22 7115 8320 (Primary Number)

1 800 120 1221 (Toll free number)

USA – 11:00 AM

(Eastern Time – New York)

Toll free number

18667462133

UK – 04:00 AM

(London Time)

Toll free number

08081011573

Singapore – 12:00 PM

(Singapore Time)

Toll free number

8001012045

Hong Kong – 12:00 PM

(Hong Kong Time)

Toll free number

800964448

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