ICRA Limited has withdrawn its [ICRA]A1+ credit rating on Piramal Pharma’s Commercial Paper (CP) program of ₹100 crore, effective October 15, 2025. The withdrawal was initiated at the company’s request due to the absence of any outstanding Commercial Paper issues. ICRA cited its policy on the withdrawal of ratings as the basis for this action, confirming no open issues necessitate the rating.
Commercial Paper Rating Update
Piramal Pharma Limited (PPL) has announced that ICRA Limited has withdrawn the [ICRA]A1+ rating assigned to its Commercial Paper Programme, which had a total size of ₹100.00 crore. The withdrawal is effective as of October 15, 2025.
Reason for Withdrawal
The rating withdrawal comes at the request of Piramal Pharma. The key reason cited for this withdrawal is that the company currently has no open or outstanding issues of Commercial Paper. The decision aligns with ICRA’s policies regarding the withdrawal of credit ratings, as there is no longer an active financial instrument requiring a rating.
ICRA’s Rationale
In accordance with ICRA’s policy on rating withdrawals, the agency has removed the rating on the Commercial Paper Programme. The initial rating of [ICRA]A1+ reflected ICRA’s assessment of Piramal Pharma’s ability to meet its short-term financial obligations. With no Commercial Paper outstanding, the rating is no longer applicable.
Company Overview
Piramal Pharma Limited was incorporated in 2020 and consolidates all pharmaceutical operations under one entity. The company’s business is divided into three key segments: CDMO (Contract Development and Manufacturing Organization), Complex Hospital Generics, and Consumer Healthcare. The company has a global presence, with operations in over 100 countries and manufacturing facilities in India, the UK, and North America. As of June 30, 2025, the company had 21 subsidiaries and two associates.
Source: BSE
