Piramal Pharma Limited announced its Q2 and H1 FY26 results, reporting a revenue decrease. Q2 FY26 revenue stood at ₹2,044 crores, a 9% YoY decline. H1 FY26 revenue was ₹3,977 crores, a 5% YoY decrease. Results were impacted by inventory destocking in a large CDMO order. The company anticipates better performance, driven by increased biopharma funding and strong customer interest in onshore offerings.
Financial Performance Overview
Piramal Pharma Limited (NSE: PPLPHARMA | BSE: 543635) announced its consolidated results for Q2 and H1 FY26, ending September 30, 2025. Key financial highlights include:
Revenue Breakdown
- Revenue from Operations:₹2,044 crores in Q2 FY26 (down 9% YoY) and ₹3,977 crores in H1 FY26 (down 5% YoY).
- CDMO:₹1,044 crores in Q2 FY26 (down 21%) and ₹2,041 crores in H1 FY26 (down 14%).
- CHG:₹644 crores in Q2 FY26 (up 0%) and ₹1,281 crores in H1 FY26 (up 1%).
- ICH:₹319 crores in Q2 FY26 (up 15%) and ₹621 crores in H1 FY26 (up 15%).
Profitability Metrics
- EBITDA:₹224 crores in Q2 FY26 (down 44%) and ₹389 crores in H1 FY26 (down 38%).
- EBITDA Margin:11% in Q2 FY26 and 10% in H1 FY26.
- PAT:₹(99) crores in Q2 FY26 and ₹(181) crores in H1 FY26.
Key Business Highlights
The YoY growth was primarily impacted by inventory destocking in one large CDMO order. The company is focusing on cost optimization and operational excellence. They also released their 4th Annual Sustainability Report for FY25.
CDMO Business Update
The company saw inconsistent recovery in US biopharma funding, impacting order inflows. However, they are seeing early signs of improvement in funding in September and October 2025.
CHG Business Update
Piramal continues to strengthen its leadership in the US Sevoflurane market. They are also working on obtaining regulatory approvals for ex-US markets from their India plant.
PCH Business Update
Piramal’s consumer healthcare business delivered mid-teen growth. Power brands contributed 51% to total PCH sales.
Capital Allocation
- Net-Debt reduced by ₹228 crores since the end of FY25.
Source: BSE