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Piramal Pharma (PPLPHARMA) investor relations material
Piramal Pharma Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary6 Nov, 2025
Executive summary
Q2 FY26 consolidated revenue was ₹2,044 crore, with H1 revenue at ₹3,977 crore, reflecting a year-over-year decline due to inventory destocking by a major CDMO customer and weak US biopharma funding.
EBITDA margin dropped to 11% in Q2 FY26 from 18% a year ago, with cost optimization and operational excellence initiatives partially offsetting the impact.
Net debt reduced to ₹3,971 crore, down ₹228 crore from March 2025, maintaining leverage below 3x EBITDA.
Net profit after tax turned negative, with a consolidated loss of ₹99 crore in Q2 FY26 and ₹181 crore in H1 FY26.
Released the fourth annual sustainability report, highlighting progress in ESG areas.
Financial highlights
Q2 FY26 revenue from operations: ₹2,044 crore (down 9% YoY); H1 FY26: ₹3,977 crore (down 5% YoY).
Q2 FY26 EBITDA: ₹224 crore (down 44% YoY); H1 FY26 EBITDA: ₹389 crore (down 38% YoY).
E-commerce sales grew over 40%, now contributing 24% to PCH sales.
Power brands in consumer healthcare grew 20%, outpacing the overall 15% segment growth.
Net working capital reduced to ₹2,201 crore from ₹2,798 crore as of March 2025.
Outlook and guidance
Full-year revenue guidance moderated to flat, with EBITDA margin expected in the low teens.
H2 is expected to deliver stronger revenue and EBITDA, continuing the historical trend.
Early signs of improvement in US biopharma funding in September and October 2025 could drive increased RFPs and orders if sustained.
FY 2030 guidance maintained: target to double revenue to $2 billion and achieve 25% EBITDA margin.
Growth expected from increased biopharma funding, onshore CDMO demand, and portfolio expansion.
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Next Piramal Pharma earnings date
Q3 25/2628 Jan, 2026
Next Piramal Pharma earnings date
Q3 25/2628 Jan, 2026
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Frequently asked questions
Piramal Pharma Limited is an India-based pharmaceutical company engaged in the development, manufacturing, and distribution of pharmaceutical products and services. The company operates through three main segments: Contract Development and Manufacturing (CDMO), Complex Hospital Generics, and Consumer Healthcare. It serves global pharmaceutical and biotechnology companies with services including drug development, active pharmaceutical ingredient (API) production, and sterile manufacturing. Piramal Pharma also markets over-the-counter products and hospital-use medications. The company is headquartered in Mumbai, India, and its shares are listed on the NSE.
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