Piramal Pharma (PPLPHARMA) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 and H1 FY26 performance was impacted by inventory destocking by a major CDMO customer and slower order inflows, while Consumer Healthcare showed strong growth.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, with compliance to SEBI regulations and Indian Accounting Standards.

• Maintained a strong compliance record with zero OAIs and 19 successful inspections, including a USFDA inspection.

• Released the fourth annual sustainability report, highlighting progress in ESG areas.

• Diversified global pharma and wellness company with commercial presence in 100+ countries and three main business segments: CDMO, Complex Hospital Generics, and Consumer Healthcare.

Financial highlights

• Q2 FY26 consolidated revenue was ₹2,043.72 crore, down from ₹2,241.75 crore in Q2 FY25; H1 FY26 revenue was ₹3,977.44 crore versus ₹4,192.89 crore in H1 FY25.

• Q2 FY26 EBITDA at ₹224 crore, down 44% year-over-year; H1 FY26 EBITDA at ₹389 crore, down 38% year-over-year.

• Q2 FY26 PAT at -₹99 crore versus ₹23 crore in Q2 FY25; H1 FY26 PAT at -₹181 crore versus -₹66 crore in H1 FY25.

• EBITDA margin moderated to 11% for the quarter and 10% for H1 FY26.

• E-commerce sales grew over 40%, now contributing 24% to PCH sales.

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.

• 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.

• Supply normalization anticipated in Intrathecal Therapy segment in H2 FY26.