Piramal Pharma Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹31,112 Cr
- ROE
- -3.83%
- Price to sales
- 3.36
- Debt to equity
- 0.70
- 52W high / low
- ₹240 / ₹133
- Sales growth (5Y)
- 7.03%
- EBITDA margin
- 10.97%
- Net profit margin
- -3.52%
- Promoter holding
- 34.80%
- Sales (last year)
- ₹9,205 Cr
Piramal Pharma Limited (PPL) is part of the Piramal group of companies. The company operates through 3 major segments (1) Contract development and manufacturing organisations (CDMO), (2) Complex hospital generics (critical care), and (3) consumer healthcare (OTC). Company entered Pharma space back in 1988 with acquisition of Nicholas Laboratories and grew through a series of Mergers & Acquisitions[1] and various organic initiatives. In 2010 the Domestic formulations business was sold to Abott for $3.7 billion[2] and Diagnostic Services was sold to Super Religare Laboratories (SRL)[3]
Guidance scorecard · Q2 FY27 call
What Piramal Pharma's management guided
and where it ranks in Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
RevenueQ1 FY27 call
10–20%- CDMO business is expected to drive significant margin expansion, with a target EBITDA margin of 25% by FY30, driven largely by improved utilization at overseas facilities and a differentiated product mix including more innovator products.
- Complex hospital generics (CHG) business growth includes both organic and acquisitions (e.g., Canalog), with market share gains in various geographies, particularly ex-US, contributing to growth. The company expects continued positive momentum in CHG in FY27.
- Consumer healthcare business expects margin expansion over the next few years, supported by brand momentum, channel expansion, premiumization, and disciplined pricing.
2 more points from Piramal Pharma's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Piramal Pharma said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Annual capex guidance for FY27 is USD 120 million to USD 135 million; about USD 21 million spent so far.
- Lexington sterile injectable capacity expansion is on track for completion by end of calendar year 2027.
- Riverview facility expansion completed, adding commercial-scale payload-linker development and manufacturing site with advanced capabilities; less than USD 5 million invested for specific linker payload room.
- Combined $90 million expansion program at Riverview and Lexington strengthening integrated ADC platform, including payload-linker manufacturing and sterile fill-finish capabilities.
2 more points from Piramal Pharma's call on capex
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FundraisingQ1 FY27 call
Ask what Piramal Pharma said on fundraising →
Full Q1 FY27 analysisOrder bookQ1 FY27 call
- Piramal Pharma began FY27 with a stronger opening order book compared to previous periods.
- The company referenced this stronger opening order book during the last investor call.
- There may be some ups and downs in order flow between quarters depending on delivery patterns.
2 more points from Piramal Pharma's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹480 Cr | 19.1 | |
| 2 | 40%+ | Up 0–2% | ₹212 Cr | 16.1 | |
| 3 | 40%+ | Flat | ₹17,925 Cr | — | |
| 4 | 40%+ | Flat | ₹5,223 Cr | 39.1 | |
| 5 | 40%+ | Flat | ₹4,268 Cr | — | |
| 6 | 40%+ | Flat | ₹40 Cr | — |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingPiramal Pharma announcements
All announcements →- Acquisition / mergerMajor developmentPiramal Pharma Limited releases unaudited results for quarter ended 30 September 2026
Financials of Piramal Pharma
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Piramal Pharma
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 35.02% | 35.02% | 34.94% | 34.94% | 34.94% | 34.94% | 34.85% | 34.85% | 34.85% | 34.85% | 34.80% | 34.80% |
| FIIs + | 32.51% | 30.58% | 31.41% | 31.73% | 31.68% | 31.49% | 30.86% | 30.27% | 29.66% | 30.17% | 12.51% | 13.65% |
| DIIs + | 9.68% | 12.12% | 12.95% | 13.80% | 14.09% | 14.78% | 14.25% | 14.89% | 15.68% | 15.61% | 14.57% | 14.43% |
| Public + | 22.41% | 21.89% | 20.20% | 19.06% | 18.85% | 18.42% | 19.46% | 19.46% | 19.35% | 19.01% | 37.62% | 36.72% |
| Others + | 0.38% | 0.37% | 0.47% | 0.45% | 0.40% | 0.34% | 0.57% | 0.51% | 0.44% | 0.34% | 0.48% | 0.40% |
| No. of Shareholders | 2,92,312 | 2,97,996 | 3,06,398 | 3,59,751 | 4,18,442 | 4,32,843 | 4,58,430 | 4,62,511 | 4,53,830 | 4,50,661 | 4,61,096 | 4,13,197 |
Pros & Cons
Piramal Pharma
Key positives and risks surfaced from the company insights section.
- Stock is trading at 3.77 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 7.03% over past five years.
- Company has a low return on equity of -0.88% over last 3 years.
- Company might be capitalizing the interest cost
- Stock is trading at 3.77 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 7.03% over past five years.
- Company has a low return on equity of -0.88% over last 3 years.
- Company might be capitalizing the interest cost
Financials of Piramal Pharma
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,911.38 | 1,958.57 | 2,552.36 | 1,951.14 | 2,241.75 | 2,204.22 | 2,754.07 | 1,933.71 | 2,043.72 | 2,139.87 | 2,751.77 | 2,269.92 | 2,617.06 |
| Expenses + | 1,645.74 | 1,690.20 | 2,022.43 | 1,746.65 | 1,900.14 | 1,866.48 | 2,193.08 | 1,827.01 | 1,885.03 | 1,944.14 | 2,291.26 | 2,074.72 | 2,268.32 |
| Operating Profit | 265.64 | 268.37 | 529.93 | 204.49 | 341.61 | 337.74 | 560.99 | 106.70 | 158.69 | 195.73 | 460.51 | 195.20 | 348.74 |
| OPM % | 13.90% | 13.70% | 20.76% | 10.48% | 15.24% | 15.32% | 20.37% | 5.52% | 7.76% | 9.15% | 16.74% | 8.60% | 13.33% |
| Other Income + | 68.30 | 43.19 | 7.90 | 41.94 | 78.37 | 29.18 | 58.25 | 97.71 | 80.39 | 12.39 | -116.14 | 108.97 | 53.67 |
| Interest | 109.87 | 105.88 | 114.22 | 106.96 | 107.64 | 103.31 | 103.68 | 86.15 | 82.42 | 89.24 | 82.99 | 88.08 | 87.63 |
| Depreciation | 184.51 | 186.32 | 196.13 | 184.55 | 192.22 | 196.81 | 242.76 | 197.28 | 202.84 | 212.74 | 218.38 | 223.55 | 233.15 |
| Profit before tax | 39.56 | 19.36 | 227.48 | -45.08 | 120.12 | 66.80 | 272.80 | -79.02 | -46.18 | -93.86 | 43.00 | -7.46 | 81.63 |
| Tax % | 87.31% | 47.78% | 55.48% | 96.63% | 81.19% | 94.49% | 43.73% | 3.39% | 114.85% | 45.10% | 120.53% | 830.16% | 93.84% |
| Net Profit + | 5.02 | 10.11 | 101.27 | -88.64 | 22.59 | 3.68 | 153.50 | -81.70 | -99.22 | -136.19 | -8.83 | -69.39 | 5.03 |
| EPS in Rs | 0.04 | 0.08 | 0.77 | -0.67 | 0.17 | 0.03 | 1.16 | -0.61 | -0.75 | -1.02 | -0.07 | -0.52 | 0.04 |
Financials of Piramal Pharma
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales + | 6,315 | 6,559 | 7,082 | 8,171 | 9,151 | 8,869 | 9,779 |
| Expenses + | 4,887 | 5,609 | 6,453 | 6,974 | 7,706 | 7,947 | 8,578 |
| Operating Profit | 1,428 | 950 | 629 | 1,197 | 1,445 | 922 | 1,200 |
| OPM % | 23% | 14% | 9% | 15% | 16% | 10% | 12% |
| Other Income + | 230 | 319 | 272 | 172 | 208 | 74 | 59 |
| Interest | 163 | 198 | 344 | 448 | 422 | 341 | 348 |
| Depreciation | 545 | 586 | 677 | 741 | 816 | 831 | 888 |
| Profit before tax | 949 | 485 | -120 | 179 | 415 | -176 | 23 |
| Tax % | 12% | 22% | 55% | 90% | 78% | 85% | |
| Net Profit + | 835 | 376 | -186 | 18 | 91 | -326 | -209 |
| EPS in Rs | -1.41 | 0.13 | 0.69 | -2.45 | -1.57 | ||
| Dividend Payout % | 0% | 18% | 0% | 82% | 20% | 0% |
Financials of Piramal Pharma
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 995 | 1,186 | 1,193 | 1,323 | 1,324 | 1,327 | 1,328 |
| Reserves | 4,610 | 5,511 | 5,580 | 6,588 | 6,801 | 6,835 | 6,814 |
| Borrowings + | 3,025 | 4,128 | 5,637 | 4,710 | 4,856 | 5,675 | 5,873 |
| Other Liabilities + | 2,047 | 1,781 | 1,893 | 2,461 | 2,447 | 3,770 | 4,522 |
| Total Liabilities | 10,677 | 12,605 | 14,303 | 15,083 | 15,429 | 17,607 | 18,537 |
| Fixed Assets + | 6,105 | 6,879 | 7,469 | 7,990 | 8,133 | 8,684 | 9,483 |
| CWIP | 627 | 1,172 | 1,419 | 1,116 | 977 | 1,100 | 966 |
| Investments | 123 | 267 | 639 | 385 | 291 | 437 | 434 |
| Other Assets + | 3,822 | 4,286 | 4,777 | 5,592 | 6,028 | 7,386 | 7,655 |
| Total Assets | 10,677 | 12,605 | 14,303 | 15,083 | 15,429 | 17,607 | 18,537 |
Financials of Piramal Pharma
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 598 | 766 | 484 | 1,005 | 892 | 1,653 |
| Cash from Investing Activity + | -4,464 | -1,737 | -1,334 | -416 | -488 | -820 |
| Cash from Financing Activity + | 3,977 | 794 | 818 | -422 | -441 | -39 |
| Net Cash Flow | 110 | -177 | -32 | 166 | -37 | 794 |
| Free Cash Flow | -5 | -91 | -461 | 294 | 233 | 776 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 52% | 98% | 107% | 97% | 85% | 202% |
Financials of Piramal Pharma
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 91 | 99 | 93 | 95 | 94 | 89 |
| Inventory Days | 218 | 207 | 227 | 269 | 261 | 345 |
| Days Payable | 163 | 153 | 161 | 190 | 173 | 279 |
| Cash Conversion Cycle | 147 | 153 | 159 | 174 | 182 | 155 |
| Working Capital Days | 44 | 36 | 13 | 21 | 60 | 44 |
| ROCE % | 7% | 2% | 5% | 6% | 3% |
Guidance history
How Piramal Pharma's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
83 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +20.2% | 74% |
| Last 6 months | +49.7% | 90% |
| Last 3 months | +20.4% | 89% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Piramal Pharma: 0.4 × 74 + 0.4 × 90 + 0.2 × 89 = 83.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Piramal Pharma's management said in earlier quarters
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