Financial Performance Overview

Piramal Pharma Limited reported strong financial results for Q2 FY27 (quarter ended 30th September 2026) and H1 FY27 (half year ended 30th September 2026).

Consolidated Financial Highlights (in ₹ Crores):

| Particulars | Q2FY27 | Q2FY26 | YoY Growth | H1FY27 | H1FY26 | YoY Growth |

| Revenue from Operations | 2,617 | 2,044 | 28% | 4,887 | 3,977 | 23% |

| EBITDA | 385 | 224 | 72% | 669 | 389 | 72% |

| EBITDA Margin | 14.7% | 11.0% | - | 13.7% | 9.8% | - |

| PAT | 5 | (99) | 105% | (64) | (181) | 64% |

Segment-wise Revenue Performance (in ₹ Crores):

  • CDMO Business: Q2FY27: ₹1,424 Cr (36% YoY growth), H1FY27: ₹2,611 Cr (28% YoY growth)
  • CHG Business: Q2FY27: ₹849 Cr (32% YoY growth), H1FY27: ₹1,592 Cr (24% YoY growth)
  • PCH Business: Q2FY27: ₹359 Cr (13% YoY growth), H1FY27: ₹706 Cr (14% YoY growth)

Detailed Financial Analysis

Profit and Loss Statement (in ₹ Crores):

| Particulars | Q2FY27 | Q2FY26 | YoY Change | Q1FY26 | QoQ Change | H1FY27 | H1FY26 | YoY Change |

| Revenue from Operations | 2,617 | 2,044 | 28% | 2,270 | 15% | 4,887 | 3,977 | 23% |

| Other Income | 36 | 66 | -45% | 89 | (60)% | 125 | 124 | 1% |

| Total Income | 2,653 | 2,109 | 26% | 2,359 | 12% | 5,012 | 4,101 | 22% |

| Material Cost | 906 | 703 | 29% | 852 | 6% | 1,758 | 1,397 | 26% |

| Employee Expenses | 714 | 611 | 17% | 676 | 6% | 1,390 | 1,230 | 13% |

| Other Expenses | 648 | 571 | 13% | 547 | 18% | 1,195 | 1,085 | 10% |

| EBITDA | 385 | 224 | 72% | 285 | 35% | 669 | 389 | 72% |

| Interest Expenses | 88 | 82 | 6% | 88 | (1)% | 176 | 169 | 4% |

| Depreciation | 233 | 203 | 15% | 224 | 4% | 457 | 400 | 14% |

| Share of Net Profit of Associates | 18 | 15 | 20% | 20 | (9)% | 37 | 33 | 12% |

| Profit Before Tax | 82 | (46) | 277% | (7) | 1,194% | 74 | (146) | 151% |

| Tax | 77 | 53 | 44% | 62 | 24% | 139 | 56 | 149% |

| Net Profit after Tax | 5 | (99) | 105% | (69) | 107% | (64) | (202) | 68% |

| Exceptional item | - | - | NA | - | NA | - | 21 | NA |

| Net Profit after Tax after Exceptional Item | 5 | (99) | 105% | (69) | 107% | (64) | (181) | 64% |

Balance Sheet Position (in ₹ Crores):

| Key Balance Sheet Items | As at 30-Sep-26 | As at 31-Mar-26 |

| Total Equity | 8,165 | 8,162 |

| Net Debt | 4,859 | 4,164 |

| Total | 13,023 | 12,326 |

| Net Fixed Assets | 10,448 | 9,784 |

| Tangible Assets | 4,923 | 4,843 |

| Intangible Assets including goodwill | 4,254 | 3,841 |

| CWIP (including IAUD) | 1,271 | 1,100 |

| Net Working Capital | 2,260 | 2,081 |

| Other Assets | 315 | 462 |

| Total Assets | 13,023 | 12,326 |

Business Segment Performance

Contract Development and Manufacturing Organization (CDMO):

  • Delivered robust growth across India and overseas sites
  • India and North America sites led performance across the network
  • Innovation-related revenues grew 24% in H1FY27
  • On-patent commercial manufacturing revenues grew 39% in H1FY27
  • ADC services revenues grew 51% YoY in H1FY27
  • Added 22 new customers during H1FY27
  • Phase III pipeline increased to 28 molecules from 25 as of March 2026
  • Successfully hosted 110 customer audits during H1FY27
  • Strengthened biologics capabilities through acquisition of controlling stake in Yapan Bio
  • Lexington expansion on track, will add sterile fill-finish capabilities
  • Commissioned new microbiology laboratory at the site

Complex Hospital Generics (CHG):

  • Maintained leadership in US Sevoflurane market with 48% value share (Source: IQVIA)
  • Building traction in ex-US markets for inhalation anesthesia
  • Maintained #1 position in US Intrathecal Baclofen market (Source: IQVIA)
  • Continued collaboration with suppliers to ensure product availability for injectable pain management
  • Kenalog® contributed to CHG revenue during Q2FY27
  • Continued investments in 505(b)(2) products, complex and differentiated generics

Piramal Consumer Healthcare (PCH):

  • Power Brands grew 21% YoY in H1FY27, contributing 53% of PCH sales
  • E-commerce grew 32% YoY in H1FY27, contributing 28% of PCH sales
  • Invested approximately 11% of PCH sales in media and trade promotion
  • Launched 'Vizible' range under Lacto Calamine to strengthen premium skincare presence
  • Distribution agreement with Bayer will naturally expire in December 2026
  • Presence across 180,000+ chemists & cosmetic shops, 13,000+ modern trade outlets, and 20+ e-commerce platforms

Management Commentary

Nandini Piramal, Chairperson, Piramal Pharma Limited stated: "We delivered a strong H1FY27, with revenue growth of 23% and EBITDA margin expansion of over 350 basis points, driven by healthy demand across our businesses, disciplined execution, and improved operating leverage. The performance was led by our CDMO business, which grew 28% on the back of strong order inflows and robust execution. Our CHG business complemented this momentum with 24% growth, supported by inhalation anesthesia sales in ex-US markets and the integration of the Kenalog, while Consumer Healthcare continued to deliver steady 14% growth through the strong performance of Power Brands and e-commerce."

She added: "With H2 typically stronger than H1, we are well positioned to deliver a strong full-year performance, supported by a healthy order book, encouraging customer engagement, and continued operating discipline."

Upgraded FY27 Outlook

Based on strong first-half performance and continued business momentum, the company upgraded its FY27 outlook and now expects:

  • Revenue growth of 19% to 20%
  • Meaningfully higher profitability

Quality & Compliance Track Record

  • Successfully completed 12 regulatory inspections and 110 customer audits during H1FY27
  • Maintained track record of no Official Action Indicated classifications across US FDA inspections
  • Successfully cleared 427 total regulatory inspections including 51 US FDA inspections and 2,230 customer audits since FY2012

Conference Call Details

Piramal Pharma Limited hosted a conference call for investors/analysts on 28th October 2026 from 10:00 AM to 10:45 AM (IST) to discuss Q2 and H1 FY2027 Results.

Dial-in numbers were provided for India, USA, UK, Singapore, and Hong Kong.

Exceptional Item Note

The exceptional item of ₹21 Crores in H1FY26 represents one-time insolvency proceeds received from a claim filed against a third-party supplier of the complex hospital generics business with the NCLT in November 2023.