Piramal Pharma Ltd logo

Piramal Pharma Ltd

PPLPHARMA NSE

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]

AI Verdict: HOLD Confidence: 4%

Piramal Pharma has unanimous analyst buy ratings (10/10) suggesting turnaround potential, but negative PE of -64.8x, negative 3-year ROE of -1%, and TTM profit decline of -429% signal deep fundamental stress. At a market cap of Rs 23,092 Cr with weak earnings visibility, risk-reward is unfavorable for fresh entry.

Key Fundamentals

SmallcapPharmaceuticalsHealthcare
Market Cap
₹22,648 Cr
Volatility
Moderate
P/E Ratio
-70.4
EBITDA
₹725 Cr
Return on Equity
0.23%
Debt to Equity
0.6
Book Value
₹61.34
EPS
₹0.3
52W High
₹220.85
52W Low
₹132.3

Technical Indicators

Key Insights

Weaknesses

5
  • Stock is trading at 2.81 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 -0.80% over last 3 years.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
-4.49% ↘
Net Income Growth
-471.21% ↘
Cash Flow Change
-11.17% ↘
ROE
386.96% ↗
ROCE
22.30% ↗
EBITDA Margin (Avg.)
-53.32% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
HOLD
Risk high

Piramal Pharma has unanimous analyst buy ratings (10/10) suggesting turnaround potential, but negative PE of -64.8x, negative 3-year ROE of -1%, and TTM profit decline of -429% signal deep fundamental stress. At a market cap of Rs 23,092 Cr with weak earnings visibility, risk-reward is unfavorable for fresh entry.

Bull Case 7
  • 100% analyst consensus with all 10 rated analysts recommending Buy, indicating strong institutional conviction in turnaround thesis
  • 3-year stock CAGR of 21% demonstrates meaningful long-term wealth creation despite recent correction
  • Market cap of Rs 23,092 Cr provides scale and liquidity for institutional participation in the healthcare/CDMO space
  • Compounded sales growth of 8% over 3 years shows underlying business momentum despite recent TTM slowdown
  • 5-year compounded sales growth of 7% indicates a stable revenue base that can support future margin expansion
  • Price-to-book of 2.59x is not excessively high for a pharma/CDMO player with asset-heavy operations, leaving room for re-rating on profitability improvement
  • Dividend yield of 0.09% signals management confidence in maintaining payouts even during loss-making periods
Bear Case 8
  • Negative PE ratio of -64.8x confirms the company is currently loss-making with no near-term earnings visibility
  • TTM compounded profit decline of -429% indicates a severe deterioration in bottom-line performance
  • 3-year ROE of -1% and last year ROE of -4% show persistent destruction of shareholder value
  • Low interest coverage ratio flagged as a known concern, raising questions about debt servicing ability amid losses
  • Stock has declined 18% over the past 1 year, underperforming broader market indices significantly
  • TTM sales growth turned negative at -3%, suggesting revenue momentum has stalled or reversed
  • 3-year compounded profit decline of -24% shows this is not a one-off but a sustained profitability issue
  • Potential interest cost capitalization as flagged in known concerns could mean reported assets and profits are overstated

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 3
  • CDMO revenue down 10% in FY26 Jun 14

    CDMO business reported revenue of ₹4,915 crore in FY26, down 10% YoY due to inventory destocking in a large on-patent commercial product and slower early-stage order inflows in H1.

  • Lost large on-patent product volume Jun 14

    Management is not counting on a return of volumes from the large on-patent product that caused the destocking hit, meaning FY27 growth must come entirely from new customer additions.

  • Avoids high-growth GLP-1 market Jun 14

    Piramal is deliberately steering clear of the booming GLP-1 peptide segment (semaglutide, tirzepatide), potentially missing out on one of pharma's fastest-growing manufacturing opportunities.

Positives 5
  • FY27 early-to-mid-teen growth guided Jun 14

    Management guided for early-to-mid-teen revenue growth in FY27 with earnings growing faster than revenue as operating leverage improves, supported by stronger RFP activity and order inflows since H2 FY26.

  • $90M capacity expansion underway Jun 14

    Piramal is investing ~$90 million to expand sterile injectable and payload-linker capacities at Lexington and Riverview facilities, building capabilities in high-value ADCs and specialised manufacturing.

  • Flawless regulatory track record Jun 14

    Completed 38 regulatory inspections including 3 US FDA inspections in FY26 with zero OAI observations, and a record 209 customer audits passed. Received EIR for Lexington facility.

  • Strong innovation pipeline depth Jun 14

    Has 155+ molecules under development and 25 in Phase-III, with 47% of CDMO revenue linked to innovation work and 40% from differentiated offerings like ADCs, HPAPIs, and peptides.

  • Biotech funding recovery tailwind Jun 14

    Improved US biopharma funding and higher M&A activity in the sector are driving stronger request-for-proposal activity and order inflows since H2 FY26.

Neutral 4
  • 6th AGM scheduled July 30 Jun 19

    Piramal Pharma will hold its 6th Annual General Meeting on July 30, 2026 via video conferencing, announced through a regulatory filing.

  • ₹59 crore block trade on NSE Jun 15

    A block trade of ~35.15 lakh shares executed at ₹168.22 per share totalling ₹59.13 crore on NSE, indicating large institutional participation.

  • Niche peptide strategy over GLP-1 Jun 15

    Chairperson Nandini Piramal confirmed focus on specialised science-led peptides with dedicated markets rather than large-scale commodity GLP-1 manufacturing.

  • Investor meets with brokerages Jun 01

    Scheduled analyst meetings from June 9-11, 2026 with Macquarie, Motilal Oswal, and Choice Institutional in physical and virtual formats.

TL;DR: Piramal Pharma is navigating a recovery phase after a 10% CDMO revenue decline in FY26 caused by destocking, but management signals the worst is over with guided early-to-mid-teen growth for FY27. The company's strengths lie in its differentiated pipeline (155+ molecules, 47% innovation revenue), flawless regulatory record, and $90M capacity investments. Key risk is dependency on new customer wins to replace lost volumes while deliberately avoiding the high-growth GLP-1 opportunity. The trend appears to be improving with stronger order inflows and biotech funding recovery providing tailwinds into FY27.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
2,164
1,749
1,911
1,959
2,552
1,951
2,242
2,204
2,754
1,934
2,044
2,140
2,752
Expenses
1,812
1,617
1,646
1,690
2,022
1,747
1,900
1,866
2,193
1,827
1,885
1,944
2,291
Operating Profit
351
132
266
268
530
204
342
338
561
107
159
196
461
OPM %
16.24%
7.57%
13.9%
13.7%
20.76%
10.48%
15.24%
15.32%
20.37%
5.52%
7.76%
9.15%
16.74%
Other Income
32.28
52.7
68.3
43.19
7.9
41.94
78.37
29.18
58.25
97.71
80.39
12.39
-116
Interest
104
119
110
106
114
107
108
103
104
86.15
82.42
89.24
82.99
Depreciation
184
174
185
186
196
185
192
197
243
197
203
213
218
PBT
94.89
-107
39.56
19.36
227
-45.08
120
66.8
273
-79.02
-46.18
-93.86
43
Tax %
47.19%
-7.96%
87.31%
47.78%
55.48%
96.63%
81.19%
94.49%
43.73%
3.39%
114.85%
45.1%
120.53%
Net Profit
50.11
-98.58
5.02
10.11
101
-88.64
22.59
3.68
154
-81.7
-99.22
-136
-8.83
EPS in Rs
0.38
-0.75
0.04
0.08
0.77
-0.67
0.17
0.03
1.16
-0.61
-0.75
-1.02
-0.07
Figures in ₹ Crores

Profit & Loss

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
6,315
6,559
7,082
8,171
9,151
8,869
Expenses
4,887
5,609
6,453
6,974
7,706
7,947
Operating Profit
1,428
950
629
1,197
1,445
922
OPM %
23%
14%
9%
15%
16%
10%
Other Income
230
319
272
172
208
74
Interest
163
198
344
448
422
341
Depreciation
545
586
677
741
816
831
PBT
949
485
-120
179
415
-176
Tax %
12%
22%
55%
90%
78%
85%
Net Profit
835
376
-186
18
91
-326
EPS in Rs
—
—
-1.41
0.13
0.69
-2.45
Div. Payout %
0%
18%
0%
82%
20%
0%
Figures in ₹ Crores

Balance Sheet

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
995
1,186
1,193
1,323
1,324
1,327
Reserves
4,610
5,511
5,580
6,588
6,801
6,835
Borrowings
3,025
4,128
5,637
4,710
4,856
5,675
Other Liabilities
2,047
1,781
1,893
2,461
2,447
4,128
Total Liabilities
10,677
12,605
14,303
15,083
15,429
17,965
Fixed Assets
6,105
6,879
7,469
7,990
8,133
8,985
CWIP
627
1,172
1,419
1,116
977
799
Investments
123
267
639
385
291
437
Other Assets
3,822
4,286
4,777
5,592
6,028
7,744
Total Assets
10,677
12,605
14,303
15,083
15,429
17,965
Figures in ₹ Crores

Cash Flow

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
598
766
484
1,005
892
1,653
Investing
-4,464
-1,737
-1,334
-416
-488
-826
Financing
3,977
794
818
-422
-441
-39
Net Cash Flow
110
-177
-32
166
-37
788
Free Cash Flow
-5
-91
-461
294
233
776
CFO/OP
52
98
107
97
85
202
Figures in ₹ Crores

Ratios

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
50
ROCE %
—
7%
2%
5%
6%
3%

Shareholding Pattern

As of Mar 2026
Promoters 34.86%
FIIs 30.18%
DIIs 15.61%
Public 13.74%
Others 5.61%
Total 100.00%
  Sep 2022Oct 2022Dec 2022Mar 2023Jun 2023Aug 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
34.79%
0.00%
34.79%
34.79%
34.79%
35.02%
35.02%
35.02%
35.02%
34.95%
34.95%
34.95%
34.95%
34.86%
34.86%
34.86%
34.86%
FIIs
20.00%
0.00%
20.00%
20.00%
20.00%
18.04%
32.37%
32.51%
30.59%
31.42%
31.73%
31.68%
31.49%
30.86%
30.27%
29.66%
30.18%
DIIs
4.86%
0.00%
5.28%
4.99%
5.49%
7.83%
8.02%
9.68%
12.12%
12.95%
13.81%
14.10%
14.78%
14.26%
14.89%
15.69%
15.61%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
7.42%
0.00%
11.80%
13.94%
16.77%
16.81%
16.95%
15.57%
15.13%
13.94%
13.29%
13.29%
13.11%
14.07%
14.12%
14.11%
13.74%
Others
32.92%
100.00%
28.14%
26.29%
22.95%
22.30%
7.64%
7.22%
7.14%
6.74%
6.22%
5.98%
5.66%
5.95%
5.86%
5.69%
5.61%
No. of Shareholders
1,79,957
1,79,948
2,29,960
2,41,359
2,77,270
2,95,773
2,97,225
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

Documents

Frequently Asked Questions about Piramal Pharma Ltd

What does Piramal Pharma Ltd do?
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 bac...
Where is Piramal Pharma Ltd (PPLPHARMA) listed?
Piramal Pharma Ltd is listed on the Indian stock exchanges. It is listed on NSE: PPLPHARMA and BSE: 543635. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Piramal Pharma Ltd belong to?
Piramal Pharma Ltd operates in the Healthcare sector within the Pharmaceuticals & Biotechnology industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Piramal Pharma Ltd?
Piramal Pharma Ltd has a market capitalisation of approximately ₹22647.73 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Piramal Pharma Ltd?
The Price-to-Earnings (PE) ratio of Piramal Pharma Ltd is -70.40. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Piramal Pharma Ltd?
Over the past 52 weeks, Piramal Pharma Ltd has traded between a low of ₹132.3 and a high of ₹220.85. This range helps investors understand the stock's price volatility and recent trading levels.
Does Piramal Pharma Ltd pay dividends?
Yes, Piramal Pharma Ltd has a dividend yield of 0.08%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Piramal Pharma Ltd?
Piramal Pharma Ltd has a Return on Equity (ROE) of 0.23%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Piramal Pharma Ltd on Tapetide?
On Tapetide, you can view Piramal Pharma Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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]

Website piramal.com
Listed 2022-10-19
Face Value ₹ 10
Issued Size 1,32,92,48,130

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