Piramal Pharma Limited (PPLPHARMA)
Small CapPharma stocks · Small cap · NSE
Piramal Pharma Limited (PPL) is a global pharmaceutical, health, and wellness company. It operates through three segments: Piramal Pharma Solutions (CDMO), Piramal Critical Care (Complex Hospital Generics), and Piramal Consumer Healthcare (OTC products). PPL has 17 global development and manufacturing facilities and a distribution network in over 100 countries.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 45/100Rev +17% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,270 Cr | +17.4% | -17.5% |
| EBITDA | ₹195 Cr | +82.2% | -57.7% |
| Operating margin | 9.0% | +300 bps | -800 bps |
| PAT | ₹-69 Cr | NDF | NDF |
| PAT margin | -3.0% | +120 bps | -271 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Piramal Pharma reports flat Q4FY26 revenue YoY, but 29% QoQ growth, with full-year revenue down 3% YoY. EBITDA declined 16% YoY in Q4 and 28% YoY for FY26. Q4 PAT impacted by a significant ". 176Cr impairment loss on intangible assets under development.
FY26 was a transitional year with revenue and EBITDA declines, and a material impairment loss. However, Q4 showed sequential recovery, and management expects all three businesses to deliver growth in FY27, driven by improving biopharma funding and strategic initiatives. The path to recovery seems plausible but requires close monitoring.
Total FY26 Revenue by Segments
Latest issuer-disclosed distribution across 3 reported categories.
CDMO Order Inflows
ImprovingHealthy traction in RFPs and order inflows in H2FY26 driven by stronger US biopharma funding and M&A activity.
Kenalog® Acquisition
New DriverCompleted Kenalog® acquisition, broadening CHG portfolio, adding revenues with minimal incremental cost, and expanding presence in US, Europe & Asia Pacific.
PCH Power Brands
Strong GrowthPower Brands continued growth momentum with 24% YoY growth in FY26, contributing 52% to PCH sales.
PCH E-commerce Sales
Strong GrowthE-commerce sales grew at 48% rate YoY in FY26, contributing about 27% to PCH sales, with focus on premiumization and high margin channels.
Lexington Sterile Injectables Expansion
On TrackUS$90Mn investment on track to scale sterile injectable capacity, increasing output from 104 to 240+ batches annually with a new filling line and lyophilizers.
Riverview Payload-Linker Capacity
On TrackUS$90Mn investment on track for a new commercial-scale suite for payload-linker development & manufacturing at Riverview.
Sellersville Fixed Dose Combination
On TrackMulti-million-dollar joint investment with NewAmsterdam Pharma to provide commercial capacity for fixed dose combination of Obicetrapib and Ezetimibe.
Digwal Sevoflurane Supplies
CommissionedInitiated Sevoflurane supplies from lower cost Digwal facility in select RoW markets, expected to build traction.
Biopharma Funding Recovery
PositiveMeaningful recovery in biopharma funding seen from Sep’25, translating into good RFP momentum and healthy pick up in order inflows in CDMO.
Onshoring Trends
PositiveOverseas sites seeing rising demand from shifting customer geographical preferences and strong growth in differentiated areas such as ADC, HP API, on-shore injectables.
Kenalog® Acquisition
PositiveAcquisition broadens CHG portfolio, adds revenues with minimal incremental cost, and expands presence in US, Europe & Asia Pacific.
Inventory Destocking
OngoingRevenue growth impacted by inventory destocking in one large on-patent molecule.
Slower Early-Stage Order Inflows
AbatingSlower early-stage order inflows in H1FY26 impacted full-year reported growth.
Inhalation Anesthesia Ex-US Traction
ChallengingSofter traction in inhalation anesthesia across ex-US markets and initial pick-up in FY26 muted due to intensified competition.
Intangible Asset Impairment
MaterializedRecognized an impairment loss of ". 176Cr in relation to intangible assets under development due to reassessment of market conditions and updated commercial viability estimates.
Injectable Pain Management Supply Constraints
OngoingContinue to work with our supplier to resolve supply constraints for Injectable Pain Management portfolio, expecting steady supplies from FY28 onwards.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential to assess the full-year impact of challenges and the overall trend. QoQ comparison is crucial to evaluate the sequential momentum and recovery in Q4, which management highlights as a stronger exit to the year.
Consolidated Revenue Growth
UnderperformingQ4FY26 Revenue from Operations was ". 2,752 Cr (0% YoY, 29% QoQ). FY26 Revenue from Operations was ". 8,869 Cr (-3% YoY).
Consolidated EBITDA Margin
DecliningQ4FY26 EBITDA Margin was 18% (vs 22% Q4FY25). FY26 EBITDA Margin was 13% (vs 17% FY25).
CDMO Revenue Growth
UnderperformingCDMO revenue was ". 1,708 Cr in Q4FY26 (-4% YoY, 47% QoQ). FY26 CDMO revenue was ". 4,915 Cr (-10% YoY).
CHG Revenue Growth
GrowingCHG revenue was ". 755 Cr in Q4FY26 (7% YoY, 13% QoQ). FY26 CHG revenue was ". 2,703 Cr (3% YoY).
FY26 as Transitional Year
FY26 was a transitional year, shaped by external disruptions and certain business-specific factors, but exited on a stronger note with clear momentum.
Outlook for FY27
All three businesses are well positioned to deliver growth in FY27, accompanied by accelerated growth in EBITDA and PAT.
Strategic Focus
Focus on cost optimization, operational excellence, investing in high growth areas, building differentiated product pipeline, and expanding distribution.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CDMO Order Inflows & RFP Momentum | Healthy traction in H2FY26. | Sustained increase in order-win rates and conversion of RFPs into firm orders, especially from new customers. |
| CHG Ex-US Inhalation Anesthesia Sales | Initial pick-up muted in FY26 due to competition. | Acceleration of growth in FY27 as supplies ramp up from lower-cost India facility. |
| Injectable Pain Management Supply Resolution | Working with supplier to resolve constraints. | Evidence of steady supplies from FY28 onwards and impact on market share. |
| PCH Power Brands & E-commerce Growth | Power Brands 24% YoY, E-commerce 48% YoY in FY26. | Sustained high growth rates and improving profitability from e-commerce channel. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
70Bullishfull bull SMA stack · SMA20 +12.5% / mo · MACD − · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
PPLPHARMAdaily · 1Y · AUTO+39.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 60. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~11.1% over last month) — short-term momentum positive.
- RSI(14) at 60 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 25.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.3%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 20 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 20 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Cash flow contributes 7/10 to the score.
- Balance sheet contributes 5/15 to the score.
- Growth contributes 3/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -8 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 16th percentile of the scored universe and 11th percentile within Pharma. Main check: results consistency is weak at 15/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 11th pctile, median 70 · Small: 18th pctile, median 66
65 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.9%.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 2.5%.
- ▸ROE is low at -3.8%.
- ▸ROCE trend is -2.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- —
- P/B
- 3.49
- EV/EBITDA
- 18.31
- Market Cap
- 28520.00Cr
Profitability
- ROE
- -3.83%
- ROCE
- 2.52%
- ROA
- -1.78%
- Dividend Y
- 0.07%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- -52.23%
- Revenue 3Y
- 8.00%
- EPS 3Y
- -31.00%
Balance Sheet
- Debt/Equity
- 0.70
- Interest Coverage
- 2.94×
- Altman Z
- 3.23
- Book Value
- 61.40
Cash Flow
- FCF Yield
- 2.92%
- FCF Positive Y
- 3/5
- OCF
- 1653.00 Cr
- EPS TTM
- -2.36
Shareholding
- Promoter Hold
- 34.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 93%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Pharma, ranked by similarity
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.