Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result30 Jul, 02:21 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
67BullishSMA20 -5.1% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 46
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
PPLPHARMAD candles · FIT view+17.5%Latest close ₹194.44 on 2026-10-19
Bar
-1.3%
RSI
41
MACD hist
-0.63
52W pos
62%
2026-10-19O ₹197.00H ₹201.73L ₹193.81C ₹194.44Vol 13.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PPLPHARMANifty PharmaNifty 500
- PPLPHARMA
- +8.7%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +14.3 pp
Chart stats
19 Oct 2026- From 52W high
- -16.2%
- 52W range position
- 62%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.50x
- Avg traded value
- ₹52.1 Cr
- 20D price channel
- ₹191.4 - ₹216.7
₹231.9
₹132.3 - ₹231.9
₹6.4
Latest completed session
20-session average
30.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED30
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +17.4% · PAT NDF YoY
Technical
Bullish67
Price trend and sector-relative-strength timing.
Valuation
Legacy model-125.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 45/100Rev +17% YoY · margin expansion
Filed 29 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 34.00
- P/B
- 3.24
- EV/EBITDA
- 27.73
- Market Cap
- 26307.00Cr
Profitability
- ROE
- 9.84%
- ROCE
- 11.80%
- ROA
- 5.96%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 7.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 17.50%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 9.79×
- Altman Z
- 6.05
- Book Value
- 61.20
Cash Flow
- FCF Yield
- 3.84%
- FCF Positive Y
- 1/5
- OCF
- 1328.00 Cr
- EPS TTM
- 5.27
Shareholding
- Promoter Hold
- 34.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,782-9.5% vs prev
Net Profit
₹ CrLatest: 700+1.3% vs prev
Return on Equity
%Latest: 8.6-7.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 41.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.3% over last month) — short-term momentum negative.
- RSI(14) at 41 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 47% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
76
RS percentile
Stage 2 UptrendEstablished S2
1M return
-6.6%
3M return
+8.7%
6M return
+26.4%
1Y return
-3.8%
RS 1D
0
RS 20D
-2
Sector rank
#1
Industry rank
#12
Stage evidence
- Price is 7.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
30 Jul 2026
S2 age
56 trading sessions
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 106.73-0.64%
RS vs Nifty 500107
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth9/25
Quality2/20
Balance Sheet10/15
Cash Flow3/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
30
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
30/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 3.8%.
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -125.0%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
34.0
PB
3.2
EV/EBITDA
27.7
ROE
9.8%
ROCE
11.8%
FCF Yield
3.8%
Debt/Equity
0.1
MoS
-125.0%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
30
Previous: 30
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-125.0%
Previous: -125.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
30
30
30
31
31
31
31
29
29
30
30
30
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹85.19
-128.3% MoS
Growth-justified P/E
16.4
Growth-justified Value
₹86.43
-125.0% MoS
PEG
3.04
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
WOCKPHARMA
Small
Wockhardt Limited
Healthcare Services
match 169
20
79.4
6.1%
-2942%
OVERVALUED
NEULANDLAB
Small
Neuland Laboratories Limited
Healthcare Services
match 166
50
49.5
21.2%
-10%
FAIR VALUE
LALPATHLAB
Small
Dr. Lal Path Labs Ltd.
Healthcare Services
match 165
49
55.5
22.3%
-27%
FAIR VALUE
NATCOPHARM
Small
Natco Pharma Limited
Healthcare Services
match 164
72
13.7
17.1%
+69%
UNDERVALUED
ORCHPHARMA
Small
Orchid Pharma Limited
Healthcare Services
match 164
33
320.0
1.5%
-846%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-16T16:08:49.882Z
Management commentary snapshot
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.
Current business mix
Total FY26 Revenue by Segments
Latest issuer-disclosed distribution across 3 reported categories.
CDMO55.0%
Complex Hospital Generics30.0%
Piramal Consumer Healthcare14.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 31st percentile within Pharma. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
66 docs text-extracted · 18 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Pharma: 31st pctile, median 70 · Small: 47th pctile, median 66
Evidence depth
Financial-only
66 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
53
watch · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.8%.
- ▸Debt/equity is 0.10.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Only 1 years of positive FCF.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Piramal Pharma Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 18 Aug - Piramal Pharma acquired 40.67% more in Yapan Bio for ₹76 crore, raising stake to 74%.
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR)- Exercise Of Call Option For Acquisition Of Additional Equity Stake In Yapan Bio Private Limited 10 Aug - Approved call option to acquire 41% more in Yapan Bio, raising stake to about 74%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug - Intimation of Schedule of Analyst/ Institutional Investor Meetings under the SEBI (LODR) Regulations, 2015
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Company Ir
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Earnings Call Transcript 31 Jul - Details of Earning call Transcript held on 30th July 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jul - Newspaper Advertisement for dispatch of notice of the 6th Annual General Meeting and E-Voting information
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 3 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Jun - Newspaper Advertisement for information regarding 6th Annual General Meeting of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 5 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 May - Intimation of Schedule of Analyst/ Institutional Investor Meetings under the SEBI (LODR) Regulations, 2015
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.