Piramal Pharma Limited Announces Results for Q3 and 9M FY26

Consolidated Financial Highlights

(in ₹ Crores or as stated)

Particulars

Q3FY26

Q3FY25

YoY %

9MFY26

9MFY25

YoY %

Revenue from Operations

2,140

2,204

(3) %

6,117

6,397

(4) %

   CDMO

1,166

1,278

(9) %

3,207

3,659

(12) %

   CHG

668

654

2 %

1,948

1,928

1 %

   PCH

334

278

20 %

954

819

16 %

EBITDA

239

350

(32) %

628

977

(36) %

EBITDA Margin

11 %

16 %

10 %

15 %

PAT Before Expectational Item

(95)

4

NM

(297)

(62)

NM

Exceptional Item

(41)

-

NM

(20)

-

NM

PAT After Expectational Item

(136)

4

NM

(317)

(62)

NM

Key Business Highlights for Q3/9M FY26

Contract Development and Manufacturing Organization (CDMO):

•  Biopharma funding in H2CY25 has shown signs of recovery with funding in H2CY25 close to double vs. H1CY25 and higher by over 50% vs H2CY24. Although, on full year basis CY25 funding was flat vs. CY24.
•  Seeing significant improvement in RFPs along with uptick in order inflow since October 2025. Growth in orders from both large pharma and mid-size biotech companies.
•  RFP/RFI trends for our overseas facilities with differentiated capabilities remained healthy. These sites have superior gross margin and scale up at these facilities can drive profitability going forward.
•  Sustenance of biopharma funding along with faster decision making by the customers would be the key to healthy growth in FY27.
•  US$ 90Mn investment to expand Lexington and Riverview facilities, on track. Seeing good customer interest for our North America sites, especially from those looking for onshoring.
•  Maintained our Best-in-Class Quality Track Record - Successfully closed 30 regulatory inspections, including 2 USFDA inspections in 9MFY26. Continue to maintain our 'Zero OAI' status.

Complex Hospital Generics (CHG):

•  Acquired Kenalog® -
  • Entered into an agreement to acquire Kenalog® from Bristol-Myers Squibb in an all-cash deal for upfront consideration of US$ 35Mn, and contingent consideration of up to US$ 65Mn.
  • Kenalog® is a branded commercial injectable product with complex manufacturing requirements, complementing the CHG product portfolio. It is expected to generate EBITDA margin in-line with existing CHG business margins.
• Inhalation Anesthesia (IA) -
  • Growing faster than market in the mature US Sevoflurane market with value market share of 47% - up from 44% in MAT Mar'24. (Source:- IQVIA)
  • Initiated Sevoflurane supplies from lower cost Digwal facility in RoW markets. However initial pick-up lower than expected due to regulatory delays.
• Intrathecal Therapy – Supply impacted in Q2FY26 have normalized. Maintained our #1 Rank in intrathecal Baclofen in the US with 75% value market share. (Source:- IQVIA)
• Injectable Pain Management – Initiatives to resolve supply constraints starting to yield results.

Piramal Consumer Healthcare (PCH):

•  Power Brands grew strength to strength with 30% / 23% YoY growth during Q3 / 9M FY26, contributing to 51% of total PCH sales. Growth was primarily driven by Little's, Lacto Calamine, CIR, and i-range.
•  New Product Launches – Launched 31 new products and SKUs in 9M FY26.
•  Invested about 12% of PCH sales in media and promotions in 9M FY26.
•  E-commerce sales grew at 50% rate YoY in 9M FY26, contributing about 26% to PCH sales. More than 40% of e-commerce sales coming from quick commerce.
•  Optimizing Portfolio and Distribution Channel Mix - Focused efforts to grow profitable brands and distribution channels with better margins.

Consolidated Profit and Loss Statement

(in ₹ Crores or as stated)

Particulars

Quarterly

Nine Months

Q3FY26

Q3FY25

YoY %

Q2FY26

QoQ %

9MFY26

9MFY25

YoY %

Revenue from Operations

2,140

2,204

(3) %

2,044

5 %

6,117

6,397

(4) %

Other Income

43

12

256 %

66

(34) %

167

93

80 %

Total Income

2,183

2,216

(2) %

2,109

3 %

6,285

6,490

(3) %

Material Cost

786

806

(2) %

703

12 %

2,183

2,277

(4) %

Employee Expenses

600

556

8 %

611

(2) %

1,830

1,695

8 %

Other Expenses

558

504

11 %

571

(2) %

1,643

1,541

7 %

EBITDA

239

350

(32) %

224

7 %

628

977

(36) %

Interest Expenses

89

103

(14) %

82

8 %

258

318

(19) %

Depreciation

213

197

8 %

203

5 %

613

574

7 %

Share of Net Profit of Associates

10

17

(40) %

15

(31) %

44

57

(23) %

Profit Before Tax

(53)

67

NM

(46)

NM

(199)

142

NM

Tax

42

63

(33) %

53

(20) %

98

204

(52) %

Net Profit after Tax

(95)

4

NM

(99)

NM

(297)

(62)

NM

Exceptional item¹

(41)

-

NM

-

NM

(20)

-

NM

Net Profit after Tax after Exceptional Item

(136)

4

NM

(99)

NM

(317)

(62)

NM

¹. Q3FY26 - Includes gratuity and leave encashment provision due to impact of change in LWF Act ₹ 26 Crs. & Settlement with CDMO customers ₹ 15 Crs.
9MFY26 – Includes exceptional items of Q3FY26 partially offset by one time insolvency proceeds received in Q1FY26 from a claim filed against a third-
party supplier of CHG by ₹ 21Crs.

Location & Time

Telephone Number

Conference call on
29^th January, 2026

India – 09:30 AM IST

+91 22 6280 1461 / +91 22 7115 8320 (Primary Number)

1 800 120 1221 (Toll free number)

USA – 11:00 AM

(Eastern Time – New York)

Toll free number

18667462133

UK – 04:00 AM

(London Time)

Toll free number

08081011573

Singapore – 12:00 PM

(Singapore Time)

Toll free number

8001012045

Hong Kong – 12:00 PM

(Hong Kong Time)

Toll free number

800964448

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