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Piramal Pharma

PPLPHARMA NSE
₹237.76 No trade today
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹237.76 +38.43 +19.3% 1Y
Start ₹199.33

Key Fundamentals

SmallcapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
2.52%
Debt to Equity
0.70
EPS (TTM)
−₹2.36
Book Value
₹61.18
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
3.89
ROE
−3.83%
Dividend Yield
0.06%
EBITDA
₹1,135 Cr
52W High
₹243.20
52W Low
₹132.30
Volume
0

Peer Comparison

Healthcare › Pharmaceuticals

Piramal Pharma peer comparison
Sun Pharma
₹1,773.4038.81₹4,29,049 Cr4.770.90%16.00%20.50%₹61,631 Cr₹10,987 Cr
Divis Laboratories
₹10,037.5091.10₹2,65,269 Cr15.900.30%16.50%22.00%₹11,230 Cr₹2,925 Cr
Torrent Pharmaceuticals
₹4,738.5078.61₹1,77,061 Cr9.810.82%27.40%15.20%₹17,400 Cr₹2,099 Cr
Zydus Life Science
₹1,188.1026.44₹1,25,446 Cr4.370.08%21.20%21.10%₹28,592 Cr₹4,593 Cr
Laurus Labs
₹2,323.80114.81₹1,25,228 Cr20.720.04%18.30%17.80%₹7,270 Cr₹1,090 Cr
Dr Reddys Laboratories
₹1,374.0035.59₹1,14,543 Cr2.960.58%11.20%13.00%₹33,228 Cr₹3,184 Cr
Cipla
₹1,402.0033.59₹1,12,454 Cr3.200.93%11.60%15.50%₹28,324 Cr₹3,356 Cr
Piramal Pharma (this company)
₹237.76—₹31,413 Cr3.890.06%−3.83%2.52%₹9,205 Cr−₹313 Cr
Median 8 companies₹1,587.7038.81₹1,25,337 Cr4.570.44%16.25%16.65%₹22,862 Cr₹3,055 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

43 Weak

Data confidence 93/100

Category scores

Quality
20
Poor
Returns, margins, earnings quality 22% weight
Valuation
61
Good
Cheap vs sector & own history 24% weight
Growth
7
Poor
Sales & profit trajectory 9% weight
Financial Health
15
Poor
Solvency, leverage, coverage 9% weight
Momentum
71
Strong
Trend strength, vol-adjusted 12% weight
Ownership
57
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

5
  • Stock is trading at 3.20 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 -0.88% over last 3 years.
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3313
OscillatorsNeutral333
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
69.09
Neutral
MACD (12,26,9)
8.60
Bullish
SMA (50)
209.29
Bullish
SMA (200)
177.98
Bullish

As of

Analyst Rating

Based on 10 analysts
BUY100%

10 of 10 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
10
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+7.03%
3Y+7.79%
1Y−3.08%
TTM+0.79%

Net profit

Net profit growth by window
5YTurned to loss
3YLoss widened by ₹140 Cr
1YTurned to loss
TTMTurned to loss

Operating cash flow

Operating cash flow growth by window
5Y+22.55%
3Y+50.59%
1Y+85.31%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−12.21 pp
3Y+1.52 pp
1Y−5.39 pp
TTM−3.78 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2021₹6,315 Cr
Mar 2022₹6,559 Cr
Mar 2023₹7,082 Cr
Mar 2024₹8,171 Cr
Mar 2025₹9,151 Cr
Mar 2026₹8,869 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2021₹835 Cr
Mar 2022₹376 Cr
Mar 2023−₹186 Cr
Mar 2024₹18.00 Cr
Mar 2025₹91.00 Cr
Mar 2026−₹326 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,474 Cr +29.9% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Piramal Pharma Ltd trades at ₹239.92 with a market cap of ₹32,024 Cr as of 2026-11-02, near its 52-week high of ₹243.20. The company remains loss-making with a TTM EPS of -₹2.36 and negative ROE of -3.99%, while carrying a debt-to-equity ratio of 0.70.

Bull Case 7
  • Stock has delivered a 3-year CAGR of 25%, indicating sustained investor interest and re-rating over the medium term
  • Trading near its 52-week high of ₹243.20 (current price ₹239.92), suggesting strong momentum and positive market sentiment
  • Debt-to-equity ratio of 0.70 is moderate for a pharma company with capital-intensive CDMO operations, indicating the balance sheet is not excessively leveraged
  • Compounded sales growth of 8% over 3 years shows the top line has been expanding steadily despite broader industry headwinds
  • The stock has recovered sharply from its 52-week low of ₹132.30, rallying approximately 81% from that trough to the current level of ₹239.92
  • 5-year compounded sales growth of 7% demonstrates a consistent, if modest, revenue expansion trajectory over a longer horizon
  • Market cap of ₹32,024 Cr provides reasonable scale and liquidity for institutional participation in the healthcare space
Bear Case 8
  • TTM EPS of -₹2.36 means the company is currently loss-making, with no earnings support for the current valuation
  • ROE stands at -3.99% as of the latest period, and the 3-year average ROE is -1%, reflecting persistent inability to generate returns on shareholder equity
  • TTM compounded profit decline of -296% signals a dramatic deterioration in profitability in the most recent period
  • Price-to-book ratio of 3.92 is elevated for a company with negative earnings and negative ROE, raising valuation concerns
  • ROCE of just 1.25% suggests the company is barely generating returns above its cost of capital on deployed resources
  • TTM sales growth has decelerated sharply to just 1%, down from the 3-year compounded rate of 8%, indicating a revenue slowdown
  • Dividend yield of only 0.06% offers virtually no income return to shareholders while the company remains unprofitable
  • Interest coverage is low and there are indications the company may be capitalising interest costs, which could mask the true debt-servicing burden on the P&L

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

AI News Digest

9h ago

TL;DR: Piramal Pharma delivered a decisive Q2 FY27 turnaround — swinging from a ₹99 crore loss to profit, with 28% revenue growth and EBITDA margins expanding 370 bps to 13.3%. The CDMO segment is firing on multiple cylinders with strong ADC and peptide demand, prompting management to raise FY27 revenue guidance to 19-20% growth. Key risks include ₹4,859 crore net debt, US Section 232 tariff exposure on 40% of revenue, and suppressed reported earnings from overseas tax losses. The trend is clearly improving, with H2 seasonally stronger, but tariff headwinds and leverage warrant monitoring into FY28.

Headwinds 4
  • US tariffs hit North America revenue Oct 13

    Section 232 tariffs impose a 100% tariff rate on many patented drugs and ingredients, directly affecting Piramal Pharma which derives 40% of its revenue from North America.

  • Elevated net debt burden Oct 27

    The company reported net debt of ₹4,859 crore as of Q2 FY27, which remains a significant balance sheet overhang.

  • West Asia turmoil raises input costs Oct 13

    Global economic turmoil, particularly in West Asia, has driven up costs of drug raw materials and complicated sector economics for the contract manufacturing business that generates over half of revenue.

Positives 6
  • Q2 FY27 profit turnaround Oct 28

    Piramal Pharma swung to a net profit of ₹5-6 crore in Q2 FY27 from a loss of ₹99 crore a year ago, with revenue surging 28% YoY to ₹2,617 crore and EBITDA jumping to ₹349 crore from ₹159 crore.

  • FY27 revenue guidance raised Oct 27

    Management upgraded FY27 revenue growth outlook to 19-20%, citing strong H1 performance with 23% YoY revenue growth and 72% EBITDA growth with 350 bps margin expansion.

  • Stock surges to 18-month high Oct 28

    Shares surged over 18% to ₹235.22, an 18-month high, with 97 million shares traded — up 35.74% YTD and 149.30% over three years.

Neutral 1
  • Q2 FY27 earnings call scheduled Oct 16

    Piramal Pharma scheduled its Q2 and H1 FY27 investor conference call for October 28, 2026 at 10:00 AM IST.

Quarterly Results

₹ Cr
PPLPHARMA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,749
1,911
1,959
2,552
1,951
2,242
2,204
2,754
1,934
2,044
2,140
2,752
2,270
2,617
Expenses
1,617
1,646
1,690
2,022
1,747
1,900
1,866
2,193
1,827
1,885
1,944
2,291
2,075
2,268
Operating Profit
132
266
268
530
204
342
338
561
107
159
196
461
195
349
OPM %
8%
14%
14%
21%
10%
15%
15%
20%
6%
8%
9%
17%
9%
13%
Other Income
53
68
43
8
42
78
29
58
98
80
12
−116
109
54
Interest
119
110
106
114
107
108
103
104
86
82
89
83
88
88
Depreciation
174
185
186
196
185
192
197
243
197
203
213
218
224
233
PBT
−107
40
19
227
−45
120
67
273
−79
−46
−94
43
−7
82
Tax %
−8%
87%
48%
55%
97%
81%
94%
44%
3%
115%
45%
121%
830%
94%
Net Profit
−99
5
10
101
−89
23
4
154
−82
−99
−136
−9
−69
5
EPS (₹)
−0.75
0.04
0.08
0.77
−0.67
0.17
0.03
1.16
−0.61
−0.75
−1.02
−0.07
−0.52
—

Sep 2026: from the results filed on 27 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
PPLPHARMA profit and loss, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
6,315
6,559
7,082
8,171
9,151
8,869
9,205
Expenses
4,887
5,609
6,453
6,974
7,706
7,947
8,195
Operating Profit
1,428
950
629
1,197
1,445
922
1,010
OPM %
23%
14%
9%
15%
16%
10%
11%
Other Income
230
319
272
172
208
74
86
Interest
163
198
344
448
422
341
343
Depreciation
545
586
677
741
816
831
858
PBT
949
485
−120
179
415
−176
−104
Tax %
12%
22%
55%
90%
78%
85%
—
Net Profit
835
376
−186
18
91
−326
−314
EPS (₹)
—
—
−1.41
0.13
0.69
−2.45
−2.36
Div. Payout %
0%
18%
0%
82%
20%
0%
—

Balance Sheet

₹ Cr
PPLPHARMA balance sheet, annual, ₹ crore
Particulars 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
3,770
Total Liabilities
10,677
12,605
14,303
15,083
15,429
17,607
Fixed Assets
6,105
6,879
7,469
7,990
8,133
8,684
CWIP
627
1,172
1,419
1,116
977
1,100
Investments
123
267
639
385
291
437
Other Assets
3,822
4,286
4,777
5,592
6,028
7,386
Total Assets
10,677
12,605
14,303
15,083
15,429
17,607

Cash Flow

₹ Cr
PPLPHARMA cash flow, annual, ₹ crore
Particulars 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
−820
Financing
3,977
794
818
−422
−441
−39
Net Cash Flow
110
−177
−32
166
−37
794
Free Cash Flow
−5
−91
−461
294
233
776
CFO/EBITDA
52
98
107
97
85
202

Ratios

PPLPHARMA financial ratios, annual
Particulars 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
44
ROCE %
—
7%
2%
5%
6%
3%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Piramal Pharma insights

71 extracted metrics across FY21–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 34.80%
  • Others 23.84%
  • DIIs 14.44%
  • FIIs 13.65%
  • Public 13.27%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Piramal Pharma

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).
Where is Piramal Pharma Ltd (PPLPHARMA) listed?
Piramal Pharma Ltd trades as PPLPHARMA on the NSE and under code 543635 on the BSE.
Which sector does Piramal Pharma Ltd belong to?
Piramal Pharma Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the 52-week high and low of Piramal Pharma Ltd?
Over the last 52 weeks Piramal Pharma Ltd has traded between ₹132.3 and ₹243.2 as of 4 Nov 2026.
Does Piramal Pharma Ltd pay dividends?
Piramal Pharma Ltd has a dividend yield of 0.06%.
What is the Return on Equity (ROE) of Piramal Pharma Ltd?
Piramal Pharma Ltd reported a return on equity of -3.83%. Its debt-to-equity ratio is 0.70.

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 and various organic initiatives. In 2010 the Domestic formulations business was sold to Abott for $3.7 billion and Diagnostic Services was sold to Super Religare Laboratories (SRL)

Website piramal.com
Listed 19 Oct 2022
Face Value ₹10

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