Piramal Pharma
Piramal Pharma
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
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Key Insights
Weaknesses
5- Stock is trading at 3.44 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
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoPiramal Pharma Ltd has a market cap of ₹28,149 Cr and trades at a P/B of 3.46x while reporting negative earnings (PE of -90). The company has delivered a 3-year sales CAGR of 8% but compounded profit growth has been negative at -31% over three years, with ROE averaging -1% over the same period and TTM profit declining by -296%.
- 3-year stock CAGR of 28% indicates sustained investor interest and re-rating despite weak fundamentals
- 3-year compounded sales growth of 8% shows the top line has expanded steadily even as profitability lagged
- 5-year compounded sales growth of 7% demonstrates a consistent, albeit modest, revenue base that has not contracted
- Market cap of ₹28,149 Cr positions Piramal Pharma as a mid-to-large cap pharma name with reasonable institutional liquidity
- 1-year stock CAGR of 6% suggests the stock has held up in recent months despite negative TTM profit growth of -296%
- The company operates across CDMO, complex hospital generics, and India consumer health — a diversified pharma portfolio that can benefit from global outsourcing tailwinds
- Dividend yield of 0.07% signals the company has at least initiated shareholder returns, even if token, despite reporting losses
- Negative PE of -90 confirms the company is currently loss-making on a trailing basis
- TTM compounded profit growth of -296% indicates a sharp deterioration in bottom-line performance in the most recent period
- 3-year compounded profit growth of -31% shows losses are not a one-off but a sustained trend
- 3-year average ROE of -1% and last year ROE of -4% reflect persistent destruction of shareholder value
- P/B ratio of 3.46x is elevated for a company with negative returns on equity, implying the market is pricing in a turnaround that has not yet materialized
- Low interest coverage ratio suggests debt servicing is consuming a significant share of operating earnings, raising solvency concerns
- 5-year sales CAGR of only 7.03% is below the broader Indian pharma sector average, indicating market share stagnation
- Potential capitalization of interest costs may be flattering reported asset values and understating true operating losses
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Yapan Bio becomes subsidiary Aug 18
Piramal Pharma acquired an additional 40.67% stake in Yapan Bio for ₹76 crore, raising ownership from 33.33% to 74.00% and converting it into a direct subsidiary. This strengthens the company's biologics CDMO capabilities in vaccines and large molecules.
- Strong sustainability and revenue Aug 24
FY26 sustainability report showed 22.6% reduction in Scope 1 and 2 emissions vs FY22 baseline, ₹8,869 crore revenue, and zero data breaches.
- UK investor meets scheduled Sep 8
Piramal Pharma will host institutional investor meetings in the UK on September 29-30, 2026, arranged by Avendus Spark with group and one-on-one sessions.
- DB re-pledges 7.39% stake Aug 26
Deutsche Bank re-created a pledge over 98.4M shares (7.39% of issued capital), restoring encumbrance to 17.93% after a temporary release for a permitted sale transaction by CA Alchemy Investments.
TL;DR: Piramal Pharma is making strategic moves to deepen its biologics footprint, with the Yapan Bio subsidiary acquisition at ₹76 crore being the most notable development. The FY26 sustainability report signals solid operational execution with ₹8,869 crore revenue and improving ESG metrics. No material headwinds emerged in this period. The UK investor roadshow and biologics expansion suggest management is actively positioning for growth and broader institutional interest.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
| 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 |
| Operating Profit | 132 | 266 | 268 | 530 | 204 | 342 | 338 | 561 | 107 | 159 | 196 | 461 | 195 |
| OPM % | 8% | 14% | 14% | 21% | 10% | 15% | 15% | 20% | 6% | 8% | 9% | 17% | 9% |
| Other Income | 53 | 68 | 43 | 8 | 42 | 78 | 29 | 58 | 98 | 80 | 12 | -116 | 109 |
| Interest | 119 | 110 | 106 | 114 | 107 | 108 | 103 | 104 | 86 | 82 | 89 | 83 | 88 |
| Depreciation | 174 | 185 | 186 | 196 | 185 | 192 | 197 | 243 | 197 | 203 | 213 | 218 | 224 |
| PBT | -107 | 40 | 19 | 227 | -45 | 120 | 67 | 273 | -79 | -46 | -94 | 43 | -7 |
| Tax % | -8% | 87% | 48% | 55% | 97% | 81% | 94% | 44% | 3% | 115% | 45% | 121% | 830% |
| Net Profit | -99 | 5 | 10 | 101 | -89 | 23 | 4 | 154 | -82 | -99 | -136 | -9 | -69 |
| EPS in Rs | -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 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| 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 in Rs | — | — | -1.41 | 0.13 | 0.69 | -2.45 | -2.36 |
| Div. Payout % | 0% | 18% | 0% | 82% | 20% | 0% | — |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/OP | 52 | 98 | 107 | 97 | 85 | 202 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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67 extracted metrics + investor summaries across FY21–FY27.
Documents
Frequently Asked Questions about Piramal Pharma
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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]
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