Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Piramal Pharma Ltd.
NSE: PPLPHARMAHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹191.07
- Day change
- −₹3.92 (−2.01%)vs
- Market cap
- ₹25,762 crIndian rupees
- Research updated
- 1 report
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About Piramal Pharma
Piramal Pharma Ltd. is a leading pharmaceutical company engaged in the development, manufacture, and distribution of a wide range of pharmaceutical products. The company plays a crucial role in the healthcare sector, focusing on key areas such as critical care, consumer care, and differentiated medicines. With a robust portfolio that includes generic formulations, complex hospital generics, and more, Piramal Pharma meets healthcare needs across several regions. Headquartered in India, the company operates on a global scale, leveraging advanced research capabilities and cutting-edge manufacturing processes. Piramal Pharma Ltd. also places significant emphasis on sustainability and innovation, ensuring that its products meet high standards of safety and efficacy. As a major player in the pharmaceutical industry, the company contributes to the global availability of essential medicines, supporting health systems and patients alike.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: PPLPHARMA
- Next results
- Chief executive
- Mr. Peter Daniel DeYoung
- Employees
- 7,120
- Headquarters
- Mumbai, India
- ISIN
- INE0DK501011
- Website
- piramalpharma.com
Public research · Report of
Business model & financial foundation
Piramal Pharma (NSE: PPLPHARMA), Pharmaceutical manufacturing: integrated CDMO, complex hospital generics and consumer healthcare: revenue of ₹8,869 crore in FY26 (-3.1% on FY25), an EBITDA margin of 12.8%, net profit of ₹-325.9 crore and net debt of ₹4,164 crore.
- Revenue, FY26 (₹ crore)
- 8,869
- consolidated
- Revenue growth, FY26
- -3.1%
- on FY25
- EBITDA margin, FY26
- 12.8%
- EBITDA (Company EBITDA including other income) / revenue
- Net profit, FY26 (₹ crore)
- -325.9
- to owners
- Return on equity, FY26
- -4.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 4,164
- Company disclosed net debt including liquid investments
- Market capitalisation (₹ crore)
- 26,814
- at the close of 16 Oct 2026
Company profile
Piramal Pharma manufactures and develops pharmaceuticals through integrated contract development and manufacturing, complex hospital generics and consumer healthcare businesses. Overseas subsidiaries are economically material, making consolidated accounts the appropriate basis. The industrial profile reflects capital-intensive manufacturing and development assets rather than an asset-light research model. Associates provide ophthalmology and biologics exposure but are equity accounted.
| Item | Value |
|---|---|
| Legal name | Piramal Pharma Limited |
| Exchange and ticker | NSE: PPLPHARMA; BSE: 543635 |
| ISIN | INE0DK501011 |
| CIN | L24297MH2020PLC338592 |
| Sector | Healthcare |
| Industry | Pharmaceutical manufacturing: integrated CDMO, complex hospital generics and consumer healthcare |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Suresh Surana & Associates LLP (since 2025-07-30) |
| Market capitalisation | ₹26,814 crore (16 Oct 2026) |
| Shares outstanding | 132.72 crore shares (FY26) |
| Price | ₹194.4 (close, 16 Oct 2026) |
| 52-week range | ₹132.3 - ₹231.9 (to 16 Oct 2026) |
| Website | https://www.piramalpharma.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Piramal Healthcare UK Limited | 100% | UK pharma/CDMO operations, including Grangemouth; material step-down subsidiary through Piramal Dutch Holdings B.V. |
| Piramal Critical Care, Inc. | 100% | US complex hospital generics/critical care; material step-down subsidiary through Piramal Dutch Holdings B.V. |
| Piramal Pharma Solutions Inc. | 100% | US pharma/CDMO operations; material step-down subsidiary through Piramal Dutch Holdings B.V. |
| Piramal Healthcare Inc. | 100% | Material US pharma subsidiary; 10% held directly and 90% through Piramal Dutch Holdings B.V.; precise business split not retrieved. |
| Piramal Dutch Holdings B.V. | 100% | Netherlands holding company for overseas operating subsidiaries; formerly Piramal Dutch Holdings N.V. |
| Piramal Critical Care B.V. | 100% | Netherlands critical-care subsidiary; acquired Kenalog and associated brands on 1 April2026. |
| Piramal Pharma II Private Limited | 100% | Indian subsidiary; detailed operational activity not retrieved. |
| Piramal Pharma Limited Employees Welfare Trust | 100% | Consolidated ESOP trust; unallotted shares treated as treasury shares, not external diluted equity. |
Material subsidiaries per S20:p94. Promoter vehicle: Sri Krishna Trust; ultimate controlling-parent designation not retrieved. Associates: AbbVie Therapeutics India 49% (ophthalmic products) and Yapan Bio 33.33% (biologics/vaccine CDMO), equity accounted. No FY26 scope change (S20:p102).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 34.86% | 34.86% | 34.86% | 34.80% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 12.32% | 11.71% | 12.22% | 12.51% |
| Domestic institutions | 14.89% | 15.69% | 15.61% | 14.57% |
| of which mutual funds | 13.11% | 14.03% | 14.12% | 13.18% |
| Retail | 10.50% | 10.49% | 10.44% | 11.02% |
| Other | 27.43% | 27.25% | 26.87% | 27.10% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Piramal Pharma Ltd (NSE: PPLPHARMA, BSE 543635) runs three businesses, reported on a consolidated basis in INR crore. CDMO (contract development and manufacturing for innovator and generic customers, 15 sites across India, the US, the UK and Canada) was 4,915cr of FY26 revenue; complex hospital generics (CHG: inhalation anaesthetics led by sevoflurane, intrathecal baclofen, injectable pain, and from 1 Apr 2026 Kenalog) 2,703cr; India consumer healthcare (ICH/PCH: Little's, Lacto Calamine, i-range, CIR, Tetmosol, Polycrol) 1,274cr. Group revenue was 8,869.08cr in FY26, -3.08%, and company-defined EBITDA (which includes other income) 1,134.92cr, a 12.8% margin. A 49% associate, AbbVie Therapeutics India, contributes 57.2cr of equity-accounted profit. The CDMO business sells capacity and capability; it controls quality and its site network but not its customers' clinical outcomes, funding or inventory cycles — FY26 showed that when one on-patent customer destocked and on-patent commercial revenue fell from USD179mn to USD96mn. Overseas sites carry 75-85% gross margins against 55-65% in India, but also a higher fixed cost base, so margin is a function of loading.
| Segment | revenue, FY26 (₹ crore) | Share | development preclinical mix pct, FY26 (%) | development phase one mix pct, FY26 (%) |
|---|---|---|---|---|
| Contract development and manufacturing | 4,915 | 55.3% | 0.4% | 33.0% |
| Complex hospital generics | 2,703 | 30.4% | ||
| India consumer healthcare (ICH renamed PCH) | 1,274 | 14.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Syngene International (SYNGENE) | Integrated discovery/development/manufacturing outsourcing; closest Indian scientific-services/CDMO comparator, with different biologics mix. |
| Sai Life Sciences (SAILIFE) | Integrated discovery-to-commercial manufacturing for innovator pharma/biotech; directly relevant CDMO customer and capacity cycle. |
| Anthem Biosciences (ANTHEM) | CRDMO across small molecules and biologics; innovation outsourcing comparator, but not hospital-generics/OTC mix match. |
| Divi's Laboratories (DIVISLAB) | Custom synthesis and API manufacturing for global innovators; commercial manufacturing/returns comparator, with generic API mix. |
| Laurus Labs (LAURUSLABS) | API/formulation manufacturing and R&D-intensive pharma supply chain; secondary manufacturing/capex comparator, not pure CDMO. |
| Neuland Laboratories (NEULANDLAB) | Small-molecule manufacturing services and APIs; outsourced chemistry/manufacturing comparator, smaller and less diversified. |
| Gland Pharma (GLAND) | Complex injectable development/manufacturing for hospitals and regulated markets; critical-care/sterile capability comparator, not full CDMO mix. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,472 | 7,032 | 8,171 | 9,151 | 8,869 |
| Cost of revenue (vendor classification) * | 2,680 | 3,000 | 3,259 | 3,572 | 3,584 |
| Other operating costs (vendor classification) * | 1,309 | 1,522 | 1,677 | 1,741 | 1,848 |
| EBITDA (vendor classification) * | 1,254 | 899.1 | 1,401 | 1,689 | 1,231 |
| EBIT | 673.8 | 217.6 | 631.1 | 763.3 | 303.7 |
| Finance cost | 188.8 | 337.7 | 448.5 | 421.6 | 340.8 |
| Profit before tax | 485.0 | -120.2 | 179.3 | 414.6 | -176.1 |
| Tax | 109.0 | 66.3 | 161.5 | 323.5 | 149.9 |
| Profit after tax (vendor: before the non-controlling share is taken out) | 376.0 | -186.5 | 17.8 | 91.1 | -325.9 |
| Diluted EPS (₹) | 3.09 | -1.54 | 0.14 | 0.68 | -2.46 |
| Materials purchases and inventory changes | 2,954 | 3,232 | 3,239 | ||
| Employee benefits | 2,030 | 2,307 | 2,416 | ||
| Other expenses net | 1,991 | 2,167 | 2,293 | ||
| Company EBITDA including other income | 1,372 | 1,580 | 1,135 | ||
| Other income net | 175.4 | 134.8 | 213.3 | ||
| Depreciation amortisation impairment | 740.6 | 816.3 | 831.2 | ||
| Exceptional items signed | -62.8 | 0.00 | -196.1 | ||
| PAT to noncontrolling interests | 0.00 | 0.00 | 0.00 | ||
| Share of associates signed | 59.5 | 72.9 | 57.2 | ||
| PAT attributable to owners | 17.8 | 91.1 | -325.9 | ||
| Materials consumed | 1,977 | 2,056 | 1,996 | ||
| Purchases of stock in trade | 1,176 | 1,417 | 1,431 | ||
| Inventory change signed | -198.6 | -241.4 | -187.8 | ||
| Current tax including prior years | 185.4 | 310.1 | 162.1 | ||
| Deferred tax signed | -23.9 | 13.4 | -12.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 6,697 | 6,774 | 7,911 | 8,125 | 8,163 |
| Borrowings | 4,128 | 5,637 | 4,559 | 4,720 | 5,495 |
| Cash and cash equivalents | 228.1 | 195.6 | 356.8 | 369.0 | 1,200 |
| Trade receivables | 1,785 | 1,799 | 2,134 | 2,350 | 2,158 |
| Inventories | 1,389 | 1,681 | 2,176 | 2,313 | 3,064 |
| Trade payables | 1,026 | 1,193 | 1,538 | 1,534 | 2,479 |
| Net property, plant and equipment | 178.5 | 225.5 | 6,867 | 6,985 | 7,427 |
| Capital work in progress | 673.2 | 852.9 | 565.7 | 489.1 | 799.2 |
| Total assets | 12,797 | 14,523 | 15,312 | 15,678 | 17,965 |
| Company disclosed net debt including liquid investments | 3,932 | 4,332 | 4,164 | ||
| Other bank balances earmarked and margin money | 125.7 | 132.5 | 23.8 | ||
| Current mutual and money market fund investments | 144.7 | 19.6 | 131.8 | ||
| Noncurrent borrowings excluding leases | 2,484 | 3,214 | 4,300 | ||
| Current borrowings including current maturities | 2,075 | 1,506 | 1,196 | ||
| Lease liabilities current and noncurrent | 151.3 | 136.2 | 179.1 | ||
| Share capital net of treasury shares | 1,323 | 1,324 | 1,327 | ||
| Net debt all bank balances deducted for comparison | 3,932 | 4,199 | 4,140 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 221.2 | 109.5 | 1,005 | 892.3 | 1,653 |
| Free cash flow (vendor definition) * | -123.1 | -480.9 | 292.5 | 227.9 | 762.6 |
| Dividends paid (the provider's sign: an outflow is negative) * | -50.0 | -67.0 | -14.5 | -18.6 | |
| Cash capex PP&E intangibles CWIP advances positive outflow | -857.1 | -945.1 | 712.0 | 664.4 | 890.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period end equity shares excluding treasury | 121.70 | 121.27 | 132.29 | 132.44 | 132.72 |
| EPS effective weighted average diluted shares | 128.35 | 133.07 | 132.54 | ||
| Weighted average shares including potential options | 133.21 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,242 | 2,204 | 2,754 | 1,934 | 2,044 | 2,140 | 2,752 | 2,270 |
| Cost of revenue (vendor classification) * | 796.5 | 805.8 | 1,295 | 694.1 | 786.3 | 1,056 | 852.3 | |
| Other operating costs (vendor classification) * | 544.1 | 504.4 | -502.9 | 514.4 | 558.0 | 649.6 | 546.8 | |
| EBITDA (vendor classification) * | 420.0 | 366.9 | 655.2 | 183.7 | 250.1 | 520.1 | 304.2 | |
| EBIT | 210.5 | 153.1 | 360.3 | -32.2 | 21.5 | 26.2 | 288.2 | 61.1 |
| Finance cost | 107.6 | 103.3 | 103.7 | 86.2 | 82.4 | 89.2 | 83.0 | 88.1 |
| Profit before tax | 120.1 | 66.8 | 272.8 | -79.0 | -46.2 | -93.9 | 43.0 | -7.46 |
| Tax | 97.5 | 63.1 | 119.3 | 2.68 | 53.0 | 42.3 | 51.8 | 61.9 |
| Profit after tax (vendor: before the non-controlling share is taken out) | 22.6 | 3.68 | 153.5 | -81.7 | -99.2 | -136.2 | -8.83 | -69.4 |
| Diluted EPS (₹) | 0.17 | 0.03 | 1.16 | -0.62 | -0.75 | -1.03 | -0.07 | -0.52 |
| Materials purchases and inventory changes | 796.5 | 805.8 | 955.0 | 694.1 | 702.5 | 786.3 | 1,056 | 852.3 |
| Employee benefits | 559.5 | 556.2 | 612.0 | 618.6 | 611.5 | 599.9 | 586.0 | 675.6 |
| Other expenses net | 544.1 | 504.4 | 626.1 | 514.4 | 571.1 | 558.0 | 649.6 | 546.8 |
| Company EBITDA including other income | 402.7 | 349.9 | 603.0 | 165.1 | 224.3 | 239.0 | 506.6 | 284.6 |
| Other income net | 61.1 | 12.1 | 42.0 | 58.4 | 65.6 | 43.2 | 46.1 | 89.4 |
| Depreciation amortisation impairment | 192.2 | 196.8 | 242.8 | 197.3 | 202.8 | 212.7 | 218.4 | 223.6 |
| Exceptional items signed | 0.00 | 0.00 | 0.00 | 20.7 | 0.00 | -41.1 | -175.8 | 0.00 |
| PAT to noncontrolling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates signed | 17.3 | 17.1 | 16.2 | 18.6 | 14.8 | 10.3 | 13.6 | 19.6 |
| PAT attributable to owners | 22.6 | 3.68 | 153.5 | -81.7 | -99.2 | -136.2 | -8.83 | -69.4 |
| Cost of materials consumed | 575.1 | 805.4 | 203.7 | 524.4 | 483.4 | 505.5 | 482.6 | 724.8 |
| Purchases of stock in trade | 394.8 | 161.1 | 546.7 | 342.8 | 374.8 | 376.8 | 336.0 | 420.2 |
| Inventory change signed | -173.4 | -160.7 | 204.6 | -173.1 | -155.8 | -96.0 | 237.1 | -292.7 |
| Current tax including prior years | 94.3 | 72.0 | 93.8 | 34.2 | 55.3 | 46.9 | 25.7 | 65.4 |
| Deferred tax net signed | 3.26 | -8.86 | 25.5 | -31.5 | -2.30 | -4.52 | 26.1 | -3.42 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 123.2% | 8.7% | 16.2% | 12.0% | -3.1% |
| EBITDA margin | 16.8% | 17.3% | 12.8% | ||
| Net margin | 0.2% | 1.0% | -3.7% | ||
| Return on equity | 0.2% | 1.1% | -4.0% | ||
| Return on capital employed | 8.9% | 1.9% | 5.1% | 6.0% | 2.3% |
| Return on assets | 0.1% | 0.6% | -1.9% | ||
| Net debt (₹ crore) | 3,932 | 4,332 | 4,164 | ||
| Net debt / EBITDA | 2.87x | 2.74x | 3.67x | ||
| Interest cover | 3.57x | 0.64x | 1.41x | 1.81x | 0.89x |
| Asset turnover | 0.70x | 0.51x | 0.55x | 0.59x | 0.53x |
| Receivable days | 101 | 93 | 95 | 94 | 89 |
| Inventory days (on revenue) | 78 | 87 | 97 | 92 | 126 |
| Payable days (on revenue) | 58 | 62 | 69 | 61 | 102 |
| Cash conversion | 56.4x | 9.79x | -5.07x | ||
| Capex intensity | 13.2% | 13.4% | 8.7% | 7.3% | 10.0% |
| Free cash flow (₹ crore) | -635.9 | -835.6 | 292.5 | 227.9 | 762.6 |
| Dividend payout | 15.9% | -5.7% | |||
| EPS, diluted (₹) | 3.09 | -1.54 | 0.14 | 0.68 | -2.46 |
| Book value per share (₹) | 55.03 | 55.86 | 59.80 | 61.35 | 61.50 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company EBITDA including other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company disclosed net debt including liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company EBITDA including other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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