Piramal Pharma Limited Closes FY26 In Transition Mode As Q4 Signals Recovery Path

Piramal Pharma has reported Q4 and full-year FY26 results that underline both near-term pressure and medium-term opportunity. While the company’s FY26 earnings were affected by business-specific disruptions and an impairment charge, management says momentum improved toward year-end across its core businesses.

 Q4 And FY26 Performance

Revenue from operations came in at ₹2,752 crore in Q4 FY26, almost unchanged from ₹2,754 crore a year earlier. For the full year, revenue stood at ₹8,869 crore versus ₹9,151 crore in FY25. EBITDA fell to ₹507 crore in Q4 from ₹603 crore, while FY26 EBITDA declined to ₹1,135 crore from ₹1,580 crore. PAT after exceptional items slipped to a loss of ₹9 crore in Q4 and a loss of ₹326 crore for FY26. 

Business Mix And Growth Drivers

The CDMO business remained the largest contributor, though it saw softer growth due to destocking and slower early-stage order inflows earlier in the year. By contrast, Complex Hospital Generics grew, supported by the Kenalog acquisition and inhalation anesthesia expansion, while Consumer Healthcare posted 17% growth in both Q4 and FY26, helped by Power Brands and fast-growing e-commerce channels. 

Management Outlook

Chairperson Nandini Piramal described FY26 as a transitional year but emphasized stronger order inflows, better RFP traction in CDMO, and confidence in accelerated EBITDA and PAT growth in FY27. The company also maintained net debt broadly stable and invested $94 million in capex during the year.

Key Highlights

• Revenue was largely flat in Q4 FY26 at ₹2,752 crore
• FY26 EBITDA declined to ₹1,135 crore from ₹1,580 crore
• PAT turned negative due to exceptional impairment charges
• Consumer Healthcare delivered the strongest reported growth trend
• Management sees FY27 improving on order momentum and new growth drivers

Sources: NSE Filing, Yahoo Finance Reuters