Piramal Pharma reports dismal Q2 numbers

Piramal Pharma reported a consolidated net loss of Rs 99.22 crore in Q2 FY26, compared with a net profit of Rs 22.59 crore recorded in Q2 FY25.

Revenue from operations for the period under review declined 8.83% year-on-year (YoY) to Rs 2,043.72 crore. The YoY performance was impacted by inventory destocking by a customer in one large CDMO order.

EBITDA fell 44% YoY to Rs 224 crore in Q2 FY26 from Rs 403 crore in Q2 FY25. The EBITDA margin contracted to 11% in Q2 FY26 from 18% in the corresponding quarter last year.

The company reported a pre-tax loss of Rs 46.18 crore in the September 2025 quarter, compared with a profit before tax of Rs 120.12 crore in the same period last year.

On a half-year basis, the company reported a consolidated net loss of Rs 180.92 crore in H1 FY26, compared with a net loss of Rs 66.05 crore recorded in the same period last year, while revenue declined 5.13% year-on-year (YoY) to Rs 3,977.44 crore in H1 FY26.

Nandini Piramal, chairperson, Piramal Pharma, said YoY growth in the CDMO Business was primarily impacted by inventory destocking in one large on-patent commercial product. Inconsistent recovery in US biopharma funding along with uncertainties on global trade policies led to adverse impact on order inflows and customer decision making during H1FY26. However, in the months of September and October 2025, we have seen a significant pick up in biopharma funding, which if sustains, should lend impetus to increased RFPs and orders going forward. Also, we are seeing strong customer interest for onshore offerings which bodes well for the investments we have made in our overseas sites.

In our CHG business we further strengthened our leadership position in the US Sevoflurane market, while simultaneously working to obtain regulatory approvals for ex-US markets from our India plant. Our consumer business delivered healthy mid-teen growth, seamlessly collaborating with various stakeholders for smooth transition to new GST rates changes.

Piramal Pharma (PPL) offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 17 global facilities and a global distribution network in over 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated Contract Development and Manufacturing Organization; Piramal Critical Care (PCC), a Complex Hospital Generics business; and the India Consumer Healthcare business, selling over-the-counter products.

The scrip rose 0.45% to currently trade at Rs 201.40 on the BSE.

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