CDMO Revenue (Q4 FY26)
₹1,178 Cr
Not disclosed
CDMO revenue for Q4 FY26 was ₹1,178 crore; full year ₹4,915 crore.
PIRAMALPHARMA
Healthcare
15 May 2026
Piramal Pharma Ltd — Q4 FY26
Piramal Pharma reported a transitional FY26 with revenue decline due to inventory destocking in a key on-patent commercial product, subdued biotech funding in H1, and intensified competition in inhalation anesthesia in non-US markets.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Piramal Pharma reported a transitional FY26 with revenue decline due to inventory destocking in a key on-patent commercial product, subdued biotech funding in H1, and intensified competition in inhalation anesthesia in non-US markets. However, excluding the destocking impact, underlying business showed modest growth. CDMO saw strong RFP and order inflow recovery in H2, with win rates improving. Consumer healthcare grew 17% in Q4 and 17% for the full year, with power brands up 24%. The company guided for early-to-mid teens revenue growth in FY27, with EBITDA growing faster, excluding the destocked product. Risks include prolonged Middle East tensions causing cost escalations, tariff uncertainties, and the lumpy nature of CDMO revenue skewing to H2.
Key Numbers
Consumer Healthcare Growth (FY26)
17%
+17% YoY
Consumer healthcare grew 17% in Q4 and full year, driven by power brands and e-commerce.
US Inhalation Anesthesia Market Share
47%
+2pp YoY
Market share in US inhalation anesthesia increased from 45% to 47%.
Net Promoter Score (NPS)
60
Not disclosed
Achieved NPS of 60, surpassing industry average, reflecting high customer satisfaction.
Management Guidance
Revenue growth early-to-mid teens in FY27
Management expects consolidated revenue growth in the early-to-mid teens for FY27, excluding the previously destocked on-patent commercial product.
Management guidance revenueEBITDA to grow faster than revenue in FY27
EBITDA is expected to grow faster than revenue, supported by operating leverage from higher scale.
Management guidance marginsCapex of $120-135 million for FY27
Capital expenditure for FY27 is guided at $120-135 million, primarily for Lexington expansion and other growth projects.
Management guidance capexNet debt to EBITDA to remain around 3.6x in FY27
Net debt to EBITDA is expected to remain range-bound at about 3.6x for FY27, with long-term target of 1x.
Management guidance otherKey Risks
Middle East conflict cost escalations
Prolonged Middle East tensions may increase costs for sourcing, logistics, and working capital, with limited ability to pass through.
medium · analyst_questionTariff impact on CDMO business
US tariffs on Indian pharma could affect innovation-related work; management noted multiple mitigation paths but uncertainty remains.
medium · analyst_questionIntangible asset write-offs
A ₹176 crore impairment was taken on R&D intangibles due to changed market conditions; similar write-offs may recur.
low · data_observationRevenue lumpiness from CDMO
CDMO revenue remains H2-weighted, causing quarterly volatility; this pattern is expected to persist in FY27.
low · management_commentaryNotable Quotes
We're currently anticipating revenue growth in the early to mid teens with EBITDA expected to grow faster than revenue supported by operating leverage.
We actually saw our win rate increase last year versus the prior year. And we think that's because of a couple of factors.
We achieved a net promoter score of 60, surpassing the industry average and reflecting high levels of customer satisfaction.
Frequently Asked Questions
What was Piramal Pharma's revenue in Q4 FY26?
Piramal Pharma reported revenue of ₹2,752 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Piramal Pharma management give for FY27?
Revenue growth early-to-mid teens in FY27: Management expects consolidated revenue growth in the early-to-mid teens for FY27, excluding the previously destocked on-patent commercial product. EBITDA to grow faster than revenue in FY27: EBITDA is expected to grow faster than revenue, supported by operating leverage from higher scale. Capex of $120-135 million for FY27: Capital expenditure for FY27 is guided at $120-135 million, primarily for Lexington expansion and other growth projects. Net debt to EBITDA to remain around 3.6x in FY27: Net debt to EBITDA is expected to remain range-bound at about 3.6x for FY27, with long-term target of 1x.
What are the key risks for Piramal Pharma in FY27?
Key risks include Middle East conflict cost escalations — Prolonged Middle East tensions may increase costs for sourcing, logistics, and working capital, with limited ability to pass through.; Tariff impact on CDMO business — US tariffs on Indian pharma could affect innovation-related work; management noted multiple mitigation paths but uncertainty remains.; Intangible asset write-offs — A ₹176 crore impairment was taken on R&D intangibles due to changed market conditions; similar write-offs may recur.; Revenue lumpiness from CDMO — CDMO revenue remains H2-weighted, causing quarterly volatility; this pattern is expected to persist in FY27..
Did Piramal Pharma meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Piramal Pharma Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.