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. 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.