Piramal Pharma Raises FY27 Outlook as Q2 Revenue Rises 28%

Piramal Pharma Limited (PPLPHARMA.BO ) on 27 October 2026 announced unaudited standalone and consolidated results for the second quarter and half year ended 30 September 2026, reporting consolidated revenue from operations of 2,617 crore Indian rupees (₹2,617 crore) for the quarter, up 28% from ₹2,044 crore a year earlier, and raising its FY27 outlook.

The company filed the results and an investor presentation with BSE and the National Stock Exchange of India on the same day. Consolidated EBITDA for Q2FY27 was ₹385 crore versus ₹224 crore in Q2FY26, a 72% increase as printed in the results table, with EBITDA margin of 14.7% versus 11.0%. Profit after tax was ₹5 crore against a loss of ₹99 crore in the year-ago quarter. For the half year, revenue from operations was ₹4,887 crore versus ₹3,977 crore in H1FY26, EBITDA was ₹669 crore versus ₹389 crore with a margin of 13.7% versus 9.8%, and the loss after tax was ₹64 crore versus ₹181 crore.

Citing strong first-half performance and continued business momentum, the company said it has upgraded its FY27 outlook and now expects revenue growth of 19% to 20%, accompanied by meaningfully higher profitability.

Chairperson Nandini Piramal said, “We delivered a strong H1FY27, with revenue growth of 23% and EBITDA margin expansion of over 350 basis points, driven by healthy demand across our businesses, disciplined execution, and improved operating leverage.” She said the contract development and manufacturing organization (CDMO) business grew 28% on strong order inflows and robust execution, the complex hospital generics business grew 24% supported by inhalation anesthesia sales in ex-US markets and the integration of Kenalog, and the consumer healthcare business grew 14% through Power Brands and e-commerce. She said the second half of the fiscal year is typically stronger than the first, and pointed to a healthy order book, encouraging customer engagement, and continued operating discipline.

CDMO Segment

CDMO revenue was ₹1,424 crore in Q2FY27, a 36% year-over-year increase as reported, and ₹2,611 crore for H1FY27, up 28%. The company described the growth as broad-based across India and overseas sites, led by India and North America, and attributed improved profitability to better capacity utilization and operating leverage.

The company reported adding 22 new customers during H1FY27 and said its Phase III pipeline increased to 28 molecules from 25 as of March 2026. Innovation-related revenues grew 24%, on-patent commercial manufacturing revenues grew 39%, and ADC services revenues rose 51% year over year in the half year, according to the company. The investor presentation filed with the stock exchanges states that on-patent commercial manufacturing revenue was US$56 million versus US$40 million in the year-ago half, that ADC services revenue was US$40 million versus US$26 million, and that differentiated-offerings revenue was US$119 million in H1FY27, representing 43% of CDMO revenue. It also states that biotech funding was up approximately 60% year over year (MAT, September 2026).

The company said it strengthened its biologics capabilities through the acquisition of a controlling stake in Yapan Bio, which it announced as completed in August 2026. It said the Lexington, Kentucky expansion remains on track and will add sterile fill-finish capabilities, completing the integrated ADC offering, and that a new microbiology laboratory was commissioned at the site.

Complex Hospital Generics and Consumer Healthcare

Complex hospital generics revenue was ₹849 crore in Q2FY27, up 32% as reported, and ₹1,592 crore for H1FY27, up 24%. The company reported maintaining leadership in the US Sevoflurane market with a 48% value share and the top position in the US intrathecal baclofen market, both citing IQVIA data. Kenalog contributed to segment revenue during Q2FY27, and the company said it expects the product to be an important growth driver for the business in FY27. The segment continued investments in 505(b)(2) products, complex and differentiated generics, branded products, in-licensing, and co-development.

Piramal Consumer Healthcare revenue was ₹359 crore in Q2FY27, up 13% as reported, and ₹706 crore for H1FY27, up 14%. The company said Power Brands grew 21% year over year in H1FY27 and contributed 53% of segment sales, while e-commerce grew 32% and contributed 28% of sales. It invested approximately 11% of segment sales in media and trade promotion across digital and traditional channels, and launched the Vizible range under Lacto Calamine. According to the presentation, the consumer business is present across more than 180,000 chemists and cosmetic shops, more than 13,000 modern trade outlets, and more than 20 e-commerce platforms.

The company’s distribution agreement with Bayer will expire in December 2026. The company said the transition is being jointly managed to ensure business continuity and that it expects no material impact on its FY27 guidance. The presentation states the arrangement contributed ₹475 crore of revenue in FY26, under 2% of consolidated turnover, with a 4.5% EBITDA margin profile, and that excluding the Bayer distribution revenue improves the consolidated EBITDA margin by about 50 basis points.

In the consolidated profit and loss statement for Q2FY27, material cost was ₹906 crore, employee expenses were ₹714 crore, other expenses were ₹648 crore, interest expense was ₹88 crore, depreciation was ₹233 crore, and tax was ₹77 crore, with profit before tax of ₹82 crore versus a loss of ₹46 crore a year earlier. The year-ago half-year result included a ₹21 crore exceptional item described in the release as one-time insolvency proceeds received from a claim filed with the NCLT in November 2023 against a third-party supplier to the complex hospital generics business.

Total equity stood at ₹8,165 crore as at 30 September 2026, versus ₹8,162 crore at 31 March 2026. Net debt was ₹4,859 crore versus ₹4,164 crore, net fixed assets were ₹10,448 crore, and net working capital was ₹2,260 crore.

The company reported completing 12 regulatory inspections and 110 customer audits during H1FY27, maintaining its track record of no Official Action Indicated classifications across US FDA inspections. The accompanying presentation states that the company has cleared 427 regulatory inspections, including 51 US FDA inspections, and 2,230 customer audits since FY2012.

Associate company AbbVie Therapeutics India Private Limited, a joint venture 49% owned by Piramal Pharma and 51% owned by AbbVie, recorded FY2026 revenue of ₹526 crore with a 23% PAT margin, according to the presentation, which describes the venture as one of the market leaders in the Indian ophthalmology segment.

Piramal Pharma will host an earnings conference call on 28 October 2026 from 10:00 AM to 10:45 AM IST to discuss the Q2 and H1 FY27 results.