Healthcare · NSE: PPLPHARMA
Piramal Pharma
Q2 FY27 · From the investor presentation
- M.Cap
- ₹32,627Cr
- P/E
- -156.2×
- 1Y return
- +25.27%
- From 52W high
- −2.1%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 2,617 | 2,044 | +28.1% | 2,270 | +15.3% |
| EBITDA | 349 | 159 | +119.8% | 195 | +78.7% |
| EBITDA margin | 13.3% | 7.8% | +557 bps | 8.6% | +473 bps |
| PBTProfit before tax | 64 | -61 | — | -27 | — |
| Net profit | 6 | -99 | — | -69 | — |
| EPS (₹) | 0.04 | -0.75 | — | -0.52 | — |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
In short
- 01FY27 revenue growth outlook raised to 19% to 20%, with meaningfully higher profitability expected.
- 02Q2 FY27 revenue grew 28% and H1 FY27 revenue grew 23% year on year.
- 03EBITDA rose 72% in Q2 and H1; Q2 EBITDA margin was 14.7% against 11.0%.
- 04Bayer distribution agreement expires in December 2026; expected FY27 revenue impact is under 2%.
- 05CDMO added 22 new customers in H1 FY27; Phase III molecules rose to 28 from 25.
- 06Kenalog contributed to Q2 revenue and is called a growth catalyst for FY27.
- 07Net debt rose to Rs 4,859 crore at 30 September 2026 from Rs 4,164 crore.
Capex
CDMO: Lexington expansion on track; will add sterile fill-finish capabilities
Slides · p. 3
CDMO: Lexington expansion on track; will add sterile fill-finish capabilities
“The Lexington expansion remains on track, will add sterile fill-finish capabilities, completing the integrated ADC offering.”
CDMO: New microbiology laboratory commissioned at Lexington site
Slides · p. 3
CDMO: New microbiology laboratory commissioned at Lexington site
“Commissioned a new microbiology laboratory at the site.”
Order book
CDMO: CDMO added 22 new customers in H1 FY27 on RFP activity and order inflows
Slides · p. 9
CDMO: CDMO added 22 new customers in H1 FY27 on RFP activity and order inflows
“robust RFP activity, and strong order inflows. Added 22 new customers in H1FY27, further”
Segments
CDMO, CHG, PCH: Q2 FY27 revenue: CDMO Rs 1,424 crore (up 36%), CHG Rs 849 crore (up 32%), PCH Rs 359 crore (up 13%)
Slides · p. 2
CDMO, CHG, PCH: Q2 FY27 revenue: CDMO Rs 1,424 crore (up 36%), CHG Rs 849 crore (up 32%), PCH Rs 359 crore (up 13%)
“CDMO 1,424 1,044 36% 2,611 2,041 28% CHG 849 644 32% 1,592 1,281 24% PCH 359 319 13% 706 621 14%”
PCH: Bayer distribution revenue was Rs 475 crore in FY26
Slides · p. 18
PCH: Bayer distribution revenue was Rs 475 crore in FY26
“Revenue in FY26 – ₹475 Crores”
CDMO: CDMO growth momentum expected to continue through FY27, H2 typically stronger
Slides · p. 12
CDMO: CDMO growth momentum expected to continue through FY27, H2 typically stronger
“With H2 typically stronger than H1, we expect growth momentum to continue through FY27.”
Chairperson: company well positioned for full-year performance as H2 is typically stronger
Slides · Chairperson · p. 2
Chairperson: company well positioned for full-year performance as H2 is typically stronger
“With H2 typically stronger than H1, we are well positioned to deliver a strong full-year performance, supported by a healthy order book, encouraging customer engagement, and continued operating discipline.”
CDMO: On-patent commercial revenue up 39% and ADC revenue up 51% YoY in H1 FY27
Slides · p. 12
CDMO: On-patent commercial revenue up 39% and ADC revenue up 51% YoY in H1 FY27
“On-patent commercial revenues grew 39% YoY in H1FY27, ADC revenues grew 51% YoY.”
Demand
CDMO: Biotech funding up about 60% YoY (MAT Sep'26)
Slides · p. 12
CDMO: Biotech funding up about 60% YoY (MAT Sep'26)
“Biotech funding remains healthy, up ~60% YoY (MAT Sep'26).”
Margins and costs
EBITDA Rs 385 crore in Q2 FY27 vs Rs 224 crore, up 72%; H1 EBITDA Rs 669 crore
Slides · p. 2
EBITDA Rs 385 crore in Q2 FY27 vs Rs 224 crore, up 72%; H1 EBITDA Rs 669 crore
“EBITDA 385 224 72% 669 389 72%”
EBITDA margin 14.7% in Q2 FY27 vs 11.0%; 13.7% in H1 FY27 vs 9.8%
Slides · p. 2
EBITDA margin 14.7% in Q2 FY27 vs 11.0%; 13.7% in H1 FY27 vs 9.8%
“EBITDA Margin 14.7% 11.0% 13.7% 9.8%”
Margin gain attributed to capacity utilisation, operating leverage and cost optimisation
Slides · p. 2
Margin gain attributed to capacity utilisation, operating leverage and cost optimisation
“This was driven by higher capacity utilization, operating leverage, disciplined execution, and sustained cost optimization initiatives.”
Excluding Bayer distribution revenue, consolidated EBITDA margin would be 50bps higher
Slides · p. 18
Excluding Bayer distribution revenue, consolidated EBITDA margin would be 50bps higher
“Improvement in PPL Consolidated 448 50bps EBITDA margin excluding this Bayer Sales & Distribution revenue”
PCH: About 11% of PCH sales spent on media and trade promotion
Slides · p. 17
PCH: About 11% of PCH sales spent on media and trade promotion
“Invested ~11% of PCH sales on media and trade promotion across digital and traditional”
Debt and working capital
Net debt Rs 4,859 crore at 30 Sep 2026 vs Rs 4,164 crore at 31 Mar 2026
Slides · p. 4
Net debt Rs 4,859 crore at 30 Sep 2026 vs Rs 4,164 crore at 31 Mar 2026
“Net Debt 4,859 4,164”
Acquisitions and new business
CHG: Kenalog acquisition contributed to Q2 revenue; called a growth catalyst for FY27
Slides · p. 9
CHG: Kenalog acquisition contributed to Q2 revenue; called a growth catalyst for FY27
“Integrating Kenalog® acquisition – Contributed to Q2 revenues; Growth catalyst for FY27.”
CDMO: Acquired a controlling stake in Yapan Bio to strengthen biologics platform
Slides · p. 12
CDMO: Acquired a controlling stake in Yapan Bio to strengthen biologics platform
“Strengthened biologics platform through the acquisition of a controlling stake in Yapan Bio.”
PCH: Launched 'Vizible' range under Lacto Calamine for premium skincare
Slides · p. 3
PCH: Launched 'Vizible' range under Lacto Calamine for premium skincare
“Launched the 'Vizible' range under Lacto Calamine to strengthen presence in premium skincare.”
One-offs
CHG: Prior-year exceptional item was one-time insolvency proceeds from a CHG supplier claim
Slides · p. 4
CHG: Prior-year exceptional item was one-time insolvency proceeds from a CHG supplier claim
“Exceptional items include, one time insolvency proceeds received from a claim filed against a third-party supplier of our complex hospital generics”
Risks
PCH: Bayer distribution agreement to expire in December 2026
Slides · p. 3
PCH: Bayer distribution agreement to expire in December 2026
“Bayer Distribution Agreement: The distribution agreement will naturally expire in December 2026.”
PCH: Bayer transition jointly managed; no material impact expected on FY27 guidance
Slides · p. 3
PCH: Bayer transition jointly managed; no material impact expected on FY27 guidance
“The transition is being jointly managed to ensure business continuity, with no material impact expected on FY27 guidance.”
CHG: Working with suppliers to keep injectable pain products available
Slides · p. 3
CHG: Working with suppliers to keep injectable pain products available
“Injectable Pain Management: Continued collaboration with suppliers to ensure product availability.”
Other
Revenue grew 28% YoY in Q2 FY27 and 23% YoY in H1 FY27
Slides · p. 2
Revenue grew 28% YoY in Q2 FY27 and 23% YoY in H1 FY27
“Broad-based Revenue Growth: Revenue grew 28% YoY in Q2FY27 and 23% YoY in H1FY27, driven by strong performance across all three businesses.”
PAT Rs 5 crore in Q2 FY27 vs loss of Rs 99 crore; H1 FY27 loss Rs 64 crore
Slides · p. 2
PAT Rs 5 crore in Q2 FY27 vs loss of Rs 99 crore; H1 FY27 loss Rs 64 crore
“PAT 5 (99) 105% (64) (181) 64%”
Cleared 12 regulatory inspections and 110 customer audits in H1 FY27
Slides · p. 15
Cleared 12 regulatory inspections and 110 customer audits in H1 FY27
“Successfully cleared 12 regulatory inspections and 110 customer audits in H1FY27”
No Official Action Indicated outcome on any US FDA audit
Slides · p. 15
No Official Action Indicated outcome on any US FDA audit
“No ‘Official Action Indicated (OAI)’ for any of our US FDA audits”
AbbVie Therapeutics India (associate): AbbVie Therapeutics India JV: FY26 revenue Rs 526 crore, PAT margin 23%
Slides · p. 19
AbbVie Therapeutics India (associate): AbbVie Therapeutics India JV: FY26 revenue Rs 526 crore, PAT margin 23%
“Strong profitability and ₹526 Cr. 23% established market position Revenue PAT Margin”
Sources
- Investor presentation, Q2 FY27 Filed 27 Oct 2026 · 24 pages
- Earnings call transcript, not read The filing is a cover letter; the transcript is on the company's website
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.