Piramal Pharma Q3FY26 Revenue Drops 3% to ₹2,140 Crore; PAT at (₹136) Crore
Piramal Pharma's Q3 FY26 revenue fell 3% YoY to ₹2,140 crore, with PAT at a loss of ₹136 crore. The CDMO segment declined 9% while PCH grew 20%. The company noted signs of recovery with increased RFPs and is acquiring Kenalog® for up to US$100 million.
The decline in revenue and profitability, alongside the net loss, has a moderate impact. However, the company's strategic initiatives like the Kenalog acquisition and signs of recovery in order inflows suggest potential for future improvement, mitigating a high impact.
The company reported a decrease in revenue and EBITDA, along with a net loss for the quarter, indicating a negative financial performance. While there are positive signs of recovery and strategic initiatives, the immediate financial results are negative.
Piramal Pharma Limited (PPL) announced its standalone and consolidated financial results for the third quarter (Q3) and nine months (9M) ended December 31, 2025. The company reported a consolidated revenue from operations of ₹2,140 crore for Q3 FY26, a decrease of 3% year-on-year from ₹2,204 crore in Q3 FY25. For the nine-month period, revenue stood at ₹6,117 crore, down 4% from ₹6,397 crore in the prior year.
The Contract Development and Manufacturing Organization (CDMO) segment saw a revenue decline of 9% in Q3 FY26 to ₹1,166 crore. The Complex Hospital Generics (CHG) business reported a 2% increase in revenue to ₹668 crore, while the Consumer Healthcare (PCH) business grew by 20% to ₹334 crore.
Consolidated EBITDA for the quarter was ₹239 crore, a 32% decrease compared to ₹350 crore in Q3 FY25. Profit After Tax (PAT) after exceptional items was a loss of ₹136 crore, compared to a profit of ₹4 crore in the same period last year. This was impacted by inventory destocking in a key product, slower early-stage order inflows due to biopharma funding uncertainties, and regulatory delays in the inhalation anesthesia segment.
Despite the challenges, Piramal Pharma is observing early signs of recovery, with a significant pick-up in Request for Proposals (RFPs) and order inflows since October 2025, driven by improved biopharma funding and increased M&A activities in the US. The company is also advancing its strategic initiatives, including the acquisition of Kenalog® for up to US$100 million and a US$90 million investment to expand its Lexington and Riverview facilities.
Piramal Pharma Limited will host an earnings conference call on January 29, 2026, from 9:30 AM to 10:15 AM IST to discuss these results.
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