Piramal Pharma Q4FY26 Results: Revenue Flat, PAT Declines Amidst Impairment Loss
Piramal Pharma Limited reported Q4FY26 consolidated revenue of ₹2,752 crore (flat YoY) and FY26 revenue of ₹8,869 crore (down 3% YoY). Q4FY26 PAT was a loss of ₹9 crore after a ₹176 crore impairment charge. The company anticipates growth in FY27 driven by CDMO momentum, Kenalog acquisition, and consumer healthcare expansion. Net debt remained stable.
While the revenue was flat year-on-year, the decrease in EBITDA and the significant net loss due to an impairment charge indicate a negative financial performance that could impact investor sentiment and the company's valuation. However, the positive outlook for FY27 provides some mitigation.
The company reported a year-on-year decline in revenue and a significant drop in profit, including a substantial impairment loss, leading to a net loss for the quarter and full year.
Piramal Pharma Limited (PPL) announced its standalone and consolidated results for the fourth quarter and full year ended March 31, 2026. The company reported consolidated revenue from operations of ₹2,752 crore for Q4FY26, a marginal (0)% change year-on-year, and ₹8,869 crore for the full year FY26, a (3)% decrease compared to FY25.
Consolidated EBITDA stood at ₹507 crore for Q4FY26, down (16)% YoY, with the EBITDA margin at 18% compared to 22% in Q4FY25. For the full year, EBITDA was ₹1,135 crore, a (28)% decrease, and the margin was 13% compared to 17% in FY25. Profit After Tax (PAT) after exceptional items was a loss of ₹9 crore for Q4FY26, compared to a profit of ₹154 crore in Q4FY25. The full-year PAT after exceptional items was a loss of ₹326 crore, compared to a profit of ₹91 crore in FY25. The exceptional item for the quarter was an impairment loss of ₹176 crore recognized in relation to intangible assets under development.
The Chairperson, Nandini Piramal, described FY26 as a transitional year, impacted by external disruptions and business-specific factors. However, she noted clear momentum across all businesses exiting the year, with recovery in biopharma funding translating into improved RFP momentum and order inflows in the CDMO business. Growth drivers for FY27 are expected from the Kenalog® acquisition and ramp-up of inhalation anesthesia sales in ex-US markets for the CHG business, and sustained growth with margin improvement in the Consumer Healthcare business.
The company has invested US$94 million in FY26 across growth and maintenance projects, with US$90 million allocated to expansions at Lexington and Riverview facilities. Net debt remained unchanged compared to FY25. Piramal Pharma Limited will host an earnings conference call on April 29, 2026, from 9:30 AM to 10:15 AM IST to discuss the results.
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