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Piramal Pharma Limited Reports Its Financial Results for Q3 and 9-Month Period of FY 2026

On January 29, 2026, Piramal Pharma Limited (NSE: PPLPHARMA, BSE: 543635), a prominent player in the pharmaceutical and wellness sectors, announced its individual and consolidated financial outcomes for the third quarter (Q3) and the first nine months (9M) of the fiscal year 2026, concluding on December 31, 2025.

Consolidated Financial Highlights

The financial performance for Q3 2026 saw a total operating revenue of ₹2,140 crores, a decline from ₹2,204 crores in Q3 2025, marking a 3% drop year-on-year. Similarly, the first nine months recorded revenue of ₹6,117 crores, down by 4% compared to ₹6,397 crores for the same period the previous year. The decline is attributed to several factors, including inventory destocking by a key customer and a noticeable slowdown in initial order inflow during the first half due to irregular biopharmaceutical financing in the U.S. and global trade policy uncertainties. Moreover, regulatory delays concerning inhalation anesthesia products from the Digwal facility for non-U.S. markets exacerbated the situation.

Despite these challenges, the EBITDA margin has been maintained at 11%, despite the dip in revenues. This was partly offset by cost optimization initiatives and operational excellence efforts undertaken by the company.

Key Business Segments Analysis

• - CDMO (Contract Development and Manufacturing Organization): This segment faced a revenue decline, posting ₹1,166 crores for Q3 2026 versus ₹1,278 crores the previous year, reflecting a 9% decrease. However, there are signs of recovery as proposal requests increased, and order inflow began to pick up from October 2025, attributed to improved biopharmaceutical financing and increased mergers and acquisitions activities in the U.S.
• - CHG (Complex Hospital Generics): Showing resilience, this segment exhibited a slight revenue growth of 2% year-on-year to ₹668 crores in Q3 2026. Strategies to enhance product offerings and penetrate international markets are underway, including the notable acquisition of the injectable brand Kenalog from Bristol-Myers Squibb, which will bolster margins.
• - PCH (Piramal Consumer Healthcare): Notably, the flagship brands in this segment reported a growth of 30% year-on-year in Q3 2026, supported by strong performances from products like Little's and Lacto Calamine. New product launches and a significant increase in e-commerce sales, up by 50%, also contributed positively to this segment's performance.

Investment and Forward-Looking Statement

Chairperson Nandini Piramal stated the fiscal year 2026 proved to be mixed for the company due to initial order slowdowns and inventory destocking. However, she expressed optimism with early signs of recovery through stronger proposal requests. A commitment of $90 million is in place to enhance manufacturing capabilities at the Lexington and Riverview plants, anticipated to attract growing interest from clients seeking onshoring options.

The company's robust approach towards maintaining exceptional quality standards through successful regulatory inspections has reinforced its commitment to operational excellence, ensuring it retains a competitive edge in the market.

Looking ahead, Piramal Pharma Limited aims to capitalize on the anticipated growth in the second half of the year, traditionally a stronger period for the company. Nandini concluded by emphasizing the long-term growth potential of their operations while strategically investing in capabilities and expertise to navigate through current challenges.

Conclusion

In summary, Piramal Pharma Limited's financial results for Q3 and the first nine months of FY 2026 reflect a proactive approach in managing challenges while laying a solid foundation for potential future growth. The company remains optimistic about its trajectory as the market dynamics evolve.