Piramal Pharma (PPLPHARMA) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 and H1 FY26 performance was impacted by inventory destocking in a major CDMO product and slower order inflows, while Consumer Healthcare showed strong growth.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, with statutory auditor review and compliance with SEBI regulations.

• Financials prepared in accordance with Indian Accounting Standards and reviewed by the Audit Committee and Board.

• Diversified global pharma and wellness company with commercial presence in 100+ countries and three main business segments: CDMO, Complex Hospital Generics, and Consumer Healthcare.

• Maintained a strong compliance record with zero OAIs and closed 19 inspections, including a USFDA inspection with no observations.

Financial highlights

• Q2 FY26 consolidated revenue was ₹2,043.72 crore, down from ₹2,241.75 crore in Q2 FY25; H1 FY26 revenue was ₹3,977.44 crore versus ₹4,192.89 crore in H1 FY25.

• Q2 FY26 EBITDA at ₹224 crore, down 44% year-over-year; H1 FY26 EBITDA at ₹389 crore, down 38% year-over-year.

• Q2 FY26 PAT at -₹99 crore versus ₹23 crore in Q2 FY25; H1 FY26 PAT at -₹181 crore versus -₹66 crore in H1 FY25.

• Consumer Healthcare revenue grew 15% YoY in both Q2 FY26 and H1 FY26, with Power Brands up 20% and e-commerce sales up over 40%.

• Net debt increased to ₹4,199 crore as of September 30, 2025, from ₹3,971 crore as of March 31, 2025.

Outlook and guidance

• Full-year FY26 revenue guidance moderated to flat, with EBITDA margin expected in the low teens.

• H2 FY26 expected to deliver stronger revenue and EBITDA performance, with supply normalization anticipated in Intrathecal Therapy.

• FY 2030 guidance maintained: target to double revenue to $2 billion and achieve 25% EBITDA margin.

• Positive trends in biopharma funding and onshore CDMO demand expected to support future growth.