Piramal Pharma (PPLPHARMA) Q3 25/26 earnings summary

Executive summary

• Q3 and nine-month FY26 results were impacted by inventory destocking, slow early-stage CDMO order inflows, and regulatory delays in ex-US markets, with both standalone and consolidated results reviewed and approved by auditors.

• Early signs of recovery are visible with increased RFPs and order inflows since October 2025, supported by improved biopharma funding and M&A activity in the US.

• Acquisition of Kenalog® from Bristol Myers Squibb for $35M upfront and up to $65M in contingent payments is expected to broaden the portfolio and deliver strong EBITDA margins.

Financial highlights

• Q3 FY26 consolidated revenue was ₹2,139.87 crore ($2,140 million), down 3% YoY; nine-month revenue was ₹6,117.31 crore, down 4% YoY.

• Q3 FY26 consolidated EBITDA margin was 11%, down from 16% YoY; nine-month margin was 10%, down from 15% YoY.

• Q3 FY26 consolidated net loss was ₹136.19 crore; nine-month net loss was ₹317.11 crore, both impacted by exceptional items.

• BCH/Consumer Healthcare sales grew 20% in Q3 and 16% over nine months, with power brands delivering 30% growth in Q3.

Outlook and guidance

• FY26 is expected to remain muted, but optimism for FY27 is based on improved order inflows and biopharma funding.

• Q4 is historically the strongest quarter, with expectations for sequential growth, though not year-over-year due to a large prior-year order.

• Long-term CDMO sales guidance of $1+ billion in 3-4 years and 2030 targets are reaffirmed.