India · Delayed Price · Currency is INR Piramal Pharma Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw modest underlying growth despite macro headwinds, with strong H2 momentum in CDMO, robust Consumer Healthcare expansion, and strategic investments positioning for early to mid-teens revenue growth in FY 2027. Net debt to EBITDA remains at 3.6x amid ongoing CapEx.
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Q3 FY26 saw a 3%-4% revenue decline, but early recovery signs emerged with improved US biopharma funding and order inflows. The Kenalog acquisition and ongoing capacity expansions support long-term growth, while guidance for FY27 and 2030 remains intact.
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Revenue and EBITDA margins declined year-over-year due to a major CDMO customer destocking, but net debt was reduced and consumer healthcare showed strong growth. Guidance for FY 2026 was moderated to flat revenue and low teens EBITDA margin, with H2 expected to outperform H1.
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Q1 FY2026 results were in line with guidance, with adjusted revenue showing double-digit growth despite reported declines due to destocking. Consumer Healthcare and overseas CDMO sites drove growth, while margin moderation was expected. Net profit rose 8% YoY.
Fiscal Year 2025
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Annual revenue surpassed $1 billion, up 12% year-over-year, led by CDMO and consumer healthcare growth. FY2026 will see muted growth and margin due to a major customer’s inventory normalization, with a strong rebound expected in FY2027.
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Revenue and EBITDA grew strongly year-over-year, led by CDMO and CHG segments, with robust ICH and e-commerce growth. Sustainability initiatives advanced, and guidance for mid-teens growth in FY25 was reiterated, with Q4 expected to be the strongest quarter.
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Q2 FY25 saw 17% revenue growth and 150 bps EBITDA margin expansion, led by robust CDMO and ICH performance. Guidance for early teens revenue and EBITDA growth is reiterated, with H2 expected to outperform H1. CDMO capacity expansion and specialty product launches remain key growth drivers.
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Q1 FY25 delivered 12% revenue and 31% EBITDA growth, with margin improvement and strong CDMO and consumer healthcare performance. Net debt-to-EBITDA improved to 2.8x, and FY25 guidance for early teens revenue and EBITDA growth is maintained.