Piramal Pharma Q2 Results: Firm swings to profit as revenue jumps 28%, led by CDMO growth

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Piramal Pharma Q2 Results: Firm swings to profit as revenue jumps 28%, led by CDMO growth
- Published OnOct 27, 2026 | 23:02 IST
- Last Updated OnOct 27, 2026 | 23:04 IST
Piramal Pharma returned to profitability and raised its full-year guidance, driven by surging contract manufacturing pipelines and wider operating margins across global facilities. Discover how leadership plans to handle the upcoming distribution transition.
Drug firm Piramal Pharma Ltd on Tuesday (October 27) reported a net profit of ₹5.58 crore for the second quarter of financial year 2026-27, compared with a loss of ₹99.2 crore in the year-ago period. Revenue rose 28% year-on-year to ₹2,617 crore from ₹2,044 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased to ₹348.7 crore from ₹158.7 crore a year earlier. EBITDA margin expanded to 13.3% from 7.8%, an improvement of 550 basis points.
The company upgraded its financial year 2026-27 outlook, citing its first-half performance and continued business momentum. It now expects revenue growth of 19% to 20%, accompanied by meaningfully higher profitability.
Revenue growth across businesses
Piramal Pharma said revenue grew 28% year-on-year in Q2 FY27 and 23% in the first half of FY27, supported by growth across all three businesses. EBITDA increased 72% year-on-year in both periods, with EBITDA margin expanding by more than 350 basis points in each period.
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The company attributed the improvement in profitability to higher capacity utilisation, operating leverage, disciplined execution and sustained cost optimisation initiatives.
During the first half, Piramal Pharma added 22 new customers and hosted 110 customer audits. It also completed 12 regulatory inspections while maintaining its track record of no Official Action Indicated classifications across US Food and Drug Administration (USFDA) inspections.
CDMO business expands pipeline
The Contract Development and Manufacturing Organisation (CDMO) business recorded broad-based growth across its Indian and overseas facilities, supported by commercial demand, improved execution and cost management. India and North America led performance across the network.
The company’s Phase III pipeline increased to 28 molecules from 25 as of March 2026. Innovation-related revenue grew 24% in H1 FY27, while revenue from on-patent commercial manufacturing rose 39%. Revenue from antibody-drug conjugate (ADC) services increased 51% year-on-year during the first half.
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Piramal Pharma strengthened its biologics capabilities through the acquisition of a controlling stake in Yapan Bio. Its Lexington expansion remains on track and will add sterile fill-finish capabilities, completing its integrated ADC offering. The company also commissioned a new microbiology laboratory at the site.
Complex hospital generics
In Complex Hospital Generics (CHG), Piramal Pharma maintained a 48% value share in the US Sevoflurane market and retained the number-one position in the US Intrathecal Baclofen market, according to IQVIA.
Kenalog contributed to CHG revenue in Q2 FY27 and is expected to be an important growth driver for the business in FY27. The company continued working with suppliers to maintain product availability for injectable pain management.
It also continued investing in 505(b)(2) products, complex and differentiated generics, branded products, in-licensing and co-development to strengthen its specialty portfolio.
Consumer healthcare growth
Piramal Consumer Healthcare’s power brands grew 21% year-on-year in H1 FY27 and contributed 53% of the business’s sales. E-commerce revenue increased 32% during the first half, accounting for 28% of consumer healthcare sales.
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The company continued focusing on launches with higher growth potential and premiumisation, including the launch of the Vizible range under Lacto Calamine. It invested approximately 11% of consumer healthcare sales in media and trade promotions across digital and traditional channels.
Piramal Pharma said the distribution agreement with Bayer will expire in December 2026. The transition is being jointly managed to ensure business continuity, with no material impact expected on the company’s FY27 guidance.
Nandini Piramal, Chairperson, Piramal Pharma Limited said, “We delivered a strong H1FY27, with revenue growth of 23% and EBITDA margin expansion of over 350 basis points, driven by healthy demand across our businesses, disciplined execution, and improved operating leverage. The performance was led by our CDMO business, which grew 28% on the back of strong order inflows and robust execution.
Our CHG business complemented this momentum with 24% growth, supported by inhalation anaesthesia sales in ex-US markets and the integration of the Kenalog, while Consumer Healthcare continued to deliver steady 14% growth through the strong performance of Power Brands and e-commerce.
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With H2 typically stronger than H1, we are well positioned to deliver a strong full-year performance, supported by a healthy order book, encouraging customer engagement, and continued operating discipline."
Shares of Piramal Pharma Ltd ended at ₹198.45, up by ₹3.30, or 1.69%, on the BSE.

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