Piramal Pharma Limited (PPLPHARMA)

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Piramal Pharma Limited (PPLPHARMA) · mywealthgrid

About

Piramal Pharma is a pharmaceutical manufacturer in the healthcare sector with a market capitalization of ₹27,509.98 Cr and consolidated quarterly revenues around ₹2,200–2,700 Cr. The company maintains positive operating margins despite recent net losses, indicating underlying operational cash generation.

Face value: ₹10

Market cap

₹26,356 Cr

P/E

—

P/B

3.2×

Dividend yield

0.1%

ROE

-4%

ROCE

2.4%

Debt / equity

0.67

OPM

10.4%

EPS (TTM)

₹-2.4

Book value

₹61.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Profitability volatile: consolidated net profit ranged from −₹136.19 Cr to +₹261.63 Cr across recent quarters while ROE is −4%

Institutional exodus: FII shareholding collapsed from 30.18% (Mar 2026) to 12.52% (Jun 2026)—verify reasons for exit

Margin swings: OPM ranged from 7.76% to 20.37% quarter-to-quarter, signalling inconsistent cost control or unfavorable product-mix shifts

Leverage amid value destruction: D/E of 0.67 is moderate but negative ROE raises refinancing risk—verify debt maturity profile

Generated analysis · source review pending

Growth drivers

Standalone OPM expanded to 20.37% in Mar 2026 vs. recent consolidated run-rate of 8.6–10.4%—verify sustainability and potential for consolidated replication

Consolidated revenue base stabilized around ₹2,200–2,700 Cr range across recent quarters, indicating demand stabilization

Dividend payments in Jul 2024 and Jul 2025 despite recent net losses suggest underlying cash generation—verify if sustainable from operations

Stock price recovered 7.71% over 12 months from ₹133.27 low, indicating some market confidence in stabilization or sector recovery

Generated analysis · source review pending

972 historical price candles were omitted because the exchange source has not been verified.

₹198.0-5.3%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of -0.9% (3-yr avg)
−Modest revenue growth of 7.8% a year over the last 3 years
−Weak interest coverage of 0.9×

Research score

Structured signal from quality, growth, valuation and momentum.

38/100

Business quality: 17
Growth: 53
Valuation: 46

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 50 NIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6,559	7,082	8,171	9,151	8,869
COGS	2,451	2,703	2,954	3,232	3,239
Gross profit	4,108	4,378	5,217	5,920	5,631
	3,158	3,696	3,961	4,402	4,652
	950	683	1,256	1,518	979
OPM %	14.5%	9.6%	15.4%	16.6%	11%
Depreciation	586	677	741	816	831
Interest	198	344	448	422	341
	261	218	113	135	17
Profit before tax	485	-120	179	415	-176
Tax	109	66	161	324	150
Tax %	22.5%	55.2%	90.1%	78%	85.1%
	376	-186	18	91	-326
PAT margin %	5.7%	-2.6%	0.2%	1%	-3.7%
EPS (₹)	3.2	-1.6	0.1	0.7	-2.5
EPS adjusted (₹)	3.2	-1.6	0.1	0.7	-2.5
	0%	—	78.6%	20.3%	—
Annual report	—	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	995	1,186	1,193	1,323	1,324	1,327
Reserves	—	5,511	5,580	6,588	6,801	6,835
	—	4,023	5,505	4,559	4,720	5,495
	—	2,077	2,244	2,842	2,832	4,307
Total equity & liabilities	—	12,797	14,523	15,312	15,678	17,965
	6,105	6,879	7,243	7,612	7,775	8,292
CWIP	—	673	853	566	489	799
Investments	—	267	639	385	291	437
	—	4,978	5,788	6,749	7,123	8,437
Total assets	—	12,797	14,523	15,312	15,678	17,965

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	766	484	1,005	892	1,653
	-1,812	-1,339	-434	-477	-826
	794	818	-422	-441	-39
Net cash flow	-251	-37	148	-26	788
Free cash flow	-123	-481	293	228	763
CFO / Operating profit %	80.7%	77%	84%	61.8%	179.3%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	62.6%	61.8%	63.8%	64.7%	63.5%
EBITDA margin %	14.5%	8.9%	14.6%	15.8%	10.4%
EBIT margin %	5.5%	-0.7%	5.6%	6.9%	1%
PAT margin %	5.7%	-2.6%	0.2%	1%	-3.7%
Working capital
Receivable days	99	93	95	94	89
Inventory days	207	227	269	261	345
Payable days	153	161	190	173	279
NWC days	153	159	174	182	155
Leverage
Current ratio	1.34	1.26	1.25	1.54	1.51
Debt to EBITDA	4.24	8.76	3.81	3.27	5.96
Debt to equity	0.6	0.81	0.58	0.58	0.67
Interest coverage	3.2	0.5	1.4	1.8	0.9
Asset turnover	0.51	0.49	0.53	0.58	0.49
Return ratios
Return on assets %	2.9%	-1.3%	0.1%	0.6%	-1.8%
Return on capital employed %	6.5%	1.7%	5.8%	6.7%	2.4%
Return on equity %	5.6%	-2.8%	0.2%	1.1%	-4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	35.02%	35.02%	35.02%	34.95%	34.95%	34.95%	34.95%	34.86%	34.86%	34.86%	34.86%	34.8%
	32.37%	32.51%	30.59%	31.42%	31.73%	31.68%	31.49%	30.86%	30.27%	29.66%	30.18%	12.52%
	8.02%	9.68%	12.12%	12.95%	13.81%	14.1%	14.78%	14.26%	14.89%	15.69%	15.61%	14.57%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.21%	22.41%	21.9%	20.21%	19.07%	18.87%	18.44%	19.45%	19.47%	19.35%	19.02%	37.63%
No. of shareholders	—	—	—	—	—	—	—	—	4,62,511	4,53,830	4,50,661	4,61,096

Promoter holding down 0.22 percentage points since Sep 2023.

12 deals · 1 Nov 2022 – 20 Feb 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	68,56,958	₹219.70	₹150.65 Cr
20 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	68,56,958	₹219.88	₹150.77 Cr
31 Oct 2023	EAST BRIDGE CAPITAL MASTER FUND LIMITED	Bulk	BSE	Sell	3,36,43,099	₹102.80	₹345.85 Cr
31 Oct 2023	EAST BRIDGE CAPITAL MASTER FUND I LIMITED	Bulk	BSE	Buy	3,36,43,099	₹102.80	₹345.85 Cr
31 Oct 2023	EAST BRIDGE CAPITAL MASTER FUND I LIMITED	Block	BSE	Buy	3,36,43,099	₹102.80	₹345.85 Cr
31 Oct 2023	EAST BRIDGE CAPITAL MASTER FUND LIMITED	Block	BSE	Sell	3,36,43,099	₹102.80	₹345.85 Cr
16 Jun 2023	CAISSE DE DEPOT ET PLACEMENT DU QUEBEC	Bulk	NSE	Sell	1,05,70,466	₹94.48	₹99.87 Cr
16 Jun 2023	THE VANGUARD GROUP INC AC VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND	Bulk	NSE	Buy	62,02,912	₹94.71	₹58.75 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	40,50,700	₹166.95	₹67.63 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	40,50,700	₹166.95	₹67.63 Cr

1–10 of 12

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Ms. Nandini PiramalExecutive Director-Chairperson related to Promoter
Mr. Peter DeYoungExecutive Director
Mr. Vivek ValsarajExecutive Director
Mr. Jairaj PurandareNon-Executive - Independent Director
Mr. Peter StevensonNon-Executive - Independent Director
Mr. Sridhar GorthiNon-Executive - Independent Director
Ms. Vibha Paul RishiNon-Executive - Independent Director
Ms. Nathalie LeitchNon-Executive - Non Independent Director
Mr. Amit JainNon-Executive - Non Independent Director
Mr. Amit SoniNon-Executive - Independent Director
Mr. Maneesh SharmaCompnay Secretary & Complinace Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 14 fund houses

Held by these funds

4.4%

of the company's equity

All mutual funds

13.18%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

64 schemes · 14 fund houses

		Shares
PHARMA FUND	Nippon India Mutual Fund	99.37 L	213.06	2.25%	0.746%	-0
Flexi Cap Fund	Bajaj Finserv Mutual Fund	60.21 L	129.1	1.49%	0.452%	+2.95 L
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	51.09 L	109.54	0.74%	0.384%	-0
SMALL CAP FUND	Nippon India Mutual Fund	49.9 L	106.99	0.13%	0.375%	-0
Multi Cap FundNEW	ICICI Prudential Mutual Fund	42.36 L	90.83	0.46%	0.318%	—
VALUE FUND	Nippon India Mutual Fund	27.5 L	58.96	0.65%	0.207%	-0
Small Cap Fund	Bajaj Finserv Mutual Fund	24.83 L	53.24	2.01%	0.187%	-0
Franklin India Multi Cap Fund	Franklin Templeton Mutual Fund	19.9 L	42.67	0.81%	0.149%	-0

1–8 of 64

1 / 8

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

2

Final dividend16 Jul 2025 · ex-date₹0.14
Final dividend12 Jul 2024 · ex-date₹0.11

1

Board meeting to consider results29 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

36 announcementsExport CSV

1 Oct 2026, 8:10 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Expiry And Non-Renewal Of Commercial Arrangement With Bayer Pharmaceuticals Private Limited

General PDF

1 Oct 2026, 7:03 pmCompany Update

Clarification On News Item Which Appeared In The 'Www.Thehindubusinessline.Com' Dated September 30, 2026 Captioned 'Ontario Contributes $1.7 Million Investment To Advance Life Sciences Innovation At Piramal Pharma'S Aurora Facility.'

General PDF

30 Sept 2026, 8:08 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

30 Sept 2026, 5:55 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

30 Sept 2026, 5:53 pmCompany Update

Clarification sought from Piramal Pharma Ltd

Clarification

29 Sept 2026, 11:10 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

29 Sept 2026, 10:59 amCompany Update

Disclosure Under Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

18 Sept 2026, 7:39 pmCompany Update

Disclosure Under Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating -Niche Ninety Nine Capability And Certifications (OPC) Private Limited

General PDF

Date	Category	Subject	Filing
1 Oct 2026, 8:10 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Expiry And Non-Renewal Of Commercial Arrangement With Bayer Pharmaceuticals Private Limited	PDF
1 Oct 2026, 7:03 pm	Company Update General	Clarification On News Item Which Appeared In The 'Www.Thehindubusinessline.Com' Dated September 30, 2026 Captioned 'Ontario Contributes $1.7 Million Investment To Advance Life Sciences Innovation At Piramal Pharma'S Aurora Facility.'

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Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	62.6%	61.8%	63.8%	64.7%	63.5%
EBITDA margin %	14.5%	8.9%	14.6%	15.8%	10.4%
EBIT margin %	5.5%	-0.7%	5.6%	6.9%	1%
PAT margin %	5.7%	-2.6%	0.2%	1%	-3.7%
Working capital
Receivable days	99	93	95	94	89
Inventory days	207	227	269	261	345
Payable days	153	161	190	173	279
NWC days	153	159	174	182	155
Leverage
Current ratio	1.34	1.26	1.25	1.54	1.51
Debt to EBITDA	4.24	8.76	3.81	3.27	5.96
Debt to equity	0.6	0.81	0.58	0.58	0.67
Interest coverage	3.2	0.5	1.4	1.8	0.9
Asset turnover	0.51	0.49	0.53	0.58	0.49
Return ratios
Return on assets %	2.9%	-1.3%	0.1%	0.6%	-1.8%
Return on capital employed %	6.5%	1.7%	5.8%	6.7%	2.4%
Return on equity %	5.6%	-2.8%	0.2%	1.1%	-4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

Piramal Pharma Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

2

1

Announcements

Not in the F&O segment

2

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Return on equity

Piramal Pharma Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends2

Board meetings1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Dividends2

Board meetings1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

2

1

2

1