Piramal Pharma Limited has released its Annual Report for FY2026, presenting a year marked by financial consolidation, strategic acquisitions, and targeted capacity investments across its three business segments — Piramal Pharma Solutions (CDMO), Piramal Critical Care (Complex Hospital Generics), and Piramal Consumer Healthcare. The 6th Annual General Meeting is scheduled for Thursday, July 30, 2026 at 3:00 p.m. IST through Video Conferencing / Other Audio Visual Means.

FY2026 Financial Performance

The company's consolidated revenue from operations declined 3.08% year-on-year, while EBITDA contracted sharply and a net loss was recorded for the year. The financial performance was primarily impacted by inventory destocking by a key customer in the CDMO segment and softer traction in inhalation anesthesia markets outside the US, partially offset by robust growth in the Consumer Healthcare business.

The net loss of ₹325.94 Crore in FY2026 compared to a profit of ₹91.13 Crore in FY2025 was primarily due to a decrease in total income by ₹203.61 Crore, an increase in total expenses by ₹175.22 Crore, and exceptional items of ₹196.14 Crore. Exceptional items included impairment loss on certain intangible assets under development, gratuity and leave encashment provisions arising from the one-time implementation of four new labour codes, and a customer settlement, partly offset by insolvency proceeds received from a claim filed against a third-party supplier. Basic and diluted earnings per share from continuing operations stood at ₹(2.46) per share during FY2026, compared to ₹0.69 per share and ₹0.68 per share respectively during FY2025.

Balance Sheet Highlights

Key balance sheet metrics reflected the impact of capacity additions and working capital optimisation during the year.

Total equity increased to ₹8,162.62 Crore from ₹8,125.47 Crore, primarily due to foreign currency translation impact, partially offset by the loss during the period. Net debt decreased to ₹4,163.82 Crore from ₹4,331.73 Crore, driven by better working capital management. Net fixed assets increased to ₹9,783.76 Crore from ₹9,110.34 Crore, reflecting capacity additions at various sites and foreign currency translation impact.

Business Segment Performance

CDMO Business

The CDMO business navigated inventory destocking, subdued early-stage order inflows in the first half, and extended customer decision-making timelines. Adjusted for destocking, the segment delivered modest revenue growth. Differentiated service offerings contributed 40% of CDMO revenues in FY2026, with 47% of FY2026 CDMO revenues coming from innovation-related work. On-patent commercial manufacturing generated revenue of USD 96 million in FY2026. The company committed USD 90 million to expand sterile injectable and payload linker capabilities at its Lexington and Riverview sites, with the Riverview expansion already completed and Lexington on track for completion by end of CY2027.

The development pipeline advanced with 157 molecules across various stages, including 25 molecules in Phase 3. The CDMO business achieved a Net Promoter Score of 60, surpassing the industry average. Since October 2025, the company recorded a significant increase in RFPs and a healthy pick-up in CDMO order inflows, particularly at overseas sites. The company has successfully executed over 140 integrated projects spanning multiple sites and stages of the molecule lifecycle.

Complex Hospital Generics (CHG) Business

CHG revenues remained broadly flat year-on-year in FY2026. A key strategic milestone was the acquisition of Kenalog®, a branded injectable corticosteroid product, from Bristol Myers Squibb.

In the Inhalation Anesthesia segment, Sevoflurane sustained a 48% value market share in the US (Source: IQVIA). Ex-US performance fell short of expectations due to intensified competition. The company retained its rank #1 position in intrathecal baclofen pre-filled syringes and vials in the US under the brand Gablofen® (Source: IQVIA). Approximately 73% of CHG sales are derived from regulated markets including the US, Europe, and Japan.

Piramal Consumer Healthcare (PCH) Business

The Consumer Healthcare business delivered robust performance, outperforming its representative market segments. The business expanded from three brands generating ₹100 Crore in sales in 2008 to over 25 brands delivering more than ₹1,200 Crore in revenue in FY2026.

Power brands including Little's, Lacto Calamine, i-range, CIR, Tetmosol and Polycrol drove growth. The quick commerce channel also gained traction, particularly in impulse-led OTC categories.

Sustainability and ESG Highlights

The company maintained its SBTi-approved decarbonisation plan targeting a 42% reduction in Scope 1 and Scope 2 GHG emissions by FY2030 against an FY2022 baseline. Key sustainability metrics for FY2026 included:

• GHG Emission Reduction: 22.6% reduction compared to FY2022 baseline
• Water Recycled: 1,91,887 kilolitres
• Rainwater Harvested: 29,413 kilolitres
• Saplings Planted: 6,500+ with a 90% survival rate
• Renewable Fuel Consumption: Approximately 52% of overall global fuel requirements
• Renewable Electricity: Approximately 27% of overall global power requirements
• Zero Fatalities: Maintained for five consecutive years

Quality and Regulatory Performance

During FY2026, the company successfully completed 38 regulatory inspections, including 3 USFDA inspections, with zero Observations of Action Indicated (OAI). The company also underwent 209 customer site audits, its highest ever for a single year, across its global network without any critical observations. Over the last 18 months, 5 CDMO facilities contributing approximately 40% of CDMO revenue in FY2026 successfully cleared USFDA inspections.

Capital Expenditure, Workforce and Other Financials

Capital expenditure for FY2026 stood at ₹890 Crore. The company employed 7,285 permanent employees as of the reporting period, with women representing 30% of the Board. During the year, the company incurred expenditure of ₹146.29 Crore on Research and Development. Foreign exchange earnings were ₹3,535.30 Crore as against outgo of ₹1,698.17 Crore.

AGM, Dividend and Credit Ratings

The 6th Annual General Meeting of Piramal Pharma Limited is scheduled for Thursday, July 30, 2026 at 3:00 p.m. IST through Video Conferencing / Other Audio Visual Means. In line with the company's Dividend Distribution Policy and considering business requirements, no dividend has been recommended by the Board of Directors for FY2026. The company's credit ratings were upgraded during the year, with CARE upgrading Non-Convertible Debentures, Long Term Bank Facilities, and Issuer Rating to CARE AA; Stable from CARE AA-; Positive.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0DK501011/4ff91a26-9a99-4dbd-ad02-e2c3ddc938de.pdf

Piramal Pharma Limited's promoters and promoter group have not encumbered any shares or securities of the company during the financial year 2025-2026. This disclosure ensures that the promoters have not pledged their holdings, providing clarity on the ownership structure to investors. The declaration was made in compliance with regulatory requirements to maintain transparency regarding promoter holdings.

The confirmation was submitted to BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The regulation mandates such disclosures to inform the market about any potential changes in the ownership or control of the company's shares by its promoters.

Regulatory Filing Details

The filing was made on April 6, 2026, by Ajay G. Piramal on behalf of the promoter and promoter group. The document confirms that no direct or indirect encumbrance was created on the shares of piramal pharma during the specified financial year.