Piramal Pharma delivered a robust start to FY27, with consolidated revenue from operations rising 17% to ₹2,270 crore in the quarter ended June 30, 2026. The group’s EBITDA surged 72% year-on-year to ₹285 crore, expanding margins by 400 basis points to 12.5%, driven by operational leverage across its CDMO, Complex Hospital Generics (CHG), and Consumer Healthcare (PCH) businesses. Despite the operating improvement, the consolidated net loss narrowed 32% to ₹69 crore from ₹102 crore in Q1FY26, primarily due to higher depreciation and interest expenses offsetting the EBITDA growth.

The Board of Directors approved the unaudited financial results on July 29, 2026, in compliance with Regulation 33 of the SEBI Listing Regulations. Statutory auditors Suresh Surana & Associates LLP conducted a limited review of the standalone and consolidated results. The company operates in a single segment, and no exceptional items were recorded during the current quarter, contrasting with Q1FY26 which included a one-time insolvency gain of ₹21 crore.

Financial Performance Overview

Standalone revenue from operations rose to ₹1,124.95 crore from ₹969.88 crore in Q1FY26. Standalone net profit remained flat at ₹113.48 crore compared to ₹113.14 crore in the prior year. On a consolidated basis, total income increased 18% to ₹2,359 crore, supported by other income of ₹89 crore. Total expenses stood at ₹2,386 crore, with material costs rising 23% to ₹852 crore and employee benefits increasing 9% to ₹676 crore. Depreciation expenses climbed 13% to ₹224 crore, while interest expenses remained stable at ₹88 crore.

Segment-Wise Growth Drivers

All three business verticals contributed to the top-line expansion. The CDMO segment led the charge with a 19% revenue increase to ₹1,187 crore, fueled by healthy order inflows and improved utilization across India and overseas sites. CHG revenue grew 17% to ₹743 crore, maintaining market leadership in US inhalation anesthesia and intrathecal therapy. PCH revenue rose 15% to ₹347 crore, driven by 23% growth in Power Brands and 40% expansion in e-commerce sales.

What the Numbers Show

The significant divergence between EBITDA growth (72%) and net loss reduction (32%) highlights the impact of fixed cost structures on bottom-line profitability. While operating leverage successfully expanded margins, high depreciation (₹224 crore) and interest costs (₹88 crore) continue to pressure net earnings. The absence of exceptional items in Q1FY27 provides a clearer view of operational performance, indicating that the core business is generating stronger cash flows despite the reported net loss. The sustained contribution from associates (₹20 crore share of profit) further supports the group’s overall financial stability.

Piramal Pharma Limited Piramal Pharma Limited has approved the grant of 56,36,436 stock options to its employees under the Employee Stock Option and Incentive Plan 2022. The Nomination and Remuneration Committee of the Board of Directors sanctioned the grants during its meeting held on July 29, 2026, in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The total number of equity shares covered by these options stands at 56,36,436. Each option carries an exercise price of ₹10 per option. This pricing structure is designed to provide employees with a fixed cost basis for acquiring shares, potentially offering upside participation if the market price exceeds the exercise price over the vesting period.

Vesting and Exercise Terms

The vesting schedule varies depending on the employee's location, specifically distinguishing between staff based outside the United States and those within the US. For all locations except the US, three alternative vesting structures apply:

For employees located in the US, the vesting schedule is more accelerated, with all tranches becoming exercisable within a shorter window after vesting:

Options can generally be exercised within five years commencing from the date of vesting of each tranche. However, for US-based employees, the exercise period is strictly limited to the dates mentioned in the schedule above.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Schedule III to the SEBI Listing Regulations. The scheme is compliant with the SEBI (Share Based Employee Benefits) Regulations, 2021. Maneesh Sharma, Company Secretary & Compliance Officer, signed the filing submitted to both BSE Limited and the National Stock Exchange of India Limited on July 29, 2026.