Jefferies Maintains Buy Rating on Piramal Pharma with ₹190 Target Price

Piramal Pharma has received a Buy rating from Jefferies with a target price of ₹190, despite the brokerage cutting EBITDA estimates by 8-21% for FY27-28. The pharmaceutical company's operational performance remained in line with expectations, supported by strong CDMO order momentum and comprehensive FY27 growth guidance.

Jefferies Rating and Revised Estimates

Jefferies has maintained its positive outlook on Piramal Pharma while adjusting financial projections to reflect current market conditions. The brokerage's analysis highlights the impact of destocking from a patented project on near-term estimates.

Jefferies Assessment	Details	Impact
Rating	Buy	Maintained
Target Price	₹190	Unchanged
EBITDA Estimate Cut	8-21%	FY27-28
Operational Performance	In line	Q4 results

FY27 Financial Guidance and Projections

The company has provided detailed financial expectations for the upcoming fiscal year, emphasizing H2-weighted revenue delivery patterns. Management anticipates momentum building from Q2, driven by CDMO order delivery schedules and Kenalog integration benefits.

Financial Metric	FY27 Guidance	Key Details
Revenue Growth	Early to mid-teen	INR terms, ex-destocked products
EBITDA Growth	Faster than revenue	Margin expansion expected
PAT Growth	Faster than revenue	Improved profitability
Net Debt to EBITDA	Around 3.6x	Long-term target: 1x
Revenue Pattern	H2 weighted	Q2 momentum building

Strategic ADC Investment and Market Positioning

Piramal Pharma continues its $90 million investment to expand sterile injectables and payload linker capabilities at Lexington and Riverview sites. The company positions conjugation services as the primary revenue driver and key differentiator, anchoring CDMO selection over mAb providers in the competitive ADC market.

ADC Investment Details	Status	Timeline
Total Investment	$90 million	Ongoing
Riverview Expansion	Complete	Operational
Lexington Phase	In progress	End of CY27
Capability Focus	Sterile injectables & payload linker	Strategic priority

CDMO Momentum and Operational Challenges

Despite strong CDMO order momentum supporting the company's growth trajectory, Piramal Pharma faces headwinds from destocking impact related to a patented project. This factor has influenced Jefferies' decision to reduce EBITDA estimates while maintaining confidence in the company's medium-term prospects and ADC growth strategy.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.07%	+5.24%	+12.75%	-20.70%	-23.63%	-12.76%

Piramal Pharma Limited has submitted the contact details of its Key Managerial Personnel (KMP) to BSE Limited and National Stock Exchange of India Limited on April 29, 2026. The disclosure was made in compliance with Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The contact information is intended for determining materiality of events or information and for making disclosures to the stock exchanges under Regulation 30.

Key Managerial Personnel Details

The company provided the following contact details of its Key Managerial Personnel:

Sr. No.	Name of KMP	Designation of KMP	Email ID of KMP
1.	Mr. Vivek Valsaraj	Chief Financial Officer	vivek.valsaraj@piramal.com
2.	Mr. Maneesh Sharma	Company Secretary and Compliance Officer	maneesh.sharma2@piramal.com

Filing Details

The filing was addressed to both BSE Limited, located at P.J. Towers, Dalal Street, Fort, Mumbai-400 001 (BSE scrip code: 543635), and National Stock Exchange of India Limited, situated at Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai-400 051 (NSE symbol: PPLPHARMA). The document was digitally signed by Vivek Valsaraj on April 29, 2026, at 15:43:52 +05'30'.

Vivek Valsaraj holds the position of Whole-Time Director and Chief Financial Officer at Piramal Pharma Limited. The submission was made to ensure that the stock exchanges have updated contact information for the company's Key Managerial Personnel for regulatory compliance purposes.