Piramal Pharma Ltd
Piramal Pharma Limited (PPL) is part of the Piramal group of companies. The company operates through 3 major segments
(1) Contract development and manufacturing organisations (CDMO), (2) Complex hospital generics (critical care), and (3) consumer healthcare (OTC).
Company entered Pharma space back in 1988 with acquisition of Nicholas Laboratories and grew through a series of Mergers & Acquisitions[1] and various organic initiatives. In 2010 the Domestic formulations business was sold to Abott for $3.7 billion[2] and Diagnostic Services was sold to Super Religare Laboratories (SRL)[3]
- Market Cap ₹ 27,244 Cr.
- Current Price ₹ 206
- High / Low ₹ 308 / 136
- Stock P/E 299
- Book Value ₹ 61.3
- Dividend Yield 0.05 %
- ROCE 6.53 %
- ROE 1.14 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 34.0%
Cons
- Stock is trading at 3.41 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -0.36% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Bulk Drugs & Formln
Part of BSE 500 BSE Healthcare Nifty 500 BSE SmallCap Nifty Smallcap 100
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|
6,315 | 6,559 | 7,082 | 8,171 | 9,151 | |
4,887 | 5,609 | 6,453 | 6,974 | 7,706 | |
Operating Profit | 1,428 | 950 | 629 | 1,197 | 1,445 |
OPM % | 23% | 14% | 9% | 15% | 16% |
230 | 319 | 272 | 172 | 208 | |
Interest | 163 | 198 | 344 | 448 | 422 |
Depreciation | 545 | 586 | 677 | 741 | 816 |
Profit before tax | 949 | 485 | -120 | 179 | 415 |
Tax % | 12% | 22% | 55% | 90% | 78% |
835 | 376 | -186 | 18 | 91 | |
EPS in Rs | -1.41 | 0.13 | 0.69 | ||
Dividend Payout % | 0% | 18% | 0% | 82% | 20% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 12% |
TTM: | 12% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | -38% |
TTM: | 476% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
1 Year: | 38% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 0% |
Last Year: | 1% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|
Equity Capital | 995 | 1,186 | 1,193 | 1,323 | 1,324 |
Reserves | 4,610 | 5,511 | 5,580 | 6,588 | 6,801 |
3,025 | 4,128 | 5,637 | 4,710 | 4,856 | |
2,047 | 1,781 | 1,893 | 2,461 | 2,696 | |
Total Liabilities | 10,677 | 12,605 | 14,303 | 15,083 | 15,678 |
6,105 | 6,879 | 7,469 | 7,990 | 8,621 | |
CWIP | 627 | 1,172 | 1,419 | 1,116 | 489 |
Investments | 123 | 267 | 639 | 385 | 291 |
3,822 | 4,286 | 4,777 | 5,592 | 6,277 | |
Total Assets | 10,677 | 12,605 | 14,303 | 15,083 | 15,678 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|
598 | 766 | 484 | 1,005 | 892 | |
-4,464 | -1,737 | -1,334 | -416 | -477 | |
3,977 | 794 | 818 | -422 | -441 | |
Net Cash Flow | 110 | -177 | -32 | 166 | -26 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|
Debtor Days | 91 | 99 | 93 | 95 | 94 |
Inventory Days | 218 | 207 | 227 | 269 | 261 |
Days Payable | 163 | 153 | 161 | 190 | 173 |
Cash Conversion Cycle | 147 | 153 | 159 | 174 | 182 |
Working Capital Days | 78 | 115 | 124 | 115 | 123 |
ROCE % | 7% | 2% | 5% | 7% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 1d
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
16 May - Transcript of Q4 and FY25 financial results conference call available on company website.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
15 May - Audio recording of Q4 and FY25 financial results conference call available on company website.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
14 May - Piramal Pharma reports 12% FY25 revenue growth, 15% EBITDA rise, and 5x net profit increase.
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Announcement under Regulation 30 (LODR)-Change in Directorate
14 May - Audited FY25 results approved; Rs.0.14 dividend recommended; director resignation and new appointments announced.
Concalls
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May 2025TranscriptNotesPPT
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Jan 2025Transcript PPT
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Oct 2024Transcript PPT
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Sep 2024TranscriptNotesPPT
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Jul 2024Transcript PPT REC
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Jul 2024TranscriptNotesPPT
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May 2024TranscriptPPTREC
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May 2024Transcript PPT
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Jan 2024TranscriptPPT
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Jan 2024Transcript PPT
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Jan 2024TranscriptNotesPPT REC
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Oct 2023Transcript PPT
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Oct 2023TranscriptNotesPPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT REC
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May 2023TranscriptNotesPPT
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Feb 2023TranscriptPPTREC
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Jan 2023TranscriptNotesPPT
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Nov 2022TranscriptPPT
Business units [1]
(1) Contract Development and Manufacturing Operations (CDMO)
The company operates out of 15 CDMO sites with major presence in North America (4), Europe(2) and India (9). It is amongst the Top 3 CDMO players in India and the 13th largest globally.
The company has ~500 CDMO customers as of FY24. [2]
The company is targeting more integrated projects, 40% of their new orders in FY24 were for integrated projects.
Revenue by Services[3]
Other Commercial Manufacturing - 50%
On-patent Commercial Manufacturing - 20%
Development - 26%
Discovery - 4%
84% of the revenues is earned from regulated markets like US, Europe and Japan. [4]