Piramal Pharma Ltd

Piramal Pharma Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Piramal Pharma Ltd

₹ 198 0.33%
31 Jul 9:51 a.m.
piramal.com BSE: 543635 NSE: PPLPHARMA
About

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]

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 26,294 Cr.
  • Current Price ₹ 198
  • High / Low ₹ 209 / 132
  • Stock P/E
  • Book Value ₹ 61.4
  • Dividend Yield 0.07 %
  • ROCE 2.52 %
  • ROE -3.83 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Stock is trading at 3.20 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 7.03% over past five years.
  • Company has a low return on equity of -0.88% over last 3 years.
  • Company might be capitalizing the interest cost

* 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

Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals

Part of BSE 500 BSE Healthcare Nifty 500 Nifty Pharma Nifty Smallcap 100

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
1,749 1,911 1,959 2,552 1,951 2,242 2,204 2,754 1,934 2,044 2,140 2,752 2,270
1,617 1,646 1,690 2,022 1,747 1,900 1,866 2,193 1,827 1,885 1,944 2,291 2,075
Operating Profit 132 266 268 530 204 342 338 561 107 159 196 461 195
OPM % 8% 14% 14% 21% 10% 15% 15% 20% 6% 8% 9% 17% 9%
53 68 43 8 42 78 29 58 98 80 12 -116 109
Interest 119 110 106 114 107 108 103 104 86 82 89 83 88
Depreciation 174 185 186 196 185 192 197 243 197 203 213 218 224
Profit before tax -107 40 19 227 -45 120 67 273 -79 -46 -94 43 -7
Tax % -8% 87% 48% 55% 97% 81% 94% 44% 3% 115% 45% 121% 830%
-99 5 10 101 -89 23 4 154 -82 -99 -136 -9 -69
EPS in Rs -0.75 0.04 0.08 0.77 -0.67 0.17 0.03 1.16 -0.61 -0.75 -1.02 -0.07 -0.52
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
6,315 6,559 7,082 8,171 9,151 8,869 9,205
4,887 5,609 6,453 6,974 7,706 7,947 8,195
Operating Profit 1,428 950 629 1,197 1,445 922 1,010
OPM % 23% 14% 9% 15% 16% 10% 11%
230 319 272 172 208 74 86
Interest 163 198 344 448 422 341 343
Depreciation 545 586 677 741 816 831 858
Profit before tax 949 485 -120 179 415 -176 -104
Tax % 12% 22% 55% 90% 78% 85%
835 376 -186 18 91 -326 -314
EPS in Rs -1.41 0.13 0.69 -2.45 -2.36
Dividend Payout % 0% 18% 0% 82% 20% 0%
Compounded Sales Growth
10 Years: %
5 Years: 7%
3 Years: 8%
TTM: 1%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: -31%
TTM: -296%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 24%
1 Year: 0%
Return on Equity
10 Years: %
5 Years: 0%
3 Years: -1%
Last Year: -4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 4,610 5,511 5,580 6,588 6,801 6,835
3,025 4,128 5,637 4,710 4,856 5,675
2,047 1,781 1,893 2,461 2,447 3,770
Total Liabilities 10,677 12,605 14,303 15,083 15,429 17,607
6,105 6,879 7,469 7,990 8,133 8,684
CWIP 627 1,172 1,419 1,116 977 1,100
Investments 123 267 639 385 291 437
3,822 4,286 4,777 5,592 6,028 7,386
Total Assets 10,677 12,605 14,303 15,083 15,429 17,607

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
598 766 484 1,005 892 1,653
-4,464 -1,737 -1,334 -416 -488 -820
3,977 794 818 -422 -441 -39
Net Cash Flow 110 -177 -32 166 -37 794
Free Cash Flow -5 -91 -461 294 233 776
CFO/OP 52% 98% 107% 97% 85% 202%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 91 99 93 95 94 89
Inventory Days 218 207 227 269 261 345
Days Payable 163 153 161 190 173 279
Cash Conversion Cycle 147 153 159 174 182 155
Working Capital Days 44 36 13 21 60 44
ROCE % 7% 2% 5% 6% 3%

Insights

In beta
Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
CDMO Customer Audits (Annual)
count

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Differentiated Offerings Share of CDMO Revenue
%
CDMO Innovation-Related Work Share of Revenue
%
CDMO Molecules in Phase III
count
CDMO On-Patent Commercial Manufacturing Revenue
US$ Mn
PCH E-Commerce Share of PCH Sales
%
PCH Power Brands Share of PCH Sales
%
US Sevoflurane Market Share (Value)
%

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
35.02% 35.02% 35.02% 34.94% 34.94% 34.94% 34.94% 34.85% 34.85% 34.85% 34.85% 34.80%
32.37% 32.51% 30.58% 31.41% 31.73% 31.68% 31.49% 30.86% 30.27% 29.66% 30.17% 12.51%
8.01% 9.68% 12.12% 12.95% 13.80% 14.09% 14.78% 14.25% 14.89% 15.68% 15.61% 14.57%
24.21% 22.41% 21.89% 20.20% 19.06% 18.85% 18.42% 19.46% 19.46% 19.35% 19.01% 37.62%
0.38% 0.38% 0.37% 0.47% 0.45% 0.40% 0.34% 0.57% 0.51% 0.44% 0.34% 0.48%
No. of Shareholders 3,00,6062,92,3122,97,9963,06,3983,59,7514,18,4424,32,8434,58,4304,62,5114,53,8304,50,6614,61,096

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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