Mumbai, January 29, 2026: Piramal Pharma Limited (NSE: PPLPHARMA | BSE: 543635) has reported a consolidated net loss of ₹136 crore for the third quarter ended December 31, 2025, as pressure in its contract manufacturing business and one-time items weighed on profitability. Revenue from operations declined 3 percent year-on-year to ₹2,140 crore in Q3 FY26.
The company’s performance during the quarter reflected inventory destocking by a large customer, slower early-stage order inflows in the first half of the financial year, and delays in scaling certain overseas supplies, partially offset by steady growth in consumer healthcare.
Consolidated Financial Performance
| Particulars | Q3 FY26 | Q3 FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 2,140 | 2,204 | -3% |
| EBITDA (₹ crore) | 239 | 350 | -32% |
| EBITDA Margin | 11% | 16% | -500 bps |
| Net Profit After Tax (₹ crore) | (136) | 4 | NM |
Segment-Wise Performance
Contract Development and Manufacturing Organisation
The CDMO business reported revenue of ₹1,166 crore in Q3 FY26, down 9 percent year-on-year. The decline was attributed to muted early-stage discovery and development orders in the first half of the year and cautious customer decision-making. However, management indicated a visible improvement in request-for-proposal activity and order inflows since October 2025, supported by improving funding conditions and increased merger and acquisition activity in the global biopharma space.Complex Hospital Generics
The complex hospital generics segment posted revenue of ₹668 crore in Q3 FY26, up 2 percent year-on-year. Growth was supported by strong performance in inhalation anesthesia in the US market and normalization of supplies in intrathecal therapy. Revenue for the segment stood at ₹1,948 crore for the nine-month period, marginally higher than the previous year.Piramal Consumer Healthcare
Consumer healthcare remained the strongest performer, with revenue rising 20 percent year-on-year to ₹334 crore in Q3 FY26. For the nine months, the segment grew 16 percent to ₹954 crore, driven by sustained traction in power brands such as Little’s, Lacto Calamine, CIR, and i-range. E-commerce sales continued to scale, contributing more than a quarter of segment revenue.Management Commentary
Chairperson Nandini Piramal said FY26 has been a muted year due to customer inventory adjustments and slower early-stage order inflows in the CDMO business. She added that recent months have shown early signs of recovery, with improved order activity and customer engagement. The company expects the final quarter of the year to remain seasonally strong, supported by its CDMO pipeline and ongoing capacity investments.About the Company
Piramal Pharma Limited is an Indian-listed pharmaceutical company with a diversified presence across contract development and manufacturing, complex hospital generics, and consumer healthcare. The company operates a global manufacturing and distribution network, serving customers across more than 100 countries.Source:
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