Piramal Pharma FY26: Transition Year, FY27 Growth Reset

FY26 revenue from operations was 8,869 crore and EBITDA was 1,135 crore, with an EBITDA margin of 13%.

FY26 segment revenues were: CDMO 4,915 crore, CHG 2,703 crore, and PCH 1,274 crore.

Management guided for early to mid-teens revenue growth in INR terms in FY27, with EBITDA expected to grow faster than revenue and PAT to improve materially.

The company recognized an impairment loss of 176 crore in Q4FY26 related to intangible assets under development, citing changes in market conditions and updated commercial viability estimates.

Management stated the Riverview expansion is largely complete and supporting customers, while the Lexington phase is progressing and targets completion by end of calendar year 2027.

Management stated revenue contribution from Kenalog is expected to commence from Q2 of FY27.

FY27 capex guidance was US$120 million to US$135 million (excluding M&A like Kenalog). Net debt to EBITDA was stated at 3.6x at FY26 end and expected to remain around that level through FY27 on a full-year basis.