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]
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]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Sun Pharma.Inds. | 1768.80 | 36.72 | 424394.37 | 0.92 | 3124.95 | 2.56 | 14478.31 | 8.93 | 20.21 | 54964.01 | 30.12 | 11543.96 | 3117.95 | 5.47 | 12.97 | 0.07 |
| 2. | Divi's Lab. | 6685.00 | 71.38 | 177465.74 | 0.45 | 689.00 | 35.10 | 2715.00 | 16.12 | 20.44 | 10029.00 | 32.37 | 2485.00 | 689.00 | 11.53 | 13.53 | 0.01 |
| 3. | Torrent Pharma. | 4003.25 | 62.52 | 135488.16 | 0.80 | 591.00 | 32.49 | 3302.00 | 14.30 | 27.05 | 12248.00 | 32.60 | 2166.53 | 600.17 | 16.05 | 13.26 | 0.33 |
| 4. | Cipla | 1501.15 | 22.30 | 121258.57 | 0.87 | 1353.37 | 3.73 | 7589.44 | 7.64 | 22.72 | 28349.57 | 25.40 | 5441.14 | 1351.17 | 3.70 | 14.72 | 0.01 |
| 5. | Dr Reddy's Labs | 1257.35 | 18.19 | 104942.24 | 0.64 | 1336.80 | 7.28 | 8828.30 | 9.83 | 22.69 | 34310.00 | 24.64 | 5772.20 | 1347.10 | 2.92 | 12.95 | 0.16 |
| 6. | Lupin | 2202.00 | 23.28 | 100587.11 | 0.55 | 1484.83 | 73.34 | 7047.51 | 24.23 | 21.30 | 24750.69 | 27.25 | 4324.63 | 1477.92 | 5.13 | 12.41 | 0.32 |
| 7. | Zydus Lifesci. | 935.40 | 18.72 | 94123.15 | 1.18 | 1238.60 | 40.92 | 6123.20 | 16.92 | 24.31 | 24493.90 | 31.10 | 5029.35 | 1283.60 | 3.71 | 14.64 | 0.38 |
| 8. | Piramal Pharma | 183.25 | 34.54 | 24358.48 | 0.08 | 196.33 | -6.54 | 1127.26 | -12.23 | 12.35 | 5035.26 | 16.03 | 705.54 | 196.33 | 3.15 | 6.92 | 0.12 |
| – | Median: 150 Co. | 413.2 | 30.93 | 1778.09 | 0.11 | 13.73 | 12.32 | 157.2 | 10.84 | 14.98 | 582.87 | 16.02 | 46.77 | 14.04 | 3.18 | 8.6 | 0.22 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 813 | 1,024 | 1,248 | 846 | 1,063 | 970 | 1,055 | 1,525 | 1,690 | 829 | 994 | 1,284 | 1,127 |
Expenses | 786 | 899 | 1,029 | 830 | 912 | 926 | 965 | 1,136 | 1,273 | 782 | 908 | 1,032 | 1,000 |
Operating Profit | 27 | 126 | 219 | 17 | 152 | 44 | 90 | 390 | 417 | 47 | 86 | 253 | 127 |
Other Income | 54 | 33 | 25 | 27 | 37 | 181 | 63 | 53 | 40 | 111 | 89 | 106 | 202 |
Profit before tax | 1 | 90 | 159 | -41 | 112 | 143 | 66 | 363 | 364 | 82 | 96 | 276 | 247 |
Tax % | 427% | 17% | 25% | -18% | 24% | 21% | 36% | 25% | 24% | 42% | 20% | 24% | 21% |
Net Profit | -2 | 74 | 119 | -33 | 85 | 113 | 42 | 273 | 277 | 47 | 77 | 210 | 196 |
EPS in Rs | -0.02 | 0.56 | 0.90 | -0.25 | 0.64 | 0.85 | 0.32 | 2.06 | 2.09 | 0.36 | 0.58 | 1.58 | 1.48 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
Sales | 2,939 | 3,340 | 3,443 | 4,390 | 5,286 | 5,035 |
Expenses | 2,320 | 2,864 | 3,345 | 3,772 | 4,245 | 4,228 |
Operating Profit | 619 | 476 | 98 | 618 | 1,041 | 807 |
Other Income | 216 | 209 | 334 | 202 | 207 | 447 |
Interest | 5 | 57 | 116 | 107 | 115 | 103 |
Depreciation | 144 | 165 | 192 | 205 | 222 | 237 |
Profit before tax | 687 | 462 | 124 | 508 | 911 | 914 |
Net Profit | 572 | 368 | 70 | 391 | 691 | 706 |
EPS in Rs | – | – | 0.53 | 2.96 | 5.22 | 5.32 |
Dividend Payout % | 0% | 18% | 0% | 4% | 3% | – |
Standalone figures in ₹ crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
Equity Capital | 995 | 1,186 | 1,193 | 1,323 | 1,324 | 1,326 |
Reserves | 3,106 | 3,937 | 4,068 | 5,389 | 6,128 | 6,417 |
Borrowings | 174 | 1,164 | 1,649 | 1,177 | 1,243 | 916 |
Other Liabilities | 1,482 | 1,083 | 1,131 | 1,662 | 1,696 | 2,196 |
Total Liabilities | 5,757 | 7,371 | 8,042 | 9,551 | 10,392 | 10,854 |
Fixed Assets | 1,627 | 2,439 | 2,602 | 2,612 | 2,894 | 3,138 |
Gross Block | 2,260 | 3,225 | 3,565 | 3,767 | 4,249 | – |
Accumulated Depreciation | 633 | 786 | 963 | 1,155 | 1,354 | – |
CWIP | 121 | 405 | 417 | 533 | 327 | 95 |
Investments | 1,592 | 1,630 | 1,747 | 1,708 | 3,105 | 3,548 |
Other Assets | 2,417 | 2,897 | 3,277 | 4,697 | 4,065 | 4,074 |
Total Assets | 5,757 | 7,371 | 8,042 | 9,551 | 10,392 | 10,854 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
Cash from Operating Activity | 35 | 249 | 72 | 358 | 549 |
Cash from Investing Activity | -4,383 | -1,165 | -435 | -635 | -552 |
Cash from Financing Activity | 4,494 | 896 | 290 | 451 | -62 |
Net Cash Flow | 146 | -19 | -73 | 175 | -65 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
Debtor Days | 104 | 108 | 96 | 111 | 115 |
Inventory Days | 125 | 125 | 169 | 200 | 196 |
Days Payable | 174 | 151 | 157 | 192 | 193 |
Cash Conversion Cycle | 56 | 82 | 108 | 119 | 118 |
Working Capital Days | 18 | 38 | 25 | 63 | 73 |
ROCE % | – | 10% | 4% | 8% | 12% |
Direct from BSE filings, auto-summarised
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Stock Analysis
Piramal Pharma Limited is a pharmaceutical company operating in contract development and manufacturing (CDMO), complex hospital generics, and consumer healthcare segments. It is part of the Piramal group.
Previous outlook suggested recovery driven by improved biopharma funding trends, strong interest in specialized CDMO services, and expansion initiatives in consumer health. The company targets integrated projects in its CDMO business.
Currently no data available for Order Book.
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