Whalesbook
FY26 Performance: Revenue Gira Par Recovery Bhi Dikhi!
So, Piramal Pharma ne fiscal year 2025-26 ko 3% revenue drop aur 28% EBITDA contraction ke saath finish kiya. Ismein sabse bada reason West Asia ki geopolitical situation aur biotech companies se kam funding thi. Apne CDMO business mein bhi 10% revenue ka nuksan dekha gaya.
Lekin, ek achhi baat yeh hai ki FY26 ke doosre half mein cheezein sudharne lagi. US mein biotech funding badhi aur sector mein deals bhi zyada hui. Isi wajah se company ab FY27 mein early to mid-teens revenue growth predict kar rahi hai. Yeh growth operating leverage, international sites ko scale karne, aur CDMO orders ki recovery se aayegi. Supply chain ko diversify karna aur onshoring par focus karna bhi ismein help karega.
Input Costs Ka Tension Aur Piramal Ka Plan
Geopolitical situation ki wajah se input costs, especially natural gas aur solvents jaise petrochemical-derived cheezon ke liye, kaafi badh gaye hain. Reports ke hisab se, kuch raw materials ki price 200-300% tak badh gayi hai. Is situation ko handle karne ke liye Piramal Pharma apni sourcing ko diversify kar raha hai aur alag-alag regions ya suppliers par dependency kam kar raha hai. US aur UK facilities mein onshoring ka trend bhi badh raha hai kyunki companies supply chain security ko priority de rahi hain. Indian government ne bhi June 2026 tak kuch petrochemical products par customs duty exemption dekar supply stabilize karne ki koshish ki hai.
Future Growth Ke Liye CDMO Recovery Aur Naye Areas
FY27 ke liye Piramal Pharma ne 10-15% revenue growth aur improved EBITDA ka forecast diya hai. Iska credit operating leverage, international manufacturing sites ki scaling, aur CDMO order inflows ki recovery ko jayega. Global CDMO market bhi badh raha hai, especially biologics aur advanced therapies ki demand ke karan. Piramal specialised areas jaise antibody-drug conjugates (ADCs) aur highly potent APIs par focus kar raha hai. Hospital generics business bhi grow karega, jismein Kenalog acquisition aur US ke bahar inhalation anaesthesia sales ki badhotri ka fayda milega. Consumer healthcare business mein bhi growth expected hai, jismein 'power brands' aur e-commerce channels help karenge.
Market Kya Bol Raha Hai?
Analysts generally positive hain, jiska consensus rating 'Strong Buy' hai. Average 12-month price target INR 200.10 se ₹228.33 ke beech hai, jo ki 20% se zyada upside dikhata hai. Lekin risks bhi hain, jaise FY26 mein 28% EBITDA decline aur 3% revenue drop. FY26 mein ₹176 crore ka impairment loss bhi hua hai. US biotech funding par dependence aur acquisitions ko integrate karne mein challenges bhi hain. CDMO sector mein competition bhi tough hai.
As of April 2026, company ki market cap ₹21,710.60 crore thi aur P/E ratio 30.54 tha. Peers mein, Syngene International ka target price ₹613 hai, jabki Laurus Labs ko ₹974 ke approximate target ke saath overvalued mana ja raha hai. Piramal Pharma ka stock pichhle saal benchmark se piche raha hai.