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Piramal Pharma Ltd

| Audited Standalone Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤28th Apr 26

Summary : Piramal Pharma Limited approved FY26 financial results, re-appointed key directors, changed KMP and office address, and completed a strategic acquisition.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone FY26: Cost of materials consumed - 1,342.70 Cr, Employee benefits expense - 744.82 Cr, Finance costs - 79.95 Cr.
  2. Consolidated FY26: Cost of Materials Consumed - 1,995.85 Cr, Employee benefits expense - 2,415.92 Cr, Finance Costs - 340.80 Cr.
  3. Standalone Revenue from operations: Q4 FY26 - 1,489.06 Cr, FY26 - 4,782.01 Cr.
  4. Consolidated Revenue from operations: Q4 FY26 - 2,751.77 Cr, FY26 - 8,869.08 Cr.
  5. Standalone FY26: Net Cash from Operating Activities - 1,328.12 Cr, Net Cash used in Investing Activities - (317.83) Cr, Net Cash used in Financing Activities - (615.13) Cr.
  6. Consolidated FY26: Net Cash from Operating Activities - 1,652.59 Cr, Net Cash used in Investing Activities - (826.03) Cr, Net Cash used in Financing Activities - (38.98) Cr.
  7. Standalone FY26: Total Assets - 11,753.27 Cr, Total Equity - 8,141.13 Cr.
  8. Consolidated FY26: Total Assets - 17,965.04 Cr, Total Equity - 8,162.62 Cr.
  9. Ms. Nandini Piramal is spouse of Mr. Peter DeYoung.
  10. Loans to related parties mentioned in cash flow statements.
  11. Both standalone and consolidated financial results are presented.
  12. Consolidated results include 11 subsidiaries and 2 associates.

Corporate Overview

  1. Global distribution network in over 100 countries.
  2. Impairment charge on an intangible asset under development.
  3. Incremental impact from new Labour Codes and pending rules.
  4. One-time settlement for a prior development proposal.
  5. Provision for claims against a supplier due to quality/sterility issues.
  6. Offers portfolio of differentiated products and services.
  7. Operates through 17 global development and manufacturing facilities.
  8. Maintains a global distribution network in over 100 countries.
  9. Formal, compliant, and focused on regulatory adherence and governance.
  10. 17 global development and manufacturing facilities.
  11. Acquisition of Kenalog® and associated brands from Bristol Myers Squibb.

Risk Factors

  1. Intangible asset impairment charge incurred.
  2. Uncertainty from new Labour Codes.
  3. Supplier quality issues led to provision.
  4. Foreign exchange fluctuations impact financials.

Key Drivers

  1. Key directors re-appointed for continuity.
  2. Acquisition of Kenalog® brands completed.
  3. Unmodified audit opinion received.
  4. Global manufacturing and distribution network.

Auditor’s Report

  1. Unmodified Opinion
  2. Comparative financial information for prior periods reviewed/audited by predecessor auditors.
  3. Balancing figures for the quarter ended March 31, 2026, were subjected to limited review.

Board Commentary

  1. Re-appointment of Ms. Nandini Piramal as Whole-Time Director and Chairperson.
  2. Re-appointment of Mr. Peter DeYoung as Whole-Time Director.
  3. Re-appointment of Mr. Sridhar Gorthi as Non-Executive, Independent Director.
  4. Re-appointment of Mr. Peter Stevenson as Non-Executive, Independent Director.
  5. Appointment of Mr. Maneesh Sharma as Company Secretary and Compliance Officer.
  6. Ms. Pratibha Mishra ceased as Interim Company Secretary and Compliance Officer.
  7. Impairment charge of Rs. 65.57 Cr (standalone) / Rs. 175.82 Cr (consolidated) on an intangible asset.
  8. Incremental impact from new Labour Codes on financial results.
  9. Impact of new Labour Codes consolidating 29 existing laws.
  10. Formal insolvency proceeding initiated against a supplier.
  11. Acquisition of Kenalog® and associated brands for USD 35 million upfront and contingent consideration.

Corporate Governance

  1. Auditors confirm compliance with Code of Ethics.
  2. Re-appointment of two Non-Executive, Independent Directors.
  3. Nomination and Remuneration Committee (NRC) recommendations.
  4. Audit Committee reviewed financial results.

Management Discussion & Analysis

Future Strategy

  1. Strategic acquisition of Kenalog® brands to expand portfolio.

Operational Focus Areas

  1. Monitoring finalization of new Labour Codes and clarifications.

Risk Control Measures

  1. Monitoring Labour Codes finalization for appropriate accounting.
  2. One-time settlement for development proposal to close prior issues.
  3. Provision created for claims against supplier due to quality issues.

Critical Risks

  1. Impairment of intangible assets.
  2. Uncertainty regarding new Labour Codes implementation.
  3. Supplier quality and sterility issues leading to provisions.