Skip to main content
Swing Capital

Piramal Pharma Ltd

NSE: PPLPHARMA BSE: 543635Pharma

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]

₹176
52W: ₹132 — ₹221
PE 30.2 · Book ₹58.2 · +202% vs book
Market Cap₹23,395 Cr
Stock P/E30.2Price to Earnings
ROCE12.1%Return on Capital
ROE10.4%Return on Equity
Div. Yield0.08%Face Value ₹10

Strengths

  • +Company has reduced debt.

Weaknesses

  • −Stock is trading at 2.99 times its book value
  • −The company has delivered a poor sales growth of 10.2% over past five years.
  • −Company has a low return on equity of 9.02% over last 3 years.
  • −Earnings include an other income of Rs.570 Cr.

Shareholding Pattern

Promoters34.85%
FIIs30.17%
DIIs15.61%
Public19.01%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters34.94%34.94%34.94%34.94%34.85%▼0.134.85%34.85%34.85%
FIIs31.41%31.73%▲0.331.68%▼0.131.49%▼0.230.86%▼0.630.27%▼0.629.66%▼0.630.17%▲0.5
DIIs12.95%13.8%▲0.914.09%▲0.314.78%▲0.714.25%▼0.514.89%▲0.615.68%▲0.815.61%▼0.1
Public20.2%19.06%▼1.118.85%▼0.218.42%▼0.419.46%▲1.019.46%19.35%▼0.119.01%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,0241,5251,0631,2841,2481,6909701,1271,1961,489
Expenses8991,1369121,0321,0291,2739261,0001,0291,186
Operating Profit12639015225321941744127167303
OPM %12%26%14%20%18%25%5%11%14%20%
Net Profit7427385210119277113196129262
EPS ₹0.562.060.641.580.92.090.851.480.971.97

AI Insights

Revenue Trend

Mar 2026 revenue at ₹4,782Cr, down 9.5% YoY. OPM at 13%.

Debt Position

Borrowings at ₹916Cr. Debt-to-equity ratio: 0.14x. Healthy balance sheet.

Capex Cycle

CWIP at ₹95Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 15.61% (+10.13pp change). FIIs: 30.17% (-4.84pp change). Promoters hold 34.85%.

Margin & Efficiency

ROCE improving from 0% (Mar 2021) to 0% (Mar 2026). Working capital days: 0.

Valuation

PE 30.2x with 12.1% ROCE. Price is 202% above book value of ₹58.2. Dividend yield: 0.08%.

Recent Announcements