Piramal Pharma Q2 FY27 Results: Consolidated Net Profit ₹5.03 Crore on Total Income of ₹2,653 Crore
Earnings
pharmaceutical CDMO
Blacklitt Research4 min read
Piramal Pharma (NSE: PPLPHARMA) reported consolidated total income of ₹2,652.99 crore and a net profit of ₹5.03 crore for the quarter ended 30 Sep 2026. On a standalone basis, total income was ₹1,483.31 crore and net profit was ₹170.74 crore. The company said in a filing on 27 Oct 2026.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹2,652.99 crore, up 25.8% YoY and 12.4% QoQ
Net profit: ₹5.03 crore, against a loss of ₹99.22 crore a year earlier
EPS, basic: ₹0.04 for the quarter, against a loss of ₹0.52 in the quarter before
Yapan Bio: Stake raised from 33.33% to 74.00% for ₹76.09 crore in cash; purchase accounting is provisional
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,483.31 crore, up 11.6% YoY and 19.7% QoQ
Net profit: ₹170.74 crore, down 13.0% YoY and up 50.5% QoQ
EPS, basic: ₹1.29, down 12.8% from ₹1.48 a year earlier
Other income: ₹137.93 crore, down 31.7% YoY and 9.3% of total income
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
2,652.99
2,109.32
+25.8%
2,359.33
+12.4%
Revenue from operations
2,617.06
2,043.72
+28.1%
2,269.92
+15.3%
Other income
35.93
65.60
-45.2%
89.41
-59.8%
5.03
-99.22
n/a
-69.39
n/a
Finance costs
87.63
82.42
+6.3%
88.08
-0.5%
Depreciation
233.15
202.84
+14.9%
223.55
+4.3%
Tax expense
76.60
53.04
+44.4%
61.93
+23.7%
Net profit margin
0.19%
-4.70%
+4.89 pp
-2.94%
+3.13 pp
Tax as share of profit before tax
93.8%
n/a
n/a
n/a
n/a
EPS, basic (₹)
0.04
n/a
n/a
n/a
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated total income rose 25.8% YoY to ₹2,652.99 crore. Revenue from operations rose 28.1% to ₹2,617.06 crore, while other income fell 45.2% to ₹35.93 crore. Other income is 1.4% of total income this quarter.
Consolidated net profit was ₹5.03 crore, against a loss of ₹99.22 crore in the year-earlier quarter and a loss of ₹69.39 crore in the quarter ended 30 Jun 2026. Tax expense of ₹76.60 crore is 93.8% of profit before tax of ₹81.63 crore. That profit before tax includes a share of net profit of associates of ₹17.74 crore.
Finance costs were ₹87.63 crore, up 6.3% YoY and down 0.5% QoQ, and equal to 3.3% of total income. Depreciation, amortisation and impairment charge was ₹233.15 crore, up 14.9% YoY.
For the six months ended 30 Sep 2026, consolidated revenue from operations was ₹4,886.98 crore, against ₹3,977.44 crore a year earlier, and profit before tax was ₹74.18 crore, against a loss of ₹125.20 crore. No exceptional items are reported for the quarter or the six months. The year ended 31 Mar 2026 had exceptional items of ₹196.14 crore, including foreign exchange impacts for overseas subsidiaries.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,483.31
1,329.23
+11.6%
1,239.58
+19.7%
Revenue from operations
1,345.38
1,127.26
+19.3%
1,124.95
+19.6%
Other income
137.93
201.97
-31.7%
114.63
+20.3%
170.74
196.33
-13.0%
113.48
+50.5%
Finance costs
17.27
20.38
-15.3%
16.36
+5.6%
Depreciation
67.56
61.25
+10.3%
65.73
+2.8%
Tax expense
53.86
51.08
+5.4%
36.00
+49.6%
Net profit margin
11.51%
14.77%
-3.26 pp
9.15%
+2.36 pp
Tax as share of profit before tax
24.0%
20.6%
+3.33 pp
24.1%
-0.10 pp
EPS, basic (₹)
1.29
1.48
-12.8%
0.85
+51.8%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income rose 11.6% YoY to ₹1,483.31 crore and 19.7% QoQ. Revenue from operations rose 19.3% to ₹1,345.38 crore, while other income fell 31.7% to ₹137.93 crore. Standalone net profit fell 13.0% YoY while total income rose 11.6%.
Standalone net profit was ₹170.74 crore, down from ₹196.33 crore a year earlier and up from ₹113.48 crore in the quarter ended 30 Jun 2026. Net profit rose 50.5% QoQ, faster than total income, which rose 19.7%. Profit before tax fell 9.2% YoY to ₹224.60 crore, and tax expense of ₹53.86 crore is 24.0% of it.
Standalone basic EPS is ₹1.29, down 12.8% from ₹1.48 a year earlier. The standalone EPS is labelled restated, and EPS is not annualised for the quarters.
Standalone finance costs were ₹17.27 crore, equal to 1.2% of total income, and depreciation, amortisation and impairment charge was ₹67.56 crore. No exceptional items are reported for the quarter or the six months ended 30 Sep 2026. The year ended 31 Mar 2026 had exceptional items of ₹92.51 crore, comprising an impairment of an intangible asset under development of ₹65.57 crore and an incremental employee benefit cost of ₹26.94 crore from the assessment of the Labour Codes.
Inference
During the quarter Piramal Pharma completed the purchase of an additional 40.67% stake in Yapan Bio Private Limited for ₹76.09 crore in cash. Its shareholding rose from 33.33% to 74.00%, and Yapan Bio, a Hyderabad-based CDMO for vaccines and biologics, became a subsidiary in place of an associate. In the standalone accounts the investment is carried at cost from the date of acquisition.
In the consolidated accounts the provisional goodwill, the non-controlling interest, the asset and liability values of Yapan Bio and the remeasurement of the earlier 33.33% stake are subject to a final fair valuation report and purchase price allocation, which the company expects to complete by year end. Non-controlling interests stood at ₹22.47 crore on 30 Sep 2026.
Non-current borrowings were ₹4,453.56 crore on 30 Sep 2026, against ₹4,299.97 crore on 31 Mar 2026. The standalone cash flow statement shows dividend paid of ₹0.00 crore for the six months to 30 Sep 2026, against ₹18.55 crore a year earlier. Neither the reason for the fall in consolidated other income nor the reason for the rise in consolidated tax expense is given.
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