PPLPHARMA · Healthcare
Piramal Pharma Ltd. reported revenue of ₹2,752 cr for January to March 2026, −0.1% on the year and +28.6% on the quarter. Over the last four quarters revenue comes to ₹8,869 cr, −3.1% on the four before.
Operating profit (EBITDA) was ₹461 cr, a margin of 16.7%, −363 bps on the year and +759 bps on the quarter. Over the last 8 quarters the margin has ranged from 5.5% to 20.4%, averaging 12.6%. Operating costs grew +4.5%, faster than revenue at −0.1%, so operating profit grew less than sales.
The company swung to a net loss of ₹8.8 cr from a profit of ₹154 cr a year earlier, with earnings per share of −₹0.07. Profit before other income, one-offs and tax grew faster, at −25.8%; other income, one-offs or tax held the headline back. Profit over the last four quarters totals −₹326 cr, −457.7% on the four before.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Swung to a loss from a profit a year ago. One quarter, or a trend?
Net loss −₹8.8 cr against a profit of ₹154 cr.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 16.7%, −363 bps on the year (+759 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Tax rate lifting profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,959 cr | ₹2,552 cr | ₹1,951 cr | ₹2,242 cr | ₹2,204 cr | ₹2,754 cr | ₹1,934 cr | ₹2,044 cr | ₹2,140 cr | ₹2,752 cr | ₹2,270 cr | ₹2,617 cr |
| YoY | — | — | +12% | +17% | +13% | +8% | −1% | −9% | −3% | −0% | +17% | +28% |
| EBITDA margin | 13.7% | 20.8% | 10.5% | 15.2% | 15.3% | 20.4% | 5.5% | 7.8% | 9.1% | 16.7% | 8.6% | 13.3% |
| Other income, % of PBT | 223% | 3% | — | 65% | 44% | 21% | — | — | — | −270% | — | 66% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 48% | 55% | — | — | — | 44% | — | — | — | — | — | — |
| Net profit | ₹10.1 cr | ₹101 cr | −₹88.6 cr | ₹22.6 cr | ₹3.7 cr | ₹154 cr | −₹81.7 cr | −₹99.2 cr | −₹136 cr | −₹8.8 cr | −₹69.4 cr | ₹5.0 cr |
| YoY | — | — | — | +352% | −64% | +52% | — | −539% | −3,801% | −106% | — | — |
| Core profit YoY | — | — | — | — | — | −2% | — | −403% | −382% | −26% | — | — |
| EPS | ₹0.08 | ₹0.77 | −₹0.67 | ₹0.17 | ₹0.03 | ₹1.16 | −₹0.61 | −₹0.75 | −₹1.02 | −₹0.07 | −₹0.52 | ₹0.04 |
| Flags | 1 | · | ✓ | 1 | ✓ | 1 | 1 | 2 | 2 | 2 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Piramal Pharma Ltd. reported revenue of ₹2,752 cr (−0.1% on the year) and net profit of −₹8.8 cr (−105.8% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −25.8% on the year, against −105.8% for reported profit.
2 checks raised a question: Swung to a loss from a profit a year ago. One quarter, or a trend?
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