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Contract development and manufacturing (CDMO), complex hospital generics and consumer healthcare businesses, spun off from Piramal Enterprises.
Contract development and manufacturing (CDMO), complex hospital generics and consumer healthcare businesses, spun off from Piramal Enterprises.
Earns most from contract work for drugmakers, paid through development projects and longer manufacturing supply agreements, with plants in India, the UK and North America. Complex hospital generics, such as inhaled anaesthetics, are sold direct to hospitals, and the consumer brands through Indian retail. The Piramal family controls it, with Carlyle as a significant investor.
In one line: A diversified Indian CDMO plus consumer health arm.
Moat: narrow (regulatory licence, process know-how). Regulated manufacturing plants and long-term CDMO contracts create switching costs for pharma clients.
Headquarters: Mumbai, India · Founded: 2011 · Employees: 10,440
Size Piramal Pharma (PPLPHARMA.NS) is an India Health Care company (Pharmaceuticals: Major) with a market value of $3.37B, the 266th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹239.32 on 6 Nov 2026.
Performance Over six months the shares gained 30.3%, against +2.0% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 9.4% over the last twelve months (peer median +20.2%); the operating margin is 3.2% (peer median 18.9%).
Valuation It trades at 159.9× forward earnings against a peer median of 20.4× (most expensive of 15).
Capital Return on invested capital runs 14.0 points below its cost of capital (15.7% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹97.8B | ₹88.7B | ₹91.5B | ₹81.7B | ₹70.8B |
| Revenue growth | — | -3% | +12% | +15% | — |
| Gross profit | ₹27.1B | ₹15.4B | ₹19.6B | ₹16.8B | ₹11.0B |
| EBITDA | ₹12.0B | ₹10.00B | ₹15.2B | ₹12.6B | ₹6.41B |
| Net income | -₹2.09B | -₹3.26B | ₹911M | ₹178M | -₹1.86B |
| Free cash flow | n/a | ₹5.10B | -₹1.64B | -₹1.47B | -₹6.76B |
| Capital expenditure | n/a | ₹8.90B | ₹6.64B | ₹7.12B | ₹9.65B |
| Total debt | ₹58.7B | ₹56.7B | ₹48.6B | ₹47.1B | ₹56.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Piramal Pharma PPLPHARMA.NS | $3.37B | +30% | +9% | 3% | 159.9× | n/a |
| Syngene International SYNGENE.NS | $1.78B | -11% | -6% | 13% | 67.8× | 35.3% |
| Divi's Laboratories DIVISLAB.NS | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% |
| SAI Life Sciences SAILIFE.NS | $4.02B | +64% | +27% | 21% | 89.2× | n/a |
| Laurus Labs LAURUSLABS.NS | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% |
| Cohance Lifesciences COHANCE.NS | $1.75B | -11% | +41% | 6% | 82.6× | n/a |
| Lonza LONN.SW | $55.4B | +39% | -11% | 25% | 36.1× | 15.0% |
| Siegfried SFZN.SW | $3.98B | -10% | +4% | 16% | 17.8× | n/a |
| Jubilant Pharmova JUBLPHARMA.NS | $1.58B | -4% | +16% | 9% | 29.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PPLPHARMA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.9% | +2.2% | 4th highest of 21 |
| 6-month return | +30.3% | +2.0% | 4th highest of 20 |
| Distance from 52-week high | -1.6% | -24.0% | 2nd highest of 21 |
| Revenue growth (TTM) | +9.4% | +20.2% | 8th lowest of 19 |
| Operating margin | 3.2% | 18.9% | 3rd lowest of 18 |
| Forward P/E | 159.9× | 20.4× | most expensive of 15 |
| ROIC minus cost of capital | -14.0 pp | +8.7 pp | lowest of 15 |
| EV / EBITDA | 30.8× | 24.3× | 4th most expensive of 9 |
| Net debt / EBITDA | 4.2× | -0.7× | 2nd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Piramal Pharma PPLPHARMA.NS | India | $3.37B | +30% | +9% | 3% | 159.9× | n/a | n/a |
| Tarsus Pharmaceuticals TARS | United States | $3.38B | +12% | +86% | -10% | n/a | 31.9% | +159.5% |
| Wockhardt WOCKPHARMA.NS | India | $3.35B | +19% | +26% | 13% | n/a | 56.9% | +4.2% |
| Shanghai Henlius Biotech 2696.HK | Hong Kong | $3.41B | -37% | +33% | 12% | 23.8× | 15.2% | +61.4% |
| Viking Therapeutics VKTX | United States | $3.42B | -17% | n/a | n/a | n/a | n/a | n/a |
| China National Medicines 600511.SS | China | $3.31B | +2% | +3% | 4% | 10.7× | -9.8% | +5.4% |
| China Medical System 0867.HK | Hong Kong | $3.30B | -16% | +15% | 20% | 10.9× | 2.9% | +2.7% |
| Acutaas Chemicals ACUTAAS.NS | India | $3.28B | +39% | +45% | 36% | 61.8× | n/a | n/a |
| Jiangsu Nhwa Pharmaceutical 002262.SZ | China | $3.47B | +2% | +3% | 19% | 19.6× | -2.2% | +12.0% |
| Parabilis Medicines PBLS | United States | $3.52B | n/a | n/a | n/a | n/a | n/a | n/a |
| Viridian Therapeutics VRDN | United States | $3.23B | +72% | -63% | -1,781% | n/a | n/a | n/a |
| Arcutis Biotherapeutics ARQT | United States | $3.21B | +21% | +76% | 7% | 37.9× | 48.9% | +367.3% |
| Tasly Pharmaceutical 600535.SS | China | $3.20B | -5% | -4% | 19% | 16.5× | -7.6% | -9.6% |
| Chengdu Kanghong Pharmaceutical 002773.SZ | China | $3.18B | -7% | -11% | 24% | 21.3× | -2.2% | +7.0% |
| Suzhou Zelgen Biopharmaceuticals 688266.SS | China | $3.60B | -13% | +136% | 29% | 43.4× | 20.5% | +98.4% |
| Simcere Pharmaceutical 2096.HK | Hong Kong | $3.63B | -7% | +27% | 18% | 14.3× | -2.8% | +10.6% |
| Organon & OGN | United States | $3.64B | +4% | -3% | 20% | 4.0× | -4.5% | -1.0% |
| ACADIA Pharmaceuticals ACAD | United States | $3.66B | -5% | +12% | 8% | 21.5× | 16.7% | +19.4% |
| Livzon Pharmaceutical 1513.HK | Hong Kong | $3.69B | -11% | -10% | 19% | 11.3× | -7.7% | +2.0% |
| Hybio Pharmaceutical 300199.SZ | China | $3.08B | +16% | +70% | 31% | 51.4× | 40.1% | +6.1% |
| Amylyx Pharmaceuticals AMLX | United States | $3.70B | +97% | +100% | n/a | n/a | n/a | n/a |