Piramal Pharma Limited reported consolidated revenue from operations of ₹2,140 crore for Q3 FY26, down 3% from ₹2,204 crore in Q3 FY25, with 9M FY26 revenue declining 4% to ₹6,117 crore from ₹6,397 crore. The Contract Development and Manufacturing Organization (CDMO) business generated ₹1,166 crore in Q3, a 9% year-on-year decrease, while the Complex Hospital Generics (CHG) segment saw revenue rise 2% to ₹668 crore and the Piramal Consumer Healthcare (PCH) business posted 20% growth to ₹334 crore. For 9M FY26, CDMO revenue fell 12% to ₹3,207 crore, CHG increased 1% to ₹1,948 crore, and PCH grew 16% to ₹954 crore. EBITDA declined to ₹239 crore in Q3 FY26 from ₹350 crore a year earlier, with margin narrowing to 11% from 16%, and the company reported a net loss after exceptional items of ₹136 crore versus a profit of ₹4 crore in Q3 FY25.
The company said Q3 and 9M FY26 revenue growth was affected by inventory destocking by a customer for a large on‑patent CDMO product, slower early-stage order inflows in H1 FY26 amid inconsistent US biopharma funding and global trade policy uncertainties, and regulatory delays for inhalation anesthesia from its Digwal facility for ex‑US markets. Management highlighted efforts in cost optimization and operational excellence to partially offset the EBITDA impact, and noted a significant pick‑up in RFPs and early signs of recovery in order inflows since October 2025, alongside a US$90 million growth capex program to expand its Lexington and Riverview facilities.