India Pharma Outlook Team | Friday, 30 January 2026
Piramal Pharma on Thursday said it is seeing early signs of recovery in its CDMO business, even as demand remains under pressure due to inventory destocking and slower early-stage orders in the current financial year.
The company is reporting positive progress in biopharma funding conditions in the US as Chairperson Nandini Piramal spoke after the results of the Q3FY26, indicating that the company has increased requests to receive proposals (RFPs).
Nevertheless, she warned that it is slow to transform them into firm orders. “These are early signs of recovery. RFPs are up, but the translation into orders will take about six months,” she said. The company maintained its FY26 guidance of mid-single-digit revenue growth and Ebitda margins in the high-teens.
Also Read: Infertility in India: Challenges and New Hope Ahead
Piramal Pharma reported a consolidated net loss of Rs 136 crore in Q3FY26, compared with a profit of Rs 3.6 crore a year earlier. Revenue from operations fell 3 percent year-on-year to Rs 2,139.8 crore. The results were announced late Wednesday, and the stock closed 0.39 percent lower at Rs 153.65 on the BSE on Thursday.
The weaker performance was largely driven by continued inventory destocking in a large on-patent commercial product. Revenue from the CDMO segment declined 9 percent year-on-year to Rs 1,166 crore.
Nandini described the year as “muted” for CDMO but pointed to improving US biotech funding, M&As, and IPO activity as positive signals for medium-term demand. She added that Q4FY26, historically the strongest quarter, should see sequential improvement despite a tough base.
The company also announced a $35 million all-cash acquisition of Kenalog from Bristol Myers Squibb, expected to generate $30–40 million in annual sales. Meanwhile, the consumer healthcare business grew 20 percent year-on-year, led by strong gains in power brands such as Littles and Lacto Calamine, which posted 30 percent growth.
.jpg)
