Consolidated Financial Highlights

(in ₹ Crores or as stated)

Particulars

Q2FY27

Q2FY26

YoY Growth

H1FY27

H1FY26

YoY Growth

Revenue from Operations

2,617

2,044

28 %

4,887

3,977

23 %

   CDMO

1,424

1,044

36 %

2,611

2,041

28 %

   CHG

849

644

32 %

1,592

1,281

24 %

   PCH

359

319

13 %

706

621

14 %

EBITDA

385

224

72 %

669

389

72 %

EBITDA Margin

14.7 %

11.0 %

13.7 %

9.8 %

PAT

5

(99)

105 %

(64)

(181)

64 %

Key Business Highlights

Contract Development and Manufacturing Organization (CDMO):

• Robust Growth: Broad-based growth across India and overseas sites, supported by healthy commercial demand, improved execution and disciplined cost management. India and North America led performance across the network.
• Enhanced Profitability: Better capacity utilization and operating leverage drove a meaningful improvement in profitability.
• Strong Commercial Momentum: Strong RFP activity and order inflows resulted in addition of 22 new customers during H1FY27. Phase III pipeline increased to 28 molecules from 25 as of March 2026.
• Innovation and On-Patent Revenue Growth: Innovation-related revenues grew 24%, while on-patent commercial manufacturing revenues grew 39% in H1FY27.
• Differentiated Capabilities: Strengthened biologics capabilities through acquisition of a controlling stake in Yapan Bio. The Lexington expansion remains on track, will add sterile fill-finish capabilities, completing the integrated ADC offering. Commissioned a new microbiology laboratory at the site.
• ADC Services continued to gain momentum, with revenues up 51% YoY in H1FY27.
• Deepening Customer Engagement: Successfully hosted 110 customer audits during H1FY27, reflecting continued customer engagement and confidence in the Company's quality systems.

Complex Hospital Generics (CHG):

• Inhalation Anesthesia Leadership: Maintained leadership in the US Sevoflurane market with a 48% value share, while building traction in ex-US markets. (Source: IQVIA)
• Kenalog® Integration: Kenalog® contributed to CHG revenue during Q2FY27 and is expected to be an important growth driver for the business in FY27.
• Intrathecal Therapy: Maintained the #1 position in the US Intrathecal Baclofen market. (Source: IQVIA)
• Injectable Pain Management: Continued collaboration with suppliers to ensure product availability.
• Building a Differentiated and Specialty Portfolio: Continued investments in 505(b)(2) products, complex and differentiated generics, branded products, in-licensing and co-development to strengthen the long-term portfolio.

Piramal Consumer Healthcare (PCH):

• Power Brands Continue to Outperform: Power Brands grew 21% YoY in H1FY27, contributing 53% of PCH sales, reflecting the strength of the core portfolio.
• Strong E-commerce Momentum: Grew 32% YoY in H1FY27 and contributed 28% of PCH sales.
• Innovation and Premiumization: Continued focus on fewer, larger, and higher-potential launches to enhance portfolio quality and margins. Launched the 'Vizible' range under Lacto Calamine to strengthen presence in premium skincare.
• Sustained Brand Investments: Invested approximately 11% of PCH sales in media and trade promotion across digital and traditional channels to support long-term brand growth.
• Bayer Distribution Agreement: The distribution agreement will naturally expire in December 2026. The transition is being jointly managed to ensure business continuity, with no material impact expected on FY27 guidance.

Consolidated Profit and Loss Statement

(in ₹ Crores or as stated)

Particulars

Quarterly

Half Yearly

Q2FY27

Q2FY26

YoY  Change

Q1FY26

QoQ  Change

H1FY27

H1FY26

YoY  Change

Revenue from Operations

2,617

2,044

28 %

2,270

15 %

4,887

3,977

23 %

Other Income

36

66

-45 %

89

(60) %

125

124

1 %

Total Income

2,653

2,109

26 %

2,359

12 %

5,012

4,101

22 %

Material Cost

906

703

29 %

852

6 %

1,758

1,397

26 %

Employee Expenses

714

611

17 %

676

6 %

1,390

1,230

13 %

Other Expenses

648

571

13 %

547

18 %

1,195

1,085

10 %

EBITDA

385

224

72 %

285

35 %

669

389

72 %

Interest Expenses

88

82

6 %

88

(1) %

176

169

4 %

Depreciation

233

203

15 %

224

4 %

457

400

14 %

Share of Net Profit of Associates

18

15

20 %

20

(9) %

37

33

12 %

Profit Before Tax

82

(46)

277 %

(7)

1,194 %

74

(146)

151 %

Tax

77

53

44 %

62

24 %

139

56

149 %

Net Profit after Tax

5

(99)

105 %

(69)

107 %

(64)

(202)

68 %

Exceptional item1

-

-

NA

-

NA

-

21

NA

Net Profit after Tax after Exceptional Item

5

(99)

105 %

(69)

107 %

(64)

(181)

64 %

Consolidated Balance Sheet

(in ₹ Cr. or as stated)

   Key Balance Sheet Items

As at

30-Sep-26

31-Mar-26

Total Equity

8,165

8,162

Net Debt

4,859

4,164

Total

13,023

12,326

Net Fixed Assets

10,448

9,784

    Tangible Assets

4,923

4,843

    Intangible Assets including goodwill

4,254

3,841

    CWIP (including IAUD2)

1,271

1,100

Net Working Capital

2,260

2,081

Other Assets3

315

462

Total Assets

13,023

12,326

Event

Location & Time

Telephone Number

Conference call on 28^th October 2026

India – 10:00 AM IST

+91 22 6280 1461 / +91 22 7115 8320 (Primary Number)

1 800 120 1221 (Toll free number)

USA – 12:30 AM

(Eastern Time – New York)

Toll free number

18667462133

UK – 04:30 AM

(London Time)

Toll free number

08081011573

Singapore – 12:30 PM

(Singapore Time)

Toll free number

8001012045

Hong Kong – 12:30 PM

(Hong Kong Time)

Toll free number

800964448

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