Piramal Pharma Ltd Q1 FY27 Results

Piramal Pharma's consolidated Q1 FY27 revenue came in at Rs2,269.92 Cr, up 17.4% YoY but down 17.5% QoQ against a seasonally heavier Q4 FY26 (Rs2,751.77 Cr). The group posted a consolidated net loss of Rs69.39 Cr (EPS Rs-0.52) — wider than Q4 FY26's near-breakeven Rs-8.82 Cr loss, but narrower than the year-ago Rs-81.70 Cr loss. On a raw basis PAT improved ~15% YoY; adjusting for a Rs20.74 Cr one-off exceptional gain embedded in the year-ago consolidated PBT, the underlying loss narrowed by a steeper ~32%. Standalone, by contrast, stayed solidly profitable at Rs113.48 Cr PAT (EPS Rs0.85), almost flat YoY (+0.3%) — the >3% divergence from the consolidated loss is material and traces to 11 overseas subsidiaries the auditors did not personally review, which together posted a combined Rs-146.02 Cr net loss this quarter per the review report's Other Matters section.

On margins, consolidated NPM was -3.06% versus -0.32% in Q4 FY26 and -4.10% a year ago — sequentially weaker but a touch better YoY. Self-computed EBITDA (revenue less materials, employee cost and other opex, excluding finance cost and depreciation) works out to roughly Rs195 Cr, an ~8.6% margin; finance costs (Rs88.08 Cr) and depreciation/amortisation (Rs223.55 Cr) remain the heaviest non-materials expense lines and are the main reason a positive EBITDA still lands as a net loss after tax (Rs61.93 Cr tax expense on a Rs-7.46 Cr PBT, reflecting deferred-tax and subsidiary-level tax timing rather than a straightforward group tax rate).

The stock went into the print at ₹195.68, up 16.4% over the past month of trading.

No formal management guidance or prior concall commentary is on record in our database for this quarter, and no management press release was available to cross-check tone. Web-sourced context fills the gap: a Business Standard Q1FY27 pharma preview (21 Jul 2026) had pegged Piramal Pharma revenue near Rs2,130 Cr and EBITDA near Rs160 Cr (+50% YoY) — the actual print beat both, with revenue ~6.6% ahead and EBITDA-run-rate meaningfully above that estimate. Separately, analyst commentary (Univest) had flagged FY27 guidance for 'early-to-mid teens' revenue growth with EBITDA and PAT growing faster than revenue; the 17.4% YoY revenue growth is consistent with or slightly ahead of that band, but the persistent consolidated net loss means the 'faster PAT growth' promise was not delivered at the group level this quarter — that guidance angle reads as missed, even as the underlying loss trajectory did narrow YoY on an adjusted basis.