Investor Presentation

Piramal Pharma reported a mixed bag for the quarter and nine months ending December 2025. **Business Performance:** Q3 FY26 revenue dipped 3% YoY to ₹2,140 Cr, with EBITDA falling 32% to ₹239 Cr, reflecting similar nine-month trends.

The Contract Development and Manufacturing Organization (CDMO) segment saw a 9% revenue decline due to customer inventory destocking and slower early-stage orders.

However, Complex Hospital Generics (CHG) grew 2% to ₹668 Cr, and Piramal Consumer Healthcare (PCH) surged 20% to ₹334 Cr, powered by its Power Brands (+30%) and e-commerce (+63%). **Growth Drivers/Strategy:** The company is investing US$90Mn to expand sterile injectables and payload-linker capacities in the US, attracting onshoring interest.

CHG acquired Kenalog® for an upfront US$35Mn (plus contingent payments) to broaden its specialized product portfolio.

PCH focuses on Power Brand growth, new product launches (31 in 9M), and expanding e-commerce. **Recent Developments:** CDMO has shown early signs of recovery with a significant pick-up in order inflows since October 2025, driven by improved biopharma funding.

The company also maintained its 'Zero OAI' status, successfully clearing 30 regulatory inspections, including two USFDA audits. **Management Outlook:** Management anticipates Q4 to be a strong quarter, in line with historical trends, especially for CDMO.

They expressed confidence in long-term growth, supported by strategic investments and improving market conditions.