Target: ₹ 276

CMP: ₹ 195.20

Piramal Pharma’s CDMO (Contract Research, Development, and Manufacturing Organization) Arm Spans Discovery through Clinical and Commercial Supply Across Adcs Adcs, HPAPIS, HPPTIDES, and starlee Injectables. We have conducted a deep-dive analysis of its top molecules, peer comparison, and key modalities. The platform’s advantage is scope and proximity, but growth is still sensitive to biootech funding/Approval Timelines, Regulatory Outomes at Multi-Jurisdiction Sites, & Utilization Risk IF LARISATION RISK IF LARSATION SITES/UK Capex Backfills Slower Than Planned, which would compress rose despite the strategic logic of the building-out.

The company’s complex hospital generals or chg (complex hospital generals) Segment provides stable, Above-Sector Margin and Predictable Cash Conversion, Anchorse Sevoflurane) and specialized injectables. The pch (piramal consumer health) segment (littles, polycrol, lacto calmine, tetmosol, i-pill) Leverage Brand Recall and Distribution to Distribution to Deliver Steady Cash Generation, Offering Optionality Forous Forous & Digital/OTC Expensation While Countter-Balancing The Lumpier CDMO Cycle.

We initiate coverage on piramal pharma with an add rating and a target price of ₹ 276. The Valuation is based on applying a 24.6x ev/ebitda muliple (Median of Peer Fy27F Ev/Ebitda) to our fy27F ebitda of ₹ 1,749 Crore, adjusted for net debt of ₹ 425 CRORRE.

Published on September 25, 2025