Interim report
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Piramal Pharma Limited CIN: L24297MH2020PLC338592 Registered Office: Ananta Building, Piramal Corporate Park, Opp. Fire Brigade, Kamani Junction, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India Tel No. +91 22 3802 3000 / 4000; Email Id: shareholders.ppl@piramal.com www.piramalpharma.com 27th October, 2026 BSE Limited P.J. Towers, Dalal Street, Fort, Mumbai- 400 001 BSE scrip code: 543635 National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051 NSE symbol: PPLPHARMA Sub: Outcome of Board Meeting of Piramal Pharma Limited (‘Company’) held on 27th October, 2026 Dear Sir / Madam, Kindly refer to our letter dated 16th October, 2026 on the subject. Pursuant to the provisions of Regulation 33 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), the Board of Directors of the Company at its meeting held today, i.e. 27 th October, 2026, has inter alia , approved the Unaudited Financial Results (Standalone & Consolidated) of the Company for the quarter and half year ended 30 th September, 2026. In this regard, please find enclosed the following: a. Unaudited Financial Results (Standalone & Consolidated) for the quarter and half year ended 30th September, 2026; b. Limited Review Reports by the Statutory Auditors. Further, we are arranging to publish the above-mentioned financial results in newspapers as per Regulation 47 of the SEBI Listing Regulations. The above information is also available on the website of the Company at www.piramalpharma.com. The meeting of the Board of Directors commenced at 5:30 pm and concluded at 8:30 pm. You are requested to take the above information on record. Yours truly, For Piramal Pharma Limited Maneesh Sharma Company Secretary & Compliance Officer Encl.: a/a 1k. Piramal ~ Pharma Limited
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Piramal Pharma Limited PIRAMAL PHARMA LIMITED Ananta Building, Plramal Corporate Park, Opposite Fire Brigade, Kamanl Junction, LBS Marg, Kurla (West), Mumbai - 400 070 STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2026 /Rs in Croresl Corresponding Three Year to date figures Year to date figures Three months ended Three months ended for the current period for the previous period For the year ended Particulars September 30, 2026 June 30, 2026 months ended ended September 30, ended September 30, March 31, 2026 September 30, 2025 2026 2025 IUnauditedl IUnauditedl IUnauditedl IUnauditedl IUnauditedl IAuditedl Revenue from operations 1,345.38 1,124.95 1,127.26 2,470 . 33 2,097 . 14 4,782 .01 other income (Net) 137.93 114.63 201.97 252 .56 382 .89 662 .73 Total Income 1,483.31 1,239.58 1,329.23 2,722.89 2,480.03 5,444.74 Expenses Cost of materials consumed 353.51 649.70 350 .95 1,003 .21 760 .71 1,342 .70 Purchases of stock-in-trade 245 .30 234 .64 215 .85 479 .94 408 .12 866 .18 Changes in inventories of finished goods, work-in-progress and 5.93 (390 .29) (110 .17) (384 .36) (286 .04) (138 .98) stock-in-trade Employee benefits expense 218.16 216.34 188.52 434.50 390 .47 744 .82 Finance costs 17.27 16.36 20.38 33.63 43.61 79.95 Depreciation & amortisation expense and impairment charge 67. 56 65.73 61.25 133.29 120.69 255 .50 other expenses (Net) 350.98 297 .62 355 .04 648 .60 652 .48 1,325 .29 Total Expenses 1,258.71 1,090.10 1,081.82 2,348.81 2,090.04 4,475.46 Profit before exceptional items and tax 224.60 149.48 247.41 374.08 389.99 969.28 Exceptional items (Refer Note 5) - - - - - (92 . 51) Profit before tax 224.60 149.48 247.41 374.08 389.99 876.77 Tax Expense Current tax (including prior year taxes) 39. 33 24.93 32.55 64.26 52.18 114.68 Deferred tax (Net) 14.53 11.07 18.53 25.60 28.34 62.08 Total tax expenses 53.86 36.00 51.08 89.86 80.52 176.76 Net Profit after tax 170.74 113.48 196.33 284.22 309.47 700.01 other Comprehensive Income / (Loss) (OCI), net of tax expense A. Items that will not be reclassified to profit or loss Remeasurement of post employment benefit plans (4.41) (9.76) 0. 14 (14 .18) (4.73) (12 .50) Income tax impact on above 1.11 2.46 (0.04) 3. 57 1.19 3. 15 B. Items that will be subsequently reclassified to profit or loss Deferred gains/(loss) on cash flow hedge 1.86 3.07 (36 .79) 4.94 (35 .55) (35 .25) Income tax impact on above (0.47) (0.77) 9.26 (1.24) 8.95 8.87 Total other Comprehensive Income/(Loss), net of tax (1.91) (5.00) (27.43) (6.91) (30.14) (35.73) expense Total Comprehensive Income for the period 168.83 108.48 168.90 277.31 279.33 664.28 Paid- up Equity Share Capital (Face Value of Rs. 10/- each) 1,328 .39 1,327 . 35 1,325 . 52 1,328 . 39 1,325 . 52 1,327 .16 other Equity 6,813.97 Earnings Per Equity Share (EPS) (Face Value of Rs. 10/- each) (restated, not annualised for the quarters) a) Basic EPS for the period/year (Rs.) 1.29 0.85 1.48 2.14 2.34 5.28 b) Diluted EPS for the period/year (Rs.) 1.28 0.85 1.47 2.13 2.32 5.25 See accompanying notes to the unaudited standalone financial results Pinmal P~rma. Limited . CIN: L24297MH2020PLC-33859.2 Registe11ed Offi.ce1 -~ Build.mg, Pir.amal Corporate Park,. Qpip. Fir;i, Brigade, K.amam Junctio~ LB-S Marg, Kmfa. ~Vesl), Mmnbai - 400070, 1'>.~.a, fudi-a TelNo, +91 2'2 3802 :3000 J 40,00;':Emaill di shareholdeI$:pp~iramalcom -""1.11.~caln
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Piramal Pharma Limited Notes: 1 Statement of unaudited Standalone Assets and Liabilities : 1. (a) (b) (c) (d) (e) (f) (g) (h) (i) 2. (a) (b) (c) 1. (a) (b) 2. (a) (b) (c) (a) (b) (c) (d) Particulars ASSETS Non-Current Assets Property, Plant & Equipment Capital Work in Progress Goodwill Intangible Assets Intangible Assets under development Right-of-use assets Financial Assets: (i) Investments (ii) Loans (iii) Other Financial Assets Income Tax Assets (Net) Other Non-Current Assets Total Non-Current Assets Current Assets Inventories Financial Assets: (i) Investments (ii) Trade Receivables (iii) Cash & Cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other Financial Assets Other Current Assets Total Current Assets Total Assets EQUITY AND LIABILITIES Equity Equity Share capital Other Equity Total Equity Liabilities Non-Current Liabilities Financial Liabilities : (i) Borrowings (ii) Lease liabilities Provisions Deferred Tax Liabilities (Net) Total Non-Current Liabilities Current Liabilities Financial Liabilities : (i) Borrowings (ii) Lease liabilities (iii) Trade Payables (a) Total outstanding dues of Micro enterprises and small enterprises (b) Total outstanding dues of creditors other than Micro enterprises and small enterprises (iv) Other Financial Liabilities Other Current Liabilities Provisions Current Tax Liabilities (Net) Total Current Liabilities Total Equity & Liabilities Pir:unal Pharma Limited CTN: L24297MH2020PLC33S592 (Rs.in Crores) Asat Seotember 30 2026 March 31 2026 (Unaudited) (Audited) 1,984 .75 2,021.50 147 .78 101.51 160 .55 160 .55 742 .30 687 .36 56.37 119 .60 192. 71 166.45 3,641.24 3,486 .05 609 .69 511 .54 35.79 35.40 3.64 26.41 47.14 38.80 7,621.96 7,355.17 2,051.07 1,873 .39 79.61 93.55 1,313 .58 1,405 .84 360.48 559 .03 15.11 15.29 24.94 22.73 66.28 56.07 643.40 372 .20 4,554.47 4,398.10 12,176.43 11,753.27 1,328 .39 1,327 .16 7,122.53 6,813 .97 8,450.92 8,141,13 237 .88 420 .86 85 .85 61.35 115.87 94.31 288 .98 269 .34 728.58 845.86 210 .61 289 .03 19.79 15.01 50.65 101.59 2,128 .85 1,909 .86 108.56 100.06 2,518.46 2,415.55 427 .50 304.65 48.85 42.21 2.12 3.87 2,996.93 2,766.28 12,176.43 11,753.27 R,gistered Olli« : Alianta Building, Pu:amal Corpor.de Park, Opp. Fire Bri;;ade, Kam.ni Junction, LB6 Marg, Kw-la (West), Mumbai -400070, lvfahamhlra., India Tel No. +91 22 3S023000 14000; Email Id: shareholder,.ppl1(>piramaloom l\V.01'-pu:il!D>ii!lp lnI1Tli1 c:mn
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2 Statement of Standalone Cashflows for the six months ended September 30,2026 : A. CASH FLOW FROM OPERATING ACTIVITIES Profit before tax Adjustments for : Depreciation & amortisation expense and impairment charge Amortisation of Right-of-use assets Provision written back Fin an ce Costs Interest Income on Financial assets Dividend received Government Grant Income (Gain)/Loss on Measurement of financial assets at FVTPL Interest Income on Income Tax Refund (Profit)/Loss on Sale of Property Plant and Equipment Write down/(back) of Inventories Profit on Sale of Current Investment (Net) Expected Credit Loss on Trade Receivables Intangible asset under development write off Employee Share Based Expenses Unrealised foreign exchange (gain)/ loss Operating Cashflows Before Working Capital Changes Adjustment for Changes in Working Capital Adjustments for (Increase) / Decrease in operating assets - Trade receivables - Other Current Assets - Other Non Current Assets - Other Financial Assets - Non Current - Inventories - Other Financial Assets - Current Adjustments for Increase/ (Decrease) in operating liabilities - Trade Payables - Non - Current provisions - Other Current Financial Liabilities - Other Current Liabilities - Current provisions Cash Generated from Operations - Taxes Paid (Net of Refunds) Net Cash Generated from Operating Activities B. CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property,Plant and Equipment/ Intangible Assets (including Capital Work in Progress and Capital advances) Proceeds from Sale of Property,Plant and Equipment/ Intangible Assets Purchase of Current Investments : - in Mutual Funds Proceeds from Sale of Current Investments: - in Mutual Funds Interest Received Fixed deposits placed Maturity of Deposits Dividend received [Net of TDS of Rs 4.65 crores (September 25 : Rs 4.02 crores)] Investment in equity shares of subsidiary Investment in equity shares of body corporates Loans to related parties (Net of repayments) Net Cash used in Investing Activities Piramal Pharma Limited CTN, L24297MH20lOPLC3J8592 R~teNCI Office : .Ananb Building, PiramJ.l Corponte Park, Opp. Fir~ Bri,g~e , Kam.mi Junction, LBS ~Ul'g, Kurb (\Vest), Mmnbai - 40007 0, !\·~ India Tel No, +9122 l802 l000 / 4000; Enw1 Id, ,ha,d,,,ldas.pp l(lllpirama1.rom "l\":li'W.~C.'CIDl For the Period ended Sep 30, 2026 (Unaudited) Rs. in Crores 374 .08 119 .92 13.37 (59 .60) 33.63 (82 .13) (46.45) (2.62) 1.19 0.79 14.89 (11.96) 2.86 9.92 27 .89 395.78 36.23 (268 .39) 8.71 (0.39) (192.57) 7.77 235.11 7.38 10.47 122 .85 6.64 369.59 (40.30) 329.29 (146.24) 0.16 (985 .35) 1,010 .06 5.14 (5.33) 5.48 41.81 (76.26) (76.57) (227.10) Piramal Pharma Limited For the Period ended Sep 30, 2025 (Unaudited) Rs. in Crores 389 .99 114 .89 5.80 (24 .30) 43 .61 (67 .74) (40.18) (3.49) (1.30) (0.61) (1.36) (15 .85) (2.54) 2.55 0.56 10.08 (226 .25) 183.86 269 .64 113 .34 2.67 (1.34) (263.08) 28.01 262.46 37.05 (42.58) 220 .02 (25.81) 784.24 (36.34) 747.90 (123.01) 9.53 (715.43) 507 .93 22.48 (0.03) 36.16 * (0.32) (5.11) (267.80)
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c. 2 Statement of Standalone Cashflows for the six months ended September 30,2026 : CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Non - Current Borrowings - Receipts - Payments Net Proceeds/ (Repayments) from Current Borrowings Lease payments - Principal - Interest Proceeds from Issuance of Equity shares to subsidiary Finance Costs Paid Dividend Paid Net Cash used in from Financing Activities Net Increase/(Decrease) in Cash & Cash Equivalents [(A)+(B)+(C)] Opening Cash and Cash Equivalents Add: Effect of exchange fluctuation on cash and cash equivalents Closing Cash and Cash Equivalents Cash and Cash Equivalents Comprise of : Cash on Hand Balance with Scheduled Banks : - Current Accounts - Deposit Accounts (original maturity less than 3 months ) Cheques on hand Remittance in trans it Total * Amounts below rounding off norms adopted by Company Non cash transactions : For the Period ended Sep 30, 2026 (Unaudited) Rs. in Crores (267 .88) 8.20 (9.64) (4.65) 2.11 (28 .88) (0.00) {300.74} (198 .55) 559.03 360.48 0.02 294.78 0.00 65.68 360,48 Piramal Pharma Limited For the Period ended Sep 30, 2025 (Unaudited) Rs. in Crores 300.00 (80.55) (550 .00) (4.70) (1.26) 3.50 (48.45) (18.55) {400.01} 80.09 163.87 0.14 244.10 0.03 238.56 5.51 244,10 1 During the previous year, Company has converted instrument currency of Redeemable preference shares issued by its wholly owned subsidiary, Piramal Dutch Holdings BV from EURO to USD. .Piramal Pharma Limited CTN: L24297MEi202.0PLC338591 R~giste-t Office: .!\nan.ti Buildm.g, Pir.amal Corporate Park, Opp. Fire Brigade, Kamani Junction, LBS ~mg. Km!a West), Mlllliba - 400070, NW1,anilitra, l'ldia Tel No. t 91223802 3000 / 4001.l; Emailld.: sharehclden.pp ~iramaiconi. w~ _µu;am:a]p]:wnrioom
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lk, Piramal ~ Pharma Limited 3 The unaudited standalone financial results of the Company for the three & six months ended September 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on October 27, 2026. The Statutory auditors of the Company have carried out a limited review of these results. 4 The unaudited standalone financial results of the Company for the three & six months ended September 30, 2026 have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. s There were no exceptional items during the quarter & six months ended 30 September 2026. Exceptional items for the quarter and year ended 31 March 2026 aggregating Rs.92.51 crore comprised (i) impairment of an intangible asset under development of Rs.65.57 crore and (ii) incremental employee benefit cost of Rs.26.94 crore arising from the Company's assessment of the impact of the Labour Codes. 6 During the quarter, the Company (Piramal Pharma Limited, "PPL") completed the acquisition of an additional 40.67% stake in Yapan Bio Private Limited ("Yapan Bio"), a Hyderabad-based CDMO specializing in vaccines and biologics, for an aggregate cash consideration of ~76.09 crore. Pursuant to the acquisition, the Company's shareholding in Yapan Bio increased from 33.33% to 74.00% of its equity share capital. Consequently, Yapan Bio ceased to be an associate of the Company and became its subsidiary with effect from the date of acquisition. Accordingly, in the standalone financial statements, the investment in Yapan Bio is accounted for as an investment in subsidiary and measured at cost from the date of acquisition. 7 The Company operates in only one segment and hence segment disclosure is not applicable. October 27, 2026, Mumbai Piramal Pharma Limited CIN: L24i297_ l1i2020PLC33-S592 For PIRAMAL PHARMA LIMITED Nandini Piramal Chairperson Regidered. Office: . .!\.naiiia BuildinJ;, Pir.ama:l Corporaie Pai-k, Op:p. fire lbigad e, K.amam JunctilJ!ll, IBS Marg, Km-la (\Vesl), Mumbai - 400070, l\.,fahara4tra, India. TelNo:+9 1 22 .3802 :J.000 / 4000; Email Id: shareholden.pp!{l.lw'iramaloom \\V."\1{.ptt;i!?!.lUp.b..mu.,c,am
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Suresh Surana & Associates LLP Chartered Accountants Surest\ Sur.ma & Associates UP 308-309, Technopolis Knowledge Part Mahaka!r Caves Road, Andheri (E) Mumbai - 400 093, India T + 91 (2 2) 6108 5555 ema1ls@ss-11ssoadtes com www ss-assoaates.com UP Identity No. AAS-7509 Independent Auditor's Review Report on the Unaudited Standalone Financial Results for the Quarter and Year-to-Date Period Ended 30 September 2026 Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To The Board of Directors of Piramal Pharma Limited 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Piramal Pharma Limited ("the Company") for the quarter and year-to-date period ended 30 September 2026 ("the Statement"), attached herewith. being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. as amended (the "Listing Regulations"). 2. This Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act 2013 ("the Act") as amended, read with relevant Rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. We have not performed an audit and accordingly, we do not express an audit opinion. 4. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards specified under Section 133 of the Act, as amended read with relevant Rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement. For Suresh Surana & Associates LLP Chartered Accountants Firm Re o. 1 750W/W1000 ship No.: 143824 UDIN: 2614382L,.F.Sv\/Jc6,2.5 Place: Mumbai Date: 27 October 2026 IUC'JWod Offa '11 9th Roe< Mlbr 0,1,,-bor. II ..,..,_, ....,I U,..,bai '00021 NI.I T •9HUl611 I""'
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1k. Piramal ~ Pharma Limited PIRAMAL PHARMA UMITED Piramal Ananta, Agastya Corpora t e Park, Opposite Fire Brigade, Kamani Junction, LBS Marg, Kurla (West ), Mumbai - 400 070 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS AND SIX MONTHS ENDED SEPTEMBER 30, 2026 <Rs in Croresl Year to date Year to date Three months Three months Correspond ing figures for curren t figures for For the Previous Part lculars ended ended Three months period ended previous year ended March September 30, ended September period ended 2026 June 30, 2026 30, 2025 September Septembe r 30, 31, 2026 30,2026 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations 2 617.06 2 269.92 2 043.72 4 886.98 3 977.44 8 869.08 Other Income 35.93 89.41 65.60 125.34 124.00 213.30 Total Income 2 652.99 2 359.33 2 109.32 5 012.32 4101.44 9 082.38 Expenses Cost of Materials Consumed 645.82 724.77 483.42 1 370.59 1 007.77 1 995.85 Purchase of Stock-in-Trade 335.37 420.24 374.83 755.61 717.66 1 430.53 Changes in inventories of finished goods, work-in-progress and stock (75.01) (292 .74) (155 .75) (367 .75) (328 .88) (187 .84) in-trade Employee benefits expense 714.32 675.63 611.46 1 389.95 1 230.05 2 415.92 Finance Costs 87.63 88.08 82.42 175.70 168.57 340.80 Depreciation amortisation and impairment charge 233.15 223.55 202.84 456. 70 400.12 831.24 Other Exoenses (Netl 647.82 546.82 571.07 1194 .64 1 085.45 2 293.00 Total Expenses 2 589.10 2 386.35 2 170.29 4 975.44 4 280.74 9119.50 Proflt/(Loss) before share of net profit of associates , 63.89 (27.02) (60.97) 36.88 (179.30) (37.12) exceptlonal Items and tax Share of net orofit of associates 17.74 19.56 14.79 37.30 33.36 57.20 Profit/ (Loss) before except lonal Items and tax 81.63 (7.46) (46.18) 74.18 (145.94) 20.08 Exceotional items (Refer Note 61 - - - - 20.74 (196.141 Profit/ (Loss) before tax 81.63 (7.46) (46.18) 74.18 (125.20) (176.06) Tax Expense (ll Current Tax (indud ing prior year taxes) 72.20 65.35 55.34 137.55 89.56 162.11 (21 Deferred Tax rnetl 4.40 (3.42) (2.301 0.98 (33.84) (12.23) Total Tax Expense 76.60 61.93 53.04 138.53 55.72 149.88 Net Profit/ (Loss) after tax 5.03 (69.38) (99.22) (64.35) (180.92) (325.94) Other Comprehensive Income/(Loss) (OCI) , net of tax expense A. Items that will not be reclassified to Profit or loss (a) Remeasurement of Post Employment Benefit Plans (4.41 (9.76 0.14 (14.18 (4.73 (12.50 Income Tax (expense)/ credit on above 1.11 2.46 (0.04) 3.57 1.19 3.15 B. Items that will be reclassified t o profit or loss (a) Deferred gains/ (losses) on cash flow hedge 1.86 3.07 (36.79) 4.94 (35.55) (34.95) (b) Exchange differences on translation of foreign operations 50.63 (26.191 110.55 24.44 175.29 425.88 (c) Share of other comprehensive income/ (expense) of associates - - - - - (0.13) accounted for using the equity method Income Tax (expense)/ credit on above (5.40) C0.131 (2.95) (5.53) (21.16) (43.071 Total Other Comprehensive Income/ (Loss) (OCI) for the 43.79 (30.55) 70.91 13.24 115.04 338.37 period, net of tax expense Total Comprehens ive Income/(Loss) for the per iod 48.82 (99.93) (28.31) (51.11) (65.88) 12.43 Profit/ CLossl for the Period attrlbutable to: -Owners of the company 5.58 (69.38) (99.22) (63.80) (180.92) (325 .94) - Non- Controllina Interest (0,551 - - (0,551 - - Other Comprehens ive Income/ (Loss) for the period attrlbutable to: -Owners of the comoanv 43.79 130.55\ 70.91 13.24 115.04 338.37 -Non- Controllina Interest - - - - - - Total Comprehensive Income/ (Loss) for the period attrlbutable to: - Owners of the comoanv 49.37 (99.93) (28.31) (50.56 (65.88) 12.4 3 -Non- Controlling Interest (0.55) - - (0.55 - - Paid-up EauitY Share Capital (Face Value of Rs. 10/- each) 1,328.39 1,327.35 1,325.52 1,328.39 1,325.52 1,327 .16 Other Eauitv 6,835 .46 Earnings Per Equity Share (EPSJ (Face Value of Rs. 10/- each) (not annualised for the quarters) al Basic EPS for the period/year (Rs.J 0.04 (0.52) (0.75) (0.48) (1.37 (2.46) bl Diluted EPS for the period/yea r (Rs.J 0.04 (0.52) (0.75) (0.48) (1.37 (2.46 ) See accompanying notes to the unaudited Consolidated financial results ~J O□~'r\AF/ 1'9 ~,~ Piramal Pharma Limited { ~ ~ 0~ l CTN: L24297MB2020PLC-338591 . 'o- * 00" ~ Chanerod ',i gistet:Sed Office: -~ BwldmE. Pi!-.amal Corporate Park, Opp. Fue Bngade . K..mani Jundlon, LBS M,~xg. Knr!a Mesi), Mmribai- 400070, h~ Iooia Tel No. t91223802 :3000 / 4000; Emailld.: shareholtlers_pp ~iramal..coni. w._.. _µiram:a]p]1anna..oom
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Notes: 1 Unaudited Statement of Consolidated Assets & Liabilities 1. (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 2. (a) (b) (c) 1. (a) (b) (c) 2. (a) (b) (c) (d) 3. (a) (b) (c) (d) Particulars ASSETS Non-Current Assets Property , Plant & Equipment Capital Work in Progress Goodwill Intangible Assets Intang ible Assets under development Right of use asset Financial Assets: (i) Investments - Investments accounted for using the equity method - Other Investment s (ii) Other Financial Assets Income Tax Assets (Net) Deferred Tax Assets (Net) Other Non Current Assets Total Non-Current Assets Current Assets Inventories Financial Assets: (i) Investments (ii) Trade Receivables (iii) Cash & Cash equivalents (iv) Bank balances other than (iii) above (v) Other Financial Assets Other Current Assets Total Current Assets Total Assets EQUITY AND LIABILITIES Equity Equity Share capital Other Equity Non-controlling interests Total Equity Liabilities Non-Current Liabilities Financial Liabilities : (i) Borrowings (ii) Lease liabilities Provisions Deferred tax liabilities (Net) Other Non-Current Liabilities Non-Current Liabilities Current Liabilities Financial Liabilities : (i) Borrowings (ii) Lease liabilities (iii) Trade Payables Total outstanding dues of Micro enterprises and small enterprises Total outstanding dues of credito rs othe r than Micro enterpr ises and small enterprises (iv) Other Current Financial Liabilities Other Current Liabilities Provisions Current Tax Liabilities (Net) Current Liabilities Total Liabilities Total Equity & Liabilities Piramal Pharma Limited Cll"f: L24297iMH202.0PLC338592 Piramal Pharma Limited (Rs. in Crores) As at As at September 30, 2026 March 31, 2026 (Unaudited) (Audited) 4,496.14 4,450.71 965.88 799.17 1,405.28 1,257.43 2,848.30 2,583.85 305 .51 300.62 427.33 391.97 109.55 244.24 62 .67 60.77 51.96 40.33 50.08 67.75 493 .97 514 .73 66.89 61.81 11,283.56 10,773.38 3,294 .82 3,064.44 261.44 131.78 2,253 .71 2,157 .67 545 .02 1,199 .88 23 .56 23.76 60.10 65.46 815 .00 548 .67 7,253.65 7,191.66 18,537.21 17,965.04 1,328 .39 1,327.16 6,813.85 6,835.46 22.47 - 8,164.71 8,162.62 4,453.56 4,299.97 160 .03 135 .43 116 .96 94.31 351.12 358.18 132 .32 156 .25 5,213.99 5,044.14 1,211 .72 1,195 .51 47 .54 43.68 50.65 101.57 2,684 .18 2,377.54 382 .60 394 .01 725.42 593.21 48.97 42.21 7.43 10.55 5,158.51 4,758.28 10,372.50 9,802.42 18,537.21 17,965.04 te-1 Offi~e: Ananta Building,. Pi..;mm Corpora e Park, Opp. F"~ Brigade,. Kamani Junction, LBS, Marg, Kmfa ~Vesl:), Mumbai - 400070, Il,Ialm:ariliira, Indi~ Tel No .. +91 22 3802 3000 / 4000; Email Id,: shareb.old= .pp @piramaLoom ~",;,.,7.11'.prt:aroalr,lrv::nn -c-am
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1k. Piramal ~ Pharma Limited 2, Unaudited Consolidated Statement of Cash Flows for the period ended September 30, 2026. For the period ended Particulars September 30, 2026 {Unaudited) A. CASH FLOW FROM OPERATING ACTIVITIES Profit/(Loss) before share of net profit of associates 36.88 and Tax Adjustments for : - Exceptional items - - Depreciation, amortisation and Impairment charge 426.91 - Amortisation of Right-of-use assets 29.79 - Provision written back (60.05) - Finance Costs 175.70 - Interest Income on Financial assets (3.71) - Government grant income (2 .62) - (Gain)/Loss on measurement of financial assets at FVTPL (3.76) - (Gain)/Loss on Sale of Property Plant and Equipment 0.69 - Amortisation of grants & Other deferred income (30.87) - Write-down of Intangible asset - - Write-down/ (Write back) of Inventory provision 37.27 - Profit on Sale on Current Investment (Net) (11.96) - Expected Credit Loss on Trade Receivables 3.43 - Employee Share Based expenses 25.65 - Unrealised foreign exchange (gain)/ loss 48.40 Operating Profit Before Working Capital Changes 671.75 Adjustments For Changes In Working Capital : Adjustments for (increase) / decrease in operating assets - Trade receivables (44.29) - Other Current Assets (263.71) - Other Non Current Assets 1.70 - Other Financial Assets - Non Current (11.63) - Inventories (267.65) - Other Financial Assets - Current (9.44) Adjustments for increase/ (decrease) in operating liabilities - Trade Payables 276.69 - Non - Current provisions 8.35 - Other Current Financial Liabilities (11.90) - Other Current Liabilities 155.59 - Current provisions 6.76 - Other Non-current Liabilities (14.79) Cash Generated from Operations 497.43 - Taxes Paid (Net of Refunds) (106.52) Net Cash Generated from Operating Activities 390.91 .Pframal Phar.ma Limited CTN: L2429Thffi2020PLC338592 (Rs. In crores) For the period ended September 30, 2025 {Unaudited) (158.56) (20.74) 379.21 20.91 (24.30) 168.57 (2.21) (3.49) (0.23) (3.27) (12.06) 1.03 (13.17) (2.54) 3.94 26.77 (27.40) 332.46 384.13 106.13 7.28 (2.12) (416.96) 14.62 328.72 5.21 (51. 77) 253.71 6.03 12.68 980.12 (90.36) 889.76 R~gistetsed Office: .!wanta Buil~, Pir.amal Corporate Park, Opp. Fm~ Brigade, Kamani Junction, LBS tvmg. Kmfa West), Mumbai- 400070, hlW1,anilitra, 1"1.diai Tel No. t91 223802 :3000 / 4001.l; Emailld ; shareholtlen.pp ~iramai coni. w--. !.f.µirama]pl:wm:i.oom
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1k. Piramal V Pharma Limited 2. Unaudited Consolidated Statement of Cash Flows for the period ended September 30, 2026. Particulars B. CASH FLOW FROM INVESTING ACTIVITIES Payments for Purchase of Property Plant and Equipment/ Intangible Assets (including Capital Work in Progress and Proceeds from Sale of Property Plant and Equipment/ Intanoible Assets and ROU asset Purchase of Current Investments - Mutual Funds Proceeds from Sale of Current Investments - Mutual Funds Sale of Non Current Investments (Distribution received) Purchase of Non Current Investment (Net of cash acquired) Fixed Deposits placed Maturity of Deposits Interest Received Dividend received (Net of TDS of Rs. 4.65 crores {Previous Year - Rs 4.02 crores}) Grant received Net Cash Used in Investing Activities C. CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Non - Current Borrowings - Receipts - Payments Net Proceeds/ (Repayment) for Current Borrowings Lease payments - Principal - Interest Proceeds from issuance of equity shares Finance Costs Paid Dividend Paid Net Cash Used in Financing Activities Net (Decrease)/ Increase in Cash & Cash Equivalents [(A)+(B)+(C)] Opening Cash and Cash Equivalents Add: Effect of exchange fluctuation on cash and cash equivalents Closing Cash and Cash Equivalents Cash and Cash Equivalents Comprise of : Cash on Hand Bank Overdraft Balance with Scheduled Banks in Current Accounts Cheques on hand Remittance in transit Total Piramal P~rma. Limited For the period ended September 30, 2026 (Unaudited) (858.69) 5.92 (1,392.96) 1,274.07 2.01 (74.28) (5.33) 5.48 3.28 41.81 28.22 (970.47) 218.82 (283.51) 149.66 (36.70) (8.66) 1.22 (172.16) (131.34) (710.89) 976.26 24.79 290.16 4.64 (256.96) 476.80 65.68 290.16 . CIN: L2429i'Ml:U0.20PLC'.33859.2 (Rs. In crores) For the period ended September 30, 2025 (Unaudited) (433.22) 11.76 (1,078.79) 879.70 2.24 (0.32) 110.34 2.55 37.46 (468.28) 541.89 (384.70) (316.60) (19.39) (4.26) 1.17 (160.55) (18.55) (360.99) 60.49 182.32 (22.25) 220.56 2.55 (278.88) 494.47 2.42 220.56 11ed Offi.ce1 -~ Bui l ding , Pir.amal Corporate Park,. Qpip. F ir~ Brigade , Kamm Junctio~ L BSMarg , _ K mfa. ~Ve s t)_, Mumba i -400070, ~.a, India, TelNo .. +9122 3302 :3000 I 40,00;':Emailld.: shareholde:rs:pp ~iramal=. W.."\.'i .~=
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Piramal Pharma Limited Notes: 3 Standalone Information: IRs. in Croresl Corresponding Year to date Year to date For the Three months Three months Three months figures for figures for Previous Particulars ended ended ended current previous year ended September 30, June 30, 2026 September 30, period ended period ended March 31, 2026 September September 30, 2025 30,2026 2025 2026 1. Total Income 1 483.31 1 239.58 1 329.23 2 722.89 2 480.03 5 444.74 2. Profit before tax 224.60 149.48 247.41 374.08 389.99 876.77 3. Profit after tax 170.74 113.48 196.33 284.22 309.47 700.01 4 The unaudited consolidated financial results of the Group for the three months and six months ended September 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on October 27, 2026. The Statutory auditors of the Company have carried out a limited review of these results . 5 The unaudited consolidated financial results of the Group for the three months and six ended September 30, 2026 has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India . 6 There were no exceptional items during the quarter and six months ended 30 September 2026. Exceptional items for the quarter and year ended 31 March 2026 aggregating Rs.196.14 crore (including foreign exchange impacts for overseas subsidiaries) comprised mainly- : (i) Impairment of an intangible asset under development of Rs.175.82 crore and (ii) Incremental employee benefit cost of Rs.26.94 crore arising from the Company's assessment of the impact of the Labour Codes. iii) One time settlement fees paid in quarter ended December 2025 for 14.81 crore iv) Recovery from insolvency proceedings of a vendor 21.43 crore in quarter ended June 30, 2025. 7 The group operates in only one segment and hence segment disclosure is not applicable . 8 During the quarter , the Company (Piramal Pharma Limited , PPL), completed the acquisition of an incremental 40.67% stake in Yapan Bio Private Limited ("Yapan Bio"), a Hyderabad-based CDMO specializing in vaccines and biologics for an aggregate cash consideration of U6.09 crore . As a result of this transaction, PPL now owns 74% of Yapan Bio's equity, making Yapan Bio a subsidiary of PPL For the current quarter, as per the requirements of IND AS 103, the Group has availed the 'measurement period ' exemption and calculated provisional goodwill , non-controlling interest, asset/ liability values of Yapan Bio and remeasurement of PPL's previously held 33.33% equity interest . These are subject to the final fair valuation report and purchase price allocation. The Group expects the final calculation to be completed by year end. October 27, 2026, Mumbai Piramal P~rma. Limited . CIN: L2429i'Ml:U0.20PLC'.33859.2 For PIRAMAL PHARMA LIMITED Nandini Piramal Chairperson Registe11ed Offi.ce1 -~ Bui l ding , Pir.amal Corporate Park,. Qpip. Fir~ Brigade , Kamm J unctio~ L BSMarg , _ K mfa. ~Ve st)_, Mumba i -400070, ~.a, India, TelNo., +9122 3302 :3000 I 40,00;':Emailld.: shareholde:rs:pp ~iramal= ~"W.~..'Jlh;irm.i.c-am
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Suresh Surana & Associates LLP Chartered Accountants Suresh Surana & Associates llP 308-309, Technopohs Knowledge Parle Mahakall Caves Road, And hen (fl Mumbai - i;oo 093, India T + 91 (2.2) 6108 555; ema1ls@ss-assOCJates.com \W1w.ss-assooates.com llP Identity No AAB-7509 Independent Auditor's Review Report on the Unaudited Consolidated Financial Results for the Quarter and Year-to-Date Period Ended 30 September 2026 Pursuant to Regulation 33 of tha SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To The Board of Directors of Piramal Pharma Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Piramal Pharma Limited ("the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), and its share of net assets and of the profiU(loss) after tax and total comprehensive income/(loss) of its associates for the quarter and year-to-date period ended 30 September 2026 ("the Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribe d under Section 133 of the Companies Act, 2013 as amended, read with relevant Rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclus ion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. We have not performed an audit and accordingly, we do not express an audit opinion. We also performed the procedures in accordance with Circular No. CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities listed in Annexure 1. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard specified under Section 133 of the Companies Act 2013 as amended, read with relevant Rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. R""'"1'°" Olf'g 97 ,tt\FloCt L1aar 01~ V tklmrt f\:Jint Ml.r.b,a 4()001 WIii> T-'llf11)6UI ""4
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Other Matters Suresh Surana & Associates LLP Chartered Accountants 6. We did not review the interim financial information / financial results of 11 subsidiaries included in the statement, whose interim financial information I financial results reflects total assets of Rs.12,985.32 Crores as at 30 September 2026, total revenue of Rs.1,516.15 Crores and Rs.2,880.55 Crores, total net profit/(loss) after tax of (Rs.99.57) Crores and (Rs.245.59) Crores, total other comprehensive income/(loss) of (Rs.55. 79) Crores and (Rs.225.65) Crores for the quarter and year-to-date period ended 30 September 2026, respectively and net cash outflows of Rs.449.32 Crores for the year-to-date period ended 30 September 2026, as considered in the Statement. The interim financial information / financial results of these subsidiaries have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. 7. The Statement includes the interim financial information I financial results of 10 subsidiaries, which have not been reviewed or audited by their auditors, whose interim financial information I financial results reflect total assets of Rs.3,229.04 Crores (Rs.271.06 Crores net of inter-company eliminations) as at 30 September 2026, total revenue of Rs.42.71 Crores and Rs.92.56 Crores, total net profit/(loss) after tax of Rs.1.04 Crores and Rs.2.12 Crores, total other comprehensive income/(loss) of (Rs.9.96) Crores and (Rs.7.11) Crores for the quarter and year-to-date period ended 30 September 2026, respectively and net cash outflows of Rs.11.64 Crores for the year-to-date period ended 30 September 2026 as considered in the Statement. The Statement also includes the Group's share of profit after tax of Rs.17. 7 4 Crores and Rs.37.30 Crores and total comprehensive income/(loss) of Rs.17.74 Crores and Rs.37.30 Crores for the quarter and year-to-date period ended 30 September 2026, respectively, as considered in the Statement, in respect of 2 associates, based on their interim financial information / financial results have not been reviewed by their auditors. These financial information I financial results have been certified by the Company's Management and furnished to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates, is based solely on certified financial information / financial results. According to the information and explanations given to us by the Management, the interim financial information I financial results in respect of these subsidiaries and associates is not material to the Group. For Suresh Surana & Associates LLP Chartered Accountants Fkm Reg.7 W/',N100010 n sh Maller Partner Membership No.: 143824 UDIN: 2(/ 4 3g14- TVAH6il.. 4 /02. Place: Mumbai Date: 27 October 2026
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Suresh Surana & Associates LLP Chartered Accountants Annexure 1 to the Independent Auditors' Review Report (Referred to paragraph 4 under Independent Auditors ' Review Report of even date) Sr. Name of the Entity Relationship No. 1. Piramal Pharma Limited _ Holding Com pany 2. Piramal Dutch Holdings B.V. (Formerly : Piramal Dutch Holdinqs N.V.) Subsidiary 3. Piramal Critical Care Italia, S.P. A Subsidiary 4. Piramal Critical Care Deutschland GmbH Subsidiary 5. Piramal Healthcare (Canada) Limited Subsidiary 6. Piramal Healthcare UK Limited Subsidiary 7. Piramal Critical Care B.V. Subsidiary 8. Piramal Pharma Solut ions (Dutch) B.V. Subsidiary 9. Piramal Healthcare Inc. Subsidiary 10. Piramal Critical Care Sinqle Member PC Subsidiary 11. Piramal Critical Care Limited Subsidiary 12. Piramal Pharma Inc. Subsidiary 13. Piramal Pharma Solutions Inc. Subsidiary 14. PPL Healthcare LLC Subsidiary 15. PPL Pharma Solutions Riverview LLC Subsidiary 16. Piramal Critical Care Ptv. Ltd. Subsidiary 17. Piramal Critical Care South Africa (Ptv) Limited Subsidi_?ty -18. Piramal Healthcare Pension Trustees Limited Subsidiary 19. Piramal Critical Care, Inc. Subsidiary -- - - - 20. PPL Pharma Inc. Subsidiary 21. Piramal Pharma II Private Limited Subsidiary 22. Piramal Pharma Limited Employees yYelfare Trust Subsidiary 23. Yapan Bio Private Limited Subsidiary (w.e.f. 18 August 2026) and Associate (uoto 17 Auqust 2026) 24. Abbvie Therapeutics India Private Limited Associate