Contract Development and Manufacturing Organization (CDMO) :
– YoY growth during Q2 and H1 FY26 was primarily impacted by inventory destockingby the customer in one large CDMO order for on-patent commercial product.
– Inconsistent recovery in US biopharma funding along with uncertainties on global trade policies led to adverse impact on order inflow and decision making by customers in H1FY26. Although, seeing early signs of improvement with funding uptick in the months of September and October 2025.
– Efforts towards cost optimization and operational excellence helped partially offset impact on EBITDA.
– Recently increasing RFPs/RFIs– especially for our onshore manufacturing facilities and differentiated capabilities like ADC, Sterile fill-finish, and on-patent commercial manufacturing, where we have made significant investments in capabilities and capacities.
– Good progress in the existing development pipeline – Entered into a multi-million-dollar joint investment at Sellersville site (US), with NewAmsterdam Pharma for commercial manufacturing capacity for FDC of Obicetrapib and Ezetimibe to meet commercial demand.
– Best-in-Class Quality Track Record – Successfully closed 19 regulatory inspections, including 1 USFDA inspection with zero observations in H1FY26. Continue to maintain our ‘Zero OAI’ status.
Complex Hospital Generics (CHG):
– Inhalation Anesthesia (IA) –
o Continue to further strengthen our leadership position in the mature US Sevoflurane market with value market share of 45% in Mar’25 – up from 44% in MAT Mar’24. (Source:- IQVIA)
o To drive growth, we are working on obtaining regulatory approvals for Sevoflurane in the ex-US markets from our Digwal plant in India.
– Intrathecal Therapy – Sales during the quarter was impacted due to temporary supply challenges. Expect supplies to normalize in H2FY26. Maintained our #1 Rank in intrathecal Baclofen in the US with 75% value market share. (Source:- IQVIA)
– Injectable Anesthesia and Pain Management – Initiatives to resolve supply constraints starting to yield results.
– Differentiated and Specialty Products – Continue to invest in 505(b)(2)’s, complex generics, differentiated generics, and branded products through in-licensing deals or co-development projects to enable long term growth.
Piramal Consumer Healthcare (PCH):
– Power Brands continue to post strong growth of 20% YoY during Q2FY26, contributing to 51% of total PCH sales. Growth was primarily driven by Little’s, Lacto Calamine, CIR, and i-range.
– New Product Launches – Added 26 new products and SKUs in H1FY26.
– Investments in Media and Promotions – 12% of PCH sales in H1FY26.
– E-commerce sales grew at over 40% YoY in Q2 and H1FY26, contributing about 24% to PCH sales. More than 40% of e-commerce sales coming from quick commerce.
