Piramal Pharma Limited (PPLPHARMA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-83.3%

₹39.60

vs ₹237.70 price

Levered DCF

₹254.67

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.56

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	-55.5×	326.86×	927.86×	-43.41×	60.05×	39.48×
P/B	2.22×	3.72×	2.09×	1.2×	3.37×	5.51×
P/S	2.04×	3.34×	2.04×	1.15×	3.49×	7.79×
EV / EBITDA	22.63×	20.97×	15.28×	15.15×	21.02×	41.75×
Gross margin	26.9%	60.6%	59.8%	57.3%	58.6%	56.8%
Operating margin	1.0%	7.5%	5.7%	-0.7%	5.6%	16.6%
Net margin	-3.7%	1.0%	0.2%	-2.7%	5.8%	19.7%
Current ratio	1.51×	1.54×	1.25×	1.26×	1.34×	1.2×
Debt / equity	0.7×	0.6×	0.6×	0.83×	0.62×	0.04×
Interest coverage	0.27×	1.61×	1.03×	-0.14×	1.84×	102.02×
Dividend yield	0.1%	0.0%	0.0%	0.8%	0.2%	0.0%
Payout ratio	-5.7%	15.9%	0.0%	-35.9%	13.3%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-4.0%	1.1%	0.2%	-2.8%	5.6%	13.9%
Return on invested capital	0.6%	1.1%	0.4%	-0.4%	2.5%	9.0%
Return on assets	-1.8%	0.6%	0.1%	-1.3%	2.9%	9.9%
Free cash flow yield	2.8%	0.8%	1.8%	-5.9%	-0.5%	-0.1%
Earnings yield	-1.8%	0.3%	0.1%	-2.3%	1.7%	2.5%
Enterprise value	₹225.4B	₹345.8B	₹208.9B	₹135.5B	₹264.8B	₹226.1B
Net debt / EBITDA	4.47×	2.64×	3.19×	6.08×	3.1×	0.05×
Cash conversion cycle (days)	122	174	169	154	152	155