Naveen Chandramohan of Itus Capital presented his in-depth investment thesis on Piramal Pharma (India: PPLPHARMA) at Asian Investing Summit 2025, held from April 8-11.
Thesis Summary
Piramal Pharma is strategically positioned for long-term growth, leveraging its strong foothold in the Contract Development and Manufacturing Organization (CDMO) space, particularly in Antibody-Drug Conjugates (ADCs), which is expected to see a significant market expansion.
The company has invested in capacity expansion, including a 70% increase at its Grangemouth facility, and is expanding its sterile injectables facility in Kentucky, strengthening its ability to serve the growing global demand.
With a dominant position in Sevoflurane in the U.S. and plans for geographic expansion, Piramal Pharma also aims to scale its high-margin Indian Consumer Healthcare business.
The potential to generate robust EBITDA growth — forecasted to reach ₹2200 crore by FY27 and ₹3800 crore by FY30 — along with a focus on reducing debt, positions Piramal Pharma as an attractive investment opportunity, despite risks associated with regulatory pressures and high product concentration.
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Slides
Let’s listen to the presentation and Q&A and look over the transcript.
