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Motilal Oswal Report
We expect Piramal Pharma Ltd. to deliver a compound annual growth rate of 16%/28%/74% in revenue/Ebitda/profit after tax over FY25-27, aided by a healthy order inflow in contract development manufacturing organisation, the expansion of its IA portfolio in the rest of world market, and new launches and increasing reach of power brands. A decline in interest expenses could also improve profitability.
We maintain our Buy rating on Piramal Pharma with a target price of Rs 260, based on SOTP (17 times enterprise value/Ebitda for CDMO business; 13 times EV/Ebitda for complex health generics and India consumer health business).
We expect the performance to scale up further for all three segments with better operating leverage over the next two-three years.
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