ICRA withdraws Piramal Pharma’s credit rating for commercial paper

Piramal Pharma Limited (PPL) announced on October 16, 2025, that ICRA Limited has withdrawn the credit rating assigned to the company's Commercial Paper Programme. This withdrawal, effective October 15, 2025, was made at the company's request, citing no open issue of Commercial Paper (CP). The previous rating for the proposed Commercial Paper Programme, which had an amount of INR 100.00 crore, was [ICRA]A1+; Withdrawn.

ICRA confirmed the withdrawal in accordance with its policy on credit rating withdrawals. The key rating drivers, liquidity position, and rating sensitivities were not captured as the instruments are being withdrawn. As of June 30, 2025, Piramal Pharma Limited, incorporated in 2020, had 21 subsidiaries and two associates.

For FY2025, PPL reported an operating income of INR 9,151.2 crore and a PAT of INR 18.2 crore. The company's OPBDIT/OI was 15.8%, and its total debt/OPBDIT stood at 3.4 times.