Piramal Pharma: Choice Institutional Equities Recommends 'Reduce', Target Rs 160

• Choice Institutional Equities maintains a 'REDUCE' rating on Piramal Pharma.
• The target price for Piramal Pharma has been revised downwards to INR 160 from INR 195.
• Piramal Pharma faces ongoing financial pressure due to inventory destocking by a key customer and operational issues at its Lexington facility.
• FY26 revenues are expected to remain under pressure, with recovery anticipated only from FY27.
• EBITDA margin is projected to sharply decline to ~8.5% in FY26 from ~15.8% in FY25.

Why It Matters: Piramal Pharma faces persistent financial challenges, leading to a 'Reduce' rating and a revised target price of Rs 160.