Piramal Pharma: Capacity Expansion Supports Strong Growth Prospects

Naveen Chandramohan of Itus Capital presented his in-depth investment thesis on Piramal Pharma (India: PPLPHARMA) at Asian Investing Summit 2025.

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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About the instructor:

Naveen Chandramohan, the Founder and Fund Manager of ITUS Capital, believes in having a shared commitment to growth, an ideology that sets him and ITUS apart from other players in the industry. As one of the finest portfolio managers in India, he believes that asset management firms should take a fiduciary responsibility in working for investors and aligning the fee structure for the clients. Itus is owned by the employees of the firm, with an ownership mindset of building the business. Today, Itus manages USD 220mm with offices across Chennai, Bangalore and Houston. Itus has been set up with an institutional team with 22 members across the 3 locations. The Investment Committee come with deep expertise of managing money across public and private markets and have an average experience of 25 years each between them,

Naveen began his career with Lehman Brothers in Tokyo, in the equity and warrant markets as a senior analyst and was one of the fastest graduates to be promoted to a Vice president of Lehman when he moved to Hongkong in 2008. Post going through the bankruptcy with Lehman, Naveen got the opportunity to set up the Asia ex-Japan business for Nomura. Naveen grew the business to a USD 2bn book with a PL of USD 120 mm in 2 years.

In 2010, Naveen moved out of Nomura to join Oracle Capital, an Asia focused fund as a fund manager, managing a USD 200mm India focused fund for them. Naveen managed money for 5.5 years at Oracle and was awarded the best fund manager for 3 years in a row (2012-14). He then joined Hutchin Hill as a fund manager and Responsible Officer to set up their Hong Kong office where he ran a USD 450mm India focused fund. Naveen returned to India in 2017 to set up Itus Capital.

At Itus, Naveen manages a single-strategy multi-cap fund having compounded returns of 22.3% (net of fees and expenses). The hall mark of the returns has been the consistency of the performance where the rolling returns over any 3-year period has consistently beaten the benchmark.

Itus Capital was set up as a vehicle to manage the partners net worth first with a vision of complete skin in the game. Itus has scaled into one of the best multi-cap funds in the country with a track record of close to 7.5 years since inception. At Itus, Naveen runs a growth-oriented fund with a focus on investing in businesses across sectors but with an emphasis on cash flows.

He did his engineering from BITS Pilani in Electrical engineering and his MBA from IIM Bangalore. He graduated from BITS Pilani as a gold medalist and from IIM Bangalore in the Deans Merit List (Top 10 in the batch).