New Delhi, May 15 -- Piramal Pharma anticipates muted, single-digit growth for its contract development and manufacturing organization (CDMO) business in FY26, hurt by near-term uncertainties as clients defer decisions amid concerns over US pricing and tariff policies, a top company official said.

However, the Mumbai-based firm expects a quick recovery in FY27, and is on track to achieve its target of becoming a $2-billion company with 25% Ebitda (earnings before interest, taxes, depreciation, and amortization) margins by FY30, chairperson Nandini Piramal told Mint.

"There's been an increase in uncertainty and volatility.wher you've got pricing [cuts], whether you've got tariffs, or biotech funding which has been kind of uneven," Pirama...