New Delhi, Jan. 29 -- Piramal Pharma Ltd is starting to see early signs of a recovery in its contract manufacturing business, with order inflows picking up on the back of improved biopharma funding and increased dealmaking activity in the US offering some relief even as the company looks at a muted FY26.

"We are seeing early signs of recovery. We've seen a pickup in RFPs (requests for proposal) and order inflows, and we're not changing our FY26 guidance," chairperson Nandini Piramal said at a press conference on Thursday.

The company posted its results for the third quarter of FY26 late Wednesday, with its revenue down 3% year-on-year to Rs.2,140 crore, and a loss of Rs.136 crore from a net profit of Rs.4 crore in Q3FY25. Its ebitda mar...