Jan 16
From Issuer Pays to Polluter Pays: Unearthing Piramal Pharma's Credit Ratings
Posted on 16th January, 2026 (GMT 01:48 hrs) ABSTRACT Piramal Pharma Limited (PPL), demerged from Piramal Enterprises in 2022, enjoys high investment-grade credit ratings (e.g., CARE AA; Stable upgraded July 2025) under the issuer-pays model, which critics claim manufactures trust to enable cheap borrowing despite severe financial strain—Q2 FY26 revenue down ~9% to ₹2,044 crore, EBITDA crashed…
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