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Piramal Alternatives announced the successful conclusion of the investment made by its fund, Piramal Structured Credit Opportunities Fund, in Biodeal Pharmaceuticals, achieving an internal rate of return (IRR) of over 20% following the full redemption of its ₹110 crore investment. The successful exit marks the culmination of a value-creating partnership during which Biodeal delivered significant operational and financial progress, strengthening its manufacturing capabilities, governance framework, operational discipline, and laying a strong foundation for its next phase of growth.
The Fund had invested ₹110 crore in Biodeal in 2024 as part of its strategy of backing high-growth healthcare and pharmaceutical businesses with strong fundamentals and scalable business models. The investment has now been redeemed in full, delivering an internal rate of return (IRR) of over 20% for the Fund and reflecting the value created during the partnership.
During the investment period, Biodeal delivered strong revenue growth, growing 45% year-on-year in FY25 and a further 60% in FY26, while also achieving a significant improvement in its EBITDA margin, reflecting stronger operational efficiencies alongside business expansion.
Beyond financial performance, the partnership strengthened Biodeal’s institutional foundation — expanding manufacturing capabilities, enhancing governance frameworks and building the operational discipline needed to scale sustainably. Today, Biodeal serves customers across multiple global markets, with a continued focus on quality, compliance and innovation, and remains committed to strengthening its position as a trusted pharmaceutical partner for both domestic and international markets
Kalpesh Kikani, Managing Director & CEO, Piramal Alternatives, said, “Our investment in Biodeal was anchored in a simple thesis: back a differentiated pharmaceutical platform with a leadership position in nasal formulation and a strong promoter capable of scaling the business profitably. Over the course of our investment, Biodeal delivered exceptional performance, with revenues and EBITDA growing significantly while expanding the product portfolio and strengthening its position across domestic and export markets. The successful exit at returns ahead of our underwritten expectations validates the company’s growth potential and its ability to create value for all stakeholders. We are proud to have supported Biodeal during an important phase of its journey and wish the company continued success in its next stage of growth.”
Anurag Kumar, Chairman & Managing Director, Biodeal Pharmaceuticals, said, ” Our partnership with Piramal Alternatives has been transformational. Beyond providing growth capital, they encouraged us to strengthen governance, invest ahead of demand, enhance operational discipline and build a stronger foundation for sustainable growth. The progress we have achieved over the past two years, from strong revenue growth to improving profitability, is a reflection of the talent and dedication of the entire Biodeal team, whose hard work and commitment have been the true driving force behind this journey. We thank Piramal Alternatives for being a valuable partner in this journey and look forward to building on this momentum as we enter the next phase of Biodeal’s growth.”
The successful completion of the partnership marks an important milestone in Biodeal’s journey as the company continues to strengthen its capabilities, expand its global footprint, and build a future-ready pharmaceutical business.
As it enters its next chapter, Biodeal remains focused on strengthening its pharmaceutical formulation development and key operations through continued investments in manufacturing excellence, capabilities and innovation, while building long-term value for customers, partners and stakeholders.
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