Piramal Alternatives has concluded its investment in Biodeal Pharmaceuticals, achieving an internal rate of returnof over 20 per cent following the full redemption of its ₹110 crore investment, a joint note from the companies said.
The investment was through Piramal Structured Credit Opportunities Fund, which invested ₹110 crore in Biodeal (2024) as part of its strategy to back high-growth healthcare and pharmaceutical businesses with strong fundamentals and scalable business models.
The successful exit marks the culmination of a partnership during which Biodeal delivered operational and financial progress, strengthening its manufacturing capabilities, governance framework, operational discipline, and laying a strong foundation for its next phase of growth, they said.
During the investment period, Biodeal delivered strong revenue growth – 45 percent year-on-year in FY25 and a further 60 per cent in FY26, also achieving a significant improvement in its EBITDA margin, reflecting stronger operational efficiencies alongside business expansion, the note said.
Biodeal serves customers across multiple global markets, with a focus on quality, compliance and innovation, it added .
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 formulations 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.”
Anurag Kumar, Chairman & Managing Director, Biodeal Pharmaceuticals, said the partnership was “transformative”. “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.”
Published on July 27, 2026