Piramal Alternatives has successfully concluded its investment in Biodeal Pharmaceuticals through its Piramal Structured Credit Opportunities Fund, achieving an internal rate of return (IRR) of over 20% following the full redemption of its Rs. 110 crore investment.

The exit marks the completion of a value-creation partnership during which Biodeal strengthened its manufacturing capabilities, governance framework, and operational discipline, positioning the company for its next phase of growth.

The Fund had invested Rs. 110 crore in Biodeal in 2024 as part of its strategy to support high-growth healthcare and pharmaceutical companies with strong fundamentals and scalable business models. The investment has now been fully redeemed, delivering returns above the Fund’s expectations.

During the investment period, Biodeal reported robust business growth, with revenues increasing by 45% year-on-year in FY25 and a further 60% in FY26. The company also recorded a significant improvement in EBITDA margins, driven by enhanced operational efficiencies and business expansion.

Beyond financial growth, the partnership helped strengthen Biodeal’s institutional capabilities, including expansion of manufacturing capacity, enhancement of governance practices, and implementation of operational frameworks to support sustainable scaling. 

The company currently serves customers across multiple global markets, with a focus on quality, compliance, and innovation.

Kalpesh Kikani, Managing Director & CEO, Piramal Alternatives, said, “Our investment in Biodeal was based on the belief in its differentiated pharmaceutical platform, leadership position in nasal formulations, and the promoter’s ability to scale the business profitably.”

“During our partnership, Biodeal delivered strong revenue and EBITDA growth, expanded its product portfolio, and strengthened its presence across domestic and export markets. The successful exit at returns ahead of our underwritten expectations validates the company’s growth potential and ability to create long-term value for stakeholders,” added Kikani.

Anurag Kumar, Chairman & Managing Director, Biodeal Pharmaceuticals, said, “Our partnership with Piramal Alternatives has been transformational. Beyond providing growth capital, they supported us in strengthening governance, investing ahead of demand, improving operational discipline, and building a stronger foundation for sustainable growth.” 

“The progress achieved over the past two years reflects the dedication of the entire Biodeal team. We thank Piramal Alternatives for being a valuable partner and look forward to building on this momentum in the next phase of our growth journey,” added Kumar.