Piramal Pharma Limited (PPLPHARMA) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Piramal Pharma Limited is a global pharma company with three businesses — CDMO services, Complex Hospital Generics and Consumer Healthcare — and its Q2 print comes as management has promised a full-year guidance reassessment after the September quarter. The results will speak to whether the 12.5% EBITDA margin from Q1 holds or expands, and whether Kenalog supplies commenced in Q2 FY27 as guided.

Piramal Pharma Limited Q2 Results Date and Time

The board meeting was intimated for Tuesday, 27th October 2026, to approve Unaudited Standalone & Consolidated results for the quarter and half-year ended 30th September 2026. The trading window remained closed from 1-Oct to 29-Oct-2026 (both days inclusive).

What to expect from Piramal Pharma Limited's Q2 FY27 results

The key tension this quarter is the guidance reassessment management explicitly deferred until after the September-quarter results, with FY27 revenue guided H2-weighted against a Q1 exit rate of 17.4% YoY growth. Demand signals into the CDMO book (55% of FY26 revenue) stayed supportive, with 85 NDA/BLA approvals in US FY2026 through June 30 and RFP/RFI trends for overseas facilities improving since October 2025. On margins, the rupee weakened roughly 1.3-1.5% over the July-September window — supportive for a company with 66% regulated-market revenue — while input costs ran hot with WPI at 9.78% YoY in July and ~10% in August, and the Morpeth (UK) Form-483 with 7 observations remained open as of the note date. The elevated effective tax rate of about 25% seen in Q4 FY26 is guided to persist through FY27, continuing to cap PAT conversion after the Q1 net loss of Rs. 69.39 Cr. The call is likely to cover whether the early-to-mid-teens revenue / faster-EBITDA framework is revised, Kenalog commencement, and the Morpeth response status.

Key Things To Watch

FY27 guidance scorecard: Tracking against management's stated targets and periods:

• Revenue growth — early-to-mid-teens, INR terms, FY27 — reaffirmed at Q1 FY27; reassessment promised after the September quarter results
• EBITDA — grow faster than revenue, FY27 — supported by operating leverage
• Net debt/EBITDA — about 3.6x range bound through FY27; capex USD 120-135 million for FY27 with USD 21 million spent as of Q1 FY27
• Kenalog supplies — commencement guided Q2 FY27 — this is the first quarter of the guided window
• FY30 targets — $2 billion revenue and 25% sustainable EBITDA margin — management: 'we are continuing to hold to that guidance'

Kenalog, Morpeth and Bayer run-off: Quarter-specific events that will shape the print:

• Kenalog: whether supplies commenced in Q2 FY27 as guided and the associated revenue contribution — management assumes some price decline over time
• Morpeth Form-483: status of the response to the 7 observations from the 3-11 September 2026 US FDA inspection, and any remediation or supply implications
• Bayer transition: revenue and margin impact as the arrangement (commission revenue less than 5% of consolidated revenue) runs off at 31-Dec-2026

Margins, mix and balance sheet: Whether the Q1 margin trajectory extends:

• Whether the 12.5% Q1 FY27 EBITDA margin holds or expands, and the contribution of operating leverage versus the differentiated/on-patent mix (differentiated offerings at 47% of CDMO)
• Yapan Bio consolidation: first quarter of consolidating the 74% subsidiary acquired for ~Rs. 76 Crores
• Net debt trajectory versus the ~3.6x FY27 target, and any debt increase from the NCD private-placement approval at the AGM