Piramal Pharma Ltd's Q2 FY27 numbers came in strong. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 27, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 2,617.06 Cr (+28.05% YoY) |
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| PAT (Q2) | Rs. 5.03 Cr |
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| EBITDA margin | 14.70% (+370 bps YoY) |
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| EPS (Q2) | Rs. 0.04 |
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| Market cap | Rs. 26,459.26 Cr |
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| CMP | Rs. 198.72 |
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Quarter Snapshot
Piramal Pharma delivered its strongest quarter in the reported set: revenue +28.05% YoY, EBITDA +71.51% YoY with margin at 14.70% (third consecutive expansion), and the first positive consolidated PAT at Rs.5.03 Cr. Results are tracking ahead of management's early-to-mid-teens FY27 revenue framework, with H2 needing only ~5–9% YoY growth to meet guidance. Offsets sit below the EBITDA line: a 93.84% ETR capped PAT, subsidiaries dragged Rs.(165.16) Cr, CFO/EBITDA fell to 0.58x, net debt rose Rs.824.86 Cr, and a first-time provisional Yapan Bio consolidation prevents a fully organic read.
Key Investment Insights
Key Positives
- Revenue grew 28.05% YoY to Rs.2,617.06 Cr, accelerating from ~17% YoY in Q1; H1 up 22.87% YoY
- Company-defined EBITDA grew 71.51% YoY to Rs.384.67 Cr; margin expanded to 14.70% from 10.97% YoY and 12.54% QoQ
- First positive consolidated PAT in the reported comparative set: Rs.5.03 Cr (owners Rs.5.58 Cr) vs losses of Rs.(99.22) Cr YoY and Rs.(69.38) Cr QoQ; EPS Rs.0.04 vs Rs.(0.75)
- PBIT swung to Rs.63.89 Cr profit from Rs.(60.97) Cr loss YoY; PBT Rs.81.63 Cr vs Rs.(46.18) Cr loss
- Operating leverage visible: employee costs +16.82%, other expenses +13.44%, finance costs +6.32% vs revenue +28.05%
- Net debt/EBITDA at 3.60x, exactly on the guided ~3.6x anchor
- H1 tracking ahead of the early-to-mid-teens FY27 revenue growth framework; H2 needs only +4.98% to +8.60% YoY to meet guidance
- Trade receivables grew only 4.45% since Mar-26 vs 22.87% H1 revenue growth
Risk Factors
- 93.84% effective tax rate reduced Rs.81.63 Cr PBT to just Rs.5.03 Cr PAT
- Overseas subsidiaries dragged consolidated PAT by Rs.(165.16) Cr in Q2 (consolidated owners PAT Rs.5.58 Cr vs standalone Rs.170.74 Cr)
- H1 CFO/EBITDA at 0.58x, below the 0.5–0.8x comfort band; FCF negative at Rs.(467.78) Cr
- Net debt rose Rs.824.86 Cr in H1 to Rs.5,096.70 Cr on capex and cash drawdown
- Cost of materials consumed grew 33.59% YoY, outpacing 28.05% revenue growth
- Morpeth (UK) Form-483 with 7 observations from Sep-2026 inspection; Bayer sales-and-distribution arrangement expires 31-Dec-2026 without renewal (<5% of consolidated revenue)