Sudeep Pharma Limited, a Gujarat-based specialty ingredients manufacturer serving the pharmaceutical and food & nutrition industries with a portfolio of about 100 products, is also building a battery-grade iron phosphate business at Dahej. This quarter's print will speak to whether EBITDA margins step back toward the guided 37%-38% after the LPG-supply hit, and whether specialty ingredients growth re-accelerates as management promised.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 158.27 Cr |
| Previous quarter PAT | Rs. 40.59 Cr |
| Previous quarter EBITDA margin | 34.7% |
| Net debt (latest quarter) | Rs. 33.6 Cr |
| Market cap | Rs. 10,463.57 Cr |
| CMP | Rs. 926.4 |
The board will meet on Wednesday, 28 October 2026, to approve unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 (Q2/H1 FY27). The trading window for designated persons remained closed from 1 October to 30 October 2026 (till 48 hours after results) under SEBI (PIT) Regulations.
The earnings call is scheduled for Thursday, 29 October 2026, at 12:00 noon IST, hosted by 360 ONE CM Research. Attendees include MD Sujit Bhayani, Director Shanil Bhayani and CFO Ketan Vyas.
The quarter is the first test of management's commitment that specialty ingredients return to their historical growth trajectory "beginning the second quarter" after the LPG-constrained +19% YoY in Q1, with PFN growth guided to exceed FY26's 10% for FY27 (Q1 actual: PFN +31% YoY). On margins, the cost picture was back-loaded: phosphoric acid repriced sharply higher YoY (+17.95% to $1,360/t as of 31 August) after the fixed-price contract expired in March '26, sulphur was up 275% YoY at $1,050/t, and the ~Rs. 1.5 Cr/month LPG premium persisted through July-August before easing in September when the refill booking interval was cut from 45 to 25 days — so sequential margin improvement from Q1's 34.7% is the direction, but the full step-up to the guided 37%-38% plausibly lands late. A weaker rupee (Rs. 95.99 on the RBI fortnightly series at end-September vs Rs. 88.69 a year earlier) is a realization tailwind for the 60% of revenue that is exported, though it partly mirrors elevated energy costs with the Indian basket crude averaging $90.19/bbl in August. On US tariffs, the quarter delivered exemptions for a large portion of exports including generic pharmaceuticals and negotiation progress, but no signed deal, against management's stated position that ~90% of the tariff cost impact has been passed on and reversal should aid FY27 North America volumes. The upcoming call is also likely to cover the Dahej Phase I commissioning timeline, where the April 2027 concall target differs from the annual report's June 2027 date, and long-lead equipment deliveries expected complete by October 2026.
EBITDA margin recovery vs the 37%-38% FY27 guidance: Q1 FY27 delivered 34.7%, below the guided band.
Specialty ingredients and PFN growth trajectory: Q2 is the stated test of the re-acceleration promise.
Dahej Phase I battery materials timeline: A date discrepancy and pending commercialisation milestones.
Nandesari greenfield commercial ramp: Customer approvals were the stated gating item.
Working capital and IPO proceeds deployment: Both carry explicit FY27 targets.
Management has attributed the margin pressure to investments in Europe/US sales teams and distribution networks over the last 12-18 months plus expensed battery-materials R&D, with Q1 FY27 also hit by LPG supply shortage. It has guided recovery to the FY24/FY25 levels of 37%-38% in FY27.
In Q3 FY26, ex-NSS revenue was Rs. 156 Cr, up 35.26% YoY, with ex-NSS margins of 35%-37% per management. NSS contributed around Rs. 17 Cr in that quarter.
Management has declined to quantify battery and new-molecule margins, saying it will not talk too much about them to protect competitive positioning. On the 100 to 200 KTPA expansion question, it indicated face-value margins would not match current PFN levels but highlighted the ROCE profile and asset turns.
Q1 FY27 consolidated revenue of Rs. 158.27 Cr was up 26.70% YoY, though down 13.20% QoQ due to the LPG supply constraint. The pharmaceutical, food & nutrition segment grew 31% YoY with robust demand for phosphate and Absorbis Bisglycinates.