Piramal Pharma (PPLPHARMA) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue rose 28% YoY to ₹2,617 crore and EBITDA rose 72% to ₹385 crore; H1 revenue grew 23% to ₹4,887 crore and EBITDA 72% to ₹669 crore.

• H1 EBITDA margin expanded to 13.7% from 9.8%; broad-based growth, improved capacity utilization and operating leverage supported profitability.

• FY27 revenue growth outlook was raised to 19%–20%, with H2 expected to outperform H1 and meaningfully higher profitability anticipated.

Financial highlights

• Consolidated Q2 total income was ₹2,653 crore, up 26% YoY; H1 total income was ₹5,012 crore, up 22%.

• Consolidated Q2 net profit was ₹5.03 crore versus a ₹99.22 crore loss; H1 net loss narrowed to ₹64.35 crore from ₹180.92 crore.

• Standalone Q2 revenue was ₹1,345.38 crore and net profit ₹170.74 crore; H1 revenue was ₹2,470.33 crore and net profit ₹284.22 crore.

• H1 consolidated operating cash flow was ₹390.91 crore, compared with ₹889.76 crore in H1 FY25.

Outlook and guidance

• FY27 revenue growth guidance increased from early-to-mid teens to 19%–20%; H2 is expected to be stronger than H1.

• CDMO growth momentum is expected to continue, supported by order inflows, customer engagement and H2 seasonality.

• Complex Hospital Generics growth is expected to benefit from ROW expansion and Kenalog; Consumer Healthcare from power brands, e-commerce, premiumization and channel expansion.

• ADC and differentiated services are expected to outgrow overall revenue; innovation and on-patent commercial work are expected to exceed 50% of business in the next couple of years.

• Consumer Healthcare is expected to approach its double-digit profitability target by FY30, with further margin improvement dependent on sustained revenue growth.