Piramal Pharma Q2 FY27 Results (NSE: PPLPHARMA)
Signal: Loss reversed
The read
Q2FY27 is an operating inflection: consolidated revenue accelerated to ₹2,617.06 Cr, +28.1% YoY, EBITDA margin expanded to 11.4% from an estimated 6.9%, and PAT turned positive at ₹5.03 Cr after three consecutive quarterly losses; however, standalone PAT fell 13.0% to ₹170.74 Cr because other income declined ₹64.04 Cr YoY, and H1 operating cash flow fell 56.1% to ₹390.91 Cr.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,617.06 Cr | +28.1% | +15.3% |
| Net profit | ₹5.03 Cr | N/M from loss | |
| EPS | ₹0.04 | N/M from loss | |
| EBIT margin | 11.4% |
P&L walk
Consolidated revenue increased to ₹2,617.06 Cr, +28.1% YoY and +15.3% QoQ, while EBITDA rose to ₹297.04 Cr from an estimated ₹141.87 Cr YoY as employee-cost intensity fell; finance costs rose 6.3% and PAT recovered to ₹5.03 Cr from a ₹99.22 Cr loss, helped by the operating rebound and ₹17.74 Cr associate profit.
Segments
The company reports only one operating segment, so the consolidated-versus-standalone gap is the key split: consolidated PAT was ₹5.03 Cr versus standalone PAT of ₹170.74 Cr, indicating subsidiaries and group-level costs materially dragged the parent-led result.
Key positives
- Consolidated revenue rose 28.1% YoY to ₹2,617.06 Cr, reversing the -0.1% growth in Q4FY26 and +17.4% in Q1FY27.
- Consolidated EBITDA margin expanded to 11.4% from an estimated 6.9% YoY; EBITDA grew an estimated 109.4% versus revenue growth of 28.1%, while employee costs grew 16.8%.
- Consolidated PAT turned positive at ₹5.03 Cr from a ₹99.22 Cr loss YoY and a ₹69.38 Cr loss sequentially.
- Finance costs were broadly stable QoQ at ₹87.63 Cr versus ₹88.08 Cr, despite the higher revenue base.
- Standalone operating cash flow was ₹329.29 Cr in H1FY27, providing positive internal cash generation despite the consolidated H1 decline.
Key concerns
- Standalone PAT declined 13.0% YoY to ₹170.74 Cr because other income fell to ₹137.93 Cr from ₹201.97 Cr, making the consolidated recovery dependent on subsidiaries and group consolidation.
- H1 consolidated operating cash flow fell 56.1% YoY to ₹390.91 Cr while inventories rose to ₹3,294.82 Cr from ₹3,064.44 Cr.
- Consolidated borrowings increased 3.1% to ₹5,665.28 Cr from ₹5,495.48 Cr at March 31, 2026, while cash declined to ₹545.02 Cr from ₹1,199.88 Cr.
- Consolidated PAT attributable to owners was only ₹5.58 Cr against standalone PAT of ₹170.74 Cr, highlighting substantial subsidiary-level drag and group costs.
- Gross margin expanded by approximately 3,101bps YoY to 65.4%, but the filing does not disclose whether the sharp movement reflects mix, pricing or inventory-cost timing.
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