Sudeep Pharma (SUDEEPPH IN) – Q2FY27 Result Update – Phase-1 of pCAM to commission by April’27 – SELL
Published on 29 Oct 2026
Sudeep Pharma reported consolidated revenue of INR1.97bn in Q2FY27, up 21% YoY and 24% QoQ. The Specialty Ingredients (SI) segment reported revenue of INR540mn, down 25% YoY but up 9% QoQ, primarily due to the temporary pause in the government’s fortified rice program and a softer performance at NSS. This segment is expected to grow YoY in H2FY27 led by new customer contracts and approvals across infant nutrition, dietary supplements and human nutrition. The Pharmaceutical, Food & Nutrition (PFN) segment revenue grew 57% YoY to INR1.42bn and segment EBITDA margin expanded to ~41% from 33% in Q2FY26, supported by strong phosphate demand and higher volumes of magnesium bisglycinate. The Nandesari greenfield facility received FDA approval during the quarter, with commercial supplies expected to commence in H2FY27. The company's pCAM project remains on track for Phase 1 commissioning by April’27, with customer approvals increasing and management targeting partnerships with 5–7 large customers and plans for capacity beyond 100ktpa to 200ktpa is already underway. We continue to remain cautious and maintain our 'SELL' rating with a target price of INR943.
