Here are some thoughts:
* "Play" could be considered a palindrome if you ignore the capitalization. It's a very general term, but does fit the category of theatrical drama.
* "Stage" is another palindrome, but it's more about the setting than the drama itself.
* "Live" is a palindrome, but doesn't specifically refer to theatrical drama.
It's difficult to find a palindrome that encapsulates the full meaning of "theatrical drama." If you're aiming for a creative wordplay, you could use a phrase like "A Mad Am", which, though not a single word palindrome, does have a theatrical and slightly dramatic feel to it.
Ultimately, it depends on the context of your usage. Let me know if you have more information about the situation, and I can try to help you come up with a better alternative.