Financial Results Approval

The Board approved the unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026. The results were reviewed by joint statutory auditors S.R. Batliboi & Co. LLP and Bhagi Bhardwaj Gaur & Co.

Key Financial Figures (Standalone)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹3,145.22 Cr (vs ₹2,636.95 Cr in Q2 FY26)
  • Other income: ₹58.83 Cr
  • Total income: ₹3,204.05 Cr
  • Profit before tax: ₹783.59 Cr (vs ₹525.53 Cr in Q2 FY26)
  • Tax expense: ₹201.64 Cr
  • Net profit: ₹581.95 Cr (vs ₹459.80 Cr in Q2 FY26)
  • Basic EPS: ₹14.09 (vs ₹11.15 in Q2 FY26)

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹6,109.27 Cr (vs ₹5,206.68 Cr in H1 FY26)
  • Total income: ₹6,202.06 Cr
  • Profit before tax: ₹1,540.16 Cr (vs ₹1,021.70 Cr in H1 FY26)
  • Net profit: ₹1,140.44 Cr (vs ₹875.07 Cr in H1 FY26)
  • Basic EPS: ₹27.62 (vs ₹21.21 in H1 FY26)

Balance Sheet (Standalone as of September 30, 2026):

  • Total assets: ₹25,174.13 Cr
  • Total equity: ₹17,564.28 Cr
  • Borrowings: ₹4,490.09 Cr (Current: ₹1,840.68 Cr, Non-current: ₹2,649.41 Cr)

Scheme of Amalgamation 1

The Board approved a Scheme of Arrangement for amalgamation of two wholly-owned subsidiaries:

1. Prolijune Lifesciences Private Limited (Transferor Company 1)

2. Pavi Buildwell Private Limited (Transferor Company 2)

With and into Mankind Pharma Limited (Transferee Company).

Key Details:

  • Appointed Date: April 1, 2027
  • Exempt from Stock Exchange NOC requirement under Regulation 37(6) as it's an amalgamation of WOS with holding company
  • Subject to approvals from shareholders, creditors, NCLT, and other regulatory authorities
  • No share issuance or cash consideration involved
  • Rationale: Simplify group structure, reduce legal entities, achieve operational efficiencies

Company Financials (FY26):

  • Prolijune: Paid-up capital ₹0.49 Cr, turnover ₹1.78 Cr, net worth ₹20.62 Cr
  • Pavi Buildwell: Paid-up capital ₹2.01 Cr, net worth (₹17.96) Cr
  • Mankind Pharma: Paid-up capital ₹41.30 Cr, turnover ₹10,421.18 Cr, net worth ₹16,396.94 Cr

Scheme of Amalgamation 2

The Board took note of a Scheme of Arrangement for amalgamation between:

  • Upakarma Ayurveda Private Limited (Transferor Company, WOS of MCPPL)
  • Mankind Consumer Products Private Limited (Transferee Company, WOS of Mankind Pharma)

Key Details:

  • Subject to statutory and regulatory approvals
  • No share issuance or cash consideration involved
  • Rationale: Consolidate operations, strengthen D2C capabilities, unlock growth opportunities

Company Financials (FY26):

  • Upakarma: Paid-up capital ₹1.80 Cr, turnover ₹18.02 Cr, net worth (₹9.69) Cr
  • Mankind Consumer: Paid-up capital ₹129.24 Cr, turnover ₹901.06 Cr, net worth ₹311.46 Cr

Income Tax Proceedings

The auditors drew attention to ongoing income tax proceedings:

  • Search conducted in FY 2023-24 under Section 132 of Income Tax Act, 1961
  • Aggregate additions of ₹1,868.89 Cr across assessment years
  • Comprises disallowances under Section 37(1) (₹1,573.69 Cr), partial disallowance of deductions (₹257.13 Cr), and other additions (₹38.07 Cr)
  • Appeals filed with CIT(A)
  • Partial relief received: CIT(A) deleted disallowances of ₹369.44 Cr for FY 2013-14 to 2016-17
  • Management believes remaining demands are not sustainable

Subsidiary Investments

During Q2 and H1 FY27, the company made investments in subsidiaries:

  • Mankind Pharma LLC: ₹17.11 Cr (share application money)
  • Mankind Pharma (Netherlands) B.V.: ₹0.22 Cr (equity shares)
  • Mankind Life Sciences: ₹8.00 Cr (preference shares)
  • Mankind Petcare: ₹10.00 Cr (preference shares)
  • Mankind Medicare: ₹90.00 Cr (preference shares)

ESOP Allotments

  • Granted 93,750 stock options under ESOP-2022 during H1 FY27
  • Allotted 216,762 equity shares to eligible employees

Business Combination

The company acquired the Branded Generic Business (Women's Health Portfolio) of Bharat Serums and Vaccines Limited (wholly-owned subsidiary) for ₹797 Cr effective November 1, 2025. Accounted as common control business combination under Ind AS 103.

Exceptional Items (FY26)

₹106.24 Cr comprising:

  • ₹87.22 Cr incremental impact from new Labour Codes (gratuity and long-term compensated absences)
  • ₹19.02 Cr stamp duty paid for IP assignment agreement related to BSV acquisition

Subsidiary Sale

Board approved sale of entire stake in Broadway Hospitality Services Private Limited (wholly-owned subsidiary) to AKRK Projects LLP. Share Purchase Agreement executed on July 27, 2025.

Netherlands Investment

Board approved additional investment of up to EUR 45Mn in Mankind Pharma (Netherlands) B.V. (WOS), increasing aggregate limit to EUR 50Mn. Includes acquisition of 70% stake in Armed Cell Therapeutics B.V. (Belgium-based CAR-T therapy company).

Compliance Certificates

Enclosed certificates from joint statutory auditors:

  • Compliance with financial covenants for ₹3,750 Cr NCDs issued to Catalyst Trusteeship Limited
  • Net Debt to EBITDA: 0.68 (covenant ≤3.00)
  • Interest Service Coverage Ratio: 6.53 (covenant ≥1.25)
  • Net Debt to Equity: 0.15 (covenant ≤1.25)
  • Security cover ratio: 1.21

Meeting Details

Board meeting commenced at 1:45 PM IST and concluded at 2:45 PM IST on October 26, 2026.