Q2 FY27 Performance Summary

Financial Highlights:

  • Revenue from Operations: INR 4,338 Cr, up 17.3% YoY (Q2 FY26: INR 3,697 Cr)
  • Domestic Revenue: INR 3,657 Cr, up 14.8% YoY
  • Exports Revenue: INR 681 Cr, up 32.7% YoY
  • Gross Margin: 72.2%, improved by 90 bps YoY (Q2 FY26: 71.3%)
  • EBITDA: INR 1,175 Cr, up 27.2% YoY (Q2 FY26: INR 924 Cr)
  • EBITDA Margin: 27.1%, expanded by 210 bps YoY (Q2 FY26: 25.0%)
  • PAT: INR 716 Cr, up 37.7% YoY (Q2 FY26: INR 520 Cr)
  • PAT Margin: 16.5%, expanded by 240 bps YoY (Q2 FY26: 14.1%)
  • Diluted EPS: INR 17.2, up 38.9% YoY (Face Value: Re. 1, not annualized)

Quarter-over-Quarter Performance (Q2 FY27 vs Q1 FY27):

  • Revenue growth of 7.6% (Q1 FY27: INR 4,031 Cr)
  • Gross Margin decreased by 60 bps (Q1 FY27: 72.8%)
  • EBITDA growth of 10.8% (Q1 FY27: INR 1,060 Cr)
  • EBITDA Margin expanded by 80 bps (Q1 FY27: 26.3%)
  • PAT growth of 24.7% (Q1 FY27: INR 574 Cr)
  • PAT Margin expanded by 230 bps (Q1 FY27: 14.2%)

H1 FY27 Performance Summary

Financial Highlights:

  • Revenue from Operations: INR 8,368 Cr, up 15.1% YoY (H1 FY26: INR 7,268 Cr)
  • Domestic Revenue: INR 7,082 Cr, up 12.7% YoY
  • Exports Revenue: INR 1,286 Cr, up 31.0% YoY
  • Gross Margin: 72.5%, improved by 160 bps YoY (H1 FY26: 70.9%)
  • EBITDA: INR 2,235 Cr, up 26.0% YoY (H1 FY26: INR 1,774 Cr)
  • EBITDA Margin: 26.7%, expanded by 230 bps YoY (H1 FY26: 24.4%)
  • PAT: INR 1,290 Cr, up 33.7% YoY (H1 FY26: INR 965 Cr)
  • PAT Margin: 15.4%, expanded by 210 bps YoY (H1 FY26: 13.3%)
  • Diluted EPS: INR 30.9, up 34.6% YoY (Face Value: Re. 1, not annualized)

Segment-wise Performance Breakdown

Q2 FY27 Segment Revenue:

| Segment | Q2 FY27 (INR Cr) | Q2 FY26 (INR Cr) | YoY Growth | Q1 FY27 (INR Cr) | QoQ Growth |

| Domestic | 3,657 | 3,184 | 14.8% | 3,426 | 6.7% |

| • Domestic (Ex-CH) | 3,428 | 2,958 | 15.9% | 3,180 | 7.8% |

| • Consumer Healthcare | 229 | 226 | 1.2% | 246 | (7.0%) |

| Exports | 681 | 513 | 32.7% | 605 | 12.6% |

| Total | 4,338 | 3,697 | 17.3% | 4,031 | 7.6% |

H1 FY27 Segment Revenue:

| Segment | H1 FY27 (INR Cr) | H1 FY26 (INR Cr) | YoY Growth |

| Domestic | 7,082 | 6,285 | 12.7% |

| • Domestic (Ex-CH) | 6,608 | 5,822 | 13.5% |

| • Consumer Healthcare | 475 | 463 | 2.6% |

| Exports | 1,286 | 982 | 31.0% |

| Total | 8,368 | 7,268 | 15.1% |

Domestic Business Performance (Excluding Consumer Healthcare)

  • Domestic revenue (ex-CH) increased 15.9% YoY in Q2 FY27
  • Secondary sales growth of 15.7% vs 14.2% IPM, indicating 1.1x outperformance
  • Chronic portfolio outperformance of 1.1x, led by Cardiac (18.7% growth) and Anti-diabetes (15.8% growth)
  • Acute portfolio outperformance of 1.1x, led by Gastro (1.3x outperformance) and VMN (1.4x outperformance)
  • Anti-infectives recovery: 5.4% in Q2 FY27 vs 3.6% in Q1 FY27

Key Brand Performance (Q2 FY27):

  • Acute Brands: Pantakind (31%), Dydroboon (19%), Cefakind CV (18%), Nurokind LC (18%)
  • Chronic Brands: Pangraf (60%), Placida (28%), Telmikind AM (16%), Glizid M (15%)
  • BSV Key Brands: Humog (51%), Lonopin (45%), Anti D (37%), ASVS (45%)

Market Position:

  • Maintained #1 rank over last 9 years with prescription share of 15.2% (MAT Aug'26)
  • Prescriber penetration of 84.4% (MAT Aug'26)
  • Brands with sales above ₹50 crore: 63 in MAT Sep'26 (vs 54 in FY26)
  • Brands with sales over ₹100 crore: 26 in MAT Sep'26 (vs 22 in FY26)

Consumer Healthcare Business

  • Revenue growth impacted by slower industry offtake and regional impacts in East and South
  • Gained market share in key brands Manforce and Preganews
  • Modern Trade & E-Commerce share increased to 18% in Q2 FY27 (vs 12% in Q2 FY26), supported by 55% growth
  • Secondary sales growth: Preganews (14% YoY), Ova news (10% YoY)

Exports Business

  • International revenue increased 33% in Q2 FY27
  • Strong growth in both Mankind and BSV International segments
  • Launched 1 new product in US in Q2 FY27, taking total launched products to 50 in US

Strategic Development

  • Acquired Armed Cell Therapeutics, marking strategic entry into Next-Generation CAR-T therapies
  • Acquisition strengthens R&D capabilities for future growth

Management Commentary

Mr. Rajeev Juneja, Vice Chairman & Managing Director, stated:

  • Revenue grew ~17% YoY with EBITDA margins improving by 210 bps to 27.1%
  • Strong domestic business growth of 15.9% led by 1.2x volume outperformance to IPM
  • Disciplined execution and strengthening business fundamentals resulted in strong performance
  • CAR-T acquisition strengthens R&D capabilities for future growth

Earnings Call Details

  • Date: October 26, 2026
  • Time: 05:00 pm – 06:00 pm IST
  • Platform: Zoom

Company Background

Mankind Pharma is India's fourth largest pharmaceutical company with:

  • Pan India presence across pharmaceutical formulations and consumer healthcare sectors
  • Leadership in domestic pharmaceuticals across acute and chronic therapeutic areas
  • Robust field force of 18,500+ professionals
  • Reach extending to over five lakh doctors across urban and rural markets
  • 32 manufacturing facilities in India
  • 7 dedicated R&D facilities backed by more than 740 scientists