Mankind Pharma LimitedQ2 FY27 Results & Financial Update
Mankind Pharma Limited: Q2 FY27 consolidated results and company financials – revenue ₹4,338.00 Cr, PAT ₹716.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Mankind Pharma Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Mankind Pharma posted consolidated revenue from operations of INR 4,338 crore for Q2 FY27, representing a robust 17.3% year-on-year increase compared to INR 3,697 crore in Q2 FY26. Sequentially, revenue advanced 7.6% from INR 4,031 crore in Q1 FY27.
Profit after tax (PAT) for the quarter expanded significantly to INR 716 crore, marking a 37.7% surge over INR 520 crore reported in the corresponding period of the previous year and a 24.7% increase compared to INR 574 crore in the preceding quarter.
Earnings performance was supported by margin expansion across the board, with gross margins rising to 72.2% (a 90 bps YoY improvement), while EBITDA climbed 27.2% YoY to INR 1,175 crore, pushing EBITDA margins up by 210 basis points to 27.1%.
The domestic business (excluding consumer healthcare) demonstrated solid momentum with revenues reaching INR 3,428 crore, reflecting 15.9% year-on-year growth driven by outperformance across both chronic and acute therapeutic segments relative to the Indian Pharmaceutical Market (IPM).
International operations delivered strong expansion, with export revenues climbing 32.7% year-on-year to INR 681 crore, while the consumer healthcare segment experienced muted growth, inching up 1.2% year-on-year to INR 229 crore due to softer category offtake across the industry and regional headwinds in East and South India.
Capital efficiency metrics strengthened during the period, with TTM adjusted ROCE reaching 45% (including BSV acquisition) and net debt to adjusted EBITDA improving to 0.6x as net debt reduced to INR 2,639 crore at the close of September 2026.
01 · Business model
What does Mankind Pharma do?
Mankind Pharma Limited operates as a prominent Indian pharmaceutical and healthcare company, engaged in developing, manufacturing, and marketing a diverse range of formulation products, acute and chronic medications, consumer healthcare brands, and active pharmaceutical ingredients (APIs).
The company commercialises its extensive portfolio across domestic and international markets, supported by an extensive domestic field force exceeding 16,800 representatives and a widespread distribution network reaching medical practitioners across general practice, specialty, and super-specialty segments.
Mankind's product portfolio spans mass-market acute and chronic therapies—such as cardiovascular, anti-diabetic, gynaecology, gastrointestinal, and anti-infectives—alongside well-known consumer healthcare brands including Manforce, Prega News, Gas-O-Fast, and Acnestar.
Through strategic expansions, acquisitions such as Bharat Serums and Vaccines (BSV) for super-specialty segments, and dedicated R&D initiatives, the company maintains a strong market footprint across multiple therapeutic categories.
02 · Historical context
What shaped the business before this quarter
Commenced operations in 1995 after being founded in 1991, subsequently expanding into chronic pharmaceutical segments in 2004 and consumer healthcare in 2007-10.
Launched dedicated specialty divisions for cardiovascular, diabetes, respiratory, and neurology/CNS segments during FY20-21, followed by the acquisition of Panacea Biotec Pharma's transplant and oncology brands in 2022.
Acquired a 100% stake in Bharat Serums and Vaccines (BSV) Limited in October 2024 to strengthen its high entry barrier super-specialty portfolio across women's health and critical care.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹4,338.00 Cr | ₹3,697.00 Cr | ₹4,030.59 Cr |
| EBITDA | ₹1,175.00 Cr | ₹924.00 Cr | ₹1,060.00 Cr |
| Profit after tax | ₹716.00 Cr | ₹520.00 Cr | ₹574.09 Cr |
| EPS | ₹17.20 | — | ₹13.74 |
| EBITDA margin | 27.10% | 25.00% | 26.30% |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Domestic revenue (ex-CH) grew 15.9% YoY to INR 3,428 crore, supported by secondary sales outperformance of 1.1x over the IPM, led by robust 19% growth in cardiac and 16% in anti-diabetes portfolios.
Acute therapies achieved 1.1x outperformance to IPM, spearheaded by 19% growth in gastrointestinal products and 26% growth in vitamins, minerals, and nutrients (VMN), alongside recovering anti-infective demand.
Exports business revenue expanded by 32.7% YoY to INR 681 crore, driven by strong growth in both Mankind and BSV international operations, alongside 1 new product launch in the US market taking total US launches to 50.
Consumer healthcare revenue rose modestly by 1.2% YoY to INR 229 crore, impacted by slower industry-wide category offtake and regional headwinds, although modern trade and e-commerce channel share increased to 18% on 55% growth.
What drove margins
Gross profit reached INR 3,134 crore, reflecting a gross margin of 72.2%—a 90 bps improvement over Q2 FY26 (71.3%) and a slight contraction of 60 bps compared to Q1 FY27 (72.8%).
EBITDA expanded 27.2% YoY to INR 1,175 crore, with EBITDA margin improving by 210 bps YoY to 27.1% (compared to 25.0% in Q2 FY26), aided by operational efficiencies and disciplined execution.
Profit after tax margin expanded by 240 bps YoY to 16.5% in Q2 FY27, up from 14.1% in Q2 FY26, reflecting the flow-through of higher gross margins and operating leverage.
05 · Demand, customers & order book
Where demand is coming from
The number of brand families with annual sales exceeding INR 50 crore rose to 63 in MAT September 2026 (from 54 in FY26), while brands with sales over INR 100 crore increased to 26 from 22.
Maintained strong market leadership positions across key consumer brands, including Manforce condom brand at 29% market share, Preganews pregnancy test kit at 86%, Gas-O-Fast antacid powder at 13%, and Acnestar at 34%.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated INR 3,428 crore in Q2 FY27, up 15.9% YoY, driven by strong double-digit growth in both Mankind and BSV specialty businesses, with brands generating over INR 50 crore increasing to 63.
Contributed INR 229 crore to quarterly revenue; despite softer category growth, key brands like Manforce and Preganews gained market share, with Preganews and Ova News posting 14% and 10% secondary sales growth respectively.
Delivered INR 681 crore in quarterly revenue, growing 32.7% YoY, backed by international expansion across Mankind and BSV portfolios.
Geography and market mix
Maintained the #1 rank in prescriptions over the last 9 years, with a prescription share of 15.2% and prescriber penetration of 84.4% as of MAT August 2026.
Completed 1 new product launch in the US during Q2 FY27, bringing cumulative US product launches to 50.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
H1 FY27 capital expenditure stood at INR 412 crore, representing 4.9% of revenue, reflecting ongoing investments in manufacturing and R&D infrastructure.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Completed a strategic acquisition of a stake in Armed Cell Therapeutics, marking Mankind's strategic entry into next-generation CAR-T therapies for cancer and strengthening future R&D capabilities.
09 · Reported developments
What changed operationally
Delivered 17.3% YoY revenue growth and 37.7% YoY PAT growth in Q2 FY27, underpinned by 210 bps expansion in EBITDA margins.
All manufacturing units reported zero reportable lost-time accidents, and facilities received International Safety Awards from the British Safety Council.
10 · Pressure points & risks
What is not going smoothly
Consumer healthcare revenue growth remained muted at 1.2% YoY during Q2 FY27 due to slower industry category offtake and regional demand softness in East and South India.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
H1 FY27 cash flow from operations (CFO) reached INR 1,819 crore, with a CFO-to-EBITDA conversion ratio of 81%.
Net operating working capital days stood at 51 days as of September 30, 2026 (including BSV acquisition), compared to 46 days a year ago.
Capital allocation & funding
Net debt improved significantly to INR 2,639 crore as of September 30, 2026, down from INR 3,377 crore in June 2026 and INR 4,791 crore in September 2025.
Net debt to adjusted EBITDA improved to 0.6x as of September 30, 2026, compared to 1.4x in September 2025.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG and Sustainability Initiatives
Completed annual FY26 BRSR-compliant ESG disclosures to SEBI with first-time independent assurance of the full report, and screened 94% of significant suppliers on ESG criteria.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue grew 7.6% sequentially from INR 4,031 crore in Q1 FY27 to INR 4,338 crore in Q2 FY27, while PAT expanded 24.7% from INR 574 crore to INR 716 crore.
Net debt decreased from INR 3,377 crore at the end of June 2026 to INR 2,639 crore at the end of September 2026, reducing net debt to adjusted EBITDA from 0.9x to 0.6x.
14 · Key Q&A
The quarter, answered directly
What does Mankind Pharma do?
Mankind Pharma Limited operates as a prominent Indian pharmaceutical and healthcare company, engaged in developing, manufacturing, and marketing a diverse range of formulation products, acute and chronic medications, consumer healthcare brands, and active pharmaceutical ingredients (APIs).
What is the clearest takeaway from Q2 FY27?
Mankind Pharma posted consolidated revenue from operations of INR 4,338 crore for Q2 FY27, representing a robust 17.3% year-on-year increase compared to INR 3,697 crore in Q2 FY26. Sequentially, revenue advanced 7.6% from INR 4,031 crore in Q1 FY27.
What drove revenue or demand?
Domestic revenue (ex-CH) grew 15.9% YoY to INR 3,428 crore, supported by secondary sales outperformance of 1.1x over the IPM, led by robust 19% growth in cardiac and 16% in anti-diabetes portfolios.
What mattered most for margins or profitability?
Gross profit reached INR 3,134 crore, reflecting a gross margin of 72.2%—a 90 bps improvement over Q2 FY26 (71.3%) and a slight contraction of 60 bps compared to Q1 FY27 (72.8%).
What changed operationally beyond the headline numbers?
H1 FY27 capital expenditure stood at INR 412 crore, representing 4.9% of revenue, reflecting ongoing investments in manufacturing and R&D infrastructure.
What are the main pressure points disclosed for the quarter?
Consumer healthcare revenue growth remained muted at 1.2% YoY during Q2 FY27 due to slower industry category offtake and regional demand softness in East and South India.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Chronic Portfolio Trajectory: Monitor the continued outperformance of chronic therapy segments (cardiac and anti-diabetes) relative to IPM growth rates.
- 02
Consumer Healthcare Recovery: Track demand recovery and offtake trends in the consumer healthcare segment and modern trade/e-commerce channels.
- 03
CAR-T Therapy Integration: Observe progress on the R&D and clinical integration of Armed Cell Therapeutics following the strategic acquisition.
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