Mankind Pharma Q2 FY27 results: net profit up 37.7% to ₹716.12 crore, revenue up 17.3%

How did Mankind Pharma perform in Q2 FY27?

Mankind Pharma’s consolidated Q2 FY27 revenue was ₹4,338 crore, up 17.3% from ₹3,697 crore in Q2 FY26 and 7.6% from ₹4,031 crore in Q1 FY27. EBITDA was ₹1,171 crore, up 27.1% year on year and 10.9% sequentially, while the margin expanded to 27.0% from 24.9% and 26.2%, respectively.

Consolidated net profit was ₹716.12 crore, compared with ₹520.18 crore in Q2 FY26 and ₹574.09 crore in Q1 FY27. Basic EPS was ₹17.23, against ₹12.39 a year earlier and ₹13.76 in the previous quarter. On the standalone basis, revenue was ₹3,145.22 crore and PAT was ₹581.95 crore.

What changed in Mankind Pharma's costs and profit?

Total expenses were ₹3,507 crore, up 10.7% from ₹3,167 crore a year earlier. Cost of materials rose ₹80.45 crore, employee cost rose ₹123.76 crore, depreciation rose ₹13.91 crore and other expenses rose ₹124.97 crore, while finance costs fell ₹64.74 crore to ₹104.94 crore.

Other income was ₹94.85 crore, up ₹2.98 crore from ₹91.87 crore in Q2 FY26. There was no exceptional item. Tax expense rose ₹109.15 crore to ₹212.99 crore, and profit before tax increased ₹303.73 crore to ₹925.43 crore.

Sequentially, total expenses rose ₹197.20 crore from ₹3,310 crore in Q1 FY27. Employee cost increased ₹35.44 crore, depreciation increased ₹10.03 crore and other expenses increased ₹50.82 crore, while cost of materials fell ₹10.04 crore and finance costs fell ₹5.04 crore. Other income rose ₹49.85 crore and tax rose ₹17.63 crore.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue was ₹8,368.45 crore, up 15.1% from ₹7,267.51 crore in H1 FY26. Total income was ₹8,508.3 crore, up 14.4%, while PBT rose 45.9% to ₹1,690.94 crore.

PAT for the first half was ₹1,290.21 crore, up 33.7% from ₹964.8 crore, and basic EPS rose 34.7% to ₹30.99 from ₹23.01. The filing did not state specific reasons for the movement in revenue and profit beyond the reported results.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹28,954.36 crore, compared with ₹28,079.53 crore at 31 March 2026. Total equity rose to ₹17,855.24 crore from ₹16,561.05 crore, while borrowings fell to ₹5,421.68 crore from ₹6,311.54 crore and cash increased to ₹1,113.82 crore from ₹391.69 crore.

Inventories were ₹2,345.11 crore against ₹2,144.48 crore at the previous balance sheet date. Trade receivables rose to ₹2,179.31 crore from ₹1,729.51 crore, and trade payables increased to ₹1,630.98 crore from ₹1,341.33 crore. H1 FY27 operating cash flow was ₹1,818.5 crore, compared with ₹1,636.7 crore in H1 FY26.

How has Mankind Pharma done over the last 8 quarters?

Revenue reached its highest level in the reported period at ₹4,338 crore in Q2 FY27. It had bottomed at ₹3,079.37 crore in Q4 FY25 before rising in each of the following quarters shown, including ₹4,031 crore in Q1 FY27.

PAT also peaked at ₹716.12 crore in Q2 FY27, compared with its low of ₹384.52 crore in Q3 FY25. EBITDA margin reached 27.0% in Q2 FY27, matching its earlier peak in Q4 FY26, after falling to 22.2% in Q4 FY25. Revenue rose year on year in each of the last eight quarters, while profit rose year on year in each of the last four quarters.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. It also approved a scheme to amalgamate Prolijune Lifesciences Private Limited and Pavi Buildwell Private Limited, both wholly owned subsidiaries, into Mankind Pharma Limited. The appointed date is 1 April 2027, and the scheme remains subject to applicable approvals.

The board also considered a proposed scheme for the amalgamation of Upakarma Ayurveda Private Limited with Mankind Consumer Products Private Limited, subject to requisite statutory, regulatory and other approvals. The same-day filings did not announce a dividend, fund raise or appointment.

What did the auditors point out?

The joint statutory auditors concluded that nothing had come to their attention causing them to believe that the unaudited statement did not disclose the information required under the Listing Regulations or contained a material misstatement. They described the review as providing moderate assurance and noted that its scope was substantially less than an audit, so they did not express an audit opinion.

The auditors included an Emphasis of Matter concerning uncertainty related to income-tax proceedings initiated against the holding company and some group entities under Section 132 of the Income Tax Act, 1961. The appeal was pending with the appellate tax authorities, and the auditors said their conclusion was not modified in respect of this matter. The standalone comparatives for Q2 FY26 and H1 FY26 were restated for adjustments from a business combination accounted for in the year ended 31 March 2026.

What did Mankind Pharma's management say?

Management maintained FY27 EBITDA-margin guidance of 25.5–26.5% and export-growth guidance of 20% on a constant-currency dollar basis. It expected R&D expenditure of 2.8–3% of revenue, near the upper end after including Armed Cell, and capex of 6–7% of revenue. International growth was reported as upward of 30%, including currency benefit, while consumer-healthcare growth guidance was lowered to single digits.

Management said India Rx delivered 1.1x IPM growth and that volume growth accelerated to 6.2% in Q2 FY27. It planned 7% MR additions in FY27 and targeted chronic share to rise 100–200 basis points annually toward 50% over four to five years. Acquisition-related debt repayment remained targeted for FY28, and management reported net debt of ₹2,639 crore.

Rajeev Juneja, Vice Chairman and Managing Director, said, “I should really confess you that we are unhappy with our own performance in consumer business. Very bluntly I am talking to you. Very honestly I am talking to you.” Management identified weaker category offtake and weakness in the East and South as consumer-healthcare risks, along with higher working-capital use and potentially stronger marketing enforcement under the UCPMP framework.

How did Mankind Pharma shares react?

After the filing appeared, the stock was up 1.2% after five minutes and 1.2% after 15 minutes from the price at filing. It closed the reaction day up 4.5% from the pre-results close of ₹2,212.6. By the next day’s close, it was up 13.1% from that close, and by five sessions it was up 12.1%.

The Pharmaceuticals industry median rose 1.2% on the reaction day, 3.1% by the next day and 3.2% over five sessions. Mankind Pharma therefore exceeded the industry median by 3.3 percentage points on the reaction day, 10.0 percentage points by the next day and 9.0 percentage points over five sessions. Earlier reaction-day moves were mixed, including 4.5% on 19 May 2026 and -3.5% on 3 February 2026.

How did other Pharmaceuticals companies do?

Among 60 Pharmaceuticals companies that had filed for the quarter as of 4 November 2026, the median revenue growth was 19.8%. Of the other companies, 27 grew more slowly than Mankind Pharma and 33 grew faster than Mankind Pharma. Of 54 companies for which profit was compared, 38 reported higher profit.