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Mankind Pharma (MANKIND) investor relations material
Mankind Pharma Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY26 consolidated revenue grew 21% year-over-year to INR 3,697 crore, with H1 FY26 revenue at INR 7,268 crore, driven by strong chronic segment and BSV consolidation despite GST and monsoon disruptions.
EBITDA margin for Q2 FY26 was 25%, with reported EBITDA at INR 924 crore, up 8.7% year-over-year.
Profit after tax for Q2 FY26 decreased 21.3% year-over-year to INR 520 crore, mainly due to higher finance and depreciation costs and non-recurring items.
Board approved unaudited standalone and consolidated results for Q2 and H1 FY26, reflecting BSV acquisition and OTC business transfer.
Cash and cash equivalents as of September 30, 2025, stood at INR 327.77 crore (consolidated).
Financial highlights
Q2 FY26 consolidated revenue: INR 3,697 crore (21% YoY growth); H1 FY26: INR 7,268 crore (23% YoY growth).
Gross margin for Q2 FY26 was 71.3%, down 20 bps YoY due to GST-related discounts.
Standalone net profit for Q2 FY26 was INR 458.90 crore; consolidated net profit was INR 520.18 crore.
Cash flow from operations in H1 FY26 rose 44% YoY to INR 1,637 crore.
Capex for Q2 FY26 was INR 163 crore, 4.4% of revenue.
Outlook and guidance
Management expects growth recovery in H2 FY26 as GST-related disruptions subside, with sustainable long-term growth led by base business, specialty chronic, OTC, and BSV portfolio.
BSV full-year growth guidance maintained at 18%-20%, domestic at 12%-15%+, and international at 18%-20%+.
EBITDA margin guidance for FY26 remains at 25%-26%, likely at the lower end.
R&D spend guidance maintained at 2.5%-3% of sales for the year.
Management expects no material impact from ongoing income tax proceedings.
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