Mankind Pharma (MANKIND) Q2 26/27 earnings summary

Executive summary

• Q2 revenue rose 17.3% YoY to ₹4,337.86 crore; EBITDA increased 27.2% to ₹1,175 crore, with margin up 210 bps to 27.1%.

• Q2 profit attributable to equity holders was ₹711.48 crore; reported PAT was ₹716 crore, up 37.7% YoY.

• Domestic ex-Consumer Healthcare and exports grew 15.9% and 32.7%, respectively; Consumer Healthcare increased 1.2%.

Financial highlights

• Consolidated Q2 revenue was ₹4,337.86 crore versus ₹3,697.16 crore; H1 revenue was ₹8,368.45 crore versus ₹7,267.51 crore.

• Q2 gross profit rose 18.9% to ₹3,134 crore; gross margin expanded 90 bps YoY to 72.2%.

• Q2 EBITDA was ₹1,175 crore, up 27.2%; margin was 27.1% versus 25.0%. H1 EBITDA margin was 26.7%, up 230 bps.

• Q2 profit attributable to equity holders was ₹711.48 crore versus ₹511.51 crore; basic EPS was ₹17.23 and diluted EPS ₹17.2.

• H1 revenue rose 15.1% to ₹8,368 crore; EBITDA increased 26.0% to ₹2,235 crore and PAT 33.7% to ₹1,290 crore.

Outlook and guidance

• FY27 EBITDA margin guidance remained 25.5%–26.5%; R&D spend is expected near 3% of revenue, including Armed Cell Therapeutics impact.

• International business is expected to deliver double-digit FY27 growth; export growth guidance is 20% on a constant-currency dollar basis.

• Domestic growth is expected to outperform IPM, with 1.1x–1.2x outperformance indicated for the next two quarters.

• Chronic share ambition is to add 100–200 bps annually and reach 50% in four to five years; FY27 field-force additions are on track at 7%.

• Consumer Healthcare growth is expected in the high-single digits in FY27, with recovery expected in FY28.