Mankind Pharma

“So, we expect double growth in international business in the Financial Year ‘27.”

“Right now, this year we expect that growth will be in single-digit.”

“Revenues of domestic business excluding consumer healthcare increased by 15.9% year-on-year to Rs. 3,428 crores in Q2 & H1 FY27, driven by strong double-digit growth in both Mankind and BSV specialty business.”

“our chronic share excluding BSV expanded by 80 bps year-on-year to 37.4%”

“Our consumer healthcare business delivered a revenue of Rs. 229 crores in Q2FY27, impacted by slower offtake in category for the industry and some regional impact in East and South.”

“Our modern trade and e-commerce share increased to 18% from 12% a year ago supported by 55% growth in that channel.”

“Our domestic business delivered another quarter of strong growth with revenue increasing by 14.8% year-on-year to Rs 3,657 crores.”

“According to IQVIA, our secondary sales grew by 15.7%, representing a 1.1x outperformance versus the IPM growth of 14.2% excluding tirzepatide.”

“volume growth trend from 0.5% growth in FY25 to 2.3% volume growth in FY26, 4.7% volume growth in 1st Quarter this year to now outperforming IPM with a volume growth of 6.2% in Quarter 2.”

“So, there has been some impact, but it is not too much because our contribution to chronic, semi-chronic portfolio in terms of growth was much higher.”

“And that's why we are able to now outperform IPM, which we believe that will continue to do so for the foreseeable period.”

“We will be doing much better in the hospital side, chronic side, and we have identified certain states where we have a ranking which is less than our right ranking.”

“Our gross margins for the quarter has increased by 90 basis point year-on-year basis to 72.2% from 71.3% in Q2 FY26.”

“This increase of 210 basis point is primarily driven by three factors. 90 basis point increase is from gross margin expansion, reduced R&D expense by 40 basis point and the balance 80 basis point benefit has come from operating leverage due to sales growth.”

“The EBITDA margins for H1 FY27 is 26.7% which has increased by 230 basis point”

“The R&D expenses for the quarter was Rs. 108 crores which is at 2.5% of sales and the same is lower than R&D spend of 2.9% of sales during Q2 FY26.”

“The effective tax rate for H1 FY27 was at 24% which has increased from 17.1% in H1 FY26. The increase in effective tax rate is due to adoption of new tax regime this year following the expiry of the tax exemption period.”

“The finance cost for Q2 FY27 has declined to Rs. 105 crores from Rs. 110 crores during Q1 FY27 as Q1 FY27 had a NCD repayment of Rs. 1,250 crores.”

“The net operating working capital for the quarter on trailing 12-month basis has increased to 51 days as compared to 46 days in the corresponding period last year mainly due to increased working capital.”

“In H1 FY27 our cash flow from operations has increased to Rs. 1,819 crores as compared to Rs. 1,637 crores in H1 FY26 which is on a year-on-year basis an increase of 11.1%.”

“In H1 FY27 our cash flow to EBITDA ratio has decreased to 81% as compared to 92% in H1 FY26.”

“In line with our prudent financial strategy, we have reduced our net debt to Rs. 2,639 crores as on 30th September 26 resulting in the net debt to adjusted EBITDA ratio of 0.6x in Quarter 2 FY27 on trailing 12-month basis.”

“While we are expanding our recently launched multi-therapy mass-market division - Vistaar, we are also progressing towards the launch of new divisions in cardio, gastro and dental therapies.”

“Building on this journey, we recently announced our strategic acquisition of Armed Cell Therapeutics, providing us access to next generation CAR-T cell therapy platform being developed by highly experienced founding team.”

“So, the current commitment, whatever has been done is to the extent of 48 Million Euros and basis an early discussion, so, this is good up to Fiscal Year 2028.”

“We are entering this market very strategically. We launched one in cardio diabeto, one in gynaec, and going forward, you'll see the response.”

“By the time we reach FY28 and if we have good results coming out of the clinical trials that we will embark upon, I think we are open in terms of partnerships or maybe ourselves funding the programs.”

“But before that, we just want to build a very robust leadership team in the next couple of months because everything revolves around people actually.”

“And I think whatever the committee recommends, whatever guidelines they come up with, we are fully geared up to comply with it.”

“So, wherein they have quashed the four years in the order, favorable order has been passed. And the overall exposure has been brought down from the old level by Rs. 300 odd crores.”

“So, because of this particular tax litigation, we don’t expect anything to change on the financial metrics or the financial parameters of the company.”

“And having said that, whatever is there, the accounting provision as well as the financial or the payout, everything has been accounted for in the books of account.”

“During the quarter, overall revenue increased to Rs. 4,338 crores, up 17% year-on-year, while EBITDA for the quarter increased by 27.2% to Rs. 1,175 crores and EBITDA margin improved by 210 bps year-on-year to 27.1%.”

“Happy to share our in-house pipeline asset MKP11093, a best-in-class JAK Inhibitor has received funding under PRIP program by the Government of India, a first for Mankind.”

“We have added 9 new brand families with sales over Rs. 50 crores taking the total to 63 in MAT September 26 versus 54 in Financial Year ’26”

“The profit after tax for Q2 FY27 grew by 37.7% year-on-year basis to Rs. 716 crores with PAT margins improving to 16.5% during the quarter as compared to 14.1% in Q2 FY26 resulting in an increase of 240 basis point.”

“Our diluted EPS is Rs. 17.2 per share of Rs. 1 paid for the quarter.”