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Mankind Pharma Ltd

Q2 FY26

Mankind Pharma Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹2,276

Market cap₹94.0K Cr

P/E44.1

Updated16 Oct 2026

Read5 min read

The short version

Mankind expects recovery and improved performance in H2 FY '26, with outperformance of the Indian Pharma Market (IPM) by 1.1x to 1.2x in Q3 and Q4. - BSV business maintains guidance of 18% to 20% growth for FY '26, with expected double-digit sequential growth continuing in domestic specialty and international markets. - Domestic BSV growth anticipated at 12% to 15%, international at 18% to 20%. - Organic domestic business growth excluding OTC around 6% in Q2 FY '26; 8%+ growth in H1 FY '26. - New launches and volume growth are expected to pick up, with Mankind focusing on consolidating market share gained from past launches. - Respiratory inhaler brands like Symbicort and Combihale show strong growth (~28%), with continued momentum expected over next 2-3 years. - Long-term growth in BSV beyond FY '26 to be assessed post Q4, with strategic initiatives underway. - Volume outperformance vs. Mankind aims to outperform the Indian Pharma Market (IPM) by 1.3–1.4x over the next 3-5 years, continuing its historical trend of strong growth.

From Mankind Pharma Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Mankind expects recovery and improved performance in H2 FY '26, with outperformance of the Indian Pharma Market (IPM) by 1.1x to 1.2x in Q3 and Q4.
BSV business maintains guidance of 18% to 20% growth for FY '26, with expected double-digit sequential growth continuing in domestic specialty and international markets.
Domestic BSV growth anticipated at 12% to 15%, international at 18% to 20%.
Organic domestic business growth excluding OTC around 6% in Q2 FY '26; 8%+ growth in H1 FY '26.
New launches and volume growth are expected to pick up, with Mankind focusing on consolidating market share gained from past launches.
Respiratory inhaler brands like Symbicort and Combihale show strong growth (~28%), with continued momentum expected over next 2-3 years.

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Profitability & Margins

Mankind aims to outperform the Indian Pharma Market (IPM) by 1.3–1.4x over the next 3-5 years, continuing its historical trend of strong growth.
Near-term (second half FY '26) outperformance expected at 1.1x to 1.2x vs IPM, reflecting cautious optimism post recent transformations.
BSV subsidiary expected to grow 18%–20% in FY '26, with domestic portion growing 12%–15% and international 18%–20%.
Organic domestic pharma business growth aligned with IPM (~6%-8%); sequential improvement expected in H2 post GST disruption.
EBITDA margin guidance maintained at 25%-26% for FY '26, anticipated at the lower end of the range.
R&D investment to remain at 2.5%-3% of sales, supporting innovation.

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Capital Expenditure Plans

Capex spend in Q2 FY '26 increased to INR163 crores from INR128 crores in Q2 FY '25.
Capex as a percentage of revenue is 4.4% for the current quarter, within the company's guidance of 5% of revenue for FY '26.
Mankind Pharma is investing in expansion initiatives including adding new facilities and an R&D lab, particularly related to BSV.
Strategic investments include strengthening domestic leadership and increasing R&D efforts, especially in recombinant biological products and immunoglobulins.
The company plans to continue focusing on revenue synergies post-BSV acquisition, while cost synergies have been largely optimized.

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Fundraising & Capital Structure

There is no specific mention of any current or future fundraising through debt or equity in the transcript.
The company has reduced its net debt to INR 4,791 crores as of September 30, 2025, improving the net debt to adjusted EBITDA ratio from 1.8x to 1.4x.
Guidance is maintained to further reduce the net debt to adjusted EBITDA ratio to 1.2x by March 31, 2026.

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Order Book & Pipeline

The provided transcript from Mankind Pharma's Q2 & H1 FY26 earnings call does not explicitly mention details regarding the current or expected order book or pending orders. The key points discussed revolve around: - Business performance, including domestic, OTC, export, and BSV specialty segments. - Growth outlook and market challenges such as GST impact and monsoon effects. - Transformation and integration efforts in the salesforce and acquisitions.

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Mankind Pharma Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹3.4K Cr, net profit ₹559 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Mankind Pharma Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Mankind Pharma Ltd Q2 FY26 results?

Mankind expects recovery and improved performance in H2 FY '26, with outperformance of the Indian Pharma Market (IPM) by 1.1x to 1.2x in Q3 and Q4. - BSV business maintains guidance of 18% to 20% growth for FY '26, with expected double-digit sequential growth continuing in domestic specialty and international markets. - Domestic BSV growth anticipated at 12% to 15%, international at 18% to 20%. - Organic domestic business growth excluding OTC around 6% in Q2 FY '26; 8%+ growth in H1 FY '26. - New launches and volume growth are expected to pick up, with Mankind focusing on consolidating market share gained from past launches. - Respiratory inhaler brands like Symbicort and Combihale show strong growth (~28%), with continued momentum expected over next 2-3 years. - Long-term growth in BSV beyond FY '26 to be assessed post Q4, with strategic initiatives underway. - Volume outperformance vs. Mankind aims to outperform the Indian Pharma Market (IPM) by 1.3–1.4x over the next 3-5 years, continuing its historical trend of strong growth.

What is Mankind Pharma Ltd share price analysis?

Mankind Pharma Ltd currently shows a neutral. The stock trades at a P/E of 44.1 with a market cap of ₹93,988 Cr. Investors should review the full earnings analysis for detailed insights.

Is Mankind Pharma Ltd planning capital expenditure?

Capex spend in Q2 FY '26 increased to INR163 crores from INR128 crores in Q2 FY '25.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.