Mankind Pharma Ltd.sales +17%, PAT +37.7%, EBITDA margin 27.1%

Mankind Pharma's Q2 FY27 call, held on 26 October 2026, showed a drugmaker growing faster than its market again.

Revenue rose 17.3% to ₹4,338 crore, EBITDA rose 27.2% to ₹1,175 crore at a 27.1% margin, and profit after tax rose 37.7% to ₹716 crore despite a higher tax rate. Secondary sales grew 15.7%, 1.1 times the market, and volume growth reached 6.2%, up from minus 0.5% a year earlier. Chronic share rose 80 basis points to 37.4%, the BSV specialty business grew more than 20% for a second quarter, and international revenue rose 33% to ₹680 crore.

Consumer healthcare was the weak spot: revenue was ₹229 crore, management said it is unhappy with the performance and expects single-digit growth this year. Cash flow to EBITDA fell to 81% on working capital. Management kept the 25.5% to 26.5% EBITDA margin guide, said R&D will run near 3% of sales including its newly acquired Armed Cell CAR-T business, and set a goal of 50% chronic share in four to five years. No earlier promises were on file for comparison.