Mankind Pharma Reports Q2 & H1 FY26 Results and Releases Concall Transcript
Mankind Pharma released its Q2 & H1 FY26 concall transcript. Revenue grew 21% to ₹3,697 crore, but PAT declined 21.3%. Domestic business faced GST and monsoon impacts. Management expects H2 recovery.
This is a detailed earnings call transcript, providing comprehensive financial results for Q2 and H1 FY26, along with management commentary, business segment performance, and future guidance. Such information is critical for investor decision-making.
The announcement presents a mixed financial performance with strong revenue growth but a significant decline in PAT. While management expressed dissatisfaction with some aspects and noted external challenges like GST, there's a positive outlook for H2 recovery and strategic initiatives, leading to a neutral sentiment.
* Mankind Pharma Limited released the transcript of its Investor Conference Call for Q2 & H1 FY26, which was held on Thursday, November 06, 2025, at 06:00 P.M. (IST). * For Q2 FY26, overall revenue increased by 21% year-on-year to ₹3,697 crore, with an EBITDA margin of 25%. * Gross margin declined by 20 basis points to 71.3% due to discounts given to stockists for tax credit accumulation under the new GST 2.0 rollout in September 2025. * Reported EBITDA increased by 8.7% year-on-year to ₹924 crore, but the EBITDA margin decreased by 280 basis points, primarily due to increased R&D expenses (100 bps) and employee costs (130 bps). * Profit After Tax (PAT) for Q2 FY26 decreased by 21.3% year-on-year to ₹520 crore, impacted by higher finance and depreciation costs following BSV consolidation. * R&D expenses were ₹109 crore, representing 2.9% of sales, aligning with the FY26 guidance of 2.5% to 3%. * The domestic business grew by 15% year-on-year to ₹3,184 crore (organic growth around 6%, or 6.6% excluding OTC), partially impacted by supply chain disruption from new GST rates and uneven monsoons. * The chronic segment's share increased by 200 bps year-on-year to 37.1% in Q2, driven by strong performance in cardiac (1.3x outperformance) and anti-diabetics (1.2x outperformance). * The OTC business declined by 3% year-on-year to ₹226 crore, though secondary sales of key brands like Manforce (+14%) and Gas-O-Fast (+36%) saw healthy growth. * Export revenue surged by 83% year-on-year to ₹513 crore, primarily due to BSV consolidation, with organic growth in the mid-single digits. * Management expressed dissatisfaction with current domestic performance, attributing it to internal structural changes, but expects growth recovery in H2, aiming for 1.1x to 1.2x outperformance versus the Indian Pharmaceutical Market (IPM). * The BSV specialty business has gained momentum with double-digit sequential growth and is expected to achieve 18%-20% growth for FY26, with profitability improving to 26%-28% in H2. * Mankind Pharma retired commercial papers worth ₹5,000 crore post-quarter end, reducing net debt to ₹4,791 crore as of September 30, 2025, achieving a net debt to adjusted EBITDA ratio of 1.4x. * The company maintains its FY26 guidance for R&D spending (2.5%-3% of sales), capex (5% of revenue), and expects FY26 EBITDA margin to be at the lower end of the 25%-26% guidance.
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Mankind Pharma Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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