Mankind Pharma reported strong financial results for Q2 & H1 FY26. Q2 revenue increased by 21% year-on-year to INR3,697 crores, with an EBITDA margin of 25%. H1 revenue rose by 23% year-on-year to INR7,268 crores, with an EBITDA margin of 24.4%. Domestic business grew by 15%, driven by chronic and BSV consolidation, though affected by GST rollout disruptions. The company anticipates growth recovery in the second half of the fiscal year.
Financial Performance Highlights
Mankind Pharma announced a 21% year-on-year increase in revenue for Q2 FY26, reaching INR3,697 crores, compared to INR3,061 crores in Q2 FY25. This growth was fueled by both the company’s existing business and the consolidation of BSV. For H1 FY26, revenue increased by 23% to INR7,268 crores.
Domestic Business Performance
The domestic business showed a growth of 15% year-on-year in Q2 FY26, with revenue reaching INR3,184 crores. This was supported by BSV consolidation. Organic domestic growth was approximately 6% year-on-year. Excluding OTC, the organic growth was 6.6% for the quarter. For H1 FY26, domestic revenue increased by 17% to INR6,285 crores. Excluding OTC, organic growth was around 8% year-on-year.
Export Revenue Surge
Export revenue saw a substantial increase of 83% year-on-year, reaching INR513 crores in Q2 FY26. This was attributed to both base business growth and BSV consolidation. For H1 FY26, export revenue increased by 82% to INR982 crores.
EBITDA and Margins
Reported EBITDA for the quarter increased to INR924 crores, reflecting an 8.7% year-on-year growth. However, the EBITDA margin for Q2 FY26 was 25%, a decrease of 280 basis points year-on-year. The adjusted EBITDA margin for H1 FY26 stood at 24.4%, which is 200 basis points lower than the previous year.
Strategic Developments
The company launched Mankind University, an AI-powered virtual learning platform, to meet organizational needs and support future growth. Following the quarter, Mankind Pharma fully retired commercial papers worth INR5,000 crores, with the last tranche of INR1,500 crores paid in October 2025.
Source: BSE
