Mankind Pharma, India’s fourth-largest drugmaker by domestic sales, has reported a sharp rise in second-quarter earnings, with consolidated net profit climbing 37.7 per cent year-on-year to ₹716 crore for the quarter ended 30 September 2026, against ₹520 crore a year earlier.

Revenue from operations grew 17.3 per cent to ₹4,338 crore, compared with ₹3,697 crore in Q2 FY26, the New Delhi-headquartered company said in its exchange filing on 26 October. EBITDA rose 27.2 per cent to ₹1,175 crore, and the EBITDA margin widened by 210 basis points to 27.1 per cent. PAT margin improved 240 basis points to 16.5 per cent.

Chronic therapies power the domestic engine

The India business remains the company’s growth anchor. Domestic revenue, excluding consumer healthcare, rose 15.9 per cent to ₹3,428 crore, with Mankind saying it grew about 1.2 times faster than the Indian pharmaceutical market by volume.

Chronic therapies led the gains. Cardiac grew 19 per cent and anti-diabetes 16 per cent. On the acute side, gastro rose 19 per cent and vitamins, minerals and nutrients (VMN) 26 per cent. The specialty portfolio of Bharat Serums and Vaccines (BSV), which Mankind acquired in 2024, also kept up double-digit domestic growth.

“Our disciplined execution and strengthening business fundamentals resulted in strong performance,” said Rajeev Juneja, Vice Chairman and Managing Director, Mankind Pharma. He pointed to the company’s recent acquisition of Armed Cell Therapeutics as a strategic entry into next-generation CAR-T therapies that strengthens its R&D capabilities.

Exports accelerate, OTC stays soft

Exports rose 32.7 per cent to ₹681 crore, helped by both Mankind’s own international business and BSV’s overseas sales. The over-the-counter (OTC) consumer healthcare arm, known for brands such as Manforce, Prega News and Gas-O-Fast, was the weak spot, growing only about 1.2 per cent as category offtake slowed across the industry and some eastern and southern markets were affected.

First-half picture

For H1 FY27, revenue from operations rose 15.1 per cent to ₹8,368 crore, EBITDA grew 26 per cent to ₹2,235 crore with a 26.7 per cent margin, and net profit increased 33.7 per cent to ₹1,290 crore.

Alongside the results, the board approved a scheme to merge two wholly owned subsidiaries, Prolijune Lifesciences and Pavi Buildwell, into Mankind Pharma, with an appointed date of 1 April 2027, subject to statutory and NCLT approvals.

Why it matters for the industry

Mankind’s quarter adds to the evidence that India’s branded-generics market, especially chronic segments like cardiology and diabetes, remains the most dependable growth lever for domestic-focused drugmakers, even as export-heavy peers contend with US pricing pressure and regulatory scrutiny. Its move into cell therapy also shows mid-to-large Indian players building innovation pipelines beyond conventional formulations.

These are among the shifts in manufacturing, R&D and market strategy that India Pharma Expo 2027 and the NextGen Pharma Summit & Awards will bring industry leaders together to discuss.

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