Mankind Pharma Q1: consolidated PAT up 29% YoY to ₹574 Cr on EBITDA margin expansion
PAT +29.12% YoY · revenue +12.89% · margins expanding
₹4,030.59 Cr
+12.89% YoY
₹574.09 Cr
+29.12% YoY
14.09%
+1.9pp YoY
₹13.76
Mankind Pharma opened FY27 with a clean double-digit print: consolidated revenue rose 12.9% YoY to ₹4,030.6 Cr and net profit climbed 29.1% to ₹574.1 Cr (₹568.1 Cr attributable to the parent), with no exceptional items on either side of the comparison — so the reported growth is also the underlying growth. Reported EPS was ₹13.76. Sequentially the topline gained 17.1% and PAT edged up only 2.6% over Q4FY26's ₹559.4 Cr, a gap that is a tax and base effect rather than a slowdown.
Q1 FY-2027 vs prior quarters
The quality of the quarter sits in the margin bridge. Consolidated EBITDA margin expanded to roughly 26.3% from about 23.7% a year ago (net profit margin 14.2% vs 12.2%), helped by a lower gross-input and other-expenses drag versus the BSV-loaded year-ago base. Notably, profit before tax jumped ~42% YoY to ₹769.5 Cr, but a normalised effective tax rate of 25.4% (against an unusually low 17.7% in Q1FY26) held PAT growth to 29% — the tax line, not operations, is why the bottom line trails PBT. Standalone told a slightly stronger story (PAT +34.5% to ₹558.5 Cr on revenue +15.3%), with the ~5pt gap to consolidated reflecting drag from overseas and newly consolidated BSV subsidiaries; readers seeing the standalone number elsewhere should treat both as correct.
The stock went into the print at ₹2,580.8, up 3.6% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.
Management projects double-digit revenue growth for FY27, aiming to outperform the IPM. They also anticipate improved EBITDA margins, guiding for a range of 25.5% to 26.5%. The strategic direction emphasizes a continued shift towards specialty and chronic therapies, driven by R&D-led innovation and a focus on building
— This quarter: met
Against management's own FY27 guidance from the Q4 concall — double-digit revenue growth and a 25.5–26.5% EBITDA margin band — this print lands squarely on plan: +12.9% revenue and a ~26.3% margin at the top of the guided range, consistent with the confident, bullish tone struck in May. No formal pre-result Street consensus was found in published previews, so the beat/miss call versus the sell-side is left open; on the company's own bar, it is an on-track quarter.
W1
Effective tax rate: whether it normalises around 25% for the rest of FY27 vs the low 17.7% base that flattered year-ago PAT
W2
EBITDA margin holding the top of the guided 25.5–26.5% band as BSV women's-health integration and Vadodara biotech capex ramp
W3
Standalone-vs-consolidated PAT gap (~5pts) — trajectory of overseas and BSV subsidiary profitability narrowing the drag
Clean digital PDF, unmodified limited-review conclusion. No exceptional items this quarter (current & year-ago both clean; Q4FY26 one-offs excluded from YoY). Consolidated PAT 574.09 is total for period; attributable to parent 568.06, NCI 6.03; EPS is parent-based. Year-ago Q1FY26 restated for BSV common-control business combination. Effective tax rate rose to 25.4% (vs 17.7% YoY), capping PAT growth below PBT's +42%.
Informational and educational content only. Not investment advice.