Mankind Q2 FY27: consolidated PAT +38% YoY to ₹716 Cr as margins clear guidance band

Mankind Pharma's consolidated Q2 FY27 (quarter ended September 30, 2026) print came in ahead of both the Street and the company's own guidance. Revenue from operations rose 17.3% YoY to ₹4,337.86 Cr (from ₹3,697.16 Cr) and 7.6% QoQ (from ₹4,030.59 Cr), above the ₹4,050–4,150 Cr range our pre-result preview flagged as the on-plan expectation. Consolidated profit for the period rose 37.7% YoY to ₹716.12 Cr (from ₹520.18 Cr) and 24.7% QoQ (from ₹574.09 Cr); the share attributable to equity holders of the parent was ₹711.48 Cr, taking basic EPS to ₹17.23 from ₹12.39 a year earlier. Both figures beat the preview's ~₹560–610 Cr PAT expectation. There were no exceptional items in either the current or year-ago quarter, so the growth is not a base-effect artifact.

Profit grew faster than revenue because margins expanded on every line. EBITDA margin (OPM) came in at ~27.1% of revenue from operations, up from 24.9% YoY and 26.2% QoQ, and above the top end of management's reaffirmed 25.5–26.5% FY27 guidance band. Gross margin held at ~72.2%, above the >71% floor the company had guided to even while flagging a West Asia headwind on the last call. Net profit margin followed through to 16.5%, up from 13.7% YoY and 14.1% QoQ — though the effective tax rate rose to ~22.9% of PBT from ~16.6% a year ago, so pre-tax profit (₹929.11 Cr, +48.9% YoY) outpaced the 37.7% PAT growth due to that higher tax incidence.

The stock went into the print at ₹2,312, down 6.2% 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 3 consecutive quarters; revenue is at a 6-quarter high.

Against prior guidance, this is a clear beat rather than a mere confirmation: management had reaffirmed double-digit FY27 revenue growth and the 25.5–26.5% margin band on the August concall, and the print cleared both. The Street's pre-result consensus (19 analysts, Buy-biased, ₹2,712–2,718 target) was built on FY27 revenue of ₹160.2b and EPS of ₹56.90; this quarter's run-rate is consistent with that path rather than requiring a cut. Corporate activity this quarter was mostly structural: the Board approved two intra-group amalgamation schemes on results day (Prolijune Lifesciences and Pavi Buildwell into Mankind Pharma; Upakarma Ayurveda into Mankind Consumer Products) to simplify the group structure, alongside the already-flagged ACTx (CAR-T/oncology) stake acquisition via an incremental EUR 45–50Mn investment in the Netherlands subsidiary — consistent with management's own framing (via our pre-result preview) that ACTx is a long-term portfolio pivot and explicitly not Q2-accretive; the quarter's numbers show no visible CAR-T-related drag or lift. BSV's subsidiary liquidation/auditor resignation and the completed Broadway Hospitality divestment were housekeeping items with no visible P&L impact. No standalone management press release accompanied this filing to independently cross-check against.