Mankind Pharma Q2 Results: Profit Up 38% to ₹716 Crore (Oct 26, 2026)

Mankind Pharma Q2 results, out on October 26, 2026, were the kind drugmakers like to put on a slide: revenue up 17.3% year-on-year to ₹4,338 crore, EBITDA up 27.2% to ₹1,175 crore, and profit after tax up 37.7% to ₹716 crore. Those are the consolidated numbers in the company’s press release filed with NSE and BSE.

Mankind Pharma Q2 results in numbers

• Revenue from operations: ₹4,338 crore against ₹3,697 crore a year ago (up 17.3%) and ₹4,031 crore in the June quarter (up 7.6%).
• EBITDA: ₹1,175 crore, up 27.2% from ₹924 crore. The EBITDA margin, which is EBITDA as a share of revenue, widened 210 basis points to 27.1%.
• Profit after tax: ₹716 crore, up 37.7% from ₹520 crore and 24.7% higher than ₹574 crore in Q1. PAT margin rose 240 basis points to 16.5%.
• Diluted EPS: ₹17.2, up 38.9% (not annualised).
• Gross margin: 72.2%, up 90 basis points from a year ago but 60 basis points below Q1.

You’ll see a slightly different profit headline in some coverage. CNBC-TV18 reported net profit of ₹712 crore, up 39.2% from ₹511.5 crore, and EBITDA of ₹1,171 crore. That is a different base from the PAT line in the company’s own table, so we’ve stuck with the press release figures above.

Where the growth came from

India is still the engine. Domestic revenue rose 14.8% to ₹3,657 crore, and stripping out consumer healthcare, the core domestic pharma business grew 15.9% to ₹3,428 crore. The company says secondary sales grew 15.7% against 14.2% for the Indian pharma market, as tracked by IQVIA.

Chronic therapies did a lot of the lifting. Cardiac grew 18.7% and anti-diabetes 15.8%, per the release. On the acute side, gastro grew 19% and vitamins and minerals 26%, while anti-infectives picked up to 5.4% growth from 3.6% in Q1. The domestic specialty business of Bharat Serums and Vaccines, which Mankind acquired, posted steady double-digit growth.

Exports were the surprise. They jumped 32.7% to ₹681 crore, and the company launched one more product in the US, taking its tally there to 50.

The soft spot: consumer healthcare

The OTC arm, home to brands like Manforce and Preganews, grew just 1.2% to ₹229 crore and fell 7% from the June quarter. Mankind blamed slower category offtake across the industry and some regional weakness in the East and South. It did gain share in key brands, and modern trade and e-commerce now make up 18% of the business against 12% a year ago. Still, this is the one line we’d watch next quarter.

What else the board did

Vice Chairman and MD Rajeev Juneja pointed to the recent acquisition of Armed Cell Therapeutics as the company’s entry into next-generation CAR-T therapies. Separately, the board approved merging two wholly owned subsidiaries, Prolijune Lifesciences and Pavi Buildwell, into the parent, with an appointed date of April 1, 2027, subject to approvals including the NCLT, according to CNBC-TV18. Business Standard quoted Juneja as saying domestic growth was led by demand in chronic therapies such as cardiac and anti-diabetes.

The stock was trading 4.49% higher at ₹2,312 on the NSE at 3:15 pm on the day, per CNBC-TV18.

What it means

For the first half, revenue is up 15.1% to ₹8,368 crore and PAT up 33.7% to ₹1,290 crore. Profit growing more than twice as fast as sales tells you operating leverage is kicking in. The question is whether margins at 27% can hold if gross margin keeps slipping sequentially, as it did this quarter. For more on the sector, see our pharma stocks to watch, this week’s Q2 results calendar, and our guide on how to analyse quarterly results.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making investment decisions.