Mankind Pharma Q2 FY27: Profit Jumps 38% to ₹716 Crore

Mankind Pharma (

) delivered a strong Q2 FY27 performance, with profit growing faster than revenue and operating margins improving. The results reflect healthy demand in its domestic pharmaceutical business, strength in chronic therapies and robust export growth. Key Q2 FY27 Highlights - Net profit: ₹716 crore, up 37.7% year-on-year. - Revenue from operations: ₹4,338 crore, up 17.3% YoY. - EBITDA: ₹1,175 crore, up 27.2% YoY. - EBITDA margin: Expanded to 27.1% from approximately 25% a year ago. - Domestic pharmaceutical business: Grew 15.9%, excluding consumer healthcare. - International business: Revenue increased 33% YoY. - Chronic therapies: Cardiac and anti-diabetes brands grew approximately 19% and 16%, respectively. What Is Driving the Growth? Mankind Pharma's domestic business outperformed the Indian Pharmaceutical Market, supported by demand for chronic and acute therapies. Its specialty portfolio, including Bharat Serums and Vaccines (BSV), and international operations also contributed to growth. Importantly, EBITDA grew faster than revenue, indicating improved operating profitability. However, the consumer healthcare business faced relatively subdued category-level demand, making this an area to monitor. My View Mankind Pharma's Q2 results are encouraging because the company has delivered growth across revenue, earnings and operating margins. The performance of chronic therapies and the 33% growth in international revenue provide additional support to its growth outlook. The company's entry into next-generation CAR-T therapies through its acquisition of Armed Cell Therapeutics also adds a potential long-term growth avenue, although its commercial contribution will take time to assess. Overall, the results strengthen the operating-growth narrative, but investment decisions should also consider the stock's valuation and the sustainability of earnings growth.