Mankind Pharma Limited (MANKIND)
₹2,275.50 -3.07% last close, 16 Oct
Q2 FY27 results
📅 Next results: 26 Oct 2026 (board meeting)Mankind Pharma Limited's board meets on 26 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Mankind Pharma's revenue was ₹4,031 Cr (+12.9% year on year, +17.1% on the previous quarter), and net profit ₹574 Cr (+29.1% year on year); the operating margin was 26.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,031 | +12.9% | +17.1% |
| Operating profit | ₹1,056 | +24.7% | +13.6% |
| Net profit | ₹574 | +29.1% | +2.7% |
| EPS (₹) | 13.76 | +29.6% | +2.5% |
| Operating margin | 26.2% | — | — |
MANKIND delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 61.71% of the MANKIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.85%. That is close to its usual level. In MANKIND futures, open interest rose 2.05% while the futures price fell 3.05%: short buildup (new short positions).
Delivery in the last 5 sessions: 53.3% · 68.9% · 59.1% · 61.4% · 61.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Mankind Pharma has approved an additional investment of up to EUR 45Mn in its wholly owned Dutch subsidiary, taking its aggregate investment limit to EUR 50Mn. Through this subsidiary, Mankind will invest EUR 48Mn (approx. ₹430-440 Cr) in instalments to acquire a 70% majority stake in Belgium-based Armed Cell Therapeutics B.V. (ACTx). ACTx is an early-stage biotechnology firm developing next-generation CAR-T cancer therapies targeting non-Hodgkin lymphoma and small cell lung cancer. With nil current turnover at ACTx, the cash consideration represents roughly 3% of Mankind's TTM revenue (₹14,738 Cr), making it a focused R&D innovation bet rather than an immediate top-line driver.
- To acquire a 70% majority stake in Armed Cell Therapeutics B.V. (ACTx) for EUR 48Mn via Mankind Pharma (Netherlands) B.V.
- Approved additional investment of up to EUR 45Mn into the Dutch subsidiary, raising total limit to EUR 50Mn.
- Target ACTx is an early-stage biotech with Nil turnover, focused on CAR-T therapies for non-Hodgkin lymphoma and small cell lung cancer.
- Led by prominent biotech veterans including Dr. Paul Stoffels (former CSO of Johnson & Johnson) and Dr. John Mellors.
Mankind Pharma has approved an additional investment of up to EUR 45Mn in its wholly owned Dutch subsidiary, taking its aggregate investment limit to EUR 50Mn. Through this subsidiary, Mankind will invest EUR 48Mn (approx. ₹430-440 Cr) in instalments to acquire a 70% majority stake in Belgium-based Armed Cell Therapeutics B.V. (ACTx). ACTx is an early-stage biotechnology firm developing next-generation CAR-T cancer therapies targeting non-Hodgkin lymphoma and small cell lung cancer. With nil current turnover at ACTx, the cash consideration represents roughly 3% of Mankind's TTM revenue (₹14,738 Cr), making it a focused R&D innovation bet rather than an immediate top-line driver.
- To acquire a 70% majority stake in Armed Cell Therapeutics B.V. (ACTx) for EUR 48Mn via Mankind Pharma (Netherlands) B.V.
- Approved additional investment of up to EUR 45Mn into the Dutch subsidiary, raising total limit to EUR 50Mn.
- Target ACTx is an early-stage biotech with Nil turnover, focused on CAR-T therapies for non-Hodgkin lymphoma and small cell lung cancer.
- Led by prominent biotech veterans including Dr. Paul Stoffels (former CSO of Johnson & Johnson) and Dr. John Mellors.
Mankind Pharma has approved an additional investment of up to EUR 45Mn in its wholly owned Dutch subsidiary, taking its aggregate investment limit to EUR 50Mn. Through this subsidiary, Mankind will invest EUR 48Mn (approx. ₹430-440 Cr) in instalments to acquire a 70% majority stake in Belgium-based Armed Cell Therapeutics B.V. (ACTx). ACTx is an early-stage biotechnology firm developing next-generation CAR-T cancer therapies targeting non-Hodgkin lymphoma and small cell lung cancer. With nil current turnover at ACTx, the cash consideration represents roughly 3% of Mankind's TTM revenue (₹14,738 Cr), making it a focused R&D innovation bet rather than an immediate top-line driver.
- To acquire a 70% majority stake in Armed Cell Therapeutics B.V. (ACTx) for EUR 48Mn via Mankind Pharma (Netherlands) B.V.
- Approved additional investment of up to EUR 45Mn into the Dutch subsidiary, raising total limit to EUR 50Mn.
- Target ACTx is an early-stage biotech with Nil turnover, focused on CAR-T therapies for non-Hodgkin lymphoma and small cell lung cancer.
- Led by prominent biotech veterans including Dr. Paul Stoffels (former CSO of Johnson & Johnson) and Dr. John Mellors.
S.R. Batliboi & Co. LLP has resigned as statutory auditor of Mankind Pharma's material subsidiary, Bharat Serums & Vaccines Limited (BSV), effective September 28, 2026. The resignation is purely procedural following BSV shareholders' resolution on September 7, 2026, to initiate voluntary liquidation under the Insolvency and Bankruptcy Code (IBC). Under IBBI Voluntary Liquidation Regulations, the liquidator cannot retain professionals who served as auditors in the preceding five years. The auditor reported no audit concerns or qualifications, having completed the FY26 audit on May 12, 2026.
- S.R. Batliboi & Co. LLP resigns as statutory auditor of subsidiary Bharat Serums & Vaccines Limited effective September 28, 2026.
- BSV shareholders approved voluntary liquidation under IBC on September 7, 2026.
- Resignation is driven by Regulation 11 of IBBI regulations restricting past auditors from being engaged by liquidators.
- Auditor confirmed no concerns or qualifications; FY26 audit completed on May 12, 2026, and FY27 audit was not commenced.
S.R. Batliboi & Co. LLP has resigned as the statutory auditor of Mankind Pharma's material wholly owned subsidiary, Bharat Serums and Vaccines Limited (BSV), effective September 28, 2026. The resignation is strictly procedural due to the initiation of voluntary liquidation proceedings of BSV under Section 59 of the Insolvency and Bankruptcy Code, 2016. Regulations prohibit liquidators from engaging professionals who served as auditors during the preceding five years. The auditor confirmed there are no other material reasons or audit concerns.
- Resignation of S.R. Batliboi & Co. LLP as statutory auditor of BSV took effect on September 28, 2026
- Voluntary liquidation of BSV initiated following shareholder resolution dated September 7, 2026
- Regulations bar liquidators from engaging auditors who served the company within the preceding 5 years
- The auditor completed BSV's FY26 audit on May 12, 2026, and confirmed no unresolved concerns or disagreements
Mankind Pharma Limited has declared the voting results of its Postal Ballot concluded on September 17, 2026. The special resolution for the appointment of Mr. Anish Vanraj Bafna as a Non-Executive Independent Director was approved by shareholders with a 99.96% majority of valid votes polled. A total of 39.62 crore votes were cast out of 41.30 crore total shares, representing a 95.93% voter turnout. The 5-year appointment is effective from August 10, 2026.
- Appointment of Mr. Anish Vanraj Bafna as Non-Executive Independent Director passed with 99.9627% votes in favour
- Overall turnout stood at 95.9343% with 39,62,04,784 total valid votes polled
- Institutional shareholders voted 99.8278% in favour (8,49,55,538 votes)
- Appointment term is for 5 consecutive years commencing August 10, 2026
Mankind Pharma has informed stock exchanges that SEBI-registered Category II provider Niche99 ESG Ratings has assigned the company an ESG rating score of 68.21. The score places the company under the 'Leader' category based on public domain data and disclosures for FY 2025-26. The company noted that it did not formally engage Niche99, and the report was prepared independently.
- ESG rating score assigned is 68.21 for FY 2025-26
- Company placed under the 'Leader' category by Niche99 ESG Ratings
- Report prepared independently without direct engagement by Mankind Pharma
- Rating based on disclosures and data available in the public domain for FY 2025-26
Mankind Pharma has announced management participation in three upcoming investor conferences scheduled between September 17 and September 21, 2026. The forums include the Jefferies 5th India Forum in Gurgaon on September 17, Healthcare Forum in Mumbai on September 18, and J.P. Morgan India Conference in Mumbai on September 21. Discussions will cover one-on-one and group meetings based strictly on publicly available information. No unpublished price-sensitive information will be shared.
- Participation in Jefferies 5th India Forum on 17th Sep’26 in Gurgaon
- Participation in Healthcare Forum on 18th Sep’26 in Mumbai
- Participation in J.P. Morgan India Conference on 21st Sep’26 in Mumbai
- Meetings scheduled in One-on-One / Group Meeting format without disclosure of UPSI
Mankind Pharma has announced that the shareholders of its wholly owned subsidiary, Bharat Serums and Vaccines Limited (BSVL), approved undertaking voluntary liquidation at an Extraordinary General Meeting (EGM) held on September 7, 2026. This follows preparatory steps initiated on August 26, 2026, aimed at streamlining corporate structure post its acquisition for ₹13,768 crore. The voluntary liquidation process remains subject to approval by the creditors of BSVL in accordance with Insolvency and Bankruptcy Code (IBC) regulations. The move is procedural and part of operational integration without disrupting business operations.
- EGM held on September 7, 2026, approved the voluntary liquidation of wholly owned subsidiary BSVL
- Process remains subject to creditor approval under IBC 2016 and IBBI Regulations 2017
- Follows earlier corporate disclosure and preparatory activities initiated on August 26, 2026
- BSVL was acquired for ₹13,768 crore to expand Mankind Pharma's specialty and women's health portfolio
Mankind Pharma Limited has approved the allotment of 49,112 equity shares of face value ₹1 each upon the exercise of employee stock options under the Mankind ESOP Plan 2022. The options were exercised at an issue price of ₹860.00 per share, comprising a face value of ₹1 and a premium of ₹859.00 per share. Following this allotment, the company's total issued share capital increased marginally from 41,29,95,978 to 41,30,45,090 equity shares.
- Allotment of 49,112 equity shares of face value ₹1/- each under ESOP Plan 2022
- Exercise price fixed at ₹860.00 per share (including a premium of ₹859.00 per share)
- Total issued share count increased from 41,29,95,978 to 41,30,45,090 equity shares
- Total post-allotment paid-up share capital stands at ₹41,30,45,090
Mankind Pharma Limited has announced the completion of the divestment of its 100% equity stake in Broadway Hospitality Services Private Limited on August 31, 2026. The stake has been transferred to AKRK Projects LLP and its Partners following the prior intimation dated July 11, 2026. Consequently, Broadway Hospitality Services ceases to be a wholly-owned subsidiary of Mankind Pharma. Financial consideration details were referenced to the earlier filing and not reiterated in this final execution update.
- Completed transfer of 100% stake in Broadway Hospitality Services on August 31, 2026
- Buyer identified as AKRK Projects LLP and its Partners
- Broadway Hospitality Services ceased to be a wholly-owned subsidiary effective August 31, 2026
- Follows initial transaction disclosure made on July 11, 2026
Mankind Pharma has announced the cessation of Mr. Bharat Anand as a Non-Executive Independent Director effective August 30, 2026, upon the completion of his second term. Consequently, Mr. Anand has stepped down from 4 board committees: the Audit, Nomination and Remuneration, Risk Management, and Corporate Social Responsibility Committees. This is a routine governance transition in accordance with statutory term limits under Indian company law. The operational and financial profile of Mankind Pharma (TTM revenue of ₹14,738 Cr) remains unaffected.
- Cessation of Non-Executive Independent Director Mr. Bharat Anand effective August 30, 2026
- Departure is due to the completion of his second statutory term
- Steps down from 4 board committees including Audit, Nomination & Remuneration, Risk Management, and CSR
- Director DIN cited in filing: 02806475
Mankind Pharma's Board has approved the integration and consolidation of its wholly owned material subsidiary, Bharat Serums and Vaccines Limited (BSVL), into the parent company through a voluntary liquidation process under the Insolvency and Bankruptcy Code. Mankind directly holds 96% of BSVL while its wholly owned subsidiary Appian Properties holds the remaining 4%. Upon completion, BSVL's business will transfer to Mankind on a going concern basis, and Appian will receive cash proportionate to its 4% stake based on independent valuation. This corporate simplification follows Mankind's ₹13,768 crore acquisition of BSVL, aiming to eliminate duplicate holding costs and enhance operational synergies.
- Mankind Pharma holds 96% directly in BSVL and 4% via wholly owned subsidiary Appian Properties Private Limited
- BSVL business to be distributed to Mankind on a going concern basis upon regulatory approvals and transfer of licenses
- Appian Properties to receive cash proportionate to its 4% fair value shareholding via an independent valuation report
- No change in the shareholding pattern of parent company Mankind Pharma Limited; BSVL shares will be cancelled upon dissolution
Mankind Pharma's Board has approved the integration of its material wholly owned subsidiary, Bharat Serums and Vaccines Limited (BSVL), into the parent company via voluntary liquidation under the Insolvency and Bankruptcy Code. Mankind holds a 96% direct stake in BSVL, while its wholly owned subsidiary Appian Properties holds the remaining 4%. BSVL's business will be transferred directly to Mankind on a going concern basis, and Appian will receive cash for its 4% share based on an independent fair valuation. This formal consolidation directly follows Mankind's Rs 13,768 Cr acquisition of BSVL to eliminate dual-entity overheads and streamline operations.
- Mankind Pharma directly holds 96% of BSVL, with the remaining 4% held via wholly owned subsidiary Appian Properties.
- BSVL business to be transferred to Mankind on a going concern basis upon regulatory and licensing approvals.
- Appian Properties to receive cash proportionate to its 4% holding based on an independent valuation report.
- BSVL will be dissolved with zero change to the parent shareholding pattern of Mankind Pharma.
- Integration consolidates the specialty portfolio from the Rs 13,768 Cr BSVL acquisition directly into the standalone entity.
CRISIL ESG Ratings has independently upgraded Mankind Pharma's Environmental, Social, and Governance (ESG) rating to 64 ('Strong' category) from 57 ('Adequate' category). Additionally, the company's Core ESG Rating improved from 60 to 71. The evaluation was conducted independently by the rating agency based on FY2026 disclosures and public information without company engagement.
- Overall ESG Rating upgraded to 64 ('Strong') from 57 ('Adequate')
- Core ESG Rating increased to 71 from 60
- Independent assessment by CRISIL ESG Ratings based on FY2026 public disclosures
Financial Performance
Revenue Growth by Segment
Domestic Business grew 14.5% YoY to INR 3,184 Cr (86.1% of revenue), while Exports surged 82.6% YoY to INR 513 Cr (13.9% of revenue) due to BSV consolidation. The Consumer Healthcare segment saw a 2.6% YoY decline to INR 226 Cr, impacted by supply chain disruptions and monsoon patterns.
Geographic Revenue Split
Domestic market accounts for approximately 86.1% of revenue (INR 3,184 Cr in Q2 FY26), while Exports contribute 13.9% (INR 513 Cr). Historically, the domestic market has represented up to 92% of total operating income.
Profitability Margins
Gross Margin stood at 71.3% (down 20 bps YoY), EBITDA Margin at 25.0% (down 280 bps YoY), and PAT Margin at 14.1% (down 750 bps YoY) for Q2 FY26.
EBITDA Margin
25.0% in Q2 FY26, representing a 280 bps YoY decline from 27.8% in Q2 FY25. This contraction was driven by the consolidation of BSV and one-time discounts provided to stockists during the GST 2.0 transition.
Capital Expenditure
INR 163 Cr spent in Q2 FY26 (4.4% of revenue). The company maintains a guidance of 5% of revenue for FY26 capex, with organic capex expected at INR 600-800 Cr per annum over the medium term.
Credit Rating & Borrowing
CRISIL Ratings maintains a 'Stable' outlook. Net debt to adjusted EBITDA improved to 1.4x in Q2 FY26 from 1.8x in March 2025, following the repayment of INR 3,000 Cr in commercial paper using QIP proceeds.
Operational Drivers
Capacity Expansion
Organic capex of INR 600-800 Cr per annum planned over the medium term to support growth.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but 75% in-house manufacturing supports a healthy gross margin of 71.3%.
Manufacturing Efficiency
PCPM (Per Candidate Per Month) for the domestic business improved to INR 7 Lakhs (TTM basis) from INR 6.8 Lakhs. BSV specialty business PCPM improved to INR 12.6 Lakhs from INR 11.1 Lakhs.
Strategic Growth
Expected Growth Rate
12-15%
Growth Strategy
Mankind aims to achieve growth through the integration of Bharat Serums and Vaccines (BSV), acquired for INR 13,768 Cr, which provides access to high-entry-barrier specialty segments like women's health and fertility. The company is shifting its portfolio towards the Chronic segment, which now accounts for 36% of revenue and grew at 13.5% (outperforming IPM's 13.3%). Additionally, Mankind leverages its massive distribution network of 18,000+ field force and 500,000 doctors to drive a 1.7x volume outperformance compared to the Indian Pharmaceutical Market (IPM).
Products & Services
Pharmaceutical formulations for acute and chronic therapies, Manforce condoms, Gas-O-Fast antacids, Prega News pregnancy kits, fertility hormones, and critical care medicines.
Brand Portfolio
Manforce, Gas-O-Fast, Prega News, HealthOK, and BSV specialty brands.
New Products/Services
BSV specialty portfolio and new chronic therapy launches; new products achieved 1.7x volume outperformance vs the industry.
Market Expansion
Focus on Tier 2 and below cities (45% of revenue) and expanding the specialty/super-specialty presence through BSV integration.
Market Share & Ranking
4th largest pharmaceutical company in India by value; 1st in prescription share at 15.3%.
Strategic Alliances
Completed the 100% acquisition of Bharat Serums and Vaccines (BSV) for INR 13,768 Cr in October 2024.
External Factors
Industry Trends
The Indian Pharmaceutical Market (IPM) is growing at 8%, with a significant shift toward chronic therapies. Mankind is positioning itself by increasing its chronic revenue share to 36% and acquiring BSV to lead in the specialty super-specialty segments. The industry is also seeing a digital shift, with Mankind's Modern Trade and E-commerce share rising from 8% to 12% in H1 FY26, supported by 45%+ growth in these channels.
Competitive Landscape
Competes with top Indian pharma players; maintains a notch lower price increase (3.9%) than IPM (4.2%) to gain volume share.
Competitive Moat
Mankind possesses a durable moat through its extensive distribution network, reaching 500,000 doctors and maintaining the highest prescription share in India at 15.3%. Its 75% in-house manufacturing provides cost leadership and supply chain control. The acquisition of BSV adds a specialty moat with complex R&D platforms and high-entry-barrier products in critical care and fertility, where competition is limited.
Macro Economic Sensitivity
Sensitive to monsoon cycles (impacting OTC/Acute sales) and domestic GDP growth, as 86-92% of revenue is India-centric.
Consumer Behavior
Rapid shift to digital channels, with Modern Trade and E-commerce growing at 45%+ YoY.
Geopolitical Risks
Low international exposure as exports only contributed ~8-14% to total operating income.
Regulatory & Governance
Industry Regulations
Subject to DPCO/NLEM price caps on 16% of the portfolio; non-scheduled products (85%) allowed 10% annual price hikes.
Environmental Compliance
ESG compliance mentioned as key for capital raising and stakeholder confidence.
Legal Contingencies
The company faces a potential contingent tax liability of approximately INR 1,000 Cr following Income Tax assessment orders and disallowances of over INR 1,800 Cr. While management considers these demands untenable, an adverse outcome would materially impact the financial risk profile.
Risk Analysis
Key Uncertainties
Integration risks of the INR 13,768 Cr BSV acquisition, outcome of the INR 1,000 Cr tax dispute, and high dependence on the Indian market (92%).
Geographic Concentration Risk
92% of revenue from India; 45% from Tier 2 and below cities.
Third Party Dependencies
25% of manufacturing is outsourced to third-party vendors.
Technology Obsolescence Risk
Implementing AI-powered virtual learning (Mankind University) to modernize the workforce and mitigate digital transformation risks.
Credit & Counterparty Risk
Efficient working capital management with 46 days cycle and minimal credit line utilization.
