Mankind Pharma Q2 FY27 Results: Consolidated Net Profit ₹716 Crore on Total Income of ₹4,433 Crore

Earnings
Pharmaceuticals

Blacklitt Research26 October 20263 min read

Two people in protective gowns and masks work at laboratory glassware and bench equipment in a clean-room style lab, in black and white. — State Government Photographer, via Wikimedia Commons (CC0). Illustrative image.

Mankind Pharma (NSE: MANKIND) reported consolidated total income of ₹4,432.71 crore and net profit of ₹716.12 crore for the quarter ended 30 Sep 2026, it said in a filing on 26 Oct 2026. Standalone total income was ₹3,204.05 crore and standalone net profit ₹581.95 crore for the same quarter.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹4,432.71 crore, up 17.0% YoY and 8.8% QoQ
Net profit and EPS: ₹716.12 crore, up 37.7% YoY; basic EPS ₹17.23
Finance costs: ₹104.94 crore, down 38.2% YoY from ₹169.68 crore
Tax expense: ₹212.99 crore, up 105.1% YoY

Standalone

The company on its own, without its subsidiaries

Total income: ₹3,204.05 crore, up 18.0% YoY and 6.9% QoQ
Net profit and EPS: ₹581.95 crore, up 26.6% YoY; basic EPS ₹14.09
Finance costs: ₹87.74 crore, down 41.2% YoY from ₹149.22 crore
Tax expense: ₹201.64 crore, up 206.8% YoY

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	4,432.71	3,789.03	+17.0%	4,075.59	+8.8%
Revenue from operations	4,337.86	3,697.16	+17.3%	4,030.59	+7.6%
Other income	94.85	91.87	+3.2%	45.00	+110.8%
	716.12	520.18	+37.7%	574.09	+24.7%
Profit before tax	929.11	624.02	+48.9%	769.45	+20.7%
Finance costs	104.94	169.68	-38.2%	109.98	-4.6%
Depreciation	235.73	221.82	+6.3%	225.70	+4.4%
Tax expense	212.99	103.84	+105.1%	195.36	+9.0%
Net profit margin	16.16%	13.73%	+2.43 pp	14.09%	+2.07 pp
EPS, basic (₹)	17.23	12.39	+39.1%	13.76	+25.2%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Profit grew faster than income in the quarter. Consolidated net profit rose 37.7% YoY while total income rose 17.0%, and profit before tax rose 48.9%. Tax expense more than doubled, rising 105.1% to ₹212.99 crore, so the gain at the net profit line was smaller than at the pre-tax line.

Finance costs fell to ₹104.94 crore from ₹169.68 crore a year earlier, and are now 2.4% of total income. Other income of ₹94.85 crore is 2.1% of total income and 10.2% of profit before tax. The filing does not say why finance costs fell.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	3,204.05	2,714.62	+18.0%	2,998.01	+6.9%
Revenue from operations	3,145.22	2,636.95	+19.3%	2,964.05	+6.1%
Other income	58.83	77.67	-24.3%	33.96	+73.2%
	581.95	459.80	+26.6%	558.49	+4.2%
Profit before tax	783.59	525.53	+49.1%	756.57	+3.6%
Finance costs	87.74	149.22	-41.2%	94.95	-7.6%
Depreciation	120.19	106.82	+12.5%	111.02	+8.3%
Tax expense	201.64	65.73	+206.8%	198.08	+1.8%
Net profit margin	18.16%	16.94%	+1.23 pp	18.63%	-0.47 pp
EPS, basic (₹)	14.09	11.15	+26.4%	13.53	+4.1%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone revenue from operations rose 19.3% YoY to ₹3,145.22 crore, while other income fell 24.3% to ₹58.83 crore.

Standalone tax expense is 25.7% of profit before tax this quarter. Depreciation rose 12.5% YoY to ₹120.19 crore.

Consolidated net profit of ₹716.12 crore is ₹134.17 crore above standalone net profit of ₹581.95 crore for the same quarter.

Inference

The filing says income tax proceedings after a search in FY 2023-24 led to assessment additions of ₹1,868.89 crore on the standalone books, and that appeals are pending. After 30 Jun 2026 the Commissioner of Income Tax (Appeals) deleted ₹369.44 crore of disallowances for FY 2013-14 to FY 2016-17, and the tax authorities may challenge those orders. Management continues to believe the demands are not sustainable.

The debenture covenant certificate reports consolidated Net Debt to EBITDA of 0.68 times against a limit of 3.00, ISCR of 6.53 against a floor of 1.25, and Net Debt to Equity of 0.15 against a limit of 1.25 as at 30 Sep 2026.

The filing does not say when the Scheme of Amalgamation of the two subsidiaries will take effect beyond its appointed date of 01 Apr 2027, or what the Upakarma Ayurveda scheme will mean for the group; the reader would also want the consideration for the Broadway Hospitality stake sale, which the filing does not give.

Reference: Original filing (PDF)

Sign up to continue reading

Create a free account to read the rest of this article and the analysis that follows.

Disclaimer:

The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.