1. Opening Hook
When your inhalers are breathing easier than your margins, you know the quarter’s been “healthy but wheezing.” Mankind Pharma’s management came armed with optimism, spreadsheets, and a little self-deprecating honesty—because even pharma bigwigs need therapy after GST 2.0.
From growth to GST, R&D to respiratory drugs, the team discussed everything—except how they plan to clone 10,000 missing sales reps. The quarter’s been about transformation, turbulence, and trying to stay humane in “Mankind.”
Stick around—because this call went from “growth pangs” to “long-term enlightenment” faster than a wellness retreat.
2. At a Glance
- Revenue up 21%– Management swears it’s not spreadsheet sorcery, just BSV vitamins.
- EBITDA margin at 25%– Slipped 280 bps, maybe the side effects of R&D overdose.
- Net profit down 21%– Apparently, “consolidation” also consolidates profits downward.
- Domestic biz +15%– Strong in chronic, still coughing in acute.
- Exports +83%– Because someone finally found the airport!
- R&D spend 2.9% of sales– That’s how you buy innovation points.
- Net debt down to ₹4,791 crore– Debt detox, pharma-style.
3. Management’s Key Commentary
“Revenue grew 21% YoY to ₹3,697 crore; EBITDA margin at 25%.”(Translation: Growth good, margins not-so-good—classic corporate yoga pose.)
“GST 2.0 disrupted supply chains, especially in Tier 2 to Tier 6 cities.”(GST 2.0 clearly didn’t get the ‘Make in India’ memo.)
“Chronic portfolio now 37.1% of business, up 200 bps YoY.”(Finally, something that’s actually chronic and desirable! 😏)
“Partnership with OpenAI will enhance data-driven decisions.”(AI joins the boardroom—now even bots will question EBITDA guidance.)
“We are not happy with our performance.” – Rajeev Juneja(The most relatable corporate quote since “technical glitch.”)
“BSV will deliver 18–20% growth this year.”(That’s optimism mixed with a dash of beta-blockers.)
“Employee costs rose 130 bps—thanks to increments and restructuring.”(Translation: We paid more to fix what we broke last year.)
4. Numbers Decoded
| Metric | Q2FY26 | Q2FY25 | YoY Change | Commentary |
|---|---|---|---|---|
| Revenue | ₹3,697 Cr | ₹3,061 Cr | +21% | BSV boost plus base business bump |
| EBITDA | ₹924 Cr | ₹850 Cr | +8.7% | Margins caught a cold |
| EBITDA Margin | 25% | 27.8% | -280 bps | R&D & salaries ate the pie |
| PAT | ₹520 Cr | ₹661 Cr | -21% | More depreciation, less jubilation |
| R&D Spend | 2.9% | 1.9% | +100 bps | Pharma’s favorite new KPI |
| Gross Margin | 71.3% | 71.5% | -20 bps | GST “discounts” hit again |
| Net Debt | ₹4,791 Cr | ₹5,279 Cr (Q1) | ↓ ₹488 Cr | Balance sheet went on a keto diet |
(In short: Growth flex, profit stress, and GST distress.)
5. Analyst Questions
Q:“Is organic growth 8% YoY sustainable?”A:“Yes, but only after our people stop changing faster than our products.”
Q:“Why did margins fall?”A:“We gave discounts to distributors, paid employees more, and spent extra on R&D—capitalism with compassion.”
Q:“When will BSV fully sync?”A:“Second half looks good—assuming no new acronym hits us.”
Q:“Why is OTC hurting?”A:“Because it rained and GST happened. Nature and the government teamed up.”
Q:“When will outperformance return?”A:“Soon—like a delayed flight we still believe will take off.”
6. Guidance & Outlook
Mankind expectsdomestic growth to recover in H2, outpacing IPM by1.1x–1.2x,
