Slides
Page 1
Q2 & H1FY27 October 2026
Page 2
Index 01 Financial Performance 02 Business Updates – Q2 FY27 • Key Financials – Q2 FY27 • P & L Highlights – Q2 & H1 FY27 • Key Financial Metrics – Q2 FY27 03 Additional Information • Mankind Pharma at a Glance (FY26) • Key Milestones • Expansion in Specialty and Super Specialty Segments • Financials - Steady Growth Trajectory • Shareholding Pattern • Annexures • Q2 & H1 FY27 Earnings Call Details • Domestic Business (ex-CH) • Consumer Healthcare Business (CH) • Export Business • ESG Updates
Page 4
Mr. Rajeev Juneja Vice Chairman & Managing Director • Revenue grew ~17% YoY with EBITDA margins improving by 210 bps to 27.1% • Strong domestic business3 growth of 15.9% led by 1.2x volume outperformance to IPM, further supported by: Mid-teen growth in Mankind Domestic with 1.1x Chronic outperformance4, led by growth of 19% in Cardiac and 16% in Diabetes Acute outperformance of 1.1x, led by 19% growth in Gastro, 26% in VMN Steady double digit growth in BSV domestic specialty business • International business grew 33%, while OTC witnessed muted growth in Q2 • Our disciplined execution and strengthening business fundamentals resulted in strong performance. Our recent acquisition of Armed Cell Therapeutics, marks strategic entry into Next-Generation CAR-T therapies, strengthening R&D capabilities for future growth. 1. On TTM Basis, Adj. ROCE excludes BSV Acquisition || 2. Calculated on TTM EBITDA adjusted with one time impact of labour code regulations and other non-recurring cost || 3. Domestic Business excluding Consumer Healthcare – reported || 4. Ex-Tirzepatide Segmental Revenue Break - Up 84% 16% Domestic Exports 94% 6% Domestic Business (Ex CH) Consumer Healthcare (CH) 4,338 3,657 4
Page 5
Gross Margins % 72.2% 71.3% 90 bps 72.8% 60 bps 72.5% 70.9% 160 bps EBITDA Margins % 27.1% 25.0% 210 bps 26.3% 80 bps 26.7% 24.4% 230 bps PAT Margins % 16.5% 14.1% 240 bps 14.2% 230 bps 15.4% 13.3% 210 bps INR Cr Q2 FY27 Q2FY26 YoY Growth Q1FY27 QoQ Growth H1 FY27 H1 FY26 YoY Growth Revenue from Operations (A=B+C) 4,338 3,697 17.3% 4,031 7.6% 8,368 7,268 15.1% Domestic Business (B) 3,657 3,184 14.8% 3,426 6.7% 7,082 6,285 12.7% i. Domestic Business (ex CH) 3,428 2,958 15.9% 3,180 7.8% 6,608 5,822 13.5% ii. Consumer Healthcare (CH) 229 226 1.2% 246 (7.0%) 475 463 2.6% Exports Business (C) 681 513 32.7% 605 12.6% 1,286 982 31.0% Gross Profit 3,134 2,635 18.9% 2,932 6.9% 6,066 5,152 17.7% EBITDA 1,175 924 27.2% 1,060 10.8% 2,235 1,774 26.0% Profit After Tax 716 520 37.7% 574 24.7% 1,290 965 33.7% Diluted EPS1 (INR) 17.2 12.4 38.9% 13.7 25.2% 30.9 23.0 34.6% Cash EPS1 (INR) 22.9 17.7 29.1% 19.2 19.3% 42.1 33.6 25.1% 1. Diluted EPS and Cash EPS not annualised 5
Page 6
CAPEX (INR Cr) ROCE2Cash Flow from Operations (INR Cr) 1. Above FY25 P&L items are for continuing operations only || 2. On TTM Basis || 3. calculated on Adj. EBITDA basis | *Includes BSV from 23-Oct-2024 || Refer Annexure for Formulas 6 Net Cash / (Net Debt) (INR Cr) Net Operating Working Capital Days2 546 840 840 817 593 797 797 1,002 460 761814 723 FY25 FY26 H1FY26 H1FY27 Q1 Q2 Q3 Q4 80% 89%CFO to EBITDA 92% 81% 40% 41% 41% 45% Mar31, 2025 Mar31, 2026 Sept30, 2025 Sept30, 2026 With BSV Acquisition 14%* With BSV Acquisition 11%*11%* 12% With BSV Acquisition With BSV Acquisition 45 43 45 43 Mar31, 2025 Mar31, 2026 Sept30, 2025 Sept30, 2026 46* 51* With BSV Acquisition 50* 52 With BSV Acquisition With BSV Acquisition With BSV Acquisition (4,791) (4,294) (3,932) (3,377) (2,639) Sep30, 2025 Dec31, 2025 Mar31 2026 Jun30, 2026 Sept30, 2026 1.3xNet-Debt to EBITDA3 1.1x 0.9x 0.6x1.4x 125 127 127 198 128 163 163 214 91 184 187 263 FY25 FY26 H1FY26 H1FY27 Q1 Q2 Q3 Q4 4.3% 5.2%CAPEX as % of Rev 4.9%4.0%
Page 8
Domestic revenue (ex- CH) increased 15.9% YoY driven by strong double digit growth in both Mankind and BSV specialty business Secondary sales2 growth of 15.7% vs 14.2% IPM4 in Q2FY27 indicating a 1.1x outperformance to IPM led by 1.1x outperformance in chronic3 growth supported by 18.7% in Cardiac and 15.8% in Anti-Diabetes 1.1x outperformance in acute driven by Gastro (1.3x), VMN (1.4x); Anti-infectives also recovering QoQ (5.4% in Q2FY27 vs 3.6% in Q1FY27) Strong growth in key focused brands3: Acute brands like Pantakind (31%), Dydroboon (19%), Cefakind-CV (18%), Nurokind-LC (18%) in Q2FY27 Chronic brands like Pangraf (60%), Placida (28%), Telmikind-AM (16%), Glizid-M (15%) Healthy growth in BSVs key brands - Humog (51%), Lonopin (45%), Anti-D (37%) and ASVS (45%) Brands with sales above Rs 50 crore increased to 63 in MAT Sep’26 from 54 in FY26, while brands with sales over Rs 100 crore rose to 26 from 22 Consistently maintained #1 rank over last 9 years with prescription share of 15.2% and prescriber penetration of 84.4% in MAT Aug’26 Strong Growth in Domestic (ex-CH) Revenue1 INR Cr 1. Denotes Reported Number including BSV w.e.f 23-Oct-2024 || 2. As per IQVIA Sep 2026 || 3. Ex-Tirzepatide 8 8,741 9,866 11,338 2,958 3,428 FY24 FY25 FY26 Q2FY26 Q2FY27
Page 9
As per IQVIA SEP-26 || 1. Mankind excluding BSV || 2. Ex-Tirzepatide || 3. Restated data excluding discontinued brands 9 Consistent focus to increase chronic contribution 38.3 39.0 40.4 39.0 39.8 35.2 36.6 38.5 36.6 37.4 FY24 FY25 FY26 Q2 FY26 Q2 FY27 IPM Chronic Share % Mankind Chronic Share % 9.7 9.9 13.7 11.8 17.2 12.7 11.8 13.4 14.3 17.9 FY24 FY25 FY26 Q2FY26 Q2FY27 IPM Chronic Growth % Mankind Chronic Growth % 1.4x2 1.1x21.3x 1.2x 1.1x2 Overall Chronic Growth 38.3 39.0 40.4 39.0 39.8 34.0 35.4 37.0 35.2 35.9 FY24 FY25 FY26 Q2FY26 Q2FY27 IPM Chronic Share % Mankind Chronic Share % 1.1x outperformance to IPM both in Cardiac and Anti-Diabetic2 respectively in Q2FY27 1.9x outperformance to IPM in Respiratory Chronic in Q2FY27 Consistent outperformance across key portfolio supported by key brands – 15% growth in Telmikind family; 47% / 34% in Lipirose / Statpure in Cardiac Glizid brand family grew 19% YoY, and Nobeglar (Insulin) grew by 58% in Anti-Diabetes 21% combined YoY growth in inhaler (Combihale & Symbicort) Mankind Consolidated Chronic Share 3 3 40.12 40.12 38.52 39.02 38.52 39.02 16.12 10.52 12.42
Page 10
Key new launches gaining strong traction - Vonalong, Empagreat, Dynaduo, Nurokind HS PFS and Pantakind Raft As per IQVIA Sep-26 Including BSV 10 Brand Families Sales > INR 50 Crore > INR 100 Crore > INR 200 Crore > INR 500 Crore FY 21 36 15 7 0 FY 26 54 22 13 3 MAT Sep’26 63 26 14 3 11.2% 12.3% 12.8% Sales CAGR (FY21-26) 14.4%
Page 11
14.7% 17.5% 7.1% 14.9% 14.5% 19.3% 18.5% 5.3% 15.7% 18.7% 5.4% 12.1% 19.3% 15.8% 25.7% 9.4% Overall Cardio vascular Anti Infectives Gynae Gastro Int Anti Diabetic VMN Respiratory IPM Growth Rate % Mankind Growth Rate % High Ranks across Acute and Chronic Areas Q2 FY27 – Key Therapies Performance FY26 - Sales Mix representing Diversified Therapy Presence As per IQVIA Sep-26 || 1. Includes BSV from Oct-2024 || 2. Ex-Tirzepatide 11 14.2%2 14.2%2 Key Therapy Areas Rank in CVM (FY26) MS% (FY26) FY 21-26 CAGR Mankind1 IPM Chronic therapies 3 4.3% 14.3% 11.4% Cardiovascular 4 5.5% 17.3% 11.1% Anti Diabetic 4 4.5% 12.1% 8.2% Acute therapies 2 5.0% 11.4% 9.6% Anti-Infectives 5 6.0% 12.2% 10.3% Gynaecology 1 10.3% 23.2% 10.1% Gastro Int 6 4.3% 8.7% 10.5% Respiratory 6 4.5% 13.9% 12.7% VMN 2 5.1% 7.8% 9.1% Overall 2 4.7% 12.4% 10.3% 17% 11% 11% 10%9% 10% 6% 5% 4% 4% 2% 11% Cardiovascular Anti-Infectives Gynaecology Gastro Intestinal Anti Diabetic VMN Respiratory Urology Dermatology Pain / Analgesics Neuro / CNS Others
Page 12
706 809 879 226 229 FY24 FY25 FY26 Q2FY26 Q2FY27 Revenue growth impacted by slower offtake in category for the industry and some regional impact in East and South Despite softer growth, we gained market share2 in key Brands – Manforce and Preganews MT & E-Com share increased to 18% in Q2FY27 as compared to 12% in Q2FY26 supported by 55% growth Healthy growth in secondary sales2 for Preganews and Ova news of 14% and 10% YoY respectively in Q2FY27 Consumer Healthcare Segment Revenue (INR Cr) EBITDA % 19.0% 12 18.0% 1.2% 19.1%18.7%1 1. Denotes EBITDA adjusted with one time labour code impact, reported EBITDA is 18.3% in FY26 || 2. As per IQVIA / IQVIA Reta il Sep 2026 19.9%
Page 13
#1 Emergency Contraceptive Brand Market Share – 66% Strategically selected national and regional brand ambassadors Corporate Brand Ambassadors Consumer Healthcare Brand Ambassadors Anushka Sharma Kajal Aggarwal Srabanti Chatterjee #1 Pregnancy Test Kit Brand Market Share – 86% Ranveer Singh #8 Vitamins, Minerals, Nutrients Brand Market Share – 2.5% Rashi Khanna #1 Medicated Anti-Acne Brand Market Share – 34% Dominant Brands As per IQVIA / IQVIA Retail SEP-26 || Market Share values rounded off to the nearest whole number Sunny Leone #1 Condom Brand Market Share – 29% Manasvi Mamgai 13 Paresh Rawal Brahmananda m Biswanat h Basu #2 Antacid Powder Brand Market Share – 13% #5 Pain Management Brand Market Share – 1.2% Rajkumar Rao Rakesh Bedi
Page 14
Revenue from Exports (INR Cr)1 813 1,532 2,061 513 681 FY24 FY25 FY26 Q2FY26 Q2FY27 141. Denotes reported number including BSV from 23-Oct-2024 International revenue increased by 33% in Q2FY27 driven by strong growth in both Mankind and BSV International Mankind has launched 1 new product in Q2FY27 taking the total launched products to 50 in US
Page 15
Key Highlights Key Initiatives Key Priorities Adoption of Technologies ESG : Organization Focus on Sustainable Growth FY27 (H-1) 15 • Annual FY26 BRSR-compliant ESG disclosures to SEBI. • first-time independent assurance of the full BRSR FY26, extending beyond BRSR Core earlier. • Climate Risk assessment following TCFD framework. • 94% Significant suppliers screened on ESG. • International Safety Award from British Safety Council – Unit-I, II, BSV and API-1 • Gold Medal in IGMC Assessment for BSV. • Energy Audit at BSV- Ambernath. • Double Materiality Assessment. • Quarterly Sustainability communication through News Letter “AVIRAT”. • Value Chain GHG Emissions under Scope-3, as per global standard. • 213 suppliers endorsed our Third Party Code of conduct (TCOC). • AMR (Anti Microbial resistance) testing carried out at Units, handling antibiotic products. • Sustainability assessment for all Critical suppliers. • 1st GRI complaint Third Party assured Sustainability Report FY26. • Participation in Ecovadis and S&P Global Corporate Sustainability Assessment in FY27. • Unit II - ISO 50001, Energy Management system. • ISO 14001 & 45001 Certification – Udaipur. • Solvent Recovery plant API-2, Vizag under progress. Zero Reportable Lost Time accidents across all manufacturing units BRSR Assurance Certificate • Advanced wastewater treatment at Unit-1 Paonta Sahib, recognized as one of the best Plants near by regulatory authorities and other agencies. • Auto foam flooding system at API-1. • Contractor Safety training Kiosk at Unit1. • Commissioned dedicated ETP and installed ductless fume hood at R&D BSV. • QR-based Safety observations Reporting at BSV Ambernath. • Full Automation of Hydrogenation plant at API-2. International Safety Award
Page 17
1. As per IQVIA MAT March 2026 || 2. includes field managers || 3. Adjusted with one time impact of labour code and other non-recurring costs || 4. On TTM Basis, Adj. ROCE excludes BSV Acquisition || Refer Annexure for Formulas FY26 Adj. EBITDA Margin3 FY26 PAT Margin FY26 ROCE4 Inc. BSV / Exc. BSV FY26 Net Debt / Adj. EBITDA3 Profitability and Capital Efficiency Revenue CAGR FY21-26 Domestic Business Revenue CAGR FY21-26 Adj. EBITDA CAGR FY 21-26 Consumer Healthcare Revenue CAGR FY21-26 Growth Brand families1 worth INR 50/100 Cr+ Mar’26 Field force2 FY26 Revenue FY26 Domestic Revenue Scale Rank in Prescriptions over the last nine years1 Rank by volume in IPM1 Rank by value in IPM1 / Gynaecology Consumer Healthcare brands ranked #1 in their categories1 Market Leadership 17
Page 18
Entered chronic pharmaceutical Segment 2004 2007-10 Entered consumer healthcare by launching Manforce and Prega News brands First Indian Company to launch “Dydrogesterone” Paonta Sahib facility inspected by the USFDA for the first time 2018-19 Launched dedicated specialty divisions for cardiovascular, diabetes segments, respiratory and neuro/ central nervous system 2020-21 Acquired brands of Panacea Biotec Pharma Limited enabling entry into transplant and oncology Acquired ‘Daffy’ and ‘Combihale’ from Dr. Reddy’s Laboratories 2022 Successfully listed on NSE and BSE Launch of International Quality API- Products Commercialised India’s First fully integrated facility for Dydrogesterone at Udaipur 2023 Entered into in-licensing agreements with: 1. Astra Zeneca - Symbicort 2. Novartis - Crenzlo (Inclisiran) 3. Takeda – Vonalong and Vonatime (Vonoprazan) 4. Partnered with Innovent Biologics to commercialize Sintilimab in India 2024 Acquired 100% stake in BSV Limited Commenced operation in 1995 (Founded in 1991) 1995 181. As per IQVIA 2025-26 1. Acquired Rivotril in CNS from Roche 2. Udaipur and Ambernath received EUGMP certification 3. Acquired 70% stake in ACTx developing next- gen CAR-T therapies for cancer 4th Largest Pharma Company in India with a market share 1 of 4.7% in MAT Mar’26
Page 19
BSV - Super Specialty 15.2% Revenue Growth2 (FY21-26) INR 11,338 Cr Domestic Revenue1 (FY26) #4 / #2 Rank3 in IPM value / Volume (FY26) Recombinants, Niche Biologics, Novel Delivery and Immunoglobulins Brands across the Women’s Health Lifecycle in India; Comprehensive Fertility drug portfolio globally Ranked #1/#2 in 9 key brand3 families with limited competition in India High entry barrier portfolio with specialty R&D tech platform ~16,800 Field Force 22 Brands3 >100 Cr in FY26 Consumer Healthcare (OTC)Specialty Chronic (Cardio / Diabeto / CNS) Mass Market (Acute/ Chronic / Semi Chronic) 4 Brands Ranked3 #1 in Consumer Health ~INR 879 Cr Revenue (FY26) ~28% MS3 in Condoms 83%/68% MS3 in Pregnancy Test Kits/ Emergency Contraceptive 28%/ 39% Increase Chronic Share3 (FY18 / FY26) 12+ divisions launched to focus on Specialty Chronic Acquired the specialty Onco and Transplant brands from Panacea 4 In-licensed / acquired super specialty Chronic products from MNCs - 2 from Novartis, 1 each from Astra Zeneca, and Roche GP CP MD MD DM KOL MD DM KOL Targeted Medical Practitioners GT MT ECOM 1. Includes BSV Domestic Revenue w.e.f 23-Oct-2024 || 2. FY24 and FY25 P&L items are for continuing operations only and hence prior period numbers are strictly not co mparable || 3. As per IQVIA / IQVIA Retail March-26 Targeted Medical Practitioners Targeted Medical Practitioners 19
Page 20
1. FY24 and FY25 P&L items are for continuing operations only and hence prior period numbers are strictly not comparable || 2. EBITDA refers to profit for the year/period, as adjusted to exclude (i) other income, (ii) depreciation and amortization expe nses, (iii) finance costs and (iv) total tax expense. EBITDA Margin refers to the percentage margin derived by dividing EBITDA by revenue from operations || 3. Adjusted with one-time M&A related expenses and other non-recurring cost || 4. Adjusted with one time impact of labour code regulations and other non-recurring cost (Refer note 10 of Consolidated Financial Results) 7,782 8,749 10,260 12,207 14,278 FY22 FY23 FY24 FY25 FY26 Revenue (INR Cr) 16% CAGR Strong Growth in Domestic Revenue (INR Cr) 7,595 8,453 9,447 10,675 12,217 FY22 FY23 FY24 FY25 FY26 13% CAGR 20 2,004 1,913 2,529 3,159 3,629 FY22 FY23 FY24 FY25 FY26 25.8% 21.9% 24.6% EBITDA (INR Cr) and Margin %(2) 25.9%3 25.4%4 3 4
Page 21
72.6% 10.5% 13.8% 1.3% 1.8% Promoters & Promoter Group FPI & Bodies Corporate Mutual Funds Retail Others BSE Ticker 543904 NSE Symbol MANKIND # of Shares outstanding1 41,30,45,090 Share Price2 2,503.80 Market Cap. (INR Cr)1 1,03,418 % Free Float3 26.4% Free Float Market Cap. (INR Cr) 27,302 Industry Pharmaceuticals 1. Shareholding Pattern and Market Cap as on 30th September, 2026 || 2. Share Price from NSE as on 30 th September, 2026 || 3. Free float = 100% – Promoters – Bodies Corporate 21
Page 22
• ROCE = (EBIT for the year ) / (Capital employed less cash) o EBIT excludes other income o Capital employed is the sum of total equity, total borrowings, total lease liabilities and deferred tax liabilities (net) less deferred tax assets and Cash. • Adjusted ROCE = (Adjusted EBIT for the year )/ (Adjusted Capital employed less cash) o Adjusted EBIT excludes M&A related and other non-recurring impact and other income o Adj. Capital employed is the (excluding acquisition) sum of total equity, total borrowings, total lease liabilities, deferred tax liabilities (net), M&A related impact (net of Tax) less deferred tax assets, Cash and cash used for acquisitions. • Cash = (Cash and cash equivalents + Other bank balances + investment in Mutual funds + Bank Deposits (Other Financial Assets) ) • Net Cash = (Cash - Current borrowings - Non Current borrowings at the end of the period) • Net Operating Working Capital Days = (Average operating working capital / Revenue from operations) X 365 days. Operating working capital is the sum of Inventories and Trade receivables less Trade payables less payable to employees (other financial liabilities) • Cash EPS = Profit/(Loss) for the period plus Depreciation, Amortization and Impairment / weighted average number of equity shares outstanding during the period 22
Page 23
Date 26th October, 2026 Time 05:00 PM – 06:00 PM IST Link Zoom Call https://us06web.zoom.us/webinar/register/WN_anw4QZ4XSYCYhCIJEERezA 23
Page 24
The statements, are as on date and may contain forward-looking statements like the words “believe”, “expects”, “anticipate”, “aim”, “will likely result”, “would”, “will continue”, “contemplate” “intends”, “plans”, “estimates”, “seek to”, “future”, “objective”, “projects”, “goal”, “likely”, “project”, “should”, “potential” “will”, “may”, “targeting” or other words of similar expressions/ meaning regarding the financial position, business strategy, plans, targets and objectives of the Company. Such forward‐looking statements involve known and unknown risks which may cause actual results, performance or achievements to be materially different from the results or achievements expressed or implied. The risks and uncertainties inter-alia, relating to these statements include (i) cash flow projections, (ii) industry and market conditions; (iii) ability to manage growth; (iv) competition; (v) government policies and regulations; (vi) obtaining regulatory approvals; (vii) domestic & international economic conditions such as interest rate & currency exchange fluctuations; (viii) political, economic, legal and social conditions in India/ elsewhere; (ix) technological advances; (x) claims and concerns about product safety and efficacy; (xi) domestic and foreign healthcare reforms; (xii) inability to build production capacity; (xiii) unavailability of raw materials and failure to gain market acceptance. The Company and its subsidiaries shall not have any responsibility or liability whatsoever for any loss howsoever arising from this presentation or its contents or otherwise arising in connection therewith. Also, the Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise. 24
Page 25
Thank You For more information please visit our website: https://www.mankindpharma.com For specific queries, contact: Prakash Agarwal President Strategy 011 – 46846700 Ext. 3532 Investor.relations@mankindpharma.com