Mankind Pharma earnings calls.

Mankind Pharma reported Q2 FY26 revenue of ₹3,697 croreCurrent reported value: ₹3,697 crore. No comparable prior figure is available in the source record. (+20.8Current reported value: 20.8. No comparable prior figure is available in the source record.% YoY), driven by BSV consolidation and base business growth. EBITDA came in at ₹924 croreCurrent reported value: ₹924 crore. No comparable prior figure is available in the source record. with a 25Current reported value: 25. No comparable prior figure is available in the source record.% margin, down 80bps YoY due to higher R&D (100bps), employee costs (130bps), and GST-related stockist compensation. PAT declined 21.3% to ₹520 croreCurrent reported value: ₹520 crore. No comparable prior figure is available in the source record. on higher finance and depreciation costs from BSV. Management admitted dissatisfaction with organic performance (6% domestic growth) citing sales force transformation disruptions, BSV integration, and GST disruptions as headwinds. Chronic portfolio now contributes 37.1%Current 37.1%. Reported change: +200bps YoY. of sales (+200bps YoY) with 1.2x IPM outperformance in anti-diabetics and respiratory. Full-year EBITDA margin guidance maintained at 25-26% but at lower end. Management targets 1.1-1.2x IPM outperformance in H2, though this falls short of historical 1.3x+ performance. Key risks include execution uncertainty during the sales force transition and margin pressure from increased R&D investments.