Macquarie on Mankind Pharma ; U-P, TP Rs 2200

2Q revenue, EBITDA and adj. PAT beat estimates by 3%, 4% and 12%, respectively EBITDA beat was driven by revenue beat, better-than-expected gross margin, operating leverage and lower-than-expected R&D expenses PAT beat was driven by the EBITDA beat, higher-than-expected other income, and a modestly lower effective tax rate. BSV remained strong across key brands, while consumer healthcare was subdued due to softer category offtake and weakness in eastern and southern India. Net debt declined to Rs26.4bn from Rs33.8bn in June. Management maintained FY27 EBITDA margin guidance at 25.5–26.5%, despite the 2Q margin of 27.1%, with operating leverage expected to remain supportive.

MANKIND PHARMA LIMITED

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