Analysts/Institutional Investor Meet/Con. Call Updates

October 30, 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 543904 Symbol: MANKIND Dear Sir/ Madam, Subject: Earnings Conference Call for Q2 & H1 FY27– Transcript Ref.: Regulation 30 & 51 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Pursuant to Regulation 30 & 51 of the Listing Regulations, please find enclosed herewith the transcript of the Earnings Conference Call for Q2 & H1 FY27 held on Monday, October 26, 2026 at 05:00 P.M. (IST). The transcript is also available on the website of the Company at www.mankindpharma.com. You are requested to kindly take the same on records. Thanking You, Yours Faithfully, For Mankind Pharma Limited Hitesh Kumar Jain Company Secretary & Compliance Officer Encl.: A/a “Mankind Pharma Limited Q2 & H1FY27 Earnings Conference Call” October 26, 2026 MANAGEMENT: MR. RAJEEV JUNEJA - VICE CHAIRMAN AND MANAGING DIRECTOR MR. SHEETAL ARORA - CHIEF EXECUTIVE OFFICER AND WHOLE-TIME DIRECTOR MR. ARJUN JUNEJA - CHIEF OPERATING OFFICER DR. ANIL KOUL - GROUP CHIEF SCIENTIFIC OFFICER MR. SUDIPTA ROY - SENIOR PRESIDENT, SALES AND MARKETING MR. ASHUTOSH DHAWAN - GLOBAL CHIEF FINANCIAL OFFICER MR. PRAKASH AGARWAL - PRESIDENT, STRATEGY & IR MR. ARCHIT GUPTA – MANAGER IR Page 1 of 17 Mankind Pharma Limited October 26, 2026 Moderator: Ladies and gentlemen, good day and welcome to Mankind Pharma Limited Q2 & H1FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this meeting is being recorded. I'll now hand the conference over to Mr. Archit Gupta from Mankind Pharma Limited. Thank you and over to you, sir. Archit Gupta: Thank you, Yashashree. Good evening, everyone and thank you for joining us for our 2nd Quarter and H1FY27 Earnings Conference Call. On call today we have Mr. Rajeev Juneja – our Vice Chairman and Managing Director, Mr. Sheetal Arora – Chief Executive Officer and Whole-Time Director, Mr. Arjun Juneja – Chief Operating Officer, Dr. Anil Koul – Group Chief Scientific Officer, Mr. Sudipta Roy – Senior President – Sales and Marketing, Mr. Ashutosh Dhawan – Global Chief Financial Officer and Mr. Prakash Agarwal – President – Strategy and IR. We will begin today's call with Mr. Rajeev Juneja who will provide an Overview of the Quarter followed by Key Business Updates from Mr. Sheetal Arora. Mr. Ashutosh Dhawan will then take us through the Financial Performance after which we will open the floor for Q&A. Before we proceed, please note that certain statements made during today's call may be forward- looking in nature and are based on management's current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Mankind undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to the detailed disclaimer available in the investor presentation uploaded on our website earlier today. With that, I now hand over the call to Rajeev sir for his remarks. Rajeev Juneja: Thank you, Archit. A very good evening to all of you. Welcome to Q2 & H1 FY27 earning call. At Mankind, our strategy is centered around three priorities; strengthening our core business, scaling chronic and specialty therapies and investing in future growth platforms. We made steady progress across each of these during the quarter, resulting in another period of strong operating performance. During the quarter, overall revenue increased to Rs. 4,338 crores, up 17% year-on-year, while EBITDA for the quarter increased by 27.2% to Rs. 1,175 crores and EBITDA margin improved by 210 bps year-on-year to 27.1%. Page 2 of 17 Mankind Pharma Limited October 26, 2026 BSVs portfolio continued its 20%+ growth momentum for the second consecutive quarter, led by strong performance in both domestic and international markets. Revenues of domestic business excluding consumer healthcare increased by 15.9% year-on-year to Rs. 3,428 crores in Q2 & H1 FY27, driven by strong double-digit growth in both Mankind and BSV specialty business. Mankind's strong foundations, combined with disciplined execution over last few quarters, have resulted in outperformance to IPM in Q2 FY27. According to IQVIA, our secondary sales grew by 15.7%, representing a 1.1x outperformance versus the IPM growth of 14.2% excluding tirzepatide. This was largely driven by a 1.2x volume outperformance, continued strength in chronic therapies and strong recovery in key acute therapies led by gastro and vitamins. Our initiatives across leadership and field changes, process optimization, focus product portfolio, doctor's engagement and extensive use of technology have resulted in improving volume growth trend from 0.5% growth in FY25 to 2.3% volume growth in FY26, 4.7% volume growth in 1st Quarter this year to now outperforming IPM with a volume growth of 6.2% in Quarter 2. One of our key strategic priorities has been to increase the contribution of chronic therapies through focused initiatives including medico marketing, new product launches, in-licensing and selective brand acquisitions. We have consistently outperformed the chronic market and strengthened our position in key therapies areas. As a result, our chronic share excluding BSV expanded by 80 bps year-on-year to 37.4% led by 1.1x outperformance in cardio and anti- diabetes excluding tirzepatide and a strong 1.9x outperformance in chronic respiratory during the quarter. While we are expanding our recently launched multi-therapy mass-market division - Vistaar, we are also progressing towards the launch of new divisions in cardio, gastro and dental therapies. These divisions will enhance focus on high potential brands and improve specialist engagement to accelerate growth. Our consumer healthcare business delivered a revenue of Rs. 229 crores in Q2FY27, impacted by slower offtake in category for the industry and some regional impact in East and South. Despite softer growth, we gained market share in key brands like Manforce and Preganews. Our modern trade and e-commerce share increased to 18% from 12% a year ago supported by 55% growth in that channel. Innovation and specialization continue to remain central to our long-term strategy and we are steadily building differentiated science-led pipeline that complements our existing portfolio. Happy to share our in-house pipeline asset MKP11093, a best-in-class JAK Inhibitor has received funding under PRIP program by the Government of India, a first for Mankind. Page 3 of 17 Mankind Pharma Limited October 26, 2026 Building on this journey, we recently announced our strategic acquisition of Armed Cell Therapeutics, providing us access to next generation CAR-T cell therapy platform being developed by highly experienced founding team. We view this as an important step towards creating an innovation platform for future growth. As we continue to strengthen our leadership across acute therapies, build scale in chronic and specialty segments and selectively invest in innovation platforms, we remain confident in our ability to deliver sustainable growth and accelerate long-term value for patients and shareholders. Now, I invite Sheetal to walk you through more details on our business performance. Sheetal Arora: Good evening, everyone and thank you for joining us for Mankind Pharma's Q2 & H1 FY27 Earnings Call. It is a pleasure to have you with us as we share our performance and key developments for the quarter. As our business continues to evolve, we are seeing the benefits of strategic choices made over the past few years. The quarter was marked by strong operating momentum and continue [Showing first 8,000 characters — download PDF for full document]