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Mankind Pharma Results: Latest Quarterly Results & Analysis

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Mankind Pharma Ltd. 20 May 2026 10:00 AM
Result PDF

Q4FY26 & FY26 Result Announced for Mankind Pharma Ltd.

Pharmaceuticals company Mankind Pharma announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Revenue from Operations:
    • Consolidated revenue for Q4FY26 stood at Rs 3,442.93 crore, a decline of 3.48% QoQ from Rs 3,567.20 crore in Q3FY26, and an increase of 11.81% YoY from Rs 3,079.37 crore in Q4FY25.
    • Annual consolidated revenue for FY26 was Rs 14,277.64 crore, representing a growth of 16.96% YoY compared to Rs 12,207.44 crore in FY25.
  • Total Income:
    • Total income for Q4FY26 was Rs 3,557.22 crore, down 2.27% QoQ from Rs 3,639.95 crore, but up 6.80% YoY from Rs 3,330.70 crore.
    • Annual total income for FY26 was Rs 14,636.43 crore, an increase of 14.85% YoY from Rs 12,744.23 crore in FY25.
  • Profit Before Tax (from continuing operations):
    • Consolidated PBT for Q4FY26 was Rs 659.17 crore, up 29.50% QoQ from Rs 509.00 crore and up 27.89% YoY from Rs 515.43 crore.
    • For the full year FY26, PBT from continuing operations was Rs 2,332.68 crore, a decline of 7.30% YoY compared to Rs 2,516.33 crore in FY25.
  • Net Profit for the Period/Year:
    • Consolidated net profit for Q4FY26 was Rs 559.42 crore, up 35.16% QoQ from Rs 413.88 crore and 31.74% YoY from Rs 424.65 crore.
    • For the full year FY26, consolidated net profit stood at Rs 1,938.10 crore, a decrease of 3.63% YoY from Rs 2,011.12 crore in FY25.
  • Earnings Per Share (EPS):
    • Consolidated basic EPS for Q4FY26 was Rs 13.44.
    • Annual consolidated basic EPS for FY26 was Rs 46.35 compared to Rs 49.28 in FY25.

Standalone Financial Highlights

  • Revenue from Operations:
    • For Q4FY26, revenue stood at Rs 2,581.82 crore, representing a decrease of 1.93% QoQ compared to Rs 2,632.68 crore in Q3FY26, but an increase of 21.81% YoY compared to Rs 2,119.46 crore in Q4FY25.
    • For the full year FY26, revenue reached Rs 10,421.18 crore, marking a growth of 9.61% YoY over Rs 9,507.41 crore in FY25.
  • Total Income:
    • Total income for Q4FY26 was Rs 2,708.52 crore, an increase of 0.72% QoQ from Rs 2,689.20 crore and 15.80% YoY from Rs 2,338.97 crore.
    • Annual total income for FY26 stood at Rs 10,747.28 crore, up 7.46% YoY compared to Rs 10,000.83 crore in FY25.

  • Profit Before Tax (from continuing operations):

    • PBT for Q4FY26 was Rs 788.01 crore, up 55.95% QoQ from Rs 505.29 crore and up 179.98% YoY from Rs 281.45 crore.
    • Annual PBT for FY26 reached Rs 2,315.00 crore, an increase of 7.85% YoY from Rs 2,146.50 crore in FY25.
  • Net Profit for the Period/Year:
    • Net profit for Q4FY26 was Rs 713.61 crore, representing a growth of 58.98% QoQ from Rs 448.88 crore and 203.46% YoY from Rs 235.16 crore.
    • For the full year FY26, net profit was Rs 2,037.56 crore, a growth of 14.09% YoY from Rs 1,785.99 crore in FY25.
  • Earnings Per Share (EPS):
    • Basic EPS for Q4FY26 improved to Rs 17.29 from Rs 10.87 in Q3FY26 and Rs 5.70 in Q4FY25.
    • Annual basic EPS for FY26 was Rs 49.37 compared to Rs 44.22 in FY25.

Business Highlights:

  • Segment Performance: The Company and Group are primarily engaged in the business of manufacturing and trading pharmaceuticals and healthcare products. Consequently, they operate under a single reportable segment: "Pharmaceuticals".
  • Dividend: The Board of Directors has recommended a final dividend of Rs 2 per equity share of face value of Re 1 each for the financial year 2025-26, subject to shareholder approval.
  • Acquisition of Bharat Serums and Vaccines Limited (BSV): The Group completed the acquisition of 100% stake in BSV on October 23, 2024, for a cash consideration of Rs 13,768 crore.
  • Acquisition of Women's Health Portfolio: Effective November 1, 2025, the Company acquired the Branded Generic Business relating to the Women's Health Portfolio from BSV for a consideration of Rs 797 crore.
  • Exceptional Items:
    • The Group recognized exceptional items of Rs 129.75 crore for FY26, primarily comprising an incremental impact of Rs 97.29 crore related to the notification of four new Labour Codes.
    • Standalone results for FY26 included exceptional items of Rs 106.24 crore, which included Rs 87.22 crore for Labour Code impacts and Rs 19.02 crore for stamp duty related to IP assignment agreements.
  • Investment in Subsidiary: The Board approved an additional investment of up to Rs 500 crore in Mankind Medicare Private Limited, a wholly owned subsidiary, for capacity expansion.
  • NCD Redemption: The Company redeemed Non-Convertible Debentures (NCDs) worth Rs 1,250 crore on April 16, 2026.
  • Management Changes: The Board approved the re-appointment of Mr. Satish Kumar Sharma as Whole-Time Director for five years effective September 23, 2026. Mr. Pramod Gokhale resigned as Global Chief Information Officer effective May 31, 2026.

Rajeev Juneja – Vice Chairman & Managing Director said:

  • Revenue increased ~12% YoY with adj. EBITDA margins of 27.1%
  • Overall domestic business (ex CH) grew by ~13%, led by:
    • double-digit growth in Mankind domestic business led by 14.7% in cardiac and 11.6% in anti-diabetes (120 bps YoY increase in chronic share to ~40%)
    • sequential growth recovery in key acute therapies like Gastro, VMN, etc.
    • strong double-digit growth in BSVs domestic business
  • OTC business grew by 20% led by strong growth in e-commerce; International business witnessed muted growth due to geo-political headwinds
  • We are on track in strengthening scale and advancing specialization through four key pillars - steady base business, fast growing specialty chronic, high-potential OTC business, and super specialty BSV portfolio to deliver long-term sustainable growth.

Result PDF

Result PDF

Pharmaceuticals company Mankind Pharma announced Q3FY26 results

  • Revenue: Rs 3,567 crore against Rs 3,199 crore during Q3FY25, change 12%.
  • EBITDA: Rs 816 crore against Rs 819 crore during Q3FY25, change 0%.
  • EBITDA Margin: 22.9% for Q3FY26.
  • PAT: Rs 414 crore against Rs 378 crore during Q3FY25, change 10%.
  • PAT Margin: 11.6% for Q3FY26.
  • Diluted EPS of Rs 9.9 up by 6.7% YoY (FV Re.1).

Rajeev Juneja, Vice Chairman & Managing Director, said: “Mankind’s revenue increased 11.5% YoY, with adj. EBITDA margins of 25.9%, primarily due to improvement in domestic pharma and BSV consolidation.

Mankind’s chronic share increased by 200 bps YoY to 39.3%, driven by strong growth of 16.7% in cardiac and 14.4% in anti-diabetes. Revenue from OTC grew by 5.2% in Q3FY26 vs -2.6% in Q2FY26. We expect growth to improve further.

BSV growth initiatives progressing well; Strong double-digit growth in Q3.

We remain confident of delivering long term sustainable growth anchored by four key pillars - steady base business, fast-growing specialty chronic, high-potential OTC business, and super specialty BSV portfolio.”

Result PDF

Pharmaceuticals company Mankind Pharma announced Q2FY26 results

  • Revenue from Operations at Rs 3,697 crore, up by 20.8% YoY.
    • Domestic revenue at Rs 3,184 crore, up 14.5%, Exports at Rs 513 crore, up 82.6% YoY.
  • Reported EBITDA margin of 25.0% and PAT margin of 14.1%.
  • Diluted EPS of Rs 12.4 down by 24.2% YoY (FV Re.1).

Rajeev Juneja, Vice Chairman & Managing Director, said: “Mankind’s revenue increased by 20.8% supported by outperformance in Chronic and BSV consolidation, partially impacted by GST disruption.

While chronic continued an outperformance led by 1.3x and 1.2x in Cardiac and Antidiabetes respectively, OTC was impacted due to heavy rains along with GST 2.0 and we expect growth recovery in H2.

BSV growth initiatives progressing well - with double digit sequential growth led by mandate brands.

We remain confident of delivering sustainable long-term growth led by four key pillars - steady base business, fast growing specialty chronic, high potential OTC business, and super specialty BSV portfolio.”

Result PDF

Pharmaceuticals company Mankind Pharma announced Q1FY26 results

  • Revenue from Operations at Rs 3,570 crore, up by 24.5% YoY.
    • Domestic revenue at Rs 3,101 crore, up 18.9%, Exports at Rs 469 crore, up 81.1% YoY.
  • EBITDA margin of 23.8% up by 20 bps YoY and PAT margin of 12.5%.
  • Diluted EPS of Rs 10.6 down by 20.1% YoY (FV Re 1).

Rajeev Juneja, Vice Chairman & Managing Director, said: “Mankind’s revenue grew by 24.5% with EBITDA margins at 23.8% in Q1FY26 led by continued 1.4x outperformance in Chronic, strong growth in Consumer segment and BSV consolidation.

Visible encouraging trends with 1.8x volume growth to IPM led by outperformance in Anti-infectives & Respiratory segment – apart from continued outperformance in Cardiology and Anti Diabetics.

BSV growth initiatives are making steady progress and we remain confident of delivering healthy performance this year onwards.

As we celebrate 30 years of our operations, we would like our shareholders to be part of this milestone therefore the Company’s Board has approved an interim dividend of Rs 1 per share.”

Result PDF

Pharmaceuticals company Mankind Pharma announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations at Rs 3,079 crore, up by 27% YoY
    • Domestic revenue at Rs 2,544 crore, up 18% YoY, Exports at Rs 535 crore, up 100% YoY
  • Adjusted EBITDA margin of 23.1% down by 120 bps YoY and PAT margin of 13.9%
  • Diluted EPS of Rs 10.3 down by 12.5% YoY (FV Re.1)

FY25 Financial Highlights:

  • Revenue from Operations at Rs 12,207 crore, up by 19% YoY
    • Domestic revenue at Rs 10,675 crore, up 13% YoY, Exports at Rs 1,532 crore, up 88% YoY
  • Adjusted EBITDA margin of 25.9% up by 130 bps YoY and PAT margin of 16.4%
  • Diluted EPS of Rs 49.1, up by 3% YoY (FV Re.1)

Rajeev Juneja – Vice Chairman & Managing Director said, “Mankind’s revenue grew by 27% with adjusted EBITDA margins at ~23% in Q4 FY25 led by continued 1.3x outperformance in Chronic, strong growth in Consumer segment and BSV consolidation. In FY25, reported revenue growth was 19% with adj. EBITDA margin of ~26%

This has been a transformative year at Mankind with several strategic initiatives to ensure higher productivity and outperform IPM as seen in the past.

BSV integration is progressing well with key focus on R&D, improving MR productivity & scaling mandate brands across domestic & International business.

During FY25, we’ve laid a strong foundation to deliver long-term sustainable growth led by four key pillars - steady base business, fast growing specialty chronic, high potential OTC business, and high entry barrier super specialty portfolio of BSV.”

Result PDF

Pharmaceuticals company Mankind Pharma announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue from Operations at Rs 3,077 crore, up by 14% YoY.
    • Domestic revenue at Rs 2,796 crore, up by 11% YoY; Exports at Rs 281 crore, up by 57% YoY.
  • Reported EBITDA margin of 27.7% and PAT margin of 21.4%.
  • Diluted EPS of Rs 16.3, up by 30% YoY (FV Re.1).

H1FY25 Financial Highlights:

  • Revenue from Operations at Rs 5,970 crore, up by 13% YoY.
    • Domestic revenue at Rs 5,430 crore, up by 10% YoY; Export at Rs 540 crore, up by 59% YoY.
  • Reported EBITDA margin at 25.8%, up by 14% YoY with Adj. EBITDA margin of 26.5% and PAT margin of 20.1%.
  • Diluted EPS of Rs 29.7, up by 20% YoY (FV Re.1).

Rajeev Juneja, Vice Chairman & Managing Director, Mankind Pharma, said: “We are pleased to report steady revenue growth of 13.6% YoY with strong EBITDA margins of 27.7%, driven by recovery in volume, continued outperformance in chronic segment and operating leverage.

OTC business has been carved out to a WOS2 of Mankind Pharma. From Q3, this business has embarked on the journey towards its next phase of growth.

Our acquisition of BSV perfectly aligns with our vision to expand into a high entry barrier portfolio with the #1 player in the gynaecology segment, leadership in certain critical care products, and further enhance our R&D capabilities.

Multiple growth levers – resilient base business, fast growing specialty chronic segment, high potential OTC business, and high-entry barrier super specialty portfolio of BSV. Together, these levers will propel our growth journey ahead. “

Result PDF

Pharmaceuticals company Mankind Pharma announced Q1FY25 results:

  • Revenue from Operations at Rs 2,893 crore, up by 12% YoY
  • Domestic revenue at Rs 2,634 crore, up 9% YoY; Exports at Rs 259 crore, up 62% YoY
  • EBITDA margin of 23.7% with Adj. EBITDA margin of 25.2% and PAT margin of 18.8%
  • Diluted EPS* of Rs 13.4, up by 10% YoY (FV Re.1)

Rajeev Juneja – Vice Chairman & Managing Director, said: "We Witnessed a steady revenue growth of 12.2% Yoy with continued outperformance of 1.2x to IPM driven by a strong recovery in volume with Adjusted EBITDA margins of 25.2%.

We are now the 2nd largest pharma company' by volume with an increase in market share of 20 bps YoY to 6.1%.

Consistently expanding from mass market to specialty chronic leading to outperformance of 1.3x to IPM Chronic (with chronic share - 37%). BSV's super specialty business with high entry barrier portfolio and complex R&D tech platform to add another layer of growth. In this quarter we In-licensed Inclisiran (Cardiac - lipid lowering) from Novartis, and Vonoprazan (Gastro) from Takeda"

Result PDF

Pharmaceuticals company Mankind Pharma announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue from Operations at Rs 2,441 crore, up by 19% YoY
  • Domestic revenue at Rs 2,174 crore, up 10% YoY; Exports at Rs 267 crore, up 230% YoY
  • EBITDA margin of 24.3%, and PAT margin of 19.5%
  • Diluted EPS of Rs 11.7, up by 65% YoY (FV Re.1)

FY24 Financial Highlights:

  • Revenue from Operations at Rs 10,335 crore, up by 18%
  • Domestic revenue at Rs 9,522 crore, up by 13%; Exports at Rs 813 crore, up by 175%
  • EBITDA margin of 24.7%, and PAT margin of 18.8%
  • Diluted EPS of Rs 47.7, up by 49% (FV Re.1)
  • Cash flow from operations of Rs 2,152 crore, up by 19%
  • Net cash balance of Rs 3,260 crore as on 31st March 2024

Rajeev Juneja – Vice Chairman & Managing Director said, “This year, we have achieved a revenue milestone of Rs 10,000 crore. and added 3 more brand families worth over Rs 100 crore raising the total to 23.

Our strong revenue growth of 18% with EBITDA and PAT margin of ~25% and ~19% respectively is supported by an increase in Chronic share to 36% and growth in Modern Trade of over 50%.

We have further strengthened our chronic product portfolio with strategic in-house launches coupled with in-licensing of products like Symbicort – a globally renowned inhaler from Astra Zeneca.

Multiple technology led business transformation projects implemented across functions to further enhance efficiency and productivity laying the foundation for our next phase of growth.”

Result PDF

Pharmaceuticals company Mankind Pharma announced Q3FY24 & 9MFY24 results:

  • Q3FY24:
    • Revenue from Operations at Rs 2,607 crore, 25% YoY growth
      • Domestic revenue at Rs 2,400 crore, 20% YoY growth
      • Export revenue at Rs 207 crore, 118% YoY growth
    • EBITDA at Rs 611 crore, 39% YoY growth with a margin of 23.4% (up 240 bps YoY)
    • PAT at Rs 460 crore, 55% YoY growth with a margin of 17.6% (up 350 bps YoY)
    • Diluted EPS of Rs 11.3, 59% YoY growth (FV Re 1)
  •  9MFY24:
    • Revenue from Operations at Rs 7,894 crore, 18% YoY growth
      • Domestic revenue at Rs 7,348 crore, 13% YoY growth
      • Export revenue at Rs 546 crore, 154% YoY growth
    • EBITDA at Rs 1,957 crore, 31% YoY growth with a margin of 24.8% (up 250 bps YoY)
    • PAT at Rs 1,465 crore, 44% YoY growth with a margin of 18.6% (up 340 bps YoY)
    • Diluted EPS of Rs 35.9, 44% YoY growth (FV Re 1)
    • Cash flow from operations of Rs 1,636 crore, 23% YoY growth
    • Net cash balance of Rs 2,756 crore as of 31st December 2023

Rajeev Juneja, Vice Chairman & Managing Director, Mankind Pharma, said, “We are delighted to announce strong Q3 results with Domestic Growth of 20% YoY led by robust growth in Chronic, recovery in anti-infectives, and strong growth in modern trade and hospital sales. 

Our top 5 therapeutics by sales have outperformed the IPM by 1.5x. We have increased our market share in 18 out of the top 20 brands on both QoQ and YoY basis.

These have resulted in a robust EBITDA growth of 39% YoY and PAT growth of 55% YoY in Q3. We continue to focus on improving cash flow from operations and optimising our working capital cycle.”

 

Result PDF

Pharmaceuticals company Mankind Pharma announced Q2FY24 & H1FY24 results:

  • Q2FY24:
    • Revenue from Operations at Rs 2,708 crore, up by 12% YoY
      • Domestic revenue at Rs 2,529 crore, up by 7% YoY
      • Export revenue at Rs 179 crore, up by 159% YoY
    • EBITDA at Rs 686 crore, up by 15% YoY with a margin of 25%
    • PAT at Rs 511 crore, up by 21% YoY with a margin of 19%
    • Cash flow from operations of Rs 481 crore
    • Diluted EPS of Rs 12.5, up by 19% YoY (FV Re 1)
  • H1FY24:
    • Revenue from Operations at Rs 5,287 crore, up by 15% YoY
      • Domestic revenue at Rs 4,948 crore, up by 10% YoY
      • Export revenue at Rs 339 crore, up by 182% YoY
    • EBITDA at Rs 1,346 crore, up by 28% YoY with a margin of 25%
    • PAT at Rs 1,005 crore, up by 40% YoY with a margin of 19%
    • Diluted EPS of Rs 24.6, up by 39% YoY (FV Re 1)
    • CAPEX of Rs 225 crore
    • Net cash balance of Rs 2,159 crore as on September 30, 2023

Rajeev Juneja, Vice Chairman & Managing Director, said, “ We continue to report steady performance with Revenue/ EBITDA and PAT growing by 12% / 15% and 21% YoY respectively. While the Pharma segment has grown at par with IPM (vs outperformance earlier) – due to delayed acute season, we expect to outperform IPM given strong chronic growth and uptick in season. Focus on increasing our chronic share led to the outperformance of 1.4x versus IPM Chronic growth in H1FY24.

The past strategic choices in various aspects of our business are showing success, and we are confident in our ability to consistently surpass the industry growth in the future.”

 

Result PDF

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