This article first appeared on GuruFocus .
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Quarterly Revenue:INR3,443 crore, up 11.8% year-on-year.
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Annual Revenue:INR14,278 crore, up 17.0% year-on-year.
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Quarterly Adjusted EBITDA Margin:27.1%.
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Annual Adjusted EBITDA Margin:25.4%.
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Domestic Revenue Growth (Q4):13.4% year-on-year to INR2,886 crore.
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Domestic Revenue Growth (Annual):14.4% year-on-year to INR1,217 crore.
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Gross Margin (Q4):72.2%, up 60 basis points year-on-year.
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Annual Gross Margin:71.6%, up 20 basis points year-on-year.
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Quarterly PAT:INR559 crore, up 30.4% year-on-year.
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Quarterly PAT Margin:16.2%, up 230 basis points year-on-year.
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Annual PAT:INR1,938 crore, down 3.4% year-on-year.
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Annual PAT Margin:13.6%, down 280 basis points year-on-year.
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R&D Expenses (Annual):2.8% of sales, up from 2.2% in FY25.
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CapEx (Annual):INR737 crore, 5.2% of total revenue.
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Net Debt:INR332 crore as of March 31, 2026.
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Net Debt to Adjusted EBITDA Ratio:1.1x in Q4 FY26.
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Release Date: May 20, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Mankind Pharma Ltd ( NSE:MANKIND ) reported a revenue increase of 11.8% year-on-year for Q4, reaching INR3,443 crore, with an adjusted EBITDA margin of 27.1%.
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The company's domestic revenue, excluding Consumer Healthcare, grew by 12.9% in Q4, driven by strong performance in the domestic business and PSV specialty business.
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Mankind Pharma Ltd's chronic share increased by 120 basis points year-on-year to approximately 40% during the quarter.
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The company witnessed strong growth in its OTC business, with revenue increasing by 20% to INR213 crore in Q4.
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Mankind Pharma Ltd's international business revenue increased by 35% year-on-year to INR2,061 crore for the full year, despite geopolitical headwinds.
Negative Points
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The company's profit after tax for FY26 decreased by 3.4% year-on-year to INR1,938 crore, with PAT margins declining by 280 basis points.
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Mankind Pharma Ltd's effective tax rate for FY27 is expected to increase to 25-26%, up from 15-16% in FY26.
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The company's export revenue for Q4 grew by only 4% year-on-year, impacted by geopolitical issues.
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Mankind Pharma Ltd's consumer health segment experienced moderated growth in FY26 compared to the previous year.
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The company faces challenges with raw material costs due to geopolitical tensions, which could impact gross and EBITDA margins.
Q & A Highlights
Q: Can you provide an update on the disruptions faced in FY26 and the outlook for FY27? A: Rajeev Juneja, Managing Director & Vice Chairman, stated that the disruptions have been addressed, and the company is on a recovery path. The outlook for FY27 is positive, with expectations of better top-line growth and improved EBITDA margins compared to FY26.
Q: What is the company's strategy regarding the GLP-1 segment? A: Sheetal Arora, CEO, explained that GLP-1 represents a significant long-term opportunity. The company has launched its GLP-1 product and is focusing on adjacent therapies like vitamins and minerals to build sustainable growth. They are not rushing to cut prices or launch additional formats immediately.
Q: How is the company managing raw material costs amid geopolitical tensions? A: Rajeev Juneja acknowledged disruptions in raw material supply but assured that precautions have been taken to mitigate impacts. The company aims to maintain its guidance despite these challenges.
Q: What initiatives are in place to boost growth in the consumer health segment? A: Rajeev Juneja mentioned that the company is focusing on strengthening brand value and expects double-digit growth in the consumer division. New launches will be extensions of existing brands rather than entirely new products.
Q: Can you elaborate on the performance and future plans for BSV's international business? A: Sudipta Roy, Senior President of Sales and Marketing, highlighted initiatives to expand coverage and increase awareness for key products. The company expects high double-digit growth in international markets, focusing on womens healthcare and IVF products.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
