Mankind Pharma (MANKIND) Investor update summary

FY26 position and operating momentum

• FY26 revenue ₹14,278 Cr; FY21–26 revenue CAGR 18.1%; ranked #4 in the IPM by value and #1 in prescription rank for 9 years.

• Commercial reach: 84% prescriber penetration, 5 lakh+ doctors covered, 18,500+ field force and 17,600+ stockists nationwide.

• Q2 FY27 volume growth was 6.2% versus IPM growth of 5.2%; productivity reached 7.4 lakh per MR per month on a TTM basis.

Portfolio and growth priorities

• Chronic share rose from 28% in FY18 to 39% in FY26; target ~50% by FY30E, supported by focused chronic divisions, specialty launches and scaling strong brands.

• Hospital market share is 1.7% versus 4.7% overall; target is 5%, with deeper hospital engagement and focus on 10 states where rankings range from seventh to 14th.

• Volume growth improved from -0.6% in 2024 to 6.2% after leadership changes, field-force re-energizing, stronger doctor engagement and technology-enabled training.

• GP division launched; gastro and cardio divisions planned for February and June, respectively; field-force growth expected at ~5%-8% annually.

• Brand families above ₹500 Cr increased from 0 in FY21 to 3 in FY26; those above ₹100 Cr rose from 15 to 22 and above ₹50 Cr from 36 to 54.

Product launches and BSV

• Recent launches included Vonalong, Nurokind HS PFS, AdvaUD and Dyna Duo; upcoming launches span resmetirom, insulin aspart and degludec, dry-eye treatment, glaucoma and COPD.

• Panacea Biotec added transplant, oncology and chronic products; BSV added biologics and infertility capabilities, expanding into areas harder to build organically.

• BSV brings high-barrier specialty brands and biological R&D platforms; Anti-D has 100% market share in India and Humog ranks #1 in India.

• BSV priorities include deeper penetration in Anti-D, infertility and bite portfolios, growth of Octaplex and Histoglob, and expansion into emerging markets; domestic and international businesses are meeting expectations.