Mankind Pharma (MANKIND) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue rose 11.5% year-on-year to ₹3,567 crore, with nine-month revenue at ₹10,835 crore, driven by domestic pharma, chronic therapies, and BSV consolidation.

• Adjusted EBITDA margin was 25.9% for Q3, with net profit up 9.5% year-on-year to ₹414 crore; diluted EPS at ₹9.9.

• Chronic segment share increased by 200 bps year-on-year, with strong growth in cardiac (+16.7%) and anti-diabetes (+14.4%) therapies.

• Strategic transformation initiatives and BSV integration improved workforce stability, brand portfolio, and business recovery.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved, with unmodified auditor conclusions.

Financial highlights

• Q3 FY26 consolidated revenue: ₹3,567 crore (up 11.5% YoY); nine-month revenue: ₹10,835 crore (up 18.7% YoY).

• Adjusted EBITDA margin at 25.9% for Q3; gross margin improved to 72.6% (up 170 bps YoY).

• Q3 FY26 PAT: ₹414 crore (up 9.5% YoY); nine-month PAT: ₹1,379 crore.

• Export revenues increased 14% YoY in Q3 and 51% for nine months, reaching ₹1,503 crore.

• Cash EPS increased 12.1% YoY to ₹15.6.

Outlook and guidance

• Management expects continued recovery in acute segment and double-digit growth in OTC and chronic therapies.

• Guidance for Q4 and next year to be provided in the next quarter; Q4 expected to show double-digit growth.

• Management continues to monitor regulatory developments, especially labor codes, and will adjust accounting as needed.