Mankind Pharma (MANKIND) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue rose 11.5% year-over-year to ₹3,567 crore, with adjusted EBITDA margin at 25.9% and net profit up 9.5% to ₹414 crore, driven by domestic pharma, BSV consolidation, and chronic therapy growth.

• Nine-month FY26 consolidated revenue increased 18.7% year-over-year to ₹10,835 crore, with adjusted EBITDA margin at 24.9%.

• Chronic segment share increased by 200bps YoY to 39.3%, led by strong growth in cardiac (+16.7%) and anti-diabetes (+14.4%) therapies.

• Workforce stability improved post-restructuring, with declining attrition and maturing teams.

• 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); 9MFY26: ₹10,835 crore (up 18.7% YoY).

• Q3 FY26 adjusted EBITDA: ₹816 crore; margin: 25.9% (down 170 bps YoY due to higher R&D and employee costs).

• Q3 FY26 PAT: ₹414 crore (up 9.5% YoY); 9MFY26 PAT: ₹1,379 crore.

• Gross margin for Q3 increased by 170 bps YoY to 72.6%, aided by price increases, favorable mix, and inventory liquidation.

• Diluted EPS for Q3 was ₹9.9; cash EPS rose 12.1% YoY to ₹15.6.

Outlook and guidance

• Management expects gradual recovery in the acute segment and continued strong growth in chronic therapies, with OTC and exports expected to improve further.

• OTC business expected to return to double-digit growth next year after recent transformative actions.

• Q4 is expected to see double-digit growth, with further guidance to be provided.

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