Mankind Pharma (MANKIND) Q4 24/25 earnings summary

Executive summary

• FY25 revenue grew 19% YoY to INR 12,207 crore, with Q4 revenue up 27% YoY; company now ranked 4th by value and 2nd by volume in the Indian pharma market.

• Completed major acquisition of Bharat Serums and Vaccines Limited (BSV/VSC), enhancing super-specialty and international portfolio.

• Focused on organic growth, strategic acquisitions, and in-licensing to address specialty chronic and consumer healthcare segments.

• Domestic business remains the primary revenue driver, contributing 87% of total revenue.

• Consumer healthcare and exports segments showed strong double-digit growth.

Financial highlights

• Q4 FY25 revenue: INR 3,079 crore (up 27% YoY); FY25 revenue: INR 12,207 crore (up 19% YoY).

• Adjusted EBITDA margin for FY25: 25.9%, with Q4 at 23.1%; PAT for FY25: INR 2,007 crore (up 3.4% YoY), Q4 PAT: INR 429 crore (down 10% YoY).

• Gross margin improved to 71.4% in FY25 (up 260 bps YoY).

• Net debt at INR 5,784 crore; net debt/adj. EBITDA at 1.8x.

• Cash flow from operations grew 12.1% YoY to INR 2,413 crore; CapEx at INR 531 crore (4.3% of revenue).

Outlook and guidance

• Domestic revenue expected to outperform IPM by 1.2x in FY26; VSC/BSV portfolio targeted for 18%-20% growth.

• EBITDA margin guidance maintained at 25%-26% for FY26; R&D investment to rise to 2.5%-3% of revenue.

• Net debt/Adjusted EBITDA targeted at 1-1.2x by FY26, with full acquisition debt retirement by FY28.

• Management expects continued growth from BSV acquisition and international expansion, including new Sri Lanka subsidiary.