Mankind Pharma (MANKIND) Q4 25/26 earnings summary

Executive summary

• FY26 revenue grew 17% year-on-year to INR 14,278 crore, with strong domestic and specialty business performance and chronic therapies contributing approximately 39% of sales.

• Q4 FY26 revenue rose 11.8% year-on-year to INR 3,443 crore, and domestic revenue (excluding consumer healthcare) increased 12.9% in Q4 and 14.4% for FY26.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified audit opinions.

• Board approved realignment of security cover for NCDs post redemption of ₹1,250 crores and additional investment of up to ₹500 crores in a wholly owned subsidiary.

• Maintained #1 rank in prescriptions for nine consecutive years and #2 by volume in IPM.

Financial highlights

• Q4 FY26 Adjusted EBITDA margin improved to 27.1%, with full-year Adjusted EBITDA margin at 25.4%; FY26 EBITDA was ₹3,499 crore, up 15.5% year-on-year.

• Q4 PAT grew 30.4% year-on-year to INR 559 crore, but full-year PAT declined 3.4% to INR 1,938 crore; PAT margin at 13.6%.

• Gross margin for FY26 stood at 71.6%, up 20 bps year-on-year; Q4 gross margin at 72.2%.

• Net debt/EBITDA improved to 1.1x by March 2026; net debt at INR 3,932 crore.

• Cash flow from operations covered 89% of EBITDA in FY26.

Outlook and guidance

• Double-digit top-line growth expected for FY27, with EBITDA margin guidance of 25.5%-26.5%.

• CapEx guidance for FY27 is 6%-7% of revenue, reflecting investment in a new biotech facility.

• Effective tax rate expected to rise to 25%-26% in FY27 as exemptions expire.

• Funds from commission savings and additional investments are aimed at capacity expansion and business growth.

• The company plans to utilize proceeds from non-core asset monetization to retire debt.