Mankind Pharma reported strong performance for Q4 and FY26, with overall revenue increasing by 11.8% year-on-year to INR 3,443 crores in Q4 FY26 and 17.0% for the full year to INR 14,278 crores. The company highlighted steady progress in its core business, strategic advancements in specialization-led growth, and improved execution discipline. Key segments like domestic, OTC, and specialty chronic therapies demonstrated significant growth, with a positive outlook for FY27.
Mankind Pharma Reports Strong Q4 and FY26 Financial Performance
Mankind Pharma Limited announced its financial results for the fourth quarter and full year ended March 31, 2026. The company achieved substantial growth, driven by a strengthening core business and strategic initiatives. Overall revenue in Q4 FY26 rose by 11.8% year-on-year to INR 3,443 crores, with an adjusted EBITDA margin of 27.1%. For the full fiscal year 2026, revenue grew by 17.0% year-on-year to INR 14,278 crores, reporting an adjusted EBITDA margin of 25.4%.
Domestic Business Shines
The domestic business was a key contributor to the growth. In Q4 FY26, domestic revenue, excluding Consumer Healthcare, increased by 12.9%, fueled by double-digit growth in the Mankind Domestic business and robust performance in the PSV specialty segment. For the full fiscal year 2026, domestic revenue saw a growth of 14.4% year-on-year. Volume growth also improved to 2.3% in FY26, up from 0.5% in the previous year, indicating the success of strategic initiatives. The overall PCPM (per customer per month) improved to INR 7.2 lakh in FY26 from INR 6.5 lakh in FY25.
Specialty and Chronic Therapies Drive Momentum
Mankind Pharma continues to focus on specialty chronic therapies and R&D-led innovation. Chronic therapy contribution now stands at approximately 39% of the business. The company’s chronic share increased significantly, with a 120 bps year-on-year rise to nearly 40% in the quarter. Outperformance against IPM was noted in cardiac and anti-diabetic segments. The acquisition of the brand Rivotril further strengthened the specialty chronic portfolio. Revenue from the OTC business grew by 20% in Q4 FY26, driven by modern trade and e-commerce channels.
Financial Highlights and Outlook
Gross margins for the quarter improved by 60 basis points to 72.2%. Adjusted EBITDA margin for Q4 FY26 increased to 27.1% from 23.1% in Q4 FY25. For the full year FY26, the adjusted EBITDA margin was 25.4%, within the guided range. The company maintained its leadership in prescription for the ninth consecutive year. Looking ahead to FY27, Mankind Pharma anticipates a strong year with double-digit growth and expects profitability to improve further. The company is investing in a new biotech facility in Vadodara and is on track to repay acquisition-related debt.
Key Management Commentary
The management expressed confidence in the business model’s resilience and the strong commitment of its teams. They highlighted a strategic focus on building a differentiated and future-ready organization. The company is also expanding its international presence and is optimistic about long-term opportunities in global markets. The BSV acquisition is considered a crucial step, providing access to difficult and complex products.
Source: BSE
