Mankind Pharma Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Mankind Pharma Ltd filed with BSE on 04 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Mankind Pharma reported Q1 FY27 revenue of Rs 4,031 crore, up 13% year-on-year, with EBITDA margin expanding 250 basis points to 26.3%. Domestic business excluding Consumer Healthcare grew 11% year-on-year, led by chronic and BSV specialty portfolios, while international business grew 29% and Consumer Healthcare revenue was Rs 246 crore, partly impacted by a discontinued cash and carry business. Management discussed gross margin drivers, working capital trends, GLP-1 launch strategy, and provided updates on BSV, acute and chronic therapy performance across the quarter.
Numbers mentioned
Revenue: INR4,031 crores (Q1 FY27)
p. 3
“During the quarter, overall revenue increased to INR4,031 crores, up 13% year-on-year with EBITDA of INR1,060 crores and EBITDA margin improving by 250 bps year-on-year to 26.3%.”
Rajeev Juneja, page 3 of the filed PDF · View the filing
Domestic business revenue (excluding Consumer Healthcare): INR3,180 crores (Q1 FY27)
p. 3
“Revenue from the domestic business, excluding Consumer Healthcare, increased by 11% yearon-year to INR3,180 crores quarter 1 FY27, led by double-digit growth in base business and a strong growth momentum in chronic and BSV specialty business.”
Rajeev Juneja, page 3 of the filed PDF · View the filing
Chronic share (excluding BSV): 40% (Q1 FY27)
p. 3
“our focused initiatives across key chronic therapies have translated into increase of 80 bps year-onyear in our chronic share, excluding BSV, to 40%, primarily driven by strong growth of 19.4% in cardiac, 12.7% in anti-diabetic.”
Rajeev Juneja, page 3 of the filed PDF · View the filing
Consumer Healthcare revenue: INR246 crores (Q1 FY27)
p. 4
“our Consumer Healthcare business delivered a revenue of INR246 crores in quarter 1 '27, partly impacted by discounted cash and carry business.”
Rajeev Juneja, page 4 of the filed PDF · View the filing
Domestic business revenue: INR3,426 crores (Q1 FY27)
p. 4
“In Quarter 1 Financial Year 2027, revenue from our domestic business increased by 10.5% year-on-year to INR3,426 crores.”
Sheetal Arora, page 4 of the filed PDF · View the filing
International business revenue: INR605 crores (Q1 FY27)
p. 5
“Moving to our international business, revenue for the quarter grew 29% year-on-year to INR605 crores.”
Sheetal Arora, page 5 of the filed PDF · View the filing
Gross margin: 72.8% (Q1 FY27)
p. 5
“Our gross margins for the quarter has increased by 230 basis point year-on-year basis to 72.8% from 70.5% in quarter 1 FY26 and 60 basis point increase on quarter-on- basis.”
Ashutosh Dhawan, page 5 of the filed PDF · View the filing
EBITDA margin: 26.3% (Q1 FY27)
p. 6
“Our reported EBITDA margin for the quarter has increased to 26.3% as compared to 23.8% in quarter 1 FY26.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
R&D expenses: INR98 crores (2.4% of sales) (Q1 FY27)
p. 6
“The R&D expenses for the quarter was INR98 crores, which is at 2.4% of sales and is higher than R&D spend of 2.2% of sales as incurred during quarter 1 FY26.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Finance cost: INR110 crores (Q1 FY27)
p. 6
“The finance cost for quarter 1 FY27 has declined to INR110 crores from INR142 crores during Q4 FY26.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Effective tax rate: 25.4% (Q1 FY27)
p. 6
“The effective tax rate for quarter 1 FY27 was at 25.4% as compared to 17.7% in quarter 1 FY26.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Profit after tax: INR574 crores (Q1 FY27)
p. 6
“The profit after tax for quarter 1 FY27 grew by 29.1% year-on-year to INR574 crores with PAT margin improving to 14.2% during the quarter as compared to 12.5% in quarter 1 FY26, resulting in an increase of 170 basis points.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Diluted EPS: INR13.7 per share (Q1 FY27)
p. 6
“Our diluted EPS is INR13.7 per share of INR1 paid for the quarter -- for the current quarter.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Cash EPS: INR19.2 (Q1 FY27)
p. 6
“The cash EPS, which is EPS adjusted for noncash items like depreciation and amortization has increased during the quarter to INR19.2 from INR15.9 in quarter 1 FY26, which is an increase of 20.8% year-on-year basis.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Net operating working capital days: 52 days (Q1 FY27 (trailing 12-month))
p. 6
“The net operating working capital days for the quarter on trailing 12-month basis has increased to 52 days as compared to 48 days in the corresponding period last year, which is mainly due to increased inventory levels.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Cash flow to EBITDA ratio: 77% (Q1 FY27)
p. 6
“In quarter 1 FY27, our cash flow to EBITDA ratio has decreased to 77% as compared to 99% in quarter 1 FY26.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Capex: INR198 crores (Q1 FY27)
p. 6
“Our capex spend during the quarter has increased to INR198 crores in quarter 1 FY27 as compared to INR127 crores in quarter 1 FY26.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Net debt: INR3,377 crores (as of 30th June 2026)
p. 6
“we reduced our net debt to INR3,377 crores as of 30th June 2026, resulting in the net debt to adjusted EBITDA ratio of 0.9x in Q1 FY27”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
BSV growth: 21% (Q1 FY27)
p. 8
“This quarter, the growth is around 21%.”
Prakash Agarwal, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Chronic share of domestic business — 50% · medium term
stated as an aspiration by Rajeev Juneja
p. 4
“We remain focused on increasing our chronic share to 50% in medium term.”
Rajeev Juneja, page 4 of the filed PDF · View the filing
Gross margin — upward of 71% · FY27
stated firmly by Ashutosh Dhawan
p. 8
“we would like to maintain the same guidance what we gave, the gross margins to be upward of 71% and the EBITDA guidance to be 25.5% to 26.5%.”
Ashutosh Dhawan, page 8 of the filed PDF · View the filing
EBITDA margin — 25.5% to 26.5% · FY27
stated firmly by Ashutosh Dhawan
p. 13
“So Neha, the overall EBITDA guidance has not changed. So we, so that's a reliable guidance of 25.5% to 26.5%.”
Ashutosh Dhawan, page 13 of the filed PDF · View the filing
R&D expenses as % of sales — 2.8% to 3% · FY27
stated firmly by Ashutosh Dhawan
p. 6
“This 2.4% is lower than our guidance of 2.8% to 3% for the full year FY27.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Capex as % of revenue — 6% to 7% · FY27
stated firmly by Ashutosh Dhawan
p. 6
“The capex as a percentage of revenue is 4.9% of the total revenue, which is lower than our guidance of 6% to 7% of revenue for FY27.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Acquisition-related debt repayment — full repayment · FY28
stated firmly by Ashutosh Dhawan
p. 6
“we remain on track to repay the acquisition-related debt by FY28.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
BSV growth — high teens · FY27
stated firmly by Prakash Agarwal
p. 8
“And we have given guidance of high double-digit growth, which is high teens.”
Prakash Agarwal, page 8 of the filed PDF · View the filing
Consumer Healthcare growth — high single-digit to double-digit · second quarter onwards
stated conditionally by Rajeev Juneja
p. 9
“So we see going forward with high-teen to double-digit growth in second quarter onwards. High single-digit to double-digit in second quarter onwards.”
Rajeev Juneja, page 9 of the filed PDF · View the filing
Working capital days — by year-end
stated conditionally by Ashutosh Dhawan
p. 8
“So we expect it to come down by the year-end because of some price advantages, et cetera.”
Ashutosh Dhawan, page 8 of the filed PDF · View the filing
Domestic business growth vs IPM — outperform IPM · remaining 9 months
stated as an aspiration by Sheetal Arora
p. 7
“we are confident of progressively outperforming IPM because our growth is being driven by structural levers, not short-term factor.”
Sheetal Arora, page 7 of the filed PDF · View the filing
Domestic business growth — double-digit · FY27
stated firmly by Sheetal Arora
p. 7
“Yes, we will definitely grow double-digit, the measures we are taking, increasing our hospital penetration.”
Sheetal Arora, page 7 of the filed PDF · View the filing
BSV domestic to international ratio — similar range, plus/minus 2% · FY27
stated conditionally by Prakash Agarwal
p. 17
“Similar range, plus/minus 2%.”
Prakash Agarwal, page 17 of the filed PDF · View the filing
IPM growth outlook — double-digit · full year
stated firmly by Prakash Agarwal
p. 17
“we expect sequential recovery and expect full year to be double-digit growth.”
Prakash Agarwal, page 17 of the filed PDF · View the filing
Outperformance vs IPM — return to historical 1.3x-1.7x outperformance
stated as an aspiration by Rajeev Juneja
p. 18
“aspiration is to come back to where we were a few years back.”
Rajeev Juneja, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said growth has returned to double digits with improved quality of growth, driven by structural levers like chronic mix expansion, hospital business scaling, new divisions and underpenetrated states.
Answered by Sheetal Arora
Asked by Pankaj Tibrewal: How does management see India business growth over the remaining 9 months of the year relative to IPM?
p. 7
“we are confident of progressively outperforming IPM because our growth is being driven by structural levers, not short-term factor.”
Sheetal Arora, page 7 of the filed PDF · View the filing
Management corrected the questioner's premise on last year's BSV growth and reiterated guidance of high-teens growth for the year, with current quarter growth around 21%.
Answered by Prakash Agarwal
Asked by Pankaj Tibrewal: How is BSV growth expected to pan out this year versus last year's shortfall against guidance?
p. 8
“So last year, BSV growth was around early teens, well-spread across domestic and international. This quarter, the growth is around 21%.”
Prakash Agarwal, page 8 of the filed PDF · View the filing
Management expects inventory levels to normalize by year-end due to price advantages, while flagging potential gross margin compression next quarter from commodity and currency pressure.
Answered by Ashutosh Dhawan
Asked by Rashmi Shetty: Will elevated working capital and inventory levels persist through the year?
p. 8
“So we expect it to come down by the year-end because of some price advantages, et cetera.”
Ashutosh Dhawan, page 8 of the filed PDF · View the filing
Management explained they took a strategic, therapy-based approach rather than entering a hyper-competitive molecule race, given more than 20 companies were already launching GLP-1 products.
Answered by Rajeev Juneja
Asked by Kunal Dhamesha: Why has Mankind been cautious in launching GLP-1 molecules despite historical aggressiveness in new launches?
p. 11
“So our thought was let this storm pass. Let's wait sideways and see what basically happens.”
Rajeev Juneja, page 11 of the filed PDF · View the filing
Management confirmed the West Asia crisis was the sole reason for conservatism and that overall EBITDA guidance remains unchanged.
Answered by Ashutosh Dhawan
Asked by Neha Manpuria: Why is gross margin guidance kept at 71%+ despite favorable chronic mix trends, beyond the West Asia cost pressure?
p. 13
“Yes. So that's the only caveat we are putting because of the West Asia crisis. So we are taking a conservative approach.”
Ashutosh Dhawan, page 13 of the filed PDF · View the filing
Management said the brand currently generates Rs 20-30 crore per IQVIA data, with an aspiration to build a larger CNS portfolio over time, acknowledging it will take time given the specialist nature of the category.
Answered by Prakash Agarwal
Asked by Bino Pathiparampil: How big is the recently acquired Rivotril brand and what is its potential?
p. 13
“Aspiration is always there, but it will take time. I mean these things, CNS, is the category takes time as it's a very specialist portfolio.”
Prakash Agarwal, page 13 of the filed PDF · View the filing
Management pointed to sequential recovery across acute and chronic therapy growth rates over several quarters as evidence of green shoots from the reorganization.
Answered by Prakash Agarwal
Asked by Sidharth Negandhi: What metrics show improvement from the reorganization, such as attrition and share gains?
p. 14
“So across Acute therapies, if you see, we have seen improvement. Our growth in acute therapy had gone down to 3.3% in Q2. We are now at par with the industry at 10.9%.”
Prakash Agarwal, page 14 of the filed PDF · View the filing
Management said attrition and vacancies have dropped significantly and returned to normal levels, enabling the sequential improvement seen in results.
Answered by Rajeev Juneja
Asked by Sidharth Negandhi: Has attrition improved following the reorganization?
p. 15
“It has dropped significantly. It has come back to the normal level.”
Rajeev Juneja, page 15 of the filed PDF · View the filing
Management said the company was focused on internal correction at the time and made a strategic call to enter later rather than compete on price amid heavy competition.
Answered by Rajeev Juneja
Asked by Ritika Agarwal: What changed in the company's plans that prevented launching Semaglutide in the first wave despite earlier commentary?
p. 15
“So I mean, we never said that we were the first few companies to launch this product. We could not launch in the first phase.”
Rajeev Juneja, page 15 of the filed PDF · View the filing
Management attributed the decline to relationship-based sales dynamics disrupted by earlier workforce corrections, and said recovery is happening gradually on a stronger foundation without expectation of beating IPM in the near term.
Answered by Rajeev Juneja
Asked by Shirsh Sawarna: Why has the Acute segment underperformed historically and how will it improve going forward?
p. 18
“we never said in last couple of quarters that we'll be beating the IPM. We said that we'll have this kind of a growth.”
Rajeev Juneja, page 18 of the filed PDF · View the filing
Risks flagged
West Asia crisis creating cost pressure and conservatism in gross margin guidance
p. 13
“So that's the only caveat we are putting because of the West Asia crisis. So we are taking a conservative approach.”
Ashutosh Dhawan, page 13 of the filed PDF · View the filing
Rising commodity and dollar costs expected to compress gross margins in coming quarters
p. 8
“However, the next quarter or so, we may see a compression in the gross margins level because the prices of the commodities and the dollar, et cetera, has increased.”
Ashutosh Dhawan, page 8 of the filed PDF · View the filing
Softer overall consumer healthcare market and cash and carry business disruption affecting Consumer Healthcare growth
p. 9
“cash and carry business was basically impacting the general trade. So we just stopped sales over there. But as a whole, market has been a bit softer.”
Rajeev Juneja, page 9 of the filed PDF · View the filing
Hyper-competitive pricing environment for GLP-1 molecules due to large number of players
p. 15
“I just like to add because of huge competition price drop was very significant.”
Prakash Agarwal, page 15 of the filed PDF · View the filing
Higher effective tax rate following expiry of Sikkim plant tax exemption
p. 6
“This increase in effective tax rate is due to adoption of new tax regime this financial year following the expiry of tax exemption period for our Sikkim plant.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Softer new product introduction contribution compared to industry
p. 12
“If you look at Q1, the new introduction, NI contribution is 2.8% as compared to IPM 4.1%.”
Ashutosh Dhawan, page 12 of the filed PDF · View the filing
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