Mankind Pharma Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Mankind Pharma Ltd filed with BSE on 26 May 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 Q4 FY26 revenue growth of 11.8% year-on-year to Rs 3,443 crores with an adjusted EBITDA margin of 27.1%, while full-year FY26 revenue grew 17.0% to Rs 14,278 crores with a 25.4% adjusted EBITDA margin. Management attributed the quarter's performance to domestic growth of 13.4%, driven by chronic therapy momentum and BSV specialty business traction, while export revenue grew 4% year-on-year due to geopolitical headwinds. Management also detailed cost trends including gross margin expansion, employee cost normalization, and provided commentary on GLP-1 launch strategy and debt repayment plans.
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Numbers mentioned
Revenue: INR3,443 crores (Q4 FY26)
p. 3
“In quarter 4, our overall revenue increased by 11.8% year-on-year to INR3,443 crores with adjusted EBITDA margin of 27.1%.”
Rajeev Juneja, page 3 of the filed PDF · View the filing
Revenue: INR14,278 crores (FY26)
p. 3
“And for the full year '26, revenue increased by 17.0% year-on-year to INR14,278 crores with adjusted EBITDA margin of 25.4%.”
Rajeev Juneja, page 3 of the filed PDF · View the filing
Domestic revenue: INR2,886 crores (Q4 FY26)
p. 4
“In quarter 4 financial year '26, our Domestic revenue grew 13.4% year-on-year to INR2,886 crores.”
Sheetal Arora, page 4 of the filed PDF · View the filing
Domestic revenue: INR12,217 crores (FY26)
p. 4
“For financial year '26, Domestic revenue increased 14.4% year-on-year to INR12,217 crores with organic growth of 8.6%, excluding OTC.”
Sheetal Arora, page 4 of the filed PDF · View the filing
Export revenue: INR557 crores (Q4 FY26)
p. 5
“Our export revenue for the quarter grew by 4% year-onyear to INR557 crores, primarily impacted by geopolitical headwinds.”
Sheetal Arora, page 5 of the filed PDF · View the filing
International business revenue: INR2,061 crores (FY26)
p. 5
“However, on a full year basis, our international business revenue increased by 35% year-on-year to INR2,061 crores”
Sheetal Arora, page 5 of the filed PDF · View the filing
Gross margin: 72.2% (Q4 FY26)
p. 6
“Our gross margins for the quarter has increased by 60 basis points year-on-year basis to 72.2% from 71.6% in Q4 FY25.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Adjusted EBITDA margin: 27.1% (Q4 FY26)
p. 6
“Our adjusted EBITDA margin for the quarter has increased to 27.1% as compared to 23.1% in Q4 FY25.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
R&D expenses: INR103 crores (Q4 FY26)
p. 6
“The R&D expenses for the quarter was INR103 crores, which is at 3% of the sales and for the full year 2026 is 2.8% of the sales, which was 2.2% in FY25.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
Profit after tax: INR559 crores (Q4 FY26)
p. 6
“The profit after tax for Q4 FY26 grew by 30.4% year-on-year basis to INR559 crores with PAT margins improving to 16.2% during the quarter as compared to 13.9% in Q4 FY25, resulting in an increase of 230 basis points.”
Ashutosh Dhawan, page 6 of the filed PDF · View the filing
PAT: INR1,938 crores (FY26)
p. 7
“For the full year FY '26, PAT decreased marginally in value terms by 3.4% on a year-on-year basis to INR1,938 crores from INR2,007 crores last year.”
Ashutosh Dhawan, page 7 of the filed PDF · View the filing
Diluted EPS: INR46.3 (FY26)
p. 7
“The diluted EPS and cash EPS for FY '26 were at INR46.3 and INR68.1, respectively.”
Ashutosh Dhawan, page 7 of the filed PDF · View the filing
Net operating working capital days: 52 days (as at 31st March 2026)
p. 7
“The net operating working capital days as at 31st March 2026 is 52 days as compared to 50 days as at 31st March 2025.”
Ashutosh Dhawan, page 7 of the filed PDF · View the filing
Capex: INR737 crores (FY26)
p. 7
“Our capex spend in FY '26 increased to INR737 crores, remaining at 5.2% of the total revenue, which is at the higher end of our guidance of 5% of revenue.”
Ashutosh Dhawan, page 7 of the filed PDF · View the filing
Net debt: INR3,932 crores (as at 31st March 2026)
p. 7
“In line with our prudent financial strategy, our net debt is INR3,932 crores as at 31st March '26, resulting in the net debt to adjusted EBITDA ratio of 1.1x in Q4 FY '26.”
Ashutosh Dhawan, page 7 of the filed PDF · View the filing
OTC business revenue: INR213 crores (Q4 FY26)
p. 4
“During the quarter, our revenue from OTC business increased by 20% to INR213 crores.”
Rajeev Juneja, page 4 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.
Revenue growth — double digit · FY27
stated firmly by Rajeev Juneja
p. 8
“So I can say only one thing that growth would be better -- top line growth will be better than the last year, double digit.”
Rajeev Juneja, page 8 of the filed PDF · View the filing
EBITDA margin — 25.5% to 26.5% · FY27
stated conditionally by Ashutosh Dhawan
p. 17
“So, the guidance is 25.5% to 26.5%. That's what is the guidance, but having caveated with all the geopolitical situation, market conditions.”
Ashutosh Dhawan, page 17 of the filed PDF · View the filing
Capex — 6% to 7% of FY27 revenue · FY27
stated firmly by Ashutosh Dhawan
p. 7
“Accordingly, our capex guidance for FY '26 is expected to be in the range of 6% to 7% of FY '27 revenue.”
Ashutosh Dhawan, page 7 of the filed PDF · View the filing
Net debt to adjusted EBITDA ratio — 0.5x · FY27
stated firmly by Ashutosh Dhawan
p. 17
“And we have given a guidance also that for FY27, the net debt to adjusted EBITDA ratio will be 0.5x.”
Ashutosh Dhawan, page 17 of the filed PDF · View the filing
Effective tax rate — 25% to 26% · FY27
stated firmly by Ashutosh Dhawan
p. 18
“Sir, this year for FY27, the expected tax rate will be in the range of 25% to 26% because the Sikkim exemption what we have been enjoying, FY26 has been the last year.”
Ashutosh Dhawan, page 18 of the filed PDF · View the filing
Debt repayment — INR2,500 crores · FY28
stated firmly by Ashutosh Dhawan
p. 17
“The last payment was done in April 2026, INR1,250 Crore. And the next payment is coming due in October, same amount, INR1,250 crores and next year, INR2,500 crores is to be repaid.”
Ashutosh Dhawan, page 17 of the filed PDF · View the filing
Acquisition-related debt repayment — FY28
stated firmly by Ashutosh Dhawan
p. 7
“We remain on track to repay the acquisition-related debt by FY '28.”
Ashutosh Dhawan, page 7 of the filed PDF · View the filing
Modern trade/e-commerce growth — high teens
stated as an aspiration by Rajeev Juneja
p. 13
“But we don't expect, I mean, 50 - 60% kind of a growth. So high teens would be there.”
Rajeev Juneja, page 13 of the filed PDF · View the filing
International business growth — high teens to 20%
stated as an aspiration by Prakash Agarwal
p. 16
“So that's why we feel that it should -- the growth in an international business should be high teens to 20%.”
Prakash Agarwal, page 16 of the filed PDF · View the filing
Consumer division growth — double-digit growth · next year
stated as an aspiration by Rajeev Juneja
p. 9
“And hopefully, next year as well, we will just give double-digit growth in consumer division, better margins and better things will happen.”
Rajeev Juneja, page 9 of the filed PDF · View the filing
Employee cost as % of sales — 22% of sales, plus/minus 0.5%
stated as an aspiration by Ashutosh Dhawan
p. 15
“But by and large, if you see on the long-term trajectory, our endeavor is to maintain employee cost, both fixed, variable, all put together in the range of 22% of the overall sales.”
Ashutosh Dhawan, page 15 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 they launched a GLP-1 pen about a month ago, targeting endocrinologists first, while remaining focused on long-term profitability rather than rushing into the crowded market.
Answered by Sheetal Arora
Asked by Kunal Dhamesha: What is the status of the GLP-1 launch and product positioning?
p. 8
“We have already launched around a month ago. We are targeting - endocrinologists are on the top.”
Sheetal Arora, page 8 of the filed PDF · View the filing
Management acknowledged disruption in raw materials, packaging and excipients but said precautions have been taken to manage the impact.
Answered by Rajeev Juneja
Asked by Tushar Manudhane: What is the outlook on raw material costs given geopolitical turmoil, and its potential impact on margins?
p. 9
“Tushar, you cannot deny that some kind of a disruption is there as far as the raw materials are concerned, packaging material is concerned, and excipients are concerned.”
Rajeev Juneja, page 9 of the filed PDF · View the filing
Management said there is no pressure on chronic therapies, describing it as a long-term growth story unaffected by quarter-to-quarter fluctuations.
Answered by Sheetal Arora
Asked by Harith: Why did chronic therapy outperformance versus IPM soften to 0.9x in Q4 versus 1.1x for the full year?
p. 10
“There is no pressure on chronic therapies because it's a long-term growth story. We believe that chronic growth trajectory remains sustainable over the long term.”
Sheetal Arora, page 10 of the filed PDF · View the filing
Management explained the drop reflected incentive rationalization, a true-up, and waiver of director/commission fees, with underlying employee cost up 10% year-on-year when normalized for BSV.
Answered by Ashutosh Dhawan
Asked by Sidharth: What is driving the quarter-on-quarter decline in employee expenses, and is it sustainable?
p. 12
“So because of these 2 reasons, you are seeing a sequential drop in the employee cost. On an overall annualized basis, there is a 10% increase in the employee cost if we normalize it for BSV.”
Ashutosh Dhawan, page 12 of the filed PDF · View the filing
Management said there has been no direct scientific impact yet on primary anti-diabetic and cardiac therapies, and it is too early to assess longer-term effects.
Answered by Sudipta Roy
Asked by Sidharth: Has GLP-1 growth impacted base diabetes or cardiology therapies?
p. 12
“I think scientifically, if you see in last few months, there has not been a direct impact on the primary antidiabetic and cardiac therapy.”
Sudipta Roy, page 12 of the filed PDF · View the filing
Management said price hikes were in line with the industry, citing IQVIA data.
Answered by Prakash Agarwal
Asked by Kunal Randeria: What price hikes has the company taken relative to the industry?
p. 13
“So for the year, our price hike as per IQVIA has been 4.2%; Industry is around 4.4%. So we are in line with the industry price hike.”
Prakash Agarwal, page 13 of the filed PDF · View the filing
Management said BSV has been an important acquisition giving Mankind complex biological products, though integration took longer than expected, and results are now streamlining well.
Answered by Rajeev Juneja
Asked by Alankar Garude: Has the BSV acquisition played out in line with expectations over the past two years?
p. 18
“It's a very interesting question, but I'll tell you. There's a difference where a company is being run by promoters versus professionals.”
Rajeev Juneja, page 18 of the filed PDF · View the filing
Management confirmed repayments are on schedule, with INR1,250 crores paid in April 2026, another INR1,250 crores due in October, and INR2,500 crores next year.
Answered by Ashutosh Dhawan
Asked by Alka Katiyar: Is the company on track with its debt repayment plan?
p. 17
“So, definitely, we are pretty much on track. The last payment was done in April 2026, INR1,250 Crore.”
Ashutosh Dhawan, page 17 of the filed PDF · View the filing
Management said the tax rate is expected to rise to 25-26% in FY27 as the Sikkim exemption benefit ends after FY26.
Answered by Ashutosh Dhawan
Asked by Bharat Shah: What will the effective tax rate be for the current year given the expiry of the Sikkim exemption?
p. 18
“Sir, this year for FY27, the expected tax rate will be in the range of 25% to 26% because the Sikkim exemption what we have been enjoying, FY26 has been the last year.”
Ashutosh Dhawan, page 18 of the filed PDF · View the filing
Risks flagged
Geopolitical headwinds impacting export revenue growth
p. 5
“Our export revenue for the quarter grew by 4% year-onyear to INR557 crores, primarily impacted by geopolitical headwinds.”
Sheetal Arora, page 5 of the filed PDF · View the filing
Disruption to raw material, packaging material and excipient supply due to Middle East conflict
p. 9
“Tushar, you cannot deny that some kind of a disruption is there as far as the raw materials are concerned, packaging material is concerned, and excipients are concerned.”
Rajeev Juneja, page 9 of the filed PDF · View the filing
BSV international business impacted by exposure to LATAM, RCIS, and leadership change in Philippines
p. 9
“BSV was partly impacted due to some of these countries where it has some exposure, LATAM, RCIS and some leadership change in Philippines, which is one of the largest market.”
Prakash Agarwal, page 9 of the filed PDF · View the filing
Competitive rush in GLP-1 market could lead to being overlooked if launched at the wrong time
p. 11
“So there's a mad rush in the market. Every company is launching. And if at this particular time, you launch, you will be lost somewhere.”
Rajeev Juneja, page 11 of the filed PDF · View the filing
Sikkim tax exemption expiry increasing effective tax rate going forward
p. 19
“So next year, it is going to get increased to 25% to 26%.”
Ashutosh Dhawan, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.