Mankind Pharma FY26 PAT at INR 1,938 Cr; Targets High-Teen Growth
Mankind Pharma reported FY26 revenue of INR 14,278 crore, up 17% YoY, with a PAT of INR 1,938 crore. Q4 revenue increased 11.8% to INR 3,443 crore, while net profit rose 31.8% to INR 560 crore. The company targets high-teen growth and FY27 adjusted EBITDA margins of 25.5%–26.5%.
*this image is generated using AI for illustrative purposes only.
Mankind Pharma Limited has released its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The company reported a revenue from operations of INR 14,278 crore for FY26, an increase of 17.0% year-on-year. For the quarter ended March 31, 2026, revenue stood at INR 3,443 crore, up 11.8% YoY from INR 3,080 crore in the same period last year. In a subsequent concall update, management indicated expectations of double-digit revenue growth from global operations in FY27, alongside adjusted EBITDA margins in the range of 25.5% to 26.5%. Notably, management also clarified that the company is now targeting high-teen growth going forward, rather than the 50-60% growth rates previously referenced. The audio recording of the investor conference call held on May 20, 2026, is available on the company's website.
Consolidated Financial Performance
For the full year FY26, the company reported a Profit After Tax (PAT) of INR 1,938 crore. The adjusted EBITDA for the year was INR 3,629 crore, with a margin of 25.4%. In Q4 FY26, net profit increased to INR 560 crore compared to INR 425 crore in Q4 of the previous year, while adjusted EBITDA rose to INR 930 crore from INR 684 crore YoY. The adjusted EBITDA margin for Q4 expanded to 27% from 22.22% in the prior year period.
The following table summarises the consolidated financial performance:
| Metric (INR Crore): | FY26 | FY25 | YoY % |
|---|---|---|---|
| Revenue from Operations | 14,278 | 12,207 | 17.0% |
| Adjusted EBITDA | 3,629 | 3,159 | 14.9% |
| Adjusted EBITDA Margin | 25.4% | 25.9% | (50 bps) |
| PAT | 1,938 | 2,007 | -3.4% |
| PAT Margin | 13.6% | 16.4% | (280 bps) |
The Q4 performance is summarised below:
| Metric: | Q4 FY26 | Q4 FY25 | YoY Change |
|---|---|---|---|
| Revenue (INR Crore) | 3,443 | 3,080 | +11.8% |
| Adjusted EBITDA (INR Crore) | 930 | 684 | +36.0% |
| Adjusted EBITDA Margin | 27% | 22.22% | +478 bps |
| Net Profit (INR Crore) | 560 | 425 | +31.8% |
Segmental Performance
Domestic revenue for FY26 grew by 14.4% YoY to INR 12,217 crore, driven by double-digit growth in the Mankind business and strong performance in the BSV specialty portfolio. Consumer Healthcare revenue increased by 8.7% to INR 879 crore. Exports revenue surged by 34.5% YoY to INR 2,061 crore. In Q4, domestic revenue stood at INR 2,886 crore, while exports were INR 557 crore.
Operational Highlights
The company's diluted EPS for FY26 was INR 46.3, a decrease of 5.7% YoY, while Cash EPS increased by 5.6% to INR 68.1. The CFO to EBITDA ratio improved to 89% for FY26 compared to 80% in the previous year. Management noted that domestic business growth was led by cardiac and anti-diabetes therapies, while the OTC business grew by 20% led by e-commerce.
Management Outlook for FY27
Management has shared its outlook for the upcoming financial year, with a key strategic clarification emerging from the concall — the company is now targeting high-teen growth going forward, moving away from the 50-60% growth trajectory previously discussed. The company expects double-digit revenue growth from global operations in FY27. The key guidance parameters are summarised below:
| Parameter: | FY27 Guidance |
|---|---|
| Revenue Growth | Over 10% |
| Global Operations Revenue Growth | Double-digit |
| Adjusted EBITDA Margin | 25.5% – 26.5% |
| Long-Term Growth Target | High-teen growth (vs. prior 50-60% target) |
Board Decisions
The Board of Directors, in its meeting held on May 19, 2026, approved the audited financial results. Additionally, the Board approved the re-appointment of Mr. Satish Kumar Sharma as Whole-Time Director for a term of five years effective from September 23, 2026, subject to shareholder approval. The Board also approved an additional investment of up to INR 500 crores in Mankind Medicare Private Limited, a wholly owned subsidiary, in one or more tranches. Furthermore, the Board took note of the resignation of Mr. Pramod Gokhale, Global Chief Information Officer, effective from the close of business hours on May 31, 2026.
Historical Stock Returns for Mankind Pharma
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.11% | +0.97% | +13.01% | +10.89% | -1.79% | +74.80% |
How will the INR 500 crore additional investment in Mankind Medicare Private Limited be deployed, and what revenue contribution is expected from this subsidiary in FY27?
Given the sharp downward revision from 50-60% to high-teen growth targets, what specific market or competitive pressures prompted management to recalibrate its long-term growth ambitions?
With exports already surging 34.5% YoY in FY26, which geographies or therapeutic segments are expected to drive continued double-digit global operations growth in FY27?
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