Mankind Pharma delivered a robust first-quarter performance for FY27, reporting a consolidated net profit of ₹574 crore, a 29% increase from ₹445 crore in the corresponding period of the previous year. Revenue from operations rose 13% year-on-year to ₹4,031 crore, while EBITDA expanded by 25% to ₹1,060 crore, driven by significant margin expansion and strong growth in both domestic chronic therapies and international exports.

The Board of Directors approved the unaudited financial results on July 30, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by joint statutory auditors S.R. Batliboi & Co. LLP and Bhagi Bhardwaj Gaur & Co., Chartered Accountants. The Board also sanctioned a corporate guarantee of ₹150 crore for its wholly owned subsidiary, Bharat Serums and Vaccines Limited (BSV), to secure credit facilities.

Financial Performance Highlights

The company’s operating leverage improved markedly, with EBITDA margins widening by 250 basis points (bps) to 26.3% from 23.8% in Q1FY26. Gross margins also improved by 230 bps to 72.8%. Profit after tax (PAT) margins rose by 170 bps to 14.2%. Basic earnings per share (EPS) stood at ₹13.76, compared to ₹10.62 in the prior year quarter.

Standalone net profit was ₹558.49 crore, up from ₹415.27 crore in Q1FY25. Standalone revenue grew to ₹2,964.05 crore from ₹2,569.73 crore.

Segmental Breakdown and Business Updates

Domestic business (excluding Consumer Healthcare) grew 11% YoY to ₹3,180 crore, led by double-digit growth in the Mankind domestic business. Chronic therapies contributed significantly, with cardiac drugs growing 19.4% and anti-diabetic drugs growing 12.7%. The company outperformed the industry prescription market (IPM) in key areas, including respiratory chronic (1.3x IPM growth) and cardiac (1.1x IPM growth). Specific brand performances included 21% growth in the Telmikind family, 30-31% growth in Lipirose and Statpure, and 29% growth in the Glizid brand family.

Exports surged 29% YoY to ₹605 crore, benefiting from new product launches in the US market, where Mankind has now launched 49 products. The Consumer Healthcare (CH) segment saw modest growth of 4% to ₹246 crore, impacted by the base effect of discontinued cash-and-carry business, though it gained market share in key brands like Manforce and Prega News. Modern Trade and E-Commerce share increased to 15% from 11% in the prior year quarter.

What the Numbers Show

The divergence between revenue growth (13%) and PAT growth (29%) underscores improved operational efficiency. The 250 bps expansion in EBITDA margins indicates successful cost management and a favorable product mix shift towards higher-margin chronic therapies. Additionally, the company’s net debt reduced to ₹3,377 crore, with the net debt-to-adjusted EBITDA ratio improving to 0.9x from 1.1x in FY26, signaling stronger balance sheet health. However, investors should note the ongoing income tax proceedings involving adjustments of ₹1,908.66 crore, which remain a contingent liability despite management’s confidence in their legal position.

Mankind Pharma reported a notable improvement in its consolidated financial performance for Q1, with net profit rising to ₹5.7B rupees compared to ₹4.4B rupees in the corresponding period of the previous year. The results reflect consistent growth across key financial metrics, underscoring the company's operational progress on a year-on-year basis.

Revenue and Profitability Performance

Mankind Pharma's consolidated revenue for Q1 stood at ₹40.3B rupees, up from ₹35.7B rupees in Q1 of the prior year. This top-line expansion was complemented by a meaningful improvement in profitability, with EBITDA growing to ₹10.6B rupees from ₹8.5B rupees year-on-year. The EBITDA margin widened to 26.20% from 23.70% in the same quarter last year, indicating improved operational efficiency.

The following table summarises the key financial metrics for Q1 on a year-on-year basis:

Key Financial Highlights

The Q1 results for Mankind Pharma reflect the following key developments:

• Net profit increased to ₹5.7B rupees from ₹4.4B rupees YoY
• Revenue grew to ₹40.3B rupees from ₹35.7B rupees YoY
• EBITDA rose to ₹10.6B rupees from ₹8.5B rupees YoY
• EBITDA margin expanded to 26.20% from 23.70% YoY

The combination of revenue growth and margin expansion points to improved cost management and operating leverage during the quarter. The year-on-year improvement across all reported metrics reinforces the company's financial trajectory as reflected in the Q1 consolidated results.