Mankind Pharma Limited has received a credit rating reaffirmation from ICRA Limited, reinforcing the pharmaceutical company's strong financial position. The rating agency voluntarily reaffirmed the company's credit ratings on February 24, 2026, maintaining confidence in Mankind Pharma's creditworthiness across its debt instruments.

Credit Rating Details

ICRA Limited has reaffirmed ratings for two key financial instruments of the company, totaling ₹6,250 crore in credit facilities:

The AA+/Stable rating on the Non-Convertible Debentures worth ₹5,000 crore indicates high credit quality with very low credit risk. For the fund-based limits of ₹1,250 crore, ICRA has maintained both long-term AA+/Stable and short-term A1+ ratings, reflecting the company's strong liquidity position and ability to meet short-term obligations.

Regulatory Compliance

The company has disclosed this information in compliance with Regulations 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure follows SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, ensuring transparency with stakeholders regarding material credit rating developments.

Corporate Communication

The rating reaffirmation was communicated to both BSE Limited and National Stock Exchange of India Limited on February 24, 2026. Company Secretary and Compliance Officer Hitesh Kumar Jain signed the regulatory filing, confirming the voluntary nature of the rating reaffirmation by ICRA Limited. The information has also been made available on the company's official website at www.mankindpharma.com for broader stakeholder access.

Mankind Pharma Limited has secured a significant victory in its GST appeal, with the Joint Commissioner of State Tax dropping a penalty of INR 46,32,582 that was previously imposed under the Central Goods and Services Tax Act, 2017. The favorable order represents a positive resolution to a tax matter that had been under dispute for the financial year 2020-21.

GST Appeal Order Details

The company received Order-in-Appeal No. 02/286 dated February 16, 2026, from the Joint Commissioner of State Tax, State GST (Appeals), Nagpur, Maharashtra. This order specifically addressed the company's appeal against an earlier Order-in-Original dated February 28, 2025, which had imposed the penalty under Section 73 of the CGST Act.

Regulatory Compliance and Disclosure

Mankind Pharma has fulfilled its regulatory obligations by informing the BSE Limited and National Stock Exchange of India Limited about this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made in accordance with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

The company had previously intimated the exchanges about the original GST matter on March 1, 2025, demonstrating consistent compliance with disclosure requirements throughout the appeal process.

Financial Impact

According to the regulatory filing, the company has indicated that there is no quantifiable impact on its financial, operational, or other activities from this favorable order. The dropping of the penalty eliminates a potential financial liability that had been under dispute, providing clarity on the company's GST compliance position for the relevant financial year.

The successful appeal outcome reflects positively on Mankind Pharma's tax compliance processes and its ability to effectively challenge regulatory orders through appropriate legal channels when necessary.