Mankind Pharma LimitedQ1 FY27 Results & Financial Update
Mankind Pharma Limited: Q1 FY27 consolidated results and company financials – revenue ₹4,030.59 Cr, PAT ₹574.09 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Mankind Pharma Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Mankind Pharma registered operating revenue of INR 4,031 crore for the quarter ended June 30, 2026, marking a 12.9% expansion over the corresponding period of the previous year.
Growth was underpinned by solid performance in the domestic prescription segment, recovery in acute therapies, and robust momentum in international export markets.
Gross margins improved by 230 basis points year-over-year to 72.8%, driven by favorable product mix and operational efficiencies across manufacturing units.
EBITDA expanded by 24.7% year-over-year to INR 1,060 crore, lifting the EBITDA margin by 250 basis points to 26.3% compared to 23.8% in the year-ago period.
Profit after tax reached INR 574 crore, representing a 29.1% increase year-over-year, while the net profit margin advanced by 170 basis points to 14.2%.
Diluted earnings per share (not annualized) stood at INR 13.7 for the quarter, compared to INR 10.6 in the corresponding period of the previous year.
The domestic business (excluding consumer healthcare) achieved INR 3,180 crore in revenue, growing 11.0% year-over-year, supported by strong chronic therapy uptake and outperformance in key specialty brands.
The international export business grew 29.0% year-over-year to INR 605 crore, benefiting from expanded product registrations and ongoing US market filings.
01 · Business model
What does Mankind Pharma do?
Mankind Pharma Limited operates at the intersection of Indian pharmaceutical formulations and consumer healthcare sectors, providing pharmaceutical products and over-the-counter wellness brands across urban and rural markets in India.
The company maintains a large distribution and marketing presence supported by a robust field force of over 18,500 professionals, reaching more than five lakh doctors across domestic markets.
Its manufacturing footprint spans 32 facilities in India, producing a wide array of dosage forms including tablets, capsules, syrups, vials, ampoules, blow-fill-seal units, soft and hard gels, eye drops, creams, and contraceptives.
Research and development capabilities are anchored by 7 dedicated R&D facilities backed by over 740 scientists, supporting a portfolio focused on both acute and chronic therapeutic areas.
02 · Historical context
What shaped the business before this quarter
Commenced operations in 1995 and subsequently entered the chronic pharmaceutical segment in 2004, followed by the launch of consumer healthcare brands Manforce and Prega News between 2007 and 2010.
Established dedicated specialty divisions for cardiovascular, diabetes, respiratory, and neurology in 2020-21, and acquired the specialty oncology and transplant brands of Panacea Biotec Limited in 2022.
Acquired a 100% stake in Bharat Serums and Vaccines (BSV) Limited in October 2024, expanding its presence in high entry-barrier women's health and specialty biologics.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹4,030.59 Cr |
| Total income | ₹4,075.59 Cr |
| Profit before tax | ₹765.51 Cr |
| Profit after tax | ₹574.09 Cr |
| EPS | ₹13.74 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Chronic segment secondary sales grew 15.8% year-over-year, featuring 19.4% growth in cardiac and 12.7% growth in anti-diabetes portfolios.
Acute therapy growth rebounded through outperformance in gastrointestinal (1.2x IPM), vitamins, minerals and nutrients (1.2x IPM), and gynaecology (1.05x IPM) divisions, alongside a recovery in anti-infectives.
International business revenue grew 29.0% year-over-year to INR 605 crore, aided by new product rollouts including the 49th US product launch.
International business revenue registered a strong 29.0% YoY growth to reach INR 605 crore, accompanied by the launch of 1 new product in the US market, taking total cumulative US launches to 49.
Consumer healthcare revenue rose 3.9% YoY to INR 246 crore, constrained by the base effect of discontinued cash and carry business lines, even as modern trade and e-commerce channels grew 38%.
What drove margins
Gross margin improved by 230 basis points year-over-year to 72.8% (up from 70.5% in Q1 FY26), reflecting favorable product realisations and therapeutic mix.
EBITDA margin expanded by 250 basis points year-over-year to 26.3%, driven by higher gross margins and operating leverage across the expanded 18,500+ field force.
Gross margin expanded by 230 basis points YoY to 72.8% in Q1 FY27, driven by favourable product mix changes toward high-margin chronic therapies and specialty segments.
EBITDA margin improved by 250 basis points YoY to 26.3% (INR 1,060 crore), benefiting from disciplined cost execution and operating leverage across the expanded distribution network.
05 · Demand, customers & order book
Where demand is coming from
Maintained the #1 rank in prescription share for the last 9 years with a prescription share of 15.2% as per IQVIA June 2026 data.
Modern Trade and E-commerce channel share for Consumer Healthcare increased to 15% in Q1 FY27 compared to 11% in Q1 FY26, supported by 38% growth in those channels.
Gained market share in key consumer healthcare brands including Manforce, Preganews, and Gas-o-fast, while modern trade and e-commerce contribution to consumer revenue increased to 15% from 11% in Q1 FY26.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Delivered INR 3,180 crore in revenue, up 11.0% year-over-year, supported by outperformance in key focused brands including Cefakind-CV, Nurokind-LC, Pantakind, Dydroboon, Telmikind, Lipirose, and Glizid.
Generated INR 246 crore, up 3.9% year-over-year, with growth impacted by the base effect of discontinued cash and carry operations while key brands like Manforce, Preganews, and Gas-o-fast gained market share.
Recorded INR 605 crore in revenue, up 29.0% year-over-year, with one new product launched in the US market during the quarter, taking total US launches to 49.
Chronic segment secondary sales posted robust growth led by 19.4% in cardiac and 12.7% in anti-diabetes (ex-Trizepatide), helping increase consolidated chronic share by 80 basis points YoY to 39.6%.
Acute therapies witnessed a growth recovery led by outperformance in Gastro (1.2x), VMN (1.2x), and Gynaec (1.05x), alongside a rebound in anti-infectives to 3.6% growth from -1.1% in Q4 FY26.
Key focused acute and chronic brands outperformed the market, including Cefakind-CV (1.2x), Nurokind-LC (1.1x), Pantakind (1.8x), Dydroboon (1.5x), Telmikind family (21%), Lipirose/Statpure (30%/31%), and Glizid family (29%).
Geography and market mix
Continued regulatory and commercial advancement in regulated international markets, underscored by new product introductions in the US.
Maintained the #1 rank in prescriptions for the last nine years with a prescription share of 15.2%, supported by a field force of over 18,500 professionals reaching more than five lakh doctors across urban and rural markets.
Continued pipeline expansion in regulated international markets, adding 1 new product launch in the US during Q1 FY27 to reach 49 cumulative approved and launched products.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
Capital expenditure for Q1 FY27 stood at INR 198 crore, representing 4.9% of revenue, directed toward manufacturing capabilities and facility upgrades.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Continued strategic focus on increasing chronic therapy contribution, which expanded chronic share by 80 basis points year-over-year to 39.6%.
Leveraged the BSV acquisition portfolio alongside in-licensed super-specialty chronic products in oncology, transplant, and women's health.
Continued integration and scaling of BSV portfolio, reinforcing leadership in women's health, oncology, transplant, and critical care segments with high entry barriers.
09 · Reported developments
What changed operationally
Delivered double-digit top-line growth (12.9% YoY) accompanied by a 250 bps expansion in EBITDA margin to 26.3% and a 29.1% surge in PAT.
Chronic therapy share improved by 80 bps year-over-year, driven by outperformance in cardiac (19.4% growth) and anti-diabetic portfolios.
Delivered double-digit YoY growth across revenue (12.9%), EBITDA (24.7%), and PAT (29.1%), alongside significant margin expansion across gross, EBITDA, and PAT levels.
Continued strong debt reduction lowered net debt by INR 555 crore during the quarter, bringing net debt-to-EBITDA down to 0.9x.
10 · Pressure points & risks
What is not going smoothly
Consumer healthcare revenue growth moderated to 4% YoY, partly impacted by the base effect of discontinued cash and carry operations.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Cash flow from operations for Q1 FY27 stood at INR 817 crore, with a CFO-to-EBITDA conversion ratio of 77%.
Net operating working capital days stood at 52 days as of June 30, 2026, remaining stable compared to preceding periods.
Net operating working capital days remained stable at 52 days as of June 30, 2026, consistent with the level recorded at March 31, 2026.
Cash flow from operations to EBITDA ratio stood at 77% for Q1 FY27, reflecting healthy cash conversion from operating earnings.
Capital allocation & funding
Net debt improved further to INR 3,377 crore as of June 30, 2026, down from INR 3,932 crore as of March 31, 2026, resulting in a net debt-to-EBITDA ratio of 0.9x.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Brand Leadership
Retained category-leading positions across key consumer brands, including #1 in condoms (Manforce, 28% market share), #1 in pregnancy test kits (Preganews, 84% market share), #1 in medicated anti-acne (Acnestar, 34% market share), and #1 in emergency contraceptives (Unwanted-72, 68% market share).
Reported update
Prescription Leadership
Mankind Pharma has consistently maintained the #1 rank in prescription share in the Indian Pharmaceutical Market over the last nine years, reaching 15.2% prescription share in Q1 FY27.
13 · Previous-quarter changes
What changed since the previous quarter
Operating revenue increased 17.1% sequentially from INR 3,443 crore in Q4 FY26 to INR 4,031 crore in Q1 FY27.
14 · Key Q&A
The quarter, answered directly
What does Mankind Pharma do?
Mankind Pharma Limited operates at the intersection of Indian pharmaceutical formulations and consumer healthcare sectors, providing pharmaceutical products and over-the-counter wellness brands across urban and rural markets in India.
What is the clearest takeaway from Q1 FY27?
Mankind Pharma registered operating revenue of INR 4,031 crore for the quarter ended June 30, 2026, marking a 12.9% expansion over the corresponding period of the previous year.
What drove revenue or demand?
Chronic segment secondary sales grew 15.8% year-over-year, featuring 19.4% growth in cardiac and 12.7% growth in anti-diabetes portfolios.
What mattered most for margins or profitability?
Gross margin improved by 230 basis points year-over-year to 72.8% (up from 70.5% in Q1 FY26), reflecting favorable product realisations and therapeutic mix.
What changed operationally beyond the headline numbers?
Capital expenditure for Q1 FY27 stood at INR 198 crore, representing 4.9% of revenue, directed toward manufacturing capabilities and facility upgrades.
What are the main pressure points disclosed for the quarter?
Consumer healthcare revenue growth moderated to 4% YoY, partly impacted by the base effect of discontinued cash and carry operations.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Chronic Segment Penetration: Monitor the continued expansion of chronic therapy contributions relative to the IPM average.
- 02
Net Debt Trajectory: Track further reduction in net debt and maintenance of conservative leverage metrics.
- 03
Chronic Portfolio Expansion: Monitor the continued market share gains and growth trajectory in chronic therapeutic categories such as cardiac, anti-diabetes, and respiratory care.
- 04
BSV Integration Milestones: Track ongoing synergy realization and revenue growth from the acquired Bharat Serums and Vaccines (BSV) specialty portfolio.
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