Mankind Pharma (MANKIND) Q1 26/27 earnings summary

Executive summary

• Revenue for Q1 FY27 grew 12.9% year-over-year to INR 4,031 crore, driven by strong domestic and international performance, especially in chronic and specialty therapies.

• EBITDA rose to INR 1,060 crore, with margin improving by 250 bps to 26.3% year-over-year.

• Profit after tax grew 29.1% year-over-year to INR 574 crore, with diluted EPS at INR 13.7.

• Domestic business revenue increased 10.5% year-over-year, led by 15.8% growth in chronic portfolio and recovery in acute therapies.

• International business revenue surged 29% year-over-year, supported by BSV and US launches.

Financial highlights

• Gross margin improved by 230 bps year-over-year to 72.8%, aided by price increases and better sales mix.

• PAT margin rose to 14.2%, and cash EPS increased 20.8% year-over-year to INR 19.2.

• CapEx for the quarter was INR 198 crore (4.9% of revenue), below full-year guidance.

• Net debt reduced to INR 3,377 crore, with net debt/adjusted EBITDA at 0.9x.

• ROCE improved to 13%, and adjusted ROCE to 43% on a TTM basis.

Outlook and guidance

• Guidance maintained for gross margin above 71% and EBITDA margin of 25.5%-26.5% for FY 2027, despite raw material and geopolitical pressures.

• Consumer healthcare expected to return to high single-digit to double-digit growth from Q2 onwards.

• BSV guided for high teen growth, with domestic and international split expected to remain near 50/50.

• Acquisition-related debt targeted for full repayment by FY 2028.

• Management emphasizes disciplined execution and strengthening fundamentals for sustainable growth.