Synopsis:- Mankind Pharma reported FY26 consolidated revenue of Rs. 14,278 crore a 17 percent increase year-on-year with Q4 adjusted EBITDA margins touching 27.1 percent and net debt-to-EBITDA declining to a comfortable 1.1x, as the BSV acquisition delivered visible volume momentum in the specialty segment and chronic share in the domestic portfolio crossed 38 percent for the first time.
Shares of India’s fourth-largest pharmaceutical company by value came into focus after a strong set of Q4 and FY26 results, with operating margins expanding sharply in the March quarter and the company’s first full partial-year consolidation of BSV Limited reflecting in both topline and mix improvement. The investor presentation was filed with BSE and NSE on 19th May, 2026.
With a market capitalisation of approximately Rs. 1,06,212.47 crore as of 31st March, 2026, the shares of Mankind Pharma Limited were trading at Rs. 2,571.8 per share, up 3.18 percent from its previous close of Rs.2,492.6.The stock trades at a P/E of 53.42.
The March quarter was the cleaner of the two stories in this result. Revenue came in at Rs. 3,443 crore, up 11.8 percent year-on-year, with domestic business growing 13.4 percent to Rs. 2,886 crore. EBITDA jumped 32.7 percent to Rs. 910 crore, with reported margins expanding 410 basis points to 26.4 percent. Adjusted EBITDA stripped of the one-time Labour Code provisioning impact reached Rs. 933 crore at a margin of 27.1 percent, up 400 basis points year-on-year. PAT for Q4 stood at Rs. 559 crore, up 30.4 percent from Rs. 429 crore in Q4 FY25, with PAT margins improving 230 basis points to 16.2 percent.
Within the domestic business, cardiac therapies grew 14.7 percent and anti-diabetes grew 11.6 percent in Q4 both outperforming the Indian Pharma Market while chronic share in Mankind’s total portfolio touched 41.7 percent in Q4 FY26 on a consolidated basis, up 150 basis points year-on-year. BSV’s specialty business also delivered strong double-digit growth in the quarter across key brands including Foligraf (52 percent), Ossopan (72 percent), and Lactare (46 percent). Consumer Healthcare grew 20 percent in Q4, led by Manforce, Prega News, Gasofast, and Nimulid, with e-commerce share rising sharply.
On a full-year basis, Mankind reported consolidated revenue of Rs. 14,278 crore, up 17 percent from Rs. 12,207 crore in FY25. Domestic revenue reached Rs. 12,217 crore 86 percent of total revenue growing 14.4 percent, while exports more than kept pace at Rs. 2,061 crore, a 34.5 percent increase. The export surge reflects both BSV’s consolidation from 23rd October, 2024 and underlying organic growth in the international business, though management noted muted near-term momentum due to geopolitical headwinds affecting select markets.
EBITDA for FY26 came in at Rs. 3,499 crore with a margin of 24.5 percent. Adjusted EBITDA, excluding the Labour Code provisioning and other non-recurring items, was Rs. 3,629 crore at 25.4 percent a 50 basis point improvement on the comparable FY25 adjusted figure of 25.9 percent. Reported PAT declined 3.4 percent to Rs. 1,938 crore from Rs. 2,007 crore in FY25. This comparison is distorted in both directions: FY25 PAT was elevated by M&A-related income from the BSV acquisition, while FY26 PAT absorbed the Labour Code provisioning hit.
Mankind’s most underappreciated FY26 story may be on the balance sheet. Net debt declined steadily every quarter from Rs. 5,784 crore in March 2025 to Rs. 3,932 crore in March 2026 with the net debt-to-adjusted EBITDA ratio improving from 1.8x to 1.1x over the same period. Operating cash flow was Rs. 3,121 crore in FY26, representing an 89 percent conversion of EBITDA among the highest in the domestic pharma sector.
Capex for the year was Rs. 737 crore, or 5.2 percent of revenue, up from Rs. 531 crore in FY25. ROCE on a TTM basis, excluding the capital deployed for the BSV acquisition, stands at 41 percent, a figure that reflects the underlying capital efficiency of the legacy business.
One metric worth watching: debtor days have risen from 33 days (FY25) to 46 days (FY26), per Screener. The working capital days in the investor presentation show net operating working capital at 43 days as of March 2026, inclusive of BSV. For a company of Mankind’s size, a 13-day increase in receivables represents a non-trivial working capital build, and monitoring its trajectory in FY27 is warranted.
The BSV acquisition completed at 100 percent stake in October 2024 is beginning to show up clearly in the chronic and specialty mix. Mankind’s consolidated chronic share was 38.5 percent in FY26 (excluding BSV), up 190 basis points year-on-year, and 40.4 percent on a combined basis. BSV brings recombinants, niche biologics, and a leading women’s health portfolio, with 22 brands exceeding Rs. 100 crore in FY26. The company has now built a four-tier commercial architecture: mass market generics at the base, specialty chronic (cardiac and diabeto) in the mid-tier, a consumer healthcare OTC segment, and BSV’s super-specialty portfolio at the apex, a structure that meaningfully de-risks revenue concentration.
The specialty portfolio expansion continued in FY26 with the acquisition of Rivotril (clonazepam) from Roche, adding epilepsy and anxiety to the therapeutic coverage, and EUGMP certification for the Udaipur and Ambernath facilities, supporting export market ambitions.
Business Overview
Mankind Pharma Limited, incorporated in 1991 and listed in 2023, is India’s fourth-largest pharmaceutical company by market value and holds the number one rank in prescriptions over the last nine consecutive years, with a 4.7 percent share in the Indian Pharma Market as of March 2026. The company operates across ethical pharma, consumer healthcare, and following the BSV acquisition of super-specialty biologics.
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