India · Delayed Price · Currency is INR Mankind Pharma Earnings Call Transcripts
Fiscal Year 2026
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Q4 and FY26 saw strong revenue and margin growth, led by domestic and specialty businesses, with chronic therapies outperforming and OTC channels expanding. FY27 guidance targets double-digit revenue growth, higher CapEx for biotech, and improved margins, despite raw material cost risks.
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Revenue and profit grew year-over-year, driven by strong chronic therapy and export performance, while acute and OTC segments are recovering post-restructuring. Working capital and debt metrics improved, and management expects double-digit growth ahead.
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Revenue grew 21% year-on-year in Q2 FY26, with EBITDA margin at 25%, but profit after tax declined 21% due to higher costs from BSV consolidation. Domestic and export businesses showed strong growth, while GST disruptions and restructuring impacted margins. Guidance for FY26 EBITDA margin and BSV growth is maintained.
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Q1 FY26 saw 24.5% revenue growth and 23.8% EBITDA margin, with strong domestic and international performance, though net profit declined 17.4% due to higher finance and depreciation costs. Guidance for margins and growth remains unchanged, with BSV expected to accelerate in H2.
Fiscal Year 2025
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Revenue grew 27% YoY in Q4 and 19% for FY25, with strong chronic and consumer healthcare performance and improved margins. VSC acquisition boosted specialty presence, while operational reforms and debt reduction strengthened the balance sheet. Guidance remains robust for FY26.
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Q3 and 9M FY25 saw strong revenue and margin growth, driven by BSV integration and robust chronic, OTC, and export performance. Corrective actions in field force and leadership led to temporary volume slowdown but improved margins. BSV synergies and margin expansion are expected in the coming years.
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Revenue grew 14% year-over-year in Q2 FY25 with EBITDA margin at 27.7%, driven by strong chronic and OTC performance. The BSV acquisition expands presence in high-entry barrier segments and is expected to boost growth and margins. Debt raised for the acquisition will be retired within three years through equity and asset sales.
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Q1 FY25 saw 12% revenue growth, 25.2% adjusted EBITDA margin, and strong cash generation. Chronic and consumer healthcare segments outperformed, with exports up 62% year-on-year. The BSV acquisition expands specialty offerings, and guidance for margins and CapEx is maintained.