• Event Type: Q1 FY27 Earnings Conference Call held on Thursday, July 30, 2026 at 06:30 P.M. (IST)
  • Purpose: Discussion of quarterly results and business updates for Q1 FY27
  • Management Participants: Mr. Rajeev Juneja (Vice Chairman and Managing Director), Mr. Sheetal Arora (Chief Executive Officer and Whole-Time Director), Mr. Sudipta Roy (Senior President, Sales and Marketing), Mr. Ashutosh Dhawan (Global Chief Financial Officer), Mr. Prakash Agarwal (President, Strategy), Mr. Archit Gupta (Manager IR)
  • Availability: Transcript of the call was made available on the company website at www.mankindpharma.com pursuant to Regulation 30 of SEBI Listing Regulations
  • Compliance: The discussion included forward-looking statements with reference to disclaimer available in the investor presentation on the company website

Financial Highlights Disclosed in Transcript:

  • Revenue from operations: INR4,031 crores, up 12.9% YoY (vs. INR3,570 crores in Q1 FY26)
  • EBITDA: INR1,060 crores with margin at 26.3%, improving 250 bps YoY
  • Gross margin: 72.8%, improving 230 bps YoY
  • PAT: INR574 crores, up 29.1% YoY with PAT margin at 14.2% (vs. 12.5% in Q1 FY26)
  • Diluted EPS: INR13.7 per share; Cash EPS: INR19.2 per share
  • R&D expenses: INR98 crores (2.4% of sales)
  • Net debt: INR3,377 crores with net debt to adjusted EBITDA ratio of 0.9x
  • Capex: INR198 crores (4.9% of revenue)

Business Performance Details:

  • Domestic business revenue (ex-Consumer Healthcare): INR3,180 crores, up 11% YoY
  • Domestic business including Consumer Healthcare: INR3,426 crores, up 10.5% YoY
  • Secondary sales growth (IQVIA): 12.7% with volume growth of 4.7%
  • Chronic portfolio growth: 15.8% YoY with chronic share (ex-BSV) at 40%, up 80 bps YoY
  • Acute portfolio growth: 10.9% YoY (recovered from 6.1% in Q1 FY26)
  • International business revenue: INR605 crores, up 29% YoY
  • Consumer Healthcare revenue: INR246 crores, up 3.8% YoY

Therapeutic Segment Performance:

  • Anti-diabetes (ex-tirzepatide): Outperformed IPM by 1.1x; Glizid brand family grew 29% YoY
  • Cardiac: Outperformed IPM by 1.1x, growing 19.4% YoY; Telmikind family grew ~21% YoY
  • Gastro: Outperformed market by 1.2x, growing 13.6% YoY; Pantakind outperformed by 1.8x
  • Gynaecology: Grew 12.7% YoY (vs. IPM 12.1%); IVF portfolio grew 39% (Foligraf and Humog)
  • VMN: Grew 19.3% YoY
  • Anti-infectives: Recovered from -1.1% in Q4 FY26 to 3.6% YoY in Q1 FY27

Strategic Initiatives:

  • Launched new division 'Vistar' to scale lesser-focused brands
  • Partnership with Denovo Science for AI-led drug discovery program
  • Maintained #1 position in prescriptions with 15.2% prescription share
  • Focus on increasing chronic share to 50% in medium term
  • Repaid INR1,250 crores NCD tranche in Q1 FY27
  • Target to repay acquisition-related debt by FY28

Guidance and Outlook:

  • Full-year EBITDA margin guidance: 25.5% to 26.5%
  • Full-year gross margin guidance: upward of 71%
  • Full-year R&D spend guidance: 2.8% to 3% of sales
  • Full-year capex guidance: 6% to 7% of revenue
  • BSV growth guidance: high double-digit (high teens)
  • Consumer Healthcare growth expectation: high single-digit to double-digit from Q2 onwards

Additional Notes Section

  • The document includes the complete transcript of the earnings conference call
  • The company provided detailed financial figures and business metrics as part of the earnings discussion