Mankind Pharma Q1 Revenue Up 13% with Margin Expansion

Revenue from operations for Q1 FY27 was ₹4,031 crore.
Domestic business (ex-consumer healthcare) secondary sales grew 12.7% YoY, slightly below the 13.0% Indian Pharmaceutical Market (IPM) growth (ex-Trizepatide).
The company maintained its #1 rank in prescriptions for the ninth consecutive year with a 15.2% market share (IQVIA MAT March 2026).
Key drivers: Strong growth in the chronic portfolio (Cardiac +19.4%, Anti-Diabetes +12.7%) and outperformance in acute therapies like Gastro, VMN, and Gynaec.

Domestic Business (ex-Consumer Healthcare): Revenue was ₹3,180 crore, up 11.0% YoY.
Consumer Healthcare (CH) Business: Revenue was ₹246 crore, up 3.9% YoY. Market share gains were reported in key brands Manforce, Preganews, and Gas-o-fast.
Export Business: Revenue was ₹605 crore, up 29.0% YoY. One new product was launched in the US in Q1, bringing the total launched products to 49.
Explanation of significant changes: Growth in the domestic business was led by the chronic portfolio and the acquired BSV specialty business. The OTC segment's softer growth was partly due to the base effect of a discontinued cash and carry business.

Revenue: ₹4,031 crore
EBITDA: ₹1,060 crore
PAT: ₹574 crore
Diluted EPS: ₹13.7
Cash EPS: ₹19.2
Margins: Gross Margin at 72.8% (up 230 bps YoY), EBITDA Margin at 26.3% (up 250 bps YoY), PAT Margin at 14.2% (up 170 bps YoY).
YoY comparison: Revenue grew 12.8% YoY, EBITDA grew 24.7% YoY, PAT grew 29.1% YoY.
Drivers of financial performance: Higher revenue growth, improved gross margins, and operational efficiencies.
Key Risks: Disclosed forward-looking statements note risks including industry competition, government regulations, domestic & international economic conditions, and unavailability of raw materials.

Domestic vs Export Revenue: Domestic: ₹3,426 crore (85.0% of Total); Export: ₹605 crore (15.0% of Total).
Regional Breakdown: Not Specified

Net Cash / (Net Debt): The company was in a net cash position (amount not specified in presentation).
Net Operating Working Capital Days: Disclosed as a key metric but specific figure not provided in the excerpt.
Financial Health Insights: Not Specified

Investments in Innovation: The presentation highlights expansion in specialty and super specialty segments.
Expected impact on growth: Strategic launches like inhalers (Combihale & Symbicort) and Nobeglar (Insulin Glargine) showed strong growth of 23% and 45% YoY, respectively.
Strategic Rationale: Focus on growing the chronic portfolio and expanding the international business.

Macro/Industry Trends: The Indian Pharmaceutical Market (IPM) ex-Trizepatide grew 13.0% in Q1 FY27 (IQVIA).
Impact on Company: The company's secondary sales growth of 12.7% was slightly below the IPM growth, but it outperformed in specific therapy areas.

Strategic Outlook: From Vice Chairman & Managing Director Rajeev Juneja: "Our disciplined execution and strengthening business fundamentals, resulted in improvements across key operating and financial metrics in Q1FY27, laying the foundation to deliver long-term sustainable growth."
FY Guidance: Not Specified
Market Share Targets: Not Specified
Risks and Opportunities: The presentation includes standard risk factors related to forward-looking statements, including competition, regulatory changes, and economic conditions.

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