Event Type: Q4 FY26 Earnings Conference Call held on Wednesday, May 20, 2026 at 12:00 Noon IST.

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. Arjun Juneja – Chief Operating Officer
  • Mr. Ashutosh Dhawan – Global Chief Financial Officer
  • Mr. Prakash Agarwal – President Strategy
  • Mr. Abhishek Agarwal – Head Investor Relations

Financial Period Discussed: Q4 FY26 and Full Year FY26 results

Forward-Looking Statements: Management indicated that FY27 will be a better year with double-digit revenue growth and EBITDA margin guidance of 25.5-26.5%. The company expects to outperform market growth and continue chronic therapy momentum.

Presentation Availability: The investor presentation was available on the company website at www.mankindpharma.com. The transcript of the call was filed with exchanges and made available on the website.

Compliance Language: The company included a standard disclaimer that statements about future performance are forward-looking and subject to risks and uncertainties. No specific UPSI disclaimer was mentioned in the transcript.

Financial Highlights from Presentation

Q4 FY26 Performance:

  • Revenue increased 11.8% YoY to ₹3,443 crores (vs ₹3,079 crores in Q4 FY25)
  • Adjusted EBITDA margin at 27.1% (vs 23.1% in Q4 FY25) - 400 bps improvement
  • Gross margin improved 60 bps YoY to 72.2%
  • PAT grew 30.4% YoY to ₹559 crores with PAT margin of 16.2%
  • Diluted EPS: ₹13.4 per share
  • Cash EPS: ₹19.1 per share (20.5% YoY increase)

Full Year FY26 Performance:

  • Revenue grew 17.0% YoY to ₹14,278 crores (vs ₹12,207 crores in FY25)
  • Adjusted EBITDA margin at 25.4% (within guidance range of 25-26%)
  • PAT decreased 3.4% YoY to ₹1,938 crores
  • PAT margin at 13.6% (down 280 bps YoY)
  • Diluted EPS: ₹46.3 per share
  • Cash EPS: ₹68.1 per share
  • R&D expenses at 2.8% of sales (vs 2.2% in FY25)
  • Capex spend at ₹737 crores (5.2% of revenue)

Business Segment Performance:

  • Domestic revenue (ex-Consumer Healthcare) grew 12.9% in Q4
  • Domestic revenue overall increased 14.4% YoY for FY26 to ₹12,217 crores
  • OTC business revenue grew 20% in Q4 to ₹213 crores; 9% growth for FY26 to ₹879 crores
  • Export revenue grew 4% YoY in Q4 to ₹557 crores; 35% growth for FY26 to ₹2,061 crores
  • Chronic therapy share increased 190 bps to approximately 39% in FY26
  • Number of ₹200+ crore brands increased to 13 from 11 in FY25
  • Number of ₹50+ crore brands increased to 54 from 49 in FY25

Operational Metrics:

  • Volume growth improved to 2.3% in FY26 vs 0.5% last year
  • PCPM improved to ₹7.2 lakh per month in FY26 from ₹6.5 lakh in FY25
  • Secondary sales as per IQVIA: 8.7% vs 10.7% IPM (excluding GLP-1)
  • Net debt: ₹3,932 crores as of March 31, 2026 (net debt to EBITDA 1.1x)
  • Net operating working capital days: 52 days (vs 50 days last year)
  • CFO to EBITDA ratio: 89% (vs 80% in FY25)

Strategic Updates:

  • Acquired Rivotril brand from Roche during the quarter
  • EU GMP certification received for Udaipur and Ambernath facilities
  • Setting up new biotech facility in Vadodara
  • GLP-1 launched approximately one month prior to call, targeting endocrinologists
  • Focus on adjacent therapies (vitamins, minerals, proteins, GI) alongside GLP-1
  • Capex guidance for FY27: 6-7% of revenue
  • Debt repayment on track to complete by FY28

Additional Notes Section

Attachments: The regulatory filing included the transcript of the Investor Conference Call for Q4 & FY26 held on May 20, 2026.

Financial Data Disclosure: The announcement contained extensive financial data including revenue figures, margin percentages, PAT numbers, segment performance metrics, and forward guidance.