Mankind Pharma Posts 11.5 Percent YoY Revenue Growth; Q3 FY26 Adjusted EBITDA Margin at 25.9 Percent
New Delhi, Feb 04: Mankind Pharma, today announced its consolidated financial results for the third quarter and nine months ended December 31, 2025.
For Q3 FY26, Mankind Pharma reported revenue from operations of ₹3,567 crore, registering a year-on-year growth of 11.5%. Domestic revenues stood at ₹3,046 crore, growing 11.1% YoY, while export revenues increased 14.1% YoY to ₹521 crore. The company delivered an adjusted EBITDA of ₹923 crore, translating into a strong adjusted EBITDA margin of 25.9%, despite one-time impacts related to labour code regulations and other non-recurring costs. Profit after tax for the quarter grew 9.5% YoY to ₹414 crore, with a PAT margin of 11.6%, and diluted EPS stood at ₹9.9, up 6.7% YoY.
For the nine months ended December 2025 (9M FY26), revenue from operations rose 18.7% YoY to ₹10,835 crore. Domestic revenues increased 14.8% YoY to ₹9,331 crore, while exports saw a sharp 50.8% YoY growth to ₹1,504 crore, driven primarily by the company’s BSV international business. Adjusted EBITDA for the period stood at ₹2,696 crore, with an adjusted EBITDA margin of 24.9%, while PAT was reported at ₹1,379 crore. The CFO-to-adjusted EBITDA ratio improved to 93%, reflecting strong cash generation.
Commenting on the performance, Mr. Rajeev Juneja, Vice Chairman & Managing Director, Mankind Pharma, said:
“Mankind’s revenue increased 11.5% YoY with adjusted EBITDA margins of 25.9%, primarily driven by improvement in domestic pharma performance and BSV consolidation. Our chronic portfolio continues to outperform, with cardiac and anti-diabetes therapies growing 16.7% and 14.4% respectively. OTC growth has returned to positive territory, and BSV growth initiatives are progressing well with strong double-digit growth in Q3. We remain confident of delivering long-term sustainable growth anchored by our four key pillars—base business, specialty chronic, high-potential OTC, and super-specialty BSV portfolio.”
Domestic Business Performance
Domestic revenue growth of 11.1% YoY was supported by steady base business performance and BSV consolidation. While secondary sales growth of 8.5% lagged the Indian Pharmaceutical Market due to underperformance in acute therapies, corrective actions remain underway. Chronic therapies continued to be a standout, with cardiac and anti-diabetes segments growing 16.7% and 14.4%, respectively. The company also maintained its #1 prescription share for the eighth consecutive year at 15.2%, while prescriber penetration improved to 84.2%.
Consumer Healthcare
The consumer healthcare business returned to growth, recording 5.2% YoY revenue growth in Q3 FY26, compared to a decline in the previous quarter. Modern trade and e-commerce contributed significantly, with channel share rising to 13.1%, supported by over 40% growth. Key brands such as Gas-O-Fast, Manforce Condoms and Ova recorded healthy secondary sales growth during the quarter.
Exports
Export revenues grew 14% YoY in Q3 FY26, led by strong performance in the BSV international business. Excluding BSV, Mankind launched four new products during 9M FY26, taking the total number of launched products in the US market to 48.
Outlook
Mankind Pharma continues to strengthen its business fundamentals through portfolio diversification, strong chronic and OTC performance, disciplined cost management, and global expansion. The company remains confident in delivering consistent, sustainable growth supported by robust cash flows and strategic investments across its core segments.