Mankind Pharma Q4 FY26 profit jumps 30%, revenue up 12%

Key takeaway from the March quarter

Mankind Pharma Ltd (NSE: MANKIND) reported a strong March-quarter performance in FY26, supported by domestic demand for chronic therapies and growth in its OTC portfolio. Consolidated net profit for Q4 FY26 rose 30.4% year-on-year (YoY) to INR 559 crore, compared with INR 429 crore a year ago. Revenue from operations increased 11.8% YoY to INR 3,443 crore from INR 3,079 crore in Q4 FY25. The company also reported an adjusted EBITDA margin of 27.1% for the quarter.

Management attributed the revenue growth to performance in domestic markets and the speciality portfolio of Bharat Serums and Vaccines (BSV). The quarter also showed a continued shift towards chronic therapies, with Mankind’s chronic share increasing to around 40%.

Profit and revenue details for Q4 FY26

The improvement in profitability came alongside double-digit revenue growth, pointing to healthy operating leverage in the quarter. Profit after tax (PAT) rose to INR 559 crore, while the prior-year quarter reported INR 429 crore. Revenue grew to INR 3,443 crore, compared with INR 3,079 crore in Q4 FY25. The company reported an adjusted EBITDA margin of 27.1% in Q4.

Mankind’s results highlight the importance of its India formulations franchise, where chronic therapies such as cardiac and anti-diabetes continue to grow faster than the broader base business. Management commentary also linked the topline expansion to growth in BSV’s speciality portfolio, suggesting that the specialty segment continues to support overall momentum.

Domestic business remains the main growth driver

Mankind said its domestic segment contributes about 85% of overall revenue. In Q4 FY26, domestic revenue grew 13.4% YoY to INR 2,886 crore. The growth was led by strong demand in chronic therapies, specifically cardiac and anti-diabetes. Separately, the company also stated that domestic revenue excluding Consumer Healthcare increased 12.9% in Q4, supported by strong performance in the domestic business and the PSV specialty business.

The continued focus on chronic treatments matters because chronic prescriptions typically offer steadier demand patterns than acute therapies. During the quarter, Mankind indicated its chronic share rose by 120 basis points YoY to around 40%, reflecting a sustained mix improvement within the India business.

Chronic therapies: cardiac and anti-diabetes lead

Management linked the improvement in chronic share to growth across key therapy areas. In Q4 FY26, Mankind reported 14.7% growth in its cardiac segment and 11.6% growth in its anti-diabetes segment. These therapy areas have been central to the company’s domestic momentum, and the company’s commentary suggests that market share gains and portfolio strength are contributing to performance.

The chronic share increase to about 40% in Q4 FY26, up 120 basis points YoY, also indicates that the company’s product mix is moving further towards long-term treatment categories. For investors tracking sustainability of growth, this is a key operating indicator alongside overall domestic sales.

OTC business grows 20% in Q4

Mankind reported strong growth in its OTC consumer healthcare business during the quarter. OTC revenue rose 20% YoY to INR 213 crore in Q4. The company attributed this to healthy sales growth in brands such as Manforce, Prega News, Gas-O-Fast and Nimulid.

The OTC growth adds diversification to a business otherwise driven largely by prescription formulations. At the same time, the company noted that its consumer health segment saw moderated growth in FY26 compared with the previous year, indicating that the pace of expansion was not uniform across periods.

International business: full-year growth, but Q4 exports muted

On the international front, the company’s performance was mixed. Mankind said international business revenue increased 35% YoY to INR 2,061 crore for the full year, despite geopolitical headwinds. However, export revenue in Q4 grew only 4% YoY, with the company pointing to geopolitical issues as the key factor behind the muted quarterly growth.

The company also updated investors on product expansion in the US. Excluding BSV, Mankind launched four new products in FY26, taking the total launched products to 48 in the US.

What earlier quarters suggest about the trend

Earlier-quarter disclosures also showed continued emphasis on chronic therapies. In a separate update for the quarter ended December 31, the company reported consolidated net profit of 4.09 billion rupees (about INR 409 crore), up from 3.8 billion rupees (about INR 380 crore) a year earlier. Overall revenue in that quarter rose 11.5% to 35.67 billion rupees (about INR 3,567 crore). The update also referenced a 200-basis-point increase in the market share of chronic illness drugs in India to 39.3%.

The same report cited India Ratings and Research data that the Indian pharmaceuticals market grew 11% in the December quarter, led by cardiovascular, anti-diabetic and anti-infective therapies. This backdrop helps explain why Mankind’s chronic-focused portfolio has remained a key contributor to performance.

Summary table: reported Q4 FY26 numbers

Market impact: what investors typically track from this update

From the disclosed numbers, the main market-relevant signals are the faster growth in profits versus revenue, the high adjusted EBITDA margin (27.1%), and the continued strengthening of the chronic portfolio. The domestic segment’s growth to INR 2,886 crore and the company’s statement that it accounts for 85% of revenue underline why domestic execution continues to matter most for near-term performance.

The quarterly export growth of 4% indicates pressure in the international business in the near term, which the company linked to geopolitical headwinds. At the same time, the full-year international revenue of INR 2,061 crore, up 35% YoY, suggests that growth has not been uniformly weak across the year.

Analysis: why the Q4 FY26 print matters

Mankind’s Q4 FY26 results show a clear pattern: domestic chronic therapies are driving growth, while OTC provides incremental support and exports face volatility. The chronic share improvement to around 40% in Q4 FY26, alongside double-digit growth in cardiac and anti-diabetes, points to stronger positioning in categories where prescription continuity can support steadier revenue.

The export picture remains bifurcated. The company’s disclosure of 35% full-year international growth to INR 2,061 crore contrasts with the 4% export growth in Q4, highlighting the sensitivity of quarterly performance to geopolitical disruptions. Product launches in the US, taking the total to 48 (excluding BSV), add context to longer-term expansion efforts, but the quarter’s growth rate shows that external factors can still dominate near-term outcomes.

Conclusion

Mankind Pharma closed Q4 FY26 with PAT up 30.4% to INR 559 crore and revenue up 11.8% to INR 3,443 crore, backed by domestic growth in chronic therapies and a 20% rise in OTC revenue to INR 213 crore. Domestic revenue rose to INR 2,886 crore and chronic share increased to around 40%, while export growth remained muted at 4% in the quarter due to geopolitical issues. Investors will likely watch whether domestic chronic momentum sustains and whether international performance normalises from the Q4 disruption in upcoming quarters.