Mankind's profit, revenue miss estimates in Q3, revenue rises 11.5%

Mankind Pharma’s net profit climbed 9.5% in the third quarter, missing estimates, as revenue increased, driven by domestic growth and consolidation of Bharat Serums and Vaccines Ltd (BSV), which it acquired in 2024.

The drugmaker’s profit rose to ₹414 crore in the three months ended December from ₹378 crore a year earlier, the company said in a statement on Tuesday. Profit declined 20.4% sequentially. Revenue grew to ₹3,567 crore.

A Bloomberg poll of 10 brokerages pegged Mankind’s net profit at ₹507 crore and revenue at ₹3,607 crore. Ebitda was little changed at ₹816 crore on-year, while the adjusted Ebitda margin contracted by 170 basis points to 25.9%.

“BSV growth initiatives are progressing well, with strong double-digit growth in Q3,” vice chairman and managing director Rajeev Juneja said in the statement.

Mankind acquired a 100% stake in BSV for ₹13,768 crore in October 2024, giving the generic drugmaker entry into super-specialty, high-entry-barrier products in women's health, fertility and critical care.

“We remain confident of delivering long-term sustainable growth anchored by four key pillars–steady base business, fast-growing specialty chronic, high-potential OTC business, and super specialty BSV portfolio,” Juneja said.

Analysts expected Mankind’s domestic business to grow on the back of a steady recovery in its base business after the company took corrective measures in FY25, including leadership changes and improved synergies between divisions.

Chronic drugs

The company has been focused on increasing the share of its chronic drug portfolio in overall sales. In Q3, the share of its chronic drugs increased by 200 basis points to 39.3%, driven by growth of 16.7% in cardiac drugs and 14.4% in anti-diabetes medicines, the company said.

Mankind’s domestic branded drugs business makes up the major chunk of its overall sales and expanded 11.1% y-o-y to ₹3,046 crore.

Its consumer health business grew 5.2% y-o-y to ₹203 crore, regaining momentum after a dip in Q2FY26. “We expect growth to improve further,” said Juneja.

Mankind Pharma’s shares gained 4.3% to ₹2,155.90 at the close on the BSE on Tuesday. This came amid a broader market surge following the announcement of the India-US trade deal, with the Nifty Pharma index up 3.02%.