FY26 EBITDA margin at lower end of 25-26% range
Management maintained full-year EBITDA margin guidance but clarified they expect to end FY26 at the lower end of the 25-26% band, pressured by R&D investments and employee cost increases.
MANKIND / guidance tracker
Keep management guidance in view.
Mankind Pharma · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
margins
BSV growth guidance of 18-20% for FY26
Domestic BSV growth guided at 12-15%+ and international at 18-20%+, with blended target of 18% achievable. TTK Rx business has stabilized and is seeing high growth trajectory.
R&D spend at 2.5-3% of revenue for FY26
R&D expenses for Q2 FY26 were at 2.9% of sales (₹109 crore) and will remain within the 2.5-3% guidance range for the full year, lower than 3%.
Net debt/EBITDA to improve to 1.2-2.0x by March 2026
Current net debt/EBITDA stands at 1.4x as of September 2025, down from 1.8x in March 2025, with target to reach 1.2-2.0x band by end of FY26.