Mankind Pharma Ltd has signed a Business Transfer Agreement (BTA) with its wholly owned subsidiary, Bharat Serums and Vaccines Ltd (BSV), to acquire BSV’s Branded Generic Business in the Women’s Health Rx portfolio. The acquisition will be executed on a going concern basis through a slump sale and is valued at ₹797 crore, subject to customary closing adjustments.
Under the terms of the agreement, 50% of the consideration will be paid on the Closing Date, with the balance due within 150 days. The completion of the deal is contingent upon fulfillment of preconditions, closing actions, and other terms outlined in the BTA. The company had previously shared detailed disclosures regarding the transaction in its July 31, 2025, filing.
Strong Operational Performance Despite Profit Dip
Mankind Pharma reported Q1FY26 results, showing mixed performance:
- Net profit declined 18.1% YoY to ₹444.6 crore from ₹543 crore in Q1FY25.
- Revenue from operations rose 24.5% YoY to ₹3,570 crore, up from ₹2,868 crore.
- EBITDA increased 26% to ₹847.6 crore, with margins improving slightly to 23.7% from 23.4% in the prior year.
- Diluted EPS fell 20.1% YoY to ₹10.6 for the quarter.
Domestic revenue rose 18.9% YoY to ₹3,101 crore, while export revenue surged 81.1% to ₹469 crore, driven by the consolidation of BSV and growth in the existing business.
Market Share Gains
Mankind Pharma’s market share in the Indian pharmaceutical market (IPM) increased from 4.8% in March 2025 to 4.9% in June 2025, reflecting consistent outperformance. Secondary sales for Q1FY26 grew 9.2%, surpassing IPM growth of 8.6%, highlighting the company’s continued traction across domestic and international markets.
Summary
Mankind Pharma has acquired its subsidiary BSV’s Women’s Health Rx portfolio for ₹797 crore, marking a strategic expansion of its branded generics business. While Q1FY26 profits fell, revenue and EBITDA grew robustly, driven by strong domestic sales, export growth, and operational consolidation, reinforcing the company’s steady market share gains in the Indian pharmaceutical sector.
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