In an interview with CNBC-TV18, Rajeev Juneja, Vice-Chairman and Managing Director of the company, said the 25–26% margin outlook is a realistic one and consistent with the company’s philosophy of under-promising and over-delivering.
“Whenever we go for any kind of guidance, we make sure that we basically meet it, rather, we should surprise the market,” Juneja said, adding, “Even last year, if you see, our guidance was 25–26%, and we came to around 26%.”
One of the most closely watched areas for Mankind is its push into the obesity and diabetes segment. The company is currently conducting phase 2 trials for a novel molecule targeting both conditions. “We are very hungry, very aggressive. We just want this product to come to market because the initial results are quite encouraging,” Juneja said. He also confirmed that Mankind is eyeing a launch of Semaglutide next year, once the patent expires.
Mankind is also strengthening its women’s health pipeline following the acquisition of Bharat Serums and Vaccines (BSV), a deal that closed in October. Leadership changes and portfolio realignment are underway, with a focus on expanding market penetration for both high-barrier and branded generic products. “We brought in a leader from one of the top companies in gynaecology,” Juneja said, noting the integration process has been smooth and synergies are on track.
The company sees significant revenue potential in the metabolic care space, with Juneja calling the opportunity “tremendous.” He expects the product to have appeal well beyond specialists, saying it could find a role in “every place” from general physicians to diabetologists.
In the OTC segment, Mankind reported 15% growth in FY25 and aims to stay in the high teens going forward. Products like Gas-O-Fast and Prega News continue to perform strongly, and new launches like Nimulid have received positive initial responses. “It’s never just about new launches. It’s about how to increase sales of existing brands by launching different SKUs,” Juneja explained.
Debt reduction is another area of focus. Following the ₹530 crore sale of Mahananda Spa to Chalet Hotels, the company’s debt-to-EBITDA ratio has dropped to 1.8x. Juneja said there are no further non-core assets to divest, but expects the company’s debt to be fully repaid by FY27 or early FY28.
Mankind’s domestic business crossed ₹10,000 crore in FY25, and the company is targeting 26% growth in FY26. Chronic therapies, which now make up 37% of revenue, will be a major growth driver, alongside continued traction in the OTC segment and contributions from the BSV portfolio.
Watch accompanying video for entire conversation.
