Mankind Pharma Ltd
Mankind Pharma Ltd
Healthcare F&OKey Fundamentals
MidcapPharmaceuticalsHealthcareInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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48 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
1- Promoter holding has decreased over last 3 years: -3.87%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoMankind Pharma is India's 4th largest pharmaceutical company by domestic revenue with a market cap of ~₹1.01 lakh crore, trading at a PE of 49.2x. The company delivered 19% YoY revenue growth in FY25 to ₹12,207 crore, but carries elevated debt (~₹7,383 crore as of Mar-2025) following its ₹13,630 crore BSV acquisition, while ROE has moderated to 13% from a 5-year average of 17%.
- Strong revenue growth with FY25 consolidated revenue up 19% YoY to ₹12,207 crore and 3-year sales CAGR of 18%
- BSV acquisition positions Mankind as a leader in gynaecology-fertility segment, with exports surging 88% YoY to ₹1,532 crore in FY25
- 4th largest pharma company in India with ~4.9% IPM market share and #1 rank in prescriptions for 8 consecutive years
- Chronic segment mix has risen to 39% in FY26 from 18% in FY18, improving revenue quality and stickiness
- Company has actively reduced debt post-BSV acquisition — debt fell from ₹7,383 crore (Mar-2025) to ₹5,571 crore (Mar-2026), a reduction of ~₹1,800 crore in one year
- FY26 Q4 profit jumped 31.7% YoY to ₹554-560 crore with EBITDA margins expanding to 27%, signalling improving profitability
- Distribution network covers over 80% of doctors in India across metro and rural geographies, providing strong moat for new product launches
- 3-year compounded profit growth of 17% demonstrates sustained earnings momentum
- Elevated PE of 49.2x is significantly above the pharma sector average, leaving limited margin of safety if growth slows
- Still carrying ~₹5,571 crore in debt (debt-to-equity ~0.54x) post-BSV acquisition, with management targeting full repayment over 3 years
- ROE has declined to 13% in the latest year from a 5-year average of 17%, partly due to equity dilution and acquisition-related goodwill
- Promoter holding has decreased by 3.87% over the last 3 years, signalling potential dilution concerns
- Q4 FY25 net profit fell 10.7% YoY to ₹421 crore despite 27% revenue growth, reflecting BSV integration costs and margin pressure
- Stock has delivered negative 1-year return of -7%, underperforming the broader market
- EBITDA margin compressed to 22.2% in Q4 FY25 from 24.2% a year earlier due to integration costs and acute segment regulatory challenges
- Dividend yield of just 0.04% offers negligible income return to shareholders at current valuations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- Q1FY26 profit surges 34% YoY Jul 30
Consolidated net profit rose 34% YoY to ₹574.09 crore for Q1FY26, driven by 13% revenue growth. Board also approved ₹150 crore corporate guarantee for subsidiary BSV.
- FY26 revenue up 17% to ₹14,278 Cr Jul 9
FY2026 consolidated revenue rose 17% YoY to ₹14,278 crores as disclosed in the AGM notice scheduled for August 4, 2026.
- 72% carbon emissions reduction Jul 9
Mankind Pharma achieved a 72.14% reduction in carbon emissions for FY 2025-26 and processed 4,503 MT of plastic waste for recycling, strengthening ESG credentials.
- Multiple institutional block trades Aug 3
Four block trades recorded between Jul 13 and Aug 3 totalling ~₹90 crore at prices ranging from ₹2,519 to ₹2,572 per share, indicating sustained institutional activity.
- AGM approves director reappointments Aug 4
Shareholders approved reappointment of Rajeev Juneja and Satish Kumar Sharma at the 35th AGM held on August 4, 2026, and adopted FY26 financials.
- Broadway Hospitality stake sold Jul 27
Mankind Pharma completed the sale of its 100% stake in Broadway Hospitality Services for ₹49 crore cash consideration, divesting a non-core asset.
- Netherlands WOS for R&D Jul 11
Board approved incorporation of a wholly-owned subsidiary in the Netherlands for R&D investments alongside the Broadway Hospitality divestment.
- Q1FY27 earnings call scheduled Jul 17
Investor conference call set for July 30, 2026 at 6:30 PM IST with senior management including Vice Chairman and CEO.
TL;DR: Mankind Pharma is delivering strong financial performance with 34% profit growth in Q1 and 17% full-year revenue expansion, supported by improving ESG metrics. No material headwinds are visible in recent news flow. Institutional block trades at ₹2,500+ levels and non-core asset divestments suggest portfolio optimization. The trend is clearly positive with healthy earnings momentum heading into FY27.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,579 | 2,708 | 2,607 | 2,422 | 2,868 | 3,061 | 3,199 | 3,079 | 3,570 | 3,697 | 3,567 | 3,443 | 4,031 |
| Expenses | 1,924 | 2,025 | 2,000 | 1,836 | 2,196 | 2,214 | 2,383 | 2,396 | 2,724 | 2,776 | 2,648 | 2,513 | 2,974 |
| Operating Profit | 655 | 683 | 606 | 586 | 672 | 847 | 816 | 683 | 847 | 921 | 919 | 930 | 1,056 |
| OPM % | 25% | 25% | 23% | 24% | 23% | 28% | 26% | 22% | 24% | 25% | 26% | 27% | 26% |
| Other Income | 63 | 63 | 75 | 94 | 108 | 109 | 87 | 249 | 83 | 94 | -31 | 94 | 49 |
| Interest | 6 | 9 | 9 | 9 | 11 | 7 | 221 | 191 | 171 | 170 | 157 | 142 | 110 |
| Depreciation | 87 | 96 | 110 | 100 | 103 | 100 | 187 | 231 | 219 | 222 | 223 | 223 | 226 |
| PBT | 624 | 641 | 562 | 572 | 666 | 849 | 495 | 511 | 540 | 624 | 509 | 659 | 769 |
| Tax % | 21% | 20% | 18% | 17% | 18% | 22% | 22% | 17% | 18% | 17% | 19% | 15% | 25% |
| Net Profit | 494 | 511 | 460 | 477 | 543 | 659 | 385 | 425 | 445 | 520 | 414 | 559 | 574 |
| EPS in Rs | 12.15 | 12.51 | 11.33 | 11.76 | 13.39 | 16.31 | 9.22 | 10.2 | 10.62 | 12.39 | 9.9 | 13.43 | 13.75 |
Profit & Loss
| Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,334 | 5,865 | 6,214 | 7,782 | 8,749 | 10,260 | 12,207 | 14,278 | 14,738 |
| Expenses | 2,748 | 4,427 | 4,565 | 5,791 | 6,848 | 7,743 | 9,182 | 10,653 | 10,911 |
| Operating Profit | 586 | 1,438 | 1,649 | 1,991 | 1,902 | 2,517 | 3,026 | 3,625 | 3,827 |
| OPM % | 18% | 25% | 27% | 26% | 22% | 25% | 25% | 25% | 26% |
| Other Income | 76 | 122 | 183 | 210 | 141 | 295 | 548 | 238 | 207 |
| Interest | 2 | 23 | 21 | 60 | 46 | 34 | 432 | 644 | 579 |
| Depreciation | 39 | 99 | 119 | 167 | 326 | 378 | 621 | 886 | 893 |
| PBT | 621 | 1,438 | 1,692 | 1,975 | 1,671 | 2,399 | 2,521 | 2,333 | 2,562 |
| Tax % | 29% | 27% | 24% | 26% | 22% | 19% | 20% | 17% | — |
| Net Profit | 445 | 1,056 | 1,293 | 1,453 | 1,310 | 1,942 | 2,011 | 1,938 | 2,068 |
| EPS in Rs | 219 | 25.72 | 31.59 | 35.78 | 32 | 47.75 | 48.26 | 46.34 | 49.47 |
| Div. Payout % | 0% | 0% | 24% | 0% | 0% | 0% | 0% | 2% | — |
Balance Sheet
| Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 20 | 40 | 40 | 40 | 40 | 40 | 41 | 41 |
| Reserves | 2,035 | 3,445 | 4,682 | 6,115 | 7,395 | 9,323 | 14,291 | 16,259 |
| Borrowings | 0 | 131 | 241 | 873 | 170 | 207 | 8,511 | 6,312 |
| Other Liabilities | 968 | 1,449 | 1,397 | 2,080 | 2,080 | 2,313 | 4,808 | 5,143 |
| Total Liabilities | 3,022 | 5,065 | 6,360 | 9,108 | 9,686 | 11,883 | 27,652 | 27,755 |
| Fixed Assets | 316 | 1,600 | 1,664 | 3,588 | 4,251 | 4,545 | 19,005 | 18,620 |
| CWIP | 47 | 317 | 372 | 701 | 550 | 282 | 826 | 1,128 |
| Investments | 959 | 829 | 1,512 | 1,109 | 1,346 | 2,568 | 2,042 | 1,985 |
| Other Assets | 1,700 | 2,319 | 2,811 | 3,709 | 3,538 | 4,488 | 5,780 | 6,022 |
| Total Assets | 3,022 | 5,065 | 6,360 | 9,108 | 9,686 | 11,883 | 27,652 | 27,755 |
Cash Flow
| Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating | — | 1,070 | 1,137 | 920 | 1,813 | 2,152 | 2,413 | 3,121 |
| Investing | — | -436 | -1,222 | -1,369 | -1,052 | -2,081 | -12,624 | -181 |
| Financing | — | -531 | -8 | 605 | -740 | 5 | 10,233 | -2,953 |
| Net Cash Flow | — | 103 | -92 | 156 | 22 | 77 | 22 | -12 |
| Free Cash Flow | — | 853 | 826 | -1,423 | 987 | 1,771 | 1,895 | 2,387 |
| CFO/OP | — | 97 | 96 | 71 | 112 | 103 | 98 | 102 |
Ratios
| Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 22 | 33 | 19 | 18 | 24 | 30 | 46 | 44 |
| Inventory Days | 166 | 175 | 243 | 265 | 188 | 180 | 219 | 193 |
| Days Payable | 71 | 145 | 137 | 162 | 126 | 90 | 119 | 121 |
| Cash Conversion Cycle | 117 | 63 | 125 | 121 | 86 | 120 | 146 | 117 |
| Working Capital Days | 56 | 30 | 32 | 24 | 39 | 53 | -28 | -40 |
| ROCE % | — | — | 37% | 32% | 22% | 26% | 17% | 14% |
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Company Information
Incorporated in 1995, Mankind Pharma Limited develops, manufactures, and markets pharmaceutical formulations in various acute and chronic therapeutic areas and several consumer healthcare products.[1]