Mankind Pharma
Mankind Pharma
Healthcare F&OKey Fundamentals
MidcapPharmaceuticalsHealthcareTapetide Score
Data-driven rating, 0–100. How it works →
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
Mankind Pharma is a large-cap healthcare company with a market capitalisation of about ₹1,02,811 crore. It has grown sales at 18% compounded over 3 and 5 years and profit at 17% over 3 years, and it has reduced its debt. The stock trades at 49.4x earnings and 6.27x book value, while ROE has slipped to 13% last year from a 5-year average of 17%, the stock has returned 0% over 1 year, and promoter holding has fallen 3.87% over 3 years.
- Sales have compounded at a steady 18% over both 3 and 5 years, which points to lasting top-line growth rather than a one-off spike.
- Profit has compounded at 17% over 3 years, close to the 18% sales CAGR over the same period, so recent growth has largely carried through to the bottom line.
- Growth is still in double digits on a trailing basis, with TTM sales up 14% and TTM profit up 13%.
- The company has reduced debt. That lowers financial risk and frees up cash flow for R&D, acquisitions or shareholder returns.
- ROE has averaged 16% over 3 years and 17% over 5 years, a mid-teens return on equity in line with established Indian pharma companies.
- At a market cap of about ₹1,02,811 crore, the company has the scale for distribution reach, bargaining power with suppliers, and liquidity for institutional investors.
- The stock has compounded at 12% over 3 years, a positive return over the medium term despite a flat recent year.
- A P/E of 49.4 builds high growth expectations into the price. Set against 13% TTM profit growth, that implies a PEG of roughly 3.8, which leaves little margin for execution misses.
- A P/B of 6.27 alongside last year's 13% ROE is a steep multiple for the current level of return on equity.
- ROE has fallen from a 5-year average of 17% and a 3-year average of 16% to 13% last year, which suggests capital efficiency is weakening, possibly from a larger equity or asset base.
- The 5-year profit CAGR of 11% trails the 5-year sales CAGR of 18% by 7 percentage points, so over the longer period revenue growth has not fully turned into earnings growth.
- Promoter holding has fallen by 3.87% over the last 3 years. Some investors may watch this as a signal on insider conviction or future supply of shares.
- The stock returned 0% over 1 year despite 14% TTM sales growth, which shows the valuation multiple failing to expand even while fundamentals grow.
- A dividend yield of 0.04% offers almost no income support, so returns depend almost entirely on price appreciation from a high starting multiple.
- No 10-year data is available for sales, profit, ROE or stock returns (the company listed in 2023), which limits how well its performance through a full cycle can be judged.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Split analyst views persist Sep 22
Of 22 analysts covering the stock, 14 rate it 'buy' while 4 each rate it 'hold' and 'sell'. The consensus target of ₹2,910 is below Kotak's ₹3,000.
- Restructuring drag, recent losing streak Sep 22
Kotak says the base domestic business is only now recovering after a long restructuring period. Before September's rebound of nearly 3%, the stock had fallen for two months in a row.
- Kotak upgrades to Buy Sep 22
Kotak Institutional Equities upgraded the stock to 'buy' from 'add' and raised its target to ₹3,000 from ₹2,885, implying 23% upside. The stock gained 10.4% over four sessions and hit an intraday high of ₹2,481 even as the Sensex fell 0.5%.
- Domestic secondary sales accelerating Sep 22
Secondary sales grew 12.7% YoY in the June quarter and 14.6% in July-August, beating the Indian pharma market by 120 bps. Kotak expects a stable field force and higher R&D spending to lift new launches and volumes.
- Strong Q3FY26 earnings delivery Sep 22
In Q3FY26, net profit rose 29.1% YoY to ₹574 crore and revenue grew 12.9% to ₹4,031 crore. EBITDA rose 24.7% to ₹1,060 crore, margins expanded 250 bps to 26.3%, and the domestic business grew 15.5%.
- Outperforming a falling market Sep 22
The stock is up 14% year to date while the Sensex is down 12%, and it has gained 23% over the past six months.
- Anand Rathi technical buy call Sep 16
Anand Rathi's Ganesh Dongre recommended buying at ₹2,280 with a ₹2,200 stop loss and a ₹2,450 target (one reported target of ₹3,380 looks like a typo), citing support at ₹2,230-2,250. The source feed tagged this as negative, but the content is bullish.
- Bharat Serums liquidation, auditor exit Sep 28
Material subsidiary Bharat Serums and Vaccines was approved for voluntary liquidation on Sep 7, pending creditor consent. S.R. Batliboi & Co. LLP then resigned as its statutory auditor on Sep 28 because of the liquidation.
- Anish Bafna joins as independent director Sep 17
Shareholders approved Anish Vanraj Bafna's appointment as an independent director by postal ballot, with 99.96% of votes in favour.
- September investor conference circuit Sep 11
Management will attend three investor conferences in September 2026, including events hosted by Jefferies and J.P. Morgan.
TL;DR: Mankind Pharma is outperforming a weak market, up 14% YTD against a 12% fall in the Sensex. The rally is backed by a Kotak upgrade to a ₹3,000 target, strong Q3FY26 margins at 26.3%, and domestic secondary sales growing 14.6%, ahead of the market. The main risks are mixed analyst views, with 4 'sell' ratings, the lingering effects of restructuring, and the need for creditor consent to complete the Bharat Serums liquidation. The trend is improving, and continued domestic volume growth and new launches will decide whether the stock can move toward the ₹2,910-3,000 targets.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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68 extracted metrics + investor summaries across FY15–FY27.
Documents
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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]
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