Mankind Pharma logo

Mankind Pharma

MANKIND NSE

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
₹92,222 Cr
Volatility
Moderate
P/E Ratio
46.09
EBITDA
₹3,976 Cr
Return on Equity
11.7%
Debt to Equity
0.39
Book Value
₹394.64
EPS
₹48.99
52W High
₹2,674
52W Low
₹1,909.7

Tapetide 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

Revenue Growth
14.85% lower than 3Y
Net Income Growth
-3.41% lower than 3Y
Cash Flow Change
29.33% lower than 3Y
ROE
-15.03% lower than 3Y
ROCE
3.38% higher than 3Y
EBITDA Margin (Avg.)
-2.58% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Mankind Pharma is the 4th largest domestic pharmaceutical company in India with a 4.8% IPM value share and FY25 consolidated revenue of ₹12,207 crore (up 19% YoY). The stock trades at a PE of 44.9x on a market cap of ~₹92,222 crore, with the ₹13,768 crore BSV acquisition adding both growth optionality and near-term debt and margin dilution.

Bull Case 8
  • Strong revenue trajectory — FY25 consolidated revenue grew 19% YoY to ₹12,207 crore; 5-year sales CAGR stands at 18%, consistently above IPM growth
  • Domestic formulations crossed ₹10,000 crore milestone in FY25 (₹10,675 crore), ranking #4 by value and #2 by volume in IPM with ~4.8% market share
  • Chronic therapies mix rising — chronic segment share reached 36% in H1 FY25 (up from 18% in FY18), outperforming IPM chronic growth by 1.3x in cardiac and 1.1x in anti-diabetics, supporting margin expansion over time
  • BSV acquisition (₹13,768 crore) adds high-entry-barrier gynaecology and specialty biologics portfolio; company targets full debt retirement by FY28
  • Export revenue surged 88% YoY to ₹1,532 crore in FY25, diversifying the revenue base beyond domestic formulations
  • Consistently profitable with 5-year compounded profit growth of 11% and 3-year profit CAGR of 17%; FY25 adjusted EBITDA margin at 25.9%
  • Company has been reducing legacy debt, and holds #1 rank in prescriptions among Indian pharma companies for over 8 consecutive years, reaching 80%+ of Indian doctors
  • Consumer healthcare business carved out as a wholly owned subsidiary for focused growth, with 4 brands ranked #1 in their respective OTC categories
Bear Case 8
  • Elevated valuation — PE of 44.9x is a significant premium to the pharma sector median; any earnings miss could trigger a de-rating
  • Q4 FY25 net profit declined 10.7% YoY to ₹420.8 crore despite 27% revenue growth, reflecting BSV integration costs and margin compression (EBITDA margin narrowed from 24.2% to 22.2%)
  • BSV acquisition added substantial debt (funded via NCDs and CPs against a previously near-zero debt balance sheet of ₹3,260 crore net cash in Mar-24); debt/EBITDA expected to stay elevated until FY28
  • ROE has declined from a 5-year average of 17% to 13% in the latest year, partly reflecting the capital deployed on acquisitions diluting return ratios
  • Promoter holding has decreased by 3.87% over the last 3 years, which may signal supply overhang or alignment concerns
  • Stock has underperformed with a 1-year return of -14%, lagging both Nifty and the broader pharma index during the same period
  • Dividend yield is negligible at 0.04%, offering minimal income support to shareholders while the company prioritises debt repayment post-BSV
  • Acute segment faces regulatory and pricing headwinds — EBITDA margin compression in Q4 FY25 was partly attributed to challenges in the acute portfolio

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 1
  • China insulin licensing deal Aug 20

    Mankind Pharma signed an exclusive in-licensing agreement with Chongqing Chenan Biopharmaceutical for Insulin Degludec and Insulin Degludec + Aspart Combination in India, aiming to become a top-3 player in injectable diabetes therapy. Current diabetes market share stands at 4.4% with ₹1,073 crore in moving annual turnover sales as of July 2026.

Neutral 4
  • Bharat Serums voluntary liquidation approved Sep 7

    Subsidiary Bharat Serums and Vaccines received approval for voluntary liquidation on Sep 7, following the board's Aug 26 winding-down decision. The process remains subject to pending creditor consent.

  • Independent director Bharat Anand exits Aug 30

    Bharat Anand ceased as Independent Director on August 30, 2026, after completing his second term, stepping down from all board committees.

  • New independent director appointment Aug 18

    Mankind Pharma issued a postal ballot to appoint Anish Vanraj Bafna as independent director for five years, effective August 10, 2026.

  • BSVL pledge released Aug 17

    Mankind Pharma released the pledge on 28,280 BSVL shares representing 38.68% of equity capital, following a realignment of NCD security cover.

TL;DR: Mankind Pharma is strategically expanding into the injectable diabetes segment through a China-based in-licensing deal for insulin degludec products, targeting a top-3 position in the market against its current 4.4% share. Corporate housekeeping dominates recent news, including the orderly wind-down of subsidiary Bharat Serums and routine board changes. No material headwinds are visible, though the insulin products still require CDSCO regulatory approval before commercialisation, making the revenue impact a medium-term story.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.24%Promot.72.63%Public1.29%FIIs9.45%DIIs15.39%As ofJun 2026

Documents

Frequently Asked Questions about Mankind Pharma

What does Mankind Pharma Ltd do?
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]
Where is Mankind Pharma Ltd (MANKIND) listed?
Mankind Pharma Ltd trades as MANKIND on the NSE and under code 543904 on the BSE.
Which sector does Mankind Pharma Ltd belong to?
Mankind Pharma Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the market capitalisation of Mankind Pharma Ltd?
Mankind Pharma Ltd has a market capitalisation of ₹92,222 Cr, which places it in the Large Cap band.
What is the PE ratio of Mankind Pharma Ltd?
Mankind Pharma Ltd trades at a PE ratio of 46.09, on earnings per share of ₹48.99, against a book value of ₹394.64 per share.
What is the 52-week high and low of Mankind Pharma Ltd?
Over the last 52 weeks Mankind Pharma Ltd has traded between ₹1,909.7 and ₹2,674.
Does Mankind Pharma Ltd pay dividends?
Mankind Pharma Ltd has a dividend yield of 0.04%.
What is the Return on Equity (ROE) of Mankind Pharma Ltd?
Mankind Pharma Ltd reported a return on equity of 11.70%. Its debt-to-equity ratio is 0.39.

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]

Website mankindpharma.com
Listed 2023-05-09
Face Value ₹ 1
Issued Size 41,28,05,072

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