Mankind Pharma Ltd.

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mankindpharma.comBSE: 543904NSE: MANKIND

Market Cap₹ 94,050 Cr.

Current Price

High / Low₹ 2,674 / 1,910

Stock P/E46.0

Book Value₹ 407

Price to Book5.09

Dividend Yield0.04 %

ROCE13.2 %

ROE12.7 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2019 • Pharmaceutical Products: 99.9% • Others: 0.1%

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence

50%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Latest quarter profit grew 29.1% YoY, showing strong momentum
Company has delivered good sales growth of 18.1% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.31x)
Working capital cycle has improved - days down from 38 to 11
Company generates healthy free cash flow

CONS

Promoter holding has decreased over last 2 years: -2.2pp
Company has delivered a poor profit growth of 8.4% over past five years
Stock is trading at 5.1x its book value
Though reporting repeated profits, the company pays out little dividend (2.2%)
Expensive relative to growth - PEG of 3.3

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY PHARMA NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100 NIFTY MIDCAP 150

S.No.	Name
1.	SUNPHARMA	1842.00	36.54	441957.50	0.87	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9326.00	84.64	247576.00	0.32	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4975.00	86.76	189233.01	0.76	566.00	3.28	4921.00	57.32	19.27	33.81
4.	ZYDUSLIFE	1119.50	24.74	111670.55	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
5.	CIPLA	1365.00	32.72	110272.68	0.95	785.55	-39.18	7119.28	4.13	16.00	16.73
6.	LAURUSLABS	1970.35	97.37	106460.42	0.10	362.07	123.94	2026.31	29.10	18.20	31.50
7.	DRREDDY	1161.00	30.07	96906.38	0.69	435.60	-69.10	8099.80	-5.21	13.75	10.63
8.	AUROPHARMA	1675.45	25.97	96401.69	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
9.	LUPIN	2096.00	17.34	95842.92	0.86	1416.98	16.01	8276.89	34.28	28.86	29.59
10.	MANKIND	2277.00	46.04	94050.37	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
11.	GLENMARK	2416.90	37.94	68210.88	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	BIOCON	390.95	128.63	63712.89	0.13	136.80	53.36	4336.00	10.89	3.26	19.54

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	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
	1,924	2,025	2,000	1,836	2,196	2,214	2,383	2,396	2,724	2,776	2,648	2,513	3,310
Operating Profit	655	683	606	586	672	847	816	683	847	921	919	930	721
OPM %	25.39%	25.21%	23.26%	24.20%	23.42%	27.67%	25.51%	22.19%	23.72%	24.92%	25.77%	27.01%	17.88%
	59	60	70	92	99	109	77	251	80	92	-34	91	45
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
Profit before Tax	620	638	558	570	657	849	485	513	537	622	506	656	769
Tax %	21.02%	20.36%	18.38%	16.68%	18.69%	22.39%	22.78%	16.85%	17.84%	16.70%	18.81%	15.20%	25.39%
Net Profit	0	0	0	0	543	659	385	425	445	520	414	559	574
	12.15	12.51	11.33	11.77	13.28	16.37	9.29	10.20	10.62	12.39	9.90	13.44	13.76

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	4,382	4,921	4,980	5,872	6,214	7,782	8,749	10,260	12,207	14,278	14,738
	3,531	3,927	4,055	4,427	4,565	5,791	6,848	7,745	9,187	10,655	11,247
Operating Profit	851	994	925	1,445	1,649	1,991	1,902	2,515	3,020	3,622	3,491
OPM %	19.42%	20.19%	18.57%	24.60%	26.54%	25.58%	21.74%	24.51%	24.74%	25.37%	23.69%
	89	72	53	104	171	196	129	280	537	229	194
Interest	4	25	44	23	21	60	46	34	432	644	579
Depreciation	31	46	69	99	119	167	326	378	621	886	893
Profit before Tax	906	995	875	1,438	1,692	1,975	1,671	2,398	2,516	2,333	2,553
Tax %	31.99%	32.46%	30.20%	26.54%	23.56%	26.42%	21.63%	19.06%	20.26%	16.92%	19.35%
Net Profit	616	672	610	1,056	1,293	1,453	1,310	1,941	2,007	1,938	2,059
EPS	15.70	16.87	14.44	25.72	31.59	35.78	32.00	47.75	48.25	46.34	—
Dividend Payout %	0.00%	26.54%	30.81%	12.05%	0.00%	0.00%	0.00%	0.00%	0.00%	2.16%	—

COMPOUNDED SALES GROWTH

10 Years:: 14%
5 Years:: 18%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: 9%
3 Years:: 14%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 9%
1 Year:: -12%

RETURN ON EQUITY

10 Years:: 23%
5 Years:: 20%
3 Years:: 18%
Last Year:: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	20	40	40	40	40	40	40	40	41	41
Minority Interest	98	134	159	186	141	161	188	213	236	261
	2,907	2,841	2,783	3,445	4,682	6,115	7,395	9,300	14,247	16,211
	31	426	281	127	287	902	193	207	8,073	3,562
Trade Payables	492	649	562	745	667	1,076	1,008	777	1,133	1,341
	193	271	259	482	507	814	861	1,346	3,920	6,339
Total Liabilities	3,741	4,360	4,084	5,025	6,324	9,108	9,686	11,883	27,652	27,755
	793	1,014	1,399	1,594	1,659	3,583	4,245	4,540	19,004	18,620
Capital Work in Progress	302	482	327	313	372	670	493	207	306	655
	949	789	759	829	1,512	1,109	1,346	2,568	2,042	1,985
	789	789	821	899	1,184	1,760	1,498	1,553	2,094	2,144
	0	0	0	0	0	0	0	848	1,538	1,730
Cash & Bank	146	139	141	420	701	406	453	708	554	483
	762	1,147	636	970	897	1,580	1,649	1,458	2,113	2,138
Total Assets	3,741	4,360	4,084	5,025	6,324	9,108	9,686	11,883	27,652	27,755

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	914	963	942	1,403	1,591	1,419	2,136	2,152	2,413	3,121
Cash from Investing	-625	-505	-444	-439	-1,222	-1,369	-1,054	-2,082	-12,683	-196
Cash from Financing	2	-89	-175	-527	-8	605	-740	5	10,233	-2,953
	5	46	-19	106	-93	155	19	76	-37	-28

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.87	74.87	72.71	72.70	72.68	72.67	72.66	72.66	72.63
	11.58	12.37	13.34	12.92	13.07	12.83	11.34	10.24	9.45
	9.94	9.91	11.05	11.44	11.46	11.87	13.22	14.42	15.35
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	3.61	2.86	2.90	2.93	2.79	2.61	2.79	2.68	2.57

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-11 - Mankind Pharma Limited has informed the Exchange about Schedule of meet

2026-09-07

General Updates

2026-09-07 - Update on Voluntary Liquidation of Bharat Serums and Vaccines Limited, a WOS.

2026-09-01

ESOP/ESOS/ESPS

2026-09-01 - Mankind Pharma Limited has informed the Exchange regarding Allotment of 49112 Shares.

2026-08-31

General Updates

2026-08-31 - Mankind Pharma Limited has informed the Exchange about General Updates

2026-08-30

Cessation

2026-08-30 - Mankind Pharma Limited has informed the Exchange regarding Cessation of Mr Bharat Anand as Non- Executive Independent Director of the company w.e.f. August 30, 2026.

2026-08-26

Other Restructuring

2026-08-26 - Please find attached outcome of Board Meeting held today, according consent of the Board of Directors of the Company for the integration of Bharat Serums and Vaccines Limtied, a wholly owned material subsidiary, into the Company by way of voluntary liquidation.

2026-08-26

Outcome of Board Meeting

2026-08-22

General Updates

2026-08-22 - Mankind Pharma Limited has informed the Exchange about General Updates

2026-08-20

Press Release

2026-08-20 - Mankind Pharma Limited has informed the Exchange regarding a press release dated August 20, 2026, titled "Mankind Pharma Enters into Exclusive In-Licensing Agreement for Insulin Degludec and Insulin Degludec + Aspart Combination for India".

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