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/E43.1

Book Value₹ 409

Price to Book5.06

Dividend Yield0.04 %

ROCE13.3 %

ROE13.3 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2019 • Pharmaceutical and other related products: 100.0%

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

Latest quarter profit grew 35.3% YoY, showing strong momentum
Operating margins have improved to 28.7% from 22.0%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.24x)
Working capital cycle has improved - days down from -9 to -44
Company generates healthy free cash flow
Stock looks reasonably valued - P/E of 43.1 is below its historical median

CONS

Receivables are growing faster than sales - a possible quality concern
Promoter holding has decreased over last 2 years: -2.2pp
Stock is trading at 5.1x its book value
Though reporting repeated profits, the company pays out little dividend (2.0%)
Expensive relative to growth - PEG of 2.4

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	2,092	2,260	2,209	2,007	2,413	2,544	2,431	2,119	2,541	2,609	2,633	2,582	2,964
	1,594	1,662	1,636	1,482	1,837	1,781	1,688	1,778	1,868	1,916	1,854	1,663	2,241
Operating Profit	498	598	573	526	576	763	743	342	673	693	778	919	723
OPM %	23.80%	26.46%	25.94%	26.19%	23.88%	30.01%	30.58%	16.13%	26.48%	26.57%	29.56%	35.59%	24.38%
	57	58	67	85	96	107	70	220	64	78	-27	104	34
Interest	2	4	4	4	7	3	203	165	147	147	138	125	95
Depreciation	69	77	90	87	91	90	98	115	97	99	108	109	111
Profit before Tax	485	575	546	520	574	778	513	281	494	525	505	788	757
Tax %	21.68%	22.29%	15.32%	14.50%	17.02%	21.17%	20.95%	16.45%	16.39%	12.53%	11.05%	9.44%	26.18%
Net Profit	380	447	463	444	476	613	405	235	413	459	449	714	558
	10.22	11.15	11.55	11.09	11.89	15.31	10.08	5.70	10.00	11.12	10.89	17.29	13.53

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,495	3,918	3,829	4,794	5,523	7,486	8,127	8,629	9,507	10,421	10,787
	2,793	3,139	3,124	3,550	4,151	5,648	6,429	6,362	7,082	7,335	7,674
Operating Profit	701	779	705	1,244	1,372	1,838	1,698	2,267	2,425	3,086	3,113
OPM %	20.07%	19.87%	18.41%	25.95%	24.84%	24.56%	20.89%	26.27%	25.51%	29.61%	28.86%
	89	201	64	94	155	204	163	270	493	220	189
Interest	2	19	40	11	8	48	28	17	378	562	506
Depreciation	16	28	38	62	78	123	270	335	395	429	427
Profit before Tax	772	933	691	1,265	1,440	1,871	1,563	2,185	2,146	2,315	2,574
Tax %	31.13%	26.44%	25.64%	24.25%	24.71%	25.76%	20.13%	18.88%	19.65%	11.98%	15.31%
Net Profit	532	686	514	958	1,084	1,389	1,248	1,773	1,725	2,038	2,180
EPS	13.44	17.33	12.83	23.92	27.07	34.68	31.16	44.25	41.80	49.36	—
Dividend Payout %	0.00%	25.40%	34.68%	12.96%	0.00%	0.00%	0.00%	0.00%	0.00%	2.03%	—

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:: 16%
5 Years:: 13%
3 Years:: 18%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 21%
5 Years:: 18%
3 Years:: 16%
Last Year:: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	2,619	2,957	3,025	3,611	4,694	6,500	7,744	9,639	14,238	16,308
	10	378	200	17	145	712	23	32	7,205	5,379
Trade Payables	368	452	387	487	594	921	802	525	570	681
	155	182	199	354	394	765	762	1,280	2,404	2,043
Total Liabilities	3,172	4,009	3,851	4,510	5,867	8,939	9,371	11,516	24,458	24,452
	481	523	768	939	982	2,921	3,137	3,546	4,076	3,926
Capital Work in Progress	141	322	210	144	166	355	438	135	191	387
	986	1,402	1,698	1,784	2,397	2,526	3,102	4,215	16,683	16,523
	522	469	482	533	827	1,267	1,032	1,126	1,098	1,088
	0	0	0	0	0	0	0	769	909	1,164
Cash & Bank	92	81	72	198	477	139	155	484	306	159
	949	1,212	621	912	1,019	1,731	1,507	1,241	1,195	1,205
Total Assets	3,172	4,009	3,851	4,510	5,867	8,939	9,371	11,516	24,458	24,452

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	735	790	782	1,234	1,381	1,282	2,084	1,736	2,350	2,752
Cash from Investing	-513	-516	-306	-396	-1,127	-1,360	-1,041	-1,665	-12,114	-388
Cash from Financing	-1	8	-240	-559	89	579	-710	-5	9,816	-2,477
	-8	31	-9	5	-55	40	48	66	52	-113

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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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