NSE: MANKIND · BSE: 543904
MANKIND PHARMA LIMITED
Manufactures and sells pharmaceutical formulations across chronic, acute, and consumer healthcare categories in India, with an international business run through its wholly owned subsidiary Bharat Serums and Vaccines (BSV). Domestic formulations span cardiac, anti-diabetic, anti-infective and other therapy areas, while consumer healthcare covers OTC brands such as Manforce and Gasofast. The international business posted ₹605 cr in Q1 FY27 (+29% YoY) with BSV contributing to high-teens growth, and BSV holds 100% market share in anti-D in India. Consumer healthcare generated ₹246 cr in Q1 FY27, partly hit by discontinued cash-and-carry distribution. Q1 FY27 consolidated revenue was ₹4,031 cr (+13% YoY) and PAT was ₹574 cr (+29% YoY); FY26 revenue was ₹14,277.64 cr with EBITDA margin of 26.94%. Costs are dominated by employees (22.3% of revenue) and other operating expenses (24%), with materials at 16%, depreciation 6.2% and capex 4.4% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic formulations (chronic and acute), Consumer healthcare (OTC), International business, Bharat Serums and Vaccines (BSV). Diversified Indian pharmaceutical company across chronic, acute, OTC and vaccines/biologics, asset-light on manufacturing with high gross margins
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 8,749 | 10,335 | 12,207 | 14,278 |
| EBITDA (ex other income) | 1,901 | 2,535 | 3,018 | 3,488 |
| margin % | 21.7 | 24.5 | 24.7 | 24.4 |
| Owners' profit | 1,282 | 1,913 | 1,986 | 1,913 |
| EPS, as reported (₹) | 32.00 | 47.75 | 49.28 | 46.35 |
| ROE % · ROCE % | 17.2 · 21.7 | 20.3 · 24.6 | 13.8 · 13.3 | 11.7 · 13.7 |
| Debt / equity (x) | 0.02 | 0.02 | 0.58 | 0.38 |
| Cash from operations | 1,813 | 2,152 | 2,413 | 3,121 |
| Capex | (789) | (315) | (461) | (626) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,077 | 3,230 | 3,079 | 3,570 | 3,697 | 3,567 | 3,443 | 4,031 |
| Profit before tax | 847 | 494 | 513 | 537 | 622 | 506 | 656 | 766 |
| Net profit | 659 | 385 | 425 | 445 | 520 | 414 | 559 | 574 |
| EPS (₹) | 16.31 | 9.45 | 10.19 | 10.62 | 12.39 | 9.90 | 13.44 | 13.76 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED ◆ | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 50.6 | 30.1 | 117 of 158 | 26% |
| P/B | 6.2 | 3.0 | 132 of 163 | 19% |
| ROCE | 10.8 | 10.8 | 92 of 183 | 50% |
| ROE | 11.7 | 9.8 | 68 of 166 | 59% |
| Debt / Equity | 0.4 | 0.2 | 122 of 166 | 27% |
| EBITDA margin | 27.3 | 17.5 | 44 of 165 | 74% |
| Revenue growth | 12.9 | 16.3 | 88 of 161 | 46% |
| Profit growth | 29.1 | 30.9 | 82 of 158 | 48% |
| Market cap | 103353 | 810 | 8 of 181 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Mankind Pharma outlines FY30 growth, debt reduction and ACTx plans | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 and H1 FY27 profit rises sharply on strong revenue growth | compliance | minimal | — | — |
| 26 Oct 2026 · Mankind Pharma shares Q2 and H1 FY27 earnings call recording | investor communications | low | — | — |
| 26 Oct 2026 · Q2 FY27 revenue up 17.3%, EBITDA margin up 210 basis points year on year | investor communications | medium | — | — |
| 26 Oct 2026 · Mankind Pharma Q2 FY27 revenue up 17%, PAT up 38% | compliance | low | — | — |
| 26 Oct 2026 · Mankind Q2 FY27: revenue up 17%, net profit up 38% | compliance | low | — | — |
| 26 Oct 2026 · Mankind Pharma advances UAPL-MCPPL merger; Q2 profit Rs 716 crore | strategic transactions | medium | — | — |
| 26 Oct 2026 · Board approves amalgamation of two wholly owned subsidiaries | strategic transactions | medium | — | — |
| 26 Oct 2026 · Standalone Q2 revenue up 19%, profit up 22%; six-month profit up 28% | results | high | — | — |
| 22 Oct 2026 · Mankind Pharma moves Q2 and H1 FY27 results call one hour earlier | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.