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Mankind Pharma Limited · Research view

Mankind Pharma Limited

NSE: MANKINDBSE: 543904ISIN INE634S01028Face value ₹1consolidated
₹2,527
+0.88% · 2026-10-01 · 52-wk ₹1,927–₹2,618
Financials to FY2026 · 4 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
WatchTalking point

Profit lagging revenue

Revenue grew 17.0% but profit declined 3.6%, so the company kept less of each rupee of revenue as profit.

Revenue growth+17.0%Net profit growth−3.6%

Importance 69 / 95 · growth

WatchTalking point

Premium valuation, soft growth

The P/E of 50.45× is above the pharmaceuticals median (36.26×) while profit declined 3.6% last year.

Importance 62 / 95 · valuation

WatchTalking point

Growing, but less profitably

Revenue grew 17.0% but EBITDA margin fell 1.3 percentage points to 27.8%, so the company kept less of each rupee of revenue as operating profit.

Revenue growth+17.0%Change in EBITDA margin−1.3 percentage points

Importance 60 / 95 · growth

Section 03 · The company

Who is this company?

Classified by the exchange under Healthcare › Healthcare › Pharmaceuticals & Biotechnology › Pharmaceuticals.

Market cap
₹1.04 L cr
FY2026 revenue
₹14,278 cr
FY2026 net profit
₹1,938 cr
Net worth
₹16,561 cr
Total debt
₹6,312 cr
EPS (basic)
₹46.35
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 12 pharmaceuticals.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY23 to FY26₹ crore · consolidated
₹'000 cr05101520023REVENUENET PROFIT9k1,310FY2310k1,942FY2412k2,011FY2514k1,938FY26
RevenueNet profit
Watch

Revenue grew 17.0% but profit declined 3.6%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year
+17.7%over 3 years
Revenue growth
+17.0%vs last year
Net profit growth
−3.6%vs last year
Change in net profit since FY23
+48%

Revenue grew 17.0% but EBITDA margin fell 1.3 percentage points to 27.8%, so the company kept less of each rupee of revenue as operating profit.

Revenue grew 17.0% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹574 cr, up 29.1% from ₹445 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 revenue was ₹4,031 cr, up 12.9% from ₹3,570 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Strength

Q1 FY27 EBIT was ₹875 cr, up 23.7% from ₹708 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr01345001REVENUENET PROFIT3k659Q2 '253k385Q3 '253k425Q4 '254k445Q1 '264k520Q2 '264k414Q3 '263k559Q4 '264k574Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY253,077—659—21.4%
Q3 FY253,230+23.9%385−16.4%11.9%
Q4 FY253,079+26.1%425−10.9%13.8%
Q1 FY263,570+23.4%445−18.1%12.5%
Q2 FY263,697+20.2%520−21.1%14.1%
Q3 FY263,567+10.4%414+7.6%11.6%
Q4 FY263,443+11.8%559+31.7%16.2%
Q1 FY274,031+12.9%574+29.1%14.2%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹14,738 crTTM
EBITDA
₹4,151 crTTM
EBIT
₹3,258 crTTM
PBT
₹2,549 crTTM
Net profit
₹2,068 crTTM

C. Corporate actions

8 Aug 2025DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY23 to FY26% of revenue · consolidated
0%5%10%15%20%25%30%27.8%13.2%FY23FY24FY25FY26
EBITDA marginNet margin
Concern

ROE declined from 16.7% to 12.5% year on year.

Rule ROE_DETERIORATED_YOY

EBITDA margin now
27.8%
4-year range
23.2–29.1%
ROE FY2026
12.5%
ROCE FY2026
13.4%
Section 07 · Financial health

Is financial health improving?

Net worth — FY23 to FY26₹ crore · consolidated
₹'000 cr0713208kFY2310kFY2415kFY2517kFY26
Net worth (shareholders' funds)
Strength

Debt-to-equity fell from 0.58× to 0.38× year on year.

Rule LEVERAGE_DECREASED_YOY

Operating cash flow vs net profit₹ crore · FY23–FY26
0k1k3k4k2k1kFY232k2kFY242k2kFY253k2kFY26
Operating cash flowNet profit
Total debt
₹6,312 cr
Operating cash flow ÷ net profit
1.61×FY2026
Free cash flow
₹2,498 cr
Current ratio
1.10×
Section 08 · Relative position

How does it compare with peers?

Ranked against 12 pharmaceuticals (FY2026, consolidated).

Revenue growth

MANKIND · 5th of 12 · set median 14.8%

GLENMARK27.5%LUPIN23.1%LAURUSLABS22.7%TORNTPHARM21.4%MANKIND17.0%ZYDUSLIFE16.8%DIVISLAB12.8%SUNPHARMA11.2%BIOCON10.9%AUROPHARMA6.1%DRREDDY3.2%CIPLA2.2%

EBITDA margin

MANKIND · 7th of 12 · set median 28.7%

DIVISLAB37.4%SUNPHARMA33.7%ZYDUSLIFE33.1%LUPIN33.1%TORNTPHARM31.9%GLENMARK29.6%MANKIND27.8%LAURUSLABS26.9%CIPLA24.0%DRREDDY23.2%BIOCON22.4%AUROPHARMA21.8%

Return on equity

MANKIND · 8th of 12 · set median 14.4%

LUPIN26.9%ZYDUSLIFE18.3%LAURUSLABS17.7%TORNTPHARM17.0%DIVISLAB16.2%SUNPHARMA14.7%GLENMARK14.1%MANKIND12.5%CIPLA11.7%DRREDDY11.5%AUROPHARMA9.9%BIOCON1.1%

P/E ratio

MANKIND · 8th of 12 · set median 36.3×

LUPIN16.7×ZYDUSLIFE25.1×AUROPHARMA26.2×DRREDDY31.5×CIPLA32.4×SUNPHARMA35.8×GLENMARK36.7×MANKIND50.5×TORNTPHARM74.8×DIVISLAB84.2×LAURUSLABS98.5×BIOCON144.4×
Watch

The P/E of 50.45× is above the pharmaceuticals median (36.26×) while profit declined 3.6% last year.

Rule PRICED_FOR_GROWTH

P / E
50.5×TTM to Jun 26
P / B
6.3×latest book
P / S
7.1×TTM sales
Earnings yield
2.0%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 53.8× · P/S 7.1× · ROE 12.5%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2023-05 to 2026-10₹ per share · split / bonus adjusted
0k4k₹2,5272023202420252026
Context

Over 3 years profit (14.0% a year) and the stock (12.1% a year) compounded at roughly the same rate — the FY2023 base was somewhat depressed, so part of this is recovery rather than trend.

Rule STOCK_TRACKED_EARNINGS · rebound

Business vs stock — 5-year compound annual rate
Net profit14.0%/yrShare price12.1%/yr
1-year return
+3.6%
3-year return
+40.8%
5-year return
—
From 52-wk high
−3.5%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Above₹2,417
vs 200-day avg
Above₹2,294
RSI (14)
62.1neutral
MACD histogram
23.7
From 52-wk high
−3.5%
From 52-wk low
+31.1%
30-day volatility
27.0%ann.
6-month return
+26.0%
RSI (14) · 0–10062.1 — neutral
0305070100OVERSOLDOVERBOUGHT62.1
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Profit lagging revenue
    Revenue grew 17.0% but profit declined 3.6%, so the company kept less of each rupee of revenue as profit.
    PROFIT_SLOWER_THAN_REVENUE · conviction 69
  • Watch
    Premium valuation, soft growth
    The P/E of 50.45× is above the pharmaceuticals median (36.26×) while profit declined 3.6% last year.
    PRICED_FOR_GROWTH · conviction 62
  • Watch
    Growing, but less profitably
    Revenue grew 17.0% but EBITDA margin fell 1.3 percentage points to 27.8%, so the company kept less of each rupee of revenue as operating profit.
    REVENUE_UP_MARGIN_DOWN · conviction 60
  • Concern
    Returns declining
    ROE declined from 16.7% to 12.5% year on year.
    ROE_DETERIORATED_YOY · conviction 44
  • Only 4 annual year(s) of financials loaded — multi-year trend analysis is limited.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY23FY24FY25FY26
Revenue8,74910,33512,20714,278
Total income8,87810,61612,74414,636
EBITDA2,0292,8163,5553,976
Profit before tax1,6592,3842,5042,321
Net profit1,3101,9422,0111,938
EPS (₹)32.047.849.346.4
Net worth7,6239,57614,56816,561
Total debt1702078,5116,312
Operating cash flow1,8132,1522,4133,121
Free cash flow1,0301,8451,9652,498
Key ratios — consolidated
RatioFY23FY24FY25FY26
Growth
Revenue growth YoY—18.118.117.0
Profit growth YoY—48.33.6-3.6
Profitability
EBITDA margin %23.227.229.127.8
Net margin %14.818.315.813.2
Return on equity %17.222.616.712.5
Return on capital %21.927.517.913.4
Leverage & cash
Debt to equity0.020.020.580.38
Cash flow ÷ profit1.381.111.201.61
Current ratio2.383.141.271.10
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.