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.
Importance 69 / 95 · growth
Mankind Pharma Limited · Research view
Mankind Pharma Limited
NSE: MANKINDBSE: 543904ISIN INE634S01028Face value ₹1standalone
₹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
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.
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
- ₹10,421 cr
- FY2026 net profit
- ₹2,038 cr
- Net worth
- ₹16,397 cr
- Total debt
- ₹5,571 cr
- EPS (basic)
- ₹49.37
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 12 pharmaceuticals.
Section 04 · Business performance
Is the business growing?
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
- +8.6%over 3 years
- Revenue growth
- +9.7%vs last year
- Net profit growth
- +4.7%vs last year
- Change in net profit since FY23
- +63%
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
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 3,077 | — | 659 | — | 21.4% |
| Q3 FY25 | 3,230 | +23.9% | 385 | −16.4% | 11.9% |
| Q4 FY25 | 3,079 | +26.1% | 425 | −10.9% | 13.8% |
| Q1 FY26 | 3,570 | +23.4% | 445 | −18.1% | 12.5% |
| Q2 FY26 | 3,697 | +20.2% | 520 | −21.1% | 14.1% |
| Q3 FY26 | 3,567 | +10.4% | 414 | +7.6% | 11.6% |
| Q4 FY26 | 3,443 | +11.8% | 559 | +31.7% | 16.2% |
| Q1 FY27 | 4,031 | +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?
EBITDA marginNet margin
Concern
ROE declined from 16.7% to 12.5% year on year.
Rule ROE_DETERIORATED_YOY
- EBITDA margin now
- 32.7%
- 4-year range
- 22.9–32.7%
- ROE FY2026
- 13.1%
- ROCE FY2026
- 13.6%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Debt-to-equity fell from 0.58× to 0.38× year on year.
Rule LEVERAGE_DECREASED_YOY
Operating cash flowNet profit
- Total debt
- ₹5,571 cr
- Operating cash flow ÷ net profit
- 1.35×FY2026
- Free cash flow
- ₹2,418 cr
- Current ratio
- 0.78×
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%
EBITDA margin
MANKIND · 7th of 12 · set median 28.7%
Return on equity
MANKIND · 8th of 12 · set median 14.4%
P/E ratio
MANKIND · 8th of 12 · set median 36.3×
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?
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
- 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%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit lagging revenueRevenue 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
- WatchPremium valuation, soft growthThe P/E of 50.45× is above the pharmaceuticals median (36.26×) while profit declined 3.6% last year.PRICED_FOR_GROWTH · conviction 62
- WatchGrowing, but less profitablyRevenue 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
- ConcernReturns decliningROE 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.
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 8,127 | 9,265 | 9,498 | 10,421 |
| Total income | 8,290 | 9,531 | 9,991 | 10,747 |
| EBITDA | 1,860 | 2,592 | 3,056 | 3,412 |
| Profit before tax | 1,563 | 2,260 | 2,306 | 2,315 |
| Net profit | 1,248 | 1,823 | 1,945 | 2,038 |
| EPS (₹) | 31.2 | 45.5 | 47.1 | 49.4 |
| Net worth | 7,784 | 9,624 | 14,640 | 16,397 |
| Total debt | 5 | 9 | 7,254 | 5,571 |
| Operating cash flow | 1,799 | 1,983 | 2,322 | 2,752 |
| Free cash flow | 1,256 | 1,799 | 2,031 | 2,418 |
| Ratio | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Growth | ||||
| Revenue growth YoY | — | 14.0 | 2.5 | 9.7 |
| Profit growth YoY | — | 46.1 | 6.7 | 4.7 |
| Profitability | ||||
| EBITDA margin % | 22.9 | 28.0 | 32.2 | 32.7 |
| Net margin % | 15.1 | 19.1 | 19.5 | 19.0 |
| Return on equity % | 16.0 | 20.9 | 16.0 | 13.1 |
| Return on capital % | 20.4 | 26.1 | 17.0 | 13.6 |
| Leverage & cash | ||||
| Debt to equity | 0.00 | 0.00 | 0.50 | 0.34 |
| Cash flow ÷ profit | 1.44 | 1.09 | 1.19 | 1.35 |
| Current ratio | 2.54 | 3.49 | 1.17 | 0.78 |