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Mankind Pharma Ltd.
(MANKIND)
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Rating:71Outperform
Price Target:
₹2,763.00
▲(10.28% Upside)
Action:Reiterated
Date:10/28/26
The score is driven primarily by solid financial performance and a strongly positive earnings call featuring accelerating growth and margin improvement, tempered by recent margin/cash-conversion watch-outs. Technicals are supportive but mixed due to negative MACD, while valuation is the biggest headwind due to the high P/E despite a strong dividend yield.
Positive Factors
Revenue and Margin Growth
Strong top-line growth combined with faster EBITDA expansion indicates operating leverage and improving profitability. If sustained, this performance can strengthen internal funding capacity, support brand investment, and improve earnings resilience across the next several quarters.
Negative Factors
Consumer Healthcare Slowdown
Softer consumer healthcare demand limits the contribution from a significant business stream and shows that category growth is not currently keeping pace with the broader portfolio. A delayed recovery could restrain consolidated growth and reduce operating leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Margin Growth
Strong top-line growth combined with faster EBITDA expansion indicates operating leverage and improving profitability. If sustained, this performance can strengthen internal funding capacity, support brand investment, and improve earnings resilience across the next several quarters.
Read all positive factors
Mankind Pharma Ltd. (MANKIND) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.03T
Dividend Yield0.04%
Average Volume (3M)57.08K
Price to Earnings (P/E)45.9
Beta (1Y)0.52
Revenue Growth13.27%
EPS Growth27.32%
CountryIN
Employees20,451
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)54.33
Shares Outstanding413,045,100
10 Day Avg. Volume57,273
30 Day Avg. Volume57,083
Financial Highlights & Ratios
PEG Ratio-7.55
Price to Book (P/B)5.08
Price to Sales (P/S)5.80
P/FCF Ratio43.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,664.25Price Target Upside6.34% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)58.81
Revenue Forecast (FY)₹163.02B
Mankind Pharma Ltd. Business Overview & Revenue Model
Company Description
Mankind Pharma Limited specializes in the development, manufacturing, and marketing of a broad range of pharmaceutical medications and consumer health goods. Operating predominantly in India, the company also caters to international markets. Its p...
How the Company Makes Money
Mankind Pharma primarily makes money by selling pharmaceutical and consumer healthcare products, with revenue largely driven by (1) domestic branded prescription formulations and (2) consumer healthcare/OTC brands.
1) Domestic branded prescriptio...
Mankind Pharma Ltd. Earnings Call Summary
Earnings Call Date:Oct 26, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Feb 03, 2027
Earnings Call Sentiment Positive
The call was strongly positive, characterized by double-digit revenue growth, improved EBITDA and PAT margins, domestic outperformance versus IPM, accelerating volume growth, robust BSV and international momentum, brand portfolio expansion, and debt reduction. The main challenges were softer consumer healthcare performance, a higher effective tax rate, increased working capital, and the ongoing recovery of anti-infectives. Management maintained a confident outlook, including expectations for continued IPM outperformance and double-digit international growth.Positive Updates
Strong Revenue and EBITDA Growth
Q2 FY2027 revenue from operations increased 17.3% year-on-year to INR 4,338 crore from INR 3,697 crore. EBITDA increased 27.2% to INR 1,175 crore, while EBITDA margin improved by 210 basis points year-on-year to 27.1%.
Negative Updates
Consumer Healthcare Growth Was Softer Than Expected
Consumer healthcare revenue was INR 229 crore in Q2 FY2027 and was impacted by slower category offtake and regional effects in East and South India. Management explicitly said it was unhappy with consumer business performance and expects growth for the current year to be in the high single digits, with recovery expected in FY2028.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Revenue and EBITDA Growth
Q2 FY2027 revenue from operations increased 17.3% year-on-year to INR 4,338 crore from INR 3,697 crore. EBITDA increased 27.2% to INR 1,175 crore, while EBITDA margin improved by 210 basis points year-on-year to 27.1%.
Read all positive updates
Company Guidance
Guidance included a 20% growth rate on a constant currency dollar basis for exports, double-digit growth in international business in Financial Year 2027, EBITDA margins of 25.5%-26.5%, R&D expenses of 2.8%-3% of revenue with spending expected at the upper end, close to 3% of revenue, CapEx of 6%-7% of revenue for FY 2027, and market outperformance of around 1.1-1.2 over the next two quarters; consumer health growth is expected to be high single digit this year and recover in FY 2028, chronic mix ambition is to add 100 basis points-200 basis points every year with a four to five-year ambition to touch 50%, MR additions are expected to increase by 7% this year, and the current EUR 48 million ACTx commitment is good up to fiscal year 2028.Mankind Pharma Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
73
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 153.79B | 142.78B | 122.07B | 102.59B | 87.49B | 77.82B |
| Gross Profit | 90.26B | 61.55B | 86.38B | 70.02B | 57.87B | 53.12B |
| EBITDA | 42.88B | 38.58B | 35.58B | 28.24B | 20.37B | 21.97B |
| Net Income | 22.43B | 19.13B | 19.91B | 19.13B | 12.82B | 14.33B |
Balance Sheet | ||||||
| Total Assets | 289.54B | 280.80B | 277.60B | 119.63B | 97.15B | 91.48B |
| Cash, Cash Equivalents and Short-Term Investments | 26.60B | 20.20B | 22.45B | 33.86B | 15.29B | 12.79B |
| Total Debt | 54.22B | 63.12B | 85.11B | 2.07B | 1.70B | 8.73B |
| Total Liabilities | 110.99B | 115.18B | 131.91B | 23.87B | 20.67B | 28.31B |
| Stockholders Equity | 175.82B | 163.00B | 143.32B | 93.63B | 74.35B | 61.55B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 18.90B | 19.53B | 17.70B | 9.53B | -14.26B |
| Operating Cash Flow | 0.00 | 25.16B | 24.13B | 21.52B | 18.13B | 9.20B |
| Investing Cash Flow | 0.00 | -2.54B | -126.92B | -20.82B | -10.54B | -13.69B |
| Financing Cash Flow | 0.00 | -22.89B | 102.33B | 52.66M | -7.40B | 6.05B |
Mankind Pharma Ltd. Technical Analysis
Positive
2505.40
Price Trends
2380.47
Positive
2429.76
Positive
2313.54
Positive
Market Momentum
8.22
Negative
58.55
Neutral
79.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANKIND, the sentiment is Positive. The current price of 2505.4 is above the 20-day moving average (MA) of 2387.26, above the 50-day MA of 2380.47, and above the 200-day MA of 2313.54, indicating a bullish trend. The MACD of 8.22 indicates Negative momentum. The RSI at 58.55 is Neutral, neither overbought nor oversold. The STOCH value of 79.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MANKIND.
Mankind Pharma Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹1.03T | 45.88 | ― | 0.04% | 13.27% | 27.32% | |
69 Neutral | ₹918.70B | 16.62 | ― | 0.90% | 28.19% | 49.25% | |
69 Neutral | ₹4.27T | 35.26 | ― | 0.90% | 11.41% | 16.62% | |
67 Neutral | ₹1.76T | 75.58 | ― | 0.32% | 42.06% | -3.48% | |
66 Neutral | ₹612.77B | 28.37 | ― | 1.04% | 13.36% | -5.66% | |
57 Neutral | ₹1.24T | 27.76 | ― | 0.08% | 21.11% | -1.28% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:MANKIND
Mankind Pharma Ltd.
2,488.75
86.90
3.62%
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Mankind Pharma Ltd. Corporate Events
Mankind Pharma Files Investor Presentation With Stock Exchanges
Oct 27, 2026
Mankind Pharma Limited has submitted an investor presentation to the BSE and NSE in line with Indian listing regulations, following an earlier notice about an upcoming analyst and institutional investor meeting. The company has asked the exchanges...
Mankind Pharma Posts Strong Unaudited Q2 FY27 Results, Highlights Robust Balance Sheet
Oct 27, 2026
Mankind Pharma Ltd. has published its unaudited consolidated and standalone financial results for the quarter and six months ended 30 September 2026 in leading newspapers, in line with SEBI listing requirements. The results show continued revenue ...
Mankind Pharma Sets Earnings Call for Q2 and H1 FY27
Oct 12, 2026
Mankind Pharma has scheduled an earnings conference call to discuss its financial and business performance for the second quarter and first half of fiscal year 2027. The call will be hosted by the company’s management on October 26, 2026, at...
Mankind Pharma Shareholders Clear Appointment of Independent Director via Postal Ballot
Sep 17, 2026
Mankind Pharma Limited has announced that its shareholders have approved, via a postal ballot conducted through remote e-voting, the appointment of Anish Vanraj Bafna as a non-executive independent director for a five-year term starting August 10,...
Mankind Pharma Announces Completion of Independent Director’s Term
Aug 30, 2026
Mankind Pharma Limited, a listed pharmaceutical company focused on manufacturing and marketing healthcare products in India and abroad, operates under SEBI’s listing and disclosure framework on both BSE and NSE. Its governance structure incl...
Mankind Pharma Realigns NCD Security Cover, Frees Pledge on Bharat Serums Stake
Aug 17, 2026
Mankind Pharma has completed a realignment of the security cover backing its outstanding non-convertible debentures, following approvals from debenture holders and BSE. The company has created revised security over tangible and intangible assets o...
Mankind Pharma Board Clears Q1 FY27 Results and BSV Corporate Guarantee
Jul 30, 2026
Mankind Pharma’s board has approved the unaudited standalone and consolidated financial results for the quarter ended 30 June 2026, which have been reviewed by joint statutory auditors in line with Indian accounting standards and securities ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.