Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Mankind Pharma Ltd.
NSE: MANKINDHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹2,212.60
- Day change
- −₹63.00 (−2.77%)vs
- Market cap
- ₹96,966 crIndian rupees
- Research updated
- 2 reports
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About Mankind Pharma
Mankind Pharma Ltd. is a prominent pharmaceutical company based in India, focusing on the development, manufacturing, and marketing of a diverse range of pharmaceutical products. The company is recognized for its extensive portfolio that includes prescription medications, over-the-counter products, and a variety of fast-moving consumer goods tailored to healthcare needs. Serving a broad spectrum of healthcare sectors, Mankind Pharma covers areas such as antibiotics, gastrointestinal, cardiovascular, dermatology, and respiratory therapies. The firm has marked its presence in the domestic as well as international markets, demonstrating significant growth and expansion in its operations. Established in 1995, Mankind Pharma has strategically positioned itself as a key player in enhancing healthcare accessibility and affordability. The company's commitment to innovation and high quality has propelled it to one of the largest pharmaceutical companies in India, with a substantial impact on healthcare outcomes and industry standards. Its market role is noteworthy, not only for its product range but also for its robust distribution network and strategic partnerships which facilitate its expansive market reach.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: MANKIND
- Next results
- Chief executive
- Mr. Sheetal Arora
- Employees
- 20,451
- Headquarters
- New Delhi, India
- ISIN
- INE634S01028
- Website
- mankindpharma.com
Public research · Report of
Business model & financial foundation
Mankind Pharma (NSE: MANKIND), Pharmaceuticals - domestic branded formulations: revenue of ₹14,278 crore in FY26 (+17.0% on FY25), an EBITDA margin of 24.5%, net profit of ₹1,913 crore and net debt of ₹3,932 crore.
- Revenue, FY26 (₹ crore)
- 14,278
- consolidated
- Revenue growth, FY26
- +17.0%
- on FY25
- EBITDA margin, FY26
- 24.5%
- EBITDA (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 1,913
- to owners
- Return on equity, FY26
- 12.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,932
- Net debt (company definition; negative = net cash)
- Market capitalisation (₹ crore)
- 99,131
- at the close of 15 Oct 2026
Company profile
Mankind Pharma is India's fourth-largest pharmaceutical company by domestic sales value (about 4.7% IPM share in FY26) and second by volume, with a mass-market branded generics franchise, the #1 prescription share, and a consumer healthcare business (Manforce, Prega News, Gas-O-Fast). Domestic sales are about 85% of revenue; the October 2024 acquisition of Bharat Serums & Vaccines added women's health, fertility and critical-care biologics and the export business. The company is shifting its mix towards chronic therapies and metro markets.
| Item | Value |
|---|---|
| Legal name | Mankind Pharma Limited |
| Exchange and ticker | NSE: MANKIND; BSE: 543904 |
| ISIN | INE634S01028 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - domestic branded formulations |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP and Bhagi Bhardwaj Gaur & Co. (joint) |
| Market capitalisation | ₹99,131 crore (15 Oct 2026) |
| Shares outstanding | 41.27 crore shares (FY26) |
| Price | ₹2,335 (close, 15 Oct 2026) |
| 52-week range | ₹1,910 - ₹2,642 (to 15 Oct 2026) |
| Website | https://www.mankindpharma.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Bharat Serums and Vaccines Ltd | 100% | Women's health, fertility and critical care biologics; acquired 23 Oct 2024 for ~INR 13,768 cr; in voluntary liquidation from 7 Sep 2026 to fold business into Mankind |
| Mankind Consumer Products Pvt Ltd | 100% | Consumer healthcare / OTC brands |
| Lifestar Pharma LLC (US) | 90% | US generics front end |
| Mankind Life Sciences Pvt Ltd | 100% | Formulations manufacturing |
| Appian Properties Pvt Ltd | 100% | Holds ~4% of BSV |
Holdings below BSV from ICRA rationale list based on FY25 annual report; FY26 annual report names BSV as the material subsidiary.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 72.67% | 72.66% | 72.66% | 72.63% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 12.84% | 11.34% | 10.24% | 9.45% |
| Domestic institutions | 11.92% | 13.25% | 14.46% | 15.39% |
| of which mutual funds | 7.78% | 9.30% | 10.36% | 10.87% |
| Retail | 2.57% | 2.75% | 2.64% | 2.53% |
| Other | 4.14% | 3.95% | 4.10% | 4.52% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Mankind Pharma sells branded generic formulations in India: mass-market, acute-heavy and tilted to Tier 2-6 cities. It is #4 in IPM value (4.7% FY26), #2 by volume (6.1%) and #1 in prescriptions (15.1-15.4%). FY26 domestic revenue of INR12,217cr includes consumer healthcare and BSV domestic women's health/critical-care biologics; exports were INR2,061cr. The INR13,768cr BSV acquisition completed 23-Oct-2024 and was funded by INR10,000cr of NCDs/CP plus a INR3,000cr QIP.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Domestic business (incl BSV domestic from 23-Oct-24) | 12,217 | 85.6% |
| Exports (incl BSV international from 23-Oct-24) | 2,061 | 14.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Sun Pharmaceutical Industries (SUNPHARMA) | Largest IPM player; domestic branded chronic franchise benchmark |
| Torrent Pharmaceuticals (TORNTPHARM) | |
| Alkem Laboratories (ALKEM) | Domestic acute-heavy branded generics, closest business mix |
| Abbott India (ABBOTINDIA) | Pure domestic branded formulations, high-ROE comparator |
| Cipla (CIPLA) | Large India branded business with consumer healthcare arm |
| Dr Reddy's Laboratories (DRREDDY) | Top-10 IPM player, similar market cap |
| Zydus Lifesciences (ZYDUSLIFE) | India branded plus consumer wellness, similar market cap |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (continuing) | 7,782 | 8,749 | 10,260 | 12,207 | 14,278 |
| Cost of revenue (vendor classification) * | 2,470 | 2,962 | 3,269 | 3,569 | 4,150 |
| Other operating costs (vendor classification) * | 1,617 | 1,866 | 2,077 | 2,748 | 3,140 |
| EBITDA (vendor classification) * | 2,098 | 2,018 | 2,711 | 3,248 | 3,877 |
| EBIT * | 2,030 | 1,712 | 2,428 | 2,937 | 2,966 |
| Finance costs | 55.8 | 40.3 | 32.8 | 429.4 | 639.3 |
| Profit before tax (continuing) | 1,975 | 1,671 | 2,398 | 2,516 | 2,333 |
| Tax expense (continuing) | 521.6 | 361.6 | 457.2 | 509.7 | 394.6 |
| Profit after tax, continuing operations | 1,453 | 1,310 | 1,941 | 2,007 | 1,938 |
| Diluted EPS (INR) | 35.78 | 32.00 | 47.68 | 49.19 | 46.28 |
| COGS (materials + purchases of stock-in-trade + inventory change) | 3,198 | 3,489 | 4,052 | ||
| Employee benefits expense | 2,261 | 2,692 | 3,184 | ||
| Other expenses | 2,288 | 3,008 | 3,424 | ||
| EBITDA (company definition) | 2,529 | 3,030 | 3,499 | ||
| Other income | 280.2 | 536.8 | 358.8 | ||
| Depreciation and amortisation | 378.4 | 621.2 | 886.2 | ||
| Exceptional items (negative = charge) | 0.00 | 0.00 | -129.8 | ||
| Non-controlling interests | 28.9 | 20.2 | 25.2 | ||
| Profit attributable to owners (incl discontinued) | 1,913 | 1,991 | 1,913 | ||
| EBITDA before exceptional items (cost-stack basis) | 2,514 | 3,018 | 3,617 | ||
| Share of profit of JV/associates and rounding residual (derived) | 15.2 | 12.2 | 11.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 6,316 | 7,623 | 9,576 | 14,568 | 16,561 |
| Borrowings * | 873.1 | 170.4 | 207.2 | 8,511 | 6,312 |
| Cash and cash equivalents * | 302.5 | 304.8 | 382.0 | 407.4 | 391.7 |
| Trade receivables * | 388.2 | 576.4 | 848.3 | 1,538 | 1,730 |
| Inventories * | 1,760 | 1,498 | 1,553 | 2,094 | 2,144 |
| Trade payables * | 1,076 | 1,008 | 1,103 | 1,133 | 1,341 |
| Net property, plant and equipment * | 0.00 | 0.00 | 2,932 | 5.49 | 7.33 |
| Capital work in progress * | 669.9 | 493.2 | 207.1 | 351.4 | 754.4 |
| Total assets * | 9,148 | 9,715 | 11,963 | 27,760 | 28,080 |
| Net debt (company definition; negative = net cash) | 5,784 | 3,932 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash flow from operations | 904.0 | 1,841 | 2,152 | 2,413 | 3,121 |
| Free cash flow (vendor definition) * | -1,426 | 981.2 | 1,770 | 1,883 | 2,384 |
| Dividends paid (the provider's sign: an outflow is negative) * | -41.3 | ||||
| Capex (company-reported) | -461.7 | -783.0 | -389.0 | -531.0 | -737.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 40.06 | 40.06 | 40.06 | 40.40 | 41.27 |
| Gross margin % (company) | 68.8% | 71.4% | 71.6% | ||
| EBITDA margin % (reported) | 24.6% | 24.8% | 24.5% | ||
| Adjusted EBITDA margin % (company) | 24.6% | 25.9% | 25.4% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,061 | 3,199 | 3,079 | 3,570 | 3,697 | 3,567 | 3,443 | 4,031 |
| Cost of revenue (vendor classification) * | 872.7 | 931.5 | 875.4 | 1,054 | 978.0 | 958.4 | 1,098 | |
| Other operating costs (vendor classification) * | 699.4 | 746.5 | 805.0 | 886.6 | 846.1 | 803.1 | 962.6 | |
| EBITDA (vendor classification) * | 958.8 | 896.4 | 936.8 | 929.8 | 995.4 | 1,047 | 1,105 | |
| EBIT * | 858.3 | 709.3 | 706.0 | 711.1 | 666.2 | 800.9 | 879.4 | |
| Finance costs | 7.10 | 220.9 | 190.5 | 170.7 | 169.7 | 157.2 | 141.8 | 110.0 |
| Profit before tax (continuing, incl share of associates) | 851.2 | 488.3 | 515.4 | 540.5 | 624.0 | 509.0 | 659.2 | 769.5 |
| Tax expense | 190.4 | 110.5 | 86.4 | 95.9 | 103.8 | 95.1 | 99.8 | 195.4 |
| Profit after tax, continuing operations | 661.0 | 378.0 | 429.0 | 444.6 | 520.2 | 413.9 | 559.4 | 574.1 |
| Diluted EPS (INR, not annualised) | 16.28 | 9.30 | 10.30 | 10.60 | 12.38 | 9.89 | 13.41 | 13.74 |
| COGS (materials + purchases of stock-in-trade + inventory change) | 872.7 | 931.5 | 875.4 | 1,054 | 1,062 | 978.0 | 958.4 | 1,098 |
| Employee benefits expense | 642.2 | 704.8 | 715.8 | 783.4 | 825.2 | 823.7 | 751.6 | 913.5 |
| Other expenses | 699.4 | 746.5 | 805.0 | 886.6 | 888.5 | 846.1 | 803.1 | 962.6 |
| EBITDA (company definition) | 850.0 | 819.0 | 686.0 | 850.0 | 924.0 | 816.0 | 910.0 | 1,060 |
| Other income | 109.1 | 77.0 | 251.3 | 79.9 | 91.9 | 72.8 | 114.3 | 45.0 |
| Depreciation and amortisation | 100.4 | 187.2 | 230.9 | 218.7 | 221.8 | 222.6 | 223.1 | 225.7 |
| Exceptional items (negative = charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -106.6 | -23.2 | 0.00 |
| Non-controlling interests | 5.41 | 4.29 | 3.88 | 6.30 | 8.67 | 5.13 | 5.07 | 6.03 |
| Profit attributable to owners (incl discontinued ops) | 653.5 | 380.2 | 420.8 | 438.3 | 511.5 | 408.8 | 554.4 | 568.1 |
| EBITDA before exceptional items (cost-stack basis) | 847.1 | 816.0 | 683.2 | 846.8 | 921.3 | 919.4 | 929.9 | 1,056 |
| Share of profit of JV/associates and rounding residual (derived) | 2.54 | 3.44 | 2.32 | 3.17 | 2.32 | 3.21 | 2.99 | 3.94 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 25.2% | 12.4% | 17.3% | 19.0% | 17.0% |
| EBITDA margin | 24.6% | 24.8% | 24.5% | ||
| Net margin | 18.6% | 16.3% | 13.4% | ||
| Return on equity | 22.2% | 16.5% | 12.3% | ||
| Return on capital employed | 33.0% | 22.8% | 27.6% | 17.9% | 12.9% |
| Return on assets | 17.6% | 10.0% | 6.9% | ||
| Net debt (₹ crore) | 5,784 | 3,932 | |||
| Net debt / EBITDA | 1.91x | 1.12x | |||
| Interest cover | 36.4x | 42.5x | 74.1x | 6.84x | 4.64x |
| Asset turnover | 1.00x | 0.93x | 0.95x | 0.61x | 0.51x |
| Receivable days | 18 | 24 | 30 | 46 | 44 |
| Inventory days (on revenue) | 83 | 63 | 55 | 63 | 55 |
| Payable days (on revenue) | 50 | 42 | 39 | 34 | 34 |
| Cash conversion | 1.12x | 1.21x | 1.63x | ||
| Capex intensity | 5.9% | 8.9% | 3.8% | 4.3% | 5.2% |
| Free cash flow (₹ crore) | 442.3 | 1,058 | 1,763 | 1,882 | 2,384 |
| Dividend payout | 2.2% | ||||
| EPS, diluted (₹) | 35.78 | 32.00 | 47.68 | 49.19 | 46.28 |
| Book value per share (₹) | 157.7 | 190.3 | 239.0 | 360.6 | 401.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company definition; negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Mankind Pharma includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Mankind Pharma
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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