MANKIND
Mid CapMankind Pharma Limited
Pharma
Mankind Pharma is a leading Indian pharmaceutical company with a strong presence in domestic formulations, consumer healthcare, and exports. It focuses on specialty and super specialty segments, aiming for long-term sustainable growth through a steady base business, fast-growing chronic therapies, and a high-potential OTC portfolio.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 70/100Rev +12% YoY · PAT +32% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,443 Cr | +11.8% | -3.5% |
| EBITDA | ₹930 Cr | +36.2% | +1.2% |
| Operating margin | 27.0% | +500 bps | +100 bps |
| PAT | ₹559 Cr | +31.5% | +35.0% |
| PAT margin | 16.2% | +244 bps | +463 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Mankind Pharma reported robust Q4 FY26 performance with 11.8% YoY revenue growth and 32.7% YoY EBITDA growth. FY26 revenue grew 17.0% YoY, driven by strong domestic and consumer healthcare segments, though PAT declined 3.4% YoY for FY26.
The company demonstrated strong domestic and consumer healthcare growth, with increasing chronic share and outperformance in key therapies. While Q4 PAT grew significantly, FY26 PAT declined. Muted export growth due to geopolitical headwinds is a concern, but strategic acquisitions and in-licensing support future specialization.
Segmental Revenue Break-Up (Q4 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Specialty Chronic Segment
Double digit growth in Mankind domestic business led by 14.7% in cardiac and 11.6% in anti-diabetes.
Consumer Healthcare Business
OTC business grew by 20% led by strong growth in e-commerce.
BSV Super Specialty Portfolio
Strong double digit growth in BSVs domestic business, with high entry barriers and niche product offerings.
Strategic In-licensing/Acquisitions
Foray into Onco and Transplant business through acquisition of Panacea; in-licensed products from Novartis, Biocon, Takeda, AstraZeneca, Roche.
ETP Expansion
Unit-1: Commissioning of New ETP expansion and waste water recycling plant in FY26.
Dedicated ETP & Fume Hood
Commissioned dedicated ETP and installed ductless fume hood at R&D BSV in FY26.
Hydrogenation Plant Automation
Full Automation of Hydrogenation plant at API-2 in FY26.
Increasing Chronic Share
Increased chronic share by 190 bps in FY26, with 1.1x outperformance to IPM chronic.
Strong Brand Performance
Outperformance in key acute brands like Cefakind-CV, Nurokind-LC, Pantakind, Dydroboon and strong growth in Telmikind, Lipirose, Statpure families.
Digitalization & Productivity
Continue developing digital platforms to enhance productivity through AI/ML based technologies.
Geopolitical Headwinds
International business witnessed muted growth due to geo-political headwinds.
Muted Anti-infectives Growth
Muted growth in anti-infectives partially offset by sequential recovery in Gastro, VMN, Derma etc.
Geopolitical Risks
Muted growth in international business due to geo-political headwinds.
Competition in IPM
Secondary sales growth of 8.7% vs 10.7% IPM in Q4FY26.
Regulatory Compliance
USFDA inspection for Paonta Sahib facility in 2018-19, ongoing need for compliance.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 FY26 results show sequential momentum in some acute therapies and strong YoY growth, while FY26 provides a full-year perspective on overall business trajectory and chronic segment expansion.
Domestic Business (ex CH) Growth
12.9% YoY in Q4 FY26; 14.9% YoY in FY26.
Consumer Healthcare (CH) Growth
19.8% YoY in Q4 FY26; 8.7% YoY in FY26.
Exports Business Growth
4.2% YoY in Q4 FY26; 34.5% YoY in FY26.
Gross Margins
72.2% in Q4 FY26 (up 60 bps YoY); 71.6% in FY26 (up 20 bps YoY).
Long-term Sustainable Growth
On track in strengthening scale and advancing specialization through four key pillars to deliver long-term sustainable growth.
Expanding Super Specialty Portfolio
Expanding towards super specialty portfolio through M&As and in-licensing from MNCs.
Increase Penetration in Metros/Tier I
Engaging KOLs, hospital tie-ups, specialty division launches, and inorganic growth initiatives.
Grow Consumer Healthcare
Leveraging existing brand equity, additional distribution models, Rx to OTx to OTC.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Business (ex CH) Growth | 12.9% YoY in Q4 FY26 | Sustained double-digit growth and outperformance vs. IPM. |
| Adjusted EBITDA Margins | 27.1% in Q4 FY26 | Maintenance or improvement of margins, especially with new acquisitions. |
| Exports Business Growth | 4.2% YoY in Q4 FY26 | Recovery from geopolitical headwinds and acceleration of growth. |
| Chronic Share in Total Portfolio | 41.7% in Q4 FY26 (consolidated) | Continued increase in chronic share and outperformance in chronic therapies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +10.9% / mo
Technical chart
MANKINDdaily · 5Y+7.7%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 53.
- SMA20 rising (~6.4% over last month) — short-term momentum positive.
- RSI(14) at 53 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 9% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.0%.
- Piotroski is strong at 8/9.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -14.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 74th percentile within Pharma. Main check: financial discipline is weak at 58/100.
High Trust Lite: Promoter holding is 72.7%. Key concern: ROCE trend is -5.2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 74th pctile, median 70 · Mid: 56th pctile, median 76
76 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3%.
- ▸4 years of positive FCF.
Trust risks
- ▸ROCE trend is -5.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 48.40
- P/B
- 5.97
- EV/EBITDA
- 23.02
- Market Cap
- 97339.00Cr
Profitability
- ROE
- 13.10%
- ROCE
- 13.50%
- ROA
- 4.67%
- Dividend Y
- 0.04%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.39
- Interest Coverage
- 5.66×
- Altman Z
- 6.91
- Book Value
- 395.00
Cash Flow
- FCF Yield
- 3.00%
- FCF Positive Y
- 4/5
- OCF
- 3121.00 Cr
- EPS TTM
- 46.34
Shareholding
- Promoter Hold
- 72.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.