India's 2nd-largest pharma firm by volume; branded generics, consumer healthcare and specialty-chronic brands.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,338 | +17.3% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 27.0 | +2.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 716 | +37.7% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 13.26 | −2.0 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 16.72 | +1.2 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 13.54 | −2.0 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 7 judged targets kept · 13 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Long-term Employee Cost as % of Sales | what our endeavor is that the employee cost should be in the vicinity of 22% of the sales, plus/minus 0.5% here and there. | Q4 FY26 | No update provided on this long-term metric. | Ghosted |
| FY27 OTC Business Growth | And hopefully, better growth, double-digit growth, I mean high teens growth would be there. | Q4 FY26 | Growth was very low due to a soft market and business model changes. Management revised guidance for Q2 onwards to 'high single-digit to double-digit', a step down from the original 'high teens' target. | Revised Down |
| EBITDA Margin | EBITDA margins to be in the range of 25% to 26% in financial year '26 | Q4 FY25 | Achieved. Full year adjusted EBITDA margin came in at 25.4%, within the original guided range. | Achieved |
4 of Mankind Pharma Limited's 20 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 17 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹2,432.4 on 24 Oct 2025 → ₹2,312. High ₹2,617.9 (28 Jul 2026), low ₹1,927.4 (23 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Mankind Pharma is a diversified Indian pharmaceutical company selling branded generic drugs across acute and chronic therapies, alongside a consumer healthcare (OTC) portfolio and, following its 2024 acquisition of Bharat Serums and Vaccines (BSV), a super-specialty business in women's health, fertility and critical care. It earns by manufacturing formulations largely in-house and distributing them through a large field force and stockist network to doctors, chemists and retail channels across India, alongside export markets. The company also produces select DMF-grade APIs used in its own formulations.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
3 of 7 judged targets kept · 13 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Long-term Employee Cost as % of Sales | what our endeavor is that the employee cost should be in the vicinity of 22% of the sales, plus/minus 0.5% here and there. | Q4 FY26 | No update provided on this long-term metric. | Ghosted |
| FY27 OTC Business Growth | And hopefully, better growth, double-digit growth, I mean high teens growth would be there. | Q4 FY26 | Growth was very low due to a soft market and business model changes. Management revised guidance for Q2 onwards to 'high single-digit to double-digit', a step down from the original 'high teens' target. | Revised Down |
| EBITDA Margin | EBITDA margins to be in the range of 25% to 26% in financial year '26 | Q4 FY25 | Achieved. Full year adjusted EBITDA margin came in at 25.4%, within the original guided range. | Achieved |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 20 tracked commitments, with each call’s wording and source.
Call summaries
Mankind Pharma Limited Q1 FY27
Mankind Pharma delivered a strong Q1 FY27, marked by robust revenue growth, significant margin expansion, and healthy profit increase. Performance was driven by strong momentum in chronic and international segments, alongside recovery in the acute portfolio. The company maintained disciplined capital allocation, reducing net debt, while strategically navigating market dynamics and new product launches.
Read the full callMankind Pharma Q4 FY26
Mankind Pharma reported a strong Q4 FY26 with 11.8% revenue growth and significant EBITDA margin expansion to 27.1%, driven by robust domestic performance and strategic advancements. While full-year PAT saw a slight decline due to acquisition-related costs, the company expressed confidence in regaining growth momentum and outlined ambitious targets for FY27, including double-digit top-line growth and improved margins. Strategic focus remains on specialty chronic therapies, R&D-led innovation, and disciplined capital allocation, including a new biotech facility.
Read the full callMankind Pharma Q3 FY26
Mankind Pharma delivered a robust Q3 FY26, with strong revenue growth across domestic and international segments, driven by chronic therapies and the BSV portfolio. Despite a dip in adjusted EBITDA margin due to R&D and employee costs, the company maintained healthy profitability and significantly improved its net debt position. Management highlighted ongoing strategic transformations and expressed confidence in future growth, particularly in chronic and OTC segments, while addressing challenges in acute and anti-infective categories.
Read the full callNews
From the news desk, item by item, hours after each call.
Every analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +38% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,199 | 3,079 | 3,570 | 3,697 | 3,567 | 3,443 | 4,031 | 4,338 |
| Expenses | 2,383 | 2,396 | 2,724 | 2,776 | 2,648 | 2,513 | 2,974 | 3,167 |
| Operating profit | 816 | 683 | 847 | 921 | 919 | 930 | 1,056 | 1,171 |
| Operating margin | 26.0% | 22.0% | 24.0% | 25.0% | 26.0% | 27.0% | 26.0% | 27.0% |
| Other income | 87 | 249 | 83 | 94 | -31 | 94 | 49 | 99 |
| Interest | 221 | 191 | 171 | 170 | 157 | 142 | 110 | 105 |
| Depreciation | 187 | 231 | 219 | 222 | 223 | 223 | 226 | 236 |
| Profit before tax | 495 | 511 | 540 | 624 | 509 | 659 | 769 | 929 |
| Tax rate | 22.0% | 17.0% | 18.0% | 17.0% | 19.0% | 15.0% | 25.0% | 23.0% |
| Net profit | 385 | 425 | 445 | 520 | 414 | 559 | 574 | 716 |
| EPS (₹ per share) | 9.22 | 10.20 | 10.62 | 12.39 | 9.90 | 13.43 | 13.75 | 17.23 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 8,750 | 10,316 | 12,207 | 14,277 |
| Expenses | 6,849 | 7,785 | 9,189 | 10,661 |
| Operating profit | 1,901 | 2,530 | 3,018 | 3,617 |
| Other income | 141 | 295 | 553 | 240 |
| Interest | 44 | 33 | 430 | 640 |
| Depreciation | 327 | 393 | 621 | 887 |
| Profit before tax | 1,671 | 2,399 | 2,521 | 2,332 |
| Net profit | 1,311 | 1,942 | 2,012 | 1,938 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 40 | 40 | 41 | 41 | 41 | 41 |
| Reserves | 7,395 | 9,323 | 14,291 | 15,245 | 16,259 | 17,541 |
| Borrowings | 170 | 207 | 8,511 | 8,369 | 6,312 | 5,422 |
| Other liabilities | 2,080 | 2,313 | 4,808 | 5,159 | 5,143 | 5,950 |
| Total liabilities | 9,686 | 11,883 | 27,652 | 28,813 | 27,755 | 28,954 |
| Fixed assets | 4,251 | 4,545 | 19,005 | 19,263 | 18,620 | 18,854 |
| Capital work in progress | 550 | 282 | 826 | 394 | 1,128 | 752 |
| Investments | 1,346 | 2,568 | 2,042 | 2,947 | 1,985 | 1,909 |
| Other assets | 3,538 | 4,488 | 5,780 | 6,209 | 6,022 | 7,439 |
| Total assets | 9,686 | 11,883 | 27,652 | 28,813 | 27,755 | 28,954 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,137 | 920 | 1,813 | 2,152 | 2,413 | 3,121 |
| Cash from investing | -1,222 | -1,369 | -1,052 | -2,081 | -12,624 | -181 |
| Cash from financing | -8 | 605 | -740 | 5 | 10,233 | -2,953 |
| Net cash flow | -92 | 156 | 22 | 77 | 22 | -12 |
| Free cash flow | 826 | -1,423 | 987 | 1,771 | 1,895 | 2,387 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 19 | 18 | 24 | 30 | 46 | 44 |
| Inventory days | 243 | 265 | 188 | 180 | 219 | 193 |
| Days payable | 137 | 162 | 126 | 90 | 119 | 121 |
| Cash conversion cycle | 125 | 121 | 86 | 120 | 146 | 117 |
| Working capital days | 32 | 24 | 39 | 53 | -28 | -40 |
| Return on capital employed | 37.0% | 32.0% | 22.0% | 26.0% | 17.0% | 14.0% |
| Dividend payout | 24.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.0% |
To justify its price of ₹2312, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹1118 — downside of 52%.
Ownership
Promoters hold 72.62% as of Sept 2026; institutions added 0.07 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Mankind Pharma Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 20.18% | unchanged | |
| 19.35% | unchanged | |
| 14.95% | unchanged | |
| 4.67% | unchanged | |
| 2.79% | unchanged | |
| 2.65% | newly disclosed | |
| 2.56% | unchanged | |
| Mutual fund | 2.45% | +0.38 pp |
| 1.97% | unchanged | |
| 1.66% | unchanged | |
| 1.57% | unchanged | |
| Mutual fund | 1.49% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 4 added, 6 trimmed, 1 sold out — net +1.66 L shares (+0.9%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Large Cap Fund SBI Mutual Fund | ₹1.0k Cr | held | May '23 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹976 Cr | held | Nov '25 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹686 Cr | held | Dec '24 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹534 Cr | +2.00 L | Nov '25 |
| Nippon India Pharma Fund Nippon India Mutual Fund | ₹401 Cr | held | Apr '23 |
| SBI Contra Fund SBI Mutual Fund | ₹333 Cr | held | Mar '24 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹224 Cr | held | Aug '24 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹172 Cr | held | Apr '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
4 added, 6 trimmed — net +1.66 L shares (+0.9%)
Shares held by these funds +201%
Oct '23 1.92 cr shares Sep '26
Your own record
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