MANKIND

Mankind Pharma share price & financials

Price
₹2,484.2
Market cap
₹1.0L Cr
Sector
Healthcare
Calls analysed
6
Latest concall · Q1 FY27 · call held 30 Jul 2026

Mankind Pharma Limited Q1 FY27

Revenue ₹4,031 cr +13%EBITDA ₹1,060 cr EBITDA Margin 26.3% PAT ₹574 cr +29%

What went well

  • Overall revenue increased 13% year-on-year to INR 4,031 crores, demonstrating strong top-line growth.
  • EBITDA margin improved by 250 basis points year-on-year to 26.3%, reaching INR 1,060 crores, driven by gross margin expansion and operating leverage.
  • Profit After Tax (PAT) grew significantly by 29.1% year-on-year to INR 574 crores, with PAT margin improving by 170 basis points to 14.2%.

What to watch

  • Effective tax rate increased to 25.4% from 17.7% in Q1 FY26 due to the expiry of tax exemption for the Sikkim plant.
  • Net operating working capital days increased to 52 days from 48 days in the corresponding period last year, primarily due to increased inventory levels.
Read the full call →

What Mankind Pharma Limited does

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

  • Base Business - Multi-Therapy
  • Specialty Chronic
  • Consumer Healthcare
  • Super Specialty (BSV)
Manufacturing facilities
32
Field force (medical representatives)
17,700+
Stockist network
16,000+
Doctor coverage
5 lakh
Market position by volume in India
2nd largest pharmaceutical company
Market position by value in India
4th largest pharmaceutical company
Founded 1991Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 3 delivered 4 missed 13 open
  • Long-term Employee Cost as % of Sales went quiet said Q4 FY26 Promised: 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. Q1 FY27: No update provided on this long-term metric.
  • FY27 OTC Business Growth revised down said Q4 FY26 Promised: And hopefully, better growth, double-digit growth, I mean high teens growth would be there. Q1 FY27: 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.
  • EBITDA Margin delivered said Q4 FY25 Promised: EBITDA margins to be in the range of 25% to 26% in financial year '26 Q4 FY26: Achieved. Full year adjusted EBITDA margin came in at 25.4%, within the original guided range.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 12.9%, net profit up 29.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue3,061 3,199 3,079 3,570 3,697 +21%3,567 +12%3,443 +12%4,031 +13%
EBITDA847 816 683 847 921 +9%919 +13%930 +36%1,056 +25%
Net profit659 385 425 445 520 −21%414 +8%559 +32%574 +29%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −12.6% 1Y

₹2.0k₹2.2k₹2.4k₹2.6kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 6 Nov 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 26 May 2026Q1 FY27 — 30 Jul 2026

1Y: ₹2,608.5 on 10 Sept 2025 → ₹2,280. High ₹2,660.6 (19 Sept 2025), low ₹1,927.4 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.6%
30 Jul
Q4 FY26
−1.4%
26 May
Q3 FY26
+4.8%
3 Feb
Q2 FY26
−2.5%
6 Nov

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.

Financials, as filed

Revenue grew 17.7% a year over 3 years, FY23 to FY26. Operating margin widened to 25.3%.

Year endingFY23FY24FY25FY26
Revenue₹8.8k Cr₹10.3k Cr₹12.2k Cr₹14.3k Cr
Operating profit₹1.9k Cr₹2.5k Cr₹3.0k Cr₹3.6k Cr
Operating margin21.7%24.5%24.7%25.3%
Interest₹44 Cr₹33 Cr₹430 Cr₹640 Cr
Depreciation₹327 Cr₹393 Cr₹621 Cr₹887 Cr
Net profit₹1.3k Cr₹1.9k Cr₹2.0k Cr₹1.9k Cr
Net margin15.0%18.8%16.5%13.6%
Cash from operations₹1.8k Cr₹2.2k Cr₹2.4k Cr₹3.1k Cr
Free cash flow₹987 Cr₹1.8k Cr₹1.9k Cr₹2.4k Cr
ROCE22.0%26.0%17.0%14.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹40 Cr₹40 Cr₹40 Cr₹40 Cr₹41 Cr₹41 Cr
Reserves₹4.7k Cr₹6.1k Cr₹7.4k Cr₹9.3k Cr₹15.2k Cr₹16.3k Cr
Borrowings₹241 Cr₹873 Cr₹170 Cr₹207 Cr₹8.4k Cr₹6.3k Cr
Other liabilities₹1.4k Cr₹2.1k Cr₹2.1k Cr₹2.3k Cr₹5.2k Cr₹5.1k Cr
Total liabilities₹6.4k Cr₹9.1k Cr₹9.7k Cr₹11.9k Cr₹28.8k Cr₹27.8k Cr
Fixed assets₹1.7k Cr₹3.6k Cr₹4.3k Cr₹4.5k Cr₹19.3k Cr₹18.6k Cr
Capital work in progress₹372 Cr₹701 Cr₹550 Cr₹282 Cr₹394 Cr₹1.1k Cr
Investments₹1.5k Cr₹1.1k Cr₹1.3k Cr₹2.6k Cr₹2.9k Cr₹2.0k Cr
Other assets₹2.8k Cr₹3.7k Cr₹3.5k Cr₹4.5k Cr₹6.2k Cr₹6.0k Cr
Total assets₹6.4k Cr₹9.1k Cr₹9.7k Cr₹11.9k Cr₹28.8k Cr₹27.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +3.89 pp while FIIs trimmed −3.62 pp. The shareholder count shrank 7% to 1,66,715.

Promoters
72.6%
FIIs
9.4%
DIIs
15.4%
Public
2.5%

Since Jun 2025

  • DIIs +3.89 pp
  • FIIs −3.62 pp
  • Public −0.22 pp

How it drifted, 12 quarters

Over this window the public fell from 14.8% to 2.5% — −12.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 76.5%, FIIs 4.2%, DIIs 4.6%, Public 14.8%.Dec '23: Promoters 76.5%, FIIs 6.7%, DIIs 9.8%, Public 7.0%.Mar '24: Promoters 74.9%, FIIs 9.9%, DIIs 11.1%, Public 4.1%.Jun '24: Promoters 74.9%, FIIs 11.6%, DIIs 9.9%, Public 3.6%.Sep '24: Promoters 74.9%, FIIs 12.4%, DIIs 9.9%, Public 2.9%.Dec '24: Promoters 72.7%, FIIs 13.3%, DIIs 11.1%, Public 2.9%.Mar '25: Promoters 72.7%, FIIs 12.9%, DIIs 11.5%, Public 2.9%.Jun '25: Promoters 72.7%, FIIs 13.1%, DIIs 11.5%, Public 2.8%.Sep '25: Promoters 72.7%, FIIs 12.8%, DIIs 11.9%, Public 2.6%.Dec '25: Promoters 72.7%, FIIs 11.3%, DIIs 13.3%, Public 2.8%.Mar '26: Promoters 72.7%, FIIs 10.2%, DIIs 14.5%, Public 2.6%.Jun '26: Promoters 72.6%, FIIs 9.4%, DIIs 15.4%, Public 2.5%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 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 3 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Mankind Pharma Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ramesh Juneja Family Trust (Held in the name of Ramesh Juneja, Managing Trustee) 20.18%unchanged
Rajeev Juneja Family Trust (Held in the name of Rajeev Juneja, Managing Trustee) 19.35%unchanged
Prem Sheetal Family Trust (Held in the name of Arora Family Private Limited, Trustee) 14.95%unchanged
Sheetal Arora 4.67%unchanged
Puja Juneja 2.79%unchanged
NPS Trust - A/C SBI Pension Fund Scheme - Corporat Pension / PF2.77%newly disclosed
Poonam Juneja 2.56%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund2.07%+0.62 pp
Arjun Juneja 1.97%unchanged
Ramesh Juneja 1.66%unchanged
Rajeev Juneja 1.57%unchanged
SBI Arbitrage Opportunities Fund Mutual fund1.56%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.

Mutual funds in MANKIND

Filings to Aug 2026

0 new, 10 added, 3 trimmed, 1 sold out — net +10.63 L shares (+5.9%).

Held by funds
₹4.6k Cr
22 schemes
Biggest holder
SBI Large Cap Fund
₹985 Cr · 1.8% of that fund
SchemeHoldingLast month
SBI Large Cap Fund SBI Mutual Fund₹985 Crheld
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹943 Cr+4.30 L
HDFC Large Cap Fund HDFC Mutual Fund₹677 Crheld
Nippon India Large Cap Fund Nippon India Mutual Fund₹468 Cr+1.91 L
Nippon India Pharma Fund Nippon India Mutual Fund₹388 Cr+1.99 L
SBI Contra Fund SBI Mutual Fund₹321 Crheld
Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund₹217 Cr+2.57 L
Nippon India Flexi Cap Fund Nippon India Mutual Fund₹167 Crheld

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 Aug 2026

10 added, 3 trimmed — net +10.63 L shares (+5.9%)

Funds are sitting on
+11%
vs est. average cost
Held by funds
₹4.6k Cr
22 schemes · ≈ 4.7% of the company
Biggest holder
SBI Large Cap Fund
₹985 Cr · 1.8% of that fund
Longest holder
Nippon India Pharma Fund
3y 5m · since Apr '23

Shares held by these funds +168%

Aug '23 1.79 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹2280, this stock must grow earnings at 29% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹1018 — downside of 55%.

Growth the price implies
28.9% a year
for 7 years, fading to 4%
It has actually compounded at
13.9% a year
net profit, FY23–FY26 · EPS 13.1%
The gap
0.2 pp
-55% downside if it only repeats history
Price today ₹2,280 Value at the reference growth ₹1,017.53

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Mankind Pharma Limited

Guides on how to read this kind of business and the numbers that matter.