Mankind Pharma Limited
Incorporated in 1995, Mankind Pharma Limited develops, manufactures, and markets pharmaceutical formulations in various acute and chronic therapeutic areas and several consumer healthcare products.
– #1 Rank in Prescriptions over the last 8 yrs.
– #2 Rank by volume & #4 Rank by value in IPM
– 4 Consumer healthcare brands ranked #1 in their categories.
Business Segments
Revenue Bifurcation Segment wise (Q2FY25)
- Cardiovascular: 15%
- Anti-Infectives: 14%
- Gynaecology: 10%
- Gastro Intestinal: 10%
- Anti-Diabetic: 8%
- VMN: 8%
- Respiratory: 8%
- Urology: 5%
- Dermatology: 5%
- Pain / Analgesics: 4%
- Neuro / CNS: 2%
- Others: 11%
- Revenue Break up 1HFY26
- Domestic: 86.5%
- Exports: 13.5%
Shareholding Pattern (June 2026)
Financial Summary
| Particular | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 |
| Sales – | 7,782 | 8,749 | 10,260 | 12,207 | 14,278 |
| Sales Growth % | 25.22% | 12.44% | 17.27% | 18.98% | 16.96% |
| Expenses + | 5,791 | 6,848 | 7,743 | 9,182 | 10,653 |
| Operating Profit | 1,991 | 1,902 | 2,517 | 3,026 | 3,625 |
| OPM % | 26% | 22% | 25% | 25% | 25% |
| Net Profit + | 1,453 | 1,310 | 1,942 | 2,011 | 1,938 |
| EPS in Rs | 35.78 | 32 | 47.75 | 48.26 | 46.34 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 2% |
Synopsis of Financials
- Consolidated revenue: INR 4,031 cr (+13% YoY).
- EBITDA: INR 1,060 cr; EBITDA margin 26.3% (+250 bps YoY), driven primarily by gross margin expansion.
- PAT: INR 574 cr (+29.1% YoY); PAT margin 14.2% (+170 bps YoY), helped by higher EBITDA and lower finance costs, partly offset by higher tax rate.
Final Outlook
Mankind Pharma continues to show strong business momentum, supported by consistent revenue growth, a strong domestic pharmaceutical franchise and improving profitability. Q1 FY27 was particularly positive, with revenue growing 13% and PAT increasing 29.1%, while EBITDA margin improved to 26.3%. The company is also reducing debt and remains focused on deleveraging. However, higher tax rates, working-capital requirements and the relatively high valuation compared with some peers need to be monitored.
Recent Performance – Q1 FY27
Mankind Pharma delivered a strong start to FY27:
- Revenue: ₹4,031 Cr, up 13% YoY
- EBITDA: ₹1,060 Cr
- EBITDA Margin: 26.3%, improving by 250 bps YoY
- Gross Margin: 72.8%, up 230 bps YoY
- PAT: ₹574 Cr, up 29.1% YoY
- PAT Margin: 14.2%, up 170 bps YoY
- Finance Cost: reduced to ₹110 Cr from ₹142 Cr in Q4 FY26.
- R&D spending was ₹98 Cr, with management guiding for 2.8–3.0% of sales for FY27.
Mankind Pharma remains a fundamentally strong pharmaceutical company with a leading position in the Indian market, consistent revenue growth and improving operating profitability. The recent Q1 FY27 performance was encouraging, with strong EBITDA and PAT growth along with continued debt reduction.
Strong business + improving profitability + debt reduction
