Mankind Pharma Ltd. (MANKIND) AI Stock Analysis

• Market Cap: ₹902.58B
• Dividend Yield: 0.04%
• Average Volume (3M): 10.08K
• Price to Earnings (P/E): 55.5
• Beta (1Y): 0.54
• Revenue Growth: 23.22%
• EPS Growth: -19.19%
• Country: IN
• Employees: 19,540
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 12.50
• Shares Outstanding: 412,805,080
• 10 Day Avg. Volume: 5,924
• 30 Day Avg. Volume: 10,081
• PEG Ratio: 16.80
• Price to Book (P/B): 6.94
• Price to Sales (P/S): 8.15
• P/FCF Ratio: 50.94
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹2,800.00
• Price Target Upside: 27.13% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 46.58
• Revenue Forecast (FY): ₹143.18B

• Rating: 59 Neutral
• Price Target: ₹2,119.00 ▼(-3.79% Downside)
• Action: Reiterated Date: 11/08/25
• Date: Action: Reiterated 11/08/25

Mankind Pharma's strong financial performance is the most significant positive factor, showcasing robust growth and operational efficiency. However, the stock's technical indicators suggest bearish momentum, and the high P/E ratio indicates potential overvaluation, which are key risks impacting the overall score.

Positive Factors

Sustained revenue growth

Consistent double-digit revenue growth (18% y/y) indicates sustained demand and successful commercial execution across therapy areas. Durable top-line expansion supports scale economies, funds new product launches and R&D, and underpins medium-term margin and cash-flow improvement.

High margins and efficiency

Very high gross and healthy net and operating margins reflect pricing power, efficient manufacturing and a favorable product mix. This durable margin advantage provides a buffer against input cost inflation, funds reinvestment in brands, and supports superior cash generation over successive quarters.

Strong balance sheet & cash generation

Stable balance-sheet metrics and reliable cash conversion are structural strengths: low leverage and solid equity reduce refinancing risk, while steady FCF growth allows capital allocation to capex, M&A or debt reduction without materially stressing liquidity, supporting medium-term strategic flexibility.

Negative Factors

Negative EPS growth

Reported EPS contraction (~-15%) despite revenue growth signals pressure on earnings quality or rising operating costs. If persistent, EPS declines constrain retained earnings available for reinvestment or shareholder returns and suggest margin or one-off expense risks that can affect multi-quarter profitability.

Domestic market concentration

Primary reliance on the domestic Indian formulations market concentrates exposure to local pricing, regulatory and competitive dynamics. Limited geographic diversification increases vulnerability to policy or reimbursement changes and may cap growth optionality if domestic conditions deteriorate.

High recurring selling costs

A large field sales force and brand-led marketing create persistent SG&A commitments. These structural selling costs reduce margin flexibility and make profitability more sensitive to pricing pressure or slower volume growth, tightening cash-flow resilience if commercial returns weaken.

Mankind Pharma Ltd. Business Overview & Revenue Model

Company Description

Mankind Pharma Limited develops, manufactures, and markets pharmaceutical formulations and consumer healthcare products primarily in India and internationally. The company develops pharmaceuticals for acute and chronic therapeutics in the areas of anti-infective, cardiovascular, gastrointestinal, anti-diabetic, dermatology, pain/analgesics, neuro/CNS, vitamins/minerals/nutrients, and respiratory diseases. It also provides consumer healthcare products, such as condoms, pregnancy detection kits, emergency contraceptives, antacid powders, vitamin and mineral supplements, and anti-acne preparations. The company offers its products primarily under the Manforce, Prega News, Unwanted-72, Gas-O-Fas, Health OK, and AcneStar brand names. In addition, it engages in the trading and exporting of pharmaceutical and health care products; manufacturing of packing materials ayurvedic products, packing materials, bulk drugs, and consumer goods; real estate, leasing, and hospitality businesses; and provision of IT services. Mankind Pharma Limited was founded in 1986 and is based in New Delhi, India.

How the Company Makes Money

Mankind Pharma generates revenue primarily through the sale of its pharmaceutical and healthcare products. The company has a robust revenue model that includes direct sales to healthcare providers, retail pharmacies, and hospitals, complemented by a strong export business. Key revenue streams include prescription medications, OTC products, and nutraceuticals. Additionally, Mankind engages in strategic partnerships and collaborations with other pharmaceutical companies and distributors, enhancing its market reach and product offerings. The company's focus on innovation and expanding its product portfolio, particularly in high-demand therapeutic areas, significantly contributes to its earnings.

Mankind Pharma Ltd. Financial Statement Overview

Summary

Mankind Pharma has demonstrated strong financial performance with robust revenue growth, impressive profit margins, and effective operational efficiency. The balance sheet is stable with low leverage, and cash flow management is sound, indicating a healthy and sustainable growth trajectory.

Income Statement

Mankind Pharma has shown robust revenue growth with a significant increase of 18.14% in 2025 compared to 2024. The company's gross profit margin remains strong at 71.41%, and the net profit margin is healthy at 16.31%. EBIT and EBITDA margins are impressive at 49.37% and 24.73%, respectively, showcasing effective operational efficiency.

Balance Sheet

The debt-to-equity ratio is well managed at 0.59, indicating prudent leverage. Return on equity is commendable at 13.89%, reflecting efficient use of equity capital. The equity ratio is strong at 51.62%, ensuring financial stability and low risk. The company's balance sheet reflects a solid financial position with a strong equity base.

Cash Flow

The company exhibits a sound cash flow position with a free cash flow growth rate of 10.32%. The operating cash flow to net income ratio stands at 1.21, demonstrating good cash flow generation capability. The free cash flow to net income ratio is also robust at 0.98, indicating strong cash flow relative to net earnings.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	129.56B	122.07B	103.35B	87.43B	77.82B	62.14B
Gross Profit	84.65B	87.18B	70.14B	33.88B	53.12B	43.89B
EBITDA	34.10B	30.18B	28.09B	20.27B	21.47B	18.17B
Net Income	18.93B	19.91B	19.13B	12.82B	14.33B	12.65B
Balance Sheet
Total Assets	0.00	277.60B	119.63B	97.15B	91.48B	63.73B
Cash, Cash Equivalents and Short-Term Investments	25.25B	22.45B	34.56B	15.29B	12.79B	20.04B
Total Debt	0.00	85.11B	2.07B	1.70B	8.73B	2.41B
Total Liabilities	-145.68B	131.91B	23.87B	20.67B	28.31B	15.10B
Stockholders Equity	145.68B	143.32B	93.63B	74.35B	61.55B	47.22B
Cash Flow
Free Cash Flow	0.00	19.53B	17.70B	9.53B	-14.26B	8.25B
Operating Cash Flow	0.00	24.13B	21.52B	17.85B	9.20B	11.37B
Investing Cash Flow	0.00	-126.92B	-20.82B	-10.54B	-13.69B	-12.22B
Financing Cash Flow	0.00	102.33B	52.66M	-7.40B	6.05B	-78.11M

Mankind Pharma Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2202.55
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANKIND, the sentiment is Positive. The current price of 2202.55 is above the 20-day moving average (MA) of 2118.51, above the 50-day MA of 2147.43, and below the 200-day MA of 2353.51, indicating a neutral trend. The MACD of 25.04 indicates Negative momentum. The RSI at 54.77 is Neutral, neither overbought nor oversold. The STOCH value of 70.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MANKIND.

Mankind Pharma Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AUROPHARMA	74 Outperform	₹715.32B	18.87	―	0.33%	7.33%	-3.79%
LUPIN	72 Outperform	₹1.07T	20.49	―	0.57%	15.49%	64.37%
ZYDUSLIFE	72 Outperform	₹918.64B	22.07	―	1.19%	14.01%	14.62%
CIPLA	68 Neutral	₹1.07T	45.14	―	0.87%	6.93%	21.55%
TORNTPHARM	66 Neutral	₹1.46T	51.30	―	0.84%	9.11%	18.76%
MANKIND	59 Neutral	₹902.58B	55.46	―	0.04%	23.22%	-19.19%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Mankind Pharma Ltd. Corporate Events

Mankind Pharma Publishes Q3 and Nine-Month FY26 Earnings Call Transcript

Mankind Pharma Limited has released the transcript of its investor conference call discussing financial and operational performance for the third quarter and nine months of FY26. The call, held on February 3, 2026, featured senior management including the vice chairman and managing director, CEO, CFO, and other key executives, and the transcript has been made publicly available on the company’s website for stakeholders and market participants.

By formally disclosing the earnings call transcript under Regulation 30 of the SEBI Listing Regulations, the company reinforces its commitment to transparency and regulatory compliance. This provides investors and analysts with detailed insight into management’s commentary on results and strategy, supporting informed decision-making and enhancing the firm’s engagement with the capital markets.