Mankind Pharma Ltd. (MANKIND) AI Stock Analysis

• Market Cap: ₹882.43B
• Dividend Yield: 0.04%
• Average Volume (3M): 10.08K
• Price to Earnings (P/E): 55.5
• Beta (1Y): 0.52
• 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

Revenue growth

Sustained ~19.5% revenue growth indicates durable demand for Mankind's branded formulations and expanding market reach. Over a 2–6 month horizon this supports reinvestment in sales, new product launches and scale benefits that strengthen competitive position and long-term cash generation.

High profit margins

Very high gross margins and healthy net margins reflect pricing power in branded products and operational efficiency. These margins provide structural resilience against cost swings, fund marketing/R&D, and support sustainable free cash generation across business cycles.

Strong balance sheet & cash flow

Moderate leverage, a strong equity base and positive free cash flow growth show financial flexibility. Operating cash flow to net income >1 and near‑par FCF to net income enable capex, M&A or working capital cushions, reducing refinancing risk and supporting durable operations.

Negative Factors

Declining EPS

Negative EPS growth despite revenue expansion suggests margin pressure, one‑off items, or rising costs that erode per‑share profitability. If persistent, this weakens shareholder returns, limits retained earnings for reinvestment, and can constrain long‑term financial flexibility.

Domestic revenue concentration

Heavy reliance on the Indian branded formulations market concentrates regulatory, pricing and demand risk geographically. Structural changes in domestic reimbursement, price controls or local competition would have outsized impact on revenue durability and growth prospects.

Branded generics pricing pressure

The business faces structural competition and pricing pressure typical of branded generics. Ongoing need for marketing spend and price concessions to defend share can compress margins long term and force higher investment to sustain growth and product differentiation.

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	135.77B	122.07B	103.35B	87.43B	77.82B	62.14B
Gross Profit	86.04B	87.18B	70.14B	33.88B	53.12B	43.89B
EBITDA	34.61B	30.18B	28.09B	20.27B	21.47B	18.17B
Net Income	17.51B	19.91B	19.13B	12.82B	14.33B	12.65B
Balance Sheet
Total Assets	288.13B	277.60B	119.63B	97.15B	91.48B	63.73B
Cash, Cash Equivalents and Short-Term Investments	31.05B	22.45B	34.56B	15.29B	12.79B	20.04B
Total Debt	83.69B	85.11B	2.07B	1.70B	8.73B	2.41B
Total Liabilities	132.85B	131.91B	23.87B	20.67B	28.31B	15.10B
Stockholders Equity	152.86B	143.32B	93.63B	74.35B	61.55B	47.22B
Cash Flow
Free Cash Flow	13.66B	19.53B	17.70B	9.53B	-14.26B	8.25B
Operating Cash Flow	16.37B	24.13B	21.52B	17.85B	9.20B	11.37B
Investing Cash Flow	-11.68B	-126.92B	-20.82B	-10.54B	-13.69B	-12.22B
Financing Cash Flow	-5.49B	102.33B	52.66M	-7.40B	6.05B	-78.11M

Mankind Pharma Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2202.55
• 50DMA: Negative
• 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 Negative. The current price of 2202.55 is above the 20-day moving average (MA) of 2148.98, above the 50-day MA of 2148.18, and below the 200-day MA of 2346.54, indicating a bearish trend. The MACD of 22.37 indicates Negative momentum. The RSI at 47.57 is Neutral, neither overbought nor oversold. The STOCH value of 63.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	₹752.84B	18.87	―	0.33%	7.33%	-3.79%
LUPIN	72 Outperform	₹1.06T	20.49	―	0.57%	15.49%	64.37%
ZYDUSLIFE	72 Outperform	₹911.65B	22.07	―	1.19%	14.01%	14.62%
CIPLA	68 Neutral	₹1.06T	45.14	―	0.87%	6.93%	21.55%
TORNTPHARM	66 Neutral	₹1.49T	51.30	―	0.84%	9.11%	18.76%
MANKIND	59 Neutral	₹882.43B	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.