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Mankind Pharma
SectorHealthcare
Mankind Pharma Limited is an Indian pharmaceutical company incorporated in 1991. It develops, manufactures, and markets pharmaceutical formulations and consumer healthcare products. The company operates in various therapeutic areas including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/CNS, vitamins/minerals/nutrients, and respiratory. Mankind Pharma entered the consumer healthcare segment in 2007 and has since expanded into animal healthcare, female infertility treatments, and oncology. The company operates 23 manufacturing facilities across India with a total installed capacity of 40.77 billion units as of March 31, 2022. In April 2023, Mankind Pharma went public through an Initial Public Offer. The company has acquired several subsidiaries and brands, and has expanded internationally with subsidiaries in the US, Singapore, Nepal, and UAE.
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Mankind Pharma delivers robust revenue growth and margin expansion alongside steady debt reduction, with strong domestic and export traction offsetting minor pressures in select therapy segments.
Consolidated revenue grows from ₹3,443 Cr in Q4 FY26 to ₹4,031 Cr in Q1 FY27, driven by strong domestic and export demand
Working capital days with the BSV acquisition rise from 46 in Q2 FY26 to 52 in Q1 FY27, indicating integration-related cash cycle pressure
Net debt falls from ₹5,249 Cr in Q1 FY26 to ₹3,377 Cr in Q1 FY27, improving the debt-to-EBITDA ratio to 0.9x
Anti-diabetic outperformance declines from 1.6x in Q1 FY26 to 1.1x in Q1 FY27, suggesting a moderating competitive edge in the segment
EBITDA margin expands from 23.8% in Q1 FY26 to 26.3% in Q1 FY27, reflecting effective cost control and pricing power
Cardiac outperformance falls from 1.5x in Q1 FY26 to 1.1x in Q1 FY27, reflecting narrowing growth lead against peers
Export revenue climbs from ₹469 Cr in Q1 FY26 to ₹605 Cr in Q1 FY27, maintaining a steady 15% share of total sales
Consumer healthcare EBITDA margin eases from 21.4% in Q4 FY26 to 18.6% in Q1 FY27, pointing to seasonal volume mix shifts
Consumer healthcare digital share grows from 11% in Q1 FY26 to 15% in Q1 FY27, signaling successful omnichannel penetration
Company insights, generated from the most recent coverage.
CRISIL ESG rating upgraded to 'Strong' (64/100) and Niche99 score of 68.21 in the Leader category — better ESG scores widen the pool of institutional and ESG-mandated money that can own the stock.
Kotak Institutional Equities upgraded Mankind from 'Add' to 'Buy' with a ₹3,000 target — ~20% upside. A marquee broker upgrade is the direct trigger behind the 2.45% move on Sep 29.
Stock up 22.4% over 6 months but only 0.5% over 1 year, and still ~5.5% below the ₹2,642 52-week high — the re-rating is recent, and the one-year flat return shows the market needed fresh evidence before paying up.