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10 Yrs X-Ray 
Valuation 
Analyst Note 
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About
Mankind Pharma Ltd (MANKIND)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543904 NSE: MANKIND Pharmaceuticals & Drugs | Mid Cap | Mankind Pharma Share Price
₹2,272.75 26.75 (1.19%)
As on 11-Sep'26 14:43
Mankind Pharma Ltd (MANKIND)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543904 NSE: MANKIND Pharmaceuticals & Drugs | Mid Cap | Mankind Pharma Share Price
₹2,272.75 26.75 (1.19%)
As on 11-Sep'26 14:43
Key Metrics
Valuation Multiples
Market Cap
₹92,770 Cr.
Current Price
₹2,272.8
52-Week Low / High
₹1,910 / 2,670
TTM EPS
₹49.5
TTM Sales
₹14,738 Cr.
Book Value per Share
₹407.4
P/E Ratio
45.42
Lower than its 5-year historical median
Industry PE
54.3
Price to Book (P/B)
5.51
Lower than its 5-year historical median
Price to Sales (P/S)
6.29
Lower than its 5-year historical median
EV/EBITDA
23.68
Lower than its 5-year historical median
Dividend Yield
0.04%
Profitability Efficiency
Return on Equity (ROE)
12.69%
Underperforms industry median
Return on Capital Employed (ROCE)
13.24%
Underperforms industry median
Return on Assets (ROA)
7.00%
Operating Profit Margin
25.4%
Net Profit Margin
13.57%
Gross Profit Margin
22.3%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
9.61%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
19.93%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-3.41%
Asset Quality
Promoter Holding
72.63%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹16,786 Cr.
Equity
₹41.3 Cr.
Face Value
₹1
All Time Low / High
₹1240.75 / 3050.00
Check Before You Invest
Quality
Very GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Mankind Pharma Ltd a good quality company?
Mankind Pharma Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Mankind Pharma Ltd performance compare with that of its Peers?
Revenue growth of Mankind Pharma Ltd vs industry peers?
Mankind Pharma Ltd revenue CAGR is 13.54%, compared to the industry median CAGR of 9.58%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Mankind Pharma Ltd?
Promoters hold 72.63% of the Mankind Pharma Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Mankind Pharma Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 8.74% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Mankind Pharma Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 32.7% | 31.8% | 22.1% | 37% | 34.2% | 31.8% | 21.2% | 25.2% | 16.2% | 13.3% | - |
| Value Creation Index ⓘ | 1.9 | 1.8 | 1.0 | 2.3 | 2.0 | 1.8 | 0.5 | 1.2 | 0.4 | 0.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 3,495 | 3,918 | 3,829 | 4,794 | 5,523 | 7,486 | 8,127 | 8,629 | 9,507 | 10,421 | 10,787 |
| Sales YoY Gr. | - | 12.1% | -2.3% | 25.2% | 15.2% | 35.5% | 8.6% | 6.2% | 10.2% | 9.6% | - |
| Adj EPS ⓘ | 12.2 | 16.3 | 12.3 | 23.5 | 26.9 | 34.4 | 30.9 | 44.1 | 39 | 50.4 | 52.8 |
| YoY Gr. | - | 33.4% | -24.3% | 90.3% | 14.8% | 27.9% | -10.3% | 42.8% | -11.7% | 29.4% | - |
| BVPS (₹) ⓘ | 65.9 | 74.8 | 76.5 | 91.2 | 118.2 | 163.3 | 194.3 | 241.6 | 346.1 | 396.1 | 409.5 |
| Adj Net Profit ⓘ | 489 | 652 | 494 | 940 | 1,078 | 1,379 | 1,237 | 1,767 | 1,608 | 2,081 | 2,180 |
| Cash Flow from Ops. ⓘ | 507 | 540 | 537 | 960 | 983 | 821 | 1,799 | 1,736 | 2,350 | 2,752 | - |
| Debt/CF from Ops. ⓘ | 0 | 0.7 | 0.4 | 0 | 0.1 | 0.8 | 0 | 0 | 3.1 | 1.9 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 12.9% | 13.5% | 8.6% | 9.6% | ||||
| Adj EPS ⓘ | 17.1% | 13.4% | 17.7% | 29.4% | ||||
| BVPSⓘ | 22.1% | 27.4% | 26.8% | 14.5% | ||||
| Share Price | - | - | 8.7% | -12.5% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 20.6 | 23.1 | 16.3 | 28 | 25.7 | 24.5 | 17.3 | 20.2 | 13.4 | 13.6 | 13.1 |
| Op. Profit Mgn % ⓘ | 20.2 | 19.9 | 18.4 | 26 | 24.9 | 24.6 | 20.9 | 26.3 | 25.5 | 29.6 | 30.8 |
| Net Profit Mgn % ⓘ | 14 | 16.6 | 12.9 | 19.6 | 19.5 | 18.4 | 15.2 | 20.5 | 16.9 | 20 | 20.2 |
| Debt to Equity ⓘ | 0 | 0.1 | 0.1 | 0 | 0 | 0.1 | 0 | 0 | 0.5 | 0.3 | - |
| Working Cap Days ⓘ | 131 | 118 | 107 | 92 | 104 | 112 | 117 | 113 | 116 | 112 | 84 |
| Cash Conv. Cycle ⓘ | 15 | 9 | 5 | 7 | 19 | 17 | 12 | 28 | 40 | 37 | -11 |
Valuation of Mankind Pharma - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,382 | 4,921 | 4,980 | 5,872 | 6,214 | 7,782 | 8,749 | 10,260 | 12,207 | 14,278 |
| Operating Expenses ⓘ + | 3,531 | 3,927 | 4,055 | 4,427 | 4,565 | 5,791 | 6,848 | 7,745 | 9,187 | 10,655 |
| Operating Profit ⓘ | 851 | 994 | 925 | 1,445 | 1,649 | 1,991 | 1,902 | 2,515 | 3,020 | 3,622 |
| Operating Profit Margin (%) | 19.4% | 20.2% | 18.6% | 24.6% | 26.5% | 25.6% | 21.7% | 24.5% | 24.7% | 25.4% |
| Other Income ⓘ + | 89 | 72 | 53 | 104 | 171 | 196 | 129 | 280 | 537 | 359 |
| Interest ⓘ | 4 | 25 | 44 | 23 | 21 | 60 | 46 | 34 | 432 | 644 |
| Depreciation ⓘ | 31 | 46 | 69 | 99 | 119 | 167 | 326 | 378 | 621 | 886 |
| Profit Before Tax ⓘ | 906 | 995 | 875 | 1,438 | 1,692 | 1,975 | 1,671 | 2,398 | 2,516 | 2,333 |
| Tax ⓘ | 290 | 323 | 264 | 382 | 399 | 522 | 362 | 457 | 510 | 395 |
| Profit After Tax | 616 | 672 | 610 | 1,056 | 1,293 | 1,453 | 1,310 | 1,941 | 2,007 | 1,938 |
| PAT Margin (%) | 14.1% | 13.7% | 12.3% | 18.0% | 20.8% | 18.7% | 15.0% | 18.9% | 16.4% | 13.6% |
| Adjusted EPS (₹) | 15.7 | 16.4 | 14.4 | 25.7 | 31.6 | 35.8 | 32.0 | 47.8 | 48.3 | 46.3 |
| Dividend Payout Ratio (%) | 0% | 26.50% | 30.80% | 12.10% | 0% | 0% | 0% | 0% | 0% | 2.20% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 2,927 | 2,881 | 2,823 | 3,485 | 4,722 | 6,155 | 7,435 | 9,340 | 14,289 | 16,253 | |
| Debt + | 13 | 407 | 267 | 102 | 216 | 844 | 138 | 176 | 8,039 | 3,460 | |
| Minority Interest | 98 | 134 | 159 | 186 | 141 | 161 | 188 | 213 | 236 | 261 | |
| Trade Payables | 492 | 649 | 562 | 745 | 667 | 1,076 | 1,008 | 777 | 1,133 | 1,341 | |
| Others Liabilities ⓘ | 211 | 289 | 273 | 506 | 578 | 872 | 916 | 1,377 | 3,954 | 6,440 | |
| Total Liabilities ⓘ | 3,741 | 4,360 | 4,084 | 5,025 | 6,324 | 9,108 | 9,686 | 11,883 | 27,652 | 27,755 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 793 | 1,014 | 1,399 | 1,615 | 1,659 | 3,583 | 4,245 | 4,540 | 19,004 | 18,620 | |
| CWIP ⓘ | 302 | 525 | 328 | 317 | 372 | 701 | 550 | 282 | 826 | 1,128 | |
| Investments ⓘ | 949 | 789 | 759 | 829 | 1,512 | 1,109 | 1,346 | 2,568 | 2,042 | 1,985 | |
| Inventories | 789 | 789 | 821 | 899 | 1,184 | 1,760 | 1,498 | 1,553 | 2,094 | 2,144 | |
| Trade Receivables | 166 | 297 | 220 | 531 | 331 | 388 | 576 | 848 | 1,538 | 1,730 | |
| Cash Equivalents | 146 | 139 | 141 | 420 | 701 | 406 | 453 | 708 | 555 | 483 | |
| Others Assets ⓘ | 596 | 808 | 415 | 414 | 566 | 1,160 | 1,016 | 1,383 | 1,593 | 1,665 | |
| Total Assets ⓘ | 3,741 | 4,360 | 4,084 | 5,025 | 6,324 | 9,108 | 9,686 | 11,883 | 27,652 | 27,755 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 628 | 639 | 600 | 1,072 | 1,137 | 920 | 1,813 | 2,152 | 2,413 | 3,121 |
| Cash Flow From Investing Activity ⓘ + | -625 | -505 | -444 | -439 | -1,222 | -1,369 | -1,054 | -2,082 | -12,683 | -196 |
| Cash Flow From Financing Activity ⓘ + | 2 | -89 | -175 | -527 | -8 | 605 | -740 | 5 | 10,233 | -2,953 |
| Net Cash Flow ⓘ | 5 | 46 | -19 | 106 | -93 | 155 | 19 | 76 | -37 | -28 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 23.76 | 23.13 | 21.41 | 33.48 | 31.51 | 26.72 | 19.27 | 23.14 | 16.98 | 12.69 |
| ROCE (%) | 34.98 | 32.75 | 28.8 | 43.57 | 39.97 | 33.96 | 23.49 | 28.35 | 18.32 | 13.24 |
| Asset Turnover Ratio | 1.34 | 1.22 | 1.18 | 1.34 | 1.14 | 1.05 | 0.97 | 0.99 | 0.64 | 0.54 |
| PAT to CFO Conversion(x) | 1.02 | 0.95 | 0.98 | 1.02 | 0.88 | 0.63 | 1.38 | 1.11 | 1.2 | 1.61 |
| Working Capital Days | ||||||||||
| Receivable Days | 14.80 | 17.10 | 18.90 | 22.50 | 24.30 | 16.30 | 19.30 | 24.40 | 34.40 | 39.90 |
| Inventory Days | 58.20 | 58.40 | 59 | 51.50 | 58.80 | 66.60 | 65.30 | 52.20 | 52.50 | 51.80 |
| Payable Days | 104.80 | 124.60 | 128.40 | 127 | 144.70 | 131.40 | 130.60 | 101.90 | 99.90 | 111.50 |
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Mankind Pharma Ltd FAQs
The current trading price of Mankind Pharma on 11-Sep-2026 14:43 is ₹2,272.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Mankind Pharma stood at ₹92,769.9 Cr
The latest P/E ratio of Mankind Pharma as of 10-Sep-2026 is 42.55.
The latest P/B ratio of Mankind Pharma as of 10-Sep-2026 is 5.49.
The 52-week high of Mankind Pharma is ₹2,670 and the 52-week low is ₹1,909.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mankind Pharma is ₹10,787 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Mankind Pharma Ltd is a good quality company.
The key valuation ratios of Mankind Pharma Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Mankind Pharma Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Mankind Pharma Ltd
Mankind Pharma was incorporated on July 3, 1991 as a private limited company under the Companies Act, 1956, with the name ‘Mankind Pharma Private Limited’, pursuant to a certificate of incorporation granted by the Registrar of Companies, Delhi and Haryana, at New Delhi (RoC). Pursuant to the conversion of the company to a public limited company and as approved by its shareholders pursuant to a special resolution dated July 14, 2005 the name of the company was changed to ‘Mankind Pharma Limited’ and the RoC issued a fresh certificate of incorporation on April 13, 2006.
It is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. It operates at the intersection of the Indian pharmaceutical formulations and consumer healthcare sectors with the aim of providing quality products at affordable prices, and has an established track record of building and scaling brands in-house.
It is present in several acute and chronic therapeutic areas in India, including anti- infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/CNS, vitamins /minerals /nutrients and respiratory. It entered the consumer healthcare industry in 2007 and has since established several differentiated brands in the condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements and anti-acne preparations categories.
Business area of the company
The company is India’s one of the leading pharmaceutical company with a diversified portfolio - from pharma and super specialty to consumer healthcare backed by strong in-house R&D capabilities with an established and deeply penetrated presence across India. The company is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
Therapeutic Areas
- Anti-infectives
- Cardiovascular
- Gastrointestinal
- Vitamins/minerals/nutrients
- Respiratory
- Anti-diabetic
- Dermatology
- Gynaecology
- Pain/analgesics
- Neuro/CNS
Awards, accreditations or recognition
- 2007: Emerging Company of the year award at the Pharma Excellence Awards 2007.
- 2011: Amity HR Excellence Award for Performance Management at the 8th Global HR Summit 2011.
- 2017: Award for Best Design in Healthcare at Healthcare Leadership Awards 2017.
- 2018: Best Condom Brand of the Year award at Sex Brand Awards.
- 2018: Pharma OTC company of the year award at Pharma Excellence Awards 2018.
- 2021: Silver Medal from National Awards for Manufacturing Competitiveness Assessment 2021 instituted by International Research Institute for manufacturing.
- 2021: Silver Award for Good Health Brand at IHW Awards 2021.
- 2022: E4m Pride of India - The Best of Bharat Awards 2022 by exchange4media.
- 2022: Award for Branding and Marketing Excellence for the Strategic Initiative to Introduce DMF Quality Drugs in India at National Awards for Leadership & Excellence 2022.
- 2022: EHS Best Practices award at Greentech International EHS Award 2023.
- 2022: Docflix won the Digital Jalebi (DJ Interactive Solutions) award at the Maddies 2022.
- 2022: Best Energy Efficient Case Study (SME Category) at CII National Energy Efficiency Circle Competition by Confederation of Indian Industry.
- 2022: Short film, she can carry both by Prega News won 1st prize at Council for Fair Business Practices Consumer Film Festival.
- 2023: e4m Pride of India Brands- The Best of Bharat Awards.
- 2023: e4m Pride of India Brands- The Best of North Award.
- 2023: NavBharat Environment Conclave- Most Innovative Green Healthcare Company.
- 2023: Healthcare Innovation Excellence Award- Innovative Marketing Campaign of the Year - Shakti Awareness Program (PregaNews).
- 2024: ET Awards- Entrepreneur of the Year Award.
- 2024: The Indian Brand and Leadership Conclave- Most Trusted Brand of the Nation – PregaNews.
History and milestones
- 2004: Entered the chronic pharmaceutical segment with the launch of ‘Amlokind’ tablets and ‘Glimestar’ tablets amongst others.
- 2005: Set up its first manufacturing facility at Paonta Sahib, Himachal Pradesh.
- 2005: Entered the ophthalmic pharmaceutical segment with the launch of ‘Lubistar Eye Drops’ and ‘Tobastar Eye Drops’ amongst others.
- 2007: Entered the consumer healthcare segment with the launch of ‘Manforce’ brand. 2007: Entered the animal healthcare segment with launch of ‘Bandykind’ and ‘Ceftiforce’ amongst others.
- 2007: Raised Rs 72 crore from Monet Limited.
- 2009: Set up its manufacturing facility at Unit II, Paonta Sahib, Himachal Pradesh.
- 2010: Launched ‘Preganews’ brand in the consumer healthcare segment.
- 2012: Setup its first R&D centre at IMT Manesar, Haryana.
- 2014: Acquired Shree Jee Laboratory Private Limited (along with its API manufacturing site situated at Behror, Rajasthan).
- 2014: Set up its manufacturing facility at Unit III, Paonta Sahib, Himachal Pradesh
- 2015: Incorporated its Subsidiary, Lifestar Pharma LLC in the US.
- 2015: Incorporated its Subsidiary, Mankind Pharma Pte. Limited in Singapore.
- 2017: Set up its manufacturing facility in Sikkim.
- 2018: Its manufacturing facility at Paonta Sahib, Himachal Pradesh was inspected by the USFDA for the first time.
- 2019: Entered the female infertility segment with the launch of ‘Dydroboon’ tablets.
- 2020: Incorporated its Subsidiary, Lifestar Pharmaceuticals Private Limited in Nepal.
- 2020: Launched a dedicated specialty therapeutic division for cardiovascular diseases drugs segment with launch of ‘Cilaheart’ tablets and ‘Statpure’ tablets.
- 2020: Launched a dedicated specialty therapeutic division for diabetes pharmaceuticals segment with launch of ‘Zukanorm’ tablets.
- 2021: Incorporated its Subsidiary, Mankind Pharma FZ-LLC in Dubai, UAE.
- 2021: Launched a specialty division for therapeutic respiratory pharmaceuticals with launch of ‘Mlife’ tablets.
- 2021: Entered the specialty therapeutic neuro/central nervous system pharmaceuticals segment with launch of ‘Trugaba-NT’ tablets and ‘Prebris-MNT’ tablets.
- 2022: Acquired the pharmaceutical formulations brands in India and Nepal from Panacea Biotec Pharma Limited and Panacea Biotec Limited.
- 2022: Entered into transplant segment with the launch of ‘Pangraf Capsules’ and ‘Mycept’ tablets amongst others.
- 2022: Entered into oncology segment with the launch of ‘Pacliall’ injection amongst others.
- 2022: Acquired the brands ‘Daffy’ and ‘Combihale’ from Dr. Reddy’s Laboratories.
- 2023: Successfully listed on NSE and BSE.
- 2023: Launch of International Quality API products in India.
- 2023: Commercialised India’s First fully integrated facility for Dydrogesterone at Udaipur.
- 2024: Acquired 100% stake in BSV Limited.
- 2024: Entered into in-licensing agreements with: 1. Astra Zeneca - Symbicort 2. Second product from Novartis - Crenzlo (Inclisiran) 3. Takeda – Vonoprazan.
- 2024: Partnered with Innovent Biologics to commercialise Sintilimab in India.
- 2025: Mankind Pharma collaborates with OpenAI to drive AI-Enabled transformation across Pharma Value Chain.
- 2025: Mankind Pharma Gets CDSCO Nod to Begin Phase 1 Trials of Novel Autoimmune Drug Candidate MKP11093.
- 2025: Mankind Unveils HealthOK’s 100% Vegetarian Multivitamin tablets Campaign with Archana Puran Singh.
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