Mankind Pharma Ltd(MANKIND)

NSE: MANKINDBSE: 543904

₹ 2,217-2.63%refreshed 23 Oct, 03:53 pm ISTMarket cap: ₹ 91,572 crNext results: 26 Oct 2026Website: www.mankindpharma.comUpdated: 24 Oct 2026

About

Mankind Pharma Ltd is an Indian pharmaceutical company selling branded generics, over-the-counter consumer health products, and specialty biologicals (via BSV) across domestic and international markets. In FY26 it reported revenue of ₹14,278 crores, making it the second-largest pharmaceutical company by volume in the Indian pharmaceutical market with a 6.1% volume share. Following the BSV acquisition, it is also the largest player in gynaecology with a 10.3% market share.^[1][2]

Business segments

Domestic formulations (ex-consumer healthcare) is the core segment; chronic therapies accounted for ~40% of the domestic Rx mix (ex-BSV) in Q1 FY27, up 80 bps YoY, with cardiac growing 19.4% and anti-diabetics 12.7%.^[3]
The company aims to raise the chronic share to 50% over the medium term, from 39% excluding BSV in FY26.^[2]
Consumer Healthcare (OTC) contributed ₹246 crores in Q1 FY27, growing 3.9% YoY; modern trade and e-commerce represent 15% of OTC revenue, up from 11% a year earlier.^[3]
BSV specialty (gynaecology, IVF biologicals, international women's health) grew ~21% overall in Q1 FY27: domestic ~17%, international ~25%.^[3]
International business (Mankind + BSV) reached ₹605 crores in Q1 FY27, up 29% YoY; in FY26 exports were ₹2,061 crores, 14% of total revenues, across 38 countries.^[3]

Products and brands

Mankind has 54 brand families above ₹50 crores, 22 above ₹100 crores, and 13 above ₹200 crores as of FY26.^[2]
Glizid (anti-diabetic, acquired from Panacea in 2022) crossed ₹200 crores, growing at a CAGR of 30%+; ₹200-crore-plus brand families rose from 11 in FY25 to 13 by MAT December 2025.^[4]
BSV flagship brands Foligraf and Humog each grew 39% in Q1 FY27; Anti-D grew 23%. In Q4 FY26, Ossopan grew 72% and Lactare 46%.^[3]
Mankind acquired the Rivotril (clonazepam) brand from Roche in FY26 to grow in CNS.^[1][2]
A semaglutide GLP-1 pen was launched around February 2026, targeting endocrinologists.^[1]

Manufacturing and operations

Mankind operates 32 manufacturing facilities with installed capacity of 44+ billion units; over 75% of production is made in-house.^[2]
Approximately 161 crore units were sold during FY26.^[2]
Manufacturing spans 7 national plants and 2 international offices across 6 states (excluding Nepal and Germany).^[2]
Over 92% of raw materials are procured locally.^[2]
The Udaipur and Ambernath facilities received EU GMP certification in FY26.^[2]

Key operating metrics

Secondary sales grew 12.7% YoY in Q1 FY27 (IQVIA); prescription share was 15.2% in Q1 FY27 vs 15.1% in Q4 FY26.^[3]
Volume growth in secondary sales was 4.7% in Q1 FY27, up 220 bps YoY; for the full year, volume growth was 2.3% in FY26 vs 0.5% in FY25.^[3][2]
Gross margin was 72.8% in Q1 FY27, up 230 bps YoY; R&D spend was 2.4% of sales in Q1 FY27 vs 2.8% for FY26.^[3]
Net debt to adjusted EBITDA was 0.9x in Q1 FY27, from 1.1x at March 31, 2026; NCDs are rated AA+/Stable.^[3][2]
BSV gynaecology doctor coverage reached 37,000 in Q1 FY27, up from 33,000 in FY25.^[3]

Distribution and field force

The distribution network covers 17,600+ stockists, 5 lakh+ doctors and a field force of over 18,500 across India as of FY26.^[2]
The supply chain handled ₹14,000 crores+ of product flows in FY26 through 6 trade depots and 98 CFAs.^[2]
Prescriber penetration was 84.2% at MAT September 2025 vs 83.9% at MAT September 2024.^[5]
A new field-force division, Vistar, was launched in Q1 FY27 to scale under-focused brands from existing divisions.^[3]

R&D and pipeline

R&D spend rose to 2.8% of revenue in FY26 from 2.2% in FY25; FY27 guidance is 2.8 - 3.0% of revenue.^[2]
GPR-119, an in-house NCE for anti-obesity and metabolic disorders, was in advanced Phase II trials as of FY26.^[2]
A JAK inhibitor entered Phase I trials across rheumatoid arthritis, ulcerative colitis, plaque psoriasis and alopecia as of FY26.^[2]
Insulin Aspart completed Phase III trials in India; a recombinant IVF biosimilar (first in India) is advancing to Phase III.^[2]
Mankind partnered with Denovo Science for AI-led drug discovery in immunology.^[2]

Expansion and capex

A drug-substance biologics facility is being built in Vadodara via subsidiary Mankind Medicare with approved investment of ₹500 crores; FY27 capex guidance is 6 - 7% of revenue, vs 4.9% in Q1 FY27.^[1][2]
Acquisition debt: ₹1,250 crores repaid in Q1 FY27; ₹2,500 crores due in FY27; full repayment targeted by FY28.^[3]

Recent developments

October 2026: Mankind agreed to acquire a 70% stake in Armed Cell Therapeutics for EUR 48 million; Mankind Netherlands' investment limit was raised to EUR 50Mn from EUR 5Mn.^[6]
S.R. Batliboi & Co. LLP resigned as statutory auditor of Bharat Serums & Vaccines on 28 September 2026, after BSV began voluntary liquidation on 7 September 2026.^[7]
BSV's prescription portfolio moved to Mankind's field force from 1 November 2025; 9M FY26 BSV prescription sales exceeded full-year FY25.^[4]
BSV TTK Rx field force was cut from 550+ MRs to ~325; PCPM rose from ₹2 lakh to ₹2.9 lakh as of Q2 FY26.^[5]

Market Cap

₹91,572 Cr

High / Low

₹2,640 / 1,910

Stock P/E

44.7

Price / Book

5.6

Book Value

₹395

EPS

₹46.3

No. of Shares

41.28 Cr

ROCE

13.5%

ROE

12.5%

OPM

21.1%

Debt / Equity

0.39

Sales

₹14,278 Cr

Net Profit

₹1,938 Cr

Promoter holding

72.6%

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