Mankind Pharma share price today

Mankind Pharma Ltd's share price was ₹2,537.90 at the close on 4 November 2026. It has been stalling near its high for 3 weeks. That is 7.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,999 and ₹2,538, and at that close it was at the high of that range.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Mankind Pharma Ltd is in stage 3. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 2 weeks in a row.

Over the last 3.5 years the share price moved +82% while the NIFTY 500 moved +42%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: indian funds and insurers (DIIs) raised their stake for 8 quarters in a row, revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) and foreign funds (FIIs) cut their stake for 5 quarters in a row.

1. Indian funds and insurers (DIIs) raised their stake for 8 quarters in a row

   From 9.9% to 15.5% of the company by the September 2026 quarter.

2. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹4,338 crore, +17.3% on a year earlier.

3. Foreign funds (FIIs) cut their stake for 5 quarters in a row

   From 13.1% to 9.4% of the company by the September 2026 quarter.

For July to September 2026 (the quarter ended 30 September 2026), Mankind Pharma reported revenue of ₹4,338 crore, up 17.3% from ₹3,697 crore a year earlier, and a profit of ₹716 crore, up 37.7% from ₹520 crore.

Mankind Pharma results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Mankind Pharma's management discussed these results on a call held on 26 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Mankind Pharma closed at ₹2,537.90 on 4 November 2026, up 12.2% from ₹2,261.80 a year earlier (7 November 2025) and up 43.0% over three years. Its highest weekly close since May 2023 was ₹2,937.55 on 3 January 2025.

Mankind Pharma share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

189 weekly closes from 12 May 2023 to 4 November 2026.

4 Nov 2026: Mankind Pharma closed at ₹2,537.90, up 1.8% on the week and up 0.1% on the month. 26 Oct 2026: Mankind Pharma held its results call for July to September 2026. Management guided: FY27 operating margin maintained at 25.5%-26.5%.

Earlier

• Results for July to September 2026: Revenue up 17.3% and profit up 37.7% on a year earlier.
• Our read, 27 Jun 2026: The domestic pharma business returned to 10.1% organic growth ex-OTC in January to March 2026, confirming 18 months of sales-force disruption are behind it. BSV acquisition debt (₹8,511 crore peak in FY25) is being repaid on schedule, aiming for net debt-to-operating profit of 0.5x in FY27.

Our read of the business

The domestic pharma business returned to 10.1% organic growth ex-OTC in January to March 2026, confirming 18 months of sales-force disruption are behind it. BSV acquisition debt (₹8,511 crore peak in FY25) is being repaid on schedule, aiming for net debt-to-operating profit of 0.5x in FY27.

Latest quarter: Best domestic organic quarter since BSV integration; margins at 4-year peak.

Our read after the latest results, written 27 June 2026.

Mankind Pharma paid no dividend in the 12 months to 5 November 2026. The last was an interim dividend of ₹1 a share, ex-date 8 August 2025.

Mankind Pharma dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Mankind Pharma Ltd paid out 2% of its profit as dividends in FY26, and it paid a dividend in 2 of its last 8 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 26 October 2026, Mankind Pharma's management guided: FY27 operating margin maintained at 25.5%-26.5%.

“I should honestly confess that we are unhappy with our own performance in the consumer business. I am speaking very bluntly and honestly.”Raju, on the call for July to September 2026

What management guided

• FY27 R&D spend of 2.8%-3% of revenue, expected near the upper end.
• FY27 capital spending of 6%-7% of revenue.
• FY27 consumer healthcare growth expected in the high single digits.
• FY27 international business growth expected in double digits; exports guided at 20% on a constant-currency dollar basis.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 26 October 2026.

What is changing at Mankind Pharma, from the latest results and calls: acquisition debt repayment, interest cost deflation, chronic therapy mix expansion, prescription stickiness upgrade and domestic sales-force recovery, organic growth restoring to ipm outperformance.

• Acquisition debt repayment, interest cost deflation. Borrowings at ₹6,312 crore (Mar 2026, down from ₹8,511 crore FY25), with ₹2,500 crore scheduled for FY27 repayment, interest cost expected to fall from roughly ₹600 crore to roughly ₹300 crore, a direct profit accretion of ₹200-250 Cr after tax. ⚠ estimate
• Chronic therapy mix expansion, prescription stickiness upgrade. Chronic rose to 39% of revenue (up 190 basis points in FY26), with anti-diabetes running at 1.6x IPM outperformance and cardiac Telma above ₹750 crore, shifting the revenue base toward higher-margin, recurring prescriptions that reduce acute seasonality. ⚠ estimate
• Domestic sales-force recovery, organic growth restoring to IPM outperformance. Domestic organic growth ex-OTC reached 10.1% in January to March 2026, the highest rate since the BSV integration, confirming the 18-month sales-force restructuring disruption has passed its trough. ⚠ estimate
• BSV R&D pipeline, specialty and biotech product launches FY28-FY30. BSV's R&D platform carries a 3-5 year pipeline of specialty biologics and recombinant molecules; management called it the strategic 'completion' of Mankind's capability set, an optionality layer not yet in the earnings run-rate. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 27 June 2026.

Operating margin prints below 23% for two consecutive quarters while management revises the FY27 margin guide below 25%, confirming that the 27% Q4 print was a one-quarter peak, not a structural chronic-mix upgrade, or if the effective tax rate in April to June 2026 prints above 28%, signaling an additional tax liability beyond the guided 25-26% range.

Each change stops working if

• Acquisition debt repayment, interest cost deflation: Operating profit is lower than ₹3,600 crore in FY27, leaving insufficient cash for the scheduled ₹2,500 crore repayment, forcing management to either refinance or slow deleveraging.
• Chronic therapy mix expansion, prescription stickiness upgrade: The anti-diabetes chronic segment loses 50+ basis points of market rank due to GLP-1 medication adoption shifting the treatment paradigm, directly reducing the 1.6x IPM outperformance that underpins the chronic-upgrade narrative.
• Domestic sales-force recovery, organic growth restoring to IPM outperformance: Domestic organic growth ex-OTC reverts to below 8% for two consecutive quarters, indicating the doctor relationship rebuild did not last past the initial Q4 bounce.
• BSV R&D pipeline, specialty and biotech product launches FY28-FY30: BSV R&D spending rises above 3.5% of sales without any clinical-stage milestone disclosure for two years, indicating spend without pipeline progress.

The main risks

• Tax rate step-up, ₹150-200 Cr structural profit headwind in FY27: The 80-IC exemption on the Sikkim plant expires in FY26, lifting the effective tax rate from 15-16% in FY26 to a guided 25-26% in FY27, an irreversible, company-specific headwind that offsets much of the interest-saving benefit from debt repayment. ✓ fact
• GLP-1 competitive risk, lost first-mover position in diabetes franchise: Mankind retreated from an aggressive GLP-1 day-1 vial launch strategy to a 'wait and watch' pen-only posture, risking that competitors (Sun, Cipla, Lupin) build earlier prescription habits with GLP-1-prescribing diabetologists who overlap Mankind's anti-diabetes base. ✓ fact

Our read after the latest results, written 27 June 2026.

When Mankind Pharma reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Consumer healthcare recovery from category softness and East/South weakness.

Mankind Pharma is on 2 of our India lists: Small & mid cap stocks and Pharma stocks.

Mankind Pharma Ltd earned ₹716 Cr of net profit in the Sep 2026 quarter, +37.7% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹1,938 Cr. Over 11 years profit has grown 14.3% a year on average. That is 16.5% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹520 Cr.

For the full year, FY26 profit was ₹1,938 Cr (−3.6% on the year before).

Why profit moved: revenue changed +17.3% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +26.4% and revenue +13.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Mankind Pharma Ltd reported ₹4,338 Cr of revenue in the Sep 2026 quarter, +17.3% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 11 years it has grown 14.1% a year on average. The last full year, FY26, came in at ₹14,278 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹15,379 Cr.

FY26 revenue was ₹14,278 Cr, +17.0% on the year before.

Recent pace: the last four quarters grew +13.4% on average, against 14.1% a year over the longer run, so this year is growing at about the same pace as its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +13.5%, against +18.5% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +27.5%, against +2.9% a year (accelerating).

Mankind Pharma Ltd's operating margin was 27.0% in the Sep 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 8 years it has been between 18.0% and 27.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. Chronic therapy grew its revenue share from roughly 37% (FY25) to 39% (FY26), adding 190 basis points in one year. Within chronic: anti-diabetes improved its covered-market rank to fourth nationally with 1.6x IPM outperformance, cardiac Telma exceeded Rs 750 Cr with Rosuvastatin and Cilnidipine among the fastest-growing molecules. Gynecology grew 10.8% with IVF-segment products (Folligraf at 52% growth, HMG at 40%) underpinned by recombinant anti-D (Entyd) near-100% market share. Chronic carries higher gross margin than acute and generates more predictable quarterly scripts, reducing the revenue volatility that comes from acute-segment seasonality and GST-disruption exposure. Each 100 basis…

Why the margin moved: operating margin changed +2.1 percentage points on the year while gross margin changed +1.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Over the last 3 years, 130% of Mankind Pharma Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹3,121 Cr of operating cash against ₹1,938 Cr of profit. After ₹803 Cr of spending on assets, ₹2,318 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 130% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle.

What to look at next: the bigger use of cash is spending on new assets, at 8.9× depreciation over three years. The next section checks what that spending is building.

Mankind Pharma Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 117 days in FY26, down from 125 days in FY21. It spent ₹16,832 Cr on assets over the last 3 years. Customers take 44 days to pay, and stock sits for 193 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹14,278 Cr, each day of that cycle ties up about ₹39.1 Cr, so roughly ₹4,577 Cr is tied up in the business at any time.

FY26: customers took 44 days to pay and stock sat for 193 days, about 6.3 months of sales sitting as stock, for a full cycle of 117 days, shorter than FY21's 125.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 193 days. Customers pay about 44 days after that. Suppliers are paid at 121 days. Together that makes the 117-day cycle.

Spending on assets: ₹16,832 Cr over the last 3 years, against ₹1,885 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹1,128 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Mankind Pharma Ltd's P/E is 45.0×, near the low end of its own history: it has been lower only 11% of the time. Its usual P/E (the middle reading) is 50.4×, over 3.5 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹54.31.

Why the multiple is where it is: over the past year earnings per share moved −4.0% while the price moved +12.2%. The price did better than earnings, which pushed the multiple up within its own range.

Where the price move came from: over 3 years the price moved +12.7% a year; about +21.8% a year came from earnings growth and about −9.1 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Mankind Pharma Ltd's business is turning around. Profit growth has swung from −12.6% at its low to +27.5%, improving for 3 quarters in a row, with ROCE steady at 15.1%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Mankind Pharma Ltd's story is not scored yet against the checks our research set on 27 June 2026. Where it sits in its own cycle: EARLY EXPANSION.

NOT YET CHECKED

From the price. Price stage 3, week 3, above its 200-day line, relative strength rising.

Where they disagree. The earnings curve is expanding (15% per year EPS slope over the available 3-year window), but the recent trajectory shows EPS declined 3.7% TTM, driven by BSV acquisition costs, not by operating deterioration. Debt repayment improving, borrowings fell from Rs 8,511 Cr (FY25) to Rs 6,312 Cr (FY26).…

What is not proven yet. OPM prints below 23% for two consecutive quarters while management revises the FY27 margin guide below 25%, confirming that the 27% Q4 print was a one-quarter peak, not a structural chronic-mix upgrade, or if the effective tax rate in Q1 FY27 prints above 28%, signaling an additional tax liability beyond the guided 25-26% range.

What would change our mind. OPM prints below 23% for two consecutive quarters while management revises the FY27 margin guide below 25%, confirming that the 27% Q4 print was a one-quarter peak, not a structural chronic-mix upgrade, or if the effective tax rate in Q1 FY27 prints above 28%, signaling an additional tax liability beyond the guided 25-26% range.

The test written in advance. Tax rate step-up, Rs 150-200 Cr structural PAT headwind in FY27. Measured by: Tax rate step-up, Rs 150-200 Cr structural PAT headwind in FY27 by the next result.

What the company does. The domestic pharma business returned to 10.1% organic growth ex-OTC in Q4 FY26, confirming 18 months of sales-force disruption are behind it. BSV acquisition debt (Rs 8,511 Cr peak in FY25) is being repaid on schedule, aiming for net debt-to-EBITDA of 0.5x in FY27.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: PAT declined 3.6% YoY, earnings deterioration The research reads it further: PAT fell despite 17% revenue and flat OPM because BSV acquisition added approximately Rs 640 Cr of annual finance costs and Rs 886 Cr of depreciation; operating profit actually grew from Rs 3,026 Cr to Rs 3,617 Cr (+19.5%). The PAT decline is entirely from below-the-EBIT-line charges, not from operational weakness.

What the surface reading misses. The surface reading is: Margin flat at 25%, no expansion story The research reads it further: FY26 adjusted EBITDA margin 25.4%, with Q4 FY26 adjusted EBITDA reaching 27.1%

• 1 · Operating leveragebuilding
• 2 · Value-added mixbuilding
• 3 · Management changebuilding
• 4 · Paying down debtbuilding
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 3 · Management change: building. Borrowings at Rs 6,312 Cr (Mar 2026, down from Rs 8,511 Cr FY25), with Rs 2,500 Cr scheduled for FY27 repayment, interest cost expected to fall from roughly Rs 600 Cr to roughly Rs 300 Cr, a direct PAT accretion of Rs 200-250 Cr after tax. What proves it keeps working: Acquisition debt repayment, interest cost deflation. It stops working if EBITDA is lower than Rs 3,600 Cr in FY27, leaving insufficient cash for the scheduled Rs 2,500 Cr repayment, forcing management to either refinance or slow deleveraging.

Lever 2 · Value-added mix: building. Chronic rose to 39% of revenue (up 190 basis points in FY26), with anti-diabetes running at 1.6x IPM outperformance and cardiac Telma above Rs 750 Cr, shifting the revenue base toward higher-margin, recurring prescriptions that reduce acute seasonality. What proves it keeps working: Chronic therapy mix expansion, prescription stickiness upgrade. It stops working if The anti-diabetes chronic segment loses 50+ basis points of market rank due to GLP-1 medication adoption shifting the treatment paradigm, directly reducing the 1.6x IPM outperformance that underpins the chronic-upgrade narrative.

Lever 1 · Operating leverage: building. Domestic organic growth ex-OTC reached 10.1% in Q4 FY26, the highest rate since the BSV integration, confirming the 18-month sales-force restructuring disruption has passed its trough. What proves it keeps working: Domestic sales-force recovery, organic growth restoring to IPM outperformance. It stops working if Domestic organic growth ex-OTC reverts to below 8% for two consecutive quarters, indicating the doctor relationship rebuild did not last past the initial Q4 bounce.

Lever 4 · Paying down debt: building. BSV's R&D platform carries a 3-5 year pipeline of specialty biologics and recombinant molecules; management called it the strategic 'completion' of Mankind's capability set, an optionality layer not yet in the earnings run-rate. What proves it keeps working: BSV R&D pipeline, specialty and biotech product launches FY28-FY30. It stops working if BSV R&D spending rises above 3.5% of sales without any clinical-stage milestone disclosure for two years, indicating spend without pipeline progress.

Sources: our stock research file (27 June 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Mankind Pharma Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Consumer Healthcare Growth Guidance Cut · 26 October 2026. In May 2026, management said the consumer business would deliver double-digit growth in the following year, and in Jul 2026 it reiterated high-single-digit to double-digit growth from Q2 onward. In Oct 2026, management lowered the expectation to single-digit, specifically high-single-digit, growth; although it cited slower category offtake and regional weakness, it did not quantify or reconcile this material downgrade with the earlier recovery outlook.

GLP-1 Launch Timing and Commitment Reversed · 30 July 2026. The July 2026 call directly contradicts the prior commitment to participate in the day 1 GLP-1 launch and management's subsequent statement that the product had already been launched. The latest call now says the company did not launch in the first phase and denies having previously said it would be among the first few companies, while attributing the delay to internal corrections and a strategic call.

GLP-1 Launch Strategy Shift · 20 May 2026. In Feb 2026, management committed to aggressive participation in the GLP-1 innovator market, stating they were "on track for a day 1 launch.around March.expect to be a participant in the launch in day 1." However, in May 2026, management disclosed a fundamentally different strategy, having "launched our GLP pen, but we are in no hurry to launch vials or cut prices" and choosing to "let the current market activity settle before we push further" rather than compete aggressively. This represents a material strategic reversal without advance notice or explanation in prior calls for the change in approach.

Sales Force Transformation Narrative · 3 February 2026. Management claimed in the August 2025 call that the sales force restructuring was '99% completed' in March 2025 and that 'fruits are appearing' with positive traction. In the February 2026 call, they walked back this optimism, admitting they 'overestimated' their execution capabilities, failed to understand cultural integration issues, and are still dealing with insecurity and attrition resulting from those changes. Earlier call (Aug 2025): “This process started. approximately 12 months back and almost completed 99% in the month of March 2025. That itself talks about that changes are appearing. fruits are appearing.” Later call (Feb 2026): “We overestimated our power of executing. We saw huge attrition because that insecurity creeped in. It has taken 12 to 15 months. culture of Mankind was not properly being understood by the people.”

Every quote above is taken word for word from the company’s own earnings calls.

Mankind Pharma Ltd earned a ROCE of 14% in FY26. Its return on capital used (ROIC) is 0.5 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 13.6% net margin and 0.51× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 13.6% net margin × 0.51× asset turnover × 1.70× leverage (assets divided by equity) ≈ 11.8% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 12.5% − 12.0% = +0.5 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

The 12.5% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 11.4%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Mankind Pharma Ltd has total debt of ₹5,422 Cr against shareholder equity of ₹17,855 Cr as of Sep 2026, so its debt is 0.30× its equity, which is very little. Year by year, that ratio went from 0.14 in FY22 to 0.38 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Why this happened. BSV's recombinant niche biologics and immunoglobulin projects include a GPR-119 program (anti-obesity/diabetes), autoimmune disease goals, and IVF-segment recombinant biosimilars. The Vadodara biotech facility (Rs 500 Cr capex approved) is expected to come online in the next calendar year and will house the BSV biologics scale-up. Revenue contributions are 3-5 years out and carry high development risk; the value is optionality, not current earnings. Until at least one pipeline candidate reaches Phase-III approval, this driver contributes very low near-term PAT impact.

Domestic institutions raised their stake in Mankind Pharma Ltd by 5.6 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 15.5% of the company. Foreign institutions moved −3.0 points over the same period, to 9.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Why this happened. The BSV acquisition in November 2023 added Rs 8,511 Cr of borrowings at peak. At the current interest rate of roughly 9%, the FY26 finance cost was approximately Rs 640 Cr (visible across the four quarterly figures: Rs 171 Cr, Rs 170 Cr, Rs 157 Cr, Rs 142 Cr). With Rs 1,250 Cr already paid in April 2026 and Rs 1,250 Cr due October 2026, the full-year FY27 interest cost should fall to approximately Rs 350 Cr, saving Rs 290 Cr pre-tax, or roughly Rs 210 Cr at the guided 25-26% tax rate. That single lever alone moves FY27 PAT from the current Rs 1,938 Cr base by 11%. The path to the FY28 zero-debt goal (Rs 2,500 Cr total FY27 repayment plus residual) is concretely scheduled and already…

Over the last two years: Domestic institutions: +5.6 points over 8 quarters, to 15.5%; Foreign institutions: −3.0 points over 8 quarters, to 9.4%; Promoters: −2.3 points over 8 quarters, to 72.6%.

Why the owners changed: foreign institutions moved −3.0 points and domestic institutions +5.6 points over 8 quarters, while promoters moved −2.3 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company.

For Mankind Pharma Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

There is no score against its industry: Mankind Pharma Ltd is score temporarily unavailable, fetchAllRows(mlaSectorData.supplemental[1]): page at offset 3000 failed: canceling statement due to statement timeout for undefined.

The score ranks a company within its industry: each measure is scored against the other members. Without that group there is no score, so none is shown.

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Mankind Pharma is the 6th largest of 44 Pharma - Formulators companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Zydus Lifesciences, Dr Reddys Laboratories and Cipla. Just below it: Aurobindo Pharma, Lupin and Glenmark Pharmaceuticals.

Pharma - Formulators companies close in size

3. Zydus Lifesciences Ltd ₹1,24,239 crore
4. Dr Reddys Laboratories Ltd ₹1,12,849 crore
5. Cipla Ltd ₹1,11,397 crore
6. Mankind Pharma Ltd ₹1,02,964 crore
7. Aurobindo Pharma Ltd ₹96,744 crore
8. Lupin Ltd ₹91,962 crore
9. Glenmark Pharmaceuticals Ltd ₹64,875 crore

All 44 Pharma - Formulators companies, largest first

Companies close in size in other industries

103. Hero MotoCorp Ltd ₹1,03,424 crore · Auto - 2 & 3 Wheelers
104. Meesho Ltd ₹1,03,221 crore · New age - Platform - E-Retail
105. Mankind Pharma Ltd ₹1,02,964 crore
106. GE Vernova T&D India Ltd ₹1,02,932 crore · Electrical Equipments/HVDC
107. Lloyds Metals & Energy Ltd ₹1,02,773 crore · Mining/Minerals - Iron Ore

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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