Mankind Pharma Ltd
MANKINDMankind Pharma Ltd is coiled. The quarters are improving, yet the P/E sits at the 6th percentile of its own 3-year range — the business is moving before the market.
The sharpest disagreement: Promoters moved −2.2 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (15 weeks in) while the P/E sits at the 6th percentile of its own 3-year range. Underneath, the last four quarters read improving — profit +29.0% year on year, and 130% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Mankind Pharma Ltd trades at ₹2,280, in a confirmed uptrend and 15 weeks into that stage. That is −3.3% against its own 200-day average. It sits at 53% of a 52-week range of ₹1,999 to ₹2,529. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).
Today the stock is in a confirmed uptrend — week 15 of stage 2, confirmed. At ₹2,280 it trades −3.3% versus its 200-day average and sits at 53% of its 52-week range (₹1,999–₹2,529).
Against the market, two honest reads. Cumulative: over the last 3.3 years the stock moved +64% while the NIFTY 500 moved +48% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-07-31) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Mankind Pharma Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: EARLY_EXPANSION. Our fortnightly research layers last read it on 19 July 2026.
Our read, 27 June 2026. Mankind is in a BSV-acquisition digestion cycle: EBITDA recovering, PAT held back by financing costs and a tax-rate step-up — the re-rating needs both deleveraging and margin durability at a stock already priced at 50x trailing.
From the numbers. PE of 50.6 sits at the 46th percentile of the 3-year observed range — appearing middling on the surface. The inversion: the trailing PE is understating the cycle risk because OPM at 27% is at the 88th percentile of own…
From the price. Price stage 2, week 15 — below its 200-day line, relative strength falling.
From the research. Mankind is in a BSV-acquisition digestion cycle: EBITDA recovering, PAT held back by financing costs and a tax-rate step-up — the re-rating needs both deleveraging and margin durability at a stock already priced at 50x…
🚨 Where they disagree. PE of 50.6 sits at the 46th percentile of the 3-year observed range — appearing middling on the surface. The inversion: the trailing PE is understating the cycle risk because OPM at 27% is at the 88th percentile of own history (min 16.5%, max 27.7%). Applied at the mid-cycle 24.2% OPM, normalized PAT falls to approximately Rs 1,865 Cr and the normalized PE rises to 55.2 — the 88th percentile. 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 proven. Mankind is in a BSV-acquisition digestion cycle: EBITDA recovering, PAT held back by financing costs and a tax-rate step-up — the re-rating needs both deleveraging and margin durability at a stock already priced at 50x trailing.
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.
🚨 Layer 1 read, 19 July 2026 — DROP. Expensive with a flat per-share earnings engine — the #1 loser signature, ranked to the bottom. Mankind trades at an absolutely rich PE of 51.9 while its per-share earnings have gone nowhere for three years (EPS ₹12.15→₹13.43 over 12 quarters, FY26 EPS ₹46.34 below FY25's ₹48.26, TTM PAT -3.6%) because the ₹13,630 Cr BSV acquisition loaded interest and depreciation and cut ROCE from 26% to 14%. Revenue growth (+17%) is real but is not reaching the bottom line, and the reverse-DCF says the price already demands an IMPOSSIBLE 28.9% growth — so it ranks last, though it is not contracting enough to DROP.
What would change Layer 1’s mind. Flip UP only if per-share EPS durably inflects — OPM holds above 25% for two quarters AND FY27 PAT actually rises despite the tax step-up, so the ₹300 Cr interest saving flows through; flip to DROP if OPM prints below 23% for two consecutive quarters with the FY27 margin guide cut below 25%, confirming the 27% Q4 was a one-quarter peak and fundamentals are contracting.
The test written in advance. Peak-margin value trap — 88th-percentile OPM already in the price — Peak-margin value trap — 88th-percentile OPM already in the price Two consecutive quarterly OPM prints below 24% alongside a downward revision to FY27 EBITDA guidance by the next result.
The test written in advance. Tax rate step-up — Rs 150-200 Cr structural PAT headwind in FY27 — 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, targeting net debt-to-EBITDA of 0.5x in FY27. The catch: current OPM of 27% sits at the 88th percentile of Mankind's own 4-year margin range, and the market may already reflect the best-case margin path in a 50x trailing multiple — a value trap if margins mean-revert toward mid-cycle 24%.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Acquisition debt repayment — interest cost… | HIGH | — | 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… | 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… |
| Chronic therapy mix expansion… | MEDIUM | — | Chronic rose to 39% of revenue (up 190 basis points in FY26), with anti-diabetes running at 1.6x IPM outperformance and cardiac… | The anti-diabetes chronic segment loses 50+ basis points of market rank due to GLP-1 medication adoption shifting the treatment paradigm — directly… |
| Domestic sales-force recovery — organic… | MEDIUM | — | Domestic organic growth ex-OTC reached 10.1% in Q4 FY26 — the highest rate since the BSV integration — confirming the 18-month… | Domestic organic growth ex-OTC reverts to below 8% for two consecutive quarters, indicating the doctor relationship rebuild did not hold past the… |
| BSV R&D pipeline — specialty and biotech… | LOW | — | BSV's R&D platform carries a 3-5 year pipeline of specialty biologics and recombinant molecules; management called it the… | BSV R&D spending rises above 3.5% of sales without any clinical-stage milestone disclosure for two years, indicating spend without pipeline progress. |
🚨 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%
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 hold 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 Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Mankind Pharma Ltd reported ₹4,031 Cr of revenue in the Jun 26 quarter, +12.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 11 years it has compounded at 14.1% a year. The last full year, FY26, came in at ₹14,278 Cr. The last four reported quarters add to ₹14,738 Cr.
FY26 revenue came in at ₹14,278 Cr (+17.0% on the year), capping 11 years at 14.1% compound. The latest quarter (Jun 26) printed ₹4,031 Cr, +12.9% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +14.2% growth against the decade's 14.1% — the current year is running in line with its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +14.2% over the last 4 quarters against +17.9%/yr over the last 8 — rolling over; TTM profit +8.0% vs +1.9%/yr — accelerating.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Mankind Pharma Ltd's operating margin is 26.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 18.0% to 27.0%. The current quarter sits inside that band.
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…
The latest quarter's operating margin is 26.0%, +2.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 18.0%–27.0%.
Why the margin moved: operating margin went +2.5 pp year on year while gross margin went +2.3 pp — the gain came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Mankind Pharma Ltd earned ₹574 Cr of net profit in the Jun 26 quarter, +29.0% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹1,938 Cr. The 11-year compound rate is 14.3%. That is 14.2% of the quarter's revenue. The same quarter a year earlier earned ₹445 Cr.
Jun 26 profit was ₹574 Cr, +29.0% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹1,938 Cr (−3.6%), and the 11-year compound rate is 14.3%.
Why profit moved: revenue contributed +12.9% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +11.7% vs revenue +14.2%. Profit and revenue are moving roughly in step.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 130% of Mankind Pharma Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹3,121 Cr of operating cash against ₹1,938 Cr of profit. After ₹803 Cr of capital spending, ₹2,318 Cr was left as free cash.
FY26: operating cash of ₹3,121 Cr against reported profit of ₹1,938 Cr, leaving free cash of ₹2,318 Cr after ₹803 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 130% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 130%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
Router verdict: the bigger cash user is investment — capital spending ran 8.9× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Mankind Pharma Ltd's cash conversion cycle runs 117 days in FY26, down from 125 days in FY21. Capital spending ran ₹16,832 Cr over the last 3 years. At FY26 sales of ₹14,278 Cr each day of that cycle holds about ₹39.1 Cr, so roughly ₹4,577 Cr sits inside the business at any moment.
FY26: debtors at 44 days, inventory at 193 days — roughly 6.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 117 days, tighter than FY21's 125.
The full loop: cash goes out to suppliers and production on day 0; stock waits 193 days to sell; customers pay about 44 days after that; and suppliers themselves are paid at 121 days — netting out to the 117-day cycle.
In money terms: at FY26 sales of ₹14,278 Cr, each day of the cycle holds about ₹39.1 Cr — so the 117-day loop keeps roughly ₹4,577 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹16,832 Cr over the last 3 fiscal years against ₹1,885 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1,128 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Mankind Pharma Ltd earns a ROCE of 14% in FY26. Return on invested capital clears the cost of that capital by −0.2 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 13.6% net margin on 0.51× asset turns.
FY26 ROCE is 14%.
🚨 Why the return is what it is — the wiring (FY26): 13.6% net margin × 0.51× asset turns × 1.70× balance-sheet leverage ≈ 11.8% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 11.8% − 12.0% = a −0.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Mankind Pharma Ltd carries total debt of ₹6,312 Cr against shareholder equity of ₹16,561 Cr as of Jun 26, a debt-to-equity of 0.38. On the annual view that ratio went from 0.14 in FY22 to 0.38 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Why this happened. BSV's recombinant niche biologics and immunoglobulin projects include a GPR-119 program (anti-obesity/diabetes), autoimmune disease targets, 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.
Jun 26: total debt of ₹6,312 Cr against shareholder equity of ₹16,561 Cr — a debt-to-equity of 0.38. On the annual view, debt-to-equity went from 0.14 (FY22) to 0.38 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 5.5 points of Mankind Pharma Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 15.4% of the company. Promoters moved −2.2 points over the same window, to 72.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.
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 target (Rs 2,500 Cr total FY27 repayment plus residual) is concretely scheduled and already…
The register over the last two years — Domestic institutions: +5.5 points over 8 quarters to 15.4%; Promoters: −2.2 points over 8 quarters to 72.6%; Foreign institutions: −2.1 points over 8 quarters to 9.4%.
Why the register moved: rotation — foreign institutions −2.1 points against domestic institutions +5.5 points over 8 quarters, with promoters −2.2 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Mankind Pharma Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Mankind Pharma Ltd trades at 44.2× P/E, near the bottom of its own range — cheaper only 6% of the time. Its long-run median P/E is 50.1×, measured across 3.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 44.2× is near the bottom of its own range — cheaper only 6% of the time, against a long-run median of 50.1× measured over 3.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved −4.0% against a −11.6% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 3y, of the +9.1%/yr price move, ~+18.2%/yr came from earnings growth and ~−9.1 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Mankind Pharma Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −12.6% at the trough to +8.0%, a 2-quarter improving streak, ROCE slipping at 14.4%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +17.0% | +17.7% | +18.1% | — |
| Profit | −3.6% | +13.9% | +8.4% | — |
| EPS | −4.0% | +13.1% | +8.0% | — |
| Share price | −11.6% | +9.1% | — | — |
4-Factor Sector Score
42.9/100 — rank 30 of 44 in Pharma - Formulators · 100% evidence confidence
Mankind Pharma Ltd scores 42.9 out of 100 against the 44 companies it is compared with in Pharma - Formulators, ranking 30. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 16.8 + 13.8 + 8.2 + 4.1 = 42.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Mankind Pharma Ltd's management promised, set against what actually arrived — 4 tracked 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.
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.”
OTC Decline Explanation Reference · 3 February 2026. In the November 2025 call, management attributed the decline in the OTC business primarily to external factors like 'uneven monsoon' and 'GST rates' disruption. However, in the February 2026 call, they revealed the decline was driven by an internal strategic decision to 'put brakes' on the cash-and-carry business and reduce stockist counts to maintain market hygiene. Earlier call (Nov 2025): “Revenue from OTC business declined by 3%... due to supply chain disruption led by new GST rates and some impact by uneven monsoon.” Later call (Feb 2026): “At some of the places we have put brakes... business called cash and carry... instead of selling in the... to the consumer, they were selling to our own customers. That means we just taken a I mean hard stance on that.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Kwality Pharmaceuticals Ltd539997 | 73.7/100Favorable setup82% evidence | LEADER | 31.1/35 Revenue 37.9% · PAT 88.4% · OPM change 3 pp 95% evidence | 17.8/25 ROCE 24.1% · OPM 25% 76% evidence | 6.2/20 P/E 46.3× · PEG — 50% evidence | 18.6/20 RS sector 72.7% · RS bench 113.3% · 1Y 288.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 31.1 + 17.8 + 6.2 + 18.6 = 73.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Glenmark Pharmaceuticals LtdGLENMARK | 71.1/100Favorable setup100% evidence | TURNING | 30.8/35 Revenue 32.9% · PAT 100% · OPM change 2 pp 100% evidence | 18.2/25 ROCE 39.8% · OPM 20% 100% evidence | 12.4/20 P/E 21.9× · PEG 1.43 100% evidence | 9.7/20 RS sector -11.1% · RS bench 15.2% · 1Y 17.9%3 of 12 weeks ahead 100% evidence |
| Exact sum: 30.8 + 18.2 + 12.4 + 9.7 = 71.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Bliss GVS Pharma LtdBLISSGVS | 69.5/100Favorable setup82% evidence | LEADER | 29.0/35 Revenue 20.6% · PAT 25.7% · OPM change 7 pp 95% evidence | 14.8/25 ROCE 16.9% · OPM 27% 76% evidence | 6.0/20 P/E 55.7× · PEG — 50% evidence | 19.7/20 RS sector 102.4% · RS bench 147.9% · 1Y 362.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 29 + 14.8 + 6 + 19.7 = 69.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Ipca Laboratories LtdIPCALAB | 67.9/100Favorable setup82% evidence | BREAKING OUT | 26.3/35 Revenue 10.6% · PAT 68% · OPM change 6 pp 95% evidence | 15.8/25 ROCE 17% · OPM 24% 76% evidence | 11.0/20 P/E 36.4× · PEG — 50% evidence | 14.8/20 RS sector -0.6% · RS bench 28.3% · 1Y 47.5%10 of 12 weeks ahead 100% evidence |
| Exact sum: 26.3 + 15.8 + 11 + 14.8 = 67.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Lupin LtdLUPIN | 66.8/100Favorable setup93% evidence | ASLEEP | 29.6/35 Revenue 28.2% · PAT 49.2% · OPM change 2 pp 100% evidence | 19.3/25 ROCE 29.9% · OPM 30% 100% evidence | 16.3/20 P/E 16.1× · PEG 0.54 65% evidence | 1.6/20 RS sector -26.2% · RS bench -4% · 1Y 7.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 29.6 + 19.3 + 16.3 + 1.6 = 66.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -26.2% and the one-year return is 7.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 6Emcure Pharmaceuticals LtdEMCURE | 66.3/100Favorable setup75% evidence | LEADER | 27.3/35 Revenue 18.4% · PAT 32.2% · OPM change 1 pp 95% evidence | 18.2/25 ROCE 24% · OPM 21% 76% evidence | 9.9/20 P/E 36.4× · PEG — 15% evidence | 10.9/20 RS sector -2.5% · RS bench 25.5% · 1Y 44.2%10 of 12 weeks ahead 100% evidence |
| Exact sum: 27.3 + 18.2 + 9.9 + 10.9 = 66.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Corona Remedies LtdCORONA | 65.2/100Favorable setup73% evidence | BREAKING OUT | 23.0/35 Revenue 18% · PAT 19.3% · OPM change 2 pp 100% evidence | 20.4/25 ROCE 33.3% · OPM 22% 100% evidence | 11.8/20 P/E 64.4× · PEG 1.18 65% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 23 + 20.4 + 11.8 + 10 = 65.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Fredun Pharmaceuticals LtdFREDUN | 64.9/100Mixed-positive evidence74% evidence | 26.7/35 Revenue 91.5% · PAT 100% · OPM change 0 pp 95% evidence | 13.0/25 ROCE 21.3% · OPM 14% 95% evidence | 9.3/20 P/E 53.3× · PEG — 15% evidence | 15.9/20 RS sector 24.1% · RS bench 96.2% · 1Y 9.2%4 of 12 weeks ahead 70% evidence | |
| Exact sum: 26.7 + 13 + 9.3 + 15.9 = 64.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Accent Microcell LtdACCENTMIC | 64.5/100Mixed-positive evidence63% evidence | LEADER | 17.5/35 Revenue — · PAT — · OPM change -1 pp 26% evidence | 18.9/25 ROCE 24.9% · OPM 16% 95% evidence | 8.7/20 P/E 39.7× · PEG — 50% evidence | 19.4/20 RS sector 44.8% · RS bench 83.4% · 1Y 160.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 17.5 + 18.9 + 8.7 + 19.4 = 64.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Caplin Point Laboratories LtdCAPLIPOINT | 61.8/100Mixed-positive evidence100% evidence | LEADER | 19.0/35 Revenue 15% · PAT 19.6% · OPM change 0 pp 100% evidence | 17.7/25 ROCE 24.2% · OPM 35% 100% evidence | 9.4/20 P/E 31.5× · PEG 1.52 100% evidence | 15.7/20 RS sector 5.8% · RS bench 36.1% · 1Y 28.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 19 + 17.7 + 9.4 + 15.7 = 61.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Rubicon Research LtdRUBICON | 57.6/100Mixed-positive evidence73% evidence | BREAKING OUT | 24.1/35 Revenue 46.8% · PAT 91.4% · OPM change 2 pp 100% evidence | 17.9/25 ROCE 28.4% · OPM 24% 100% evidence | 5.6/20 P/E 105× · PEG 2.63 65% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 24.1 + 17.9 + 5.6 + 10 = 57.6 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 12Marksans Pharma LtdMARKSANS | 57.4/100Mixed-positive evidence87% evidence | BREAKING OUT | 25.8/35 Revenue 19.6% · PAT 48% · OPM change 9 pp 100% evidence | 15.8/25 ROCE 18.8% · OPM 25% 100% evidence | 6.3/20 P/E 28.9× · PEG 2.85 65% evidence | 9.5/20 RS sector -18.1% · RS bench 58.3% · 1Y 95%11 of 11 weeks ahead 70% evidence |
| Exact sum: 25.8 + 15.8 + 6.3 + 9.5 = 57.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Ajanta Pharma LtdAJANTPHARM | 56.3/100Mixed-positive evidence100% evidence | BREAKING OUT | 21.3/35 Revenue 20.2% · PAT 22.2% · OPM change -1 pp 100% evidence | 19.6/25 ROCE 34.5% · OPM 26% 100% evidence | 5.5/20 P/E 38.9× · PEG 2.31 100% evidence | 9.9/20 RS sector -5.3% · RS bench 22.1% · 1Y 35.2%11 of 12 weeks ahead 100% evidence |
| Exact sum: 21.3 + 19.6 + 5.5 + 9.9 = 56.3 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 14Strides Pharma Science LtdSTAR | 55.9/100Mixed-positive evidence75% evidence | TURNING | 20.6/35 Revenue 8.1% · PAT 79.1% · OPM change -1 pp 95% evidence | 13.3/25 ROCE 18.3% · OPM 18% 76% evidence | 11.2/20 P/E 18.8× · PEG — 15% evidence | 10.8/20 RS sector -4.1% · RS bench 24% · 1Y 32.9%4 of 12 weeks ahead 100% evidence |
| Exact sum: 20.6 + 13.3 + 11.2 + 10.8 = 55.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Wockhardt LtdWOCKPHARMA | 54.3/100Mixed-positive evidence74% evidence | TURNING | 24.9/35 Revenue 18.4% · PAT 100% · OPM change 11 pp 74% evidence | 5.3/25 ROCE 7.5% · OPM 21% 100% evidence | 8.8/20 P/E 88.8× · PEG — 15% evidence | 15.3/20 RS sector 10.9% · RS bench 42% · 1Y 47.4%11 of 12 weeks ahead 100% evidence |
| Exact sum: 24.9 + 5.3 + 8.8 + 15.3 = 54.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16RPG Life Sciences LtdRPGLIFE | 52.6/100Mixed-positive evidence93% evidence | LEADER | 11.9/35 Revenue 11.9% · PAT -34.1% · OPM change 1 pp 100% evidence | 17.5/25 ROCE 25.7% · OPM 22% 100% evidence | 11.1/20 P/E 38.2× · PEG 1.43 65% evidence | 12.1/20 RS sector -8.1% · RS bench 19.1% · 1Y 13.5%11 of 12 weeks ahead 100% evidence |
| Exact sum: 11.9 + 17.5 + 11.1 + 12.1 = 52.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17ERIS Lifesciences LtdERIS | 52.6/100Mixed-positive evidence76% evidence | BASING | 20.4/35 Revenue 9.6% · PAT 62.2% · OPM change -2 pp 95% evidence | 14.3/25 ROCE 14.1% · OPM 34% 76% evidence | 11.9/20 P/E 28.6× · PEG — 50% evidence | 6.0/20 RS sector -13.8% · RS bench -5% · 1Y -21.6%0 of 10 weeks ahead 70% evidence |
| Exact sum: 20.4 + 14.3 + 11.9 + 6 = 52.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Akums Drugs & Pharmaceuticals LtdAKUMS | 51.3/100Mixed-positive evidence75% evidence | LEADER | 13.2/35 Revenue 9.2% · PAT -15.8% · OPM change 2 pp 95% evidence | 10.9/25 ROCE 14.9% · OPM 15% 76% evidence | 9.6/20 P/E 40× · PEG — 15% evidence | 17.6/20 RS sector 15.9% · RS bench 48% · 1Y 68.7%12 of 12 weeks ahead 100% evidence |
| Exact sum: 13.2 + 10.9 + 9.6 + 17.6 = 51.3 · Decision use: Price leads the evidence: RS versus the benchmark is 48%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 19Suven Life Sciences LtdSUVEN | 51.0/100Mixed-positive evidence67% evidence | LEADER | 19.8/35 Revenue 25% · PAT -80% · OPM change -997 pp 74% evidence | 2.2/25 ROCE -79.5% · OPM — 84% evidence | 10.0/20 P/E — · PEG — 0% evidence | 19.0/20 RS sector 29.3% · RS bench 63% · 1Y 60%12 of 12 weeks ahead 100% evidence |
| Exact sum: 19.8 + 2.2 + 10 + 19 = 51 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Zydus Lifesciences LtdZYDUSLIFE | 49.3/100Mixed-negative evidence100% evidence | FADING | 11.9/35 Revenue 21.1% · PAT -2.5% · OPM change -8 pp 100% evidence | 16.7/25 ROCE 21.1% · OPM 24% 100% evidence | 13.7/20 P/E 22.9× · PEG 1.23 100% evidence | 7.0/20 RS sector -11.7% · RS bench 14.3% · 1Y 10.4%9 of 12 weeks ahead 100% evidence |
| Exact sum: 11.9 + 16.7 + 13.7 + 7 = 49.3 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 21J B Chemicals & Pharmaceuticals LtdJBCHEPHARM | 47.1/100Mixed-negative evidence96% evidence | 10.6/35 Revenue 5.9% · PAT 7.4% · OPM change -2 pp 88% evidence | 20.6/25 ROCE 25.4% · OPM 22% 100% evidence | 3.9/20 P/E 53.8× · PEG 2.34 100% evidence | 12.0/20 RS sector -0.3% · RS bench 23.5% · 1Y 40.2%3 of 4 weeks ahead to 2026-07-19 100% evidence | |
| Exact sum: 10.6 + 20.6 + 3.9 + 12 = 47.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 22Lincoln Pharmaceuticals LtdLINCOLN | 46.8/100Mixed-negative evidence87% evidence | ASLEEP | 15.1/35 Revenue 10% · PAT 11.5% · OPM change 0 pp 95% evidence | 15.3/25 ROCE 16.3% · OPM 15% 95% evidence | 10.8/20 P/E 13× · PEG — 50% evidence | 5.6/20 RS sector -15.1% · RS bench 9.9% · 1Y 11.6%0 of 12 weeks ahead 100% evidence |
| Exact sum: 15.1 + 15.3 + 10.8 + 5.6 = 46.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Alkem Laboratories LtdALKEM | 45.1/100Mixed-negative evidence82% evidence | ASLEEP | 14.6/35 Revenue 13.4% · PAT -5.5% · OPM change -2 pp 95% evidence | 17.4/25 ROCE 21.2% · OPM 20% 76% evidence | 11.6/20 P/E 26.8× · PEG — 50% evidence | 1.5/20 RS sector -28.5% · RS bench -6.5% · 1Y -4.6%1 of 12 weeks ahead 100% evidence |
| Exact sum: 14.6 + 17.4 + 11.6 + 1.5 = 45.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Aurobindo Pharma LtdAUROPHARMA | 44.8/100Mixed-negative evidence100% evidence | LEADER | 16.5/35 Revenue 9.1% · PAT 9.5% · OPM change 1 pp 100% evidence | 12.3/25 ROCE 12.9% · OPM 21% 100% evidence | 4.8/20 P/E 25.6× · PEG 2.67 100% evidence | 11.2/20 RS sector -1.3% · RS bench 26.9% · 1Y 60.9%10 of 12 weeks ahead 100% evidence |
| Exact sum: 16.5 + 12.3 + 4.8 + 11.2 = 44.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Sun Pharmaceutical Industries LtdSUNPHARMA | 44.2/100Mixed-negative evidence100% evidence | TURNING | 16.9/35 Revenue 11.4% · PAT 16.5% · OPM change -2 pp 100% evidence | 17.3/25 ROCE 20.5% · OPM 29% 100% evidence | 4.3/20 P/E 35× · PEG 3.8 100% evidence | 5.7/20 RS sector -19.4% · RS bench 4.7% · 1Y 15.5%6 of 12 weeks ahead 100% evidence |
| Exact sum: 16.9 + 17.3 + 4.3 + 5.7 = 44.2 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 26Kilitch Drugs (India) LtdKILITCH | 44.1/100Mixed-negative evidence87% evidence | FADING | 13.9/35 Revenue 14% · PAT 9.3% · OPM change -1 pp 95% evidence | 9.2/25 ROCE 13.4% · OPM 6.5% 95% evidence | 14.2/20 P/E 21.6× · PEG — 50% evidence | 6.8/20 RS sector -15.6% · RS bench 10% · 1Y 0.6%8 of 12 weeks ahead 100% evidence |
| Exact sum: 13.9 + 9.2 + 14.2 + 6.8 = 44.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 27Gufic BioSciences LtdGUFICBIO | 44.0/100Mixed-negative evidence94% evidence | BREAKING OUT | 23.1/35 Revenue 16.6% · PAT 17.7% · OPM change 3 pp 100% evidence | 9.8/25 ROCE 12.3% · OPM 18% 100% evidence | 2.3/20 P/E 58× · PEG 4.78 100% evidence | 8.8/20 RS sector -18.4% · RS bench 26.1% · 1Y 19.2%11 of 11 weeks ahead 70% evidence |
| Exact sum: 23.1 + 9.8 + 2.3 + 8.8 = 44 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 28Alembic Pharmaceuticals LtdAPLLTD | 43.7/100Mixed-negative evidence94% evidence | BREAKING OUT | 16.4/35 Revenue 14.1% · PAT 14.6% · OPM change -1 pp 100% evidence | 8.4/25 ROCE 12.6% · OPM 15% 100% evidence | 12.5/20 P/E 21.4× · PEG 1.74 100% evidence | 6.4/20 RS sector -24.1% · RS bench 1.5% · 1Y -14.3%4 of 11 weeks ahead 70% evidence |
| Exact sum: 16.4 + 8.4 + 12.5 + 6.4 = 43.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 29Amrutanjan Health Care LtdAMRUTANJAN | 43.2/100Mixed-negative evidence87% evidence | BASING | 13.2/35 Revenue 10.7% · PAT -1.1% · OPM change -2.9 pp 95% evidence | 14.9/25 ROCE 24.8% · OPM 6.1% 95% evidence | 14.3/20 P/E 22.8× · PEG — 50% evidence | 0.8/20 RS sector -37.2% · RS bench -17% · 1Y -36.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 13.2 + 14.9 + 14.3 + 0.8 = 43.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 30Mankind Pharma Ltdthis pageMANKIND | 42.9/100Mixed-negative evidence100% evidence | BASING | 16.8/35 Revenue 14.2% · PAT 8% · OPM change 2 pp 100% evidence | 13.8/25 ROCE 13.5% · OPM 26% 100% evidence | 8.2/20 P/E 44.2× · PEG 2.81 100% evidence | 4.1/20 RS sector -22.9% · RS bench 0.4% · 1Y -10.6%6 of 12 weeks ahead 100% evidence |
| Exact sum: 16.8 + 13.8 + 8.2 + 4.1 = 42.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 31FDC LtdFDC | 41.9/100Mixed-negative evidence94% evidence | ASLEEP | 12.8/35 Revenue 3.5% · PAT 8.2% · OPM change -1 pp 100% evidence | 12.9/25 ROCE 15.4% · OPM 21% 100% evidence | 11.9/20 P/E 18× · PEG 2 100% evidence | 4.3/20 RS sector -25.1% · RS bench -11.7% · 1Y -27.5%4 of 10 weeks ahead 70% evidence |
| Exact sum: 12.8 + 12.9 + 11.9 + 4.3 = 41.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 32Indoco Remedies LtdINDOCO | 40.7/100Thin evidence · provisional58% evidence | TURNING | 20.2/35 Revenue 11.9% · PAT 100% · OPM change 5 pp 71% evidence | 4.4/25 ROCE 1% · OPM 9% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 6.1/20 RS sector -32.2% · RS bench 14.2% · 1Y -3.8%7 of 10 weeks ahead 70% evidence |
| Exact sum: 20.2 + 4.4 + 10 + 6.1 = 40.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 33Zim Laboratories LtdZIMLAB | 39.9/100Mixed-negative evidence79% evidence | LEADER | 9.6/35 Revenue 7.5% · PAT -60.6% · OPM change -3.3 pp 71% evidence | 6.1/25 ROCE 4.8% · OPM 2.6% 95% evidence | 5.8/20 P/E 202× · PEG — 50% evidence | 18.4/20 RS sector 25.7% · RS bench 59.5% · 1Y 87.3%11 of 12 weeks ahead 100% evidence |
| Exact sum: 9.6 + 6.1 + 5.8 + 18.4 = 39.9 · Decision use: Price leads the evidence: RS versus the benchmark is 59.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 34Torrent Pharmaceuticals LtdTORNTPHARM | 39.8/100Mixed-negative evidence100% evidence | BREAKING OUT | 16.6/35 Revenue 32.9% · PAT 7.7% · OPM change 2 pp 100% evidence | 14.2/25 ROCE 15.2% · OPM 34% 100% evidence | 0.8/20 P/E 84.6× · PEG 5.11 100% evidence | 8.2/20 RS sector -7.4% · RS bench 19.5% · 1Y 39%10 of 12 weeks ahead 100% evidence |
| Exact sum: 16.6 + 14.2 + 0.8 + 8.2 = 39.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 35Bafna Pharmaceuticals LtdBAFNAPH | 39.8/100Mixed-negative evidence60% evidence | TURNING | 11.5/35 Revenue -3.1% · PAT -5.8% · OPM change -11.3 pp 95% evidence | 7.3/25 ROCE 11.9% · OPM 3.4% 76% evidence | 8.7/20 P/E 91.5× · PEG — 15% evidence | 12.3/20 RS sector — · RS bench 84.4% · 1Y —3 of 3 weeks ahead 25% evidence |
| Exact sum: 11.5 + 7.3 + 8.7 + 12.3 = 39.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 36Bajaj Healthcare LtdBAJAJHCARE | 37.8/100Mixed-negative evidence87% evidence | BREAKING OUT | 9.8/35 Revenue 12.3% · PAT -59.1% · OPM change 1 pp 95% evidence | 10.3/25 ROCE 11.5% · OPM 17% 95% evidence | 11.9/20 P/E 20× · PEG — 50% evidence | 5.8/20 RS sector -29.8% · RS bench -7.1% · 1Y -22.5%5 of 12 weeks ahead 100% evidence |
| Exact sum: 9.8 + 10.3 + 11.9 + 5.8 = 37.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 37Natco Pharma LtdNATCOPHARM | 37.3/100Mixed-negative evidence100% evidence | ASLEEP | 3.0/35 Revenue -20.8% · PAT -32.5% · OPM change -18 pp 100% evidence | 14.1/25 ROCE 17.4% · OPM 25% 100% evidence | 19.1/20 P/E 12.8× · PEG 0.76 100% evidence | 1.1/20 RS sector -31.6% · RS bench -10.9% · 1Y -4.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 3 + 14.1 + 19.1 + 1.1 = 37.3 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 38Biocon LtdBIOCON | 36.2/100Mixed-negative evidence100% evidence | ASLEEP | 13.3/35 Revenue 9.8% · PAT -36.4% · OPM change 1 pp 100% evidence | 7.7/25 ROCE 3.6% · OPM 20% 100% evidence | 11.5/20 P/E 87.5× · PEG 0.82 100% evidence | 3.7/20 RS sector -22.1% · RS bench 1.3% · 1Y 7.4%6 of 12 weeks ahead 100% evidence |
| Exact sum: 13.3 + 7.7 + 11.5 + 3.7 = 36.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 39Bharat Parenterals LtdBPLPHARMA | 35.8/100Thin evidence · provisional58% evidence | 12.3/35 Revenue -11.2% · PAT 16% · OPM change -2.8 pp 71% evidence | 4.1/25 ROCE -1.9% · OPM 9.1% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 9.4/20 RS sector -12.8% · RS bench 24.2% · 1Y 10.6%1 of 12 weeks ahead 70% evidence | |
| Exact sum: 12.3 + 4.1 + 10 + 9.4 = 35.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 40Cipla LtdCIPLA | 32.6/100Adverse evidence100% evidence | BASING | 4.6/35 Revenue 1.8% · PAT -37.7% · OPM change -9 pp 100% evidence | 12.3/25 ROCE 15.5% · OPM 17% 100% evidence | 12.0/20 P/E 30.8× · PEG 1.25 100% evidence | 3.7/20 RS sector -25.3% · RS bench -2.3% · 1Y -12.1%5 of 12 weeks ahead 100% evidence |
| Exact sum: 4.6 + 12.3 + 12 + 3.7 = 32.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 41Dr Reddys Laboratories LtdDRREDDY | 30.1/100Adverse evidence100% evidence | BASING | 3.7/35 Revenue -0.9% · PAT -44.6% · OPM change -14 pp 100% evidence | 11.7/25 ROCE 13% · OPM 11% 100% evidence | 13.3/20 P/E 30.2× · PEG 1.15 100% evidence | 1.4/20 RS sector -28% · RS bench -5.9% · 1Y -8.1%1 of 12 weeks ahead 100% evidence |
| Exact sum: 3.7 + 11.7 + 13.3 + 1.4 = 30.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 42Influx Healthtech LtdINFLUX | 59.8/100Thin evidence · provisional50% evidence | TURNING | 19.3/35 Revenue — · PAT — · OPM change -1 pp 26% evidence | 20.8/25 ROCE 40% · OPM 19% 95% evidence | 10.3/20 P/E 30.5× · PEG — 15% evidence | 9.4/20 RS sector -9.8% · RS bench 16% · 1Y 43.4%10 of 12 weeks ahead 70% evidence |
| Exact sum: 19.3 + 20.8 + 10.3 + 9.4 = 59.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 43Syncom Healthcare LtdSYNCOM | 49.7/100Thin evidence · provisional31% evidence | 17.1/35 Revenue -69.4% · PAT 63.5% · OPM change — 16% evidence | 6.9/25 ROCE -20.2% · OPM -225.7% 46% evidence | 10.0/20 P/E — · PEG — 0% evidence | 15.7/20 RS sector 29.1% · RS bench 45.7% · 1Y —9 of 12 weeks ahead to 2021-06-30 70% evidence | |
| Exact sum: 17.1 + 6.9 + 10 + 15.7 = 49.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 44Sai Parenterals LtdSAIPARENT | 37.4/100Thin evidence · provisional38% evidence | ASLEEP | 13.7/35 Revenue — · PAT — · OPM change -1 pp 32% evidence | 5.1/25 ROCE 5.3% · OPM 13.2% 95% evidence | 8.6/20 P/E 111× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —6 of 9 weeks ahead 0% evidence |
| Exact sum: 13.7 + 5.1 + 8.6 + 10 = 37.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Mankind Pharma Ltd's share price today?
Mankind Pharma Ltd trades at ₹2,280, −11.6% over the past year. The company is valued at ₹94,174 Cr. The stock sits at 53% of its 52-week range of ₹1,999–₹2,529, −3.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 15 weeks in. — as of 11 September 2026.
What were Mankind Pharma Ltd's latest quarterly results?
Mankind Pharma Ltd reported revenue of ₹4,031 Cr and net profit of ₹574 Cr for the Jun 26 quarter. Revenue rose 12.9% and profit rose 29.0% year on year. Earnings per share were ₹13.75. The operating margin was 26.0%, 2.0 pp higher than a year earlier. — as of 11 September 2026.
What is Mankind Pharma Ltd's revenue?
Mankind Pharma Ltd reported revenue of ₹4,031 Cr in the Jun 26 quarter, +12.9% year on year. For the full FY26 fiscal year, revenue was ₹14,278 Cr (+17.0%). Over the last 11 years revenue compounded at 14.1% a year. — as of 11 September 2026.
What is Mankind Pharma Ltd's profit?
Mankind Pharma Ltd earned ₹574 Cr of net profit in the Jun 26 quarter, +29.0% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹1,938 Cr. The operating margin ran 26.0% in the latest quarter. — as of 11 September 2026.
What is Mankind Pharma Ltd's market cap?
Mankind Pharma Ltd's market capitalisation is ₹94,174 Cr at a share price of ₹2,280. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Mankind Pharma Ltd's P/E ratio?
Mankind Pharma Ltd trades at a P/E of 44.2×, at the 6th percentile of its own 3-year range, against a long-run median of 50.1×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Mankind Pharma Ltd pay a dividend?
Yes — Mankind Pharma Ltd's dividend payout was 2% of profit in FY26, and it recorded a payout in 2 of its last 8 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Mankind Pharma Ltd overvalued?
On its own history, Mankind Pharma Ltd looks cheap: its P/E of 44.2× has been cheaper only 6% of the time in 3 years (long-run median 50.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Mankind Pharma Ltd growing?
Yes — Mankind Pharma Ltd is growing: latest-quarter revenue +12.9% year on year, profit +29.0%, and the margin +2.0 pp at 26.0%. The 11-year compound rates are 14.1% (revenue) and 14.3% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Mankind Pharma Ltd performing?
Mankind Pharma Ltd is in a confirmed uptrend, 15 weeks in. Its latest quarter's revenue rose 12.9% and profit rose 29.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 6 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Mankind Pharma Ltd in?
Turning around — profit growth swung from −12.6% at the trough to +8.0%, a 2-quarter improving streak, ROCE slipping at 14.4%. The read comes from the last 12 quarters of growth (revenue growth +14.2% latest, profit growth +8.0% latest, eps growth +6.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Mankind Pharma Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 15 of stage 2), trading −3.3% versus its 200-day average and at 53% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Mankind Pharma Ltd beating the market?
Not lately — on a trailing-13-week view Mankind Pharma Ltd is currently behind the NIFTY 500 (6 weeks and counting; last ahead the week of 2026-07-31), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 3.3 years the stock moved +64% against the NIFTY 500's +48% — ahead of the index over the full window. — as of 11 September 2026.
Will Mankind Pharma Ltd's share price go up?
This page publishes no price forecast for Mankind Pharma Ltd. What it measures instead: the share price is ₹2,280, the price is in a confirmed uptrend 15 weeks in. Its P/E of 44.2× sits at the 6th percentile of its own 3-year range. — as of 11 September 2026.
Who owns Mankind Pharma Ltd?
Promoters hold 72.6% of Mankind Pharma Ltd, foreign institutions 9.4%, domestic institutions 15.4% and the public 2.5% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 5.5 points over 8 quarters. — as of 11 September 2026.
Does Mankind Pharma Ltd have too much debt?
It is moderate — Mankind Pharma Ltd's debt-to-equity is 0.39, and operating profit covers the interest bill 6×. FY26 borrowings were ₹6,312 Cr against equity of ₹16,300 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is Mankind Pharma Ltd's capex?
Mankind Pharma Ltd spent ₹16,832 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹803 Cr, with ₹1,128 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Mankind Pharma Ltd's cash flow?
Mankind Pharma Ltd generated ₹3,121 Cr of operating cash flow in FY26 and ₹2,318 Cr of free cash flow after ₹803 Cr of capital spending. Reported profit that year was ₹1,938 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Mankind Pharma Ltd's profit real cash?
Yes — over the last 3 fiscal years, 130% of Mankind Pharma Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹3,121 Cr against reported profit of ₹1,938 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Mankind Pharma Ltd in its business cycle?
Mankind Pharma Ltd's FY26 operating margin was 25.0%, against a 8-year band of 18.0%–27.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 26.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What could break the Mankind Pharma Ltd story?
The sharpest disagreement: Promoters moved −2.2 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Mankind Pharma Ltd a stock worth studying right now?
This is not investment advice. The machine read: Mankind Pharma Ltd is coiled. The quarters are improving, yet the P/E sits at the 6th percentile of its own 3-year range — the business is moving before the market. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!