# Mankind Pharma share price today (Mankind Pharma Ltd, NSE: MANKIND)

> Mankind Pharma share price today: ₹2,537.90 at the NSE close on 4 November 2026, up 12.2% in a year. Mankind Pharma (NSE: MANKIND) is worth ₹1,04,818 crore, trades at a P/E of 45.0 and has closed between ₹1,998.50 and ₹2,537.90 over the past 52 weeks. > Mankind Pharma Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. MANKIND · Pharma - Formulators · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/mankind-pharma-ltd

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## Key numbers

- Business trend: Turning around, from the last 12 quarters
- Price: ₹2,537.90 (+12.2% in a year)
- P/E: 45.0× (lower than 89% of the last 3.5 years)
- Revenue (Sep 2026): ₹4,338 Cr (+17.3% on a year ago)
- Profit (Sep 2026): ₹716 Cr (+37.7% on a year ago)
- Operating margin: 27.0% (+2.0 points on a year ago)
- ROCE: 14%, FY26
- ROIC: 12.5%, against a 12.0% cost of capital: +0.5 points

The main question: promoters moved −2.3 percentage points over 8 quarters while the business went the other way. ## What is the 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. 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. ## What changed at Mankind Pharma this quarter? 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. ## What are Mankind Pharma's latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹4,338 crore | ₹3,697 crore | +17.3% |
| Profit | ₹716 crore | ₹520 crore | +37.7% |
| Earnings per share | ₹17.23 | ₹12.39 | +39.1% |
| Operating margin | 27.0% | 25.0% | +2.0 points |

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.)

## What is the Mankind Pharma share price history? 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹2,492.80 | +1.8% |
| 1 month ago · 1 Oct 2026 | ₹2,535.00 | +0.1% |
| 6 months ago · 8 May 2026 | ₹2,430.80 | +4.4% |
| 1 year ago · 7 Nov 2025 | ₹2,261.80 | +12.2% |
| 3 years ago · 3 Nov 2023 | ₹1,775.10 | +43.0% |
| Earliest weekly close in our records · 12 May 2023 | ₹1,394.45 | +82.0% |
| Highest weekly close since May 2023 · 3 Jan 2025 | ₹2,937.55 | −13.6% |
| Lowest weekly close since May 2023 · 26 May 2023 | ₹1,323.60 | +91.7% |
| 52-week high (weekly close) · 4 Nov 2026 | ₹2,537.90 | 0.0% |
| 52-week low (weekly close) · 2 Apr 2026 | ₹1,998.50 | +27.0% |

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.)

## What is the latest news on Mankind Pharma? 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.)

## What dividend does Mankind Pharma pay? 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

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 8 Aug 2025 | ₹1 | Interim |

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. 1 of 5 Of the last 5 financial years, years with an NSE dividend record

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.)

## What did Mankind Pharma management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/50669/Conference Call/CC-Oct26.pdf). (From the call for July to September 2026, 26 October 2026.)

## What is the future of Mankind Pharma? What is changing in the business? 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.)

## What could change the Mankind Pharma story? What are the risks? 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.)

## What to watch in Mankind Pharma's next results? 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. - What to check (from the call)
- Consumer healthcare recovery from category softness and East/South weakness. - Domestic Rx outperformance: verify that secondary growth and volume contribution remain broad-based across chronic and acute therapies. - Margin drivers: check whether domestic mix and sales growth sustain gross-margin gains and operating leverage. - International mix: track emerging-market contribution versus the US and whether new launches sustain growth. ## Which stock lists is Mankind Pharma on? Mankind Pharma is on 2 of our India lists: Small & mid cap stocks and Pharma stocks. - [Small & mid cap stocks Size rank in India: 103](https://www.sectoralpha.in/small-cap-stocks-india)
- [Pharma stocks Market value (₹ crore): 104826.8355263158](https://www.sectoralpha.in/sectors/pharma-stocks-india)

## Is Mankind Pharma profitable? 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. 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. ## How much revenue does Mankind Pharma make, and is it growing? 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. 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). ## How much of every ₹100 of sales does Mankind Pharma keep? 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. 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. ## Is Mankind Pharma's profit turning into cash? 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. 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. ## Where does Mankind Pharma's cash go? 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. 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. ## What is Mankind Pharma's P/E ratio, and how does it compare with its own history? 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. 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. ## Is the Mankind Pharma business getting better or worse? 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. 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. ## What is the Mankind Pharma story, and has it been checked? 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. Our read, 27 June 2026. From the numbers. From the price. Price stage 3, week 3, above its 200-day line, relative strength rising. From the research. 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 proven. 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. 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. 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 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. ## Did Mankind Pharma management deliver what it promised? 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. ## How much does Mankind Pharma earn on its capital? 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). 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. ## Does Mankind Pharma have too much debt? 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. 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. ## What is the Mankind Pharma shareholding pattern? 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. 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. ## How far is Mankind Pharma from balance-sheet trouble? 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. ## How does Mankind Pharma rank in its industry? 61.0 out of 100, rank 14 of 44 in Pharma - Formulators, with 100% of the evidence available. Mankind Pharma Ltd scores 61.0 out of 100 against the 44 companies it is compared with in Pharma - Formulators, ranking 14. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 26.1 + 15.7 + 7.9 + 11.3 = 61. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Mankind Pharma compared with? Mankind Pharma ranks 14 of 44 Pharma - Formulators companies on the 4-Factor Sector Score, with 61.0 out of 100. 1. [Rubicon Research Ltd](https://www.sectoralpha.in/stocks/rubicon-research-ltd) RUBICON · leader · Most evidence points up · 83% evidence 71.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.1/35 · Revenue 46.8% · Profit 91.4% · Operating margin change 2 points · 88% evidence Capital efficiency 18.6/25 · ROCE 28.4% · Operating margin 24% · 100% evidence Valuation 6.2/20 · P/E 92.5× · PEG 2.31 · 65% evidence Relative strength 16.5/20 · Lead over its industry 28.1% · Lead over NIFTY 500 53.6% · 1 year 160.5% · 70% evidence · 11 of 12 weeks ahead Exact sum: 30.1 + 18.6 + 6.2 + 16.5 = 71.4 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Kwality Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/kwality-pharmaceuticals-ltd) KPL · breaking out · Most evidence points up · 81% evidence 71.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.9/35 · Revenue 37.9% · Profit 88.4% · Operating margin change 3 points · 88% evidence Capital efficiency 18.0/25 · ROCE 24.1% · Operating margin 25% · 100% evidence Valuation 11.0/20 · P/E 44.2× · PEG 0.54 · 100% evidence Relative strength 12.3/20 · Lead over its industry n/a · Lead over NIFTY 500 74.4% · 1 year 288.9% · 25% evidence · 9 of 9 weeks ahead Exact sum: 29.9 + 18 + 11 + 12.3 = 71.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Accent Microcell Ltd](https://www.sectoralpha.in/stocks/accent-microcell-ltd) ACCENTMIC · leader · Most evidence points up · 65% evidence 70.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.4/35 · Revenue n/a · Profit n/a · Operating margin change 7 points · 27% evidence Capital efficiency 21.5/25 · ROCE 24.9% · Operating margin 24% · 100% evidence Valuation 9.1/20 · P/E 26.9× · PEG n/a · 50% evidence Relative strength 18.6/20 · Lead over its industry 21.4% · Lead over NIFTY 500 47.6% · 1 year 132.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.4 + 21.5 + 9.1 + 18.6 = 70.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Glenmark Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/glenmark-pharmaceuticals-ltd) GLENMARK · breaking out · Most evidence points up · 86% evidence 69.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 32.9% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 20.4/25 · ROCE 39.8% · Operating margin 20% · 100% evidence Valuation 11.2/20 · P/E 20.8× · PEG n/a · 50% evidence Relative strength 8.6/20 · Lead over its industry -11.4% · Lead over NIFTY 500 10.8% · 1 year 21.5% · 100% evidence · 9 of 12 weeks ahead Exact sum: 29.1 + 20.4 + 11.2 + 8.6 = 69.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Ajanta Pharma Ltd](https://www.sectoralpha.in/stocks/ajanta-pharma-ltd) AJANTPHARM · leader · Most evidence points up · 100% evidence 69.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.3/35 · Revenue 25% · Profit 29.8% · Operating margin change 7 points · 100% evidence Capital efficiency 21.1/25 · ROCE 34.5% · Operating margin 31% · 100% evidence Valuation 7.1/20 · P/E 34.7× · PEG 1.77 · 100% evidence Relative strength 10.5/20 · Lead over its industry -3.5% · Lead over NIFTY 500 20% · 1 year 42.3% · 100% evidence · 11 of 12 weeks ahead Exact sum: 30.3 + 21.1 + 7.1 + 10.5 = 69 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Bliss GVS Pharma Ltd](https://www.sectoralpha.in/stocks/bliss-gvs-pharma-ltd) BLISSGVS · leader · Most evidence points up · 82% evidence 67.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.3/35 · Revenue 25% · Profit 43.1% · Operating margin change 8 points · 95% evidence Capital efficiency 14.7/25 · ROCE 16.9% · Operating margin 26% · 76% evidence Valuation 6.4/20 · P/E 42.4× · PEG n/a · 50% evidence Relative strength 16.7/20 · Lead over its industry 59% · Lead over NIFTY 500 86.2% · 1 year 312.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.3 + 14.7 + 6.4 + 16.7 = 67.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Lupin Ltd](https://www.sectoralpha.in/stocks/lupin-ltd) LUPIN · quiet · Most evidence points up · 89% evidence 66.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.9/35 · Revenue 28.2% · Profit 49.2% · Operating margin change 2 points · 88% evidence Capital efficiency 20.4/25 · ROCE 29.9% · Operating margin 30% · 100% evidence Valuation 16.1/20 · P/E 15.4× · PEG 0.54 · 65% evidence Relative strength 2.0/20 · Lead over its industry -24.5% · Lead over NIFTY 500 -4.7% · 1 year 2.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.9 + 20.4 + 16.1 + 2 = 66.4 · What this means: Earnings are strong; relative strength in its sector is -24.5% and the one-year return is 2.4%. 8. [Fredun Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/fredun-pharmaceuticals-ltd) FREDUN · breaking out · Most evidence points up · 76% evidence 65.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.9/43.75 · Revenue 50.3% · Profit 91.3% · Operating margin change 0 points · 88% evidence Capital efficiency 19.0/31.25 · ROCE 21.5% · Operating margin 14% · 100% evidence Valuation 14.9/25 · P/E 52.7× · PEG 0.77 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 31.9 + 19 + 14.9 = 65.8 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 9. [Ipca Laboratories Ltd](https://www.sectoralpha.in/stocks/ipca-laboratories-ltd) IPCALAB · turning · Most evidence points up · 78% evidence 65.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.0/35 · Revenue 10.6% · Profit 68% · Operating margin change 6 points · 83% evidence Capital efficiency 15.7/25 · ROCE 17% · Operating margin 24% · 76% evidence Valuation 11.0/20 · P/E 35.6× · PEG n/a · 50% evidence Relative strength 14.7/20 · Lead over its industry -0.5% · Lead over NIFTY 500 23.6% · 1 year 51.7% · 100% evidence · 10 of 12 weeks ahead Exact sum: 24 + 15.7 + 11 + 14.7 = 65.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Marksans Pharma Ltd](https://www.sectoralpha.in/stocks/marksans-pharma-ltd) MARKSANS · leader · Most evidence points up · 74% evidence 65.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.7/35 · Revenue 19.6% · Profit 48% · Operating margin change 9 points · 88% evidence Capital efficiency 18.3/25 · ROCE 18.8% · Operating margin 25% · 100% evidence Valuation 6.3/20 · P/E 26.8× · PEG 2.85 · 65% evidence Relative strength 11.9/20 · Lead over its industry n/a · Lead over NIFTY 500 40.1% · 1 year 68.4% · 25% evidence · 12 of 12 weeks ahead Exact sum: 28.7 + 18.3 + 6.3 + 11.9 = 65.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 11. [FDC Ltd](https://www.sectoralpha.in/stocks/fdc-ltd) FDC · basing · Evidence leans up · 85% evidence 62.7 out of 100 Growth Capital Valuation Relative
12. [Corona Remedies Ltd](https://www.sectoralpha.in/stocks/corona-remedies-ltd) CORONA · turning · Evidence leans up · 73% evidence 62.3 out of 100 Growth Capital Valuation Relative
13. [Emcure Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/emcure-pharmaceuticals-ltd) EMCURE · losing its lead · Evidence leans up · 71% evidence 61.8 out of 100 Growth Capital Valuation Relative
14. Mankind Pharma Ltd this page MANKIND · turning · Evidence leans up · 100% evidence 61.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.1/35 · Revenue 13.5% · Profit 27.5% · Operating margin change 2 points · 100% evidence Capital efficiency 15.7/25 · ROCE 13.5% · Operating margin 27% · 100% evidence Valuation 7.9/20 · P/E 44.2× · PEG 4.19 · 100% evidence Relative strength 11.3/20 · Lead over its industry -8.8% · Lead over NIFTY 500 14.3% · 1 year 4.6% · 100% evidence · 3 of 12 weeks ahead Exact sum: 26.1 + 15.7 + 7.9 + 11.3 = 61 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 15. [Zydus Lifesciences Ltd](https://www.sectoralpha.in/stocks/zydus-lifesciences-ltd) ZYDUSLIFE · leader · Evidence leans up · 96% evidence 59.5 out of 100 Growth Capital Valuation Relative
16. [ERIS Lifesciences Ltd](https://www.sectoralpha.in/stocks/eris-lifesciences-ltd) ERIS · basing · Evidence leans up · 67% evidence 56.1 out of 100 Growth Capital Valuation Relative
17. [Gufic BioSciences Ltd](https://www.sectoralpha.in/stocks/gufic-biosciences-ltd) GUFICBIO · leader · Evidence leans up · 71% evidence 56.0 out of 100 Growth Capital Valuation Relative
18. [Strides Pharma Science Ltd](https://www.sectoralpha.in/stocks/strides-pharma-science-ltd) STAR · breaking out · Evidence leans up · 75% evidence 55.3 out of 100 Growth Capital Valuation Relative
19. [Caplin Point Laboratories Ltd](https://www.sectoralpha.in/stocks/caplin-point-laboratories-ltd) CAPLIPOINT · losing its lead · Evidence leans up · 96% evidence 54.3 out of 100 Growth Capital Valuation Relative
20. [Wockhardt Ltd](https://www.sectoralpha.in/stocks/wockhardt-ltd) WOCKPHARMA · losing its lead · Evidence leans up · 71% evidence 52.9 out of 100 Growth Capital Valuation Relative
21. [Kilitch Drugs (India) Ltd](https://www.sectoralpha.in/stocks/kilitch-drugs-indialtd) KILITCH · breaking out · Evidence leans up · 78% evidence 51.3 out of 100 Growth Capital Valuation Relative
22. [Akums Drugs & Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/akums-drugs-pharmaceuticals-ltd) AKUMS · leader · Evidence leans up · 71% evidence 50.9 out of 100 Growth Capital Valuation Relative
23. [Alembic Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/alembic-pharmaceuticals-ltd) APLLTD · turning · Evidence leans down · 81% evidence 47.9 out of 100 Growth Capital Valuation Relative
24. [Alkem Laboratories Ltd](https://www.sectoralpha.in/stocks/alkem-laboratories-ltd) ALKEM · quiet · Evidence leans down · 78% evidence 47.6 out of 100 Growth Capital Valuation Relative
25. [Bajaj Healthcare Ltd](https://www.sectoralpha.in/stocks/bajaj-healthcare-ltd) BAJAJHCARE · quiet · Evidence leans down · 100% evidence 46.6 out of 100 Growth Capital Valuation Relative
26. [Lincoln Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/lincoln-pharmaceuticals-ltd) LINCOLN · quiet · Evidence leans down · 100% evidence 45.9 out of 100 Growth Capital Valuation Relative
27. [Bharat Parenterals Ltd](https://www.sectoralpha.in/stocks/bharat-parenterals-ltd) BPLPHARMA · breaking out · Too little evidence to rank firmly · 52% evidence 45.9 out of 100 Growth Capital Valuation Relative
28. [Aurobindo Pharma Ltd](https://www.sectoralpha.in/stocks/aurobindo-pharma-ltd) AUROPHARMA · leader · Evidence leans down · 96% evidence 45.6 out of 100 Growth Capital Valuation Relative
29. [Amrutanjan Health Care Ltd](https://www.sectoralpha.in/stocks/amrutanjan-health-care-ltd) AMRUTANJAN · turning · Evidence leans down · 96% evidence 44.9 out of 100 Growth Capital Valuation Relative
30. [RPG Life Sciences Ltd](https://www.sectoralpha.in/stocks/rpg-life-sciences-ltd) RPGLIFE · losing its lead · Evidence leans down · 100% evidence 43.1 out of 100 Growth Capital Valuation Relative
31. [J B Chemicals & Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/j-b-chemicals-pharmaceuticals-ltd) JBCHEPHARM · Too little evidence to rank firmly · 59% evidence 42.4 out of 100 Growth Capital Valuation Relative
32. [Zim Laboratories Ltd](https://www.sectoralpha.in/stocks/zim-laboratories-ltd) ZIMLAB · leader · Evidence leans down · 71% evidence 40.7 out of 100 Growth Capital Valuation Relative
33. [Sun Pharmaceutical Industries Ltd](https://www.sectoralpha.in/stocks/sun-pharmaceutical-industries-ltd) SUNPHARMA · quiet · Evidence leans down · 100% evidence 39.3 out of 100 Growth Capital Valuation Relative
34. [Dr Reddys Laboratories Ltd](https://www.sectoralpha.in/stocks/dr-reddys-laboratories-ltd) DRREDDY · turning · Evidence leans down · 100% evidence 39.3 out of 100 Growth Capital Valuation Relative
35. [Natco Pharma Ltd](https://www.sectoralpha.in/stocks/natco-pharma-ltd) NATCOPHARM · quiet · Evidence leans down · 96% evidence 38.8 out of 100 Growth Capital Valuation Relative
36. [Bafna Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/bafna-pharmaceuticals-ltd) BAFNAPH · breaking out · Evidence leans down · 74% evidence 35.8 out of 100 Growth Capital Valuation Relative
37. [Cipla Ltd](https://www.sectoralpha.in/stocks/cipla-ltd) CIPLA · turning · Evidence leans down · 100% evidence 35.4 out of 100 Growth Capital Valuation Relative
38. [Torrent Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/torrent-pharmaceuticals-ltd) TORNTPHARM · losing its lead · Most evidence points down · 100% evidence 34.4 out of 100 Growth Capital Valuation Relative
39. [Biocon Ltd](https://www.sectoralpha.in/stocks/biocon-ltd) BIOCON · quiet · Most evidence points down · 96% evidence 33.6 out of 100 Growth Capital Valuation Relative
40. [Suven Life Sciences Ltd](https://www.sectoralpha.in/stocks/suven-life-sciences-ltd) SUVEN · quiet · Most evidence points down · 64% evidence 33.1 out of 100 Growth Capital Valuation Relative
41. [Influx Healthtech Ltd](https://www.sectoralpha.in/stocks/influx-healthtech-ltd) INFLUX · quiet · Too little evidence to rank firmly · 42% evidence 49.7 out of 100 Growth Capital Valuation Relative
42. [Syncom Healthcare Ltd](https://www.sectoralpha.in/stocks/syncom-healthcare-ltd) SYNCOM · Too little evidence to rank firmly · 17% evidence 42.3 out of 100 Growth Capital Valuation Relative
43. [Indoco Remedies Ltd](https://www.sectoralpha.in/stocks/indoco-remedies-ltd) INDOCO · losing its lead · Too little evidence to rank firmly · 49% evidence 38.4 out of 100 Growth Capital Valuation Relative
44. [Sai Parenterals Ltd](https://www.sectoralpha.in/stocks/sai-parenterals-ltd) SAIPARENT · turning · Too little evidence to rank firmly · 31% evidence 36.7 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Pharma - Formulators](https://www.sectoralpha.in/sectors/pharma-formulators), all 44 compared on one page. ## Which companies are close to Mankind Pharma in size? 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

1. [Zydus Lifesciences Ltd](https://www.sectoralpha.in/stocks/zydus-lifesciences-ltd) ₹1,24,239 crore
2. [Dr Reddys Laboratories Ltd](https://www.sectoralpha.in/stocks/dr-reddys-laboratories-ltd) ₹1,12,849 crore
3. [Cipla Ltd](https://www.sectoralpha.in/stocks/cipla-ltd) ₹1,11,397 crore
4. Mankind Pharma Ltd ₹1,02,964 crore
5. [Aurobindo Pharma Ltd](https://www.sectoralpha.in/stocks/aurobindo-pharma-ltd) ₹96,744 crore
6. [Lupin Ltd](https://www.sectoralpha.in/stocks/lupin-ltd) ₹91,962 crore
7. [Glenmark Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/glenmark-pharmaceuticals-ltd) ₹64,875 crore

[All 44 Pharma - Formulators companies, largest first](https://www.sectoralpha.in/sectors/pharma-formulators#all-companies)

### Companies close in size in other industries

1. [Hero MotoCorp Ltd](https://www.sectoralpha.in/stocks/hero-motocorp-ltd) ₹1,03,424 crore · Auto - 2 & 3 Wheelers
2. [Meesho Ltd](https://www.sectoralpha.in/stocks/meesho-ltd) ₹1,03,221 crore · New age - Platform - E-Retail
3. Mankind Pharma Ltd ₹1,02,964 crore
4. [GE Vernova T&D India Ltd](https://www.sectoralpha.in/stocks/ge-vernova-t-d-india-ltd) ₹1,02,932 crore · Electrical Equipments/HVDC
5. [Lloyds Metals & Energy Ltd](https://www.sectoralpha.in/stocks/lloyds-metals-energy-ltd) ₹1,02,773 crore · Mining/Minerals - Iron Ore

## What else do people ask about Mankind Pharma? ### What is Mankind Pharma's share price today? Mankind Pharma Ltd's share price is ₹2,537.90, +12.2% over the past year. The whole company is worth ₹1,04,818 Cr on the market. It is at its highest price of the past 52 weeks (range ₹1,999 to ₹2,538), 7.1% above its 200-day average. The price has been stalling near its high for 3 weeks (as of 4 November 2026). ### What were Mankind Pharma's latest quarterly results? Mankind Pharma Ltd reported revenue of ₹4,338 Cr and net profit of ₹716 Cr for the Sep 2026 quarter. Revenue rose 17.3% and profit rose 37.7% compared with a year earlier. Earnings per share were ₹17.23. The operating margin was 27.0%, 2.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Mankind Pharma's market cap? Mankind Pharma Ltd's market capitalisation is ₹1,04,818 Cr at a share price of ₹2,537.90. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Mankind Pharma performing? Mankind Pharma Ltd's share price has been stalling near its high for 3 weeks. In its latest quarter, revenue rose 17.3% and profit rose 37.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 2 weeks running (as of 4 November 2026). ### Will Mankind Pharma's share price go up? This page does not forecast Mankind Pharma Ltd's share price. What it shows instead: the share price is ₹2,537.90, and it has been stalling near its high for 3 weeks. Its P/E of 45.0× is higher than 11% of its own last 4 years (as of 4 November 2026). ### Who owns Mankind Pharma? Promoters own 72.6% of Mankind Pharma Ltd, foreign institutions 9.4%, domestic institutions 15.5% and the public 2.5% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 5.6 percentage points over 8 quarters (as of 4 November 2026). ### Does Mankind Pharma have too much debt? Mankind Pharma Ltd has a moderate amount of debt: its debt is 0.39× its equity, and its operating profit is 6 times its interest bill. FY26 borrowings were ₹6,312 Cr against equity of ₹16,300 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is Mankind Pharma in its business cycle? Mankind Pharma Ltd's FY26 operating margin was 25.0%, against a 8-year range of 18.0% to 27.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 27.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Mankind Pharma story? The main question: promoters moved −2.3 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Mankind Pharma a stock worth studying right now? What the numbers show: Mankind Pharma Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Mankind Pharma share price forecast for 2026? What management itself guided: FY27 operating margin maintained at 25.5%-26.5%. 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. What would change the story: 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. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Pharma stocks: https://www.sectoralpha.in/sectors/pharma-stocks-india

This is research, not advice. We’re not SEBI-registered.