Mankind Pharma’s September‑quarter net profit leapt 39.2% YoY to ₹712 crore, pushing the NSE‑listed stock 8% higher intraday to ₹2,490, the sharpest single‑day gain in nearly two years—according to the company’s filing on Tuesday.
Revenue ticked 17.3% to ₹4,338 crore, while EBITDA margin widened to 27%, beating the 26% consensus by 1 percentage point. The 27% margin is 3 points above the sector average of 24%.
Domestic business grew 15.9%, with chronic and acute portfolios outpacing the market 1.1×, led by 19% growth in cardiac and 26% in the VMN segment. Yet the over‑the‑counter segment lagged, a concern highlighted by Kotak Institutional Equities’ analysis.
Analysts remain cautious. Kotak’s target price of ₹3,035 implies a 5.5% downside; JPMorgan trims to ₹2,700 (15.9% below close); Macquarie and Bernstein slash to ₹2,200 and ₹2,057 respectively, signalling a 31.5–36% potential drop. The consensus target stands at ₹2,704, 8% above the current price.
FY27 EBITDA guidance sits at 25.5–26.5%. The company hints at tightening consumer growth to single digits this year, with exports expected to climb 33%. Guidance for the next fiscal year will be released on November 14.
While the 27% margin keeps Mankind above peer averages, the valuation premium remains under scrutiny as investors weigh the muted OTC trajectory and the company’s pledge to drive double‑digit growth in its specialty businesses.