Mankind Pharma shares fall 4% after Q3 results; should you buy, sell or hold?

Shares of Mankind Pharma Ltd dropped more than 4 per cent during the trading session on Wednesday after the company reported a sub-par performance in the December 2025 quarter. Results on a quarter-on-quarter (QoQ) basis came in weak and analysts have mixed views on the counter.

Brokerages believe that Mankind Pharma is seeing steady gains in chronic therapies but muted overall growth due to weakness in acute segments and integration challenges. It is working to revive acute growth, scale up the BSV acquisition and improve productivity, while managing near-term margin and earnings pressure from debt-funded expansion.
 

Mankind Pharma share price

Shares of Mankind Pharma dropped 4.45 per cent to Rs 2,060 on Wednesday, with its market capitalization slipping below Rs 86,000 crore. The stock had settled at Rs 2,155.90 in the previous trading session. Shares of Mankind Pharma have plunged nearly 25 per cent from its 52-week high at Rs 2,726.75 hit in July 2025.

Shares of Mankind Pharma were listed at the bourses in April 2023, when the company raised a total of Rs 4,326 crore from investors by selling its shares for Rs 1,080 apeice. The stock has gained more than 90 per cent from its IPO price so far.
 

Mankind Pharma Q3 results

Mankind Pharma reported a 9.5 per cent jump in the net profit on a year-on-year (YoY) basis to Rs 414 crore, while revenue jumped 11.5 per cent YoY to Rs 3,567 crore for the three months ended on December 31, 2025. The company reported a 4.6 per cent YoY jump in the adjusted ebitda to 923 crore with ebitda margins contracting 170 basis points to 25.9 per cent.

Domestic revenue registered a growth of 11.1 per cent YoY driven by growth in base business, further aided by BSV consolidation, while consumer healthcare revenue rose 5.2 per cent YoY, regaining sequential growth momentum. Exports revenue increased 14 per cent YoY primarily driven by healthy growth in BSV international business.

Consistently maintained first rank over the last 8 years with prescription share of 15.2 per cent, said the company in its release. It clocked healthy growth in secondary sales for Gas-o-fast, Manforce Condom and Ova news of 33 per cent, 8 per cent and 36 per cent YoY respectively in Q3FY26.
 

Mankind Pharma target price

Mankind not only increased the chronic share but also grew in line with industry in chronic therapies (excluding GLP1 launches). However, total secondary sales growth was muted due to an inferior show in acute therapies as the company implemented coarse corrective measures, said Motilal Oswal Financial Services Ltd.

Mankind is working on multiple fronts gaining market share in chronic therapies, reviving growth in acute therapies, integrating and building synergy from BSV acquisition, and d) revising business policy for consumer health business. The pick-up in growth from these corrective actions remains the key monitorable," it added with a 'buy' tag and a target price of Rs 2,505.

Organic India formulation growth was at 9.1% YoY, and exports grew in mid-single-digit, and BSV recorded sales of Rs 464 crore (India + Export). Mankind is on track to launch Semaglutide in India after patent expiry. While the BSV acquisition will be EBITDA-accretive, the debt-funded M&A could keep near-term earnings stressed, said HDFC Securities.

Mankind expects gradual recovery in the acute therapies after corrective measures to ensure the volume growth and productivity improvement; strong growth in key chronic segments led by traction in recently launched products; BSV: scale-up over next few quarters, targets to improve margin in the near term; and expand the presence in export markets, it said.

Factoring Q3 miss, we have cut EPS estimates for FY26/27 to factor lower-than-expected margin and delay in synergies with BSV. We maintain 'add' with revised target price to Rs 2,460," HDFC Securities said.  "We keep monitoring the progress in BSV business integration as well as growth momentum and debt repayment."

Nirmal Bang Institutional Equities sees revenue/EBITDA/PAT CAGR of 13 per cent/12 per cent/8 per cent over FY25–FY28E, factoring in a slower-than-anticipated recovery in the base business, delayed productivity normalization and lingering GST-related disruptions. Ebitda margins are expected to remain broadly stable at 24 per cent as operating efficiencies and product mix gains offset higher employee costs and R&D spend.

"Field-force productivity, especially in Tier 2–4 markets, remains a key monitorable as ramp-up of newly-recruited MRs is taking longer than expected. We estimate a healthy cumulative free cash flow generation of Rs 6,270 cror over FY26E–FY27E, most of which will likely be used for debt repayment. ROE/ROCE are expected to moderate by FY27E," it said with a 'hold' rating and target price of Rs 2,177.

Mankind’s revenue was in line with estimates, while Ebitda was slightly above but net earnings were below estimates due to one-off items. Organic domestic branded formulation growth remains subdued owing to integration / execution challenges, said Systematix Institutional Equities.

"The anti infective / acute business is also a drag on overall growth. Company reduced net debt by Rs.5000mn during the quarter (Net Debt to Ebitda at 1.3 times). We tweak our forecasts as we lower our expectations on domestic formulation growth. We roll over our price target to FY28E EPS and maintain 'hold' on Mankind Pharma with a revised target price of Rs 2,467," it adds.