Mankind Pharma Limited (MANKIND.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-54.4%

₹1,127.67

vs ₹2,472.00 price

Levered DCF

₹911.01

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.53

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	43.28×	49.99×	48.42×	44.45×	39.75×	45.02×	55.3×	98.5×
P/B	5.08×	6.94×	9.89×	7.66×	9.26×	12.07×	16.35×	20.18×
P/S	5.8×	8.15×	9.03×	6.51×	7.32×	9.17×	9.71×	11.44×
EV / EBITDA	22.97×	30.19×	32.73×	27.9×	26.19×	31.18×	36.49×	61.06×
Gross margin	43.1%	70.8%	68.3%	66.1%	68.3%	70.6%	92.2%	64.8%
Operating margin	19.1%	20.6%	21.8%	18.8%	24.2%	25.9%	25.0%	33.1%
Net margin	13.4%	16.3%	18.6%	14.7%	18.4%	20.4%	17.6%	11.6%
Current ratio	1.07×	1.23×	3.1×	2.32×	1.68×	2.89×	2.24×	1.95×
Debt / equity	0.39×	0.59×	0.02×	0.02×	0.14×	0.05×	0.04×	0.1×
Interest coverage	4.27×	6.17×	80.49×	39.1×	93.11×	90.68×	93.9×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	0.0%
Payout ratio	2.2%	0.0%	0.0%	0.0%	0.0%	0.0%	35.4%	4.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.7%	13.9%	20.4%	17.2%	23.3%	26.8%	29.6%	20.5%
Return on invested capital	9.1%	8.0%	18.1%	16.1%	18.9%	23.6%	27.8%	34.5%
Return on assets	6.8%	7.2%	16.0%	13.2%	15.7%	19.9%	20.3%	14.1%
Free cash flow yield	2.3%	2.0%	1.9%	1.7%	-2.5%	1.4%	1.5%	0.5%
Earnings yield	2.3%	2.0%	2.1%	2.2%	2.5%	2.2%	1.8%	1.0%
Enterprise value	₹886.1B	₹1.1T	₹924.4B	₹568.4B	₹575.5B	₹570.5B	₹568.8B	₹571.3B
Net debt / EBITDA	1.51×	2.24×	-0.06×	-0.07×	0.26×	0.04×	-0.06×	0.16×
Cash conversion cycle (days)	80	144	81	114	121	128	163	70