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Informist, Tuesday, Feb. 3, 2026

By Adhithya Aji

MUMBAI - Mankind Pharma Ltd. is expected to see a double-digit on-year growth in its December quarter net profit and revenue due to the full quarter impact of the integration of accounts of Bharat Serums and Vaccines Ltd., the subsidiary that it integrated in the previous quarter, according to the brokerages tracking the company.

The pharmaceutical major is expected to report a consolidated net profit of INR 4.76 billion for the December quarter, up nearly 28% on year but down around 7% sequentially, according to the average of estimates from five brokerages. The highest estimate for bottom line is INR 5.55 billion from HDFC Securities Ltd. and the lowest is INR 4.16 billion from Nirmal Bang Equities Pvt. Ltd.

The consolidated revenue of the company is estimated to grow nearly 12% on year to INR 35.73 billion for the reporting quarter, according to the average of estimates. Sequentially, the revenue is seen down over 3%. The estimates for net sales range from a high of INR 36.30 billion from Kotak Securities Ltd. to a low of INR 34.77 billion by Nirmal Bang Equities.

The company's sales for the December quarter are expected to be driven by a double-digit growth in the business of Bharat Serums and Vaccines – the subsidiary of Mankind Pharma that manufactures biopharmaceuticals.  

"Revenue is expected to grow 7.6% YoY (year-on-year) on account of double digit growth in the acquired BSV business," Nirmal Bang Equities said. Kotak Securities said Bharat Serums and Vaccines' revenue is expected to grow 10% sequentially. The brokerage said the on-year comparison of the financials of this subsidiary is not possible as it was consolidated during the previous quarter.

Motilal Oswal expects the revenue of the company to grow 11.6% on year due to the full quarter impact of Bharat Serums and the gradual revival of domestic business. In the September quarter, revenue from domestic business was INR 31.84 billion, accounting for around 86% of the company's total revenue.

The domestic business of the company is expected to grow 9% on year for the reporting quarter, up from 6% in the previous quarter, Kotak said. This growth is due to the steady recovery in the base business after the corrective measures undertaken in 2024-25 (Apr-Mar). Additionally, Kotak also expects the international organic business to grow 8% on year.

The consumer healthcare business of the company, which makes popular brands such as Manforce, Prega News, and Gas-O-Fast, is expected to grow in double digits after the disruption in the previous quarter due to goods and services tax rate rationalisation, according to brokerages. The growth in this business is also driven by strong secondary momentum and e-commerce share, Systematix Shares and Stocks (India) Ltd.  

The prescription drugs and over-the-top divisions are likely to post sales growth of 11% on year and 8% on year, respectively, Kotak said.

The earnings before interest, tax, depreciation, and amortisation of the company are expected at INR 8.80 billion, according to the average of estimates. The highest estimate for the metric is INR 9.52 billion from HDFC Securities and the lowest is INR 8.06 billion from Nirmal Bang Equities. 

"Gross margins remain flat due to weak business mix offset by cost controls leading to higher EBITlDA margin," according to HDFC Securities. However, Kotak expects the company's EBITDA margin to fall 100 basis points on year to 24.7% due to higher employee costs and other expenses. In the September quarter, the EBITDA margin of the company was 25% and in year-ago quarter it was 27.7%.

The momentum in the Bharat Serums business, field force stabilisation, and acute recovery post transformation along with net debt trajectory are the key points to watch out for Mankind Pharma's December quarter earnings, according to analysts.  The company will announce its December quarter earnings Tuesday.

At 1006 IST, shares of the company were nearly 3% higher at INR 2,122.10 on the National Stock Exchange. The stock is down 6% since the announcement of the company's September quarter earnings.   

Of the five brokerage reports available on the company, three have a ‘buy' call on the stock, with an average target price of INR 2,670. This is nearly 26% higher than the current market price. The remaining two brokerages have a ‘hold' recommendation.

Following are the Oct-Dec earnings estimates for Mankind Pharma from five brokerage firms in the descending order by the estimate of net profit in INR billion:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Vandana Hingorani

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