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Informist, Friday, Jul. 24, 2026

 

By Gunjan Rajput 

 

NEW DELHI – Mankind Pharma Ltd. is expected to report a sharp on-year rise in its consolidated net profit for the June quarter, supported by contribution from the acquired Bharat Serums and Vaccines Ltd. business, healthy growth in its domestic formulations business, and margin expansion.
 

The pharmaceutical company is expected to post a consolidated net profit of INR 5.86 billion, up nearly 34% from INR 4.38 billion a year ago, according to the average of estimates from seven brokerages. The company's revenue is seen rising nearly 12% on year to INR 39.82 billion. On a sequential basis, revenue is expected to increase nearly 16%, while net profit is seen up nearly 2%. If realised, this will be the third consecutive quarter of on-year growth in net profit, while revenue is expected to grow at a pace similar to the previous three quarters.
 

The highest estimate for the company's net profit is INR 6.50 billion from Motilal Oswal Financial Services Ltd., while the lowest estimate is INR 5.29 billion from Nirmal Bang Equities Pvt. Ltd. The highest revenue estimate is by Nirmal Bang Equities at INR 40.17 billion, and the lowest is by  BofA Securities at nearly INR 39.51 billion.
 

Mankind Pharma's domestic formulations business is expected to post a 10-12% year-on-year growth and will be the primary growth driver, supported by continued strength in chronic therapies. "Within India, chronic therapies should remain the stronger pillar, but the more important read-through this quarter is the continued normalisation in acute, which should help broaden the recovery across the portfolio (in line with management's FY27 growth aspirations)," Nirmal Bang Equities said in its report.

The acquisition of Bharat Serums and Vaccines is also expected to support the company's earnings for the June quarter. Kotak Securities expects Bharat Serums and Vaccines revenue to grow 17% on year, while HDFC Securities has estimated sales from the business around INR 4.79 billion for the June quarter. "We expect low double-digit revenue growth, with net earnings expected to grow at a faster pace, supported by operating and financial leverage following the BSV (Bharat Serums and Vaccines) acquisition," Systematix Shares and Stocks (India) Ltd. said in its report. Brokerages expect export sales to grow 8-16% on year, led by continued expansion in the rest of the world markets.

The company's earnings before interest, tax, depreciation, and amortisation are expected at INR 10.34 billion, according to the average of estimates from seven brokerages. This is up nearly 22% on year and nearly 14% on quarter. The highest estimate for EBITDA is INR 11.05 billion from Motilal Oswal and the lowest estimate is INR 9.73 billion from Nirmal Bang.

Brokerages expect EBITDA margin to expand for the June quarter. Kotak Securities sees EBITDA margin at 25.9%, HDFC Securities sees EBITDA margin at 25.7% and Motilal sees EBITDA margin at 27.7% for the June quarter. The company's EBITDA margin was 23.8% in the year-ago quarter. "Gross margins expansion on better sales mix and cost controls leading to higher EBITDA margin," HDFC Securities said in its report. Nirmal Bang Institutional Equities expects sequential margin improvement from operating leverage, although margins may remain below the seasonally stronger March-quarter level. The company's EBITDA margin was 26.4% in the March quarter.
 

Analysts will closely watch management's comments on the integration of the Bharat Serums and Vaccines business, recovery in the acute segment, margin sustainability and the outlook for domestic formulations and exports.

 

Mankind Pharma will detail its June quarter earnings on Thursday. Friday, shares of the company ended at INR 2,507.20 on the National Stock Exchange, down nearly 2%. The shares are down nearly 3% since the company reported its March quarter results on May 19.

 

Out of the six brokerage reports on the company available with Informist, three have a ‘buy' or equivalent recommendation on the stock with an average target price of INR 2,725. This is nearly 9% higher than the current market price. Two brokerages have a ‘hold' or equivalent recommendation on the stock with an average target price of INR 2,465. One brokerage has a ‘sell' or equivalent recommendation with the target price of INR 2,359.

 

The following are the June quarter earnings estimates for Mankind Pharma from seven brokerages in descending order of the estimate of net profit in INR billion:

 

 

Brokerage	Net Sales	Net Profit	EBITDA
Motilal Oswal Financial Services Ltd.	39.89	6.50	11.05
JM Financial Institutional Securities Pvt. Ltd.	39.60	6.10	10.25
Bank of America Global Research	39.51	6.05	10.65
HDFC Securities Ltd.	39.78	5.95	10.22
Kotak Securities Ltd.	39.82	5.59	10.30
Systematix Shares and Stocks (India) Ltd.	39.99	5.57	10.20
Nirmal Bang Equities Pvt Ltd.	40.17	5.29	9.73
Average	39.82	5.86	10.34

 

End

 

Edited by Himanshi Gupta

 

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