Mankind Pharma Ltd

Mankind Pharma Ltd .
DescriptionsThe company is India's fourth largest pharmaceutical company by domestic sales volume for FY 2022. It develops, manufactures, and markets a variety of acute and chronic pharmaceutical formulations and consumer healthcare products.
SectorPharmaceutical, chronic therapeutic, healthcare products
MarketIndia, Sri Lanka, Bangladesh, South Africa
SubsidiariesPenta Latex LLP, Pharma Force Lab, Mediforce Healthcare Private Limited.....
Date of InceptionJuly 3, 1991
Key PromotersMr. Ramesh Juneja (Chairman and Managing Director), Mr. Rajeev (Vice Chairman), Juneja Sheetal Arora (CEO)
Major brandsManforce, Preganews, Acnestar, Unwanted-72, Gas-O-Fast, Health OK.
Aquisitions‘Daffy’ and ‘Combihale’ from Dr. Reddy’s Laboratories, Panacea Biotec Pharma Limited and Panacea Biotec Limited in India, cquired Shree Jee Laboratory Private Limited
Contact208, Okhla Industrial Estate, Phase-III, New Delhi – 110 020, India

Primary business of Mankind Pharma Ltd

The company is India's fourth-largest pharmaceutical company in FY 2022. It develops, manufactures, and markets acute, chronic, and consumer healthcare products.

Summary of Industry

  • The global formulation market was estimated at US$ 1,288.83 billion (₹ 96,662.25 billion) in Financial Year 2022

SWOT analysis of Mankind Pharma Ltd


  • Market share   Market leader in male condom category, pregnancy detection kit and contraceptives category.                (i) Manforce: the male condom category,  had Domestic Sales of approximately 4,511 million (30.2% market share),  (ii) PregaNews : the pregnancy detection kit category,  had Domestic Sales of approximately 1,529 million (80.1% market share), and (iii)Unwanted-72 : the emergency contraceptives category, where our Unwanted-72 brand had Domestic Sales of approximately 904 million (representing a ma (Source: IQVIA Dataset) (iv)Gas-O-Fast :  is an ayurvedic, multi-flavor, oral antacid powder with sale ₹1,120 million (v) Nurokind : neuroprotector containing methyl cobalamin combinations with Domestic Sales of approximately ₹5,265 (vi) Telmikind: telmisartan combinations, which are used to treat hypertension with Domestic Sales of approximately ₹3,912 million. (vi) Dydroboon. Dydroboon contains Dydrogesterone, a synthetic hormonal API used to treat female infertility, with sale of ₹1,496 million covering overall 24.6 percent of market share. Brands under shed : Mankind as a brand name has recorded domestic sale of ₹1.00 billion,
  • Wide market and distribution coverage with focus on affordability and accessibility : As of March 31, 2022, Mankind  has one of the largest distribution networks in the IPM, with 11,196 medical representatives and 3,195 field managers, 11,000 stockists and 75 C&F agents and during the Financial Year 2022, over 80% of doctors in India prescribed their formulations.
  • Established and growing consumer healthcare franchise with brand recall


  • Mankind has less exposure to international market   and it has generated a large amount of our revenue from India. In 2020, 2021, and 2022, India accounted for 98.70% (57,888.32 million), 97.01% (₹ 60,285.34 million), and 97.60% (₹ 75,947.48 million) of teir total revenue from operations.
  • Company is operating in a rapidly consolidating, competitive industry and highly regulated industry in terms of approvals - productions- pricing and marketing.
  • Seasonal market: First-half sales were 10% greater than second-half sales due to India's changing climate.
  • Attrition rate For the Financial Years 2020, 2021 and 2022, Mankind Pharma ltd  had attrition of 2,972, 2,783 and 3,483, and attrition rates of 20.29%, 18.17% and 20.34%, respectively, for our permanent employees. and approx 9 % in key managerial posts.


  • Growing domestic demands:- Mankind Pharma Ltd has deep penetration in  domestic market and India is a growing economy with increasing in Healthcare budget due to Irreversible demographic and epidemiologic trends
  • Expansion of health insurance coverage and Govt policy:- Rollout of basic health insurance coverage is likely to advance in some nations around the world, while benefits will be expanded in others, and private health insurance is also expected to increase.
    As of March 2020, around 500 million people (roughly 38 percent of the Indian population) were covered by some type of health insurance. The major population can avail better healthcare facilities boosting the demand of the healthcare products and infrastructure. Govt Policy like PLI scheme is directly benefiting the manufactures and companies serving  in the sector.
  • Increase in ageing population
  • Growing prevalence of chronic diseases : Incidence and prevalence of chronic diseases (such as hypertension, diabetes, chronic respiratory disease, and cardiovascular disease) are on the rise worldwide due to increasing urbanisation, sedentary lifestyles, and poor diets.
  • Strong growth of global generic market


  • Prescription controls:

  • Pricing pressure: In an effort to increase patient access to inexpensive pharmaceuticals while maintaining budgetary stability, countries may exert pricing pressure on certain pharmaceuticals. Govt sometimes interfares and set limit to the price of certain drugs and compositions.

Mankind Pharma Ltd’s Financial Informations:-

Profit and loss

Profit and Loss (All Figures in Cr.Adjusted EPS in Rs.)( Mankind Pharma Ltd)

Profit and Loss (All Figures in Cr.Adjusted EPS in Rs.)
.March 18March 19March 20March 21March22
Sales3,932.89 3,829.06 4,794.41 5,523.18 7,257.04
Expenses3,142.71 3,124.10 3,550.474,151.055,457.03
Operating Profit790.18 704.961,243.94 1,372.131,800
OPM % _ _ _ _
Other Income200.8864.3393.85 154.50162.73
Interest19.03 39.61 11.10 8.2344.22
Depreciation27.7338.3961.77 78.19120.98
Profit before Tax944.30691.301,264.921,440.211,797.54
Tax % _ _ _ _
Net Profit694.36 514.04 958.23 1,084.371,335.13
EPS in Rs1.731.282.39 2.713.33
Dividend Payout %____

Balance sheet

Balance Sheet (All Figures in Cr )( Mankind Pharma Ltd)

Balance Sheet (All Figures in Cr )
.March 18March 19March 20March 21March22
Equity and Liabilities
Share Capital40.0640.0640.0640.0640.06
Reserves2,956.89 3,024.76 3,611.394,694.216,028.72
Borrowings1,011.20 1,136.211,040.24 916.15
Other Liabilities45.3660.6042.8454.11116.06
Current Liabilities967.03725.15815.771,078.912,228.01
Total Liabilities4,009.34 3,850.574,510.065,867.298,412.85
Net Block 522.56767.52939.25981.952,881.14
CWIP322.41210.04 143.93165.51355.28
Loans & Advances 37.7392.8077.60115.59116.25
Current Assets2,258.791,382.29 1,948.603,089.983,256.78
Investments865.47 1,394.241,395.02 1,500.861,760.67
Other Assets2.38 2.611.96 13.3411.45
Total Assets4,009.34 3,850.57 4,510.065,867.298,412.85

Cash Flow Statement

Cash Flow Statements (All Figures in Cr )( Mankind Pharma Ltd)

Balance Sheet (All Figures in Cr )
.March 18March 19March 20March 21March22
Profit from operations 932.77 691.301,264.921,440.211,797.54
Adjustment -69.74 32.07 137.23 96.7459.89
Changes in Assets & Liabilities -73.41 59.10- 168.42-156.19-631.03
Tax Paid -249.56 -245.94 -274.12 -397.38 -414.11
Operating Cash Flow 540.06536.52 959.61 983.38 812.29
Investing Cash Flow -516.33 -305.58 -395.68 -1,127.16 -1,369.34
Financing Cash Flow 7.71-239.81 -558.91 88.87578.92
Net Cash Flow 31.44 -8.87 5.02 -54.91 21.87

Utilisation of Capital raised through IPO

Mankind Pharma Ltd through this IPO wants to raise RS not yet declared.

Offer Proceeds will be received by the Selling Shareholders.

Key Points to to be considered before subscribing for Mankind Pharma Ltd IPO.

IQVIA Report

DHRP report

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