Mankind Pharma posts fourth straight quarterly profit fall on sales hit from tax cuts

J B Chemicals and Pharmaceuticals

06/11/2025 12:10

Nov 6 (Reuters) - India's Mankind Pharma MNKI.NS reported a fourth straight quarter of profit fall on Thursday, as the government's sweeping cuts on its goods and services taxes caused supply chain disruptions, weighing on sales volume.

The company, which makes 'Manforce' condoms and 'Gas-O-Fast' antacid tablets, said consolidated net profit fell nearly 22% to 5.12 billion rupees in the second quarter ended September 30.

Revenue rose 20.8% to 36.97 billion rupees.

KEY CONTEXT:

Mankind's chronic illness drugs segment continued to do well, with its domestic market share rising 1.9%, led by demand for its anti-diabetic and cardiovascular medication.

The firm and its peer Torrent Pharma TORP.NS derive most of their sales from drugs that treat long-term conditions such as diabetes and hypertension.

However, sales of over-the-counter medication were hurt as distributors delayed purchases ahead of the government's tax cuts, which came into effect on September 22, its MD Rajeev Sharma said, weighing on overall profit.

Torrent Pharma is expected to report its earnings on November 7.

PEER COMPARISON TABLE:

Valuation (next 12 months)
Estimates (next 12 months)
Analysts' sentiment
RIC
PE
EV/EBITDA
Price/Sales
Revenue growth
Profit growth
Mean rating
# of analysts
Mankind Pharma Ltd
MNKI.NS
38.43
24.05
6.43
15.27
20.31
BUY
16
Torrent Pharmaceuticals Ltd
TORP.NS
43.23
25.89
8.00
12.12
23.63
BUY
29
J B Chemicals and Pharmaceuticals Ltd
JBCH.NS
30.30
19.75
5.52
11.50
17.96
BUY
11
Glenmark Pharmaceuticals Ltd
GLEN.NS
24.28
15.18
NULL
10.55
30.14
BUY
9

STOCK PERFORMANCE CHART:

Mankind Q2FY26 https://fingfx.thomsonreuters.com/gfx/mkt/mopabnejava/Screenshot%202025-11-06%20171043.png

 (Reporting by Mridula Kumar in Bengaluru; Editing by Janane Venkatraman)

 ((Mridula.Kumar@thomsonreuters.com;))