3 Branded Formulation, Biologics and Pharma Service Stocks With a Strong Future Roadmap: Mankind Pharma, Shilpa Medicare and Indegene
- October 14, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Mankind Pharma Rs 2,372.00, P/E 47.91. Shilpa Medicare Rs 973.60, P/E 67.52. Indegene Rs 580.70, P/E 35.20. Closing prices of 13 Oct 2026.
Quick Answer
Branded formulation, biologics and pharma service stocks with the clearest long-term roadmaps today include Mankind Pharma in branded formulations across chronic and acute therapies, a consumer healthcare arm and a large field force, Shilpa Medicare in active ingredients, formulations, biologics and contract manufacturing and Indegene in commercial, medical and regulatory services for life science companies. FY26 revenue growth was 14.8% at Mankind Pharma, 18.2% at Shilpa Medicare and 21.6% at Indegene. P/E stands at 47.91 for Mankind Pharma (industry 37.59), 67.52 for Shilpa Medicare (industry 37.59) and 35.20 for Indegene (industry 62.79). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company’s risks need equal attention.
Branded formulation, biologics and pharma service stocks give investors exposure to medicines, advanced therapies and services that doctors and drug makers rely on. Prescription growth, contract orders and client wins decide how much of that demand turns into profit.
This list covers three branded formulation, biologics and pharma service stocks: Mankind Pharma for branded formulations across chronic and acute therapies, a consumer healthcare arm and a large field force, Shilpa Medicare for active ingredients, formulations, biologics and contract manufacturing and Indegene for commercial, medical and regulatory services for life science companies. Every figure comes from the latest reported financials and the 13 October 2026 market close. Companies without complete current figures were left out.
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What Are Branded Formulation, Biologics and Pharma Service Stocks?
Branded formulation, biologics and pharma service stocks are shares of companies that sell branded medicines, make biologics or serve drug makers. Results depend on prescription growth, contract orders and client wins, so growth and margins separate the stronger names.
Branded Formulation, Biologics and Pharma Service Stocks at a Glance
The table compares size, valuation, return on equity and debt for the three branded formulation, biologics and pharma service stocks as of the 13 Oct 2026 close.
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE | Debt to Equity |
|---|---|---|---|---|---|---|
| Mankind Pharma | 2,372.00 | 99,065 | 47.91 | 37.59 | 11.74% | 0.39 |
| Shilpa Medicare | 973.60 | 20,072 | 67.52 | 37.59 | 9.39% | 0.25 |
| Indegene | 580.70 | 14,110 | 35.20 | 62.79 | 12.78% | 0.05 |
Among healthcare stocks, Mankind Pharma and Shilpa Medicare trade at a premium to the industry P/E, while Indegene trades at a discount.
Why Do Branded Formulation, Biologics and Pharma Service Stocks Have a Strong Roadmap in India?
Branded formulation, biologics and pharma service stocks have a strong roadmap in India because health spending, chronic care needs and outsourcing by drug makers keep lifting these healthcare firms. Three drivers stand out.
- Chronic care: Branded formulations gain from a large field force.
- Advanced medicines: Biologics and contract work add higher-value revenue.
- Outsourcing: Life science firms hand over commercial and medical work.
Mankind Pharma: Branded Formulations Anchor the Roadmap
Mankind Pharma’s roadmap rests on branded formulations across chronic and acute therapies, a consumer healthcare arm and a large field force, with a broad brand portfolio supporting prescriptions and sales.
Revenue grew from Rs 7,977.58 crore in FY22 to Rs 14,636.43 crore in FY26, an 83.5% rise, and FY26 revenue was 14.8% higher than FY25. FY26 net profit was Rs 1,938.10 crore. In Q1 FY27, revenue grew 11.7% to Rs 4,075.59 crore, and net profit rose 29.1% to Rs 574.09 crore. Operating margin was 27.06% in FY26 and 27.42% in Q1 FY27 against 26.04% a year earlier.
Debt to equity is 0.39 and return on equity is 11.74%. FY26 operating cash flow was Rs 3,121.29 crore against capital expenditure of Rs 737.24 crore. Mankind Pharma paid a dividend of Rs 1 per share for FY26, a yield of 0.04%. At a P/E of 47.91 against an industry P/E of 37.59, the stock trades above its industry multiple.
What to watch: Q1 FY27 operating margin was 27.42% against 27.06% for FY26, so margin stability is the figure to follow as volumes grow.
Shilpa Medicare: Ingredients, Biologics and Formulations Anchor the Roadmap
Shilpa Medicare’s roadmap rests on active ingredients, formulations, biologics and contract development and manufacturing, with a wide product mix supporting revenue.
Revenue grew from Rs 1,159.77 crore in FY22 to Rs 1,548.71 crore in FY26, a 33.5% rise, and FY26 revenue was 18.2% higher than FY25. FY26 net profit was Rs 243.33 crore. In Q1 FY27, revenue grew 43.0% to Rs 468.91 crore. Operating margin was 30.79% in FY26 and 31.21% in Q1 FY27 against 30.26% a year earlier.
Debt to equity is 0.25 and return on equity is 9.39%. FY26 operating cash flow was Rs 342.18 crore against capital expenditure of Rs 370.63 crore. Shilpa Medicare paid a dividend of Rs 0.6 per share for FY26, a yield of 0.06%. At a P/E of 67.52 against an industry P/E of 37.59, the stock trades above its industry multiple.
What to watch: The P/E of 67.52 sits above the industry P/E of 37.59, so earnings delivery matters for the valuation.
Indegene: Life Sciences Outsourcing Anchors the Roadmap
Indegene’s roadmap rests on commercial, medical and regulatory services for life sciences and pharma companies, with outsourcing by drug makers supporting revenue.
Revenue grew from Rs 1,690.50 crore in FY22 to Rs 3,582.50 crore in FY26, a 111.9% rise, and FY26 revenue was 21.6% higher than FY25. FY26 net profit was Rs 401.10 crore. In Q1 FY27, revenue grew 39.5% to Rs 1,092.10 crore. Operating margin was 19.11% in FY26.
Debt to equity is 0.05 and return on equity is 12.78%. FY26 operating cash flow was Rs 650.80 crore against capital expenditure of Rs 44.30 crore. Indegene paid a dividend of Rs 2.25 per share for FY26, a yield of 0.38%. At a P/E of 35.20 against an industry P/E of 62.79, the stock trades below its industry multiple.
What to watch: The P/E of 35.20 against an industry P/E of 62.79 leaves valuation less stretched, so the next quarters’ growth is the figure to follow.
Best Branded Formulation, Biologics and Pharma Service Stocks in India: Mankind Pharma vs Shilpa Medicare vs Indegene on Key Financials
Among the best branded formulation, biologics and pharma service stocks in India, Mankind Pharma ranks second on FY26 operating margin and return on equity; Shilpa Medicare leads on FY26 operating margin and Q1 FY27 revenue growth; Indegene leads on FY26 revenue growth and return on equity. The table puts the numbers side by side.
| Metric | Mankind Pharma | Shilpa Medicare | Indegene |
|---|---|---|---|
| FY26 revenue (Rs Cr) | 14,636.43 | 1,548.71 | 3,582.50 |
| FY26 revenue growth | 14.8% | 18.2% | 21.6% |
| FY26 net profit (Rs Cr) | 1,938.10 | 243.33 | 401.10 |
| FY26 operating profit margin | 27.06% | 30.79% | 19.11% |
| Q1 FY27 revenue growth (YoY) | 11.7% | 43.0% | 39.5% |
| Return on equity | 11.74% | 9.39% | 12.78% |
| P/E ratio | 47.91 | 67.52 | 35.20 |
| Debt to equity | 0.39 | 0.25 | 0.05 |
| Dividend yield | 0.04% | 0.06% | 0.38% |
| FY26 operating cash flow (Rs Cr) | 3,121.29 | 342.18 | 650.80 |
Healthcare earnings follow prescription growth, contract orders and client wins, so full-year numbers and quarterly trends together give a better view.
How to Evaluate Branded Formulation, Biologics and Pharma Service Stocks to Buy Before You Invest
A short checklist keeps the research consistent when you screen branded formulation, biologics and pharma service stocks and shortlist branded formulation, biologics and pharma service stocks to buy.
- Compare each stock’s P/E with its industry P/E, which differs by company here.
- Check revenue growth, operating margin and return on equity together.
- Check whether revenue growth is turning into profit growth, not only sales.
- Read operating cash flow against capital expenditure to see how growth is funded.
- Watch debt to equity and interest cover before sizing a position.
- Spread exposure across companies and business lines instead of one demand cycle.
Risks to Consider Before Investing in Branded Formulation, Biologics and Pharma Service Stocks
- Valuation: Shilpa Medicare trades at 67.52 times earnings against an industry multiple of 37.59.
- Pricing rules: Price controls can affect margins.
- Competition: Rival brands and providers can pressure growth.
- Quarterly trends: A single weak quarter can change near-term earnings, so track results every quarter.
Download the Univest iOS App or Univest Android App to track Mankind Pharma, Shilpa Medicare and Indegene live.
Annual reports and quarterly result presentations are the most reliable places to verify the numbers quoted here, because they show segment details, management commentary and the notes behind each figure.
Final Take: Which Stock Has the Strongest Roadmap?
These three healthcare stocks cover branded formulations, biologics and pharma services. Mankind Pharma ranks second on FY26 operating margin and return on equity; Shilpa Medicare leads on FY26 operating margin and Q1 FY27 revenue growth; Indegene leads on FY26 revenue growth and return on equity.
Across branded formulation, biologics and pharma service stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the branded formulation, biologics and pharma service stocks to buy discussed here.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Branded Formulation, Biologics and Pharma Service Stocks
Which are the best branded formulation, biologics and pharma service stocks in India with a strong roadmap?
Ans. Mankind Pharma, Shilpa Medicare and Indegene stand out for their roadmaps in branded formulations, biologics and pharma services. FY26 revenue growth was 14.8% at Mankind Pharma, 18.2% at Shilpa Medicare and 21.6% at Indegene, and return on equity ranges from 9.39% to 12.78%.
Is Mankind Pharma a good stock to buy now?
Ans. Mankind Pharma has a debt to equity ratio of 0.39, a return on equity of 11.74% and a P/E of 47.91 against an industry P/E of 37.59. Valuation, growth and pricing rules move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.
What is the P/E ratio of Mankind Pharma, Shilpa Medicare and Indegene?
Ans. The P/E ratio is 47.91 for Mankind Pharma (industry 37.59), 67.52 for Shilpa Medicare (industry 37.59) and 35.20 for Indegene (industry 62.79). Only Mankind Pharma and Shilpa Medicare trade at or above the industry multiple.
Which of these branded formulation, biologics and pharma service stocks has the highest return on equity?
Ans. Indegene has the highest return on equity at 12.78%, followed by Mankind Pharma at 11.74% and Shilpa Medicare at 9.39%.
What are the risks of investing in branded formulation, biologics and pharma service stocks?
Ans. The main risks are valuation, pricing rules, competition and quarterly trends. Shilpa Medicare trades at 67.52 times earnings against an industry multiple of 37.59.
How did Mankind Pharma, Shilpa Medicare and Indegene perform in Q1 FY27?
Ans. Mankind Pharma reported revenue of Rs 4,075.59 crore, up 11.7% year on year, and net profit rose 29.1% to Rs 574.09 crore. Shilpa Medicare reported revenue of Rs 468.91 crore, up 43.0% year on year. Indegene reported revenue of Rs 1,092.10 crore, up 39.5% year on year.
Do branded formulation, biologics and pharma service stocks pay dividends?
Ans. Yes, all three companies pay dividends. The dividend yield is 0.04% for Mankind Pharma, 0.06% for Shilpa Medicare and 0.38% for Indegene, based on dividends declared for FY26.
How can I invest in branded formulation, biologics and pharma service stocks in India?
Ans. You can buy branded formulation, biologics and pharma service stocks through a demat and trading account on NSE or BSE after checking each company’s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.
