The study highlights the hyperspectral characteristics of canopies of 14 tropical mangrove species, belonging to nine families found in the tidal forests of the Indian Sundarbans. Hyperspectral observations were recorded using a field spectroradiometer, pre-processed and subjected to derivative analysis and continuum removal. Mann-Whitney U tests were applied on the spectral data in four spectral forms: (i) Reflectance Spectra (ii) First Derivative, (iii) Second Derivative and (iv) Continuum Removal Reflectance Spectra. Factor analysis was applied in each of the spectral forms for feature reduction and identification of the important wavelengths for species discrimination. Stepwise discriminant analysis was used on the feature reduced reflectance spectra to obtain optimal bands for computation of Jeffries–Matusita distance. The Mann-Whitney U test could be satisfactorily used for determining the significant (separable) bands for discriminating the species. In general, the red region, red edge domain, specific near infrared bands (including 759, 919, 934, 940, 948, 1152, 1156, 1159 and 1212 nm) and shortwave infrared region (1503–1766 nm) played major roles in spectral separability. Overall, hyperspectral data showed potential for discriminating between mangrove canopies of different species and the results of the study also indicated the usefulness of the applied statistical tools for discrimination.