Motilal Oswal's research report on Mankind Pharma
Mankind Pharma (MANKIND) delivered a largely in-line financial performance for 2QFY26. EBITDA was slightly lower than estimates due to higher employee costs. MANKIND undertook a restructuring exercise, including talent upgrade and an increase in the sales force, driving higher opex for the quarter. MANKIND continued to deliver industry-beating growth in domestic formulation (DF) for certain therapies such as cardiac and diabetes. The company also recorded healthy growth in in-licensed inhaler products for the quarter.
Outlook
We largely maintain our estimates for FY26/FY27/FY28. We value MANKIND at 42x 12M forward earnings to arrive at a TP of INR 2,800. The company is transforming its DF segment to be future-ready, aiming for sustained industry outperformance across therapeutic and consumer health segments. Additionally, it is in the process of consolidating BSV and taking steps to integrate the acquisition and build synergies. The financial leverage will further lead to a YoY decline in earnings for FY26. Subsequently, we expect MANKIND to deliver 31%/21% YoY growth in earnings for FY27/FY28. Reiterate BUY.
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