Motilal Oswal's research report on Mankind Pharma
Mankind Pharma (Mankind) reported in-line revenue in 1QFY26. However, EBITDA/PAT came in 5%/7% below our estimates. Higher operational costs at the start of the financial year, coupled with increased interest costs and depreciation, affected earnings for the quarter. After the implementation of corrective measures in the prescription (Rx) segment of the domestic formulation (DF) category over the past two years, the benefits are now visible to some extent, with Mankind outpacing industry growth in Rx in 1QFY26. Notably, Mankind outperformed the industry in volume, along with superior growth in chronic therapies.
Outlook
We value Mankind at 45x 12M forward earnings to arrive at a price target of INR2,990.
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