Morgan Stanley initiates coverage on India's Torrent Pharma, Mankind Pharma

J B Chemicals and Pharmaceuticals

27/03/2026 04:24

**Morgan Stanley initiates Torrent Pharma TORP.NS with "Equal-weight" and PT of 4,580 rupees; and Mankind Pharma MNKI.NS with "Overweight" and PT of 2,500 rupees

**Brokerage says both the Indian pharma companies are long-term compounding franchises supported by chronic therapies, pricing, and new launches

**However, brokerage prefers MNKI on earnings recovery potential and scaling of BSV unit, plus supportive valuations

**Says TORP's growth and synergy potential already reflected in current valuations after recent re-rating

**Expects MNKI to have revenue growth at a CAGR of 11% from FY26 to FY28

**Sees TORP and JB Chemicals merger to have cost synergies of 3 billion rupees ($31.82 million) and 4.5 billion rupees in FY28 and FY29, respectively

**Shares of Torrent Pharma TORP.NS down 0.8% at 4,265 rupees, while Mankind Pharma MNKI.NS flat at 2,024 rupees

**YTD, TORP up 11.2%; MNKI down 7.6%

($1 = 94.2730 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

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