Kotak upgrades India's Mankind Pharma to 'buy' on signs of business recovery

Mankind Pharma

22/09/2026 05:04

** Kotak Institutional Equities upgrades Mankind Pharma MNKI.NS to "buy" from "add," citing a broad-based recovery in the domestic business
** Brokerage raises fair value to 3,000 rupees from 2,885 rupees
** Stock up 0.3% at 2,445 rupees
** Kotak says growth in Mankind's key ex-BSV brands is normalising, with recent sales trends outpacing the broader pharma market
** Brokerage expects stronger execution, new launches, increased R&D spending and improving chronic therapy traction to drive growth
** Kotak forecasts a ~23% EPS CAGR over FY26-FY29E, saying the company's turnaround is becoming increasingly visible and valuations remain reasonable
** Avg rating of 19 analysts on stock at "buy"; median PT is 2,850 rupees - LSEG-compiled data
** YTD, MNKI up 11.4% vs pharma index's .NIPHARM ~19% climb


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))