In-line FY27 guidance; reiterate Underperform

Research evidence excerpt

In-line FY27 guidance; reiterate Underperform

t fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Mankind Pharma (MANKIND IN) None

Underperform

12-month target: INR1,990.00 - Sum of

Parts

Valuation: INR 1,990.00 - Sum of Parts

Price: INR2,583

Alkem Laboratories (ALKEM IN) None

12-month target:INR4,900.00 - PER

Valuation: INR 4,900.00 - PER

Price:INR5,439

Eris Lifesciences (ERIS IN) None

Outperform

12-month target:INR1,680.00 - Sum of

Valuation: INR 1,680.00 - Sum of Parts

Price:INR1,460

Torrent Pharmaceuticals (TRP None

IN)

12-month target:INR5,000.00 - Sum of

Valuation: INR 5,000.00 - Sum of Parts

Price:INR4,430

Target Price Risk Disclosures

Company Name Risk Disclosure

Delay in closing of JB Pharma acquisition. Torrent Pharmaceuticals (TRP IN) •

Inability to extract synergies from JB Pharma acquisition. •

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