Mankind Pharma: The mirage of hope; Paying for a Turnaround That Never Arrives?

Research evidence excerpt

Mankind Pharma: The mirage of hope; Paying for a Turnaround That Never Arrives?

17 July 2026

Nandan Kulkarni

+91 22 6842 1436

India Healthcare nandan.kulkarni@bernsteinsg.com

Mankind Pharma Ltd Shirsh Sawarna

+91 226 842 1492

Rating shirsh.sawarna@bernsteinsg.com

Underperform

Price Target

MANKIND.IN 2,057.00 INR

Mankind Pharma: The mirage of hope; Paying for a Turnaround

That Never Arrives?

Each quarter we analyze IQVIA’s month on month prescription and market share data for

Close Date 16 Jul 2026

Indian pharma companies. In our coverage universe, Mankind has the highest exposure to

MANKIND.IN Close Price (INR) 2,546.00

IPM (~90% of revenue). Our analysis suggests that the Q1FY27 is yet another quarter of

Price Target (INR) 2,057.00

continued mediocre domestic performance for a historic sales champion of domestic pharma

Upside/(Downside) (19)%

market. For a consecutive ninth quarter, Mankind was the slowest-growing company

52-Week Range 2,706.60/1,909.70

among IPM players in H1CY26 and grew slower than IPM across three months. This is

ASIAX 1,947.71

hardly surprising given our thesis that Mankind is juggling three balls without a success: BSV

FYE Mar

acquisition drag, half-hearted innovation bets, and

Div Yield 0.0%

Our analysis suggests that Q1 growth weakness is across acute, and Chronic. Its leading Market Cap (INR) (B) 1,051.49

chronic products grew slower than IPM chromics straight through ninth quarter, despite EV (INR) (B) 1,097.01

investment in acquired brands, portfolio expansion and field-force capacity. We believe Performance YTD 1M 6M 12M

sales force productivity continues to trail peers. Our double-click on Mankind’s portfolio Absolute (%) 15.9 7.7 17.0 (3.5)