Switching Preference: Upgrade Torrent to OW, Downgrade Mankind to EW

Research evidence excerpt

Switching Preference: Upgrade Torrent to OW, Downgrade Mankind to EW

Idea

July 31, 2026 10:21 AM GMT

Morgan Stanley India Company Private Limited+MIndia Healthcare | Asia Pacific Alka Katiyar

Equity Analyst

Switching Preference: Upgrade Alka.Katiyar@morganstanley.comBinay Singh +91 22 6118-1172

Binay.Singh@morganstanley.com +91 22 6118-1158

Torrent to OW, Downgrade Dhara P Shah

Research Associate

Dhara.Shah@morganstanley.com +91 22 6118-2047

Mankind to EW

We change our preference. Mankind’s ~30% return since the end

of March this year and the domestic recovery are largely priced

in, while Torrent offers better upside from faster JB synergies, India Healthcare

better margins and clearer GLP-1 visibility. Asia Pacific

Industry View Attractive

What’s Changed

Key Takeaways

Torrent Pharmaceuticals Ltd.

Earnings visibility and valuation upside have shifted in Torrent’s favour, (TORP.NS) From To

Price Target Rs4,580.00 Rs5,623.00

prompting our OW/EW reversal.

Rating Equal-weight Overweight

Mankind recovery priced in: Shares rose ~30% since March-end vs 19% for Nifty Mankind Pharma Ltd

Pharma; further upside needs stronger IPM outperformance. (MNKI.NS) From To

Rating Overweight Equal-weight

Torrent synergies accelerate: JB cost synergies are ahead of plan, expected above

Rs1bn, with faster realization and further margin upside.

GLP-1 visibility improves: Torrent’s 36% semaglutide share and 94% oral share

make its India GLP-1 opportunity materially more tangible.

Risk-reward favours Torrent: Mankind remains a compounder; Torrent now offers

stronger earnings triggers from integration, margins and GLP-1.

Torrent surprising on the upside, premium valuations to Mankind to sustain:

Torrent’s investment case has strengthened materially since our initiation,