Mankind Pharma: Cost driven 4Q beat with domestic momentum key to watch

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Mankind Pharma: Cost driven 4Q beat with domestic momentum key to watch

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Mankind Pharma

Cost driven 4Q beat with domestic

momentum key to watch

Reiterate Rating: UNDERPERFORM | PO: 2,250 INR | Price: 2,584 INR

4Q beat largely on lower costs 20 May 2026

Mankind reported a better-than-expected qtr with 27% margin vs. street at 24% driven Equity

by reduction in operating costs (6-9% QoQ). While organic domestic growth at 10.6%

was inline, the qtr saw much awaited recovery in BSV (60% on low base) & strong OTC

Key Changesgrowth. While there was some element of one-off (waiver of director fees), the company

indicated seasonality & incentive restructuring reflecting in costs. The double-digit FY27 (Rs) Previous Current

revenue growth guidance (on a low base in BSV) is as expected but margin were better Inv. Opinion B-3-8 B-3-7

than expected, reflecting 4Q cost base & operating leverage gains, in our view. Price Obj. 2,100.00 2,250.00

2027E Rev (m) 156,126.7 159,770.5

2028E Rev (m) 173,800.0 177,435.9Path to recovery post few qtrs of muted trend?

While Mankind domestic Rx growth has lagged IPM, the company was confident on 2029E Rev (m) NA 197,845.3

double digit growth in FY27 (atleast in line with IPM) with aspiration of outperforming 2027E EPS 48.02 55.35

IPM. The confidence on this growth guidance was supported by normalization in acute 2028E EPS 59.22 66.91

therapy trends (low base, ramp-up of new MRs), sustained outperformance in chronic 2029E EPS NA 81.28

segment as well as step-up in BSV’s super specialty growth & contribution from GLP

supportive therapies (though not aggressively competing in GLP market). Mankind also Neha Manpuria >>

pointed to high-teen growth in international segment with change in leadership in Research Analyst