Mankind Pharma: Awaiting a convincing growth inflection; downgrade to Neutral

研报英文原文证据摘录

Mankind Pharma: Awaiting a convincing growth inflection; downgrade to Neutral

J P M O R G A N Asia Pacific Equity Research

31 July 2026

Mankind Pharma ▼Neutral

Previous: Overweight

Awaiting a convincing growth inflection; downgrade to MNKI.NS, MANKIND IN

Price (31 Jul 26):Rs2,469.60

Neutral ▼Price Target (Sep-27):Rs2,700.00

Prior (Mar-27):Rs2,850.00

We downgrade Mankind to Neutral and lower our target multiple, as the company Pharmaceuticals & Healthcare

continues to underperform the India pharma market (IPM) on core India growth. Services

Mankind has long been a structural outgrower, but that premium has eroded over Bansi Desai, CFA AC

the past two to three years as field-force restructuring and softer acute IPM growth (91 22) 6157 3581

weighed on the base business, while consumer healthcare navigated its own bansi.desai@jpmorgan.com

challenges. Encouragingly, the domestic organic business improved to ~10.6% Amlan Jyoti Das

YoY growth in 1QFY27 from ~8% in recent quarters, though it still trails IPM (91 22) 6157 3574

growth of ~13.6%. We credit the push to lift chronic share, but with ~60% of the amlan.das@jpmchase.com

J.P. Morgan India Private Limited, J.P. Morgan

portfolio still acute, a return to market outperformance is likely to be slow, and Tower, Santacruz(E), Mumbai - 400098, SEBI

while we acknowledge management’s aspiration to outgrow the market, we do not Registration: INH000001873, (91-22) 6157-3000.

believe the stock warrants a premium multiple until that is delivered consistently.

The BSV acquisition is tracking well, but not enough to re-rate the stock. Valuation Style Exposure

also leaves limited room for upside: The stock is up ~14% YTD vs. ~17% for the

NSEPHRM index, and we expect it to remain range-bound until a clearer