Motilal Oswal: Buy Mankind Pharma, Target ₹2,640

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AuthorVihaan Mehta|Published at:
Motilal Oswal: Buy Mankind Pharma, Target ₹2,640
Overview

Motilal Oswal has reiterated a 'BUY' rating on Mankind Pharma, setting a target price of ₹2,640. The brokerage highlights a significant revival in the company's domestic formulation business, with recent growth outperforming the broader Indian Pharmaceutical Index. Key drivers include strong performance in cardiac and anti-diabetic therapies, signaling improved execution following recent restructuring.

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Domestic Formulation Strength

Mankind Pharma's domestic formulation business is showing robust signs of recovery. In March 2026, this segment registered an 11.5% year-on-year growth. This performance notably outpaced the overall Indian Pharmaceutical Index (IPM) growth of 10.6% by 1.1 percentage points.

Chronic Therapies Lead Recovery

The broad-based recovery is particularly strong in chronic therapy areas. Cardiac treatments saw growth of approximately 20% year-on-year, while anti-diabetic drugs grew by about 12.6% year-on-year. These figures suggest a significant improvement in the company's operational execution and greater stability within its field force after undergoing a restructuring process.

Valuation and Outlook

Motilal Oswal values Mankind Pharma at approximately 35 times its 12-month forward earnings. This valuation reflects the growing visibility of the company's growth trajectory, its strong domestic market franchise, and the expected synergies from recent acquisitions. The brokerage maintains its 'BUY' recommendation, setting a price target of INR 2,640.

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Disclaimer:This content is for educational and informational purposes only and does not constitute investment, financial, or trading advice, nor a recommendation to buy or sell any securities. Readers should consult a SEBI-registered advisor before making investment decisions, as markets involve risk and past performance does not guarantee future results. The publisher and authors accept no liability for any losses. Some content may be AI-generated and may contain errors; accuracy and completeness are not guaranteed. Views expressed do not reflect the publication’s editorial stance.