Kotak initiates coverage on Mankind Pharma, sees 11% upside. 3 reasons why

Kotak Institutional Equities has initiated coverage on Mankind Pharma and given it an ‘Add’ rating with a target price of Rs 1,875. The brokerage expects Mankind to show significant growth in branded Rx, consumer healthcare and international segments over FY 2023-26E, leading to 15%, 22% and 26% sales, adjusted EBITDA and adjusted PAT CAGRs respectively. The stock is valued at a premium against peers such as Cipla, Zydus, Lupin, Alkem and Dr Reddy’s due to its superior growth prospects. The brokerage notes Mankind’s consistent outperformance, well-rounded portfolio and industry-leading return ratios.

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