27-Oct-2026 08:09:27
JPM on Mankind Pharma ; Neutral, TP Rs 2700
Delivered a 2Q beat, with revenue 3% ahead of JPMe led by strong India Rx and healthy exports growth, offsetting consumer weakness. India growth was about 16% YoY but was helped by a low base, so sustainability of the outperformance remains to be seen. EBITDA margin came in at 27%, about 100bps ahead of expectations, but mgmt maintained full-year margin guidance of 25.5–26.5% Consumer guidance has been cut to single digits from HSD-DD, although mgmt remains confident of double-digit growth from next year, supported by faster scaling in e-commerce and quick commerce where mix rose to about 18% in 2Q vs. about 12% last year Raise EBITDA estimates by 3–4% on better visibility in India Rx & exports Maintain Neutral as want more consistent India outperformance & a clearer consumer reset; more colour on ACTx is awaited at investor meet today
MANKIND PHARMA LIMITED