Bernstein on Mankind Pharma ; UW TP Rs 2057

While Q2 is historically stronger for Mankind, believe Q2FY27 provided limited incremental evidence to justify its premium valuation. Excluding better-than-expected operating leverage, headline numbers were largely in line with estimates. Domestic growth of 15.9% appears healthy, but recovery remained uneven: gastro and vitamins improved, while anti-infectives grew only 5.4% and consumer healthcare 1.2%. Volume growth of 6.7% deserves credit, but management had already guided to a better Q2. Seasonally stronger acute demand, an easier GST-affected base and limited contribution from new brands also leave us reluctant to extrapolate headline growth. Consumer recovery has been pushed out again, reinforcing initiation concerns around weakening momentum & slow brand creation. Exports surprised positively, while BSV continues to build a better execution record Margins beat estimates, but management retained 25% guidance set at beginning of the year

MANKIND PHARMA LIMITED

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