Mankind Pharma Q4 Review: Miss On Operating Performance, Dolat Capital Maintains 'Add' But Cuts Target Price

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Dolat Capital Report

Mankind Pharma Ltd.’s Q4 FY25 sales came in line with our estimates, while the adjusted Ebitda margin at 23% (ex BSV integration cost) was below our estimates due to higher-than-expected other expenses.

Management guided FY26 Ebitda margin in the range of 25-26%. Domestic formulation business is expected to outperform the market by 1.2x. It expects to retire all acquisition-related debt by FY28.

We downgrade our FY26E/FY27E EPS estimates by 4.6%/3.1%, assuming higher opex, interest and amortization costs and maintain ‘Accumulate’ rating with a revised target price of Rs 2,928.

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