Nirmal Bang Maintains 'Hold' On Mankind Pharma Shares, Revises Target Price — Here's Why

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Nirmal Bang Report

We expect Mankind Pharma Ltd.'s revenue/Ebitda/PAT CAGR of 15%/19%/17% over FY25- FY27E with Ebitda margin improvement of 133bps. Future growth strategy will revolve around:

1. Increased covered market presence, especially in the Chronic segment.

2. Improved scale in Consumer Healthcare.

3. Deeper penetration into Metro and Class-I cities,

4. Increasing doctor engagements, especially with the specialists, and

5. Process optimization measures in Anti-infective divisions and the acquired BSV portfolio.

We estimate healthy cumulative free cashflow generation of ~Rs 70 billion over FY26E-FY27E with low capex requirement. ROE/ROCE are expected to remain healthy at 15.2%/11.1% by FY27E.

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