Kotak Institutional Equities has upgraded Mankind Pharma to Buy with a target price of Rs 3,000, implying about 23% upside from the last close of Rs 2,437.80, after the domestic business grew 14.6% year-on-year in July and August — 120 basis points ahead of the Indian pharmaceutical market.
- Brokerage: Kotak Institutional Equities
- Call: Upgrade to Buy
- Target price: Rs 3,000
- Last close: Rs 2,437.80 (September 21)
- Implied upside: About 23%
- Earnings view: About 23% EPS CAGR over FY2026–29
The restructuring is finally behind it
Kotak's core argument is that after a prolonged restructuring impact, the base domestic business is showing tangible signs of recovery. The evidence is a sequence, not a single data point:
- 12.7% year-on-year secondary sales growth in Q1 FY27.
- A further uptick in July and August to 14.6%.
- That growth running 120 basis points ahead of the Indian pharmaceutical market.
Why secondary sales are the number that counts
Primary sales measure what a company ships to distributors. Secondary sales measure what those distributors actually sell on to chemists — in other words, real demand rather than channel stocking. A company can flatter primary sales for ...