Mankind Pharma hits 52-week high, JP Morgan starts coverage with ‘overweight’ rating

The stock has delivered 37-percent returns since its listing in May 2023, the brokerage firm highlighted while adding that Mankind Pharma is one of the fastest growing domestic pharmaceutical companies with a leadership in value.

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Shares of Mankind Pharma jumped 4 percent on June 13, hitting 52-week high at Rs 1,540, after the foreign brokerage firm JP Morgan initiated coverage on shares of the pharmaceutical company with an ‘overweight’ rating and a target price of Rs 1,700, which implies a 10-percent upside from June 13’s high. At 9:21 am, shares of the pharma company were trading at Rs 1,515, up 2.7 percent on the BSE.

The stock has delivered 37-percent returns since its listing in May 2023, the brokerage firm highlighted while adding that Mankind Pharma is one of the fastest growing domestic pharmaceutical companies with a leadership in value.

Mankind Pharma has consistently outperformed industry primarily on account of strong volume growth, JP Morgan said. The global brokerage firm believes the pharmaceutical company will continue to gain market share.

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What analysts are saying

JP Morgan has estimated a revenue and earnings growth of 15 percent and 22 percent, respectively, on a compounded annual basis over FY23-26.

Even Nirmal Bang Institutional Equities initiated coverage on the stock recently, saying Mankind Pharma is one of a kind with a pure domestic play.

Mankind Pharma is largely a pure-play domestic story with approximately 97 percent domestic sales in FY23. The domestic market’s contribution is also the highest among the large cap domestic pharma peers, which gives it greater revenue visibility against the backdrop of uncertain export growth, especially in the generic segment, the domestic brokerage firm said.

“We like Mankind due to its domestic-centric portfolio, strong growth prospects, improving mix towards Chronic and specialist doctors with strong financials,” Nirmal Bang Institutional Equities said with an ‘accumulate’ rating and a target price of Rs 1,440.

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