Mankind Pharma Q3 Results Review - Robust Growth In India Coupled With Strong Exports: Nirmal Bang
We expect revenue/Ebitda/profit after tax compound annual growth rate of 16%/31.6%/37% over FY23-FY25E with margin improvement of 580 bps
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Nirmal Bang Report
Mankind Pharma Ltd.’s Q3 FY24 results were a mixed bag where revenue beat our estimate/ consensus estimates but margins declined.
Revenue grew by ~25% YoY on the back of YoY 20% growth in domestic and ~118% YoY growth in the export business. Ebitda margin improved 236 basis points YoY to 23.3%, on the back of improving gross margin, partly offset by higher other expenses.
We like Mankind Pharma given its strong domestic presence with growing focus on Chronic therapies, long runway for growth in consumer healthcare and compelling margin profile and return ratios.
We maintain 'Accumultae' on Mankind Pharma with a revised target price of Rs 2,133, valuing it at 30 times on December 2025E earnings.
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