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On Thursday, BofA Securities analysts adjusted their outlook on Mankind Pharma Ltd (MANKIND:IN), lowering the price target to INR2,150 from INR2,250, while maintaining an Underperform rating on the stock. The revision comes after the company reported financial results that fell short of expectations.
Mankind Pharma announced revenue of Rs30.8 billion and an EBITDA margin of 22.2%, which was below both BofA Securities’ and consensus estimates. Analysts at BofA Securities had projected a margin of 23%, while the broader market expectation stood at 25.6%. Despite a pickup in 4Q organic India growth to 10% from 7% in the previous quarter, concerns have been raised about the moderation in BSV sales and the impact of one-off costs on profit margins.
The company provided guidance for its core and BSV portfolio, suggesting a significant improvement by FY26. However, the anticipated margin guidance of 25-26% could potentially lead to a consensus earnings downgrade. In response to the company’s latest financial figures and future projections, BofA Securities has revised its EBITDA estimates down by 3-4%.
The analysts reasserted their Underperform rating, indicating skepticism about the company’s short-term performance prospects. The revised price target of INR2,150 reflects the updated earnings estimates and the challenges faced by Mankind Pharma in achieving its margin guidance amidst the integration process and additional costs.
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