Kotak Institutional Equities has maintained its add rating on Mankind Pharma with a target price of ₹2,520 per share, noting that the company continues to fight a two-front battle between its core business and the recently acquired BSV portfolio. According to IQVIA data cited by the brokerage, six of the company’s top 10 brands have witnessed a decline in market share over the past year, reflecting weaker volumes in the chronic and acute therapy segments. As a result, cumulative sales of Mankind’s top 15 brands grew only about 7% year-on-year for the MAT period ending October 2025, indicating subdued traction in marquee franchises.
On the positive side, BSV’s integration continues to gain traction, with its top 15 brands reporting a strong 15% growth in the same MAT period. Kotak highlighted that market shares for most key BSV brands have either held steady or improved, suggesting successful brand consolidation and better execution. The brokerage said that while the recovery in the overall business has been gradual, both Mankind and BSV are expected to enter a comparatively stronger growth phase over the coming quarters as distribution normalises and volume momentum returns in key categories.
Kotak added that the long-term outlook remains constructive, but the muted performance in the legacy portfolio warrants caution. The brokerage believes that sustained improvement in volumes and deeper penetration across domestic therapies will be essential to unlock the next leg of growth.
Disclaimer: The views and recommendations above are those of Kotak Institutional Equities. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
