MANKIND PHARMA LISTING PRICE

Macquarie initiates coverage on Mankind Pharma, sees 30 per cent upside

Mankind Pharma derives 98 per cent of its revenue from the domestic pharma market. Within its domestic business, 90 per cent of its revenue comes from prescription pharmaceuticals and the rest from the consumer health business. The brokerage firm stated Mankind has net cash of Rs 2.8 billion as of Dec’22 with strong cash flow generation. FY22 ROIC of 30 per cent and ROE of 26 per cent fare much better than its domestic peers (avg ROIC ~17 per cent, avg ROE ~16 per cent) and are in line with MNC peers such as Abbott, Pfizer, and GSK India.