Kotak upgrades India's Mankind Pharma to 'buy' on signs of business recovery

Kotak Institutional Equities upgraded Mankind Pharma to "buy" from "add," citing a broad-based recovery in the domestic business and raising its fair value to 3,000 rupees from 2,885 rupees. The brokerage expects stronger execution, new launches, increased R&D spending, and improving chronic therapy traction to drive growth, forecasting a ~23% EPS CAGR over FY26-FY29E.