Archive · 3 Aug 2026
Morgan Stanley Flips Preference Between Torrent and Mankind Pharma
Morgan Stanley, a big investment bank, decided to favor one Indian drug company over another.
They raised Torrent Pharma’s rating and lowered Mankind Pharma’s rating.
Torrent is doing well because it is merging with another company, saving money, and selling popular medicines.
Mankind’s stock has already gone up a lot, so there isn’t much room for more gains.
The bank thinks Torrent has more chances to grow in the future.
Morgan Stanley upgraded Torrent Pharma to Overweight, target price Rs 5,623, ~40% upside.
Morgan Stanley downgraded Mankind Pharma to Equal-weight, target price Rs 2,735, ~10% upside.
Upgrade based on faster JB Pharma integration, cost synergies > Rs 1B, expected FY28/29 synergies.
Torrent’s strong GLP-1 market share (36% semaglutide, 94% oral) boosts growth prospects.
Mankind’s recent rally (~30% gain) limits further upside; valuation rather than performance drives downgrade.
- Who
- Morgan Stanley analysts
- What
- Changed ratings on Torrent Pharmaceuticals and Mankind Pharma
- When
- After the June quarter earnings
- Where
- India pharmaceutical sector
- Why
- Stronger earnings visibility and integration gains for Torrent; valuation limits for Mankind
- Upgraded company
- Torrent Pharmaceuticals
- New rating
- Overweight
- Target price
- Rs 5,623
- Downgraded company
- Mankind Pharma
- New rating
- Equal-weight
- Target price
- Rs 2,735