Mankind Pharma appoints Nilesh Kulkarni as HR Head and SMP

Mankind Pharma Limited has appointed Mr. Nilesh Kulkarni as the Head of Human Resource Functions for the Group and designated him as a Senior Management Personnel (SMP), effective June 8, 2026. This strategic realignment of the human resources leadership framework was approved by the Board of Directors through a resolution passed by circulation as part of an internal organizational restructuring. Consequently, Mr. Prateek Dubey has ceased to be a Senior Management Personnel as he transitions to new roles and responsibilities.

Mr. Nilesh Kulkarni brings over 25 years of experience as a senior HR professional, specializing in organizational transformation and high-performance cultures within the pharmaceutical sector. His expertise includes multi-country M&A, integrations, learning and development architecture, talent management, succession planning, and complex organization design across India and international markets. He has held leadership positions in India, South Asia, and Europe.

Prior to this appointment, Mr. Kulkarni spent over six years as the Chief Human Resources Officer (CHRO) of Bharat Serums and Vaccines Ltd. (BSV), a material wholly owned subsidiary of the Company. He has previously been associated with Novo Nordisk, Roche, Novartis, and Sanofi. The appointment is full-time and governed by the standard policies and service rules of the Company.

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Mr. Nilesh Kulkarni and Mr. Prateek Dubey do not have any relationship with the Directors of the Company.

Key Appointments and Changes

Particulars	Details
Name of the Person	Mr. Nilesh Kulkarni
Designation	Head of Human Resource Functions of Mankind Pharma Group
Date of Appointment	June 8, 2026
Reason for Change	Internal Organisational Restructuring
Terms of Appointment	Full-time employment, governed by standard policies and service rules

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.62%	+3.36%	-2.25%	+8.98%	+0.83%	+67.07%

Mankind Pharma has received a reiterated Buy rating from global brokerage firm Jefferies, which has set a target price of ₹3,000 on the stock. The brokerage's constructive stance is anchored in a multi-pronged growth outlook spanning domestic market recovery, export expansion, and longer-term research and development potential.

Domestic Growth Outlook

Jefferies expects Mankind Pharma to deliver double-digit growth in the India business, supported by a combination of near-term recovery and structural strengths. The key drivers underpinning this domestic growth thesis are outlined below:

Growth Driver:	Details
Acute Therapies:	Recovery expected to support India business growth
Chronic Therapies:	Sustained strength anticipated to continue
BSV Coverage:	Wider coverage identified as an additional growth lever

Export Growth and R&D Upside

Beyond the domestic market, Jefferies highlights high-teens export growth as a key component of Mankind Pharma's overall growth trajectory. This is expected to be driven by deeper penetration in existing markets as well as expansion into new geographies. The brokerage also points to medium-to-long term upside potential stemming from the company's R&D investments, which include in-house assets under development.

Key Investment Highlights

India Business: Double-digit growth expected, led by acute therapy recovery and chronic therapy resilience
BSV Segment: Wider coverage anticipated to broaden the domestic growth base
Exports: High-teens growth projected through deeper penetration and entry into new markets
R&D: Medium-to-long term value creation potential from in-house R&D assets

Overall, Jefferies' Buy rating with a target price of ₹3,000 reflects confidence in Mankind Pharma's diversified growth drivers across domestic therapies, international markets, and its evolving research pipeline.