MARKSANS PHARMA LIMITED

Makes and sells generic pharmaceuticals — both prescription and over-the-counter — primarily in the United States, United Kingdom, rest of Europe and Canada, with manufacturing based in India, the UK and the USA. The US business drives the largest pull, supported by a $220M+ order book and approvals from the USFDA for molecules such as amide hydrochloride in pain, allergy, gastrointestinal and cough/cold categories; the Teva facility is ramping toward an INR 800 crores revenue target, currently trending at INR 560-600 crores. The UK business runs through the Relonchem subsidiary and is filing 4-5 products a month, stabilising after a period of pricing pressure on the back of new launches and currency support. European presence is being built via greenfield subsidiaries in Ireland and Canada, plus recent acquisitions of Netherlands-based QliniQ B.V. and Germany-based OTC distributor ABCnow GmbH to gain a direct front-end in those markets. FY26 consolidated revenue stood at INR 2,950.938 crores with an EBITDA margin of 23.16% and the company remained debt-free with INR 824.2 crores of cash. The biggest cost line is materials at 32.5% of revenue, followed by employees at 14.3% and other operating expenses at 22.1%, with R&D running at roughly 3% of sales to support the UK filing pace.