NSE: MARKSANS · BSE: 524404
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. United States (Rx and OTC generics), United Kingdom (Relonchem), Rest of Europe (Ireland, Netherlands, Germany), Canada. Generic pharmaceuticals — Rx and OTC, regulated-market focused, debt-free, expanding geographically through greenfield subsidiaries and bolt-on M&A.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,491 | 1,852 | 2,177 | 262 | 2,951 |
| EBITDA (ex other income) | 259 | 339 | 459 | 53 | 601 |
| margin % | 17.4 | 18.3 | 21.1 | 20.2 | 20.4 |
| Owners' profit | 187 | 265 | 343 | 0 | 418 |
| EPS, as reported (₹) | 4.51 | 6.41 | 6.92 | 8.40 | 9.22 |
| ROE % · ROCE % | 15.3 · 19.9 | 15.0 · 18.8 | 15.1 · 19.0 | 15.4 · 18.7 | 13.8 · 17.5 |
| Debt / equity (x) | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 |
| Cash from operations | 99 | 237 | 230 | 21 | 458 |
| Capex | (46) | (54) | (209) | (17) | (131) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 642 | 682 | 71 | 620 | 720 | 754 | 856 | 841 |
| Profit before tax | 125 | 143 | 12 | 77 | 133 | 151 | 200 | 207 |
| Net profit | 98 | 105 | 9 | 58 | 99 | 114 | 149 | 159 |
| EPS (₹) | 2.13 | 2.31 | 2.00 | 1.29 | 2.17 | 2.50 | 3.27 | 3.47 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.7 | 30.8 | 68 of 158 | 57% |
| P/B | 4.5 | 3.1 | 110 of 163 | 33% |
| ROCE | 16.8 | 10.8 | 49 of 183 | 74% |
| ROE | 13.8 | 9.8 | 52 of 166 | 69% |
| Debt / Equity | 0.0 | 0.2 | 45 of 166 | 73% |
| EBITDA margin | 28.4 | 17.5 | 41 of 165 | 76% |
| Revenue growth | 35.6 | 16.3 | 36 of 161 | 78% |
| Profit growth | 173.9 | 30.9 | 28 of 158 | 83% |
| Market cap | 13810 | 806 | 38 of 181 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Marksans Pharma schedules Q2 FY27 earnings call for November 5 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Nov 4 to approve Q2 and H1 FY27 results | results | low | — | — |
| 13 Oct 2026 · RTA certifies share demat compliance for Sep 2026 quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Marksans Pharma Trading Window to close from October 1, 2026 | compliance | minimal | — | — |
| 17 Sept 2026 · Notice on re-opening special window for physical share transfer re-lodgement | compliance | minimal | — | — |
| 7 Sept 2026 · Marksans Pharma publishes IEPF transfer notice in newspapers | compliance | minimal | — | — |
| 1 Sept 2026 · Marksans Pharma to attend Elara India Dialogue 2026 on Sept 2 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Marksans Pharma 34th AGM: All 4 resolutions passed, Rs 0.90 dividend approved | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Marksans Pharma 34th AGM: All 4 Resolutions Passed, Dividend Re 0.90 per Share | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Marksans Pharma 34th AGM held, Rs 0.90 per share dividend approved | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.