Overview

Detailed Summary

Marksans Pharma Limited is an integrated pharmaceutical company focused on research, manufacturing and global distribution of formulation products, with a dominant OTC/store-brand presence in the US and a strong front-end in the UK and Australia; the company operates four manufacturing units, four R&D centres and holds multiple accreditations including USFDA, MHRA, TGA and Health Canada.
In Q3 FY26 Marksans reported operating revenue of ₹754.4 crore, a 10.6% YoY increase, EBITDA of ₹160.7 crore with a 21.3% margin, and 9M FY26 cash generation of ₹263.2 crore alongside a cash balance of ₹824.2 crore as of December 31, 2025, reflecting improved margins driven by raw material softness, FX tailwinds and operating leverage.
Strategically, Marksans is actively expanding its regulated-market footprint: in Q3 FY26 it incorporated subsidiaries in Europe and Canada, continues to pursue Europe-focused M&A, and targets to double US store-brand OTC revenue while aiming for a revenue milestone of ₹3,000 crore and a medium-term INR 4,000 crore target within two to three years.
Manufacturing and pipeline scale are core strengths: the firm reports aggregate manufacturing capacity of 26 billion units per annum, plans to double Indian low-cost capacity from 8bn to 16bn units, invested ₹62 crore in R&D in 9M FY26 (3% of revenue), and maintains a pipeline of 100+ products with 300+ ANDAs/MAs approved and 1,500+ SKUs across markets.
Marksans combines a cash-positive balance sheet with disciplined capital allocation — including prior ₹372.4 crore equity from warrant conversion in 2023 — and a strong credit profile (CARE AA- / A1+), positioning the company to fund inorganic growth, scale manufacturing and pursue targeted product approvals in regulated markets.

Sector: Pharmaceuticals
Industry: Pharmaceuticals - Indian - Formulations
Market Cap: 7,769 Cr
Volatility: High Risk
P/E Ratio: 21.7
Industry P/E: 44.0
PEG Ratio: 1.3
P/B Ratio: 2.9
52W High: 270.60
52W Low: 157.25

Sales CAGR

1Y: 20.46%
3Y: 21.28%
5Y: 22.06%
10Y: 14.11%

Profit CAGR

1Y: 21.51%
3Y: 21.88%
5Y: 37.79%
10Y: 11.36%

ROE

TTM: 13.08%
3Y: 15.15%
5Y: 16.31%
10Y: 15.37%

ROCE

TTM: 16.13%
3Y: 18.79%
5Y: 20.44%
10Y: 19.89%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CAPLIPOINT	1686.70	12,732 Cr	20.96	4.03	0.36	18.64	23.29	17.76
RUBICON	770.25	12,671 Cr	88.74	11.04	0.00	26.49	22.49	11.57
MARKSANS	172.80	7,769 Cr	21.71	2.89	0.47	13.08	16.13	10.51
SHILPAMED	324.75	6,330 Cr	39.39	2.60	0.15	6.35	8.41	4.29
SPARC	126.85	4,091 Cr	-15.36	0.00	0.00	77.47	-181.73	-83.09
SENORES	763.15	3,527 Cr	34.31	4.33	0.00	10.70	12.41	7.98
BLISSGVS	214.40	2,262 Cr	21.10	2.00	0.23	9.68	14.69	8.17

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	531	586	560	591	642	682	708	620	720	754
Expenses	417	453	450	462	506	543	583	520	576	594
Operating Profit	114	133	110	128	136	139	126	100	144	161
OPM %	21.45	22.69	19.58	21.74	21.14	20.35	17.75	16.15	20.06	21.31
Other Income	19	4.80	17	15	11	28	17	5.64	22	20
Interest	1.63	3.16	4.84	2.92	2.63	2.67	3.44	6.07	5.82	5.94
Depreciation	18	22	21	20	20	21	23	23	27	24
Profit Before Tax	114	113	100	120	125	143	116	77	133	151
Tax %	26.30	26.35	22.57	25.79	21.54	26.66	21.85	24.02	25.65	24.52
Net Profit	84	83	78	89	98	105	91	58	99	114
EPS in Rs	1.84	1.84	1.73	1.96	2.13	2.31	2.00	1.29	2.17	2.50

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	767	913	1,000	1,134	1,376	1,491	1,852	2,177	2,623	2,652
Expenses	722	826	868	942	1,037	1,232	1,513	1,719	2,094	2,152
Operating Profit	45	86	132	192	340	259	339	459	529	500
OPM %	5.83	9.48	13.21	16.95	24.68	17.36	18.32	21.06	20.16	18.86
Other Income	7.02	0.36	4.62	0.33	6.69	42	59	50	70	61
Interest	6.78	10	9.66	8.75	7.99	8.45	9.13	11	12	15
Depreciation	30	27	23	27	36	45	52	74	83	86
Profit Before Tax	15	50	104	157	302	248	338	424	504	461
Tax %	23.92	28.11	22.88	23.17	21.06	24.52	21.42	25.65	24.08	23.62
Net Profit	11	36	80	121	239	187	265	315	383	352
EPS in Rs	0.33	0.72	1.69	2.58	5.20	4.07	6.04	6.93	8.40	7.96
Dividend Payout %	22.73	6.25	2.67	3.39	4.34	5.54	7.80	8.67	9.52	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	41	41	41	41	41	41	41	45	45	45
Reserves	401	393	430	502	595	846	1,161	1,700	2,020	2,422
Borrowings	100	110	117	100	30	34	111	123	244	322
Other Liabilities	180	209	141	161	237	308	327	322	372	451
Total Liabilities	722	752	729	804	903	1,229	1,640	2,190	2,681	3,240
Fixed Assets	270	267	279	270	303	309	428	486	776	982
CWIP	0.00	0.36	0.00	0.00	0.00	12	2.57	9.87	9.42	27
Investments	0.00	0.00	0.00	0.00	0.00	0.26	0.44	0.54	27	0.74
Other Assets	452	484	450	534	600	908	1,209	1,694	1,869	2,230
Total Assets	722	752	729	804	903	1,229	1,640	2,190	2,681	3,240

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	31	14	59	27	233	179	99	237	230	207
Cash from Investing Activity	-123	-21	-39	-13	-60	-45	-84	-259	-141	-49
Cash from Financing Activity	-58	-3.47	-5.43	-21	-114	-15	80	198	-69	-65
Net Cash Flow	-150	-10	15	-6.86	60	118	94	176	21	93

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	43.85%	43.85%	43.85%	43.85%	43.85%	43.87%	43.87%	43.87%	43.87%	43.87%	43.87%	43.87%
FIIs	15.12%	14.91%	15.07%	15.56%	15.57%	18.60%	21.31%	21.96%	22.20%	19.88%	16.92%	8.12%
DIIs	1.46%	3.65%	4.02%	4.76%	5.17%	3.75%	4.10%	4.30%	4.56%	5.50%	5.28%	5.91%
Public	39.58%	37.59%	37.06%	35.83%	35.40%	33.78%	30.71%	29.87%	29.37%	30.75%	33.93%	42.09%
Total Shareholders	1,98,382	1,88,447	2,07,937	2,37,377	2,54,699	2,35,500	2,48,845	2,59,813	2,57,273	2,56,221	2,65,788	2,55,153

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Documents

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Reports

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Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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