MARKSANS
Micro CapMarksans Pharma Limited
Pharma
Marksans Pharma is an Indian pharmaceutical company focused on OTC and Rx formulations, primarily serving export markets like US, UK, Australia, and Europe. It manufactures 350+ products across 4 units, with a strong emphasis on consumer healthcare and private label/store brands, which constitute 80% of its revenue. The company aims to capture the growing global OTC market.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +21% YoY · PAT +64% YoY · margin expansion · +14% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹856 Cr | +20.9% | +13.5% |
| EBITDA | ₹195 Cr | +53.5% | +21.1% |
| Operating margin | 23.0% | +500 bps | +200 bps |
| PAT | ₹149 Cr | +63.7% | +30.7% |
| PAT margin | 17.4% | +456 bps | +229 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Marksans Pharma reported a milestone FY26 with highest-ever total income of ~₹3,000 cr, EBITDA of ₹601 cr (20.4% margin), and PAT of ₹420 cr. Q4FY26 saw strong growth, with revenue up 20.8% YoY and EBITDA up 54.0% YoY, driven by new launches and UK recovery.
The company delivered on its FY26 guidance, achieving record financials driven by new product launches in key markets like the US and Australia, and a strong recovery in the UK. Despite monitoring emerging input cost pressures, the robust balance sheet and completed major capex cycle position it well for continued growth, reinforcing the investment thesis.
Revenue by Geography FY26
Latest issuer-disclosed distribution across 4 reported categories.
New Product Launches
Growth led by a series of new launches across markets, including 112 new SKUs in the US and 11 Rx brands in Australia.
US Consumer Healthcare & OTC
US & North America is the largest market, anchored by Consumer Healthcare and OTC store brand opportunity, contributing ~52% of FY26 revenue.
Australia Rx Portfolio Expansion
Diversified into Rx with 11 Rx brands launched under Nova Pharma in FY26, driving strong Q4 growth.
Global Footprint Expansion
Strengthened global footprint by entering new markets including Germany, Canada, and Ireland in FY26.
Goa Manufacturing Capacity Expansion
Acquired facility in Goa has scalable capacity to 8bn units p.a.; plan to expand Indian capacity to 16bn units p.a.
Farmingdale, USA Packaging Lines
Added incremental packaging lines at the Farmingdale, USA manufacturing facility.
Softening Raw Material Prices
Gross profit increased YoY, supported by softening of raw material prices and better product mix.
Favorable Currency Movement
FY26 growth aided by favorable currency movement. Q4FY26 net profit aided by higher other income due to favorable forex gains.
Structural Shift to OTC
Global OTC market reaching $215 bn, with private-label penetration accelerating across US & UK as consumers shift to quality store brands.
Input Cost Pressures
Management is monitoring emerging input cost pressures closely. Q4FY26 gross profit growth slower than revenue due to rising input costs from geopolitical tensions.
UK Price Erosion
FY26 revenue moderated YoY due to high single-digit price erosion in select UK products, though it recovered through H2 and stabilized in Q4FY26.
RoW Geopolitical Disruptions
RoW performance impacted by ongoing geopolitical disruptions, macroeconomic volatility, and elevated payment risks in select regions.
Input Cost Volatility
Management is monitoring emerging input cost pressures closely, which impacted Q4FY26 gross profit growth.
Geopolitical & Macroeconomic Risks in RoW
Ongoing geopolitical tensions, macroeconomic volatility, and elevated payment risks in RoW markets constrained order fulfillment.
UK Market Price Erosion
High single-digit price erosion in select UK products moderated FY26 revenue, though it stabilized in Q4FY26.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential due to the seasonal nature of the Australia & NZ business (Q4 is strongest) and to assess the recovery in the UK market. QoQ comparison is also relevant to track sequential momentum from new product launches and margin expansion.
US & North America Revenue Growth
FY26 revenue ₹1,533 cr, up 24.0% YoY. Q4FY26 revenue ₹406 cr, up 23.6% YoY.
UK & Europe Revenue Growth
FY26 revenue ₹1,015 cr, up 1.4% YoY. Q4FY26 revenue ₹308 cr, up 12.3% YoY, highest-ever quarterly revenue.
Australia & New Zealand Revenue Growth
FY26 revenue ₹303 cr, up 19.9% YoY. Q4FY26 revenue ₹123 cr, up 61.3% YoY, highest-ever quarterly performance.
US Product Pipeline
112 new SKUs launched in FY26; 51 products in pipeline.
FY26 Performance & Guidance
“FY26 has been a milestone year for Marksans Pharma, we successfully delivered on our guidance with highest-ever total income, EBITDA, and PAT.”
Balance Sheet Strength & Capex
“Closed the year with a cash balance of ~₹990 crore, extending our multi-year track record of net cash positive, with the major capex cycle now nearly complete.”
Future Growth Strategy
“Underlying momentum, balance sheet strength, and disciplined execution position us well to continue delivering sustainable growth and long-term shareholder value.”
Inorganic Growth & Capacity
Will follow a calibrated inorganic growth approach, evaluating acquisitions in Europe for front-end presence, and plans to expand Indian capacity to 16bn units p.a.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Input Cost Trends | Management monitoring emerging input cost pressures. | Sustained impact on gross margins and profitability. |
| UK Price Stability | Price erosion in UK products stabilized in Q4FY26. | Continued stability or renewed erosion in UK market pricing. |
| RoW Market Recovery | RoW impacted by geopolitical disruptions and logistics challenges. | Improvement in geopolitical stability and order fulfillment in these regions. |
| New Product Pipeline Execution | 200+ products in pipeline, plans for 20-25 new launches annually. | Consistent execution of product launches and market penetration. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +23.9% / mo · near 52W high
Technical chart
MARKSANSweekly · 3Y-15.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 71. Wait for confirmation.
- SMA20 rising (~19.3% over last month) — short-term momentum positive.
- RSI(14) at 71 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 5% off 52W high · 63% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 39.1%.
- Cash flow contributes 7/10 to the score.
Main drags
- Valuation is weaker at 9/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 90th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 90th pctile, median 70 · Micro: 89th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸9 years of positive FCF.
- ▸ROCE is 20%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 27.40
- P/B
- 3.79
- EV/EBITDA
- 16.85
- Market Cap
- 11454.00Cr
Profitability
- ROE
- 15.20%
- ROCE
- 18.80%
- ROA
- 10.88%
- Dividend Y
- 0.32%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 25.04×
- Altman Z
- 8.64
- Book Value
- 66.70
Cash Flow
- FCF Yield
- 1.83%
- FCF Positive Y
- 9/5
- OCF
- 458.00 Cr
- EPS TTM
- 9.22
Shareholding
- Promoter Hold
- 43.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 84%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.