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Marksans Pharma Results: Latest Quarterly Results & Analysis

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Marksans Pharma Ltd. 14 Nov 2025 12:41 PM
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Q2FY26 Quarterly Result Announced for Marksans Pharma Ltd.

Pharmaceuticals company Marksans Pharma announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Operating revenue stood at Rs 720.4 crore, up by 12.2% YoY, attributed to strong traction in the US market, supported by new product launches across the digestive and pain management segments.
  • Gross profit stood at Rs 411.8 crore, up by 7.4% YoY, with gross margin of 57.2%.
  • EBITDA stood at Rs 144.5 crore., with a margin of 20.1%.
  • EPS was at Rs 2.2.

Other Highlights:

  • Cash generated from operations at Rs 75.2 crore during H1FY26.
  • Capex of Rs 73.2 crore incurred during H1FY26.
  • Working capital cycle ~150 days for Q2FY26.
  • Cash balance of Rs 666.5 crore as on 30th September 2025.
  • Research & development (R&D) spends at Rs 26.2 crore in H1FY26, 2.0% of consolidated revenue

Mark Saldanha, Managing Director, said: “Q2FY26 has been a strong quarter for us, with revenues growing 16% sequentially, driven by robust demand across our key markets. The US region recorded solid growth, demonstrating resilience amid macro challenges, supported by stabilizing tariff conditions, timely order book execution, and meaningful traction from new product launches. The UK market also witnessed improved demand and delivered stable results despite continued pricing pressures.

Our EBITDA and PAT grew 44% and 70% QoQ, reflecting the benefits of operating leverage.

Looking ahead, we remain optimistic about sustaining this momentum into the second half of the year. Our strategic focus and operational discipline position us well to deliver resilient growth and long-term value for our stakeholders.”

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Pharmaceuticals company Marksans Pharma announced Q1FY26 results

  • Operating revenue stood at Rs 620 crore, up by 5% YoY, driven mainly by growth in the US market from new product launches in the gastrointestinal, pain management, and digestive health segments.
  • Gross profit stood at Rs 358.2 crore, up by 8.9% YoY, with a gross margin expansion of 209 bps YoY to 57.8%. Gross margin improved with the liquidation of higher-cost inventories and benefits from softening input costs.
  • EBITDA stood at Rs 100.1 crore, with a margin of 16.1%.
  • EPS was at Rs 1.3.

Mark Saldanha, Managing Director, said: “While Q1FY26 was a seasonally soft quarter, we delivered year-on-year revenue growth of 5%, while gross profit increased by 8.9%. This was supported by successful new product launches in the US markets and the easing of raw material costs. While EBITDA and net profit margins were impacted by ramp-up costs, a one-time ECL provision for the emerging market division, and forex adjustments, these are transient and do not affect the fundamental momentum of our business.

We are already seeing encouraging early signs of demand recovery in key markets such as the US, the UK, and Australia. With the Goa facility integration nearing completion, we are now sharply focused on scaling capacity, enhancing operational efficiency, and unlocking synergies.

Our execution discipline, combined with a robust pipeline and expanding market presence, positions us well to deliver sustainable, long-term value. We remain committed to driving growth, improving returns, and creating enduring value for our stakeholders in FY26 and beyond.”

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Pharmaceuticals company Marksans Pharma announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Operating revenue stood at Rs 708.5 crore., up by 26.5% YoY driven growth across key markets, led by US region
  • Gross profit stood at Rs 383.2 crore., up by 32.1% YoY, with a gross margin expansion of 228 bps YoY to 54.1%. Growth is attributed to softening of raw material prices and a better product mix.
  • EBITDA stood at Rs 125.8 crore. up by 14.7% YoY, with a margin of 17.8%
  • EPS is at Rs 2.0, an incroreease of 15.7%

FY25 Financial Highlights:

  • Operating revenue stood at Rs 2,622.8 crore., up by 20.5% YoY driven by growth across all markets
    • US business grew by 34.7% YoY
    • UK & Europe grew by 9.2% YoY
    • Australia & New Zealand grew by 15.5% YoY
  • Gross profit came in at Rs 1,479.1 crore., up by 29.8% YoY, with a gross margin of 56.4%
  • EBITDA stood at Rs 528.6 crore., up by 15.3%, with an EBITDA margin of 20.2%
  • EPS grew by 21.3% YoY to Rs 8.4

Mark Saldanha, Managing Director of the Company said “We are pleased to announce another year of robust performance; we have achieved highest ever annual revenues and profits. In FY25, we witnessed strong performance across all our markets, the US market has been a key growth driver with 35% YoY increase in revenue. Our OTC segment’s performance is at all-time high, crossing Rs 2000 crore in revenue, a testament to our focus and execution on expanding the OTC product pipeline. Looking forward, we continue to strengthen our foundation by increasing the capacity and strengthening our product pipeline. We are optimistic about building on this momentum and create more value for our stakeholders in the coming years”

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Pharmaceuticals company Marksans Pharma announced Q3FY25 results

  • Operating revenue stood at Rs 681.8 crore, up by 16.3% YoY driven growth across key markets, led by US region.
  • Gross profit stood at Rs 383.5 crore, up by 22.4% YoY, with a gross margin expansion of 279 bps YoY to 56.2%. Growth is attributed to softening of raw material prices and a better product mix.
  • EBITDA stood at Rs 138.8 crore up by 4.3% YoY, with a margin of 20.4%.
  • EPS grew by 25.5% YoY to Rs 2.3.

Mark Saldanha, Managing Director of the Company said: “We are delighted to announce an all-time high quarterly PAT, driven by robust growth of 16.3% YoY in Q3 revenue. Revenue growth was led by the US region, which witnessed 37% YoY growth, followed by UK, which improved during the quarter. Improved product mix and softer raw material prices compared to the previous year led to gross margin expansion of 279bps YoY. We witnessed some headwinds in terms of EBITDA margin due to our investments in the acquired facility and increased freight costs during the quarter. Looking ahead, we anticipate growth to continue in the coming quarters augmented by planned new launches and further ramp up of the TEVA facility.”

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Pharmaceuticals company Marksans Pharma announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Operating revenue stood at Rs 641.9 crore, up by 20.8% YoY driven by strong performance across all key markets, led by US and followed by ANZ.
  • Gross profit stood at Rs 383.5 crore, up by 37.7% YoY, with a gross margin expansion of 732 bps to 59.7%. Growth is attributed to continued softening of raw material prices and a better product mix.
  • EBITDA stood at Rs 135.7 crore up by 19.1%, with a margin of 21.1%.
  • EPS grew by 15.8% YoY to Rs 2.1.

H1FY25 Financial Highlights:

  • Operating revenue stood at Rs 1,232.5 crore, up by 19.5% YoY driven by growth across all key markets, new product launches and share gains with existing customers.
    • US business grew by 33.5% YoY.
    • UK & Europe grew by 8.5% YoY.
    • Australia & New Zealand grew by 20.7% YoY.
  • Gross profit came in at Rs 712.4 crore, up by 33.0% YoY, with a gross margin of 57.8%.
  • EBITDA stood at Rs 264.1 crore, up by 22.3%, with an EBITDA margin of 21.4%.
  • EPS grew by 21.7% YoY to Rs 4.1

Mark Saldanha, Managing Director, said: “Q2 marks a strong performance on back of a robust Q1. Growth trajectory improved further with revenue growth of 21% YoY. We are happy to share that this growth was broad based across all our key markets, led by the US market and also driven by increased market share. We continue to witness favourable raw material prices and improved product mix, thereby leading to a gross margin expansion of 732bps YoY and an all-time high quarterly EBITDA of Rs 135.7 crore. We anticipate stronger performance in the coming quarters due to our upcoming new launches, the onset of the winter season and scaling up of the TEVA facility.”

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Pharmaceuticals company Marksans Pharma announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Operating revenue was Rs 560.0 crore, up by 15.2% YoY driven by by volume gains, new launches, addition of new customers, and increase in our share with existing customers
  • Gross profit was Rs 290.2 crore, up by 19.8% YoY with a Gross margin of 51.8%
  • EBITDA was Rs 109.6 crore, grew by 0.1% with an EBITDA margin of 19.6%
  • EPS was at Rs 1.73 

FY24 Financial Highlights:

  • Operating revenue was Rs 2,177.4 crore, up by 17.6% YoY
  • US and North America business grew by 18.5% YoY
  • UK and Europe grew by 22.9% YoY
  • Gross profit was Rs 1,139.3 crore, up by 22.4% YoY with a Gross margin of 52.3%.
  • EBITDA was Rs 458.6 crore, grew by 35.1% with an EBITDA margin of 21.1%
  • EPS grew by 8.0% YoY to Rs 6.92

Mark Saldanha, Managing Director of the Company said “We are delighted to report a strong performance in FY24 in terms of both revenue and profitability. Our operating revenue for the year grew year-on-year by 18% and EBITDA increased by 35%, supported by new product launches, increase in market share, reduction in raw material prices and operating leverage. This year we have not only met but exceeded our revenue target of Rs 2,000 crore.

We remain confident on delivering sustained long-term value for our shareholders, as we position ourselves strongly in terms of infrastructure, product mix and long-term customer relationships.”

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Pharmaceuticals company Marksans Pharma announced Q3FY24 & 9MFY24 results:

Q3FY24 Financial Highlights:

  • Operating revenue reached Rs 586.1 crore, marking a robust growth of 22.2% YoY. This growth was driven by market share gains, new launches, the addition of new customers, increased share with existing customers, and incremental contributions from the acquired Teva facility.
  • Gross profit amounted to Rs 313.3 crore, reflecting a substantial increase of 30.4% YoY, with a commendable Gross margin of 53.5%.
  • EBITDA surged to Rs 133 crore, demonstrating a remarkable growth of 73.6%, accompanied by an impressive EBITDA margin of 22.7%.
  • EPS witnessed a solid growth of 17.8% YoY, reaching Rs 1.84.

9MFY24 Financial Highlights:

  • Operating revenue for 9MFY24 stood at Rs 1,617.4 crore, marking a significant growth of 18.4% YoY.
    • The US business exhibited a growth of 15.8% YoY, while the UK and Europe business saw an impressive growth of 26.5% YoY.
  • Gross profit amounted to Rs 849.1 crore, representing a robust growth of 23.3% YoY, with a Gross margin of 52.5%.
  • EBITDA surged to Rs 348.9 crore, marking a substantial growth of 51.9%, accompanied by a commendable EBITDA margin of 21.6%.
  • EPS grew by 14.5% YoY, reaching Rs 5.19.

Business Highlights:

  • In the US market, the Formulation business witnessed a growth of 15.8% YoY, driven by new product launches and an increase in the share of existing products.
  • The UK and Europe Formulation business recorded revenue of Rs 710.2 crore in 9MFY24, marking a significant growth of 26.5% YoY.
  • The Australia and New Zealand business reported revenue of Rs 155.5 crore in 9MFY24, marking a growth of 6.4% YoY, driven by incremental market share.
  • The RoW business reported revenue of Rs 78.5 crore in 9MFY24.

Other Highlights:

  • Capex incurred in 9MFY24 amounted to Rs 160.6 crore, in line with plans for scaling the acquired manufacturing unit from Teva Pharma in Goa to drive future growth.
  • Cash balance as of December 31, 2023, stood at Rs 688 crore.
  • Cash from Operations in 9MFY24 amounted to Rs 169.0 crore, with Free Cash Flow reaching Rs 8.4 crore.

Mark Saldanha, Managing Director of the Company said “We are thrilled to announce that we have delivered another quarter demonstrating robust performance. Our highest quarterly sales reached ~Rs 586 crore. Our dedication to delivering high-quality products has resulted in an increase in market share from existing customers and the addition of new customers. Positive momentum was observed in all our major regions. The US market grew by around 16% QoQ, mostly as a result of new product launches and the strengthening of our OTC portfolio.

Our efforts toward building capabilities and capacity for the acquired Teva Pharma manufacturing facility are on track and we have also started filing DMF for backward integration. Looking ahead, we are optimistic about our strategic initiatives which will drive our future growth and sustainable long-term shareholder value.”

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Pharmaceuticals company Marksans Pharma announced Q1FY24 results:

  • Operating revenue was Rs 500.0 crore, up by 15.3% YoY driven by market share gains in the existing products and markets
    • US business grew by 11.2% YoY
    • UK and Europe grew by 24.8% YoY
  • Gross profit was Rs 257.3 crore, up by 17.5% YoY with a Gross margin of 51.5%.
  • EBITDA was Rs 102.0 crore, grew by 39.9% with an EBITDA margin of 20.4%
  • EPS grew by 3.8% YoY to Rs 1.52
  • RoW business reported Rs 22.2 crore in Q1FY24
  • In Q1FY24, the capex incurred was Rs 81.5 crore Capex investment is in-line with our plan for scaling the acquired manufacturing unit from Teva Pharma in Goa
  • Cash Balance at the end of June 30, 2023 is at Rs 636 crore in Q1FY24
  • In Q1FY24, Cash from Operations is at Rs 49.8 crore

 

 

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Pharmaceuticals company Marksans Pharma announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Operating revenue was Rs 486.0 crore, up by 16.3% YoY driven by market share gains in the existing products and markets
      • US business grew by 12.8% YoY
      • UK and Europe grew by 33.1% YoY
    • Gross profit was Rs 242.1 crore, up by 17.3% YoY with a Gross margin of 49.8%
    • EBITDA was Rs 109.5 crore, grew by 72.1% with an EBITDA margin of 22.5%
    • EPS grew by 185.5% YoY to Rs 2.0
  • FY23:
    • Operating revenue at Rs 1,852.1 crore, increased by 24.2% YoY
    • Gross profit at Rs 930.8 crore, grew by 20.3% YoY with a Gross margin at 50.3%
    • EBITDA at Rs 339.3 crore, increased 31.1% YoY with EBITDA margin at 18.3%
    • Cash balance stood at a healthy Rs 715.0 crore as of 31st March 2023
    • Free Cash Flow was Rs 183.8 crore

Mark Saldanha, Managing Director of the company said, "Our consistent growth trend continues in the quarter, driven by gains in existing store brands, products, and markets, as well as normalization of freight expenses. We have completed the acquisition of Teva Pharma manufacturing unit in Goa which will enable us to accelerate the growth of our business and strengthen our position as a leading low-cost manufacturer.

We have exceeded our FY23 guidance of Rs 1,800 crore. This milestone is our testament to our commitment to delivering value creation for our stakeholders. We aim to continue our success in the coming year, with a focus on extending our footprint in the multi-billion-dollar OTC opportunities, focusing on margin improvement, and strengthening our balance sheet”.

 

Result PDF

Marksans Pharma announced Q3FY23 results:

Q3FY23:

  • Operating revenue was Rs 479.8 crore, up by 32.3% YoY driven by strong volume growth and market share gains in the existing products and markets
    • US business grew by 37.8%.
    • UK and Europe grew by 25.4%
  • Gross profit was Rs 240.3 crore, up by 23.2% YoY with gross margin at 50.1%.
  • EBITDA was Rs 76.6 crore, grew by 32.6% with EBITDA margin at 16.0%
  • EPS grew by 30% YoY to Rs 1.56

9MFY23:

  • Operating revenue at Rs 1,366.2 crore, increased by 27.3% YoY
  • Gross profit at Rs 688.6 crore, grew by 21.3% YoY with gross margin at 50.4%
  • EBITDA at Rs 229.8 crore, increased 17.7% YoY with EBITDA margin at 16.8%
  • Cash balance stood at healthy Rs 417 crore as on 31st December 2022, excluding 75% warrant subscription amount of Rs 279 crore received in January 2023
  • Free Cash Flow was Rs 145 crore

Mark Saldanha, Managing Director of the Company said "We sustained our growth momentum and had another quarter of robust performance across all key geographies. We are confident to continue our trajectory through investment in capabilities. Following OrbiMed’s warrant conversion, Marksans will benefit from their deep global healthcare experience. We remain committed to shareholder value creation and have recently completed the planned buyback.

The outlook for the coming years is promising with a strong cash position, increasing the capacities, and wide opportunities in our OTC segment."

 

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