Marksans Pharma Ltd(MARKSANS)

NSE: MARKSANSBSE: 524404

₹ 287.45-2.36%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 13,026 crNext results: 4 Nov 2026Website: www.marksanspharma.comUpdated: 24 Oct 2026

About

Marksans Pharma is an India-headquartered pharmaceutical company manufacturing and selling finished-dose generics - predominantly OTC and Rx tablets, capsules, soft-gels and liquids - in the US, UK, Europe, Australia/New Zealand and select other markets. In FY26 the company crossed ₹3,000 cr in total income for the first time, and in Q1 FY27 delivered quarterly revenue of ₹841 cr, up 35.6% year-on-year. It operates two manufacturing units in Goa, India, and sells under brands including Relonchem (UK) and Nova Pharma (Australia).^[1][2][3]

Revenue by geography

North America contributed ₹1,533 cr, 52% of total operating revenue, in FY26, up 24% YoY; it has scaled 2.4x from ₹635 cr in FY22.^[1]
UK & Europe contributed ₹1,015 cr in FY26, up 1.4% YoY; in Q1 FY27 the region delivered ₹356 cr (+74.7% YoY), its highest-ever quarterly revenue, representing 42% of consolidated revenue.^[1][2]
Australia & New Zealand contributed ₹303 cr in FY26 (+19.9% YoY); Q1 FY27 revenue was ₹88 cr (+53.7% YoY), moderated seasonally from a strong Q4 FY26 peak of ₹123 cr.^[1][2]
Rest of World revenue fell 36.8% YoY to ₹20 cr in Q1 FY27, impacted by West Asia shipping disruptions and freight challenges.^[2]
India-manufactured revenue represented 65 - 70% of consolidated revenue in Q1 FY27.^[2]

Products and portfolio

The product mix in FY25 was 78.8% OTC and 21.2% Rx by revenue.^[4]
Marksans launched 112 SKUs in the US in FY26; the US pipeline stood at 51 products as of Q4 FY26.^[1]
The UK regulatory pipeline as of FY26 comprised 18 products approved, 30 filed, and 24 awaiting filing; over 200 products are planned to be filed over the next four years.^[1]
Nova Pharma (Australia) launched 11 Rx branded generic products in FY26, entering the prescription segment for the first time; 17 additional SKUs across 22 products are planned for FY27.^[1][2]
The total pipeline across geographies stands at 200+ products (ANDAs/MAs) as of Q1 FY27.^[2]

Manufacturing and capacity

Marksans operates two units in Goa: the original Unit 1 and Unit 2 acquired from Teva Pharma in Verna, Goa. Combined installed capacity is approximately 8 bn units per annum.^[5][2]
Unit 2 (Teva Goa) is running at close to 50% utilisation as of Q3 FY26/Q4 FY26, with 40 - 50% additional volume growth potential from this asset.^[1][4]
Unit 2 passed a USFDA inspection with zero Form 483 observations in Q2 FY26, enabling new product approvals from the facility.^[5]
Unit 2 generated a revenue run-rate of ₹560 - 600 cr annualised as of Q3 FY26, against a management objective of ₹800 cr; the Teva Goa unit crossed ₹50 cr/quarter in Q1 FY27.^[4][2]
Old Goa (Unit 1) tablet capacity is being expanded from 700 - 800 mn units/month to 1.3 bn units/month with soft-gel capacity roughly trebling, at a budgeted capex of ~₹100 cr starting in 2026.^[5]

Key operating metrics

Gross margin was 59.1% in Q1 FY27 (+138 bps YoY, +478 bps QoQ), versus 56.7% for full-year FY26 (+32 bps YoY) and 54.4% in Q4 FY26.^[2][1]
EBITDA margin reached 25.3% in Q1 FY27 (+919 bps YoY), its highest-ever quarterly level; full-year FY26 margin was 20.4% vs 20.3% in FY25.^[2][1]
Working capital days improved to ~132 days in Q1 FY27 from ~159 days in Q1 FY26 and 138 days for full-year FY26.^[2]
R&D spend was 3.0% of revenue (₹89 cr) in FY26, and 2.8% of revenue in Q1 FY27.^[1][2]
US price erosion in the Rx portfolio remained in single digits in Q1 FY27.^[2]
US order book stood at $220 mn+ as of Q3 FY26.^[4]

Distribution and customers

Marksans sells in the US under Marksans Pharma Inc., in the UK under Relonchem Ltd, and in Australia/NZ under Nova Pharma; front-end subsidiaries have been established in the Netherlands (QliniQ B.V.) and Germany (ABCnow GmbH / Marksans Pharma GmbH).^[2][1]
North America accounted for 52% of operating revenue in FY26, making it the largest single geography.^[1]

European front-end build-out

QliniQ B.V. (Netherlands) was acquired and consolidated in Q1 FY27, contributing ₹44 cr of revenue; it is guided to generate ₹150 - 175 cr for full-year FY27.^[2]
ABCnow GmbH (Germany) acquisition was completed with consolidation beginning from Q2 FY27; the German entity (Marksans Pharma GmbH) is expected to start generating revenue from Q3 FY27.^[2]
Marksans Pharma (Europe) Ltd in Ireland was incorporated; revenue from Ireland is expected in FY28 after product registrations and licensing.^[2]
Marksans (Canada) Inc. was incorporated during FY26; Canadian revenues are expected to trickle in towards end of FY27.^[1]
Europe region (Netherlands, Germany, Ireland and future acquisitions) is targeted to reach ~₹1,000 cr revenue within five years.^[2]

Capacity expansion and capex

India manufacturing capacity expansion to 16 bn units per annum (from current ~8 bn at Goa) is being pursued, with a potential new manufacturing unit in India in 1 - 2 years.^[2][1]
Regular maintenance capex is guided at ₹50 - 60 cr per year; a major new block capex of ₹150 - 200 cr is planned only when order book warrants it.^[4]
US order book target is $300 mn as a near-term benchmark and $400 mn over a five-year horizon.^[2]

Recent developments

In Q1 FY27 Marksans crossed ₹1,000 cr cash balance for the first time, reaching ₹1,058 cr; the company remained debt-free with a CARE AA-; Stable long-term rating.^[2][1]
CARE Ratings upgraded the long-term credit rating to CARE AA- with stable outlook during Q2 FY26.^[5]
UK & Europe Q1 FY27 organic growth (excluding QliniQ) exceeded 53.1% YoY; UK-only organic growth exceeded 50% YoY.^[2]
Relonchem received MHRA authorisations for mefenamic acid tablets and cetirizine oral solution during Q3 FY26; Marksans Pharma Inc. received USFDA approval for amide hydrochloride in Q3 FY26.^[4]
FY26 total income crossed ₹3,000 cr for the first time, reaching ₹3,033 cr, with PAT of ₹420 cr, both all-time highs.^[1]

Market Cap

₹13,026 Cr

High / Low

₹351 / 156

Stock P/E

26.9

Price / Book

4.6

Book Value

₹67

EPS

₹9.2

No. of Shares

45.32 Cr

ROCE

32.2%

ROE

25.6%

OPM

19.3%

Debt / Equity

0.01

Sales

₹2,951 Cr

Net Profit

₹420 Cr

Promoter holding

43.9%

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