Marksans Pharma Limited (MARKSANS)
Micro CapPharma stocks · Micro cap · NSE
Marksans Pharma Ltd. is an Indian pharmaceutical company focused on OTC and Rx products across key markets like the US, UK, Australia, and other emerging regions. It operates 4 manufacturing units and 4 R&D centers, offering a portfolio of 350+ products and 2,000+ SKUs.
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, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
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 30 Jun 2026
Excellent · 90/100Rev +36% YoY · PAT +174% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹841 Cr | +35.6% | -1.8% |
| EBITDA | ₹213 Cr | +113.0% | +9.2% |
| Operating margin | 25.0% | +900 bps | +200 bps |
| PAT | ₹159 Cr | +174.1% | +6.7% |
| PAT margin | 18.9% | +956 bps | +150 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Marksans Pharma achieved its highest-ever total income of ~₹3,000 cr and PAT of ₹420 cr in FY26. Q4FY26 saw strong revenue growth (+20.8% YoY, +13.5% QoQ) and EBITDA margin expansion to 22.8%, driven by new launches and UK recovery.
The company delivered on its FY26 guidance, with strong top-line growth driven by new launches and market share gains in key geographies. Margin expansion in Q4FY26 indicates operating leverage. While input cost pressures and geopolitical risks are noted, the robust pipeline, completed capex cycle, and net cash position support continued growth.
FY26 Revenue by Geography
Latest issuer-disclosed distribution across 4 reported categories.
New Product Launches
positiveGrowth was led by a series of new launches across markets, including 112 new SKUs in the US and 11 Rx brands in Australia.
Market Share Gains
positiveGrowth is driven by market share gains in key regions, especially US and Australia, and expansion across OTC store brands.
UK Market Recovery
positiveUK delivered a very strong recovery in Q4, achieving its highest-ever quarterly revenue, with price erosion stabilizing.
Global Footprint Expansion
positiveStrengthened global footprint by entering new markets including Germany, Canada, and Ireland.
Goa Unit 2 Capacity Expansion
positiveAcquired manufacturing facility in Goa (Unit 2) has scalable capacity with a plan to double existing Indian capacity to 16bn units p.a.
Softening Raw Material Prices
positiveGross profit increased YoY, supported by softening of raw material prices and better product mix.
Favorable Currency Movement
positiveGrowth is driven by new product launches, market share gains, and favorable currency movement.
Operating Leverage
positiveEBITDA grew faster than revenue, reflecting benefits from our cost optimization program and strong operating leverage.
Structural Shift to OTC
positiveGlobal OTC market projected to be $215 bn in 2026, with private-label penetration accelerating across US & UK.
Input Cost Pressures
negativeGrowth slower than revenue on account of rising input costs due to the ongoing geopolitical tensions in Q4FY26.
Geopolitical Disruptions (RoW)
negativeRoW performance impacted by ongoing geopolitical disruptions; order fulfilment constrained by logistics challenges.
UK Price Erosion
negativeFY26 revenue moderated YoY due to high single-digit price erosion in select UK products, though recovered in H2.
Input Cost Volatility
neutralManagement is closely monitoring emerging input cost pressures due to geopolitical tensions.
Geopolitical & Macroeconomic Risks
neutralRoW business faces ongoing geopolitical tensions, macroeconomic volatility, and elevated payment risks in select regions.
Execution of New Market Entry
neutralSuccessful integration and revenue generation from newly entered markets like Germany, Canada, and Ireland are key.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 provides a view of overall annual growth and long-term trends, while QoQ is crucial for assessing sequential momentum, especially given the UK's strong recovery and Australia's seasonal peak and new Rx launches in Q4.
US & North America Revenue Growth
positiveFY26 revenue at ₹1,533 cr, up 24.0% YoY. Q4FY26 revenue at ₹406 cr, up 23.6% YoY.
UK & Europe Revenue Growth
positiveFY26 revenue at ₹1,015 cr, up 1.4% YoY. Q4FY26 revenue at ₹308 cr, up 12.3% YoY, highest-ever quarterly revenue.
Australia & New Zealand Revenue Growth
positiveFY26 revenue at ₹303 cr, up 19.9% YoY. Q4FY26 revenue at ₹123 cr, up 61.3% YoY, highest-ever quarterly performance.
R&D Spend
neutralR&D spends at ₹89 cr in FY26, representing 3.0% of consolidated revenue.
FY26 Guidance Achieved
positiveManagement successfully delivered on its guidance with highest-ever total income, EBITDA, and PAT.
Capex Cycle Nearing Completion
positiveClosed the year with ~₹990 crore cash, with the major capex cycle now nearly complete.
Focus on OTC Segment
positiveAim to capture a significant part of the multi-billion-dollar OTC opportunity and double US store brand OTC revenue.
Inorganic Growth Strategy
positiveWill follow a calibrated inorganic growth approach, evaluating acquisitions in Europe for front-end presence.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| US & North America Revenue Growth | FY26: +24.0% YoY | Sustained demand momentum and strong order book execution, especially with 51 products in pipeline. |
| UK & Europe Revenue Growth | Q4FY26: +12.3% YoY | Continued recovery and stabilization of price erosion, along with successful launches from 200+ products to be filed. |
| EBITDA Margin Trend | Q4FY26: 22.8% | Ability to maintain or expand margins amidst emerging input cost pressures and leveraging operating scale. |
| Indian Manufacturing Capacity Expansion | Plan to double to 16bn units p.a. | Timely commissioning and ramp-up of the acquired Goa Unit 2 to support future volume growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
71Bullishfull bull SMA stack · SMA20 +21.5% / mo · MACD − · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
MARKSANSdaily · 1Y · AUTO+88.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 61. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~17.7% over last month) — short-term momentum positive.
- RSI(14) at 61 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 5% off 52W high · 111% 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
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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 36.4%.
- Cash flow contributes 7/10 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 88th percentile of the scored universe and 83rd 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: 83rd pctile, median 70 · Micro: 79th pctile, median 73
106 documents have extracted text, 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 1.4%.
- ▸9 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 28.60
- P/B
- 4.90
- EV/EBITDA
- 18.61
- Market Cap
- 14807.00Cr
Profitability
- ROE
- 15.20%
- ROCE
- 18.80%
- ROA
- 13.51%
- Dividend Y
- 0.28%
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
- 28.56×
- Altman Z
- 8.80
- Book Value
- 66.70
Cash Flow
- FCF Yield
- 1.41%
- FCF Positive Y
- 9/5
- OCF
- 458.00 Cr
- EPS TTM
- 11.41
Shareholding
- Promoter Hold
- 43.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Pharma, ranked by similarity
Peers
Business-comparable names in Pharma, ranked by similarity
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.