AI assistant
Marksans Pharma Ltd. Investor Presentation 2026
62142_rns_2026-05-26_e3930e69-05b7-4239-a757-5ca702ee3032.pdf
Investor Presentation
Open in viewerOpens in your device viewer
M
Marksans Pharma Ltd.
Date: May 26, 2026
BSE Limited
Corporate Relation Department
Phiroze Jeejeebhoi Towers,
Dalal Street,
Mumbai - 400001.
Scrip Code: 524404
National Stock Exchange of India Limited
Listing Department
Exchange Plaza, C-1, Block-G,
Bandra-Kurla Complex,
Bandra (East), Mumbai - 400051.
Symbol: MARKSANS
Sub: Investor Presentation
Dear Sir/Madam,
Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly find enclosed herewith the investor presentation for Q4FY26.
We request you to take the aforesaid on record.
Thanking You.
Yours faithfully,
For Marksans Pharma Limited
H
PANIGRAHI
Digitally signed
by H PANIGRAHI
Date: 2026.05.26
12:25:43 +05'30'
Harshavardhan Panigrahi
Company Secretary
Encl: As above
Marksans Pharma Ltd.
11th Floor, "GRANDEUR", Opp. Gundecha Symphony, Veera Desai Extension Road, Oshiwara, Andheri (W), Mumbai - 400 053 Tel.: +91 22 4001 2000
E-mail: [email protected]
www.marksanspharma.com
Earnings Presentation
Q4 and FY26
26th May 2026
Marksans Pharma Ltd.
BSE: 524404 | NSE: MARKSANS | ISIN: INE750C01026
©2025 – Marksans Pharma Ltd., All Rights Reserved
Marksans Pharma Ltd. Maythi Care in Delhi Centre
Safe Harbor
This presentation has been prepared by Marksans Pharma Limited (the "Company") solely for informational purposes. The information contained herein is not intended to be comprehensive and should not be relied upon as the sole basis for any investment or business decision.
This presentation may contain forward-looking statements, including, but not limited to, statements regarding the Company's business strategies, operations, financial condition, and future performance. These forward-looking statements are based on current expectations, assumptions, and estimates, and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied.
The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
www.marksanspharma.com
Marksans Pharma Ltd. Health Care in Safe hands
Table of Contents
01 FY26 Financial and Business Highlights 04
02 Q4FY26 Financial and Business Highlights 10
03 Geographical Highlights 14
04 Marksans Pharma at a Glance 22
05 Marksans' Journey 28
06 Strategic Initiatives 34
07 Sustainability at Marksans 43
08 Annexure 51
www.marksanspharma.com
Page 4
FY26
Financial & Business Highlights
Marksans Pharma Ltd. Health Care in Safe hands
Management Commentary
Mark Saldanha
MANAGING DIRECTOR AND CEO
"FY26 has been a milestone year for Marksans Pharma, we successfully delivered on our guidance with highest-ever total income at ~₹3,000 crore, EBITDA at ₹601 crore (margin 20.4%) and an all-time high PAT of ₹420 crore.
Growth was led by a series of new launches across markets through the year, including our Rx branded portfolio in Australia. UK delivered a very strong recovery in Q4 achieving its highest-ever quarterly revenue. Growth was also aided by 112 new SKUs launched in the US market. We also strengthened our global footprint by entering new markets including Germany, Canada, and Ireland.
We 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.
While we are monitoring emerging input cost pressures closely, our underlying momentum, balance sheet strength, and disciplined execution position us well to continue delivering sustainable growth and long-term shareholder value."
| FY26 | Total Income
₹ 3,033 cr | EBITDA
₹ 601 cr | EBITDA Margin
20.4% | PAT
₹ 420 cr |
| --- | --- | --- | --- | --- |
| Q4FY26 | Total Income
₹ 891 cr | EBITDA
₹ 195 cr | EBITDA Margin
22.8% | PAT
₹ 149 cr |
www.marksanspharma.com
Oo
Marksans Pharma Ltd.
Health Care in Safe Stands
Financial Highlights FY26 – YoY Performance
YoY Performance
- Growth is driven by new product launches, market share gains in the key regions, especially US and Australia and favorable currency movement
- Gross profit increased YoY, supported by softening of raw material prices and better product mix
- EBITDA grew faster than revenue, reflecting benefits from our cost optimization program
- Net profit growth is driven by increase EBITDA and other income
www.marksanspharma.com
Note: Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income)
Oo
Marksmn Pharma Ltd. Health Care in Safe Stands
Financial & Other Highlights – FY26
-
Revenue contribution for FY26:
US - ₹ 1,533 cr | UK & Europe - ₹ 1,015 cr | Australia & New Zealand - ₹ 303 cr | RoW - ₹ 99 cr -
Research & development (R&D) spends at ₹ 89 cr in FY26, 3.0% of consolidated revenue
-
Cash generated from operations at ₹ 458 cr during FY26
-
Capex of ₹ 131 cr incurred during FY26 on net basis
-
Cash balance of ₹ 990 cr as on 31st March 2026
-
Working capital cycle ~138 days for FY26
Key Highlights:
- i) In the US, 112 new SKUs launched in FY26
- ii) Launched Branded Generics Division in Australia
- iii) Strengthened its global footprint by entering new markets including Germany, Canada, and Ireland
www.marksanspharma.com
FY26 Revenue by Geography
Marksans Pharma Ltd.
Health Care in Safe hands
US & North America - ₹ 1,533 cr
24% YoY
52.0%
3.4%
RoW - ₹ 99 cr
4% YoY
UK & Europe - ₹ 1,015 cr
1% YoY
34.4%
10.3%
Australia & New Zealand - ₹ 303 cr
20% YoY
www.marksanspharma.com
Page 8
Marksans Pharma Ltd.
Health Care in Safe Stands
Segmental Revenue
FY26
Revenue by Segment
Our OTC segment grew at a CAGR of 20.4% (from FY17 to FY26)
Revenue by Therapeutic Segment - FY26
www.marksanspharma.com
Page 10
Q4FY26
Financial & Business Highlights
Oo
Marksans Pharma Ltd.
Health Care in Safe Stands
Financial Highlights Q4FY26 – QoQ Performance
QoQ Performance
- Driven by new launches in Australia and UK; UK price erosion has stabilized; first Rx branded products launched in Australia this quarter
- Growth slower than revenue on account of rising input costs due to the ongoing geopolitical tensions
- EBITDA margin expanded by 152bps QoQ driven by operating leverage and tight cost control
- Net profit growth outpaced EBITDA, aided by higher other income due to favourable forex gains
www.marksanspharma.com
Note: Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income)
Oo
Marksans Pharma Ltd.
Health Care in Safe Stands
Financial Highlights Q4FY26 – YoY Performance
YoY Performance
- Growth led by Australia & NZ (+61% YoY) and US & North America (+24% YoY), reflecting traction from new product launches and expansion across OTC store brands
- Gross margin expansion of 28bps is supported by softening raw material prices, favourable product mix, and forex tailwinds
- EBITDA margin expanded to 22.8%, reflecting strong operating leverage as revenue scaled up and cost control measures
- Growth driven by top-line flow through and aided by higher other income
www.marksanspharma.com
Note: Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income)
Marksans Pharma Ltd.
Health Care in Safe Hands
Quarterly Financial Trends
Operating Revenue (₹ cr)
Gross Profit (₹ cr) & Gross Margin (%)
EBITDA (₹ cr) & EBITDA Margin (%)
Net Income (₹ cr) & Net Income Margin (%)
www.marksanspharma.com
Note: Net Income Margin = Net Profit / Total Income (Revenue from Operations + Other Income)
Page 14
Q4 & FY26
Geographical Highlights
Oo
Marksans Pharma Ltd.
Health Care in Safe Stands
US and North America Performance
Annual Performance (₹ cr)
FY26 Revenue ₹ 1,533 cr ₹ 24.0% YoY
Highlights
- US & North America is Marksans' largest market, contributing ~52% of FY26 revenue — anchored by the Consumer Healthcare and OTC store brand opportunity
- Revenue scaled 2.4x from FY22 to FY26, reflecting consistent execution across the period
- Strong product engine: 100+ products manufactured and distributed, with 112 new SKUs launched in FY26 and 51 products in pipeline
- FY26 growth of 24% YoY driven by new launches, market share gains, and strong order book execution through the year
Quarterly Performance (₹ cr)
Q4FY24 ₹ 406 cr ₹ 23.6% YoY ₹ 1.5% QoQ
Highlights
- Q4FY26 revenue at ₹406 cr, up 23.6% YoY, reflecting sustained demand momentum and strong execution in the US market
- Marginal QoQ decline is timing-related — driven by order dispatch scheduling, not underlying demand weakness
- Order book momentum to continue going forward
www.marksanspharma.com
Oo
Marksans Pharma Ltd.
Health Care in Safe Stands
UK & Europe Performance
Annual Performance (₹ cr)
FY26 Revenue ₹ 1,015 cr $ 1.4\%$ YoY
Highlights
- Second largest market contributing ~34% to FY26 revenue
- Revenue scaled from ₹609 cr in FY22 to ₹1,015 cr in FY26 at a CAGR of 14%
- FY26 revenue moderated YoY due to a seasonally weak Q1 and high single-digit price erosion in select UK products — both recovered through H2
- Region serviced through wholly-owned subsidiary Marksans Pharma (UK) Ltd, with two step-down subsidiaries: Bell, Sons & Co. — OTC portfolio with 450+ products / SKUs and Relonchem — High-end Rx portfolio with 175+ Market Authorizations
- Strong regulatory pipeline: 18 products approved and 30 filings done in FY26; 24 products awaiting approval as of 31st March 2026; 200+ products to be filed over the next 4 years
Quarterly Performance (₹ cr)
Highlights
- Highest-ever quarterly revenue at ₹308 cr
- Q4 momentum driven by multiple new product launches and improved order flow
- Price erosion in UK products has stabilized in Q4FY26
www.marksanspharma.com
Marksans Pharma Ltd. Health Care in Safe hands
Australia & New Zealand Performance
Annual Performance (₹ cr)
FY26 Revenue ₹ 303 cr ↑ 19.9% YoY
Highlights
- Australia & NZ delivered strong growth of 19.9% YoY, with revenue scaling from ₹180 cr in FY22 to ₹303 cr in FY26 (4-year CAGR of ~14%)
- In 2005, Marksans acquired 60% stake in Nova to have established base in the region
- Strategic portfolio expansion in FY26: Historically an OTC-only company, Marksans diversified into Rx and
- Launched Branded Prescription Division – Nova Pharma
- 11 Rx brands launched in FY26 under Nova Pharma
- 100+ Market Authorizations in Australia & New Zealand
www.marksanspharma.com
Quarterly Performance (₹ cr)
Highlights
- Q4FY26 revenue at ₹123 cr — highest-ever quarterly performance, more than doubling sequentially from Q3
- Both QoQ & YoY increase driven by new launches and healthy volume growth
- Sequential trajectory: ₹57 cr → ₹61 cr → ₹61 cr → ₹123 cr — sharp inflection in Q4 driven by Nova Pharma's 11 Rx brand launches and peak-season demand
- Q4 is structurally the strongest quarter in Australia given seasonality (Southern Hemisphere winter cold & flu cycle), with demand particularly favourable in FY26
Marksans Pharma Ltd.
Health Care in Safe Hands
Australia & New Zealand Product Launches
April 2025 – March 2026
| LAUNCH DATE | PRODUCT |
|---|---|
| APR 2025 | • NOVADAC Once Daily Gel 30g (Clindamycin 1% Benzoyl peroxide 5%) |
| • METVANT Fatty Ointment 15g (methylprednisolone aceponate 1 mg/g) | |
| • METVANT Ointment 15g (methylprednisolone aceponate 1 mg/g) | |
| JUN 2025 | • ZYRON Abiraterone 250mg Bottle 120pk |
| • ZYRON Abiraterone 500mg Blister 60pk | |
| JUL 2025 | • MAXOFEN Paracetamol + Ibuprofen 12pk |
| • MAXOFEN Paracetamol + Ibuprofen 30pk | |
| • MEDICHOICE OSTEO-CAPS Paracetamol 665mg Osteo 96pk | |
| SEP 2025 | • RELABAN Rivaroxaban 15mg Capsule 28pk |
| • RELABAN Rivaroxaban 20mg Capsule 28pk | |
| OCT 2025 | • MediChoice Ibuprofen 200mg MINI 20pk |
| • MediChoice Ibuprofen 200mg MINI 40pk | |
| • MediChoice Ibuprofen 200mg MINI 100pk | |
| NOV 2025 | • DIPROVANT Betamethasone 0.05% Cream 15g |
| • DIPROVANT Betamethasone 0.05% Cream 50g | |
| • DIPROVANT Betamethasone 0.05% Oint 15g | |
| • DIPROVANT Betamethasone 0.05% Oint 50g | |
| • DIPROVANT Betamethasone 0.05% OV 30g | |
| MAR 2026 | • MediChoice RAPID Ibuprofen 200mg 24pk |
| • MediChoice RAPID Ibuprofen 200mg 96pk |
www.marksanspharma.com
Page 18
Marksans Pharma Ltd.
Health Care in Safe Hands
Australia & New Zealand Product Launches
April 2026 – March 2027
| LAUNCH DATE | PRODUCT |
|---|---|
| APR 2026 | • Mila Drospirenone 3mg + Ethinylestradiol 30mcg 3 x 28pk |
| RINIDATE Methylphenidate 10mg 100pk | |
| MAY 2026 | • STERABAN Mupirocin 2% Ointment 15g |
| JUN 2026 | • TIRELA Ticagrelor 90mg 56pk |
| JUL 2026 | • ADAPAX Adapalene 1% gel 15g |
| • MediChoice Paracetamol 665 Osteo 100pk bottle | |
| AUG 2026 | • AURXIN HC ciprofloxacin hydrocortisone 10ml ear drops |
| SEP 2026 | • URALEEV methanamine hippurate 100pk |
| OCT 2026 | • VYMAZE fluticasone furoate nasal inhaler |
| • FUDANTIN nitrofurantoin 50mg x 30 caps | |
| • FUDANTIN nitrofurantoin 100mg x 30 caps | |
| NOV 2026 | • PHENTERIN phentermine 15mg x 30 caps |
| • PHENTERIN phentermine 30mg x 30 caps | |
| • PHENTERIN phentermine 40mg x 30 caps | |
| FEB 2027 | • VASSIX varenicline (initiation pack) |
| • VASSIX varenicline (continuation treatment) | |
| MAR 2027 | • MYTANTEN macitentan 10mg x 30 pack |
| • MEZATIN atorvastatin + ezetimibe 80/10mg 30 tabs |
www.marksanspharma.com
Page 19
Marksans Pharma Ltd. Health Care in Safe trends
Australia & New Zealand Product Launches
Nova Pharma : Launched Branded Prescription Division in FY26
Launched 11 Rx brands in FY26
| Product Name | Active | Strength | Pack Size | Pack Form | Reference Brand |
|---|---|---|---|---|---|
| DIPROVANT | betamethasone dipropionate | 0.5 mg/g | 15g and 50g | Aluminium tube fitted with a white HDPE cap enclosed in a cardboard carton | DIPROSONE |
| DOSTAMINE | Cabergoline | 0.5 mg | 8 tablets | Bottle | DOSTINEX |
| METVANT | methylprednisolone aceponate | 1 mg/g | 15g | Tube | ADVANTAN |
| MILA | drospirenone/ ethinylestradiol | 3 mg/30 μg | 1 X 28 tablets and 3 x 28 tablets | PVC/Aluminium blister packs | YASMIN |
| MUPIROCIN | mupirocin | 20 mg/g | 15g and 30g | Tube | BACTROBAN |
| NOVADAC ONCE DAILY GEL | Clindamycin | 1% w/w/5% w/w | 30 g | Tube | DUAC ONCE DAILY GEL |
| RELABAN | rivaroxaban | 15 mg & 20mg | 15 mg - 14, 28, 42, 84 and 98 capsules; 20mg - 28, 84, 98 and 100 capsules | Al/Al blister | XARELTO |
| RESTIN | Melatonin | 2 mg | 60 tablets | blister | CIRCADIN |
| RINIDATE | methylphenidate hydrochloride | 10 mg | 100 tablets | PA/Al/PVC/Al blister packs | RITALIN |
| THIRAZOL | Carbimazole | 5mg | 100 tablets | Bottle | Neo-Mercazole |
| ZYRON | abiraterone acetate | 250 mg & 500mg | 250 mg - 120 tablets & 500 mg - 60 tablets | 250 mg - bottle & 500 mg - blister pack | ZYTIGA |
www.marksanspharma.com
Oo
Marksans Pharma Ltd.
Health Care in Safe Stands
RoW Business Performance
Annual Performance (₹ cr)
Highlights
- RoW comprises of emerging markets including MENA and CIS regions, contributing ~3% of FY26 consolidated revenue
- Marksans has built a strong regulatory footprint with 230+ licensed products across UAE and other RoW geographies
- FY26 revenue moderated 4.1% YoY, reflecting a deliberate and disciplined approach to RoW markets given:
- Ongoing geopolitical tensions in key MENA and CIS regions
- Macroeconomic volatility and elevated payment risks in select regions, credits availed
Quarterly Performance (₹ cr)
Highlights
- RoW performance impacted by ongoing geopolitical disruptions
- Order fulfilment constrained by logistics challenges; deliveries deferred to subsequent quarters
www.marksanspharma.com
Page 22
Marksans Pharma at a Glance
www.marksanspharma.com
Page 23
Company Overview
-
☑ ₹ 3,033 cr
Total Income for FY26 -
☑ 20.4%
FY26
EBITDA Margin -
☑ ₹ 990 cr
Cash balance (as of 31st Mar 2026) -
☑ 4
4 Manufacturing Units & 4 R&D Centers -
☑ 350+ Products and 2,000+ SKUs
-
☑ 2,000+
Total Employees -
~$175mn in US
Amongst the top Indian Companies in OTC segment -
Amongst Top 5
Indian Pharma companies in UK -
☑ Accreditations
USFDA, UK MHRA, Australian TGA, EU and Health Canada
OTC
Marksans Pharma Ltd.
Health Care in Safe Hands
Marksan's OTC Focus
Marksan's OTC Portfolio
- The OTC business includes store brands, private label manufacturing for retailers and customers
- It also manufactures products through its own label
OTC Revenue Split for FY26*
Industry Opportunity
- According to IQVIA, Global OTC Market size is projected to be $215 bn in 2026
- Prescription (Rx) to over-the-counter (OTC) switches have been a key growth driver for the OTC industry
Large Growing OTC Market
Source: IQVIA, data on CY basis
www.marksanspharma.com
*The OTC revenue split is an approximate range
Page 24
Marksans Pharma Ltd.
Health Care in Safe Hands
Manufacturing Capabilities
Manufacturing Facility in Farmingdale, USA
- Manufactures hard gels, tablets and capsules
- Spread over an area of 7,000 sq. mt.
- "Made in the USA" product offering
- Added incremental packaging lines
CAPACITY
6 bn tablets and hard capsules p.a.
ACCREDITATIONS
Unit 1 in Goa
Existing Manufacturing facility in Goa
- Manufactures Capsules & Tablets
- One of the biggest manufacturing facilities in Asia
- Fully-automated unit spread over 18,000 sq. mt. campus
- Generic pharmaceuticals manufactured from this facility are exported across the globe
CAPACITY
2.4 bn softgel and hard gelatin capsules p.a.
6 bn solid tablets p.a.
ACCREDITATIONS
Total Capacity :
26 bn units p.a.
Manufacturing Facility in Southport, UK
- Manufactures non-sterile liquids, ointments and powder sachets
- Supplies to UK, West Africa & Middle East
- Spread across 7,300 sq. mt.
CAPACITY
2 bn bottles p.a.
1 bn tubes p.a.
1 bn sachets p.a.
ACCREDITATIONS
Unit 2 in Goa
Acquired Manufacturing facility in Goa
- Scalable capacity with a plan to double the existing Indian capacity from 8bn units per annum
- Manufacturing site is spread across 47,597 sq. mt.
- Plan to manufacture tablets, ointments, liquids and creams
ACCREDITATIONS
www.marksanspharma.com
*Acquired facility in Goa has scalable capacity to 8bn units p.a.
Page 25
FY25 Product Pipeline
www.marksanspharma.com
Marksans Pharma Ltd.
Health Care in Safe Hands
Expanding Global Consumer Healthcare Presence
| United States | ESTABLISHED | United Kingdom | ESTABLISHED | Australia & New Zealand | ESTABLISHED |
|---|---|---|---|---|---|
| • ~USD 175mn revenue — #1 market, ~52% of total revenue | |||||
| • Manufacturing via Time Cap Labs Inc. (Farmingdale, NY) | |||||
| • Leading OTC store brand with major US retailers | |||||
| • 112 new SKUs launched in FY26 | |||||
| • 51 products are in the pipeline | • USD 100mn+ revenue — Top-5 Indian pharma company in UK | ||||
| • Bell, Sons & Co. (OTC) and Relonchem (Rx) subsidiaries | |||||
| • 450+ OTC products; 175+ market authorizations | |||||
| • 18 products approved and 30 filings done in FY26 and 24 products awaiting approval as of 31 March 2026; | |||||
| • 200+ products to be filed over the next 4 years | • USD 50mn+ revenue — established since 2006 via Nova Pharmaceuticals | ||||
| • Leading supplier of branded generic and private label | |||||
| • Focus: Analgesics, Anti-histamines, Anti-fungal, GI | |||||
| • Launched 11 Rx brand in FY26 | |||||
| UAE — Middle East & Africa | ESTABLISHED | Europe & Canada | NEWLY INCORPORATED | ||
| --- | --- | --- | --- | ||
| • Acquired Access Healthcare (Dubai) in April 2022 | |||||
| • Expanding presence across Middle East and Africa | |||||
| • RoW segment covers 13 countries across CIS and MENA | |||||
| • 230 products awaiting approval in RoW markets | • Marksans Pharma GmbH (Germany) — EU front-end entry | ||||
| • Marksans Pharma (Europe) Ltd (Ireland) incorporated | |||||
| • Marksans (Canada) Inc. — entry into Canadian market | |||||
| • Positioned for front-end inorganic growth |
Page 26
Marksans Pharma Ltd.
Health Care in Safe Hands
R&D Capabilities
R&D (₹ cr) and R&D % to sales
R&D
Centers
| ☑ | Continued focus on R&D investments leading to a robust pipeline of new developed & pipeline products | ☑ | Plans to enhance portfolio with addition of 20-25 products every year | ☑ | Focus is on developing soft gels and different delivery system like extended release, liquid, OTC products and ointments |
|---|---|---|---|---|---|
| 4 | R&D Centres 50+ Scientists 200+ Products in Pipeline 350+ ANDAs/MAs Approved | 30+ ANDAs/MAs Filed (awaiting approval) |
Note: Numbers across geographies
www.marksanspharma.com
Page 28
Marksan's Journey
Marksans Pharma Ltd.
Health Care in Safe Events
Our Key Events
www.marksanspharma.com
Oo
Marksmans Pharma Ltd.
Health Care in Safe Stands
Growth and Achievements Since 2017
Operating Revenue growth $\sim 3.8x$ to $\overline{\tau} 2,951$ cr
OTC Revenue growth of $\sim 5.3x$ to $\overline{\tau} 2,361$ cr
Consistent and meaningfully high EBITDA margin expansion
Consistent growth in cash from operations over the years
Manufacturing capacity increased from 6 bn units p.a. in 2017 to 26 bn* units p.a.
SKUs growth to $\sim 2000+$
Note: All numbers as of FY26
*Acquired facility in Goa has scalable capacity to 8bn units p.a.
www.marksanspharma.com
Marksans Pharma Ltd.
Health Care in Safe Stands
Financial Trends – High Growth Trajectory
Operating Revenue (₹ cr)
OTC Revenue Contribution (₹ cr)
EBITDA (₹ cr) & EBITDA Margin (%)
Net Worth (₹ cr)
www.marksanspharma.com
Marksans Pharma Ltd.
Health Care in Safe Stands
Financial Trends – High Growth Trajectory
Total Assets (₹ cr)
Net Debt to EBITDA
Return on Capital Employed (%)
Return on Equity (%)
www.marksanspharma.com
ROE = Net Profit after taxes / Average Shareholder's Value
ROCE = EBIT / Capital employed || Capital employed = Tangible Net Worth + Total Debt + Deferred Tax Liabilities
0000
Marksans Pharma Ltd.
Health Care in Safe Stands
Proven Success in Acquisitions
Acquisitions
| NOVA | Bell's Healthcare | RelonChem | Time-Cap Labs, Inc. | TAHC ACQUISITION OF THE CATEC | Acquired manufacturing unit in Goa from Teva Pharma | |
|---|---|---|---|---|---|---|
| Target Country | Australia | United Kingdom | United Kingdom | United States | UAE | India |
| Transaction Date | March 24, 2006 | December 31, 2007 | August 27, 2008 | June 30, 2015 | April 25, 2022 | April 19, 2023 |
| Sales growth from acquisition | ~74x | ~7x | ~15x | ~4x | NA | NA |
| Rationale | • To leverage Nova's research capabilities | |||||
| • To establish ANZ front end presence | • To strengthen UK market presence | |||||
| • To enter OTC segment | • To establish UK front end presence | • To establish US front end presence | • To establish front end presence in Middle East and Africa | • To expand manufacturing capacity in India |
www.marksanspharma.com
Page 34
Strategic Initiatives
Marksans Pharma Ltd.
Health Care in Safe Hands
Core Strategies for Future Growth
To become the most reliable partner in the consumer healthcare space
Focus on store brand OTC Segment
- Expanding within proven OTC demand areas, expanding market share with customers and key regions. Aim to capture a significant part of the multi-billion-dollar OTC opportunity. According to IQVIA, Global OTC Size in 2026 is expected to be ~$215bn.
- Our OTC segment grew at CAGR of 20.4% (from FY17-FY26)
- Marksans is the most preferred and growing low-cost store brand manufacturing partner
Innovation & Pipeline Power
- Continued focus on R&D leading to a strong product pipeline and successful launches
- Strong pipeline of more than 200 products
Scale capacity and operating leverage
- Aim to expanding Indian capacity to 16bn units p.a. Plan to manufacture tablets, hard capsules, ointments, liquids, and creams
Strategic Acquisitions & Front-End Expansion
- We will follow calibrated inorganic growth approach
- Expansion in growing markets and EU through acquiring front-end marketing and distribution companies
- Strong balance sheet to support the growth
Sustainable & Responsible Growth
- Commit to environmentally sustainable, socially responsible practices across the Consumer Healthcare value chain
- Promote access to safe, effective, and affordable OTC healthcare solutions
- Uphold quality, regulatory, and ESG standards to build enduring value
www.marksanspharma.com
Oo
Marksans Pharma Ltd.
Health Care in Safe Hands
Capturing OTC Opportunity
Global Category Value Share (\$ bn)
Expanding OTC Business
Capture multi-billion-dollar OTC opportunity
- Marksans competes in large and growing categories
Strengthening Business in North America
- Increasing store brand penetration in North America
- Aim to double US store brand OTC revenue
Expanding Product Pipeline
- Focus is to expand our product pipeline in OTC segment to sustain growth momentum
Complete coverage in key therapeutic segments
- Strengthening our pipeline in key therapeutic segments: Pain Management and Analgesics, Upper Respiratory, Digestive and Anti-Allergic
www.marksanspharma.com
Source: IQVIA Consumer Health
FY25 Product Pipeline
FY25 Product Pipeline
FY25 Product Pipeline
FY25
Marksans Pharma Ltd.
Health Care in Safe Hands
Product Pipeline
Continued focus on R&D leading to strong product pipeline and successful launches
| UK | US | Australia & New Zealand | Rest of the World | Canada |
|---|---|---|---|---|
| • 18 products approved and 30 filings done in FY26 and 24 products awaiting approval as of 31 March 2026; | ||||
| • 200+ products to be filed over the next 4 years | • 112 new SKUs launched in FY26 | |||
| • 51 products are in the pipeline | • 23 SKUs launched in FY26 and 17 SKUs planned for FY27, across 22 products. | |||
| • Established Rx brand division in FY26 with 11 products lanuches | • Built a strong regulatory footprint with 230+ licensed products across UAE and other RoW geographies | • 14 products filed during the year |
www.marksanspharma.com
Page 37
A
Marksans Pharma Ltd. Health Care in Safe Center
Key Product Launches in Last 2 Years
| Brand | COMPOSITION | Therapy Segment | Market |
|---|---|---|---|
| BENZONATATE CAPSULES | BENZONATATE CAPSULES USP, 100 mg & 200 mg | Cough and Cold | US |
| CETIRIZINE DIHYDROCHLORIDE | CETIRIZINE DIHYDROCHLORIDE 1 MG/ML ORAL SOLUTION | Anti Allergy | UK |
| LOPERAMIDE HYDROCHLORIDE | LOPERAMIDE HYDROCHLORIDE TABLETS USP 2 MG | Anti Diarrheal | US |
| MEFENAMIC | MEFENAMIC ACID 250MG, 500 MG FILM-COATED TABLETS | Anti-Inflammatory | UK |
| EXEMESTANE | EXEMESTANE 25MG FILM-COATED TABLETS | Oncology | UK |
| CLONIDINE | CLONIDINE 100MG TABLETS, CLONIDINE HYDROCHLORIDE 25MG TABLETS | Cardiovascular System (CVS) | UK |
| MOXONIDINE | MOXONIDINE 200MG, 400MG TABLETS | Cardiovascular System (CVS) | UK |
| METFORMIN HYDROCHLORIDE RELONCHEM | METFORMIN HYDROCHLORIDE RELONCHEM 500MG, 750MG, 1000MG PROLONGED RELEASE TABLETS | Anti Diabetic | UK |
| OMEPRAZOLE | OMEPRAZOLE DELAYED-RELEASE TABLETS, 20 MG | Gastrointestinal | US |
| OXYBUTYNIN HYDROCHLORIDE | OXYBUTYNIN HYDROCHLORIDE 2.5MG/5ML ORAL SOLUTION | Central Nervous System (CNS) | UK |
| METFORMIN HYDROCHLORIDE | METFORMIN HYDROCHLORIDE 500MG/ 5 ML ORAL SOLUTION | Anti Diabetic | UK |
| SENNOSIDE TABLETS | SENNA TABLETS 7.5 MG | Gastrointestinal | UK |
| GABAPENTIN ORAL SOLUTION | GABAPENTIN 50 MG/ML | Central Nervous System (CNS) | UK |
| LORATADINE TABLETS | LORATADINE TABLETS USP 10 MG | Cough and Cold | US |
| LEVONORGESTREL TABLETS | LEVONORGESTREL TABLETS 1.5 MG TABLETS | Hormonal | UK |
| RASAGILINE TABLETS | RASAGILINE 1 MG TABLETS | Central Nervous System (CNS) | UK |
| OLMESARTAN TABLETS | OLMESARTAN 10, 20, 40 MG FLIM-COATED TABLETS | Cardiovascular System (CVS) | UK |
| LEVETIRACETAM | LEVETIRACETAM 100 MG/ML ORAL SOLUTIONS | Central Nervous System (CNS) | UK |
| ESOMEPRAZOLE MAGNESIUM CAPSULES | ESOMEPRAZOLE MAGNESIUM DELAYED-RELEASE CAPSULES USP, 20 MG (OTC). | Digestive | US |
| GUAIFENESIN TABLETS | GUAIFENESIN EXTENDED-RELEASE TABLETS (OTC) | Cough and Cold | US |
| CYANOCOBALAMIN TABLETS | CYANOCOBALAMIN 50MG FILM COATED TABLETS | Vitamin | UK |
| PREGABALIN CAPSULES | PREGABALIN CAPSULES, 25 MG, 50 MG, 75 MG, 100 MG, 150 MG, 200 MG, 225 MG, 300 MG | Central Nervous System (CNS) | US |
| FLUOXETINE ORAL SOLUTION | FLUOXETINE 20MG/5ML ORAL SOLUTION | Central Nervous System (CNS) | UK |
| ACETAMINOPHEN AND IBUPROFEN TABLETS | ACETAMINOPHEN AND IBUPROFEN TABLETS, 250 mg/125 mg | Pain Management | US |
| FAMOTIDINE TABLETS | FAMOTIDINE TABLETS USP, 10 MG and 20 MG | Gastrointestinal | US |
| FLUOXITINE CAPSULES | FLUOXITINE 10MG, 20MG, 40MG | Central Nervous System (CNS) | US |
| CETRIZINE TABLETS | CETRIZINE 5MG, 10MG | Anti Allergy | US |
| APAP ER | ACETAMINOPHEN EXTENDED RELEASE 650MG | Pain management | US |
| LIQUIDS - ALL IN ONE SOLUTION | PARACETAMOL, GUAIFENESIN, PHENYLEPHRINE | Cough and Cold | UK |
| LIQUIDS - IBUPROFEN | IBUPROFEN 100 MG/5ML ORAL SOLUTION 200 ML P PACK | Pain Management | UK |
Marksans Pharma Ltd.
Health Care in Safe trams
Strong Balance Sheet to Drive Inorganic Growth
Cash balance of ₹ 990 cr as of 31st March 2026. Cash positive for over 5 years.
Consistent operating cash generation ₹ 458 cr in FY26
Disciplined capital allocation
Strong credit rating
- CARE rating and India rating
- Long term: CARE AA-; Stable
- Short term: CARE A1+
Low financial risk
Driving inorganic growth. Evaluating acquisitions in Europe region for front-end presence
www.marksanspharma.com
Page 39
Marksans Pharma Ltd.
Health Care in Safe Stands
We've Delivered What We Promised
- Total Income guidance of ₹ 3,000 cr
- Focus on expanding OTC business – ~5.3x revenue growth since 2017
- EBITDA margins in the 19-20% range
- Maintain net cash balance sheet
- Disciplined capex allocation
A. Achieved
B. Achieved
C. Achieved
D. Achieved
www.marksanspharma.com
Oo
Marksans Pharma Ltd.
Health Care in Safe Hands
The Marksans Investment Thesis
| 01 Structural Shift to OTC | 02 Growth Visibility | 03 Scalable Operating Leverage | 04 Consistent Execution & Financial Strength |
|---|---|---|---|
| • Global OTC market reaching $215 bn — structural tailwind | • Multiple drivers: launches, categories, retailer depth | • 26 bn unit capacity; Goa Unit 2 doubling India output | • OTC revenue CAGR 20.4% (FY17-FY26); EBITDA in range of 18-21% |
| • Private-label penetration accelerating across US & UK | • 200+ products in pipeline; 20-25 new launches p.a. | • Lower unit cost as volumes ramp — margin accretive | • ₹990 cr cash; net cash positive 5+ consecutive years |
| • Consumers permanently shifting to quality store brands | • Expanding across US, UK, ANZ, Europe and Canada | • Dosage form flexibility adds incremental revenue | • CARE AA- rating; disciplined capital allocation |
| • Marksans: uniquely positioned to capture this shift | • New markets (Ireland, Germany, Canada) adding revenue layer | • Manufacturing foundation built over 20+ years | • Revenue 3.8x; OTC revenue 5.3x since FY17 |
| • Transition: generic pharma → consumer healthcare. OTC mix rising |
www.marksanspharma.com
0000
Marksans Pharma Ltd.
Health Care in Safe Hands
Growth Roadmap — FY26 and Beyond
Marksans Growth Algorithm
BROADEN
- Add adjacent OTC categories
- Select Rx-to-OTC switches
- Increase retailer base in key regions
EXPAND
- Organic entry into new geographies
- Selective front-end acquisitions
DEEPEN
- Increase SKUs per existing retailer
- Expand share in core OTC categories
SCALE
- Ramp utilisation of expanded manufacturing capacity
- Improve operating leverage
FY27-28 Milestones
- India capacity: 16 bn units p.a.
- Expand US and North America revenue
- Expand towards Top-3 India pharma in UK by revenue
- Grow the EU front-end presence
- Expand Australia into adjacent OTC categories
- Strengthen Canada and European revenues
Strategic Vision FY30
- Top global consumer healthcare company
- Multi-continent front-end direct presence
- Strong FCF supporting shareholder returns
- ESG-embedded, compliant, sustainable operations
www.marksanspharma.com
Page 43
Sustainability at Marksans
Driving Sustainable Progress
Environment
Ensure sustainability in our operations and projects by positively impacting the natural environment.
Social
Positively impact our people and community through utmost respect for human rights, diversity, and inclusion.
Governance
Bring about an industry transformation by leading ethically and bolstering trust through a high degree of transparency & accountability.
Our commitment to Environmental, Social, and Governance (ESG)
principles is central to our strategy and the long-term success of our company. Integrating ESG principles enables us to enhance value, manage risks, and achieve sustainable growth, while also balancing the expectations of our stakeholders
www.marksanspharma.com
0000
Marksans Pharma Ltd.
Health Care in Safe Hands
Empowering Communities
Health Care
- Organized free health check-up camps and distributed free medicines and other medical supplies to under privileged people in the state of Goa
- Medical treatment to underprivileged patients of cancer and bone marrow transplantation
Education
- Contribution towards education of underprivileged students
- Sponsored disaster management training workshops
Environment
- Building and upkeep of public gardens/parks and tree plantation in Verna Industrial Estate, Goa
Food Distribution
- Distribution of free food items to daily wage labourers, people below poverty line and other economically backward people who do not have regular income
Overall wellbeing of women and children
- Women and child development, professionalizing Anganwadis and national nutrition mission in Goa
www.marksanspharma.com
Environmental Sustainability Initiatives
Improving operational and manufacturing efficiency and attract environmentally conscious value chain partners and focusing on optimum use of natural resources and raw materials
Increased use of recycled packaging materials by over 400%. Plan underway for using renewable energy.
Focusing on areas of preventive healthcare, education, eradicating malnutrition, welfare of women and children, rural development projects in the local communities
Increased waste recovery through recycling
Discharge of wastewater only after proper treatment
Do not use water from water stress areas
There is considerable reduction in NOx and Particulate Matter air emissions
There is a considerable reduction in Scope 1 greenhouse gas emissions, and plans are underway to reduce Scope 2 greenhouse gas emissions
www.marksanspharma.com
Marksans Pharma Ltd.
Health Care in Safe Hands
Corporate Governance Standards
www.marksanspharma.com
Marksans Pharma Ltd.
Health Care in Safe Hands
Board of Directors - Guided By Visionary Minds
Mark Saldanha
Founder, Chairman & Managing Director
- Science Graduate
- 30+ years of experience in the marketing, production and finance functions
- Ex-Whole Time Director, Glenmark Pharmaceuticals Ltd.
Sandra Saldanha
Promoter, Whole-Time Director
- MA in Arts (Sociology)
- Experience in Human Resource Management, Business Development, Projects and Supply Chain Management
Varddhman Jain
Whole-Time Director
- M. Pharm (Pharmaceuticals)
- 27+ years of experience in manufacturing, quality R&D, compliance & regulatory affairs both for API and FDF
- Successfully handled several regulatory inspections including USFDA, MHRA, PMDA Japan and WHO
- Created sound Internal processes for regulatory clearance
Dr. Sunny Sharma
Non-Executive Director
- MBA, MBBS.
- Senior Managing Director, OrbiMed Asia
- Ex-Investor Growth Capital (IGC), Easton Capital
www.marksanspharma.com
Page 48
Marksans Pharma Ltd.
Health Care in Safe Hands
Board of Directors - Guided By Visionary Minds
Abhinna Sundar Mohanty
Independent Director
- M.Sc., Mathematics
- 39+ years of experience in sales, marketing, business development and business strategy
- Ex-Alembic Pharma
Digant Mahesh Parikh
Independent Director
- MBA, Finance
- 26+ years of experience in Corporate Finance, Strategic Planning and Business Set-up & Scale up.
Shailaja Vardhan
Independent Director
- Seasoned professional in Communication
- Expertise in developing brand architecture, devising positioning strategies, formulating go-to-market approaches, and implementing impactful communication initiatives
Mr. Srinivas Mishra
Independent Director
- B. Sc Hons (Mathematics)
- 20+ years of experience in Corporate Finance & Wholesale Banking, Corporate Governance, Business & Administration, Legal Abilities, Risk Management and Financial Administration
- Ex-Deputy General Manager, SBI
www.marksanspharma.com
Page 49
Marksans Pharma Ltd. Health Care in Safe Stands
Experienced Leadership Team
Mark Saldanha
Founder, Chairman & Managing Director
Varddhman Jain
Whole-Time Director
Sathish Kumar
MD – Marksans Pharma UK Ltd.
Anjani Kumar
COO – Global Operations and USA
David Mohammed
MD – Pharmaceuticals Australasia Pty Ltd
Jitendra M Sharma
Chief Financial Officer
- Science Graduate
- 30+ years of experience in the marketing, production and finance functions
- M. Pharm (Pharmaceuticals)
- 27+ years of experience in manufacturing, quality R&D, compliance & regulatory affairs both for API and FDF manufacturing
- M. Pharm (Pharmaceuticals)
- 20+ years of experience in Production, Formulation development, Regulatory, Technical and Business Development
- B. Pharm (Pharmaceuticals)
- 38+ years of experience in all aspects of pharma management
- Ex-Wockhardt, Cipla, Lupin
- 20+ years experience in pharma innovation, operations, distribution
- Ex-MD Australasia and Africa, Valeant Pharmaceuticals
- CA, CWA
- 28+ years of expertise in M&A, treasury, forex management, costing, fund raising and internal control systems
www.marksanspharma.com
Annexure
Page 51
Marknans Pharma Ltd. Health Care in Safe Family
Consolidated Profit & Loss Statement
| Particulars (₹ cr.) | Q4FY26 | Q4FY25 | Q3FY26 | YoY | QoQ | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|---|---|
| Total Income | 891.3 | 723.8 | 774.6 | 23.1% | 15.1% | 3,033.5 | 2,689.2 | 12.8% |
| Operating Revenue | 856.1 | 708.5 | 754.4 | 20.8% | 13.5% | 2,950.9 | 2,622.8 | 12.5% |
| Gross Profit | 465.5 | 383.2 | 438.2 | 21.5% | 6.2% | 1,673.7 | 1,479.1 | 13.2% |
| Gross Margin % | 54.4% | 54.1% | 58.1% | 27 bps | -372 bps | 56.7% | 56.4% | 32 bps |
| EBITDA | 195.4 | 126.9 | 160.7 | 54.0% | 21.6% | 600.8 | 532.7 | 12.8% |
| EBITDA Margin % | 22.8% | 17.9% | 21.3% | 491 bps | 152 bps | 20.4% | 20.3% | 5 bps |
| Finance Costs | -6.3 | -3.4 | -5.9 | 83.7% | 6.3% | -24.1 | -11.7 | 106.9% |
| Depreciation & Amortization | -24.3 | -22.7 | -24.3 | 6.8% | -0.2% | -98.6 | -83.4 | 18.3% |
| Other Income | 35.2 | 15.3 | 20.1 | 129.3% | 74.6% | 82.5 | 66.3 | 24.4% |
| Profit before tax | 200.0 | 116.1 | 150.6 | 72.3% | 32.8% | 560.6 | 504.0 | 11.2% |
| Taxes | -51.0 | -25.4 | -36.9 | 100.9% | 38.0% | -140.5 | -121.3 | 15.8% |
| PAT | 149.0 | 90.7 | 113.7 | 64.3% | 31.1% | 420.1 | 382.6 | 9.8% |
| Net Profit Margin % | 16.7% | 12.5% | 14.7% | 419 bps | 204 bps | 13.8% | 14.2% | -38 bps |
| Diluted EPS (INR) | 3.3 | 2.0 | 2.5 | 63.6% | 30.9% | 9.2 | 8.4 | 9.8% |
Note: 1)Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income
2) Following a review of consolidated financial statement groupings, minor reclassifications have been made to Q4 and FY25 comparatives. These are classification adjustments only and do not impact reported profitability.
www.marksanspharma.com
Marksans Pharma Ltd. Health Care in Safe trants
Consolidated Balance Sheet
| Particulars (₹ cr) | FY26 | FY25 |
|---|---|---|
| EQUITY AND LIABILITIES | ||
| EQUITY | ||
| Share capital | 45.3 | 45.3 |
| Reserves and surplus | 2,977.8 | 2,421.6 |
| Non-Controlling interest | 29.5 | 22.5 |
| Total equity | 3,052.7 | 2,489.4 |
| LIABILITIES | ||
| NON-CURRENT LIABILITIES | ||
| Lease liability | 270.1 | 263.3 |
| Provisions | 5.9 | 5.9 |
| Deferred tax liabilities (Net) | 5.1 | 3.7 |
| Total non-current liabilities | 281.1 | 272.9 |
| CURRENT LIABILITIES | ||
| Borrowings | 29.6 | 23.1 |
| Lease liability | 43.7 | 35.5 |
| Trade payables | 336.9 | 305.7 |
| Other financial liabilities | 30.1 | 23.6 |
| Other current liabilities | 44.9 | 58.0 |
| Provisions | 0.3 | 1.4 |
| Current tax liabilities (Net) | 41.6 | 29.9 |
| Total current liabilities | 527.1 | 477.3 |
| Total liabilities | 808.2 | 750.3 |
| TOTAL EQUITY AND LIABILITIES | 3,860.9 | 3,239.6 |
| Particulars (₹ cr) | FY26 | FY25 |
| --- | --- | --- |
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Property, plant & equipment | 925.9 | 886.4 |
| Capital work-in-progress | 14.8 | 9.0 |
| Goodwill | 45.3 | 40.9 |
| Intangible assets | 73.0 | 54.6 |
| Intangible assets under development | 43.8 | 18.1 |
| Other non-current financial assets | 3.9 | 3.6 |
| Deferred tax assets (net) | 13.0 | - |
| Other non-current assets | 17.6 | 21.8 |
| Non current tax assets (net) | 1.1 | 1.1 |
| Total non-current Assets | 1,138.2 | 1,035.5 |
| CURRENT ASSETS | ||
| Inventories | 972.3 | 845.5 |
| Investments | - | 0.7 |
| Trade receivables | 644.6 | 540.0 |
| Cash & cash Equivalents | 634.1 | 495.8 |
| Bank balances other than above | 355.5 | 208.4 |
| Other financial assets | 4.9 | 3.6 |
| Other current assets | 100.5 | 97.8 |
| Current tax assets (Net) | 10.9 | 12.3 |
| Total current assets | 2,722.7 | 2,204.1 |
| TOTAL ASSETS | 3,860.9 | 3,239.6 |
www.marksanspharma.com
0.75
Marksans Pharma Ltd.
Health Care in Safe Stands
Shareholding Pattern — As of March 2026
Shareholding—Q4FY26 (Mar 2026)
■ Promoters
■ OrbiMed (foreign) ■ Other FII/FPI
■ DII (MF+Others) ■ Public & Others
Shareholding Trend – Q4FY26
| Category | Q4FY26 |
|---|---|
| Promoters (%) | 43.9 |
| FII / FPI (%) | 16.8 |
| of which OrbiMed (%) | 8.6 |
| DII (%) | 6.6 |
| Public & Others (%) | 32.7 |
Source: BSE
Stable Promoter Holding
43.9% held steady
OrbiMed Strategic Foreign Holding
8.6% by OrbiMed Asia IV (Mauritius FVCI) — global healthcare investor with $19bn AUM
Mutual Fund Interest Rising
MF holding at 4.7% (Mar 2026) across 9 schemes
www.marksanspharma.com
Thank You
For more information please contact:
Jitendra Sharma (CFO)
Marksans Pharma Ltd.
Tel: +91 22 4001-2000
[email protected]
Corporate Office
11th Floor Grandeur, Off Veera Desai Road,
Opp Gundecha Symphony, Andheri (W),
Mumbai - 400 053, Maharashtra - India
© 2025 Marksans Pharma Ltd., All Rights Reserved.
"Marksans Pharma" and The Marksans Pharma Logo are trademarks of Marksans Pharma Limited. In addition to Company data, data from market research agencies, Stock Exchanges and industry publications has been used for this presentation. This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, divulged, copied or reproduced in whole or in part in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned herein are the trademarks or registered trademarks of their respective owners.