Marksans Pharma posts strong Q2 FY26 recovery, outlines growth plans

Marksans Pharma reported a strong Q2 FY26 performance, with operating revenue growing 12.2% year-on-year to INR 720.4 crore and sequentially 16%. Profit after tax increased 1.4% year-on-year to INR 99.1 crore, with EBITDA growing 44% quarter-on-quarter to INR 144.5 crore, supported by operating leverage and improved cost efficiencies. The U.S. and North America market revenue grew 27% year-on-year to INR 387 crore, while the U.K. and EU formulation recorded INR 245 crore. The company's U.S. order book currently stands between $225 to $230 million.

For H1 FY26, operating revenue increased 8.8% to INR 1,340.4 crore, and profit after tax was INR 157.3 crore. Marksans Pharma plans to expand its old Goa plant's tablet capacity to 1.2-1.3 billion tablets from 700-800 million and soft gels by approximately 3x, with a capital expenditure budget of around INR 100 crore in 2026. The company remains debt-free with a cash balance of INR 666.5 crore as of September 30, 2025.

Marksans Pharma is expanding its presence in Europe, focusing on four countries and initiating organic operations in Germany by FY26. It aims to double U.K. revenues within the next 5-7 years and expects its working capital cycle to normalize to 120-130 days by Q1 FY27.