Marksans Pharma
Marksans Pharma
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcarePrice-based figures as of 8 Oct 2026, 3:57 pm IST · EPS basis: Consolidated · TTM
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Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-08 close, Marksans Pharma traded at ₹307.8, giving a market cap of ₹13,952.22 crore, a TTM P/E of 26.98 and a P/B of 4.61. That price is about 12% below its 52-week high of ₹350.95 and about 99% above its 52-week low of ₹155. TTM sales grew 20% and TTM profit grew 48% with low leverage (debt-to-equity 0.11), while ROE of 13.76% sits below the company's 3-, 5- and 10-year averages of 16-17%.
- Earnings momentum is strong. TTM compounded profit growth of 48% is well above the 3-year (16%) and 5-year (12%) profit CAGRs, which points to a recent pickup in operating performance.
- Revenue growth is speeding up. TTM sales growth of 20% beats the 3-year (17%), 5-year (16%) and 10-year (13%) sales CAGRs, so growth is improving rather than slowing.
- The balance sheet is conservative, with debt-to-equity of 0.11. That leaves room to fund capacity expansion, acquisitions or working capital without heavy borrowing.
- ROCE of 17.54% indicates the core business earns solid returns on the capital it uses, above typical cost-of-capital levels for Indian mid-cap pharma.
- Growth has been consistent over long periods: a 10-year profit CAGR of 18% and a 10-year sales CAGR of 13% show the business has compounded through several cycles.
- Returns have been stable over time. ROE averaged 17% over both 5 and 10 years, which suggests that if the current 13.76% recovers toward that long-run level, it would support per-share earnings growth beyond the TTM EPS of ₹11.41.
- Shareholders have been rewarded over the long run, with a stock CAGR of 36% over 5 years and 20% over 10 years.
- The stock has outrun earnings. The 1-year price return of 102% is more than double the 48% TTM profit growth, so much of the gain came from the valuation multiple expanding rather than from earnings alone.
- Valuation is not cheap. A TTM P/E of 26.98 implies an earnings yield of about 3.7%, and P/B of 4.61 means investors pay roughly 4.6 times book value (about ₹66.8 of book per share against a ₹307.8 price as of 2026-10-08).
- ROE is falling. The current 13.76% is below last year's 15%, the 3-year average of 16% and the 5- and 10-year average of 17%, which suggests the equity base is growing faster than profits.
- Over 5 years, profit growth has lagged sales growth: a 12% profit CAGR against a 16% sales CAGR suggests margins came under pressure for part of that period, and the recent 48% TTM jump may not last.
- The price swings widely. The 52-week range of ₹155 to ₹350.95 means the high was about 2.3 times the low, and the stock sat about 12% below its high on 2026-10-08, showing high sensitivity to sentiment.
- Shareholder payouts are small. A dividend yield of 0.28% offers little income support if the share price falls.
- Recent growth will be hard to repeat. Holding TTM profit growth of 48% would mean running at about 4 times the 5-year profit CAGR of 12%, which sets a high bar for coming quarters.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Ashwamedh-Elara investor meet attendance Sep 1
Marksans Pharma will attend the Ashwamedh - Elara India Dialogue 2026, a group meet on September 2, 2026, held in person at Hyatt, Santacruz East, Mumbai. The company said it will not share any unpublished price-sensitive information.
TL;DR: The only recent news for Marksans Pharma is a routine investor-relations disclosure about a group meet with institutional investors, which should have no direct effect on fundamentals or the share price. No new positive or negative business developments came up in this news set, so it gives no signal on whether the trend is improving or getting worse. Taking part in investor conferences suggests management is keeping in touch with institutions. Investors should look to upcoming quarterly results, US and UK formulation demand, and margin trends for clearer direction.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 500 | 531 | 586 | 560 | 591 | 642 | 682 | 708 | 620 | 720 | 754 | 856 | 841 |
| Expenses | 398 | 417 | 453 | 450 | 462 | 495 | 543 | 582 | 520 | 576 | 594 | 661 | 628 |
| Operating Profit | 102 | 114 | 133 | 110 | 128 | 147 | 139 | 127 | 100 | 144 | 161 | 195 | 213 |
| OPM % | 20% | 21% | 23% | 20% | 22% | 23% | 20% | 18% | 16% | 20% | 21% | 23% | 25% |
| Other Income | 10 | 19 | 5 | 17 | 15 | 0 | 28 | 15 | 6 | 22 | 20 | 35 | 25 |
| Interest | 2 | 2 | 3 | 5 | 3 | 3 | 3 | 3 | 6 | 6 | 6 | 6 | 7 |
| Depreciation | 14 | 18 | 22 | 21 | 20 | 20 | 21 | 23 | 23 | 27 | 24 | 24 | 25 |
| PBT | 97 | 114 | 113 | 100 | 120 | 125 | 143 | 116 | 77 | 133 | 151 | 200 | 207 |
| Tax % | 27% | 26% | 26% | 23% | 26% | 22% | 27% | 22% | 24% | 26% | 25% | 25% | 23% |
| Net Profit | 70 | 84 | 83 | 78 | 89 | 98 | 105 | 91 | 58 | 99 | 114 | 149 | 159 |
| EPS in Rs | 1.52 | 1.84 | 1.84 | 1.73 | 1.96 | 2.13 | 2.31 | 2 | 1.29 | 2.17 | 2.5 | 3.27 | 3.47 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 797 | 893 | 767 | 913 | 1,000 | 1,134 | 1,376 | 1,491 | 1,852 | 2,177 | 2,623 | 2,951 | 3,172 |
| Expenses | 612 | 757 | 722 | 834 | 868 | 942 | 1,037 | 1,232 | 1,513 | 1,719 | 2,090 | 2,350 | 2,458 |
| Operating Profit | 185 | 136 | 45 | 78 | 132 | 192 | 340 | 259 | 340 | 459 | 533 | 601 | 714 |
| OPM % | 23% | 15% | 6% | 9% | 13% | 17% | 25% | 17% | 18% | 21% | 20% | 20% | 22% |
| Other Income | 3 | 9 | 7 | 8 | 5 | 0 | 7 | 42 | 59 | 50 | 66 | 82 | 102 |
| Interest | 16 | 10 | 7 | 10 | 10 | 9 | 8 | 8 | 9 | 11 | 12 | 24 | 25 |
| Depreciation | 16 | 28 | 30 | 27 | 23 | 27 | 36 | 45 | 52 | 74 | 83 | 99 | 100 |
| PBT | 156 | 107 | 15 | 50 | 104 | 157 | 302 | 248 | 338 | 424 | 504 | 561 | 691 |
| Tax % | 28% | 23% | 24% | 28% | 23% | 23% | 21% | 25% | 21% | 26% | 24% | 25% | — |
| Net Profit | 112 | 83 | 11 | 36 | 80 | 121 | 239 | 187 | 265 | 315 | 383 | 420 | 521 |
| EPS in Rs | 2.67 | 1.92 | 0.22 | 0.8 | 1.87 | 2.95 | 5.76 | 4.51 | 5.88 | 6.92 | 8.4 | 9.22 | 11.41 |
| Div. Payout % | 4% | 21% | 23% | 6% | 3% | 3% | 4% | 6% | 9% | 9% | 10% | 10% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 41 | 41 | 41 | 41 | 41 | 41 | 41 | 41 | 45 | 45 | 45 | 45 |
| Reserves | 326 | 401 | 392 | 430 | 502 | 595 | 846 | 1,161 | 1,700 | 2,020 | 2,422 | 2,978 |
| Borrowings | 101 | 100 | 110 | 118 | 100 | 30 | 34 | 111 | 123 | 244 | 322 | 343 |
| Other Liabilities | 207 | 180 | 209 | 142 | 160 | 236 | 307 | 323 | 322 | 372 | 451 | 489 |
| Total Liabilities | 676 | 722 | 752 | 731 | 802 | 902 | 1,228 | 1,636 | 2,190 | 2,681 | 3,240 | 3,856 |
| Fixed Assets | 166 | 270 | 267 | 279 | 270 | 303 | 309 | 428 | 486 | 776 | 982 | 1,044 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 3 | 10 | 9 | 27 | 59 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 27 | 1 | 0 |
| Other Assets | 510 | 452 | 484 | 451 | 533 | 599 | 907 | 1,205 | 1,694 | 1,869 | 2,230 | 2,753 |
| Total Assets | 676 | 722 | 752 | 731 | 802 | 902 | 1,228 | 1,636 | 2,190 | 2,681 | 3,240 | 3,856 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 155 | 31 | 14 | 50 | 27 | 233 | 179 | 99 | 237 | 230 | 207 | 458 |
| Investing | -33 | -123 | -21 | -39 | -13 | -60 | -45 | -84 | -259 | -141 | -49 | -249 |
| Financing | 17 | -58 | -3 | 3 | -21 | -114 | -15 | 80 | 198 | -69 | -65 | -71 |
| Net Cash Flow | 138 | -150 | -10 | 15 | -7 | 60 | 118 | 94 | 176 | 21 | 93 | 138 |
| Free Cash Flow | 118 | -101 | -14 | 11 | 14 | 174 | 133 | 53 | 184 | 22 | 35 | 329 |
| CFO/OP | 108 | 43 | 31 | 73 | 41 | 134 | 67 | 66 | 88 | 77 | 62 | 99 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 84 | 89 | 118 | 71 | 64 | 78 | 72 | 97 | 82 | 76 | 75 | 80 |
| Inventory Days | 107 | 120 | 151 | 152 | 215 | 155 | 248 | 216 | 192 | 217 | 270 | 278 |
| Days Payable | 88 | 85 | 129 | 54 | 78 | 71 | 103 | 102 | 91 | 94 | 98 | 96 |
| Cash Conversion Cycle | 103 | 124 | 140 | 169 | 202 | 163 | 217 | 211 | 183 | 199 | 247 | 261 |
| Working Capital Days | 17 | 59 | 77 | 70 | 97 | 87 | 104 | 121 | 122 | 129 | 142 | 149 |
| ROCE % | 44% | 23% | 4% | 10% | 18% | 25% | 38% | 23% | 22% | 21% | 20% | 19% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
Marksans Pharma is engaged in the Business of Formulation of pharmaceutical products [1]
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