Marksans Pharma Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Marksans Pharma Ltd filed with BSE on 03 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Marksans Pharma reported Q4 FY26 operating revenue of Rs 856 crores, up 20.8% year-on-year, with EBITDA margin expanding to 22.8% and profit after tax rising 64.3% to Rs 149 crores. For the full year, revenue crossed Rs 3,000 crores for the first time, reaching Rs 2,951 crores, with EBITDA margin at 20.4% and a year-end cash balance of Rs 990 crores. Management discussed raw material cost inflation linked to petroleum-related inputs and geopolitical disruption, alongside growth across North America, U.K., and Australia markets and new market entries in Germany, Canada and Ireland.
Numbers mentioned
Operating revenue: Rs 856 crores (Q4 FY26)
p. 4
“In Q4 of FY26, our operating revenue stood at INR856 crores, an increase of 20.8% year-on-year compared to INR708 crores in the same quarter last year.”
Jitendra Sharma, page 4 of the filed PDF · View the filing
EBITDA margin: 22.8% (Q4 FY26)
p. 5
“EBITDA margin expanded by 491 basis points on a Y-o-Y basis to 22.8%, reflecting strong operating leverage as revenue scaled up and cost control measures.”
Jitendra Sharma, page 5 of the filed PDF · View the filing
Profit after tax: Rs 149 crores (Q4 FY26)
p. 5
“Profit after tax stood at INR149 crores, an increase of 64.3% on a Y-o-Y basis.”
Jitendra Sharma, page 5 of the filed PDF · View the filing
EPS: Rs 3.3 (Q4 FY26)
p. 5
“EPS for the quarter was INR3.3.”
Jitendra Sharma, page 5 of the filed PDF · View the filing
Operating revenue: Rs 2,951 crores (FY26)
p. 5
“Our operating revenue stood at INR2,951 crores compared to INR2,623 crores in the same period last year, an increase of 12.5% on a Y-o-Y basis.”
Jitendra Sharma, page 5 of the filed PDF · View the filing
EBITDA margin: 20.4% (FY26)
p. 5
“EBITDA for the period was INR601 crores, with the EBITDA margin at 20.4%.”
Jitendra Sharma, page 5 of the filed PDF · View the filing
Profit after tax: Rs 420 crores (FY26)
p. 5
“Profit after tax was at INR420 crores.”
Jitendra Sharma, page 5 of the filed PDF · View the filing
EPS: Rs 9.2 (FY26)
p. 5
“EPS for FY26 was INR9.2.”
Jitendra Sharma, page 5 of the filed PDF · View the filing
Cash and cash equivalents: Rs 990 crores (as of March 31, 2026)
p. 4
“We closed FY26 with a cash and cash equivalent of approximately INR990 crores.”
Mark Saldanha, page 4 of the filed PDF · View the filing
North America revenue: Rs 1,533 crores (FY26)
p. 3
“Revenue for FY26 reached INR1,533 crores, reflecting a growth of 24% year-on-year.”
Mark Saldanha, page 3 of the filed PDF · View the filing
U.K. Q4 revenue: Rs 308 crores (Q4 FY26)
p. 3
“the Q4 performance was encouraging with revenue reaching an all-time quarterly high of INR308 crores, representing a growth of 12.3% year-on-year.”
Mark Saldanha, page 3 of the filed PDF · View the filing
Australia Q4 revenue: Rs 123 crores (Q4 FY26)
p. 4
“Our Q4 revenue reached INR123 crores, reflecting a strong growth both sequentially and on a year-on-year basis.”
Mark Saldanha, page 4 of the filed PDF · View the filing
Gross margin: 56.7% (FY26)
p. 4
“Gross margin improved to 56.7%, while EBITDA margin expanded to 20.4%.”
Mark Saldanha, page 4 of the filed PDF · View the filing
Free cash flow: Rs 328 crores (FY26)
p. 5
“We delivered a free cash flow of INR328 crores during the FY26.”
Jitendra Sharma, page 5 of the filed PDF · View the filing
R&D spend: Rs 89 crores (3% of revenue) (FY26)
p. 5
“We invested INR89 crores in R&D in FY26, which amounts to 3% of our consolidated revenue.”
Jitendra Sharma, page 5 of the filed PDF · View the filing
Working capital days: 138 days (FY26)
p. 5
“Our working capital remained at 138 days.”
Jitendra Sharma, page 5 of the filed PDF · View the filing
Final dividend: Rs 0.90 per equity share (FY26)
p. 4
“the Board has recommended a final dividend of INR0.90 per equity share, representing a 90% payout on face value for FY26.”
Mark Saldanha, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — INR4,000 crores · next 2 years
stated firmly by Mark Saldanha
p. 7
“our target is still there for INR4,000 crores in the next 2 years.”
Mark Saldanha, page 7 of the filed PDF · View the filing
Revenue — double revenue · 3 to 5 years
stated as an aspiration by Mark Saldanha
p. 7
“We have come up with a road map to double our revenue in the next 3 to 5 years.”
Mark Saldanha, page 7 of the filed PDF · View the filing
EBITDA margin — 20-21% · FY27
stated firmly by Mark Saldanha
p. 11
“No, I think it will be the same.”
Mark Saldanha, page 11 of the filed PDF · View the filing
Revenue growth — 15% to 20% · FY27
stated conditionally by Mark Saldanha
p. 11
“I mean conservatively because I always like to be that way but between 15% to 20%.”
Mark Saldanha, page 11 of the filed PDF · View the filing
Teva plant utilization — 40% to 50% growth potential
stated as an aspiration by Mark Saldanha
p. 7
“We still have a potential of maybe 40% to 50% of growth coming from there and we are working towards that.”
Mark Saldanha, page 7 of the filed PDF · View the filing
Australia revenue — $100 million · next 3 years
stated as an aspiration by Mark Saldanha
p. 13
“I'm very optimistic and very confident that within the next 3 years, we should hit those objectives of hitting our first milestone of $100 million.”
Mark Saldanha, page 13 of the filed PDF · View the filing
M&A activity — 2027
stated as an aspiration by Mark Saldanha
p. 10
“I'm more optimistic that, yes, 2027 will see some M&A transactions happening.”
Mark Saldanha, page 10 of the filed PDF · View the filing
Canada revenue — end of financial year
stated conditionally by Mark Saldanha
p. 12
“So Canada, products are in the filing and we should see a small part of it trickle in towards the end of the financial year.”
Mark Saldanha, page 12 of the filed PDF · View the filing
Europe revenue — second half of this year
stated conditionally by Mark Saldanha
p. 12
“I mean within this year, we are expecting maybe second half for it to see some results.”
Mark Saldanha, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said raw material costs, particularly petroleum-linked inputs, have risen 20-30%, but existing inventory provides some buffer, and forex gains partly offset the cost rise.
Answered by Mark Saldanha
Asked by Ahmed Madha: How should margins be viewed given raw material cost inflation and expected pass-through lags?
p. 5
“we are seeing a price escalation of over 20% to 30% on these raw materials.”
Mark Saldanha, page 5 of the filed PDF · View the filing
Management confirmed inventory cover for Q1 and noted forex gains partly offsetting raw material cost increases.
Answered by Mark Saldanha
Asked by Ahmed Madha: Do we have inventory cover through Q1 or Q2?
p. 6
“We have inventory for Q1 to a great extent.”
Mark Saldanha, page 6 of the filed PDF · View the filing
Management said the current impact is around 2%, similar to before, and could rise if disruption drags on.
Answered by Mark Saldanha
Asked by Ahmed Madha: What is the logistics/freight cost impact versus the Red Sea crisis period?
p. 6
“But now it is still around the same, about 2%.”
Mark Saldanha, page 6 of the filed PDF · View the filing
Management reaffirmed the target and described a road map to double revenue over 3-5 years.
Answered by Mark Saldanha
Asked by Maitri Sheth: Is the company still on track for the INR4,000 crores revenue target by FY28?
p. 7
“yes, I mean, INR4,000 crores within the next 2 years is very much on the plate right now.”
Mark Saldanha, page 7 of the filed PDF · View the filing
Management explained seasonality patterns across quarters and said performance should be assessed year-on-year rather than quarter-to-quarter.
Answered by Mark Saldanha
Asked by Viraj Mahadevia: Can Q4 be taken as an exit run rate for FY27?
p. 10
“we definitely are very optimistic of growth and hitting our objectives.”
Mark Saldanha, page 10 of the filed PDF · View the filing
Management said utilization is close to 50% with room to grow, and some capex is planned for new dosage forms.
Answered by Mark Saldanha
Asked by Viraj Mahadevia: What is the Teva facility utilization and are further lines being added?
p. 10
“So we are at very close to 50% of our capacity today, maybe shying away from the 50% but very close to that.”
Mark Saldanha, page 10 of the filed PDF · View the filing
Management said the company is in active dialogue on two acquisition targets, with due diligence underway on one.
Answered by Mark Saldanha
Asked by Viraj Mahadevia: Are there plans to deploy the INR990 crores cash via acquisitions?
p. 10
“we are in active dialogue, 2 targets. And as a matter of fact, one target, we are doing due diligence.”
Mark Saldanha, page 10 of the filed PDF · View the filing
Management said margins are expected to remain in the same range.
Answered by Mark Saldanha
Asked by Nishita Shanklesha: What EBITDA margin range is expected for FY27 given raw material inflation?
p. 11
“No, I think it will be the same.”
Mark Saldanha, page 11 of the filed PDF · View the filing
Management stated utilization is around 13-14 billion units out of total capacity, roughly 50-55%.
Answered by Mark Saldanha
Asked by Kamal: What is the current operational capacity utilization across the three facilities?
p. 12
“So we are at 13 billion to 14 billion.”
Mark Saldanha, page 12 of the filed PDF · View the filing
Management explained the buildup was a deliberate decision to secure inventory ahead of tariff uncertainty, and this inventory is now being utilized amid new raw material cost pressures.
Answered by Mark Saldanha
Asked by Jugal Shah: Why has working capital increased and is there a plan to reduce it?
p. 14
“it was a conscious decision for us to ensure before our products -- nobody knew what will happen tomorrow, so before our products get into any tariff zone, we decided to go heavy on inventory, both finished product as well as raw materials.”
Mark Saldanha, page 14 of the filed PDF · View the filing
Risks flagged
Rising raw material costs due to petroleum-linked inputs amid geopolitical conflict
p. 4
“We expect obviously some inflationary pressure on raw materials costs during Q1 FY27 due to the ongoing geopolitical and supply chain disruption.”
Mark Saldanha, page 4 of the filed PDF · View the filing
Uncertainty over duration of geopolitical conflict affecting contract renegotiation with customers
p. 6
“because there is no clarity,we would like to wait and watch because if tomorrow, things do correct, the overall market will correct dramatically.”
Mark Saldanha, page 6 of the filed PDF · View the filing
Currency-driven increase in cost of imported raw materials denominated in USD or yuan
p. 8
“Import will get a bit more expensive, but the value chain of getting into finished product and shipping it out is always higher than only the actives.”
Mark Saldanha, page 8 of the filed PDF · View the filing
Freight and logistics cost increases due to shipping disruptions
p. 9
“the impact on freight barring the fuel and the fuel cost has not gone up to that level due to scarcity of containers or stoppage of shipping line.”
Mark Saldanha, page 9 of the filed PDF · View the filing
High pricing competition in the U.S. market pressuring margins
p. 15
“In terms of margin, obviously, U.S. is very competitive.”
Mark Saldanha, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.