Marksans Pharma LimitedPharmaceuticals & HealthcareMARKSANS
Q1 FY27 concall · earnings callMarksans Pharma Limited
The company started FY27 with record quarterly revenue, EBITDA, and PAT, driven by strong European growth via acquisitions and organic expansion across all geographies.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹840.8 Cr | 35.6% | |
| EBITDA | ₹213 Cr | 112.8% | |
| PAT | ₹159.4 Cr | 173.9% | |
| Cash Balance | ₹1,058 Cr | — | |
| UK & Europe Revenue | ₹356 Cr | 74.7% | |
| Gross Margin | 59.1% | 138 bps | |
| EBITDA Margin | 25.3% | 919 bps | |
| Working Capital Cycle | 132 days | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹681.85 Cr+16.3% YoY+6.2% QoQ | ₹105.07 Cr+26.6% YoY+7.5% QoQ | ₹2.31+25.5% YoY+8.5% QoQ |
| Q2 FY25 | ₹641.92 Cr+20.8% YoY+8.7% QoQ | ₹97.76 Cr+16.6% YoY+9.8% QoQ | ₹2.13+15.8% YoY+8.7% QoQ |
| Q1 FY25 | ₹590.62 Cr+18.1% YoY+5.5% QoQ | ₹89.07 Cr+26.4% YoY+14.7% QoQ | ₹1.96+28.9% YoY+13.3% QoQ |
| Q4 FY24 | ₹560.01 Cr+15.2% YoY-4.5% QoQ | ₹77.64 Cr-6.1% YoY-6.4% QoQ | ₹1.73-12.2% YoY-6% QoQ |
| Q3 FY24 | ₹586.13 Cr+22.2% YoY+10.3% QoQ | ₹82.97 Cr+33.2% YoY-1% QoQ | ₹1.84+17.9% YoY0% QoQ |
TL;DR
- Revenue of INR841 crores grew 35.6% year-on-year.
- EBITDA of INR213 crores and PAT of INR159 crores were quarterly records.
- Europe revenue surged 74.7% year-on-year to INR356 crores, aided by the QliniQ acquisition.
- Cash balance crossed INR1,000 crores for the first time.
- Management is focused on scaling in Europe, accelerating product launches, and pursuing further acquisitions.
Said on the call
“We are increasingly seeing these investments translate into growth, profitability, and cash generation.”
From the Q&A
| Topic | What management said |
|---|---|
| European Acquisitions & Guidance | Management expects QliniQ to do INR150-175 crores in revenue for the full year and Europe as a whole to be around INR180 crores, representing ~40% growth from QliniQ's historical run-rate. |
| Gross Margin Sustainability | Said the high 59.1% margin was aided by low-cost inventory but is not sustainable; expects a more normal range of 55%-56%. |
| US Growth Outlook | Order book remains strong; expects growth from all geographies and stands by the target of hitting INR4,000 crores within two years. |
| Capital Allocation | With over INR1,000 crores cash, the company is actively looking at further acquisitions in Europe to fuel growth, but nothing concrete yet. |
| Profit Margin Guidance | Reiterated full-year guidance of 15-20% revenue growth and 20-21% EBITDA margin despite strong Q1, citing geopolitical uncertainty. |
| Manufacturing Capacity | Acknowledged potential need for additional manufacturing capacity in India within 1-2 years to meet 3-5 year growth plans; actively looking at targets. |
| R&D Focus | Focus is on differentiating product basket and doubling product portfolio in every country over the next 2-3 years. |
| Long-term Targets | Aims to reach $300 million revenue in the US as the next benchmark and hopes Europe could do around INR1,000 crores in the next 5 years. |
Guidance
- Full-year revenue growth of 15% to 20%.
- Full-year EBITDA margin of 20% to 21%.
- Expect to reach revenue of INR4,000 crores within the next two years.
- Expect QliniQ to do around INR150-175 crores revenue for the full year.
- Expect Europe revenue to be around INR180 crores for the year.
- Aiming to double product portfolio in every country within 2-3 years.
Source
Summary written from the transcript filed by Marksans Pharma Limited for the call held on 13 Aug 2026; published 20 Aug 2026, 16:39 IST.
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