Marksans Pharma (MARKSANS) Q2 25/26 earnings summary

Executive summary

• Q2 FY 2026 saw a 16% sequential revenue increase, driven by robust demand in the U.S. and stable performance in the U.K. despite pricing pressures.

• EBITDA and PAT grew 44% and 70% quarter-on-quarter, reflecting operating leverage and improved execution.

• New product launches in digestive health and pain management contributed to growth, and tariff-related uncertainties have stabilized.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved and reviewed with an unmodified auditor opinion.

• The company remains committed to quality, innovation, and sustainable growth, with a focus on expanding in Europe and other geographies.

Financial highlights

• Q2 FY 2026 operating revenue was INR 720.4 crore, up 16.2% sequentially and 12.2% year-on-year; U.S. and North America revenue rose 27% to INR 387 crore.

• Gross profit for Q2 grew 7.4% year-on-year to INR 411.8 crore; gross margin was 57.2%, slightly down year-on-year.

• Q2 EBITDA was INR 144.5 crore (20.1% margin), up 44.3% quarter-on-quarter and 6.5% year-on-year; PAT for Q2 was INR 99.1 crore, up 70.3% quarter-on-quarter and 1.4% year-on-year.

• H1 FY 2026 consolidated revenue was INR 1,340.4 crore, up 8.8% year-on-year; H1 EBITDA at INR 244.6 crore (18.2% margin); H1 net profit was INR 157.3 crore.

• Cash generated from operations in H1 was INR 75.2 crore; CapEx at INR 73.2 crore; cash balance stood at INR 666.5 crore as of September 2025.

Outlook and guidance

• Strong momentum expected for H2 FY 2026, with growth driven by robust product pipeline and operational discipline.

• U.S. order book stands at $225-230 million, with expectations for further growth in 2026.

• Targeting INR 3,000 crore revenue by next year and INR 5,000 crore over five to seven years.

• U.K. revenues expected to double over the next five to seven years; new product approvals to drive bottom-line growth.

• Marksans Employees Stock Option Scheme 2024 was approved, granting 400,000 equity stock options to eligible employees.