| EBITDA Margin: guided vs achieved | 22.80% achieved Guided 21.00%–22.00%, 3.6% above the top of the range; confirmed by management |
|---|
| Revenue growth | +30.5% YoY to ₹940 Cr; organic ~25% ex-Clinic acquisition. |
|---|---|
| Margins | EBITDA 22.8%, up 274bps YoY; H2 gross margin guided 55–56%. |
| Order book | US order book targeted at ~$300M within three years. |
| Demand visibility | US cold season uncertain; Europe and UK approvals drive visibility. |
| Management confidence | Over-optimistic; hedges heavily on geopolitics and H2 margins. |
Growth
Organic growth is about 25% excluding Clinic. UK/Europe grew 65% and ANZ 64%, while US grew only 8.7%. Gross margin fell sequentially to 58.5%.
Outlook
Targets ₹5,000 Cr revenue in three years and about ₹6,000 Cr in five. US order book target is about $300M within three years.
Risks
Management guided Q3–Q4 gross margin to 55–56%, below Q2's 58.5%. Rest-of-world shipments are hit by Middle East disruption, US price erosion continues, and freight costs have nearly doubled.
Last quarter's promises, checked
Delivered
- FY27 EBITDA 21–22% → this qtr 22.8% (= BEAT)
- Gross margin 55–56% → this qtr 58.5% (= BEAT)
- FY27 revenue growth 15–20% → this qtr +30.5% YoY, quarter only (= BEAT)
Partly delivered
- ₹4,000 Cr revenue in 2 yrs → ₹5,000 Cr in 3 yrs (= PARTIAL)
Missed
- US momentum to strengthen from +15.1% YoY → +8.7% (= MISS)
- UK/Europe ~75% YoY sustained → +65% (= MISS)
- US $300M as 'immediate' objective → now ~3-yr target (= MISS)
Earnings Call Transcript filed with NSE, NSE: MARKSANS. Summary written with AI assistance from the document.
Marksans Pharma Ltd: key numbers
- Share price
- ₹303.70
- Market cap
- ₹13,764 Cr
- Revenue (annual)
- ₹2,951 Cr
- Net profit (annual)
- ₹417.9 Cr
- P/E (TTM)
- 24.6×Sector 43.0×
- Promoter holding
- 43.87%+0.00% QoQ
- FII holding
- 19.06%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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