Key Metrics of Marksans Pharma Limited
About Marksans Pharma Limited
Sectors
Company details
- Registered office
- 11th Floor, Grandeur,, Veera Desai Extension Road, Oshiwara, Andheri (w), Mumbai, In-mh, 400053
- Listed
- NSE: MARKSANS · ₹296.65
Operational Areas of Marksans Pharma Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Oct 2026 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹256 Cr | View |
| 06 Oct 2025 | CARE | Upgraded (from A+) | AA- | A1+ | Stable | ₹256 Cr | View |
| 07 Oct 2024 | CARE | Reaffirmed | A+ | A1+ | Positive | ₹256 Cr | View |
| 06 Oct 2023 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹256 Cr | View |
| 02 Feb 2023 | CARE | Other | — | — | — | — | View |
| 20 Jan 2023 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Oct 2026)
+ Growing scale of operations with healthy profitability
MPL’s TOI grew by ~14% and ~36% y-o-y in FY26 and Q1FY27 respectively. Growth was primarily driven by robust performance in key markets, notably the USA, Australia and New Zealand, supported by new product launches. The UK and Europe business 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority.
+ Strong financial risk profile
MPL’s capital structure continues to be comfortable with overall gearing (gross debt basis) of 0.11x as on March 31, 2026 (0.13x as on March 31, 2025) due to negligible reliance on external debt for its capex/working capital requirement . The company is net debt free, with cash and liquid investments of ₹989 crore against total debt of ₹343 crore (includes finance lease liability of ₹314 crore) as on March 31, 2026. Total gross debt/PBILDT and PBILDT interest coverage ratio remained strong at 0.
Credit challenges
− Segment concentration risk
The company has product portfolio across chronic and acute therapeutic segments such as pain management, cough and cold, cardiovascular, gastrointestinal, anti-diabetic, anti-allergic, central nervous system, and vitamins and supplements. However, MPL derives ~45% of its revenue from pain management segment, followed by ~16% from cough/cold and, ~13% from gastrointestinal segments. The company is actively pursuing diversification in its therapeutic segments. However, the pain management segment
− Exposure to risk associated with regulations and inorganic growth
MPL operates in a highly competitive international pharmaceutical market, where increasing regulatory scrutiny and heightened sensitivity towards product performance remain key challenges. The global pharmaceutical industry is subject to stringent regulations due to its direct impact on public health. Regulatory frameworks, including patent laws, may restrict the company’s ability to launch new products or expand into certain geographies.Changes in tax structures/tariffs can influence cost struc
− Intense competition and exposure to product pricing and foreign exchange fluctuation risk
MPL mainly sell generic products, which are subjected to high competition and price sensitivity. MPL sell majority products through large retailers/pharmacies under private label category in regulated markets basis contractual arrangement of ~3 years. Accordingly, renewal of key contracts and ability to secure new contracts shall remain critical for the company’s growth. Per contractual terms, product prices are fixed for the contract tenure where any material changes in raw material prices may
Could lead to an upgrade
• Significant growth in scale of operations through greater revenue diversification across geographies and therapeutic segments, while maintaining healthy profitability and strong financial risk profile.
Could lead to a downgrade
• Total operating income (TOI) below ₹2,000 crore and/or PBILDT margin below 18% on a sustained basis. • Adverse regulatory action against MPL. • Large debt-funded capital expenditure or acquisitions leading to weakening of credit risk profile.
Agency-reported financials (CARE, 07 Oct 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹2,642 Cr | ₹3,001 Cr | ₹841 Cr |
| PBILDT | ₹552 Cr | ₹651 Cr | ₹213 Cr |
| PAT | ₹383 Cr | ₹420 Cr | ₹159 Cr |
| Overall gearing (times) | 0.13× | 0.11× | — |
| PBILDT Interest coverage (times) | 47.34× | 27.00× | 30.42× |
| Revenue growth (YoY) | — | 13.6% | — |
| EBITDA margin | 20.9% | 21.7% | 25.3% |
| Implied interest cost (EBITDA ÷ coverage) | ₹11.66 Cr | ₹24.11 Cr | ₹7.00 Cr |
| PAT margin | 14.5% | 14.0% | 18.9% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹135 Cr | — | AA- (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹121 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹2.00 Cr | CARE A1+ |
| Cash Credit | ₹100 Cr | CARE AA-; Stable |
| Forward Contract | ₹18.8 Cr | CARE A1+ |
| Letter of credit | ₹75.0 Cr | CARE A1+ |
| Proposed fund based limits | ₹35.0 Cr | CARE AA-; Stable |
| Proposed non fund based limits | ₹25.0 Cr | CARE A1+ |
Lenders
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Proposed fund based limits | Proposed |
| Non-fund-based - ST | Bank Guarantee | Bank of Baroda |
| Non-fund-based - ST | Bank Guarantee | State Bank of India |
| Non-fund-based - ST | Forward Contract | Bank of Baroda |
| Non-fund-based - ST | Forward Contract | State Bank of India |
| Non-fund-based - ST | Letter of credit | Bank of Baroda |
| Non-fund-based - ST | Letter of credit | State Bank of India |
| Non-fund-based - ST | Proposed non fund based limits | Proposed |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 89% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 84% chance the next rating action is stable or better
- Current rating AA- (investment grade)
- Interest coverage 30.42×
Rated limits by facility
Timeline
From the report
The company is net debt free, with cash and liquid investments of ₹989 crore against total debt of ₹343 crore (includes finance lease liability of ₹314 crore) as on March 31, 2026.
From the report
The company is net debt free, with cash and liquid investments of ₹989 crore against total debt of ₹343 crore (includes finance lease liability of ₹314 crore) as on March 31, 2026.
From the report
Liquidity: Strong Strong liquidity is marked by strong cash accruals, cash and liquid investments of ~₹1,058 crore and unutilised fund-based working capital limit of ~₹100 crore as on June 30, 2026, against nil debt repayment obligations.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Marksans Pharma Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Dr. Reddy's Laboratories |
Part of Dr. Reddy's Laboratories. | drreddys.com | 1984 | India |
 Aurobindo Pharma |
Part of Aurobindo Pharma. | aurobindo.com | 1986 | Hyderabad, India |
 Cipla |
Part of Cipla. | cipla.com | 1935 | Mumbai, India |
| Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | lupin.com | 1968 | India | |
 Glenmark Pharmaceuticals |
Part of Glenmark Pharmaceuticals. | glenmarkpharma.com | 1977 | Mumbai, India |
| Part of Biocon. | biocon.com | 1978 | Bangalore, India | |
 ALKEM LABORATORIES LIMITED |
Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | alkemlabs.com | 1973 | Mumbai, Maharashtra, India |
 Torrent Pharmaceuticals |
Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | torrentpharma.com | 1959 | Ahmedabad, India |
 Thomas Cook India |
Part of Thomas Cook Group. | thomascook.in | 1978 | Mumbai, India |
 Divi's Laboratories |
Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | divislabs.com | 1990 | Hyderabad, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.