Slide 1: Cover letter to stock exchanges
November 13, 2025 BSE Limited National Stock Exchange of India Limited Corporate Relation Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block - G Dalal Street Bandra-Kurla Complex Mumbai – 400001 Bandra (East), Mumbai - 400051 Scrip Code: 524404 Symbol: MARKSANS Sub: I
Slide 2: Earnings Presentation Q2 and H1 FY26
Earnings Presentation Q2 and H1 FY26 13th November 2025 BSE: 524404 | NSE: MARKSANS | ISIN: INE750C01026 ©2025 – Marksans Pharma Ltd., All Rights Reserved www.marksanspharma.com
Slide 3: Safe Harbor
Safe Harbor This presentation has been prepared by Marksans Pharma Limited (the “Company”) solely for informational purposes. The information contained herein is not intended to be comprehensive and should not be relied upon as the sole basis for any investment or business decision. This presentatio
Slide 4: Table of Contents
Q2 and H1FY26 Financial and Business Highlights Q2 and H1FY26 Financial and Business 04 01 Highlights Marksans Pharma at a Glance 02 Marksans Pharma at a Glance 16 Table of Marksans’ Journey 03 Marksans’ Journey 21 Contents Strategic Initiatives 04 Strategic Initiatives 27 Sustainability at Marksans
Slide 5: Q2 & H1FY26 Financial & Business Highlights
Q2 & H1FY26 Financial & Business Highlights www.marksanspharma.com Page 4
Slide 6: Management Commentary
Management Commentary Mark Saldanha “Q2FY26 has been a strong quarter for us, with revenues growing 16% sequentially, driven by robust demand across our key markets. The US region M A N A G I N G D I R E C TO R A N D C E O recorded solid growth, demonstrating resilience amid macro challenges, suppor
Slide 7: Financial Highlights Q2FY26 – QoQ Performance
Financial Highlights Q2FY26 – QoQ Performance Q2FY26 Q1FY26 QoQ Growth % QoQ Performance • Driven by improved demand across the US, UK, and Revenue ₹ 720.4 cr ₹ 620.0 cr 16.2% Australia, supported by strong market momentum from new product launches and market share gains Gross Profit ₹ 411.8 cr ₹ 35
Slide 8: Financial Highlights Q2FY26 – YoY Performance
Financial Highlights Q2FY26 – YoY Performance Q2FY26 Q2FY25 YoY Growth % YoY Performance • Attributed to strong traction in the US market, Revenue ₹ 720.4 cr ₹ 641.9 cr 12.2% supported by new product launches across the digestive and pain management segments Gross Profit ₹ 411.8 cr ₹ 383.5 cr • Gros
Slide 9: Financial Highlights H1FY26 – YoY Performance
Financial Highlights H1FY26 – YoY Performance H1FY26 H1FY25 YoY Growth % YoY Performance Revenue ₹ 1,340.4 cr ₹ 1,232.5 cr 8.8% Gross Profit ₹ 770.0 cr ₹ 712.4 cr 8.1% Gross Margin 57.4% 57.8% • H1 performance reflects a soft Q1, followed by a notable improvement in Q2; We expect momentum to continu
Slide 10: Financial & Other Highlights - Q2 & H1 FY26
Financial & Other Highlights - Q2 & H1 FY26 Revenue contribution for Q2FY26: US - ₹ 387.3 cr | UK & Europe - ₹ 245.3 cr | Australia & New Zealand - ₹ 61.3 cr | RoW - ₹ 26.5 cr Research & development (R&D) spends at ₹ 26.2 cr in H1FY26, 2.0% of consolidated revenue Cash generated from operations at ₹
Slide 11: Revenue by Segment and Geography
Revenue by Segment and Geography FY25 Q2 FY26 Revenue by Segment Revenue by Geography US & North America UK & Europe ₹ 387.3 cr ₹ 245.3 cr 27% YoY 1% YoY Rx 25.9% 53.8% 34.1% OTC 74.1% 3.7% OTC Rx 8.5% RoW - ₹ 26.5 cr 4% YoY Australia & New Zealand Our OTC segment grew at a CAGR of ₹ 61.3 cr 21% (fr
Slide 12: Quarterly Financial Trends
Quarterly Financial Trends Operating Revenue (₹ cr) Gross Profit (₹ cr) & Gross Margin (%) 709 720 430 412 682 384 384 383 410 642 390 620 370 358 60.00% 350 330 59.7% 57.8% 57.2% 310 56.2% 54.1% 290 270 250 40.00% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 EBITDA (₹ cr) &
Slide 13: US & North America Q2FY26 Performance
US & North America Q2FY26 Performance Quarterly Performance (₹ cr) 53.8% 387 353 329 328 304 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Revenue US Overview 27.3% YoY 18.2% QoQ ₹ 387.3 cr • US & North America is a key growth market • The Company services this region through Time Cap Labs Inc., its wholly own
Slide 14: UK & Europe Q2FY26 Performance
UK & Europe Q2FY26 Performance Quarterly Performance (₹ cr) 34.1% 274 247 258 245 204 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Revenue UK Overview 0.6% YoY 20.4% QoQ ₹ 245.3 cr • Top 5 Indian pharmaceutical firms in the UK in terms of revenue • The Company services this region through its wholly owned sub
Slide 15: Australia & New Zealand Q2FY26 Performance
Australia & New Zealand Q2FY26 Performance Quarterly Performance (₹ cr) 8.5% 77 64 61 57 47 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Revenue Australia & New Zealand Overview 3.5% YoY 7.6% QoQ ₹ 61.3 cr • In 2005, Marksans acquired 60% stake in Nova to have an established base in Australia • Nova is engage
Slide 16: RoW Business Q2FY26 Performance
RoW Business Q2FY26 Performance Quarterly Performance (₹ cr) 32 29 28 27 24 3.7% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Revenue RoW Overview 3.6% YoY 16.2% QoQ ₹ 26.5 cr • RoW segment encompasses 10 countries, spanning across CIS and MENA regions • Marksans acquired 100% stake in Access Healthcare in Du
Slide 17: Marksans Pharma at a Glance
Marksans Pharma at a Glance www.marksanspharma.com Page 16
Slide 18: Company Overview
Company Overview ₹ 2,623 cr 20.3% ₹ 666.5 cr 4 300+ FY25 Revenue FY25 Cash balance 4 Manufacturing Products (OTC: 78.8%, EBITDA Margin (as of Sept 2025) Units & and 1,500+ SKUs Rx: 21.2%) 4 R&D Centers $150+mn Amongst Accreditations 2,000+ in US Top 5 USFDA, UK MHRA, Total Employees Amongst the top
Slide 19: Marksan's OTC Focus
Marksan’s OTC Focus Marksan’s OTC Portfolio Industry Opportunity ❖ According to IQVIA, Global OTC Market size is ❖ The OTC business includes store brands, private projected to be $204 bn in 2025 label manufacturing for retailers and customers ❖ Prescription (Rx) to over-the-counter (OTC) ❖ It also m
Slide 20: Manufacturing Capabilities
Manufacturing Capabilities Manufacturing Facility in Farmingdale, USA Total Capacity : 26 bn units p.a.* • Manufactures hard gels, tablets and capsules • Spread over an area of 7000 sq. mt. USA • "Made in the USA” product offering • Added incremental packaging lines Manufacturing Facility in Southpo
Slide 21: R&D Capabilities
R&D Capabilities R&D (₹ cr) and R&D % to sales 1.5% 2.0% 1.6% 1.6% 2.2% 2.0% 1.4% 0.6% 0.6% 0.7% 58 R&D Southport, Farmingdale, United Kingdom Navi Mumbai, United States India 30 29 35 26 Goa, India Centers 19 15 5 5 8 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 Continued focus on R&D Plans
Slide 22: Marksan's Journey
Marksan’s Journey www.marksanspharma.com Page 21
Slide 23: Our Key Events
Our Key Events • Raised ₹ 372.40 cr in Increased focus on OTC equity via conversion segment in US market OTC Segment’s Spun off into a separate of warrants issued to entity - Glenmark OrbiMed and Revenue crossed ₹ • Acquired Bells, Sons & Promoters 2,000 cr revenue Laboratories Ltd. Co. (Druggists)
Slide 24: Growth and Achievements Since 2017
Growth and Achievements Since 2017 Revenue OTC Revenue Consistent and Consistent Manufacturing growth growth of meaningfully growth in cash capacity SKUs ~3.4x to ~4.6x to high EBITDA from increased from growth of margin operations over 6 bn units p.a. in ~75% to 1500+ ₹ 2,623 cr ₹ 2,066 cr expansio
Slide 25: Financial Trends – High Growth Trajectory
Financial Trends – High Growth Trajectory Operating Revenue (₹ cr) EBITDA (₹ cr) & EBITDA Margin (%) 3,000.0 2,623 600.00 30.0% 24.7% 20.2% 21.1% 2,177 2,500.0 500.00 25.0% 17.4% 2,000.0 1,852 18.3% 400.00 17.0% 20.0% 1,491 1,500.0 1,376 13.2% 1,134 300.00 8.6% 15.0% 912 1,005 5.8% 529 1,000.0 767 2
Slide 26: Financial Trends – High Growth Trajectory
Financial Trends – High Growth Trajectory Total Assets (₹ cr) Net Debt to EBITDA 3,500.0 3,240 2.0x 1.6x 3,000.0 2,681 1.5x 1.0x 2,190 0.5x 1.0x 2,500.0 0.5x 1,640 2,000.0 0.0x 1,500.0 1,228 -0.5x 897 -0.4x 1,000.0 752 732 804 -1.0x -0.6x -1.2x -1.3 -1.5x -1.5x 500.0 -2.0x 0.0 -2.5x -2.0x FY17 FY18
Slide 27: Proven Success in Acquisitions
Proven Success in Acquisitions Acquisitions Acquired manufacturing unit in Goa from Teva Pharma United United Target Country Australia United States UAE India Kingdom Kingdom Transaction December 31, March 24, 2006 August 27, 2008 June 30, 2015 April 25, 2022 April 19, 2023 Date 2007 Sales growth fr
Slide 28: Strategic Initiatives
Strategic Initiatives www.marksanspharma.com Page 27
Slide 29: Core Strategies for Future Growth
Core Strategies for Future Growth To become the most reliable partner in the consumer healthcare space Focus on store brand OTC Segment • Expanding within proven OTC demand areas, expanding market share with customers and key regions. Aim to capture a significant part of the multi-billion-dollar OTC
Slide 30: Capturing OTC Opportunity
Capturing OTC Opportunity Global Category Value Share ($ bn) Expanding OTC Business Value Share Capture multi- • Marksans competes in large and billion-dollar OTC growing categories Cough and Cold 44 opportunity • Increasing store brand penetration in Vitamins and Tonics 36 Strengthening North Ameri
Slide 31: Product Pipeline
Product Pipeline Continued focus on R&D leading to strong product pipeline and successful launches UK US Australia & New Zealand Rest of the World • 12 products approved • 58 products/SKUs • 3 products approved • 44 products approvals • 18 products filed during commercialized • 3 products filed duri
Slide 32: Key Product Launches in Last 2 Years
Key Product Launches in Last 2 Years Brand COMPOSITION Therapy Segment Market EXEMESTANE EXEMESTANE 25MG FILM-COATED TABLETS Oncology UK CLONIDINE CLONIDINE 100MG TABLETS, CLONIDINE HYDROCHLORIDE 25MG TABLETS Cardiovascular System (CVS) UK MOXONIDINE MOXONIDINE 200MG, 400MG TABLETS Cardiovascular Sy
Slide 33: Strong Balance Sheet to Drive Inorganic Growth
Strong Balance Sheet to Drive Inorganic Growth Cash balance of ₹ 666.5 cr as of 30th September 2025. Cash positive for over 5 years. Low financial risk Consistent cash generation. ₹ 75.2 cr in H1FY26 Driving inorganic growth. Evaluating acquisitions in Europe Disciplined capital allocation region fo
Slide 34: We've Delivered What We Promised
We’ve Delivered What We Promised 01 Revenue guidance of ₹ 2,000 cr Achieved Focus on expanding OTC business – 02 ~4.6x revenue growth since 2017 Achieved Disciplined capital allocation approach - Effectively 03 utilizing the cash through buyback, dividends, targeted Achieved acquisitions and capacit
Slide 35: Growth: FY26 and Beyond
Growth: FY26 and Beyond Disciplined efforts to become future ready Strategic Roadmap • Doubling low-cost manufacturing capacity in India from • High growth in revenues and margin. Aim to reach 8bn to 16bn units. Total manufacturing capacity of revenue of ₹ 3,000 cr in a year Marksans is 26bn units p
Slide 36: Sustainability at Marksans
Sustainability at Marksans www.marksanspharma.com Page 35
Slide 37: Driving Sustainable Progress
Driving Sustainable Progress Environment Social Governance Ensure sustainability in our Positively impact our people Bring about an industry operations and projects by and community through utmost transformation by leading ethically positively impacting the natural respect for human rights, and bols
Slide 38: Empowering Communities
Empowering Communities 01 02 03 04 05 Health Care Education Farming and Plantation Food Distribution Overall wellbeing of women • Organized free health • Donations towards • Tree plantation in Verna • Distribution of free food and children check-up camps and construction of new Industrial Estate, Go
Slide 39: Sustainability Goals and Progress
Sustainability Goals and Progress Sustainability Pillars Goal Initial Milestone Status Reduction of annual virgin • Use of 100% recyclable HDPE/ PET plastic usage in packaging bottles/ LDPE Shrink wrapping in collaboration with • Use of 70-80% recyclable labels suppliers and customers In Progress Go
Slide 40: Sustainability Goals and Progress
Sustainability Goals and Progress Sustainability Pillars Goal Initial Milestone Status Focus on areas of • Mobile health care units to support • 2% of the net profit is preventive healthcare, the grievances of communities in spent for overall development of the education, eradicating around 20-25 vi
Slide 41: Sustainability Goals and Progress
Sustainability Goals and Progress Sustainability Pillars Goal Initial Milestone Status By 2028, we plan to achieve • Waste disposal with co-processing – • In Progress sustainable waste disposal Recycled and Reused • Use of renewable/ methods • 100% Waste water utilization after recyclable sources of
Slide 42: Corporate Governance Principles
Corporate Governance Principles Conducting Business in Ethical, Business continues to create value for Transparent and Accountable manner customers and consumers responsibly Producing goods which have Application of Best a sustainable life cycle management practices Adherence to ethical working stan
Slide 43: Board of Directors - Guided By Visionary Minds
Board of Directors - Guided By Visionary Minds Mark Saldanha Sandra Saldanha Varddhman Jain Dr. Sunny Sharma Founder, Chairman & Promoter, Whole-Time Director Non-Executive Director Managing Director Whole-Time Director • Science Graduate • MA in Arts (Sociology) • M. Pharm (Pharmaceuticals) • MBA,
Slide 44: Board of Directors - Guided By Visionary Minds
Board of Directors - Guided By Visionary Minds Abhinna Sundar Mohanty Digant Mahesh Parikh Shailaja Vardhan Mr. Srinivas Mishra Independent Director Independent Director Independent Director Independent Director • M.Sc., Mathematics • MBA, Finance • Seasoned professional in • B. Sc Hons (Mathematics
Slide 45: Experienced Leadership Team
Experienced Leadership Team Mark Saldanha Varddhman Jain Sathish Kumar Anjani Kumar David Mohammed Jitendra M Sharma Founder, Chairman & Whole-Time Director MD – Marksans Pharma COO – Global Operations MD – Pharmaceuticals Chief Financial Officer Managing Director UK Ltd. and USA Australasia Pty Ltd
Slide 46: Annexure
Annexure www.marksanspharma.com Page 45
Slide 47: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (₹ cr) Q2FY26 Q2FY25 Q1FY26 YoY QoQ H1FY26 H1FY25 YoY Operating Revenue 720.4 641.9 620.0 12.2% 16.2% 1,340.4 1,232.5 8.8% Gross Profit 411.8 383.5 358.2 7.4% 15.0% 770.0 712.4 8.1% Gross Margin % 57.2% 59.7% 57.8% -258 bps -61 bps 57.4% 57.8% -35 bps
Slide 48: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (₹ cr) H1FY26 FY25 Particulars (₹ cr) H1FY26 FY25 EQUITY AND LIABILITIES ASSETS EQUITY NON-CURRENT ASSETS Share capital 45.3 45.3 Property, plant & equipment 916.2 886.4 Reserves and surplus 2,642.7 2,421.6 Capital work-in-progress 7.0 9.0 Non-Controlling inter
Slide 49: Thank You
Thank You For more information please contact: Jitendra Sharma (CFO) Corporate Office Marksans Pharma Ltd. 11th Floor Grandeur, Off Veera Desai Road, Tel: +91 22 4001-2000 jitendra@marksanspharma.com Opp Gundecha Symphony, Andheri (W), Mumbai – 400 053, Maharashtra - India © 2025 Marksans Pharma Ltd