Marksans Pharma Ltd reported Q2 FY27 numbers with revenue of Rs. 940.17 Cr (+30.50% YoY) and PAT growth of +44.76% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 940.17 Cr (+30.50% YoY) |
| PAT (Q2) | Rs. 143.53 Cr (+44.76% YoY) |
| EBITDA margin | 22.79% (+273 bps YoY) |
| EPS (Q2) | Rs. 3.12 (+43.78% YoY) |
Marksans delivered 30.50% YoY revenue growth and 48.30% EBITDA growth, exceeding its own FY27 guidance of 15-20% revenue growth and 20-21% EBITDA margin, with gross margin holding at 58.51% against a guided 55-56% normalization. Growth is acquisition-driven — QliniQ and ABCnow now contribute 39.5% of consolidated PAT-to-owners while the standalone business declined 2.07% YoY — and cash quality is high with H1 CFO at 1.06x PAT and net cash of Rs.1,032.23 Cr. Key watch items are the 255 bps QoQ margin give-back from Q1's record, the higher 25.83% tax rate, and working capital at ~139 days versus the 120-130 day target.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "revenue ahead YoY" on soft base + ABCnow + seasonality | +30.50% YoY, +11.82% QoQ | Played out |
| EBITDA margin | "compresses from Q1FY27's 25.3%… may still print above the 20–21% guide" | 22.79% (22.21% ex-FX) | Played out |
| Gross margin | guided give-back to ~55–56% | 58.51% — give-back slower than expected | Partially |
| Employee cost | normalization to 13–13.5% "lands exactly in Q2 FY27" | 13.01% | Played out |
| RoW / tariffs / US order book | directional calls on war-hit RoW and tariff de-risking | single-segment filing — not derivable | Not observable |
| Cash deployment flags a deal | "a balance-sheet drawdown or new borrowing would flag a deal in progress" | Rs.84.70 Cr acquisition outflow; cash still rose to Rs.1,061.27 Cr | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 revenue growth 15–20% | Maintained on the Q1FY27 earnings call | Q2 +30.50% YoY; H1 +32.87% — ahead | On Track |
| FY27 EBITDA margin 20–21% | Maintained on the Q1FY27 earnings call | Q2 22.79% (22.21% ex-FX) — above band | On Track |
| Gross margin ~55–56% FY27 | Guided on the Q1FY27 earnings call | Q2 derived 58.51% — above band | On Track |
| Employee costs 13–13.5% of revenue by Q2FY27 | Stated on the Q3FY26 earnings call | 13.01% | Met |
| QliniQ Rs.150–175 Cr FY27 | Guided on the Q1FY27 earnings call | Q1 Rs.44 Cr; Q2 split not disclosed | Too Early |
| Working capital 120–130 days (2–3 quarters from Q2FY26) | Stated on the Q2FY26 earnings call | Derived proxy ~139 days | Stretch |
| M&A activity in FY27 | Stated on Q4FY26/Q1FY27 calls | QliniQ + ABCnow completed (Rs.84.70 Cr net outflow) | Met |
| Germany "meaningful revenue" by early Q3FY27 | Guided on the Q1FY27 earnings call | ABCnow consolidated from 1 Jul 2026; contribution undisclosed | Too Early |
| "Q2 will be better than Q1" (seasonality framing) | Q1FY27 earnings call | Revenue +11.82% QoQ confirmed; EBITDA only +0.59% QoQ and margin −255 bps | Partially |
| Margin guide of 20–21% holds despite RM inflation | Q1FY27 call ("No, I think it will be the same") | Q2 printed 22.79% (22.21% ex-FX), above the band | Confirmed to date |
| Metric | Q2 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|
| EBITDA margin % | 20.06 | 22.8 (per company) | 25.34 | 22.79 |
| Employee cost % of revenue | 14.41 | — | 13.59 | 13.01 |
| Working-capital days | ~150 (per company) | ~138 (FY26, per company) | ~132 (per company) | ~139 (derived proxy) |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.