Marksans Q1 FY27: consolidated PAT jumps 174% YoY to ₹159 Cr as NPM expands to ~19%
Marksans Pharma's consolidated Q1 FY27 (quarter ended 30 June 2026) revenue came in at ₹840.80 Cr, up 35.6% YoY from ₹619.99 Cr but down 1.8% QoQ from ₹856.11 Cr. Consolidated PAT rose to ₹159.41 Cr, up 173.9% YoY from ₹58.20 Cr and 7.0% QoQ from ₹149.03 Cr — ₹157.17 Cr attributable to owners and ₹2.24 Cr to non-controlling interests (mainly the 60%-held Nova Pharmaceuticals Australasia). Net profit margin expanded to 18.96%, from 9.30% a year ago and 16.72% last quarter; basic EPS was ₹3.47 against ₹1.29 a year ago. Standalone (India-only) revenue was ₹321.19 Cr with PAT of ₹69.04 Cr — materially smaller than the group figure, which is expected since standalone excludes the UK, US and other overseas subsidiaries, not a sign the two numbers disagree.
The scale of the YoY PAT jump is partly a low-base effect: the year-ago quarter (June 2025) had itself seen consolidated net profit decline versus its own prior year, per contemporaneous market reports, so 173.9% growth overstates the underlying run-rate even though no exceptional item is disclosed in this statement. The more telling number is the 7.0% QoQ profit growth against a 1.8% QoQ revenue dip — margin expansion, not volume, drove the sequential improvement. Estimated EBITDA margin (PBT adjusted for other income, finance costs and depreciation) works out to ~25.3% of revenue, well above management's guided 20-21% band for FY27, helped by contained employee and material costs as a share of revenue and a ₹25.40 Cr other-income line that included a ₹12.00 Cr net forex gain versus a forex loss in the year-ago quarter.
Against management's FY27 guidance — 15-20% topline growth, 20-21% EBITDA margins, both reaffirmed at the May 2026 concall — the quarter runs ahead on both counts, though it is one quarter against a full-year target. We found no analyst consensus estimates or brokerage previews for this specific print in a web search, so the print's standing versus street is unknown; no management press release accompanying the filing was available to cross-check against the auditor-reviewed statement. During the quarter the company completed the acquisition of Netherlands-based QliniQ B.V. (EUR 7.5 million), now consolidated and contributing to the topline; separately, it signed and — after quarter-end, on 20 July 2026 — completed the acquisition of Germany's ABCnow GmbH (EUR 1.1 million), a frontend sales and distribution platform, consistent with management's stated M&A focus on distribution platforms in diversified geographies. Both statements carry unmodified limited-review opinions from MSKA & Associates.
Heading into Q2 FY27, watch whether the ~25% EBITDA margin holds as raw-material cost inflation — flagged by management as a FY27 risk — works through, how ABCnow GmbH's numbers show up now that it is a subsidiary, and whether the 15-20% full-year revenue growth guidance stays credible once the easy year-ago comparison rolls off in H2.