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www.marksanspharma.com Earnings Presentation BSE: 524404 | NSE: MARKSANS | ISIN: INE750C01026 ©2025 – Marksans Pharma Ltd., All Rights Reserved Q2 and H1 FY26 13th November 2025
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www.marksanspharma.com Safe Harbor Page 2 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 presentation may contain forward-looking statements, including, but not limited to, statements regarding the Company’s business strategies, operations, financial condition, and future performance. These forward-looking statements are based on current expectations, assumptions, and estimates, and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
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www.marksanspharma.com Page 3 Table of Contents Q2 and H1FY26 Financial and Business Highlights Q2 and H1FY26 Financial and Business Highlights Marksans Pharma at a Glance Marksans Pharma at a Glance Marksans’ Journey Marksans’ Journey Strategic Initiatives Strategic Initiatives Sustainability at Marksans Sustainability at Marksans Annexure Annexure 01 02 03 04 05 06 04 16 21 27 35 45
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www.marksanspharma.com Page 4 Q2 & H1FY26 Financial & Business Highlights
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www.marksanspharma.com Management Commentary Page 5 Mark Saldanha M A N A G I N G D I R E C TO R A N D C E O “Q2FY26 has been a strong quarter for us, with revenues growing 16% sequentially, driven by robust demand across our key markets. The US region recorded solid growth, demonstrating resilience amid macro challenges, supported by stabilizing tariff conditions, timely order book execution, and meaningful traction from new product launches. The UK market also witnessed improved demand and delivered stable results despite continued pricing pressures. Our EBITDA and PAT grew 44% and 70% quarter-on-quarter, reflecting the benefits of operating leverage. Looking ahead, we remain optimistic about sustaining this momentum into the second half of the year. Our strategic focus and operational discipline position us well to deliver resilient growth and long-term value for our stakeholders. ” Operating Revenue ₹ 720 cr EBITDA ₹ 144 cr EBITDA Margin 20.1% PAT ₹ 99 cr Q2 FY26 Operating Revenue ₹ 1,341 cr EBITDA ₹ 245 cr EBITDA Margin 18.2% PAT ₹ 157 cr H1 FY26
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www.marksanspharma.com Financial Highlights Q2FY26 – QoQ Performance Page 6 Revenue Gross Profit Gross Margin EBITDA EBITDA Margin Net Profit Net Margin Q2FY26 Q1FY26 QoQ Growth % ₹ 720.4 cr ₹ 411.8 cr 57.2% ₹ 144.5 cr 20.1% ₹ 99.1 cr 13.4% ₹ 620.0 cr ₹ 358.2 cr 57.8% ₹ 100.1 cr 16.1% ₹ 58.2 cr 9.3% 16.2% 15.0% 44.3% 70.3% QoQ Performance • Driven by improved demand across the US, UK, and Australia, supported by strong market momentum from new product launches and market share gains • Gross profit has grown, reflecting improved volumes and strong demand. The slight decrease in gross margin is purely due to product mix in the quarter • Mainly due to stronger EBITDA performance, supported by an increase in other income— particularly interest income and favorable foreign- exchange gains Note: Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income) • EBITDA margin improved as operating leverage kicked in with higher revenues
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www.marksanspharma.com Financial Highlights Q2FY26 – YoY Performance Page 7 Revenue Gross Profit Gross Margin EBITDA EBITDA Margin Net Profit Net Margin Q2FY26 Q2FY25 YoY Growth % ₹ 720.4 cr ₹ 411.8 cr 57.2% ₹ 144.5 cr 20.1% ₹ 99.1 cr 13.4% ₹ 641.9 cr ₹ 383.5 cr 59.7% ₹ 135.7 cr 21.1% ₹ 97.8 cr 15.0% 12.2% 7.4% 6.5% 1.4% YoY Performance • Attributed to strong traction in the US market, supported by new product launches across the digestive and pain management segments • Gross profit increased as a result of higher sales volumes; however, margins declined primarily due to pricing pressure, particularly in the UK market Note: Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income) • Net profit grew YoY , though margins moderated in line with the decline in EBITDA margins • EBITDA improved due to stronger overall performance, while the YoY margin decline reflects higher employee expenses at acquired Unit 2 compared to last year
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www.marksanspharma.com Financial Highlights H1FY26 – YoY Performance Page 8 Revenue Gross Profit Gross Margin EBITDA EBITDA Margin Net Profit Net Margin H1FY26 H1FY25 YoY Growth % ₹ 1,340.4 cr ₹ 770.0 cr 57.4% ₹ 244.6 cr 18.2% ₹ 157.3 cr 11.5% ₹ 1,232.5 cr ₹ 712.4 cr 57.8% ₹ 264.1 cr 21.4% ₹ 186.8 cr 14.8% 8.8% 8.1% 7.4% 15.8% YoY Performance Note: Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income) • H1 performance reflects a soft Q1, followed by a notable improvement in Q2; We expect momentum to continue in both revenue and margins through the rest of the year
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www.marksanspharma.com Financial & Other Highlights - Q2 & H1 FY26 Page 9 Research & development (R&D) spends at ₹ 26.2 cr in H1FY26, 2.0% of consolidated revenue Cash generated from operations at ₹ 75.2 cr during H1FY26 Capex of ₹ 73.2 cr incurred during H1FY26 Cash balance of ₹ 666.5 cr as on 30th September 2025 Working capital cycle ~150 days for Q2FY26 Product approvals: UK, Relonchem: Received marketing authorization for – i) Metformin Hydrochloride Relonchem 500 mg, 750 mg & 1000 mg prolonged release tablets ii) Moxonidine 200 mg & 400 mg tablets iii) Clonidine 100 mg tablets & Clonidine Hydrochloride 25 mg tablets iv) Exemestane 25mg film-coated tablets Revenue contribution for Q2FY26: US - ₹ 387.3 cr | UK & Europe - ₹ 245.3 cr | Australia & New Zealand - ₹ 61.3 cr | RoW - ₹ 26.5 cr
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www.marksanspharma.com Revenue by Segment and Geography Page 10 FY25 Revenue by Segment OTC 74.1% Rx 25.9% OTC Rx Q2 FY26 Revenue by Geography UK & Europe ₹ 245.3 cr 1% YoY Australia & New Zealand ₹ 61.3 cr 53.8% US & North America ₹ 387.3 cr 27% YoY RoW - ₹ 26.5 cr 4% YoY 4% YoY 34.1% 3.7% 8.5% Our OTC segment grew at a CAGR of 21% (from FY17 to FY25)
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www.marksanspharma.com Quarterly Financial Trends Page 11 642 682 709 620 720 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 384 384 383 358 412 59.7% 56.2% 54.1% 57.8% 57.2% 40.00% 60.00% 250 270 290 310 330 350 370 390 410 430 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 136 139 127 100 145 21.1% 20.4% 17.9% 16.1% 20.1% 12.00% 16.00% 20.00% 24.00% 40 60 80 100 120 140 160 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 98 105 91 58 99 15.0% 14.8% 12.5% 9.3% 13.4% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 0 20 40 60 80 100 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Operating Revenue (₹ cr) EBITDA (₹ cr) & EBITDA Margin (%) Gross Profit (₹ cr) & Gross Margin (%) Net Income (₹ cr) & Net Income Margin (%) Note: Net Income Margin = Net Profit / Total Income (Revenue from Operations + Other Income)
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www.marksanspharma.com US & North America Q2FY26 Performance Page 12 Revenue ₹ 387.3 cr 27.3% YoY 18.2% QoQ 53.8% Highlights • The US and North America recorded robust performance despite macro headwinds, with tariff uncertainties now stabilizing • Growth was supported by strong order book execution and traction from new product launches, especially in the digestives and pain management segments. Pricing pressure for Rx products remained in the low single digits 304 353 329 328 387 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Quarterly Performance (₹ cr) US Overview • US & North America is a key growth market • The Company services this region through Time Cap Labs Inc., its wholly owned subsidiary acquired in June 2015 • Focus on the Consumer Healthcare space • Leading OTC store brand with the customer base of leading USA retailers • Manufactures and distributes 50+ products and large number of SKUs across Private Label OTC, Generic Prescription Drugs and Nutritional supplements • In FY25, Commercialized 58 products/SKUs | 79 products in pipeline
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www.marksanspharma.com UK & Europe Q2FY26 Performance Page 13 Revenue ₹ 245.3 cr 0.6% YoY 20.4% QoQ Highlights • Despite challenging market conditions and continued pricing pressure, we have been able to meet our revenue and margin targets. Demand during the quarter remained favorable. New filings and approvals have started to come through, supporting our future growth pipeline. • Price erosion persists but did not worsen in this quarter. 247 258 274 204 245 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Quarterly Performance (₹ cr) UK Overview • Top 5 Indian pharmaceutical firms in the UK in terms of revenue • The Company services this region through its wholly owned subsidiary Marksans Pharma (UK) Ltd, which includes 2 step-down subsidiaries: Bell, Sons & Co. (OTC portfolio) and Relonchem (High-end Rx portfolio) • Bells, Sons & Co. manufactures more than 450 OTC products/SKUs across Pain management, Cough and Cold, Digestives, Allergies, Anti-septics and Disinfectants, Galenicals, Vitamins, Palliative healthcare products and Oils • Relonchem own label products in therapies such as Anti-diabetic, Anti-hypertensive, Anti- depressant, Anti-cancer, Anti-ulcerative, Anti-allergic, Hormones, Steroids and Pain relief for the UK market • Relonchem has more than 160+ Market Authorizations • In FY25, Approved 12 products | Filed 18 products during the year 34.1%
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www.marksanspharma.com Australia & New Zealand Q2FY26 Performance Page 14 Revenue ₹ 61.3 cr 3.5% YoY 7.6% QoQ Highlights • Australia and New Zealand witnessed YoY degrowth primarily due to pricing pressure compared to last year. 64 47 77 57 61 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Quarterly Performance (₹ cr) Australia & New Zealand Overview • In 2005, Marksans acquired 60% stake in Nova to have an established base in Australia • Nova is engaged in R&D and marketing of generic OTC products and is also the leading supplier of Branded Generic and Private Label products in Australasia. • Nova primarily focuses on Analgesics, Anti-histamines, Anti-fungal, Anti-Allergy, Dermatology, Essential Oils and Gastrointestinal segments • More than 50 market authorization in Australia & New Zealand • In FY25, Approved 3 products | Filed 3 products during the year 8.5%
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www.marksanspharma.com RoW Business Q2FY26 Performance Page 15 Revenue ₹ 26.5 cr 3.6% YoY 16.2% QoQ Highlights • In select RoW markets; we have adopted a more prudent approach in light of the one-time Expected Credit Loss (ECL) provision for our Emerging Markets Division in Q1. We continue to prioritize the security and timeliness of payments. 28 24 29 32 27 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Quarterly Performance (₹ cr) RoW Overview • RoW segment encompasses 10 countries, spanning across CIS and MENA regions • Marksans acquired 100% stake in Access Healthcare in Dubai to increase its presence in Middle East and Africa • 128 products are awaiting approval in RoW markets, demonstrating our ongoing efforts to expand our product portfolio and market reach • In FY25, Marksans received 44 products approvals 3.7%
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www.marksanspharma.com Page 16 Marksans Pharma at a Glance
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www.marksanspharma.com Company Overview Page 17 ₹ 2,623 cr FY25 Revenue (OTC: 78.8%, Rx: 21.2%) 20.3% FY25 EBITDA Margin ₹ 666.5 cr Cash balance (as of Sept 2025) 4 4 Manufacturing Units & 4 R&D Centers 300+ Products and 1,500+ SKUs 2,000+ Total Employees $150+mn in US Amongst the top Indian Companies in OTC segment Amongst Top 5 Indian Pharma companies in UK Accreditations USFDA, UK MHRA, Australian TGA, EU and Health Canada
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www.marksanspharma.com Marksan’s OTC Focus Page 18 Industry OpportunityMarksan’s OTC Portfolio ❖ According to IQVIA, Global OTC Market size is projected to be $204 bn in 2025 ❖ Prescription (Rx) to over-the-counter (OTC) switches have been a key growth driver for the OTC industry ❖ The OTC business includes store brands, private label manufacturing for retailers and customers ❖ It also manufactures products through its own label 146 150 161 177 185 193 204 2019 2020 2021 2022 2023 2024 2025F80% 20% Store Brands Own Labels OTC Revenue Split for FY25* Large Growing OTC Market Source : IQVIA, data on CY basis *The OTC revenue split is an approximate range
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www.marksanspharma.com Manufacturing Capabilities Page 19 Manufacturing Facility in Farmingdale, USA • Manufactures hard gels, tablets and capsules • Spread over an area of 7000 sq. mt. • "Made in the USA” product offering • Added incremental packaging lines CAPACITY 6 bn tablets and hard capsules p.a. AC C RED ITAT IO NS USA UK Manufacturing Facility in Southport, UK • Manufactures non-sterile liquids, ointments and powder sachets • Supplies to UK, West Africa & Middle East • Spread across 7,300 sq. mt. C A PAC I T Y 2 bn bottles p.a. 1 bn tubes p.a. 1 bn sachets p.a. ACC R ED I TAT I ON S India Unit 1 in Goa Existing Manufacturing facility in Goa • Manufactures Capsules & Tablets • One of the biggest manufacturing facilities in Asia • Fully-automated unit spread over 18,000 sq. mt. campus • Generic pharmaceuticals manufactured from this facility are exported across the globe CAPACITY 2.4 bn softgel and hard gelatin capsules p.a. 6 bn solid tablets p.a. AC C RED ITAT IO NS Unit 2 in Goa Acquired Manufacturing facility in Goa • Scalable capacity with a plan to double the existing Indian capacity from 8bn units per annum • Manufacturing site is spread across 47,597 sq. mt. • Plan to manufacture tablets, ointments, liquids and creams ACC R ED I TAT I ON S Total Capacity : 26 bn units p.a. * *Acquired facility in Goa has scalable capacity to 8bn units p.a.
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www.marksanspharma.com R&D Capabilities Page 20 5 5 15 8 19 30 29 35 58 26 0.6% 0.6% 1.5% 0.7% 1.4% 2.0% 1.6% 1.6% 2.2% 2.0% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 R&D (₹ cr) and R&D % to sales Navi Mumbai, IndiaGoa, India Southport, United KingdomFarmingdale, United States R&D Centers 4 R&D Cent res Scientists50+ 300+ ANDAs/M As Approved 25+ ANDAs/M As Filed (awaiting approval) Products in Pipeline100+ Continued focus on R&D investments leading to a robust pipeline of new developed & pipeline products Plans to enhance portfolio with addition of 12-13 products every year Focus is on developing soft gels and different delivery system like extended release, liquid, OTC products and ointments Note: Numbers across geographies
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www.marksanspharma.com Page 21 Marksan’s Journey
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www.marksanspharma.com Our Key Events Page 22 2001 2003 20222003 202520172007 & 2008 20232015 2024 Marksans was incorporated as a wholly owned subsidiary of Glenmark Pharmaceuticals Ltd. Spun off into a separate entity - Glenmark Laboratories Ltd. Changed its name to "Marksans Pharma Ltd“ Acquired Nova Pharmaceuticals Australasia Pty Ltd • Acquired Bells, Sons & Co. (Druggists) Ltd. in 2007 • Acquired Relonchem Ltd. in 2008 Acquired Time Cap Laboratories Inc. USA Increased focus on OTC segment in US market Acquired Access Healthcare Dubai • Raised ₹ 372.40 cr in equity via conversion of warrants issued to OrbiMed and Promoters • Acquired a manufacturing facility from Teva Pharma India Marksans crossed ₹ 2,000 cr revenue OTC Segment’s Revenue crossed ₹ 2,000 cr revenue
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www.marksanspharma.com Growth and Achievements Since 2017 Page 23 ~3.4x to ₹ 2,623 cr OTC Revenue growth of ~4.6x to ₹ 2,066 cr Consistent and meaningfully high EBITDA margin expansion Consistent growth in cash from operations over the years Manufacturing capacity increased from 6 bn units p.a. in 2017 to 26 bn* units p.a. SKUs growth of ~75% to 1500+ Revenue growth Note: All numbers as of FY25 *Acquired facility in Goa has scalable capacity to 8bn units p.a.
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www.marksanspharma.com Financial Trends – High Growth Trajectory Page 24 767 912 1,005 1,134 1,376 1,491 1,852 2,177 2,623 0.0 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 45 78 132 192 340 259 339 459 5295.8% 8.6% 13.2% 17.0% 24.7% 17.4% 18.3% 21.1% 20.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0.00 100.00 200.00 300.00 400.00 500.00 600.00 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 445 402 512 620 806 1,023 1,378 1,613 2,066 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 440 480 553 649 905 1,223 1,765 2,086 2,489 0.0 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating Revenue (₹ cr) OTC Revenue Contribution (₹ cr) EBITDA (₹ cr) & EBITDA Margin (%) Net Worth (₹ cr)
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www.marksanspharma.com Financial Trends – High Growth Trajectory Page 25 752 732 804 897 1,228 1,640 2,190 2,681 3,240 0.0 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0 3,500.0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1.6x 1.0x 0.5x -0.4x -0.6x -1.2x -2.0x -1.5x -1.3 -2.5x -2.0x -1.5x -1.0x -0.5x 0.0x 0.5x 1.0x 1.5x 2.0x FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 4.8% 11.8% 19.4% 27.8% 35.8% 21.4% 20.2% 21.5% 21.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 2.5% 7.8% 15.6% 20.1% 30.7% 17.6% 17.8% 16.4% 16.7% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Total Assets (₹ cr) Return on Capital Employed (%) Net Debt to EBITDA Return on Equity (%) ROE = Net Profit after taxes / Average Shareholder’s Value ROCE = EBIT / Capital employed || Capital employed = Tangible Net Worth + Total Debt + Deferred Tax Liabilities
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www.marksanspharma.com Proven Success in Acquisitions Page 26 Acquisitions Target Country Australia United Kingdom United Kingdom United States UAE India Transaction Date March 24, 2006 December 31, 2007 August 27, 2008 June 30, 2015 April 25, 2022 April 19, 2023 Sales growth from acquisition ~74x ~7x ~15x ~4x NA NA Rationale • To leverage Nova’s research capabilities • To establish ANZ front end presence • To strengthen UK market presence • To enter OTC segment • To establish UK front end presence • To establish US front end presence • To establish front end presence in Middle East and Africa • To expand manufacturing capacity in India Acquired manufacturing unit in Goa from Teva Pharma
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www.marksanspharma.com Page 27 Strategic Initiatives
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www.marksanspharma.com Core Strategies for Future Growth Page 28 01 02 03 04 05 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 opportunity. According to IQVIA, Global OTC Size in 2025 is expected to be ~$ 204bn. • Our OTC segment grew at CAGR of 21% (from FY17-FY25) • Marksans is the most preferred and growing low-cost store brand manufacturing partner Innovation & Pipeline Power • Continued focus on R&D leading to a strong product pipeline and successful launches • Strong pipeline of more than 100 products Scale capacity and operating leverage • Aim to expanding capacity , scale the acquired unit in Goa, capacity to 8bn units p.a. Plan to manufacture tablets, hard capsules, ointments, liquids, and creams Strategic Acquisitions & Front-End Expansion • We will follow calibrated inorganic growth approach • Expansion in growing markets and EU through acquiring front-end marketing and distribution companies • Strong balance sheet to support the growth Sustainable & Responsible Growth • Commit to environmentally sustainable, socially responsible practices across the Consumer Healthcare value chain • Promote access to safe, effective, and affordable OTC healthcare solutions • Uphold quality, regulatory, and ESG standards to build enduring value To become the most reliable partner in the consumer healthcare space
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www.marksanspharma.com Capturing OTC Opportunity Page 29 37 15 30 30 36 44 Others Skin Treatment Digestive Remedies Pain Relief Vitamins and Tonics Cough and Cold Value Share Global Category Value Share ($ bn) Expanding OTC Business Source: IQVIA OTC Review | Global OTC Category Performance for CY 2025 Capture multi- billion-dollar OTC opportunity • Marksans competes in large and growing categories Strengthening Business in North America • Increasing store brand penetration in North America • Aim to double US store brand OTC revenue Expanding Product Pipeline • Focus is to expand our product pipeline in OTC segment to sustain growth momentum Complete coverage in key therapeutic segments • Strengthening our pipeline in key therapeutic segments: Pain Management and Analgesics, Upper Respiratory, Digestive and Anti- Allergic
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www.marksanspharma.com Product Pipeline Page 30 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 • 18 products filed during the year and awaiting approval • 58 products/SKUs commercialized • 79 products are in the pipeline • 3 products approved • 3 products filed during the year and awaiting approval • 44 products approvals • 128 products are in the Pipeline FY25 Product Pipeline
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www.marksanspharma.com Key Product Launches in Last 2 Years Page 31 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 System (CVS) UK METFORMIN HYDROCHLORIDE RELONCHEM METFORMIN HYDROCHLORIDE RELONCHEM 500MG, 750MG, 1000MG PROLONGED RELEASE TABLETS Anti Diabetic UK OMEPRAZOLE OMEPRAZOLE DELAYED-RELEASE TABLETS, 20 MG Gastrointestinal US OXYBUTYNIN HYDROCHLORIDE OXYBUTYNIN HYDROCHLORIDE 2.5MG/5ML ORAL SOLUTION Central Nervous System (CNS) UK METFORMIN HYDROCHLORIDE METFORMIN HYDROCHLORIDE 500MG/ 5 ML ORAL SOLUTION Anti Diabetic UK SENNOSIDE TABLETS SENNA TABLETS 7.5 MG Gastrointestinal UK GABAPENTIN ORAL SOLUTION GABAPENTIN 50 MG/ML Central Nervous System (CNS) UK LORATADINE TABLETS LORATADINE TABLETS USP 10 MG Cough and Cold US LEVONORGESTREL TABLETS LEVONORGESTREL TABLETS 1.5 MG TABLETS Hormonal UK RASAGILINE TABLETS RASAGILINE 1 MG TABLETS Central Nervous System (CNS) UK OLMESARTAN TABLETS OLMESARTAN 10, 20, 40 MG FLIM-COATED TABLETS Cardiovascular System (CVS) UK LEVETIRACETAM LEVETIRACETAM 100 MG/ML ORAL SOLUTIONS Central Nervous System (CNS) UK ESOMEPRAZOLE MAGNESIUM CAPSULES ESOMEPRAZOLE MAGNESIUM DELAYED-RELEASE CAPSULES USP, 20 MG (OTC). Digestive US GUAIFENESIN TABLETS GUAIFENESIN EXTENDED-RELEASE TABLETS (OTC) Cough and Cold US CYANOCOBALAMIN TABLETS CYANOCOBALAMIN 50MG FILM COATED TABLETS Vitamin UK PREGABALIN CAPSULES PREGABALIN CAPSULES, 25 MG, 50 MG, 75 MG, 100 MG, 150 MG, 200 MG, 225 MG, 300 MG Central Nervous System (CNS) US FLUOXETINE ORAL SOLUTION FLUOXETINE 20MG/5ML ORAL SOLUTION Central Nervous System (CNS) UK ACETAMINOPHEN AND IBUPROFEN TABLETS ACETAMINOPHEN AND IBUPROFEN TABLETS, 250 mg/125 mg Pain Management US FAMOTIDINE TABLETS FAMOTIDINE TABLETS USP, 10 MG and 20 MG Gastrointestinal US FLUOXITINE CAPSULES FLUOXITINE 10MG, 20MG, 40MG Central Nervous System (CNS) US CETRIZINE TABLETS CETRIZINE 5MG, 10MG Anti Allergy US APAP ER ACETAMINOPHEN EXTENDED RELEASE 650MG Pain management US LIQUIDS - ALL IN ONE SOLUTION PARACETAMOL, GUAIFENESIN, PHENYLEPHRINE Cough and Cold UK LIQUIDS - IBUPROFEN IBUPROFEN 100 MG/5ML ORAL SOLUTION 200 ML P PACK Pain Management UK
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www.marksanspharma.com Strong Balance Sheet to Drive Inorganic Growth Page 32 Strong credit rating • CARE rating and India rating o Long term : CARE AA-; Stable o Short term: CARE A1+ Cash balance of ₹ 666.5 cr as of 30th September 2025. Cash positive for over 5 years. Consistent cash generation. ₹ 75.2 cr in H1FY26 Disciplined capital allocation Low financial risk Driving inorganic growth. Evaluating acquisitions in Europe region for front-end presence
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www.marksanspharma.com We’ve Delivered What We Promised Page 33 Achieved Achieved Achieved Revenue guidance of ₹ 2,000 cr 01 Focus on expanding OTC business – ~4.6x revenue growth since 201702 Disciplined capital allocation approach - Effectively utilizing the cash through buyback, dividends, targeted acquisitions and capacity expansion 03
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www.marksanspharma.com Growth: FY26 and Beyond Page 34 Disciplined efforts to become future ready • Doubling low-cost manufacturing capacity in India from 8bn to 16bn units. Total manufacturing capacity of Marksans is 26bn units p.a. • Strengthening business with existing customers leading to an increase in SKUs and strong order book • Continuously building a healthy product pipeline, including complete product offerings in our key therapeutic segments • Maintained cash positive balance sheet for over 5 years with disciplined capital allocation approach and a successful track record of acquisitions Strategic Roadmap • High growth in revenues and margin. Aim to reach revenue of ₹ 3,000 cr in a year • Doubling revenue in the US and North America and becoming one of the top 5 private label OTC companies in the region • To be in the top 3 from the current top 5 Indian pharmaceutical firms in the UK in terms of revenue • M&A to support growth in European region • Consistently enhancing shareholder value
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www.marksanspharma.com Page 35 Sustainability at Marksans
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www.marksanspharma.com Driving Sustainable Progress Ensure sustainability in our operations and projects by positively impacting the natural environment. Environment Positively impact our people and community through utmost respect for human rights, diversity, and inclusion. Social Bring about an industry transformation by leading ethically and bolstering trust through a high degree of transparency & accountability. Governance Our commitment to Environmental, Social, and Governance (ESG) principles is central to our strategy and the long-term success of our company. Integrating ESG principles enables us to enhance value, manage risks, and achieve sustainable growth, while also balancing the expectations of our stakeholders Page 36
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www.marksanspharma.com Empowering Communities Page 37 01 Health Care • Organized free health check-up camps and distributed free medicines and other medical supplies to under privileged people in the state of Goa • Medical treatment to under privileged patients of cancer and other blood disorders. • Construction of New Building for Government Aided Nursing Institute 02 03 04 05 Education • Donations towards construction of new school building to Chetna Charitable trust • Desktop Distributed to underprivileged student of Satguru Foundation in Kudaim, Goa Farming and Plantation • Tree plantation in Verna Industrial Estate, Goa • Donations to Reginaldo Trust for improving services in forming sector by giving medical equipments and facilitating better access to e-learning and online services to needy people. Food Distribution • Distribution of free food items to needy people in Goa Overall wellbeing of women and children • Providing of Sanitary Pads to poor women under the "MY PAD, MY RIGHT" program, an initiative of Swatch Bharat scheme of Beti Bachao scheme of the Govt. of India, under the Ministry of Women & Child Development and Skill Development. • Women and child development, professionalizing Anganwadis and national nutrition mission in Goa
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www.marksanspharma.com Sustainability Goals and Progress Page 38 • Use of 100% recyclable HDPE/ PET bottles/ LDPE Shrink wrapping • Use of 70-80% recyclable labels • Initial evaluation of use of paper board with 20% recycled content • Size & configuration optimization of the package size • Use of Forest Stewardship Council (FSC) certified packaging Reduction of annual virgin plastic usage in packaging in collaboration with suppliers and customers Reduction in carbon footprint by optimization of packaging Goals and Progress Sustainability Pillars Goal Initial Milestone Status In Progress In Progress
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www.marksanspharma.com Sustainability Goals and Progress Page 39 • 2% of the net profit is spent for overall development of the communities • Establishing policies on incidence reporting • Continuous skill enhancement of all employees • Mobile health care units to support the grievances of communities in around 20-25 villages • 100% Compliance with Target Chemical Policy • SMETA 4 Pillar compliance as per prevailing laws including gender equity policies • Whistleblower mechanism- different channels of communication for grievances • Continuous skill enhancement is in place Focus on areas of preventive healthcare, education, eradicating malnutrition, welfare of women and children, rural development projects in the local communities Plan to implement the sustainability standards for all customers Goals and Progress Sustainability Pillars Goal Initial Milestone Status
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www.marksanspharma.com Sustainability Goals and Progress Page 40 • In Progress • Use of renewable/ recyclable sources of energy • Policies and monitoring is in place for environment and biodiversity • Commitment to preserve nature and environment • Waste disposal with co-processing – Recycled and Reused • 100% Waste water utilization after reprocessing • Scope 1 - Reduction in steam consumption by 2% • Scope 2 - Reduction in electrical energy by 3% Reduction in raw water consumption by 2% By 2028, we plan to achieve sustainable waste disposal methods Focus on reduction of green house gas emission Goals and Progress Sustainability Pillars Goal Initial Milestone Status
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www.marksanspharma.com Corporate Governance Principles Page 41 Effective management and distribution of wealth Adherence to ethical working standards to ensure the wellbeing of all employee Producing goods which have a sustainable life cycle Conducting Business in Ethical, Transparent and Accountable manner Business continues to create value for customers and consumers responsibly Application of Best management practices Tracing Emission/Waste and maintain them below permissible levels Maintain a strong track record of withholding & promotion of Human rights We at Marksans Pharma Ltd adhere to following principles
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www.marksanspharma.com Board of Directors - Guided By Visionary Minds Page 42 Mark Saldanha Founder, Chairman & Managing Director • Science Graduate • 30+ years of experience in the marketing, production and finance functions • Ex- Whole Time Director, Glenmark Pharmaceuticals Ltd. Sandra Saldanha Promoter, Whole-Time Director • MA in Arts (Sociology) • Experience in Human Resource Management, Business Development, Projects and Supply Chain Management Varddhman Jain Whole-Time Director • M. Pharm (Pharmaceuticals) • 27+ years of experience in manufacturing, quality R&D, compliance & regulatory affairs both for API and FDF • Successfully handled several regulatory inspections including USFDA, MHRA, PMDA Japan and WHO • Created sound Internal processes for regulatory clearance Dr. Sunny Sharma Non-Executive Director • MBA, MBBS. • Senior Managing Director, OrbiMed Asia • Ex-Investor Growth Capital (IGC), Easton Capital
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www.marksanspharma.com Board of Directors - Guided By Visionary Minds Page 43 Abhinna Sundar Mohanty Independent Director • M.Sc., Mathematics • 39+ years of experience in sales, marketing, business development and business strategy • Ex-Alembic Pharma Digant Mahesh Parikh Independent Director • MBA, Finance • 26+ years of experience in Corporate Finance, Strategic Planning and Business Set-up & Scale up. Shailaja Vardhan Independent Director • Seasoned professional in Communication • Expertise in developing brand architecture, devising positioning strategies, formulating go-to- market approaches, and implementing impactful communication initiatives Mr. Srinivas Mishra Independent Director • B. Sc Hons (Mathematics) • 20+ years of experience in Corporate Finance & Wholesale Banking, Corporate Governance, Business & Administration, Legal Abilities, Risk Management and Financial Administration • Ex-Deputy General Manager,SBI
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www.marksanspharma.com Experienced Leadership Team Page 44 • Science Graduate • 30+ years of experience in the marketing, production and finance functions Sathish Kumar MD – Marksans Pharma UK Ltd. • M. Pharm (Pharmaceuticals) • 20+ years of experience in Production, Formulation development, Regulatory, Technical and Business Development Anjani Kumar COO – Global Operations and USA • B. Pharm (Pharmaceuticals) • 38+ years of experience in all aspects of pharma management • Ex-Wockhardt, Cipla, Lupin David Mohammed MD – Pharmaceuticals Australasia Pty Ltd • 20+ years experience in pharma innovation, operations, distribution • Ex-MD Australasia and Africa, Valeant Pharmaceuticals Jitendra M Sharma Chief Financial Officer • CA, CWA • 28+ years of expertise in M&A, treasury, forex management, costing, fund raising and internal control systems Mark Saldanha Founder, Chairman & Managing Director • M. Pharm (Pharmaceuticals) • 27+ years of experience in manufacturing, quality R&D, compliance & regulatory affairs both for API and FDF manufacturing Varddhman Jain Whole-Time Director
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www.marksanspharma.com Page 45 Annexure
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www.marksanspharma.com Consolidated Profit & Loss Statement Page 46Note: Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income 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 EBITDA 144.5 135.7 100.1 6.5% 44.3% 244.6 264.1 -7.4% EBITDA Margin % 20.1% 21.1% 16.1% -108 bps 391 bps 18.2% 21.4% -318 bps Finance Costs -5.8 -2.6 -6.1 120.8% -4.1% -11.9 -5.6 113.7% Depreciation & Amortization -26.9 -19.5 -23.1 38.0% 16.5% -50.0 -40.0 25.2% Other Income 21.6 11.1 5.6 95.1% 282.4% 27.2 26.0 4.7% Profit before tax 133.3 124.6 76.6 7.0% 74.1% 209.9 244.6 -14.2% Taxes -34.2 -26.8 -18.4 27.4% 85.9% -52.6 -57.8 -9.0% PAT 99.1 97.8 58.2 1.4% 70.3% 157.3 186.8 -15.8% Net Profit Margin % 13.4% 15.0% 9.3% -161 bps 406 bps 11.5% 14.8% -334 bps Diluted EPS (INR) 2.2 2.1 1.3 1.6% 68.5% 3.5 4.1 -15.7%
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www.marksanspharma.com Consolidated Balance Sheet Page 47 Particulars (₹ cr) H1FY26 FY25 EQUITY AND LIABILITIES EQUITY Share capital 45.3 45.3 Reserves and surplus 2,642.7 2,421.6 Non-Controlling interests 25.6 22.5 Total equity 2,713.6 2,489.4 LIABILITIES NON-CURRENT LIABILITIES Lease liability 266.2 263.3 Provisions 6.3 5.9 Deferred tax liabilities (Net) 1.3 3.7 Total non-current liabilities 273.8 272.9 CURRENT LIABILITIES Borrowings 23.4 23.1 Lease liability 42.5 35.5 Trade payables 284.8 305.7 Other financial liabilities 35.4 23.6 Other current liabilities 38.6 58.0 Provisions 1.5 1.4 Current tax liabilities (Net) 28.4 29.9 Total current liabilities 454.6 477.3 Total liabilities 728.5 750.3 TOTAL EQUITY AND LIABILITIES 3,442.0 3,239.6 Particulars (₹ cr) H1FY26 FY25 ASSETS NON-CURRENT ASSETS Property, plant & equipment 916.2 886.4 Capital work-in-progress 7.0 9.0 Goodwill 43.4 40.9 Intangible assets 54.4 54.6 Intangible assets under development 39.8 18.1 Other non-current financial assets 3.6 3.6 Deferred tax assets (net) - - Other non-current assets 22.4 21.8 Non current tax assets (net) 1.1 1.1 Total non-current Assets 1,087.8 1,035.5 CURRENT ASSETS Inventories 955.2 845.5 Investments 0.8 0.7 Trade receivables 603.1 540.0 Cash & cash Equivalents 481.6 495.8 Bank balances other than above 184.9 208.4 Other financial assets 4.0 3.6 Other current assets 99.8 97.8 Current tax assets (Net) 24.8 12.3 Total current assets 2,354.2 2,204.1 TOTAL ASSETS 3,442.0 3,239.6
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www.marksanspharma.com © 2025 Marksans Pharma Ltd., All Rights Reserved. “Marksans Pharma” and The Marksans Pharma Logo are trademarks of Marksans Pharma Limited. In addition to Company data, data from market research agencies, Stock Exchanges and industry publications has been used for this presentation. This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, abridged, copied or reproduced in whole on or in part in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned herein are the trademarks or registered trademarks of their respective owners. Thank You For more information please contact: Jitendra Sharma (CFO) Marksans Pharma Ltd. Tel: +91 22 4001-2000 jitendra@marksanspharma.com Corporate Office 11th Floor Grandeur, Off Veera Desai Road, Opp Gundecha Symphony, Andheri (W), Mumbai – 400 053, Maharashtra - India