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www.marksanspharma.com Earnings Presentation BSE: 524404 | NSE: MARKSANS | ISIN: INE750C01026 ©2026 – Marksans Pharma Ltd., All Rights Reserved Q2 & H1 FY27 4th November 2026
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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 H1FY27 Financial Business Highlights Q2 & H1FY27 Financial & 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 07 04 11 18 25 31 40 48 Q2FY27 Geographical Highlights
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www.marksanspharma.com Page 4 Q2 & H1FY27 Financial & Business Highlights
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www.marksanspharma.com Q2FY27 Key metrics Management Commentary Page 5 Mark Saldanha FOUNDER, CHAIRMAN & MANAGING DIRECTOR “Q2FY27 marks a landmark quarter for Marksans Pharma, with the Company delivering its strongest-ever performance. Revenue reached ₹940 crore, up 30.5% YoY. Adjusted for acquisition (QliniQ) impact, revenue growth remained healthy at 25%. EBITDA grew 48.3% to a record ₹214 crore, with margins expanding 274 bps to 22.8%. For H1FY27, revenue grew 32.9% to ₹1,781 crore, EBITDA rose 74.7% with margins up 574 bps to 24.0%, and PAT nearly doubled to ₹303 crore, already over 70% of our full-year FY26 profit. Growth was broad-based. UK & Europe grew 64.9% to a record ₹405 crore in Q2, with the base business growing 48.6% organically and QliniQ, our new European front-end, contributing around ₹84 crore in H1. Australia & New Zealand grew 64.0%, and US & North America delivered its highest-ever quarter at ₹421 crore. Equally encouraging was the strength of cash generation, with H1 operating cash flow reaching ₹322 crore, 4.3 times the previous year, and cash balances closing at ₹1,124 crore. Our trailing twelve-month ROCE also improved to 24.7%. We enter the next phase of our growth journey from a position of considerable strength, supported by an expanding global footprint, a robust product pipeline and a strong net-cash position. Our focus remains on sustaining profitable organic growth while selectively pursuing strategic acquisitions that strengthen our capabilities and market presence. We remain confident in our growth trajectory and committed to creating sustainable long-term shareholder value.” Page 5 Revenue ₹ 940 cr +30.5% Q2FY26 ₹ 720 cr EBITDA ₹ 214 cr +48.3% Q2FY26 ₹ 144 cr EBITDA Margin 22.8% +274 bps Q2FY26 20.1% PAT ₹ 144 cr +44.8% Q2FY26 ₹ 99 cr
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www.marksanspharma.com Financial Highlights H1FY27 – YoY Performance Page 6 Revenue Gross Profit Gross Margin EBITDA EBITDA Margin Net Profit Net Margin H1FY27 H1FY26 YoY Growth ₹ 1,781.0 cr ₹ 1,047.4 cr 58.8% ₹ 427.3 cr 24.0% ₹ 302.9 cr 16.6% ₹ 1,340.4 cr ₹ 770.0 cr 57.4% ₹ 244.6 cr 18.2% ₹ 157.3 cr 11.5% 32.9% 36.0% 74.7% 92.5% H1 YoY Performance Revenue grew 32.9% YoY , led by our core markets. UK & Europe contributed ₹312 cr, or 71% of the ₹441 cr increase, driven by new launches in the UK and ~₹84 cr from QliniQ. The US and ANZ added ₹83 cr and ₹70 cr respectively. Excluding QliniQ, our organic revenue remained strong at ~27% YoY . Gross profit rose ₹277 cr, up 36.0%, ahead of 32.9% revenue growth, with gross margin expanding 137 bps to 58.8%. The expansion was supported by lower-cost inventory consumed during the period, particularly in Q1, and favorable currency gains and product mix. Note: Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income) PAT rose ₹146 cr to ₹302.9 cr, up 92.5%, driven by EBITDA growth of ₹183 cr and higher other income. EBITDA margin expanded 574 bps to 24.0%, with 137 bps from gross margin and the balance from operating leverage, as costs below gross profit grew 18.0% against 32.9% revenue growth.
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www.marksanspharma.com Financial & Other Highlights – H1FY27 Page 7 US & North America ₹798 cr +11.7% YoY Australia & New Zealand ₹188 cr +59.0% YoY UK & Europe ₹761 cr +69.4% YoY Rest of World ₹34 cr -41.4% YoY Europe front-end being established QliniQ contributed ~₹84 cr in H1FY27; ABCnow GmbH acquisition completed; R&D at ₹47.1 cr, 2.6% of revenue Revenue by geography Strong cash generation Balance sheet strength to fund growth Strategic progress in H1 Improving returns Operating cash flow (H1FY27) ₹322 cr 4.3x H1FY26 EBITDA-to-cash conversion 75% vs 31% in H1FY26 Free cash flow (H1FY27) ₹275 cr after ₹46 cr capex Cash balance ₹1,124 cr net cash ₹1,095 cr Net cash added in H1FY27 +₹135 cr after ₹95 cr M&A, ₹41 cr dividend Working capital cycle (H1FY27) ~128 days from ~138 days in FY26 ROCE (TTM) 24.7% vs 18.7% a year ago ROE (TTM) 18.6% vs 13.6% a year ago ROCE (TTM) = EBIT for the 12 months to 30 September ÷ capital employed (tangible net worth + total debt + deferred tax liabilities). ROE (TTM) = PAT for the 12 months to 30 September ÷ average of opening (30-Sep prior year) and closing equity.
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www.marksanspharma.com Financial Highlights Q2FY27 – YoY Performance Page 8 Revenue Gross Profit Gross Margin EBITDA EBITDA Margin Net Profit Net Margin Q2FY27 Q2FY26 YoY Growth ₹ 940.2 cr ₹ 550.1 cr 58.5% ₹ 214.3 cr 22.8% ₹ 143.5 cr 15.0% ₹ 720.4 cr ₹ 411.8 cr 57.2% ₹ 144.5 cr 20.1% ₹ 99.1 cr 13.4% 30.5% 33.6% 48.3% 44.8% YoY Performance Revenue grew 30.5% YoY , with UK & Europe contributing ₹159 cr, or 72% of the ₹220 cr increase, including ~₹40 cr from QliniQ. ANZ and the US contributed ₹39 cr and ₹34 cr respectively. Excluding QliniQ, our organic revenue remained strong at ~25% YoY . Gross profit rose ₹138 cr, up 33.6%, ahead of 30.5% revenue growth, with gross margin expanding 135 bps to 58.5%. Note: Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income) PAT rose ₹44 cr to ₹143.5 cr, driven by EBITDA growth. EBITDA margin expanded 274 bps to 22.8%: 135 bps from gross margin and 139 bps from operating leverage, as costs below gross profit grew 25.6% against 30.5% revenue growth.
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www.marksanspharma.com Financial Highlights Q2FY27 – QoQ Performance Page 9 Revenue Gross Profit Gross Margin EBITDA EBITDA Margin Net Profit Net Margin Q2FY27 Q1FY27 QoQ Growth ₹ 940.2 cr ₹ 550.1 cr 58.5% ₹ 214.3 cr 22.8% ₹ 143.5 cr 15.0% ₹ 840.8 cr ₹ 497.3 cr 59.1% ₹ 213.0 cr 25.3% ₹ 159.4 cr 18.4% 11.8% 10.6% 0.6% -10.0% QoQ Performance Revenue grew 11.8% QoQ to a record ₹940 cr, with sequential growth in UK & Europe (+₹49 cr), the US (+₹44 cr) and ANZ (+₹13 cr) Gross profit rose ₹53 cr (+10.6%) QoQ. Gross margin moderated to 58.5% from a strong Q1 base, given the relatively lower material costs in the base quarter. PAT declined QoQ to ₹143.5 cr, due to higher depreciation and amortization (largely on acquired intangibles), relatively lower other income from currency movements, and a higher effective tax rate of 25.8%. Note: Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income) EBITDA was stable at ₹214.3 cr, with margin at 22.8%, ahead of our FY27 guidance of 20–21%. Other expenses rose QoQ, mainly due to ~₹20 cr higher freight costs.
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www.marksanspharma.com Quarterly Financial Trends Page 10 720 754 856 841 940 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 412 438 466 497 550 57.2% 58.1% 54.4% 59.1% 58.5% 33.0% 53.0% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 145 161 195 213 214 20.1% 21.3% 22.8% 25.3% 22.8% -3.0% 2.0% 7.0% 12.0% 17.0% 22.0% 27.0% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 99 114 149 159 144 13.4% 14.7% 16.7% 18.4% 15.0% -9.0% -4.0% 1.0% 6.0% 11.0% 16.0% 21.0% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 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 Page 11 Q2FY27 Geographical Highlights
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www.marksanspharma.com Q2FY27 Revenue by Geography Page 12 UK & Europe - ₹ 405 cr 65% YoY Australia & New Zealand - ₹ 101 cr 44.8% US & North America - ₹ 421 cr 9% YoY RoW - ₹ 14 cr 47% YoY 64% YoY 43.0% 1.5% 10.7%
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www.marksanspharma.com US & North America Q2FY27 Performance Page 13 Revenue ₹ 420.9 cr 8.7% YoY 11.6% QoQ 44.8% Highlights • Highest-ever quarterly revenue for the region at ₹421 cr, up 8.7% YoY and 11.6% QoQ • H1FY27 revenue of ₹798 cr, up 11.7% YoY; the US remains our largest market at ~45% of revenue • Order book remains strong despite a softer US consumer environment, supporting the outlook for H2FY27 • Price erosion in the Rx portfolio remained in single digits 387 412 406 377 421 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Quarterly Performance (₹ cr) US Overview • The Company services this region through Time-Cap Laboratories Inc., its wholly owned subsidiary acquired in June 2015 • Leading OTC store brand with the customer base of leading USA retailers • Largest market, anchored by Consumer Healthcare and OTC store-brand opportunities • Revenue grew 2.4x from FY22 to FY26, reflecting sustained execution and market expansion • Strong product engine with 100+ products manufactured and distributed; 112 SKUs launched in FY26 and 51 products in pipeline
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www.marksanspharma.com UK & Europe Q2FY27 Performance Page 14 Quarterly Performance (₹ cr) UK Europe • QliniQ contributed ~₹40 cr in Q2FY27 (Q1FY27: ₹44 cr; H1FY27: ~₹84 cr). • Europe is positioned to become a key growth driver over the coming quarters. • Ireland: Marksans Pharma (Europe) Ltd. established as the EU holding company, with filings and licensing activities underway. • Germany: Marksans Pharma GmbH and ABCnow GmbH strengthen the Group’s presence and portfolio in Germany. ABCnow consolidated from Q2FY27. • Netherlands: QliniQ B.V. acquired and consolidated in Q1FY27, new product filings and launches underway 43.0% UK Ireland Germany Netherlands • Highest-ever quarterly revenue for UK & Europe at ₹405 cr, up 64.9% YoY and 13.7% QoQ (H1FY27: +69.4%). • Excluding QliniQ, UK & Europe grew 48.6% YoY to ₹365 cr (H1FY27: +50.7% to ₹677 cr). • After a flat FY26, the UK market has stabilised; new launches are driving both topline growth and margin improvement. • Serviced through Marksans Pharma (UK) Ltd: Bell, Sons & Co. (OTC, 450+ products/SKUs) and Relonchem (Rx, 175+ Market Authorizations). • Regulatory pipeline: 18 approvals and 30 filings in FY26; 24 products awaiting approval; 200+ filings planned over 4 years. Revenue ₹ 404.6 cr 64.9% YoY 13.7% QoQ 245 258 308 312 365+44 +40356 405 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 ■■ Organic revenue ■ QliniQ (acquired Q1FY27)
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www.marksanspharma.com Australia & New Zealand Q2FY27 Performance Page 15 Revenue ₹ 100.6 cr 64.0% YoY 14.8% QoQ Highlights • Revenue up 64.0% YoY to ₹100.6 cr, driven by strong traction in the branded prescription (Rx) portfolio under Nova Pharmaceuticals. • Sequential growth of 14.8%; H1FY27 revenue of ₹188 cr, up 59.0% YoY. ANZ now contributes 10.7% of revenue. • Growth momentum expected to continue, supported by the 11 Rx brands launched in FY26 and an expanding portfolio of 100+ market authorizations. 61 61 123 88 101 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Quarterly Performance (₹ cr) Australia & New Zealand Overview • In 2005, Marksans acquired 60% stake in Nova to establish a base in the region • Australia & NZ delivered strong growth with revenue scaling from ₹180 cr in FY22 to ₹303 cr in FY26 (4-year CAGR of ~14%) • Launched Branded Prescription Division – Nova Pharma • 11 Rx brands launched in FY26 under Nova Pharma • 100+ Market Authorizations in Australia & New Zealand 10.7%
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www.marksanspharma.com Nova Pharmaceuticals — Recent Prescription Launches Nova Pharmaceuticals Australasia Pty Ltd (60% subsidiary) — branded prescription portfolio, Australia Page 16 Vymaze Prescription Only Medicine Rinidate Controlled Drug · Listed on the PBS Molecule Fluticasone furoate 27.5 mcg per spray Presentation Nasal Spray Suspension · 120 sprays Reference brand Bioequivalent to Avamys Indication Seasonal and perennial allergic rhinitis, adults and children aged 2+ Molecule Methylphenidate hydrochloride 10 mg Presentation Tablets · 100 per pack Reference brand Bioequivalent to Ritalin 10 Indication Attention deficit hyperactivity disorder and narcolepsy
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www.marksanspharma.com RoW Business Q2FY27 Performance Page 17 Revenue ₹ 14.1 cr 47.0% YoY 29.6% QoQ Highlights • Revenue declined 47.0% YoY and 29.6% QoQ, amidst the West Asia crisis. • Middle East shipments impacted; stabilization in geopolitical conditions could support recovery in the quarters to come. 27 22 19 20 14 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 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 • Marksans has built a strong regulatory footprint with 230+ licensed products across UAE and other RoW geographies 1.5%
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www.marksanspharma.com Page 18 Marksans Pharma at a Glance
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www.marksanspharma.com Corporate Organogram Page 19 QliniQ B.V. — Netherlands Acquired and consolidated from Q1FY27; reported within the UK & Europe segment. Marksans Pharma (Europe) Ltd. — Ireland Product filings started; preparatory work in progress on warehouse and distribution licensing, with business expected to commence in the coming quarters. Marksans Pharma GmbH and ABCnow GmbH — Germany Marksans Pharma GmbH established to support presence in Germany. ABCnow acquisition completed. Marksans (Canada) Inc. — Canada New entity incorporated; product filings underway and initial approvals received. Commercial revenue expected in the coming quarters. MARKSANS PHARMA LIMITED India · BSE: 524404 | NSE: MARKSANS | Listed parent US UK EUROPE AUSTRALIA & NZ UAE CANADA Marksans Pharma Inc. 100% · Intermediate holding Time-Cap Laboratories Inc. Acquired 2015 · 100% Marise Ann Inc 100% Marksans Pharma UK Ltd 100% · Intermediate holding Bell, Sons & Co. (Druggists) Ltd Acquired 2007 · 100% Relonchem Ltd Acquired 2008 · 100% Marksans Pharma (Europe) Ltd Ireland · 100% NEW Marksans Pharma GmbH Germany · Incorporated · 100% NEW ABCnow GmbH Germany · Acquired · 100% NEW QliniQ B.V. Netherlands · Acquired · 100% NEW Nova Pharmaceuticals Australasia Pty Ltd Acquired 2005 · 60% Access Healthcare for Medical Products L.L.C. Acquired 2022 · 100% Marksans (Canada) Inc. Incorporated · 100% NEW
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www.marksanspharma.com Company Overview Page 20 ₹ 3,033 cr Total Income for FY26 20.4% FY26 EBITDA Margin ₹ 1,124 cr Cash balance (as of 30th Sep 2026) 4 4 Manufacturing Units & 4 R&D Centers 350+ Products and 2,000+ SKUs 2,000+ Total Employees ~$175mn 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 Segmental Revenue Page 21 Rx, 20.0% OTC, 80.0% Revenue by Therapeutic Segment – FY26Revenue by Segment – FY26 1,310.8 460.9 384.0 183.4 171.5 171.5 161.2 54.8 38.4 9.4 5.0 Pain Management Cough & Cold(Upper respiratory) Gastrointestinal Cardiovascular System(CVS) Anti-Allergic Central Nervous System(CNS) Vitamin & Minerals supplements (VMS) Anti-Diabetic Anti -Infectives Anti-cancer Anti-hair fall Our OTC segment grew at a CAGR of 20.4% (from FY17 to FY26)
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www.marksanspharma.com Marksans’ OTC Focus Page 22 Industry OpportunityMarksans’ OTC Portfolio ❖ According to IQVIA, Global OTC Market size is projected to be $215 bn in 2026 ❖ 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 150 159 168 178 193 204 215 2020 2021 2022 2023 2024 2025E 2026E85% 15% Store Brands Own Labels OTC Revenue Split for FY26* Large Growing OTC Market (USD Bn) Source : IQVIA, data on CY basis *The OTC revenue split is an approximate range
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www.marksanspharma.com Manufacturing Capabilities Page 23 Manufacturing Facility in Farmingdale, USA • Manufactures hard gels, tablets and capsules • Spread over an area of 7,000 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 24 5 5 15 8 19 30 29 35 58 89 47 0.6% 0.6% 1.5% 0.7% 1.4% 2.0% 1.6% 1.6% 2.2% 3.0% 2.6% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1FY27 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+ 350+ ANDAs/M As Approved 30+ ANDAs/M As Filed (awaiting approval) Products in Pipeline200+ Continued focus on R&D investments leading to a robust pipeline of new developed & pipeline products Plans to enhance portfolio with addition of 20-25 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 25 Marksans’ Journey
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www.marksanspharma.com Our Key Events Page 26 2001 2005 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 Bell, 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 2026 • Entered new markets — Germany, Canada and Ireland • Crossed ₹ 3,000 cr total income • Acquired QliniQ B.V. (Netherlands) and ABCnow GmbH (Germany)
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www.marksanspharma.com Growth and Achievements Since 2017 Page 27 ~3.8x to ₹ 2,951 cr OTC Revenue growth of ~5.3x to ₹ 2,361 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 to 2,000+ Operating Revenue growth Note: All numbers as of FY26 *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 28 767 912 1,005 1,134 1,376 1,491 1,852 2,177 2,623 2,951 1,340 1,781 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 FY26 H1FY26 H1FY27 45 78 132 192 340 259 339 459 533 601 245 427 5.8% 8.6% 13.2% 17.0% 24.7% 17.4% 18.3% 21.1% 20.2% 20.4% 18.2% 24.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1FY26 H1FY27 445 402 512 620 806 1,023 1,378 1,613 2,066 2,361 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 440 480 553 649 905 1,223 1,765 2,086 2,489 3,053 2,714 3,367 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1FY26 H1FY27 Operating Revenue (₹ cr) OTC Revenue Contribution (₹ cr) EBITDA (₹ cr) & EBITDA Margin (%) Net Worth (₹ cr) CAGR (FY17–26) – 33.5%
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www.marksanspharma.com Financial Trends – High Growth Trajectory Page 29 752 732 804 897 1,228 1,640 2,190 2,681 3,240 3,861 3,442 4,360 0.0 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0 3,500.0 4,000.0 4,500.0 5,000.0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1FY26 H1FY27 1.6x 1.0x 0.5x -0.4x -0.6x -1.2x -2.0x -1.5x -1.3x -1.6x -1.3x -1.3x -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 FY26 H1FY26 H1FY27 4.8% 11.8% 19.4% 27.8% 35.8% 21.4% 20.2% 21.5% 21.5% 20.0% 18.7% 24.7% 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 FY26 H1FY26 H1FY27 2.5% 7.8% 15.6% 20.1% 30.7% 17.6% 17.8% 16.4% 16.7% 15.2% 13.6% 18.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1FY26 H1FY27 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 H1FY26 and H1FY27 ROCE and ROE on a trailing twelve-month (TTM) basis: profit for the 12 months to 30 September (FY − prior H1 + current H1); TTM ROE on average of opening (30-Sep prior year) and closing equity.
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www.marksanspharma.com Proven Success in Acquisitions Page 30
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www.marksanspharma.com Page 31 Strategic Initiatives
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www.marksanspharma.com Core Strategies for Future Growth Page 32 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 2026 is expected to be ~$ 215bn. • Our OTC segment grew at CAGR of 20.4% (from FY17-FY26) • 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 200 products Scale capacity and operating leverage • Aim to expand Indian capacity to 16bn 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 33 42 37 31 31 15 37 Cough & Cold VMS & Tonics Pain Relief Digestive Skin Treatment Others Value Share Global Category Value Share ($ bn) Expanding OTC Business Source: IQVIA Consumer Health 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 34 Continued focus on R&D leading to strong product pipeline and successful launches UK • 18 products approved and 30 filings done in FY26 and 24 products awaiting approval as of 31 March 2026 • 200+ products to be filed over the next 4 years US • 112 new SKUs launched in FY26 • 51 products are in the pipeline Australia & New Zealand • 23 SKUs launched in FY26 and 17 SKUs planned for FY27, across 22 products. • Established Rx brand division in FY26 with 11 product launches Rest of the World • Built a strong regulatory footprint with 230+ licensed products across UAE and other RoW geographies Canada • 14 products filed in FY26
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www.marksanspharma.com Key Product Launches in Last 2 Years Page 35 Brand COMPOSITION Therapy Segment Market BENZONATATE CAPSULES BENZONATATE CAPSULES USP, 100 mg & 200 mg Cough and Cold US CETIRIZINE DIHYDROCHLORIDE CETIRIZINE DIHYDROCHLORIDE 1 MG/ML ORAL SOLUTION Anti Allergy UK LOPERAMIDE HYDROCHLORIDE LOPERAMIDE HYDROCHLORIDE TABLETS USP 2 MG Anti Diarrheal US MEFENAMIC MEFENAMIC ACID 250MG, 500 MG FILM-COATED TABLETS Anti-Inflammatory UK 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 FILM-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 FLUOXETINE CAPSULES FLUOXETINE 10MG, 20MG, 40MG Central Nervous System (CNS) US CETIRIZINE TABLETS CETIRIZINE 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 36 Capex of ₹ 46 cr in H1FY27 Cash balance of ₹ 1,124 cr as of 30th September 2026; net cash of ₹ 1,095 cr. Cash positive for over 5 years. Operating cash generation of ₹ 322 cr and free cash flow of ₹ 275 cr in H1FY27 Disciplined capital allocation Strong credit rating Long term: CARE AA-; Stable | IND AA-; Positive Short term: CARE A1+ | IND A1+ India Ratings revised the outlook to Positive from Stable Inorganic growth ongoing Completed acquisition of QliniQ B.V. (Netherlands) and ABCnow GmbH (Germany) Owned front-end market access now spans Ireland, Germany, the Netherlands, and Canada Balance sheet strength supports further calibrated opportunities
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www.marksanspharma.com We’ve Delivered What We Promised Page 37 Achieved Achieved Achieved Total Income guidance of ₹ 3,000 cr 1 Focus on expanding OTC business – ~5.3x revenue growth since 20172 EBITDA margins in the 19-20% range 3 Maintain net cash balance sheet4 Disciplined capex allocation5 Achieved Achieved
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www.marksanspharma.com The Marksans Investment Thesis Page 38 01 Structural Shift to OTC • Global OTC market reaching $215 bn — structural tailwind • Private-label penetration accelerating across US & UK • Consumers permanently shifting to quality store brands • Marksans: uniquely positioned to capture this shift 02 Growth Visibility • Multiple drivers: launches, categories, retailer depth • 200+ products in pipeline; 20-25 new launches p.a. • Expanding across US, UK, ANZ, Europe and Canada • New markets (Ireland, Germany, Canada) adding revenue layer • Transition: generic pharma → consumer healthcare. OTC mix rising 03 Scalable Operating Leverage • 26 bn unit capacity; Goa Unit 2 doubling India output • Lower unit cost as volumes ramp — margin accretive • Dosage form flexibility adds incremental revenue • Manufacturing foundation built over 20+ years 04 Consistent Execution & Financial Strength • OTC revenue CAGR 20.4% (FY17-FY26); EBITDA in range of 18-21% • ₹1,124 cr cash; net cash positive 5+ consecutive years • CARE AA- and IND AA- (Positive) ratings; disciplined capital allocation • Revenue 3.8x; OTC revenue 5.3x since FY17
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www.marksanspharma.com Growth Roadmap — FY27 and Beyond Page 39 DEEPEN • Increase SKUs per existing retailer • Expand share in core OTC categories BROADEN • Add adjacent OTC categories • Select Rx-to-OTC switches • Increase retailer base in key regions EXPAND • Organic entry into new geographies • Selective front-end acquisitions SCALE • Ramp utilisation of expanded manufacturing capacity • Improve operating leverage Marksans Growth Algorithm FY27–28 Milestones ● India capacity: 16 bn units p.a. ● Expand US and North America revenue ● Expand towards Top-3 India pharma in UK by revenue ● Grow the EU front-end presence ● Expand Australia into adjacent OTC categories ● Strengthen Canada and European revenues Strategic Vision FY30 ● Top global consumer healthcare company ● Multi-continent front-end direct presence ● Strong FCF supporting shareholder returns ● ESG-embedded, compliant, sustainable operations
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www.marksanspharma.com Page 40 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) 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 41
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www.marksanspharma.com Empowering Communities Page 42 01 Health Care • Organized free health check-up camps and distributed free medicines and other medical supplies to underprivileged people in the state of Goa • Medical treatment to underprivileged patients of cancer and bone marrow transplantation 02 03 04 05 Education • Contribution towards education of underprivileged students • Sponsored disaster management training workshops Environment • Building and upkeep of public gardens/parks and tree plantation in Verna Industrial Estate, Goa Food Distribution • Distribution of free food items to daily wage labourers, people below poverty line and other economically backward people who do not have regular income Overall wellbeing of women and children • Women and child development, professionalizing Anganwadis and national nutrition mission in Goa
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www.marksanspharma.com Environmental Sustainability Initiatives Page 43 Increased use of recycled packaging materials by over 400%. Plan underway for using renewable energy. Focusing on areas of preventive healthcare, education, eradicating malnutrition, welfare of women and children, rural development projects in the local communities Increased waste recovery through recycling Discharge of wastewater only after proper treatment Do not use water from water stress areas There is considerable reduction in NOx and Particulate Matter air emissions There is a considerable reduction in Scope 1 greenhouse gas emissions, and plans are underway to reduce Scope 2 greenhouse gas emissions Improving operational and manufacturing efficiency and attract environmentally conscious value chain partners and focusing on optimum use of natural resources and raw materials
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www.marksanspharma.com Corporate Governance Standards Page 44 No conflict of interest of directors and employees in any business transaction Has a robust whistleblower and complaint/grievance redressal mechanism for investors, employees and workers, customers, value chain partners and other stakeholders Has in place anti-bribery and human rights policy A strong ethical organization with a focus on transparency, accountability, adequate disclosure and compliance Has stringent codes of conduct and policies in place for observance by directors, employees, and workers Robust risk management framework for proactive identification and mitigation of business risks Zero tolerance against discrimination based on race, ethnicity, caste, color, age, sex, disability and socioeconomic status Strong track record of upholding & 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 45 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 46 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 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 47 • 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 – Nova Pharmaceuticals Australasia Pty Ltd • 20+ years of 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 48 Annexure
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www.marksanspharma.com Consolidated Profit & Loss Statement – H1FY27 Page 49 Note: 1)Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income) Particulars (₹ cr.) H1FY27 H1FY26 YoY Total Income 1,824.5 1,367.6 33.4% Operating Revenue 1,781.0 1,340.4 32.9% Gross Profit 1,047.4 770.0 36.0% Gross Margin % 58.8% 57.4% 137 bps EBITDA 427.3 244.6 74.7% EBITDA Margin % 24.0% 18.2% 574 bps Finance Costs -13.8 -11.9 16.4% Depreciation & Amortization -57.0 -50.0 13.9% Other Income 43.6 27.2 60.0% Profit before tax 400.1 209.9 90.6% Taxes -97.1 -52.6 84.7% PAT 302.9 157.3 92.5% Net Profit Margin % 16.6% 11.5% 510 bps Diluted EPS (INR) 6.58 3.45 90.5%
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www.marksanspharma.com Consolidated Profit & Loss Statement – Q2FY27 Page 50 Note: 1)Net Income Margin = Net profit / Total Income (Revenue from operations + Other Income) Particulars (₹ cr.) Q2FY27 Q2FY26 Q1FY27 YoY QoQ Total Income 958.3 742.0 866.2 29.2% 10.6% Operating Revenue 940.2 720.4 840.8 30.5% 11.8% Gross Profit 550.1 411.8 497.3 33.6% 10.6% Gross Margin % 58.5% 57.2% 59.1% 135 bps -64 bps EBITDA 214.3 144.5 213.0 48.3% 0.6% EBITDA Margin % 22.8% 20.1% 25.3% 274 bps -254 bps Finance Costs -6.8 -5.8 -7.0 17.4% -2.5% Depreciation & Amortization -32.1 -26.9 -24.9 19.3% 29.1% Other Income 18.2 21.6 25.4 -15.9% -28.6% Profit before tax 193.5 133.3 206.6 45.1% -6.3% Taxes -50.0 -34.2 -47.2 46.2% 6.0% PAT 143.5 99.1 159.4 44.8% -10.0% Net Profit Margin % 15.0% 13.4% 18.4% 162 bps -343 bps Diluted EPS (INR) 3.11 2.17 3.47 43.8% -10.1%
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www.marksanspharma.com Consolidated Balance Sheet Page 51 Assets (₹ cr.) 30-Sep-26 31-Mar-26 Property, plant & equipment 642.9 625.0 Right-of-use assets 411.3 300.9 Capital work-in-progress 5.1 14.8 Goodwill 102.6 45.3 Intangibles (incl. under development) 156.0 116.8 Other non-current assets 29.5 35.5 Total non-current assets 1,347.3 1,138.2 Inventories 995.7 972.3 Trade receivables 757.4 644.6 Cash, bank balances & current investments 1,123.6 989.7 Other current assets 135.6 116.2 Total current assets 3,012.3 2,722.7 Total assets 4,359.6 3,860.9 Equity & Liabilities (₹ cr.) 30-Sep-26 31-Mar-26 Equity share capital 45.3 45.3 Other equity 3,287.0 2,977.8 Non-controlling interests 34.9 29.5 Total equity 3,367.3 3,052.7 Lease liabilities (non-current) 386.1 270.1 Other non-current liabilities 5.9 11.0 Total non-current liabilities 392.0 281.1 Borrowings 29.0 29.6 Lease liabilities (current) 49.5 43.7 Trade payables 393.0 336.9 Other current liabilities 128.8 116.9 Total current liabilities 600.3 527.1 Total equity & liabilities 4,359.6 3,860.9
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www.marksanspharma.com Shareholding Pattern — As of September 2026 Page 52 43.9% 8.6%10.4% 5.5% 31.5% Promoters OrbiMed (foreign) Other FII/FPI DII (MF+Others) Public & Others Shareholding — Q2FY27 (Sep 2026) Source: BSE Shareholding Trend – Q2FY27 Category Q2FY27 Promoters (%) 43.9 FII / FPI (%) 19.1 of which OrbiMed (%) 8.6 DII (%) 5.5 Public & Others (%) 31.5 Stable Promoter Holding 43.9% held steady OrbiMed Strategic Foreign Holding 8.6% by OrbiMed Asia IV (Mauritius FVCI) — global healthcare investor with $19bn AUM Rising Foreign Institutional Holding FII/FPI holding rose to 19.1% (Sep 2026) from 17.5% (Jun 2026)
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www.marksanspharma.com © 2026 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