Buy Marksans Pharma; target of Rs 225: Choice Institutional Equities

Choice Institutional Equities is bullish on Marksans Pharma has recommended buy rating on the stock with a target price of Rs 225 in its research report dated February 09, 2026.

Broker Research

February 09, 2026 / 14:56 IST

Buy

Choice Institutional Equities's report on Marksans Pharma

The company has reported a healthy revenue recovery in the past two quarters, which, together with a strong US pipeline and ongoing expansion in the Europe market, we believe, will drive overall growth momentum. While margin is likely to remain muted in FY26, we expect a step-up in growth FY27 onwards, as operating leverage from the Teva begins to play out. We also believe the company is on track to achieve its revenue targets of ~INR 30 bn in FY26 and ~INR 40 bn in FY28. We have kept our FY26–27 estimate unchanged, while expecting a stronger revenue growth and margin expansion FY28 onwards.

Outlook

This results in a revised target price of INR 225 (from INR 210), based on an unchanged 18x FY27–28E earnings multiple with a PEG ratio of 0.9. Accordingly, we upgrade the stock to BUY.

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