Marksans Pharma: Choice Institutional Equities Recommends 'BUY' with Rs 225 Target

• Choice Institutional Equities recommends 'BUY' for Marksans Pharma with a revised target price of Rs 225.
• The company has shown healthy revenue recovery in the past two quarters, driven by a strong US pipeline and Europe market expansion.
• Margins are expected to be muted in FY26 but will see a step-up from FY27 due to operating leverage from Teva.
• Marksans Pharma is on track to achieve revenue targets of ~INR 30 bn in FY26 and ~INR 40 bn in FY28.
• The target price of INR 225 is based on an unchanged 18x FY27–28E earnings multiple with a PEG ratio of 0.9.