India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Equity Bottom-Up

<ul>
<li>Marksans Pharma's new, <strong>capacity-doubling Goa facility (acquired from Teva)</strong> just received a '<strong>Zero 483 Observation' clearance from the USFDA</strong>, completely de-risking its largest-ever capex.</li>
<li>This facility is the <strong>engine for the company's next growth phase</strong>. It will service a <strong>confirmed $220 million US order book</strong> and is critical to achieve INR 3,000 crore revenue.</li>
<li>With the <strong>capex phase now complete and de-risked</strong>, the focus shifts to execution and the strategic <strong>deployment of its INR 711 crore cash pile</strong>, likely on a European front-end acquisition.</li>
</ul>


Marksans Pharma's new, capacity-doubling Goa facility (acquired from Teva) just received a 'Zero 483 Observation' clearance from the USFDA, completely de-risking its largest-ever capex.
This facility is the engine for the company's next growth phase. It will service a confirmed $220 million US order book and is critical to achieve INR 3,000 crore revenue.
With the capex phase now complete and de-risked, the focus shifts to execution and the strategic deployment of its INR 711 crore cash pile, likely on a European front-end acquisition.


The Beat Ideas: Marksans Pharma - USFDA's 'Zero Observation' Unlocks ₹3,000 Crore Goa Potential

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.</li>
<li>Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  </li>
<li>Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.</li>
</ul>


Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.
Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  
Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.


APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marksans-pharma-ltd" target="_blank" data-smartkarma-citation="entities:7841:1" rel="noopener">Marksans Pharma (MRKS IN)</a> has done well in recent years, growing at 15.2% on a 5Y CAGR.  </li>
<li>The company has a good balance sheet, strong cash generation and also witnessed a recent uptick on the margins side. UK business especially has been the cash cow.</li>
<li>However, there are few impairment indicators; few subsidiaries are not audited while bad debts have appeared in the books lately. Company also has few disclosure issues.</li>
</ul>



Marksans Pharma (MRKS IN) has done well in recent years, growing at 15.2% on a 5Y CAGR.  
The company has a good balance sheet, strong cash generation and also witnessed a recent uptick on the margins side. UK business especially has been the cash cow.
However, there are few impairment indicators; few subsidiaries are not audited while bad debts have appeared in the books lately. Company also has few disclosure issues.


External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Efforts around portfolio selection and disciplined R&amp;D has helped the company profitably build its export formulations business</li></ul><div><div><div><ul><li>Outlook: The company will incur capital expenditure on its existing facility upgradation; and it is also open to pursuing an acquisition (~Rs2,000mn is the allocation).</li></ul><div><div><div><div><ul><li>Targeting customer acquisition and geographic expansion in the US market: The company has added new retailers in the US market with an intention to penetrate tier 2 &amp; tier 3 cities.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Efforts around portfolio selection and disciplined R&amp;D has helped the company profitably build its export formulations businessOutlook: The company will incur capital expenditure on its existing facility upgradation; and it is also open to pursuing an acquisition (~Rs2,000mn is the allocation).Targeting customer acquisition and geographic expansion in the US market: The company has added new retailers in the US market with an intention to penetrate tier 2 &amp; tier 3 cities.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

<p><strong>Introduction to Medisetter</strong></p><p>I had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's healthcare industry. Medisetter is an international online medical travel search and bookings platform offering a one-stop-shop medical travel booking and planning service. Prospective patients can search and compare hospitals and clinics across different countries, receive price quotes, book appointments and also book accommodation, translators and…</p>

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's healthcare industry. Medisetter is an international online medical travel search and bookings platform offering a one-stop-shop medical travel booking and planning service. Prospective patients can search and compare hospitals and clinics across different countries, receive price quotes, book appointments and also book accommodation, translators and…

MediSetter Interview: Insight on Opportunities in Asia's Healthcare Industry

India

Marksans Pharma Limited manufactures active ingredients that are used to produce finished drugs.

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Marksans Pharma (MRKS IN)

The Beat Ideas: Marksans Pharma - USFDA's 'Zero Observation' Unlocks ₹3,000 Crore Goa Potential

Marksans Pharma's new Goa facility, acquired from Teva, cleared by USFDA, de-risking capex for growth phase, focusing on execution and strategic...

Sudarshan Bhandari

APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Celltrion inlicensed two antibody drug candidates in KRW1T deal. Dong-A got domestic approval for Xcopri. Hanmi Pharm will distribute Boehringer...

Tina Banerjee

Marksans Pharma- Forensic Analysis

Marksans Pharma has shown strong growth and financial performance in recent times. However, there are concerns surrounding impairments, audit of...

Nitin Mangal

Marksans Pharma- Management Meet Update

We hosted the management of Marksans Pharma at our Annual Investor Conference to get an overview on business outlook in the backdrop of the current...

Nirmal Bang

MediSetter Interview: Insight on Opportunities in Asia's Healthcare Industry

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's...

Nomadic Equity

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52-week Range

Market Cap (USDm)

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The Beat Ideas: Marksans Pharma - USFDA's 'Zero Observation' Unlocks ₹3,000 Crore Goa Potential

​Marksans Pharma's new Goa facility, acquired from Teva, cleared by USFDA, de-risking capex for growth phase, focusing on execution and strategic...

Sudarshan Bhandari

APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Celltrion inlicensed two antibody drug candidates in KRW1T deal. Dong-A got domestic approval for Xcopri. Hanmi Pharm will distribute Boehringer...

Tina Banerjee

Marksans Pharma- Forensic Analysis

​Marksans Pharma has shown strong growth and financial performance in recent times. However, there are concerns surrounding impairments, audit of...

Nitin Mangal

Marksans Pharma- Management Meet Update

We hosted the management of Marksans Pharma at our Annual Investor Conference to get an overview on business outlook in the backdrop of the current...

Nirmal Bang

MediSetter Interview: Insight on Opportunities in Asia's Healthcare Industry

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's...

Nomadic Equity

Marksans Pharma's new Goa facility, acquired from Teva, cleared by USFDA, de-risking capex for growth phase, focusing on execution and strategic...

Marksans Pharma has shown strong growth and financial performance in recent times. However, there are concerns surrounding impairments, audit of...