3 Research-Driven Contract Manufacturer, Over-the-Counter Formulations Exporter and Point-of-Care Molecular Diagnostics Maker Stocks With a Strong Future Roadmap: Anthem Biosciences, Marksans Pharma and Molbio Diagnostics
- October 26, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Anthem Biosciences, Marksans Pharma and Molbio Diagnostics: ROE of 13.8% to 19.4% and FY22 to FY26 revenue CAGR of 15.5% to 18.6%. Prices as of 23 Oct 2026.
Quick Answer
The three CDMO, OTC pharma and diagnostics stocks to watch are Anthem Biosciences, Marksans Pharma and Molbio Diagnostics. Their return on equity ranges from 13.8% to 19.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.5% to 18.6%. Anthem Biosciences has the highest return on equity at 19.4%, while Marksans Pharma has the fastest revenue growth at 18.6% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.
CDMO, OTC pharma and diagnostics stocks offer a focused view of a sector where demand keeps widening. Anthem Biosciences, Marksans Pharma and Molbio Diagnostics cover a research-driven contract manufacturer, an over-the-counter formulations exporter and a point-of-care molecular diagnostics maker.
This list covers three CDMO, OTC pharma and diagnostics stocks with complete current figures: Anthem Biosciences, Marksans Pharma and Molbio Diagnostics. Every figure comes from the latest reported financials and the 23 October 2026 market close. Companies without complete current figures were left out.
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What Are CDMO, OTC Pharma and Diagnostics Stocks?
CDMO, OTC pharma and diagnostics stocks are listed healthcare companies that provide contract research and manufacturing, make over-the-counter and prescription formulations and develop portable molecular diagnostic tests. Their earnings depend on customer contracts, export approvals and testing volumes.
CDMO, OTC Pharma and Diagnostics Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Anthem Biosciences | 812.8 | 45,546 | 79.1 | 36.0 | 19.4 | 0.02 |
| Marksans Pharma | 286.9 | 12,994 | 24.9 | 35.7 | 13.8 | 0.11 |
| Molbio Diagnostics | 1,239.1 | 16,605 | 101.2 | 59.6 | 14.2 | 0.38 |
On valuation, Marksans Pharma trades at a P/E below the industry P/E, while Anthem Biosciences and Molbio Diagnostics trade above it, which reflects the growth the market already expects. Readers comparing CDMO, OTC pharma and diagnostics stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do CDMO, OTC Pharma and Diagnostics Stocks Have a Strong Roadmap in India?
CDMO, OTC pharma and diagnostics stocks have a strong roadmap in India because global drug makers outsource development work, over-the-counter exports keep widening, and affordable molecular testing is reaching more patients.
- Outsourced development. Global biotech firms hand over discovery and manufacturing.
- Over-the-counter exports. Everyday medicines find buyers in regulated markets.
- Point-of-care testing. Portable tests widen access to diagnosis.
Why Anthem Biosciences Features Among These CDMO, OTC Pharma and Diagnostics Stocks
Among the CDMO, OTC pharma and diagnostics stocks on this list, Anthem Biosciences is a research-driven contract development and manufacturing organisation that serves global pharma and biotech customers with discovery, development and manufacturing services.
Revenue rose from Rs 1,280 crore in FY22 to Rs 2,280 crore in FY26, a compound annual growth rate of 15.5%. Net profit grew from Rs 406 crore in FY22 to Rs 592 crore in FY26, which works out to a compound annual growth rate of 9.9%.
The company has a return on equity of 19.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 45,546 crore. The stock trades at a P/E of 79.1, above the industry P/E of 36.0.
Roadmap: The company offers an integrated platform from discovery to commercial manufacturing, which makes it a partner for innovator clients. Its biologics, peptides and small-molecule services give it several routes to growth.
What to watch: Monitor the order pipeline from global customers and the ramp-up of newer manufacturing capacity.
Why Marksans Pharma Features Among These CDMO, OTC Pharma and Diagnostics Stocks
Among the contract research and manufacturing shares on this list, Marksans Pharma is a Mumbai-based drug maker that produces over-the-counter and prescription formulations at plants in India and sells them in the United Kingdom, the United States, Australia and other markets.
In the June 2026 quarter, revenue grew 38.5% year on year to Rs 866 crore. Revenue rose from Rs 1,533 crore in FY22 to Rs 3,033 crore in FY26, a compound annual growth rate of 18.6%.
Net profit grew from Rs 187 crore in FY22 to Rs 420 crore in FY26, which works out to a compound annual growth rate of 22.5%. The company has a return on equity of 13.8%, a debt to equity ratio of 0.11 and a market capitalisation of Rs 12,994 crore. The stock trades at a P/E of 24.9, below the industry P/E of 35.7.
Roadmap: The company is adding capacity and new products for regulated markets, which supports export growth. A focus on over-the-counter products gives it steady, repeat demand.
What to watch: Track export growth, new product approvals and plant utilisation.
Why Molbio Diagnostics Features Among These CDMO, OTC Pharma and Diagnostics Stocks
Among the three companies on this list, Molbio Diagnostics, based in Goa, develops the Truenat platform, a portable molecular diagnostics system that delivers lab-grade PCR results at the point of care, with strong use in tuberculosis testing.
The company has a return on equity of 14.2%, a debt to equity ratio of 0.38 and a market capitalisation of Rs 16,605 crore. The stock trades at a P/E of 101.2, above the industry P/E of 59.6.
Revenue rose from Rs 782 crore in FY22 to Rs 1,455 crore in FY26, a compound annual growth rate of 16.8%. Net profit grew from Rs 83.5 crore in FY24 to Rs 164 crore in FY26, which works out to a compound annual growth rate of 40.2%.
Roadmap: Its roadmap centres on widening the Truenat test menu beyond TB, pushing into more countries through government and donor programmes, and building recurring revenue from test chips and consumables on top of the installed analyser base.
What to watch: Order timing from public health programmes can be lumpy, so look at annual rather than single-quarter trends.
Anthem Biosciences vs Marksans Pharma vs Molbio Diagnostics on Key Financials
The table below sets the three CDMO, OTC pharma and diagnostics stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Anthem Biosciences | 1,280 | 2,280 | 15.5% | 592 | 26.0% |
| Marksans Pharma | 1,533 | 3,033 | 18.6% | 420 | 13.8% |
| Molbio Diagnostics | 782 | 1,455 | 16.8% | 164 | 11.3% |
Anthem Biosciences posts the highest return on equity in this group at 19.4%. Marksans Pharma combines the largest FY26 revenue at Rs 3,033 crore with the fastest revenue growth, a 18.6% compound annual rate. A useful habit with CDMO, OTC pharma and diagnostics stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in CDMO, OTC Pharma and Diagnostics Stocks
Every theme carries risks that deserve a check before any decision. For these CDMO, OTC pharma and diagnostics stocks, the main points are:
- Contract timing. Large orders can shift between quarters.
- Regulatory checks. Plant inspections can affect approvals.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter CDMO, OTC pharma and diagnostics stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on CDMO, OTC Pharma and Diagnostics Stocks
CDMO, OTC pharma and diagnostics stocks reward patient research into demand, execution and financial strength. Anthem Biosciences, Marksans Pharma and Molbio Diagnostics each have a clear plan to widen their reach. Based on the 23 October 2026 close, Anthem Biosciences trades at Rs 812.8, Marksans Pharma at Rs 286.9 and Molbio Diagnostics at Rs 1,239.1.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are CDMO, OTC pharma and diagnostics stocks?
Ans. CDMO, OTC pharma and diagnostics stocks are listed healthcare companies that provide contract research and manufacturing, make over-the-counter and prescription formulations and develop portable molecular diagnostic tests. Their earnings depend on customer contracts, export approvals and testing volumes. This list looks at three of them, Anthem Biosciences, Marksans Pharma and Molbio Diagnostics, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.
Which CDMO, OTC pharma and diagnostics stocks are covered in this list?
Ans. This list covers Anthem Biosciences, Marksans Pharma and Molbio Diagnostics. Based on the 23 October 2026 close, Anthem Biosciences traded at Rs 812.8, Marksans Pharma at Rs 286.9 and Molbio Diagnostics at Rs 1,239.1. Their return on equity ranges from 13.8% to 19.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.5% to 18.6%.
Why do CDMO, OTC pharma and diagnostics stocks have a strong future roadmap in India?
Ans. CDMO, OTC pharma and diagnostics stocks have a strong roadmap in India because global drug makers outsource development work, over-the-counter exports keep widening, and affordable molecular testing is reaching more patients. The main drivers are as follows. Outsourced development. Global biotech firms hand over discovery and manufacturing. Over-the-counter exports. Everyday medicines find buyers in regulated markets. Point-of-care testing. Portable tests widen access to diagnosis. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Anthem Biosciences performed financially?
Ans. Revenue rose from Rs 1,280 crore in FY22 to Rs 2,280 crore in FY26, a compound annual growth rate of 15.5%. Net profit grew from Rs 406 crore in FY22 to Rs 592 crore in FY26, which works out to a compound annual growth rate of 9.9%. The company has a return on equity of 19.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 45,546 crore. The stock trades at a P/E of 79.1, above the industry P/E of 36.0. Looking ahead, the company offers an integrated platform from discovery to commercial manufacturing, which makes it a partner for innovator clients. Its biologics, peptides and small-molecule services give it several routes to growth.
How has Marksans Pharma performed financially?
Ans. Revenue rose from Rs 1,533 crore in FY22 to Rs 3,033 crore in FY26, a compound annual growth rate of 18.6%. Net profit grew from Rs 187 crore in FY22 to Rs 420 crore in FY26, which works out to a compound annual growth rate of 22.5%. In the June 2026 quarter, revenue grew 38.5% year on year to Rs 866 crore. The company has a return on equity of 13.8%, a debt to equity ratio of 0.11 and a market capitalisation of Rs 12,994 crore. The stock trades at a P/E of 24.9, below the industry P/E of 35.7. Looking ahead, the company is adding capacity and new products for regulated markets, which supports export growth. A focus on over-the-counter products gives it steady, repeat demand.
How has Molbio Diagnostics performed financially?
Ans. Revenue rose from Rs 782 crore in FY22 to Rs 1,455 crore in FY26, a compound annual growth rate of 16.8%. Net profit grew from Rs 83.5 crore in FY24 to Rs 164 crore in FY26, which works out to a compound annual growth rate of 40.2%. The company has a return on equity of 14.2%, a debt to equity ratio of 0.38 and a market capitalisation of Rs 16,605 crore. The stock trades at a P/E of 101.2, above the industry P/E of 59.6. Looking ahead, its roadmap centres on widening the Truenat test menu beyond TB, pushing into more countries through government and donor programmes, and building recurring revenue from test chips and consumables on top of the installed analyser base.
What risks should investors check before buying CDMO, OTC pharma and diagnostics stocks?
Ans. Investors should check a few risks before buying CDMO, OTC pharma and diagnostics stocks. Contract timing. Large orders can shift between quarters. Regulatory checks. Plant inspections can affect approvals. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of CDMO, OTC pharma and diagnostics stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 23 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
