MOREPEN LAB. LTD

Manufactures active pharmaceutical ingredients (APIs) and medical devices, with a growing contract development and manufacturing (CDMO) arm. The API business sells intermediates and active ingredients for molecules such as loratadine, desloratadine, montelukast, atorvastatin, rosuvastatin and fexofenadine to formulation customers worldwide, with export share at 72.1% of revenue in FY25. The medical devices business sells glucometers, blood pressure monitors and test strips through a B2C push, with a 14.2 million-unit glucometer installed base and 41 crore strips sold. A Rs 825 crore CDMO mandate from a global multinational moved into commercial execution in Q1 FY27, with capacity targeted to scale toward 1,000 KL in phases. API production capacity is being expanded from 314 KL to 600 KL by FY26, and the medical representative force is being scaled from 200 to 1,200 over three years to support an India formulations push. The cost base is dominated by materials at 57.8% of revenue, with employees at 12.9% and other operating expenses at 17.9%.