NSE: MOREPENLAB · BSE: 500288
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceuticals (APIs and formulations) (73%), Medical Devices (27%), CDMO services. Manufacturing-heavy pharmaceuticals with API leadership, branded medical devices and a scaling CDMO franchise.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,547 | 1,418 | 1,690 | 1,812 | 1,806 |
| EBITDA (ex other income) | 137 | 80 | 159 | 174 | 151 |
| margin % | 8.8 | 5.6 | 9.4 | 9.6 | 8.4 |
| Owners' profit | 102 | 39 | 0 | 0 | 0 |
| EPS, as reported (₹) | 2.26 | 0.77 | 1.88 | 2.20 | 1.73 |
| ROE % · ROCE % | 17.6 · 19.4 | 5.1 · 7.3 | 11.3 · 15.6 | 9.9 · 12.8 | 7.6 · 9.4 |
| Debt / equity (x) | 0.03 | 0.03 | 0.03 | 0.07 | 0.16 |
| Cash from operations | (58) | (91) | 73 | 32 | 33 |
| Capex | (45) | (36) | (71) | (124) | (86) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 438 | 453 | 466 | 425 | 412 | 484 | 485 | 570 |
| Profit before tax | 46 | 35 | 26 | 16 | 46 | 35 | 23 | 75 |
| Net profit | 35 | 27 | 20 | 11 | 41 | 28 | 16 | 56 |
| EPS (₹) | 0.65 | 0.49 | 0.35 | 0.20 | 0.75 | 0.50 | 0.28 | 1.03 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 49.0 | 30.8 | 116 of 158 | 27% |
| P/B | 5.5 | 3.1 | 122 of 163 | 25% |
| ROCE | 8.3 | 10.8 | 113 of 183 | 39% |
| ROE | 7.6 | 9.8 | 103 of 166 | 38% |
| Debt / Equity | 0.2 | 0.2 | 84 of 166 | 50% |
| EBITDA margin | 15.4 | 17.5 | 89 of 165 | 46% |
| Revenue growth | 34.1 | 16.3 | 39 of 161 | 76% |
| Profit growth | 424.7 | 30.9 | 15 of 158 | 91% |
| Market cap | 6881 | 806 | 51 of 181 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · September 2026 results published; physical-share transfer window noted | compliance | minimal | — | — |
| 27 Oct 2026 · Morepen Laboratories reports a change in management | management changes | medium | — | — |
| 27 Oct 2026 · Rs 7.98 crore placement funds remain unused as Baddi expansion is delayed | compliance | minimal | — | — |
| 27 Oct 2026 · Record Q2 revenue of Rs 755 Cr, EBITDA jumps 273% and profit rises 117% | compliance | low | — | — |
| 27 Oct 2026 · Morepen Q2 profit rises 273% as H1 EBITDA margin reaches 16.5% | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 revenue and profit surge; court ends Rs 317.37 crore tax recovery exposure | results | high | — | — |
| 22 Oct 2026 · Board Meeting on 27 Oct 2026 to consider Q2 FY27 financial results | results | low | — | — |
| 14 Oct 2026 · Morepen Labs wins GST case: HC quashes Rs 117.94 crore show cause notice | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed for Q2/H1 FY27 results | compliance | minimal | — | — |
| 28 Sept 2026 · Morepen Labs submits first US ANDA for Sitagliptin Tablets | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.