- Home
- Results news
- Morepen Laboratories
- Q2 FY27 results
Morepen Laboratories Q2 FY27 results: net profit up 117.5% to ₹88.89 crore, revenue up 81.4%
Morepen Laboratories Limited reported consolidated revenue of ₹746.50 crore in Q2 FY27, up 81.4% from Q2 FY26 and 30.9% from Q1 FY27. Net profit was ₹88.89 crore and EBITDA margin was 16.5%, while H1 FY27 revenue rose 57.3% to ₹1,316.63 crore and net profit rose 181.5% to ₹145.29 crore.
Key points
- Q2 FY27 consolidated revenue was ₹746.50 crore, up 81.4% year on year and 30.9% sequentially.
- EBITDA was ₹123.12 crore in Q2 FY27, up 301.2% from Q2 FY26, while margin rose to 16.5% from 7.5%.
- Net profit was ₹88.89 crore, up 117.5% year on year and 57.6% from Q1 FY27; basic EPS was ₹1.62.
- H1 FY27 revenue was ₹1,316.63 crore, total income was ₹1,330.5 crore, and net profit was ₹145.29 crore.
- Total assets were ₹2,305.92 crore and total equity was ₹1,381.89 crore as of 30 September 2026.
How did Morepen Laboratories perform in Q2 FY27?
Morepen Laboratories’ consolidated revenue for Q2 FY27 was ₹746.50 crore, against ₹411.58 crore in Q2 FY26 and ₹570.13 crore in Q1 FY27. Total income was ₹755.19 crore, compared with ₹416.21 crore a year earlier and ₹575.31 crore in the previous quarter.
EBITDA was ₹123.12 crore in Q2 FY27, compared with ₹30.69 crore in Q2 FY26 and ₹82.53 crore in Q1 FY27. EBITDA margin was 16.5%, against 7.5% and 14.5%, respectively. Profit before tax was ₹116.54 crore, net profit was ₹88.89 crore and basic EPS was ₹1.62, versus ₹45.69 crore, ₹40.87 crore and ₹0.75 in Q2 FY26.
On a standalone basis, Q2 FY27 revenue was ₹678.0 crore and profit after tax was ₹77.87 crore. The board approved both standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2026, based on the audit committee’s recommendation.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 746.50 | 570.13 | 411.58 | +81.4% | +30.9% |
| Other income | 8.69 | 5.18 | 4.64 | +87.3% | +67.8% |
| Total expenses | 638.65 | 500.78 | 396.34 | +61.1% | +27.5% |
| EBITDA | 123.12 | 82.53 | 30.69 | +301.2% | +49.2% |
| EBITDA margin | 16.5% | 14.5% | 7.5% | +9.0 pp | +2.0 pp |
| Profit before tax | 116.54 | 74.53 | 45.69 | +155.1% | +56.4% |
| Tax | 27.65 | 18.18 | 4.65 | +494.6% | +52.1% |
| Net profit | 88.89 | 56.40 | 40.87 | +117.5% | +57.6% |
| EPS (₹) | 1.62 | 1.03 | 0.75 | +116.0% | +57.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Morepen Laboratories' costs and profit?
Total expenses rose to ₹638.65 crore in Q2 FY27 from ₹396.34 crore in Q2 FY26. Cost of materials increased by ₹191.28 crore to ₹411.91 crore, other expenses rose by ₹94.81 crore to ₹154.85 crore, and employee cost increased by ₹23.04 crore to ₹79.69 crore.
Finance costs were ₹5.19 crore, up ₹1.01 crore from Q2 FY26, while depreciation fell by ₹1.21 crore to ₹10.07 crore. Other income rose by ₹4.05 crore to ₹8.69 crore, and Q2 FY27 had no exceptional item, compared with an exceptional gain of ₹25.83 crore in the year-ago quarter.
Tax expense was ₹27.65 crore, up ₹23 crore from ₹4.65 crore in Q2 FY26. Profit before tax increased by ₹70.85 crore to ₹116.54 crore, while net profit rose by ₹48.02 crore to ₹88.89 crore and PAT margin increased from 9.9% to 11.9%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 411.91 | 220.63 | +191.28 | +86.7% |
| Employee cost | 79.69 | 56.65 | +23.04 | +40.7% |
| Finance costs | 5.19 | 4.18 | +1.01 | +24.2% |
| Depreciation | 10.07 | 11.28 | −1.21 | −10.7% |
| Other expenses | 154.85 | 60.04 | +94.81 | +157.9% |
| Total expenses | 638.65 | 396.34 | +242.31 | +61.1% |
| Other income | 8.69 | 4.64 | +4.05 | +87.3% |
| Tax | 27.65 | 4.65 | +23 | +494.6% |
| Exceptional items | none | +25.83 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Morepen Laboratories reported revenue of ₹1,316.63 crore, up 57.3% from ₹836.81 crore in H1 FY26. Total income was ₹1,330.5 crore, compared with ₹845.86 crore, while profit before tax rose 212.2% to ₹191.07 crore from ₹61.21 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,317 | 836.81 | +57.3% |
| Profit before tax | 191.07 | 61.21 | +212.2% |
| Net profit | 145.29 | 51.62 | +181.5% |
| EPS (₹) | 2.65 | 0.95 | +178.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹2,305.92 crore, compared with ₹1,936.12 crore as of 31 March 2026, and total equity was ₹1,381.89 crore against ₹1,247.09 crore. Borrowings were ₹304.97 crore versus ₹194.69 crore, while cash and cash equivalents were ₹154.96 crore against ₹31.19 crore.
Inventories increased to ₹323.58 crore from ₹271.83 crore, trade receivables to ₹344.52 crore from ₹333.14 crore, and trade payables to ₹408.04 crore from ₹317.24 crore. H1 FY27 operating cash flow was ₹127.48 crore, compared with ₹15.86 crore in H1 FY26; investing cash flow was negative ₹105.28 crore against negative ₹54.46 crore.
H1 FY27 financing cash flow was ₹101.57 crore, compared with ₹44.41 crore in H1 FY26, while capital expenditure was ₹64.78 crore against ₹40.57 crore. The presentation said the earnings profile was visible in returns, working capital and financial capacity, with receivables at 49 days against 66 days in FY26 and debt-to-equity at 0.23x against 0.17x.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,306 | 1,936 |
| Total equity | 1,382 | 1,247 |
| Borrowings | 304.97 | 194.69 |
| Cash and equivalents | 154.96 | 31.19 |
| Inventories | 323.58 | 271.83 |
| Trade receivables | 344.52 | 333.14 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 127.48 | 15.86 |
| Cash from investing | −105.28 | −54.46 |
| Cash from financing | 101.57 | 44.41 |
| Capital expenditure | 64.78 | 40.57 |
Source: Company's results filing (XBRL).
How has Morepen Laboratories done over the last 8 quarters?
Revenue reached its highest level of the eight-quarter series in Q2 FY27 at ₹746.50 crore, compared with the low of ₹411.58 crore in Q2 FY26. EBITDA margin also peaked at 16.5% in Q2 FY27, after bottoming at 5.0% in Q4 FY26, and revenue rose year on year in each of the last four quarters.
Net profit reached ₹88.89 crore in Q2 FY27, against a low of ₹10.75 crore in Q1 FY26, and rose year on year in each of the last two quarters. The direction at the end of the series was higher for revenue, profit and EBITDA margin compared with both Q1 FY27 and the year-ago quarter.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The filing included the limited review reports of the auditors, and the company also filed its Q2 and H1 FY27 investor presentation on 27 October 2026.
The company filed a communication on a change in management. Its investor presentation covered CDMO scale-up, new API molecules, exports, medical devices, working capital and the manufacturing-capacity path; the supplied same-day filings did not disclose a dividend or fund raise.
What did Morepen Laboratories' management say?
Management said CDMO commercial supplies scaled up materially, with CDMO revenue at ₹253 crore in Q2 FY27 and representing 52% of API plus CDMO revenue. It said new molecules were 25% of API revenue, compared with 14% in H1 FY26, and that API revenue was exported to over 90 countries.
Management said H1 export revenue was ₹654 crore, up 122% year on year, with exports representing about 50% of sales revenue against 35% in H1 FY26. It also said the February 2026 global CDMO mandate was positioned to support larger global programmes and longer-duration partnerships; no specific risks or analyst questions were provided.
How did Morepen Laboratories shares react?
The stock was down 1.5% five minutes after the filing appeared, while it was unchanged after 15 and 30 minutes. It closed the reaction day 4.6% above its pre-results close, compared with a 2.0% median rise for other Pharmaceuticals stocks and a 1.7% rise for the Nifty Microcap 250.
By the next day’s close, the stock was 0.7% above its pre-results close, while the industry median was 2.6% higher and the market index was 1.8% higher. By the fifth session’s close, it was 19.1% below its pre-results close, against a 2.2% industry median rise; the five-day excess move was negative 21.4 percentage points.
Earlier reaction-day moves were mixed: 20.5% on 4 August 2026, negative 4.6% on 26 May 2026, 1.7% on 10 February 2026 and negative 2.0% on 14 November 2025. The stock had also recorded negative 5.1% on 6 August 2025, negative 5.4% on 6 February 2025, negative 2.9% on 11 November 2024 and 4.1% on 1 August 2024.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | −1.5% | |
| 15 minutes | +0.0% | |
| 30 minutes | +0.0% | |
| Reaction day | +4.6% | +2.0% |
| Next day | −0.7% | +2.6% |
| 5 days | −19.1% | +2.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 4 August 2026 | +20.5% |
| 26 May 2026 | −4.6% |
| 10 February 2026 | +1.7% |
| 14 November 2025 | −2.0% |
| 6 August 2025 | −5.1% |
| 6 February 2025 | −5.4% |
| 11 November 2024 | −2.9% |
| 1 August 2024 | +4.1% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Sixty Pharmaceuticals companies were compared for Q2 FY27 as of 4 November 2026, and their median revenue growth was 18.9%. Fifty-seven peers grew more slowly than Morepen Laboratories, while three grew faster than the company.
Profit was compared across 54 peers, of which 38 reported higher profit. Morepen Laboratories’ Q2 FY27 revenue growth of 81.4% was above the peer median, while the company reported higher net profit of ₹88.89 crore compared with ₹40.87 crore in Q2 FY26.
| Morepen Laboratories revenue growth (YoY) | +81.4% |
|---|---|
| Median of 60 other Pharmaceuticals companies | +18.9% |
| Companies with slower revenue growth than Morepen Laboratories | 57 of 60 |
| Companies with faster revenue growth than Morepen Laboratories | 3 of 60 |
| Companies whose net profit rose | 38 of 54 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Morepen Laboratories' revenue in Q2 FY27?
Revenue from operations was ₹746.50 crore, up 81.4% from ₹411.58 crore in Q2 FY26 (consolidated).
Did Morepen Laboratories make a profit in Q2 FY27?
Yes. Net profit was ₹88.89 crore, against a net profit of ₹40.87 crore in Q2 FY26.
What was Morepen Laboratories' EPS in Q2 FY27?
Basic earnings per share were ₹1.62, against ₹0.75 in Q2 FY26.
How did Morepen Laboratories shares react to the Q2 FY27 results?
On the reaction day the stock moved +4.6% from the previous close; the median Pharmaceuticals stock moved +2.0%.
When did Morepen Laboratories announce its Q2 FY27 results?
On 27 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Q-2 FY27 Financial Results (BSE, 22 October 2026) · PDF
- Outcome of Board Meeting (NSE, 27 October 2026) · PDF
- The investor presentation (27 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.