Overview

Detailed Summary

Morepen Laboratories is an India-based integrated pharmaceutical and medical-device company producing APIs, formulations and point-of-care medical devices with a product mix split roughly 62% pharma (API+Rx) and 38% medical devices, and manufacturing sites including a USFDA-approved facility and a hi-tech pharma complex in Himachal Pradesh.
Financial momentum in Q3 FY26 shows consolidated gross revenue of Rs. 488 crores and standalone gross revenue of Rs. 462 crores with strong sequential improvement: consolidated PAT rose 83% year-on-quarter (Q2 to Q3) and standalone PAT increased 77%, reflecting operating leverage and non-recurring income components in the quarter.
Medical devices are the primary growth engine: device revenue grew 44% year-on-year in Q3 and 18% over 9M, driven by glucometers which now represent 76% of device revenue, cumulative sales of 16.85 million meters and 2.33 billion strips, indicating scale in consumables and recurring revenue streams.
Pharma/API revenue is stagnating: total pharma revenue declined 3% over 9M and API revenue fell 5% year-on-year, with APIs concentrated in a few molecules (Atorva, Lorata+Des, Monte) and a higher share of sales in Europe and India, while the U.S. share remains low at 3% of quarterly revenue.
Geographic mix is shifting toward domestic demand, with India rising to 64.1% of Q3 revenue and the U.S. contribution contracting; this concentration amplifies domestic opportunity but also raises exposure to India-specific pricing, distribution and regulatory dynamics that management must navigate.

Sector: Pharmaceuticals
Industry: Pharmaceuticals - Indian - Bulk Drugs & Formln M/S
Market Cap: 2,233 Cr
Volatility: High Risk
P/E Ratio: 22.6
Industry P/E: 27.5
PEG Ratio: 134.2
P/B Ratio: 1.9
52W High: 70.40
52W Low: 33.47

Sales CAGR

1Y: 7.17%
3Y: 2.36%
5Y: 14.44%
10Y: 14.70%

Profit CAGR

1Y: 22.15%
3Y: 0.17%
5Y: 25.73%
10Y: 22.99%

ROE

TTM: 6.31%
3Y: 9.07%
5Y: 11.92%
10Y: 11.50%

ROCE

TTM: 8.14%
3Y: 12.18%
5Y: 14.41%
10Y: 13.64%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DCAL	164.50	2,574 Cr	21.73	0.40	0.00	2.14	3.12	1.07
NOVARTIND	920.55	2,273 Cr	23.37	2.93	2.71	13.75	17.93	10.43
UNICHEMLAB	320.00	2,264 Cr	7.66	0.93	0.00	5.98	6.30	8.29
MOREPENLAB	40.75	2,233 Cr	22.64	1.87	0.49	6.31	8.14	5.77
IOLCP	70.55	2,059 Cr	17.86	1.18	1.14	6.62	9.15	4.80
SOLARA	458.55	2,016 Cr	-95.38	1.34	0.00	0.51	5.47	-0.83
INDOCO	198.00	1,823 Cr	-15.70	1.86	0.10	-11.28	-2.11	-4.64

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	422	445	423	455	438	453	466	425	412	484
Expenses	388	394	375	404	394	417	424	401	381	438
Operating Profit	34	51	48	52	44	36	42	24	31	46
OPM %	7.96	11.38	11.43	11.34	10.07	7.84	9.07	5.69	7.46	9.57
Other Income	3.24	4.07	4.24	3.43	4.99	5.34	4.61	4.41	30	3.81
Interest	0.46	2.17	0.80	1.15	1.18	1.34	4.67	4.04	4.18	4.32
Depreciation	7.69	8.45	9.62	5.73	1.86	4.30	16	9.03	11	10
Profit Before Tax	29	44	42	48	46	35	26	16	46	35
Tax %	25.91	27.33	31.90	24.91	24.27	24.20	21.00	26.48	10.18	22.39
Net Profit	21	32	29	36	35	27	20	11	41	28
EPS in Rs	0.39	0.59	0.50	0.66	0.65	0.49	0.35	0.20	0.75	0.50

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	595	607	769	853	1,188	1,547	1,418	1,690	1,812	1,782
Expenses	534	542	701	785	1,070	1,410	1,338	1,532	1,638	1,636
Operating Profit	61	65	68	69	119	137	80	159	174	146
OPM %	10.31	10.67	8.79	8.03	9.98	8.84	5.61	9.38	9.61	8.20
Other Income	3.72	3.72	3.67	9.48	12	10	6.13	14	18	19
Interest	7.56	4.36	2.11	1.98	1.79	-7.37	1.98	3.71	8.34	11
Depreciation	34	34	40	37	30	28	28	33	29	32
Profit Before Tax	24	30	29	39	99	127	56	135	155	122
Tax %	0.00	0.00	1.15	14.14	1.44	19.75	30.63	28.65	23.91	23.84
Net Profit	24	30	29	34	97	102	39	97	118	93
EPS in Rs	—	0.54	0.53	0.62	1.76	1.62	0.71	1.75	2.15	1.80
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.09	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	90	90	90	90	90	90	96	102	102	110
Reserves	91	106	136	163	194	335	483	651	745	1,047
Borrowings	163	1.38	2.95	11	12	17	19	25	29	105
Other Liabilities	180	341	357	351	367	416	473	332	417	517
Total Liabilities	524	538	586	615	663	858	1,070	1,110	1,293	1,778
Fixed Assets	297	272	264	236	216	225	252	267	307	489
CWIP	0.00	0.00	0.00	0.00	0.00	1.96	14	17	24	28
Investments	0.00	0.00	0.22	0.02	1.09	1.09	0.00	0.00	1.30	85
Other Assets	227	266	321	379	446	631	804	827	960	1,176
Total Assets	524	538	586	615	663	858	1,070	1,110	1,293	1,778

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	50	41	63	17	11	51	-60	-91	73	32
Cash from Investing Activity	-27	-14	-27	-13	-12	-70	-32	-47	-83	-322
Cash from Financing Activity	-27	-24	-38	-0.44	5.49	47	66	144	5.20	300
Net Cash Flow	-4.49	3.40	-1.29	3.88	4.04	28	-26	5.86	-4.72	10

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Aug 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	38.22%	38.22%	38.22%	38.22%	38.22%	35.65%	35.65%	35.65%	35.65%	35.65%	35.65%	35.65%
FIIs	1.00%	1.29%	2.11%	1.85%	1.67%	7.72%	2.08%	2.22%	1.94%	1.72%	1.62%	1.62%
DIIs	2.34%	2.29%	2.23%	2.16%	2.16%	2.91%	1.71%	1.65%	1.69%	1.52%	1.51%	1.26%
Public	58.44%	58.20%	57.44%	57.77%	57.95%	53.72%	60.56%	60.47%	60.72%	61.11%	61.21%	61.46%
Total Shareholders	3,01,832	3,04,001	3,04,289	3,36,019	3,48,766	3,52,839	4,30,929	4,48,361	4,68,860	4,61,180	4,61,853	4,53,137

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Q3 FY26

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Q1 FY26

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