MOREPENLAB

Morepen Laboratories share price & financials

Price
₹49.5
Market cap
₹6.3k Cr
Sector
Healthcare
Calls analysed
5
Latest concall · Q4 FY25 · call held 17 May 2025

Morepen Labs. Q4 FY25

Revenue ₹1,830 cr +7%EBITDA Margin 10.5%

Revenue (Annual) ₹1,830 cr (+7% YoY); EBITDA Margin (Annual) 10.5% (+0% YoY). FY25 Revenue reached INR1,830 crores, marking a 7.4% increase YoY.

Read the full call →

What Morepen Laboratories Limited does

Morepen Laboratories manufactures Active Pharmaceutical Ingredients (APIs) at its Baddi (Himachal Pradesh) and Masulkhana integrated pharma complexes, exporting to regulated and non-regulated generic-drug makers worldwide, and has recently added a CDMO (contract development & manufacturing) business under long-duration supply programs with global pharma customers. It also sells branded prescription formulations (via its Cardia and Medicus divisions) and OTC consumer-health products under the Dr. Morepen brand through hospitals, doctors, pharmacies and retail chains in India. A third business, Medical Devices, designs and manufactures home-diagnostic products such as glucometers and blood-pressure monitors sold through pharmacy, retail and e-commerce channels.

Segments

  • API (Active Pharmaceutical Ingredients)
  • Formulations & OTC
  • Medical Devices
Manufacturing facilities
Two integrated API/formulation complexes — Baddi (Himachal Pradesh) and Masulkhana — both USFDA and EU (EDQM) approved
Export presence
90+ countries
Market leadership
Market leader in 6 key APIs — loratadine, desloratadine, montelukast, atorvastatin, rosuvastatin and fexofenadine
Global regulatory filings
403 Global DMF filings
Installed API manufacturing capacity
~500 KL production base (existing)
Regulatory track record
4 consecutive USFDA inspections with nil 483 observations
Founded 1985Headquarters Gurugram, Haryana (Corporate Office); Baddi, Himachal Pradesh (Registered Office) Company website

Guidance record · Q4 FY25

what the last two calls moved 15 tracked 3 delivered 4 missed 8 open
  • Medical Devices Revenue delivered, diluted said Q2 FY25 Promised: INR 540-545 crores for FY25 Q4 FY25: Achieved INR 496 crores, beating the revised target but missing the original.
  • Overall Revenue Growth missed said Q1 FY25 Promised: 15-20% for FY25 Q4 FY25: Achieved 7.4% growth in FY25, explicitly stating it was 'lower than expected'.
  • Glucometer Capacity revised down said Q1 FY25 Promised: Increase from 2.5 million to 5 million in 12-18 months Q4 FY25: Revised target down to 3.6 million units.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 34.1%, net profit up 409.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue438 453 466 425 412 −6%484 +7%485 +4%570 +34%
EBITDA44 36 42 24 31 −30%46 +28%24 −43%83 +246%
Net profit35 27 20 11 41 +17%28 +4%16 −20%56 +409%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +115.7% 1Y

₹40₹60₹80₹100₹120Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹53.67 on 10 Sept 2025 → ₹115.78. High ₹118.88 (7 Sept 2026), low ₹33.68 (30 Mar 2026).

Financials, as filed

Revenue grew 8.4% a year over 3 years, FY23 to FY26. Operating margin widened to 6.9%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹1.7k Cr₹1.8k Cr₹1.8k Cr
Operating profit₹81 Cr₹159 Cr₹174 Cr₹125 Cr
Operating margin5.7%9.4%9.6%6.9%
Interest₹2 Cr₹3 Cr₹8 Cr₹16 Cr
Depreciation₹28 Cr₹34 Cr₹29 Cr₹36 Cr
Net profit₹39 Cr₹97 Cr₹118 Cr₹96 Cr
Net margin2.8%5.7%6.5%5.3%
Cash from operations₹-91 Cr₹73 Cr₹32 Cr₹33 Cr
Free cash flow₹-137 Cr₹-8 Cr₹-182 Cr₹-127 Cr
ROCE8.0%17.0%15.0%8.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹90 Cr₹96 Cr₹102 Cr₹102 Cr₹110 Cr₹110 Cr
Reserves₹335 Cr₹483 Cr₹651 Cr₹745 Cr₹1.1k Cr₹1.1k Cr
Borrowings₹17 Cr₹19 Cr₹25 Cr₹29 Cr₹158 Cr₹208 Cr
Other liabilities₹416 Cr₹473 Cr₹332 Cr₹417 Cr₹381 Cr₹482 Cr
Total liabilities₹858 Cr₹1.1k Cr₹1.1k Cr₹1.3k Cr₹1.7k Cr₹1.9k Cr
Fixed assets₹225 Cr₹252 Cr₹267 Cr₹307 Cr₹471 Cr₹513 Cr
Capital work in progress₹2 Cr₹14 Cr₹17 Cr₹24 Cr₹26 Cr₹22 Cr
Investments₹1 Cr₹0 Cr₹0 Cr₹1 Cr₹136 Cr₹124 Cr
Other assets₹631 Cr₹804 Cr₹827 Cr₹960 Cr₹1.1k Cr₹1.3k Cr
Total assets₹858 Cr₹1.1k Cr₹1.1k Cr₹1.3k Cr₹1.7k Cr₹1.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.50 pp while FIIs trimmed −0.26 pp. The shareholder count shrank 6% to 4,34,912.

Promoters
35.7%
FIIs
1.5%
DIIs
1.3%
Government
0.0%
Public
61.6%

Since Jun 2025

  • Public +0.50 pp
  • FIIs −0.26 pp
  • DIIs −0.22 pp

How it drifted, 12 quarters

Over this window the public went from 58.2% to 61.6% — +3.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 38.2%, FIIs 1.3%, DIIs 2.3%, Government 0.0%, Public 58.2%.Dec '23: Promoters 38.2%, FIIs 2.1%, DIIs 2.2%, Government 0.0%, Public 57.5%.Mar '24: Promoters 38.2%, FIIs 1.9%, DIIs 2.1%, Government 0.0%, Public 57.8%.Jun '24: Promoters 38.2%, FIIs 1.7%, DIIs 2.1%, Government 0.0%, Public 58.0%.Sep '24: Promoters 35.7%, FIIs 2.1%, DIIs 1.7%, Government 0.0%, Public 60.6%.Dec '24: Promoters 35.7%, FIIs 2.2%, DIIs 1.6%, Government 0.0%, Public 60.5%.Mar '25: Promoters 35.7%, FIIs 1.9%, DIIs 1.7%, Government 0.0%, Public 60.7%.Jun '25: Promoters 35.7%, FIIs 1.7%, DIIs 1.5%, Government 0.0%, Public 61.1%.Sep '25: Promoters 35.7%, FIIs 1.6%, DIIs 1.5%, Government 0.0%, Public 61.2%.Dec '25: Promoters 35.7%, FIIs 1.6%, DIIs 1.3%, Government 0.0%, Public 61.5%.Mar '26: Promoters 35.7%, FIIs 1.6%, DIIs 1.3%, Government 0.0%, Public 61.5%.Jun '26: Promoters 35.7%, FIIs 1.5%, DIIs 1.3%, Government 0.0%, Public 61.6%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Morepen Laboratories Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Pinfold Overseas Limited 7.03%unchanged
Scope Credits And Financial Services Pvt. Ltd. 2.84%unchanged
Concept Credits And Consultants Pvt. Ltd. 2.80%unchanged
Brook Investments And Financial Services Pvt. Ltd 2.77%unchanged
Solitary Investments And Financial Services Pvt. Ltd. 2.76%unchanged
Solace Investments And Financial Services Pvt. Ltd. 2.75%unchanged
Mid Med Financial Services And Investments Pvt. Ltd. 2.73%unchanged
React Investments And Financial Services Pvt. Ltd. 2.73%unchanged
Epitome Holdings Pvt.Ltd. 2.65%unchanged
Seed Securities And Services Pvt. Ltd. 2.61%unchanged
Square Investments And Financial Services Pvt. Ltd. 2.57%unchanged
Morepen Laboratories Limited 1.02%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹116, this stock must grow earnings at 34% every year for 7 years. Our analysis caps realistic growth at ~18%. At that growth it is worth ₹53 — downside of 54%.

Growth the price implies
34.0% a year
for 7 years, fading to 4%
It has actually compounded at
21.5% a year
net profit, FY23–FY26 · EPS 18.5%
The gap
0.2 pp
-54% downside if it only repeats history
Price today ₹115.78 Value at the reference growth ₹53.41

Change the assumptions yourself →

All earnings calls (5)

Read the Q4 FY25 call →

Learn to analyse Morepen Laboratories Limited

Guides on how to read this kind of business and the numbers that matter.