Date: 27/05/2026

Quarterly Financial Performance

Morepen Laboratories Limited reported strong financial results for Q4 FY26:

  • Gross revenue increased 22% YoY to Rs. 472 crore
  • Net profit increased 69% YoY to Rs. 20 crore
  • EBITDA stood at Rs. 32 crore compared to Rs. 33 crore in Q4 FY25

The revenue growth was supported by export momentum and expansion in the Medical Devices business.

Annual Financial Performance

For FY26, standalone gross revenue crossed Rs. 1,700 crore, representing an 8% growth.

Segment-wise Performance

  • API business grew 17% in Q4 FY26
  • Medical Devices business grew 31% in Q4 FY26
  • Medical Devices FY26 revenue grew 21% to Rs. 598 crore
  • Medical Devices installed base reached nearly 17 million repeat users

CDMO Program and Commercial Execution

Q4 FY26 marked the commencement of commercial production under Morepen's long-duration manufacturing partnership program. This follows a multi-year Rs. 825 crore (USD 91 million) global CDMO mandate received in February 2026 from a leading global multinational. The Company has completed validation batches and aligned initial supply schedules for phased delivery under the program, with supplies expected to commence shortly.

Capacity Expansion and Manufacturing

The Company is expanding manufacturing capacity from ~500 KL toward ~800 KL, with a longer-term roadmap toward ~1000 KL. This expansion is intended to support operating leverage, margin expansion and long-term growth visibility.

Product Pipeline Development

Morepen has completed a pivotal bioequivalence study for Resmetirom 100 mg, an oral thyroid hormone receptor-beta agonist used in the treatment of moderate to advanced liver fibrosis associated with MASH. The study covers major regulated markets outside the US.

Strategic Direction and Management Commentary

Mr. Sushil Suri, Chairman & Managing Director, stated that Morepen is entering the next phase of growth focused on long-duration manufacturing partnerships, scale expansion and improved operating leverage. The business is evolving from a traditional API model toward a manufacturing-led platform driven by long-duration customer programs, recurring revenues, process scale-up and regulated-market partnerships.

Mr. Sanjay Suri, Executive Director and CEO – API, commented that increasing scale, improved product mix and long-duration supply programs are expected to support stronger margins and earnings visibility over the medium term.

Medical Devices Business Strategy

The Medical Devices platform is being developed as a separate high-growth healthcare business focused on chronic care, consumer diagnostics, CGM opportunities and connected healthcare integration.

Dividend Declaration

The Board proposed a 10% dividend for FY26.

Investment Activities

Strategic investments across manufacturing scale-up, Devices expansion, customer acquisition and healthcare platforms impacted near-term profitability during FY26. The Company believes these investments position the business for improved operating leverage, margin expansion and stronger long-term earnings visibility.

Company Background

Morepen Laboratories Limited is a vertically integrated pharmaceutical and healthcare company with over four decades of API manufacturing experience, globally approved facilities and exports across 90+ countries. The Company has 403 DMF filings worldwide.