Morepen Laboratories Limited announced its financial results for the quarter and half year ended September 30, 2026, reporting record revenue and earnings performance.

Q2 FY27 Financial Performance (YoY)

  • Revenue: Rs. 755 Crore, increased by 81%
  • EBITDA: Rs. 132 Crore, increased by 273%
  • EBITDA Margin: 17.45%, expanded by 897 basis points
  • Profit After Tax (PAT): Rs. 89 Crore, increased by 117%
  • CDMO Revenue: Rs. 253 Crore
  • CDMO Contribution: 52% of API + CDMO revenue
  • Exports: Rs. 397 Crore, increased by 131%
  • Medical Devices Revenue: Rs. 208 Crore, increased by 65%

H1 FY27 Financial Performance (YoY)

  • Revenue: Rs. 1330 Crore, increased by 57%
  • EBITDA: Rs. 220 Crore, increased by 243%
  • EBITDA Margin: 16.50%
  • PAT: Rs. 145 Crore, increased by 177%
  • CDMO Revenue: Rs. 311 Crore
  • Exports: Rs. 654 Crore, increased by 122%
  • Medical Devices Revenue: Rs. 399 Crore, increased by 39%
  • API + CDMO Capacity: 614 KL

Management Commentary

Mr. Sushil Suri, Chairman and Managing Director, stated that Q2 marks another important step in Morepen's transformation with CDMO moving into meaningful commercial scale. H1 FY27 EBITDA crossing Rs. 200 Crore provides a significantly stronger base to invest in capacity and future growth.

Mr. Sanjay Suri, Managing Director, added that the first phase of capacity expansion has been completed at 614 KL, ahead of schedule. Civil work has commenced for the next phase towards 800 KL, targeted for completion by Q2 FY28. The company is building capability in high-potency APIs and new technologies.

Operational and Financial Metrics

  • ROCE: 18.8% TTM (compared with 9.4% in FY26)
  • ROE: 13.6% TTM (compared with 7.6% in FY26)
  • Receivable Days: Reduced to 49 days from 66 days
  • Debt-to-Equity: 0.23x

Business Segment Performance

CDMO Business:

  • Moved from validation and initial commercial supplies into meaningful commercial scale
  • Execution of previously announced Rs. 825 Crore global CDMO mandate now in regular commercial supply
  • Q2 CDMO Revenue: Rs. 253 Crore (compared with Rs. 58 Crore in Q1 FY27)
  • H1 CDMO Revenue: Rs. 311 Crore

API Business:

  • Export Contribution: Approximately 76% of traditional API revenue
  • Newer Molecules: Increased from 14% of API revenue in H1 FY26 to 25% in H1 FY27

Medical Devices Business:

  • Installed Base: Approximately 20 million glucose meters
  • Annual Strip Volumes: Approximately 500 million strips

Capacity Expansion and Regulatory Developments

  • API + CDMO Capacity increased from approximately 535 KL to 614 KL
  • Next phase expansion towards 800 KL targeted for Q2 FY28 completion
  • First U.S. ANDA submitted for Sitagliptin Tablets USP during the quarter

Company Overview

Morepen Laboratories Limited is an Indian pharmaceutical and healthcare company with over four decades of experience across APIs, regulated manufacturing, CDMO and healthcare products. The company serves customers across 90+ countries.