MOREPENLAB
Morepen Laboratories Limited
Pharmaceutical and healthcare products and CDMO services
Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals
morepen.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹123.87
Market cap
6,783 Cr
Stock P/E
48.3
P/B
5.45
Dividend yield
0.2%
ROE (FY26)
7.6%
ROCE (FY26)
9.4%
Operating margin (FY26)
4.9%
Debt / equity (FY26)
0.16
OCF / EBITDA (FY26)
26.0%
OCF / EBITDA (3Y)
30.1%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Morepen (Morepen Laboratories) makes active pharmaceutical ingredients (APIs, the drug substances inside medicines), prescription and over-the-counter medicines, and medical devices such as glucose and blood-pressure monitors, and is building a contract development and manufacturing (CDMO) business for global drug companies.
Company snapshot
52ndBy market cap
Ranked among 119 companies in Pharmaceuticals.
What we see
Positives
- ✓Debt-to-equity of 0.16x — the company is largely funded by its own money, not borrowed funds.
Concerns
- ✗Only 30% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 422 Cr | 445 Cr | 423 Cr | 455 Cr | 438 Cr | 453 Cr | 466 Cr | 425 Cr | 412 Cr | 484 Cr | 485 Cr | 570 Cr |
| Operating expenses (approx.) | 388 Cr | 394 Cr | 375 Cr | 404 Cr | 394 Cr | 417 Cr | 424 Cr | 401 Cr | 381 Cr | 438 Cr | 460 Cr | 488 Cr |
| EBITDA | 34 Cr | 51 Cr | 48 Cr | 52 Cr | 44 Cr | 36 Cr | 42 Cr | 24 Cr | 31 Cr | 46 Cr | 24 Cr | 83 Cr |
| OPM % | 8.0% | 11.4% | 11.4% | 11.3% | 10.1% | 8.0% | 9.1% | 5.7% | 7.5% | 9.6% | 5.0% | 14.5% |
| Other income | 3 Cr | 4 Cr | 4 Cr | 3 Cr | 5 Cr | 5 Cr | 5 Cr | 4 Cr | 5 Cr | 4 Cr | 8 Cr | 5 Cr |
| Interest | 0.46 Cr | 2 Cr | 0.80 Cr | 1 Cr | 1 Cr | 1 Cr | 5 Cr | 4 Cr | 4 Cr | 4 Cr | 4 Cr | 5 Cr |
| Depreciation | 8 Cr | 8 Cr | 10 Cr | 6 Cr | 2 Cr | 5 Cr | 16 Cr | 9 Cr | 11 Cr | 10 Cr | 6 Cr | 8 Cr |
| Profit before tax | 29 Cr | 44 Cr | 42 Cr | 48 Cr | 46 Cr | 35 Cr | 26 Cr | 15 Cr | 46 Cr | 35 Cr | 23 Cr | 75 Cr |
| Tax % | 25.9% | 27.3% | 32.2% | 24.9% | 24.3% | 24.2% | 21.0% | 27.7% | 10.2% | 22.4% | 32.5% | 24.4% |
| Net profit | 21 Cr | 32 Cr | 28 Cr | 36 Cr | 35 Cr | 27 Cr | 20 Cr | 11 Cr | 41 Cr | 28 Cr | 16 Cr | 56 Cr |
| EPS (₹) | ₹0.42 | ₹0.63 | ₹0.54 | ₹0.71 | ₹0.65 | ₹0.49 | ₹0.35 | ₹0.20 | ₹0.75 | ₹0.50 | ₹0.28 | ₹1.03 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 595 Cr | 607 Cr | 769 Cr | 853 Cr | 1,188 Cr | 1,547 Cr | 1,418 Cr | 1,690 Cr | 1,812 Cr | 1,806 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 534 Cr | 542 Cr | 701 Cr | 785 Cr | 1,070 Cr | 1,410 Cr | 1,338 Cr | 1,532 Cr | 1,638 Cr | 1,680 Cr | Sign in free for the trailing twelve months |
| EBITDA | 61 Cr | 65 Cr | 68 Cr | 69 Cr | 119 Cr | 137 Cr | 80 Cr | 159 Cr | 174 Cr | 126 Cr | Sign in free for the trailing twelve months |
| OPM % | 10.3% | 10.7% | 8.8% | 8.0% | 10.0% | 8.8% | 5.6% | 9.4% | 9.6% | 7.0% | Sign in free for the trailing twelve months |
| Other income | 4 Cr | 4 Cr | 4 Cr | 9 Cr | 12 Cr | 10 Cr | 6 Cr | 14 Cr | 18 Cr | 21 Cr | Sign in free for the trailing twelve months |
| Interest | 8 Cr | 4 Cr | 2 Cr | 2 Cr | 2 Cr | -7 Cr | 2 Cr | 4 Cr | 8 Cr | 16 Cr | Sign in free for the trailing twelve months |
| Depreciation | 34 Cr | 34 Cr | 40 Cr | 37 Cr | 30 Cr | 28 Cr | 28 Cr | 33 Cr | 29 Cr | 36 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 24 Cr | 30 Cr | 29 Cr | 39 Cr | 99 Cr | 127 Cr | 56 Cr | 135 Cr | 155 Cr | 119 Cr | Sign in free for the trailing twelve months |
| Tax % | — | 0.0% | 1.2% | 14.1% | 1.4% | 19.7% | 30.6% | 28.7% | 23.9% | 20.4% | Sign in free for the trailing twelve months |
| Net profit | 24 Cr | 30 Cr | 29 Cr | 34 Cr | 97 Cr | 102 Cr | 39 Cr | 96 Cr | 118 Cr | 95 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹0.53 | ₹0.66 | ₹0.64 | ₹0.75 | ₹2.16 | ₹2.26 | ₹0.77 | ₹1.88 | ₹2.20 | ₹1.73 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 11.4% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 90 Cr | 90 Cr | 90 Cr | 90 Cr | 90 Cr | 96 Cr | 102 Cr | 102 Cr | 110 Cr | 110 Cr |
| Reserves | 106 Cr | 136 Cr | 163 Cr | 194 Cr | 335 Cr | 483 Cr | 651 Cr | 745 Cr | 1,047 Cr | 1,137 Cr |
| Borrowings | 1 Cr | 3 Cr | 11 Cr | 12 Cr | 16 Cr | 19 Cr | 25 Cr | 29 Cr | 79 Cr | 195 Cr |
| Other liabilities | 341 Cr | 357 Cr | 352 Cr | 368 Cr | 418 Cr | 473 Cr | 333 Cr | 417 Cr | 512 Cr | 494 Cr |
| Total liabilities | 538 Cr | 586 Cr | 615 Cr | 663 Cr | 858 Cr | 1,070 Cr | 1,110 Cr | 1,293 Cr | 1,778 Cr | 1,936 Cr |
| Fixed assets (net) | 193 Cr | 172 Cr | 147 Cr | 134 Cr | 129 Cr | 147 Cr | 167 Cr | 213 Cr | 317 Cr | 381 Cr |
| CWIP | — | — | 0 Cr | 0 Cr | 2 Cr | 14 Cr | 17 Cr | 24 Cr | 28 Cr | 22 Cr |
| Investments | — | 0.22 Cr | 0.02 Cr | 1 Cr | 1 Cr | 0 Cr | 0 Cr | 1 Cr | 85 Cr | 124 Cr |
| Loans & advances | — | — | 0.39 Cr | 0.35 Cr | 0.27 Cr | 0.34 Cr | 0.27 Cr | 0.22 Cr | 0.48 Cr | 0.46 Cr |
| Inventories | 65 Cr | 77 Cr | 94 Cr | 138 Cr | 175 Cr | 276 Cr | 229 Cr | 249 Cr | 300 Cr | 272 Cr |
| Trade receivables | 93 Cr | 122 Cr | 134 Cr | 138 Cr | 182 Cr | 251 Cr | 263 Cr | 325 Cr | 325 Cr | 333 Cr |
| Cash & bank | 7 Cr | 6 Cr | 10 Cr | 14 Cr | 41 Cr | 16 Cr | 22 Cr | 17 Cr | 27 Cr | 31 Cr |
| Other assets | 180 Cr | 209 Cr | 230 Cr | 238 Cr | 327 Cr | 367 Cr | 412 Cr | 464 Cr | 696 Cr | 773 Cr |
| Total assets | 538 Cr | 586 Cr | 615 Cr | 663 Cr | 858 Cr | 1,070 Cr | 1,110 Cr | 1,293 Cr | 1,778 Cr | 1,936 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 41 Cr | 63 Cr | 17 Cr | 11 Cr | 51 Cr | -58 Cr | -91 Cr | 73 Cr | 32 Cr | 33 Cr |
| Cash from investing | -14 Cr | -27 Cr | -13 Cr | -12 Cr | -70 Cr | -32 Cr | -47 Cr | -83 Cr | -322 Cr | -123 Cr |
| Cash from financing | -24 Cr | -38 Cr | -0.44 Cr | 5 Cr | 47 Cr | 64 Cr | 144 Cr | 5 Cr | 300 Cr | 97 Cr |
| Net cash flow | 3 Cr | -1 Cr | 4 Cr | 4 Cr | 28 Cr | -26 Cr | 6 Cr | -5 Cr | 10 Cr | 7 Cr |
| Free cash flow (OCF − Capex) | 31 Cr | 37 Cr | 6 Cr | -6 Cr | 11 Cr | -125 Cr | -137 Cr | -8 Cr | -182 Cr | -128 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 15.8% | 14.9% | 11.9% | 13.9% | 22.8% | 20.0% | 7.4% | 15.8% | 12.9% | 9.4% |
| ROE % | 12.1% | 13.1% | 11.4% | 11.8% | 22.9% | 17.6% | 5.1% | 11.3% | 9.9% | 7.6% |
| Debtor days | 57 | 73 | 63 | 59 | 56 | 59 | 68 | 70 | 65 | 67 |
| Inventory days | 104 | 127 | 100 | 122 | 103 | 126 | 107 | 103 | 109 | 95 |
| Days payable | 201 | 289 | 178 | 152 | 123 | 118 | 106 | 122 | 132 | 111 |
| Cash conversion cycle | -40 | -89 | -15 | 29 | 36 | 67 | 69 | 51 | 42 | 51 |
| OCF / EBITDA % | 66.3% | 98.0% | 25.7% | 16.1% | 43.0% | -42.3% | -114.6% | 46.3% | 18.4% | 26.0% |
| OCF / EBITDA % (3 years) | — | — | 62.8% | 45.7% | 31.2% | 1.3% | -29.3% | -20.2% | 3.5% | 30.1% |
| Debt / equity | 0.0071 | 0.01 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.07 | 0.16 |
| Current ratio | 0.59 | 0.73 | 0.88 | 1.06 | 1.30 | 1.61 | 2.35 | 2.21 | 2.32 | 2.37 |
| Net debt / EBITDA | -0.09 | — | 0.02 | -0.02 | -0.21 | 0.02 | 0.04 | 0.08 | 0.30 | 1.30 |