Morepen Laboratories Ltd(MOREPENLAB)

NSE: MOREPENLABBSE: 500288

₹ 123.25+4.49%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 6,754 crNext results: 27 Oct 2026Website: www.morepen.comUpdated: 24 Oct 2026

About

Morepen Laboratories is an Indian pharmaceutical and medical devices company operating across API manufacturing, home diagnostics, and OTC/branded formulations. In FY26 it reported consolidated revenue of Rs. 1,805.69 Cr, with API as the largest segment at 54.08% of revenue in FY25. The company is the world leader in Loratadine production and one of the largest suppliers of Montelukast Sodium, with USFDA-approved facilities in Himachal Pradesh.^[1][2]

Business segments

API segment contributed 54.08% of consolidated revenue (Rs. 98,919.10 Lakhs) in FY25, driven by export markets; export revenues grew 10.35% while domestic declined 11.51% in FY25.^[2]
Medical Devices (Home Diagnostics) contributed 27.13% of consolidated revenue in FY25, reaching Rs. 49,692.61 Lakhs, up 12.24% YoY with a 5-year CAGR of 14.67%.^[2]
OTC & Formulations contributed 18.79% of consolidated revenue (Rs. 34,388.35 Lakhs) in FY25; OTC subsidiary Dr. Morepen Limited grew 81.21% to Rs. 17,080.74 Lakhs in FY25.^[2]
Medical Devices reached 62% of standalone Q3 FY26 revenue, with API+Rx at 38%, reflecting the devices segment outpacing the API segment through FY26.^[3]

API products and market position

Morepen is the world leader in Loratadine and one of the largest suppliers of Montelukast Sodium; India export market shares: Loratadine 81%, Montelukast 60%, Desloratadine 30%, Fexofenadine 25% (FY25, up from 65%, 43%, 18%, and 8% respectively).^[2]
World's largest API capacities include: Atorvastatin 300 MT, Fexofenadine 180 MT, Loratadine 140 MT, Montelukast 90 MT, Rosuvastatin 60 MT, Dapagliflozin 60 MT, Desloratadine 36 MT, Empagliflozin 24 MT, Sitagliptin 24 MT.^[2]
Portfolio covers antihistamines, cardiovascular, anti-diabetics (SGLT2 and DPP-4 inhibitors), anti-coagulants, and newer molecules including Vonoprazan and Resmetirom, which were commercialised in FY25.^[2]
Newly developing molecules (Sitagliptin, Linagliptin, Edoxaban, Empagliflozin) contributed Rs. 12,000.38 Lakhs in FY25, growing 46.21% YoY.^[2]
In Q2 FY26, Atorvastatin (27.7%) and Loratadine+Desloratadine (24.4%) together accounted for over half of API revenue by product; Europe (31.6%) and India (28.5%) were the top geographies in H1 FY26.^[4]

Medical Devices portfolio and installed base

Blood Glucose Monitoring is the largest Medical Devices sub-segment at Rs. 38,680.73 Lakhs in FY25 (13.05% growth, 5-year CAGR 21.00%); cumulative 1.95 billion Gluco Strips sold and over 14.20 million Gluco Monitors installed as of FY25.^[2]
Medical Devices installed base reached 20 million users in Q1 FY27, up from ~17 million in FY26, supporting a recurring consumables revenue model with 500 million strips per annum capacity.^[5][6]
Medical Devices portfolio includes Blood Glucose Monitors, Blood Pressure Monitors, nebulizers, thermometers, stethoscopes, pulse oximeters, pregnancy test kits, and newly launched orthopaedic products.^[2]
Flagship OTC brand Burnol (burn relief cream) generated Rs. 5,027.38 Lakhs in FY25 (+1.01% YoY); marketed under the Dr. Morepen brand alongside the Dr. Morepen Sync health-tracking app.^[2]

Manufacturing facilities and regulatory status

API manufacturing at USFDA-approved facilities in Masulkhana and Baddi, Himachal Pradesh; both sites received USFDA re-approval in 2022; Masulkhana also holds PMDA Japan approval (2023) for Loratadine, Desloratadine, and Fexofenadine.^[2]
API reactor capacity stood at 535 KL as of Q4 FY26; four-phase expansion planned to reach 600 KL by Q2 FY27, 800 KL by Q2 FY28, 1,000 KL by FY29, and 1,200 KL by FY30.^[5]
USFDA inspections yielded nil 483 observations across 4 consecutive inspections through Q1 FY27.^[5][6]
A new manufacturing block is under construction at the Medical Devices unit to increase injection moulding capacity, orthopaedics production capacity, and warehousing (as of FY25).^[2]

Regulatory filings and intellectual property

363 Drug Master Files (DMFs) filed in total as of FY25: 29 USDMF, 13 CEP (Europe, all granted), 154 EDMF, 10 China IDL, and 156 DMF in rest of world; 403 global DMF filings reported by Q4 FY26.^[2][6]
167 process/polymorph patents filed to date; 55 patents granted (39 in India, 16 foreign) as of 31 March 2025.^[2]

Key operating metrics

Q1 FY27 revenue reached Rs. 575.31 Cr, the highest-ever quarterly topline, up 34% YoY; EBITDA grew 207% YoY to Rs. 87.72 Cr with EBITDA margin of 15.25% vs. 6.65% in Q1 FY26.^[5]
Total export revenues grew 111% YoY in Q1 FY27; API exports specifically grew 42% YoY in Q1 FY27, with API segment overall up 31% YoY.^[5]
Medical Devices segment grew 19% YoY in Q1 FY27, following 31% growth in Q4 FY26 and 44% YoY growth in Q3 FY26.^[5][6][3]
API segment in Q3 FY26 was broadly flat at Rs. 249 Cr (-1% YoY); on a 9M FY26 basis, API revenue was Rs. 673 Cr, down 5% from Rs. 706 Cr in 9M FY25.^[3]

Customers and distribution

API business exports to 90+ countries with over 80% repeat customers; 112 new API customers added during FY25.^[6][2]
Medical Devices division expanded into new export markets including Thailand, Qatar, and Oman during FY25.^[2]
Over 70% of API business is export-oriented as of Q4 FY26.^[6]

CDMO mandate and expansion plans

A multi-year CDMO mandate worth Rs. 825 Cr entered commercial supply in Q1 FY27, with Rs. 58 Cr dispatched in the quarter; the programme is described as long-duration, recurring, and globally validated.^[5]
Technology roadmap targets complex chemistry, advanced intermediates, and hi-potency APIs as the next capability layer, with emerging work in oligonucleotides and difficult-to-make molecules for the longer-term CDMO platform.^[5]
Medical Devices platform plans to expand into Continuous Glucose Monitoring (CGM) and premium/connected health devices; the Dr. Morepen Sync app was launched to enable tracking of blood glucose, blood pressure, and weight.^[6][2]
Dr. Morepen Limited is no longer a wholly owned subsidiary as of 31 March 2025; Morepen's shareholding was reduced to 80% following a partial divestment.^[2]

Market Cap

₹6,754 Cr

High / Low

₹151 / 33

Stock P/E

48.1

Price / Book

5.4

Book Value

₹23

EPS

₹1.7

No. of Shares

54.8 Cr

ROCE

8.0%

ROE

7.9%

OPM

6.0%

Debt / Equity

0.16

Sales

₹1,806 Cr

Net Profit

₹95 Cr

Promoter holding

35.6%

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