Morepen Laboratories Limited (MOREPENLAB)

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Morepen Laboratories Limited (MOREPENLAB) · mywealthgrid

About

Morepen Laboratories Limited is a mid-scale pharmaceutical company with quarterly revenue ranging ₹400–570 crores and market capitalization of ₹4,613 crore. Recent quarters show revenue growth from ₹411 Cr (Sep 2025) to ₹570 Cr (Jun 2026), though operating margins have been volatile (5.04%–14.71%), and current valuation at PE 32.83 appears elevated relative to ROE of 7.9%.

Face value: ₹2

Market cap

₹7,328 Cr

P/E

52.1×

P/B

5.9×

Dividend yield

0.1%

ROE

7.9%

ROCE

8.1%

Debt / equity

0.16

OPM

EPS (TTM)

₹2.6

Book value

₹22.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM ranged from 5.04% (Mar 2026) to 14.71% (Jun 2026), indicating inconsistent profitability or operational execution challenges
Valuation premium unsupported: PE 32.83 with ROE 7.9% suggests market expectations for growth not yet validated in returns; verify if projected earnings trajectory justifies the multiple
Low institutional holding: FII at 1.46% and DII at 1.28% may signal sector headwinds or company-specific risks; verify institutional investor caution
Revenue growth sustainability: Recent acceleration from ₹411 Cr (Sep 2025) to ₹570 Cr (Jun 2026) must be verified to confirm momentum is structural rather than cyclical

Generated analysis · source review pending

Growth drivers

Recent margin recovery: Operating margin improved from 5.04% (Mar 2026) to 14.48% (Jun 2026), suggesting operational efficiency gains; verify if improvement is structural or one-time event
Sequential revenue acceleration: Jun 2026 revenue of ₹570 Cr shows growth versus ₹411 Cr in Sep 2025; verify underlying drivers and sustainability of this trajectory
Financial capacity for investment: Debt-to-equity ratio of 0.16 provides headroom for capex expansion or strategic initiatives; verify management's capital allocation strategy and growth plans

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹133.7+12.6%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of 10.6% (3-yr avg)
−Thin operating margin of 7%
−Profit declined 0.5% a year over the last 5 years
−Modest revenue growth of 8.7% a year over the last 5 years
−Low dividend payout of 7.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

45/100

Business quality: 32
Growth: 83
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	595	607	769	853	1,188	1,547	1,418	1,690	1,812	1,806
COGS	366	369	496	557	781	1,049	956	1,062	1,159	1,123
Gross profit	230	238	272	296	408	498	462	628	652	682
	168	173	205	227	289	361	382	470	478	557
	61	65	68	69	119	137	80	158	174	125
OPM %	10.3%	10.6%	8.8%	8%	10%	8.8%	5.6%	9.4%	9.6%	6.9%
Depreciation	34	34	40	37	30	28	28	33	29	36
Interest	8	4	2	2	2	-7	2	4	8	16
	9	4	4	9	12	10	6	14	18	47
Profit before tax	24	30	29	39	99	127	56	135	155	119
Tax	—	0	0	6	1	25	17	39	37	24
Tax %	—	0%	1.2%	14.1%	1.4%	19.8%	30.6%	28.8%	23.9%	20.4%
	24	30	29	34	97	102	39	96	118	95
PAT margin %	4%	4.9%	3.8%	3.9%	8.2%	6.6%	2.7%	5.7%	6.5%	5.3%
EPS (₹)	0.5	0.7	0.6	0.8	2.2	2.3	0.8	1.9	2.2	1.7
EPS adjusted (₹)	0.2	—	—	0.8	2.2	2.1	0.8	1.9	2.2	1.7
	0%	0%	0%	0%	0%	0%	0%	0%	9.1%	11.6%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	210	210	90	90	96	102	102	110	110
Reserves	91	114	—	335	483	651	745	1,047	1,137
Minority interest	—	—	—	—	—	—	—	31	1
	43	1	—	16	19	25	29	79	195
	180	213	66	417	473	332	417	512	494
Total equity & liabilities	524	538	156	858	1,070	1,111	1,293	1,778	1,936
	297	272	142	225	252	267	307	489	513
CWIP	—	—	—	2	14	17	24	28	22
Investments	—	—	—	1	0	0	1	85	124
	227	266	14	631	804	827	960	1,176	1,277
Total assets	524	538	156	858	1,070	1,111	1,293	1,778	1,936

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	35.4%	34.7%	34.3%	32.2%	32.6%	37.2%	36%	37.8%
EBITDA margin %	8.8%	8%	10%	8.8%	5.6%	9.4%	9.6%	7%
EBIT margin %	3.6%	3.7%	7.4%	7%	3.6%	7.4%	8%	4.9%
PAT margin %	3.8%	3.9%	8.2%	6.6%	2.7%	5.7%	6.5%	5.3%
Working capital
Receivable days	—	—	56	59	68	70	65	67
Inventory days	—	—	82	96	87	85	94	88
Payable days	—	—	98	90	87	101	114	103
NWC days	—	—	40	65	69	54	45	53
Leverage
Current ratio	—	—	1.3	1.61	2.35	2.21	2.32	2.37
Debt to EBITDA	—	—	0.14	0.14	0.32	0.18	0.46	1.55
Debt to equity	—	—	0.04	0.03	0.03	0.03	0.07	0.16
Interest coverage	14.8	20.8	56	-16.2	29.2	37.5	19.6	6.7
Asset turnover	—	5.48	1.38	1.45	1.28	1.31	1.02	0.93
Return ratios
Return on assets %	—	21.6%	11.3%	9.5%	3.5%	7.4%	6.6%	4.9%
Return on capital employed %	—	—	22.1%	22.3%	8.2%	16.6%	15.1%	8.1%
Return on equity %	—	—	22.9%	17.6%	5.1%	11.3%	10.2%	7.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	38.22%	38.22%	38.22%	38.22%	35.65%	35.65%	35.65%	35.65%	35.65%	35.65%	35.65%	35.65%
	1.29%	2.11%	1.85%	1.67%	2.08%	2.22%	1.94%	1.72%	1.62%	1.62%	1.58%	1.46%
	2.28%	2.22%	2.15%	2.15%	1.7%	1.64%	1.67%	1.51%	1.5%	1.25%	1.25%	1.28%
	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%
	58.21%	57.45%	57.78%	57.96%	60.57%	60.49%	60.74%	61.12%	61.22%	61.47%	61.51%	61.6%
No. of shareholders	—	—	—	—	—	—	—	—	4,61,853	4,53,137	4,47,286	4,34,912

Promoter holding down 2.57 percentage points since Sep 2023.

148 deals · 7 Apr 2022 – 16 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	28,13,508	₹107.18	₹30.16 Cr
16 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	25,28,438	₹106.12	₹26.83 Cr
31 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	31,84,756	₹105.94	₹33.74 Cr
31 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	31,76,302	₹105.50	₹33.51 Cr
17 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	41,27,672	₹87.28	₹36.03 Cr
17 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	36,72,287	₹87.31	₹32.06 Cr
14 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	37,11,184	₹82.51	₹30.62 Cr
14 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	29,63,079	₹82.31	₹24.39 Cr
13 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	32,56,549	₹79.68	₹25.95 Cr
13 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	28,27,296	₹79.57	₹22.50 Cr

1–10 of 148

1 / 15

Mr. SUSHIL SURIExecutive Director-Chairperson related to Promoter-MD
Ajay SharmaChief Financial Officer
Mr. SANJAY SURIExecutive Director
Mr. PRAVEEN KUMAR DUTTNon-Executive - Independent Director
Mr. RANJIT KHATTARNon-Executive - Independent Director
Mr. SHARAD JAINNon-Executive - Independent Director
Mrs. SAVITANon-Executive - Independent Director
Vipul Kumar SrivastavaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	9,469	0.1	0.23%	0.002%	+14
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1,024	0.01	0.02%	0%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Please find attach the file22 Aug 2025

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

2

Final dividend18 Sept 2026 · ex-date₹0.2
Final dividend29 Aug 2025 · ex-date₹0.2

1

Board meeting to consider results4 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

13 announcementsExport CSV

28 Sept 2026, 4:40 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

28 Sept 2026, 8:53 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised)

Press Release / Media Release (Revised) PDF

22 Sept 2026, 4:10 pmCompany Update

Intimation Regarding ESG Rating

General PDF

7 Sept 2026, 8:53 amCompany Update

Announcement Under Regulation 30 Of The SEBI (LODR)

General PDF

3 Sept 2026, 12:51 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

2 Sept 2026, 1:36 pmCompany Update

Letter To The Members, (No E-Mail Id Registered), Comprising Weblink Of The Annual Report: 2025-26

General PDF

2 Sept 2026, 1:28 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

2 Sept 2026, 1:23 pmAGM/EGM

Notice Of 41St Annual General Meeting

AGM PDF

Date	Category	Subject	Filing
28 Sept 2026, 4:40 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 8:53 am	Company Update Press Release / Media Release (Revised)	Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised)	PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	35.4%	34.7%	34.3%	32.2%	32.6%	37.2%	36%	37.8%
EBITDA margin %	8.8%	8%	10%	8.8%	5.6%	9.4%	9.6%	7%
EBIT margin %	3.6%	3.7%	7.4%	7%	3.6%	7.4%	8%	4.9%
PAT margin %	3.8%	3.9%	8.2%	6.6%	2.7%	5.7%	6.5%	5.3%
Working capital
Receivable days	—	—	56	59	68	70	65	67
Inventory days	—	—	82	96	87	85	94	88
Payable days	—	—	98	90	87	101	114	103
NWC days	—	—	40	65	69	54	45	53
Leverage
Current ratio	—	—	1.3	1.61	2.35	2.21	2.32	2.37
Debt to EBITDA	—	—	0.14	0.14	0.32	0.18	0.46	1.55
Debt to equity	—	—	0.04	0.03	0.03	0.03	0.07	0.16
Interest coverage	14.8	20.8	56	-16.2	29.2	37.5	19.6	6.7
Asset turnover	—	5.48	1.38	1.45	1.28	1.31	1.02	0.93
Return ratios
Return on assets %	—	21.6%	11.3%	9.5%	3.5%	7.4%	6.6%	4.9%
Return on capital employed %	—	—	22.1%	22.3%	8.2%	16.6%	15.1%	8.1%
Return on equity %	—	—	22.9%	17.6%	5.1%	11.3%	10.2%	7.6%

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	41	63	17	11	51	-58	-91	73	32	33
	-14	-27	-13	-70	-70	-32	-47	-83	-322	-123
	-24	-38	-0	5	47	64	144	5	300	97
Net cash flow	3	-1	—	—	28	-26	6	-5	10	7
Free cash flow	31	53	1	-6	29	-103	-127	2	-92	-53
CFO / Operating profit %	66.4%	98%	25.7%	16.1%	43%	-42.3%	-114.6%	46.3%	18.4%	26%

Morepen Laboratories Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

2

1

Announcements

Not in the F&O segment

2

1

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Morepen Laboratories Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends2

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

Dividends2

Board meetings1

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

2

1

2

1