Morepen Laboratories Ltd.

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morepen.comBSE: 500288NSE: MOREPENLAB

Market Cap₹ 6,433 Cr.

Current Price

High / Low₹ 119 / 33

Stock P/E57.4

Book Value₹ 24

Price to Book2.22

Dividend Yield0.17 %

ROCE13.3 %

ROE9.8 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence

50%

View full sector analysis →

PROS

Company has delivered good profit growth of 25.7% CAGR over last 5 years
Company is almost debt free
Latest quarter profit grew 570.0% YoY, showing strong momentum
Company comfortably covers its interest (20.4x coverage)

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.02x)
Promoter holding has decreased over last 2 years: -2.6pp
Company has a low return on equity of 10.0% over last 3 years
Total debt has risen sharply - up 180.1% year on year
Free cash flow has been persistently negative
Equity base is being diluted - shares outstanding up 14.7%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SUNPHARMA	1904.00	37.77	456833.38	0.84	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9245.00	83.91	245425.70	0.32	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4924.70	85.89	187319.76	0.77	566.00	3.28	4921.00	57.32	19.27	33.81
4.	ZYDUSLIFE	1135.00	25.09	113216.68	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
5.	CIPLA	1389.00	33.29	112211.54	0.94	785.55	-39.18	7119.28	4.13	16.00	16.73
6.	LAURUSLABS	1872.15	92.52	101154.55	0.11	3620.70	2139.42	20263.10	1191.00	18.20	31.50
7.	LUPIN	2135.00	17.66	97626.26	0.84	1416.98	16.01	8276.89	34.28	28.86	29.59
8.	MANKIND	2345.00	47.42	96859.07	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
9.	DRREDDY	1155.00	29.92	96405.53	0.69	435.60	-69.10	8099.80	-5.21	13.75	10.63
10.	AUROPHARMA	1627.00	25.22	93613.98	0.25	1032.03	25.22	9150.35	17.44	12.76	20.54
11.	GLENMARK	2458.80	38.60	69393.40	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	MOREPENLAB	117.40	45.78	6432.98	0.17	56.35	393.96	570.13	34.07	15.48	14.48

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	369	381	395	393	386	384	403	382	391	370	458	463	541
	344	352	344	336	337	341	372	352	372	342	416	440	474
Operating Profit	25	30	51	56	49	43	32	30	19	28	42	23	67
OPM %	6.72%	7.81%	12.95%	14.30%	12.61%	11.22%	7.83%	7.90%	4.84%	7.56%	9.15%	5.04%	12.35%
	2	3	4	4	3	5	5	3	4	6	4	9	5
Interest	0	0	2	1	1	1	1	4	4	4	4	4	5
Depreciation	5	5	6	7	4	4	5	12	8	11	10	1	8
Profit before Tax	22	27	47	53	47	43	30	17	11	19	31	28	72
Tax %	26.99%	27.11%	25.46%	24.19%	25.50%	25.50%	25.31%	31.16%	28.99%	23.81%	25.24%	27.14%	25.16%
Net Profit	16	20	35	40	35	32	23	12	8	14	24	20	54
	0.31	0.39	0.69	0.78	0.69	0.60	0.41	0.20	0.15	0.26	0.43	0.37	0.99

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	452	548	561	717	792	1,112	1,449	1,339	1,538	1,555	1,831
	388	487	501	652	728	1,000	1,320	1,262	1,376	1,401	1,671
Operating Profit	64	60	60	65	64	112	129	77	162	153	160
OPM %	14.19%	11.05%	10.75%	9.07%	8.14%	10.10%	8.91%	5.77%	10.52%	9.87%	8.74%
	-3	4	4	4	9	12	20	6	13	16	24
Interest	10	7	4	2	2	2	2	2	4	7	17
Depreciation	35	34	33	38	34	28	21	18	22	24	29
Profit before Tax	16	23	26	29	37	94	126	63	149	138	150
Tax %	-0.88%	0.00%	0.00%	0.00%	13.74%	0.00%	19.50%	26.65%	25.53%	26.17%	25.37%
Net Profit	16	23	26	29	32	94	101	46	111	102	112
EPS	0.35	0.52	0.58	0.64	0.72	2.09	1.94	0.92	2.17	1.85	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.79%	—

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 14%
3 Years:: 2%

COMPOUNDED PROFIT GROWTH

10 Years:: 68%
5 Years:: 26%
3 Years:: 0%

STOCK PRICE CAGR

10 Years:: 17%
5 Years:: 16%
3 Years:: 42%
1 Year:: 130%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 15%
3 Years:: 10%
Last Year:: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	90	90	90	90	90	90	96	102	102	110
	119	134	161	187	217	311	476	678	787	1,072
	68	170	16	13	15	19	21	27	27	81
Trade Payables	107	116	165	157	158	192	217	213	267	338
	150	38	159	172	181	235	223	85	96	120
Total Liabilities	535	548	591	619	662	847	1,033	1,106	1,279	1,721
	216	191	182	153	135	144	156	171	217	366
Capital Work in Progress	0	0	0	0	0	2	14	17	24	28
	118	118	118	118	119	119	118	118	126	205
	41	62	74	91	132	170	258	211	220	286
	0	0	0	0	0	0	0	0	317	294
Cash & Bank	4	7	6	32	38	67	46	56	50	46
	156	170	211	226	238	346	441	533	325	496
Total Assets	535	548	591	619	662	847	1,033	1,106	1,279	1,721

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	54	49	61	15	16	49	-44	-86	77	29
Cash from Investing	-27	-15	-24	-10	-12	-69	-23	-36	-84	-280
Cash from Financing	-28	-31	-38	-0	5	47	66	144	0	260
	-5	3	-1	4	3	28	-25	6	-6	9

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.35	0.52	0.58	0.64	0.72	2.10	2.12	0.90	2.17	1.85
Book Value (₹)	4.65	4.99	5.57	6.17	6.83	8.92	11.97	15.26	17.39	21.56
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.20
Cash EPS (₹)	1.13	1.26	1.32	1.48	1.48	2.72	2.56	1.26	2.60	2.30
PROFITABILITY
Operating Margin %	14.17%	11.73%	11.38%	9.58%	9.33%	11.16%	10.29%	6.20%	10.52%	9.87%
Net Margin %	3.42%	4.23%	4.66%	3.99%	4.08%	8.47%	6.97%	3.45%	7.21%	6.53%
ROE %	7.84%	10.69%	11.00%	10.84%	11.06%	26.61%	20.77%	6.84%	13.29%	9.81%
ROCE %	6.60%	7.78%	7.83%	7.74%	10.82%	24.54%	23.73%	9.15%	17.71%	13.29%
	3.05%	4.28%	4.59%	4.73%	5.05%	12.49%	10.75%	4.32%	9.30%	6.77%
EFFICIENCY
Debtor Days	51	54	63	59	56	45	48	65	68	72
Inventory Days	30	34	44	42	51	50	54	64	51	59
Payable Days	124	124	153	131	118	93	81	93	97	119
	-43	-35	-46	-30	-10	2	20	36	22	12
FINANCIAL HEALTH
Debt to Equity (x)	0.20x	0.75x	0.53x	0.47x	0.04x	0.04x	0.03x	0.03x	0.03x	0.07x
Interest Coverage (x)	2.50x	4.10x	7.08x	14.82x	20.05x	53.71x	52.75x	32.83x	43.45x	20.37x
	0.97x	0.58x	0.70x	0.88x	1.06x	1.31x	1.68x	2.51x	2.39x	2.40x
GROWTH
Revenue Growth %	22.20%	21.01%	2.43%	27.89%	10.42%	40.46%	30.28%	-7.62%	14.84%	1.10%
Operating Profit Growth %	36.35%	-1.79%	-0.61%	7.65%	7.56%	68.03%	20.15%	-44.34%	110.03%	-3.01%
Net Profit Growth %	2609.60%	46.83%	12.72%	9.57%	13.00%	191.49%	7.23%	-54.24%	139.90%	-8.44%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	139.90%	-14.59%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	19.38x	25.81x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.42x	2.22x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.20x	15.69x

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
38.22	35.65	35.65	35.65	35.65	35.65	35.65	35.65	35.65
1.67	2.08	2.22	1.94	1.72	1.62	1.62	1.58	1.46
2.14	1.69	1.64	1.67	1.50	1.49	1.25	1.25	1.28
0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
57.96	60.56	60.47	60.72	61.11	61.21	61.46	61.50	61.59

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Newspaper publication for completion of dispatch of the notice of 41st AGM and Annual report for the FY 2025-26

2026-09-02

Updates

2026-09-02 - Morepen Laboratories Limited has informed the Exchange regarding 'Morepen Laboratories Limited has informed the Exchange regarding 'Letter To Members, (No E-Mail Id Registered), Comprising Weblink Of The Annual Report : 2025-26'.'.

2026-09-02

Shareholders meeting

2026-09-02 - Morepen Laboratories Limited has informed the Exchange about Shareholders meeting

2026-08-26

Copy of Newspaper Publication

2026-08-26 - Newspaper publication-information relating to 41st Annual General Meeting, Dividend and Record Date

2026-08-06

General Updates

2026-08-06 - Morepen Laboratories Limited has informed the Exchange about allotment of equity shares by Morepen RX Limited, wholly owned subsidiary, to the company

2026-08-05

Copy of Newspaper Publication

2026-08-05 - Morepen Laboratories Limited has informed the Exchange about Newspaper Publication - Financial Results for the quarter ended June 30, 2026

2026-08-04

Monitoring Agency Report

2026-08-04 - Monitoring agency report for the quarter ended June 30, 2026

2026-08-04

General Updates

2026-08-04 - Morepen Laboratories Limited has informed the Exchange about Intimation of 41st Annual General Meeting scheduled to be held on September 26, 2026

2026-08-04

Appointment

2026-08-04 - Morepen Laboratories Limited has informed the Exchange regarding re- appointment of Mr. Sushil Suri as Chairman & Managing Director of the company w.e.f. October 20, 2026.

News

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