Morepen Laboratories Ltd
NSE:MOREPENLAB
Morepen Laboratories Ltd
Morepen Laboratories Ltd. engages in the manufacture and market of bulk drugs and pharmaceutical formulations. The company is headquartered in New Delhi, Delhi. The firm is in the business of manufacturing, producing, developing and marketing a range of active pharmaceutical ingredients (APIs), branded and generic formulations and also the home health products. Its APIs include Apixaban, Edoxaban, Sitagliptin, Linagliptin, Empagliflozin, Atorvastatin, Loratadine, Desloratadine, Montelukast Sodium, Atorvastatin Calcium, Fexofenadine, Sitagliptin Phosphate, Vildagliptin and Rivaroxaban, among others. Its finished formulations include Intebact Capsules, Intelicaps Lax, Rythmix Kid Drop, Rythmix Kid Syrup, Kompact Powder, Saltum and Acifix 3X Suspension among others. Its home health products include Dr. Morepen 49W Room Air Purifier With HEPA Filter, Dr. Morepen VP06 Breathe Free Vaporizer, Dr. Morepen CN06 Compressor Nebulizer and Dr. Morepen ST03 Dual Head Stethoscope, among others. Its subsidiaries include Dr. Morepen Limited and Total Care Limited, among others.
Morepen Laboratories Ltd. engages in the manufacture and market of bulk drugs and pharmaceutical formulations. The company is headquartered in New Delhi, Delhi. The firm is in the business of manufacturing, producing, developing and marketing a range of active pharmaceutical ingredients (APIs), branded and generic formulations and also the home health products. Its APIs include Apixaban, Edoxaban, Sitagliptin, Linagliptin, Empagliflozin, Atorvastatin, Loratadine, Desloratadine, Montelukast Sodium, Atorvastatin Calcium, Fexofenadine, Sitagliptin Phosphate, Vildagliptin and Rivaroxaban, among others. Its finished formulations include Intebact Capsules, Intelicaps Lax, Rythmix Kid Drop, Rythmix Kid Syrup, Kompact Powder, Saltum and Acifix 3X Suspension among others. Its home health products include Dr. Morepen 49W Room Air Purifier With HEPA Filter, Dr. Morepen VP06 Breathe Free Vaporizer, Dr. Morepen CN06 Compressor Nebulizer and Dr. Morepen ST03 Dual Head Stethoscope, among others. Its subsidiaries include Dr. Morepen Limited and Total Care Limited, among others.
Revenue Growth: Morepen reported annual revenue of INR 1,830 crores, up 7.4% from last year, but below management's 10–15% growth expectation due to geopolitical disruptions and lower-than-expected demand.
Profitability: Annual EBITDA increased 11.5% and PAT rose 22%, with EBITDA margin improving from 10.1% to 10.5%, even as the last quarter saw pressured margins due to deferred export orders and price pressures.
API Price Pressure: Despite a 57% rise in API sales volume over two years, average product prices fell 24%, impacting revenue growth and margins. Management believes pricing is now at a bottom.
Export Focus: Exports accounted for 72.1% of business, up from 67% last year, and have grown 26% over three years. Exposure to the US is relatively low at about 7–8% of total sales.
Medical Devices: Medical device revenue grew 12% to INR 496 crores, led by glucometers and BP monitors, where Morepen is the domestic market leader.
Guidance: Management expects overall company growth of 10–15% going forward, with further improvement in EBITDA margins driven by increased exports, higher margin finished dosages, and device scale.
