The Board of Directors of Morepen Laboratories Limited approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30th September 2025 in their meeting held on 14th November 2025. The company reported total consolidated income of Rs. 416.21 crore for Q2 FY26, slightly lower than Rs. 429.65 crore in Q1 FY26 and Rs. 442.71 crore in Q2 FY25. Consolidated net profit after minority interest for Q2 FY26 stood at Rs. 40.87 crore, a significant increase from Rs. 10.75 crore in Q1 FY26 but up 17.3% from Rs. 34.85 crore in Q2 FY25. The standalone net profit also more than doubled QoQ to Rs. 14.38 crore from Rs. 8.06 crore while remaining below Rs. 31.93 crore in Q2 FY25. The board declared a final dividend of Rs. 0.20 per equity share.
| Particulars | Q2 FY26 (Jul-Sep) | Q1 FY26 (Apr-Jun) | Q2 FY25 (Jul-Sep) | QoQ Change (%) | YoY Change (%) |
|---|---|---|---|---|---|
| Consolidated Revenue (cr) | 416.21 | 429.65 | 442.71 | -3.07% | -6.01% |
| Consolidated Net Profit (cr) | 40.87 | 10.75 | 34.85 | 280.46% | 17.3% |
| Standalone Net Profit (cr) | 14.38 | 8.06 | 31.93 | 78.57% | -54.98% |
Morepen Laboratories Limited (CIN: L24231HP1984PLC006028) is a leading Indian pharmaceutical company engaged in manufacturing active pharmaceutical ingredients (APIs) and medical devices. The company operates through subsidiaries including Morepen Rx Ltd., Morepen Medipath Limited, Morepen Devices Ltd., Morepen Bio Inc. (USA), and Morepen Labs FZCO (Dubai). In 2025, Morepen further expanded its marketed presence globally, especially in Europe and Asia, and diversified into innovative medical devices with over 14.2 million glucometers installed worldwide. A significant strategic shift occurred as Morepen reduced its stake in Dr. Morepen Limited from 80% to 19.96%, impacting consolidation accounting. Recent highlights include US FDA approval for API manufacturing facilities, expansion of its medical representative force, and raising ₹200 crore through Qualified Institutional Placement (QIP) to boost capacity. The company also secured long-term supply contracts and entered joint ventures to strengthen its device segment presence.
For the quarter ended September 2025, Morepen demonstrated resilience with a 4% revenue growth in the pharma segment and a 13% increase in its high-margin medical device business, contributing to an overall revenue of Rs. 416.21 crore on a consolidated basis. The EBITDA surged by 33% year-over-year. The reduced minority interest following the stake sale reflects in profitability improvements. The standalone profit decline YoY is attributable to reclassification effects post subsidiary stake reduction. Morepen’s strategic focus on APIs, high-margin finished dosages, and medical devices underpinned revenue growth and margin expansion. Institutional investors remain keen on the company, valuing it for its diversified API portfolio, expansion in finished dosages, and innovations in home diagnostic devices.
Morepen’s consolidated revenue for H1 FY26 stood at Rs. 845.85 crore compared to Rs. 901.36 crore in H1 FY25, reflecting a 6.2% decline, primarily due to divestment impacts. Consolidated net profit for H1 FY26 was Rs. 51.62 crore versus Rs. 71.02 crore YoY. Despite the dip, the company accelerated growth in export markets and leveraged strategic QIP resources for capacity enhancement. Investors like Motilal Oswal and others following Indian pharma see Morepen as positioned for medium-term growth with a fair intrinsic value around Rs. 39 per share as of November 2025.
This performance snapshot indicates Morepen Laboratories’ ongoing transition towards a stronger product mix and global medical device expansion amidst consolidation changes, underscoring its potential in India’s pharma and diagnostics sectors.
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