Morepen Laboratories reported record results for the quarter and half-year ended September 30, 2026. Revenue in Q2 FY27 came in at about Rs 755 crore, nearly 1.8 times last year’s level. EBITDA grew to roughly Rs 132 crore, close to 3.7 times the year-ago figure, and profit after tax rose to around Rs 89 crore, more than double.
The company credits the ramp-up of commercial CDMO supplies, a better business mix and stronger operating leverage. EBITDA margin reached 17.45%, almost 9 percentage points higher than a year earlier.
Q2 FY27 at a glance (year-on-year)
- Revenue: about Rs 755 crore (+81%)
- EBITDA: about Rs 132 crore (+273%), margin 17.45% (+897 bps)
- PAT: about Rs 89 crore (+117%)
- CDMO revenue: Rs 253 crore, just over half (52%) of combined API + CDMO sales
- Exports: about Rs 397 crore, more than 2.3 times last year (+131%)
- Medical devices: about Rs 208 crore (+65%)
First half (H1 FY27)
Revenue reached about Rs 1,330 crore, up 57%. EBITDA rose to around Rs 220 crore, a 3.4x increase (+243%), at a 16.5% margin. PAT climbed to about Rs 145 crore, nearly 2.8 times the previous year (+177%). Exports of Rs 654 crore more than doubled (+122%) and account for roughly half of sales. CDMO contributed Rs 311 crore and medical devices Rs 399 crore (+39%). API + CDMO capacity now stands at 614 KL.
Chairman and managing director Sushil Suri called the quarter another step in the company’s transformation. He said CDMO has reached meaningful commercial scale, the API portfolio is becoming more global and higher-value, and medical devices keeps growing strongly. With half-year EBITDA above Rs 200 crore, the company has a firmer base to invest in capacity, capability and growth.
Suri said the first expansion phase, taking capacity to 614 KL, was finished ahead of schedule. Civil work has started on the next phase toward 800 KL, due by Q2 FY28. He added that Morepen is building capability in high-potency APIs and new technologies and is in talks with global pharma customers about more CDMO opportunities.
CDMO has moved from validation and early supplies to regular commercial supply under the earlier-announced Rs 825 crore global mandate. Q2 CDMO revenue of Rs 253 crore was over four times Q1’s Rs 58 crore.
API remains the core of the pharma business, with about three-quarters (76%) of traditional API revenue coming from exports. Newer molecules now make up a quarter of API revenue, up from 14% in H1 FY26, as the mix shifts toward higher-value products.
The chronic-care franchise, built on glucose and blood-pressure monitoring, has an installed base of about 20 million glucose meters and sells roughly 500 million strips a year, supported by recurring consumables and nationwide distribution and service.
Capacity grew from about 535 KL to 614 KL, with 800 KL targeted by Q2 FY28. During the quarter Morepen also filed its first US ANDA, for Sitagliptin Tablets USP.
Morepen is an Indian pharmaceutical and healthcare company with over 40 years of experience across APIs, regulated manufacturing, CDMO and healthcare products, serving customers in more than 90 countries.
