Morepen Labs Q2 Revenue Jumps 81% to ₹755 Cr; EBITDA Surges 273%
Morepen Laboratories reported record Q2 FY27 revenue of ₹755 Cr, up 81% YoY, with EBITDA surging 273% to ₹132 Cr. H1 FY27 revenue reached ₹1330 Cr, up 57%, and EBITDA grew 243% to ₹220 Cr. CDMO revenue was ₹253 Cr in Q2, representing 52% of API+CDMO revenue. Capacity expansion towards 800 KL is targeted by Q2 FY28.
The substantial year-on-year growth in revenue and profitability, coupled with strong performance in key segments like CDMO and Medical Devices, along with capacity expansion plans, indicates a significant positive impact on the company's financial standing and future prospects.
The company reported record revenues and significant growth in EBITDA and PAT, indicating strong operational performance and strategic execution, particularly in the CDMO segment.
Morepen Laboratories Limited announced a record revenue of ₹755 crore for the second quarter ended September 30, 2026, marking an 81% increase year-on-year. The company's EBITDA surged by 273% to ₹132 crore, with Profit After Tax (PAT) rising by 117% to ₹89 crore. This performance was driven by the scaled-up commercial CDMO supplies, an improved business mix, and higher operating leverage, leading to an EBITDA margin expansion to 17.45%.
For the first half of fiscal year 2027 (H1 FY27), revenue grew by 57% to ₹1330 crore, while EBITDA increased by 243% to ₹220 crore, and PAT rose by 177% to ₹145 crore. Exports significantly contributed, more than doubling to ₹654 crore, representing approximately half of the company's sales revenue.
The company's CDMO segment showed strong momentum, with Q2 CDMO revenue reaching ₹253 crore, contributing 52% of the combined API + CDMO revenue. The first phase of CDMO capacity expansion to 614 KL is complete, and civil work has begun for the next phase targeting 800 KL by Q2 FY28.
Mr. Sushil Suri, Chairman and Managing Director, highlighted the transformation driven by CDMO, a more global and higher-value API portfolio, and strong Medical Devices growth. Mr. Sanjay Suri, Managing Director, added that the company is building capabilities in high-potency APIs and new technologies.
Morepen's financial metrics show improved capital productivity, with ROCE at 18.8% and ROE at 13.6% on a trailing twelve-month basis. Receivable days reduced to 49 days, and the Debt-to-Equity ratio remained modest at 0.23x.
The Medical Devices segment also performed well, with Q2 revenue at ₹208 crore (up 65%) and H1 revenue at ₹399 crore (up 39%). Additionally, Morepen submitted its first U.S. ANDA for Sitagliptin Tablets USP during the quarter.
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