Current/ Expected Orderbook/ Pending Orders?

The company did not provide specific numbers on the current or expected order book during the call. It was mentioned that detailed data like the number of customers and distributors will be provided in the annual presentation or upcoming quarters. Strategic moves include reducing low-yield or low-value orders, especially in the API business, focusing on higher-value items. The company is working on capacity expansion and expects increased production output in upcoming quarters, indicating potential for more orders. Growth is visible in the medical devices segment and branded formulations, supp

Any current/future capex/capital investment/strategic investment?

Morepen Laboratories has ongoing expansion plans funded by a recent QIP with INR123 crores allocated for capex. Expansion includes three production blocks (P8, P9, P10) with civil and machinery work underway; P8 nearing completion. API capacity is being increased from 400 KL to 600 KL, with 50 KL already implemented and 15% production increase expected soon. Finished dosage facility in Baddi is commissioned, capable of 1.2 billion dosages, with validations in process to start booking orders within 12-18 months. Focus on expanding medical devices segment with new products like nebulizers and or

Future growth expectations in sales/revenue/volumes?

Targeting INR 5,000 crores revenue by 2030 with ~20% CAGR (currently achieving ~18.9% CAGR). Medical devices expected to grow faster than pharma, shifting revenue mix to about 40% devices and 60% pharma by 2030. Focus on profitable growth by reducing low-yielding domestic API business and expanding high-value items. Pharmaceutical exports growing robustly, with Europe up 60% and US up 5%; domestic market reduced to maintain margins. Medical devices installed base increased from 10.5 million to 13 million meters yearly; strip consumption per meter is rising. Capacity expansions underw

Morepen Laboratories LtdQ2 FY25Pharmaceuticals & Biotechnology

Morepen Laboratories Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹119P/E: 56.2Market Cap: ₹6.6K CrSector: Pharmaceuticals & Biotechnology

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Targeting INR 5,000 crores revenue by 2030 with ~20% CAGR (currently achieving ~18.9% CAGR).
Medical devices expected to grow faster than pharma, shifting revenue mix to about 40% devices and 60% pharma by 2030.
Focus on profitable growth by reducing low-yielding domestic API business and expanding high-value items.
Pharmaceutical exports growing robustly, with Europe up 60% and US up 5%; domestic market reduced to maintain margins.
Medical devices installed base increased from 10.5 million to 13 million meters yearly; strip consumption per meter is rising.
Capacity expansions underway in API (from 400 KL to 600 KL) and formulations to support growth.
New product launches planned in devices (e.g., Bluetooth meters) and medical devices expansion including nebulizers and ortho support.
Expect stronger growth in H2 compared to H1 FY25, with improved capacities now stabilizing.

Margin guidance

Category 1

- EBITDA margin improving: From 6% in FY23 to 11.55% in H1 FY25, targeting 15% in next 3 years and 17-18% in 5 years. - PAT growth strong: Half-year PAT at INR71 crores, TTM PAT at INR132 crores, indicating solid profitability. - EPS rising: TTM EPS around INR2.53 with consistent quarterly EPS of ~65 paise. - Revenue strategy: Focusing on profitable growth over topline; CAGR target of ~20% to achieve INR5,000 crores by 2030. - Diversification: Medical devices expected to grow faster than pharma, aiming for 40:60 revenue split by 2030. - Sustained EBITDA: Consecutive four quarters averaging INR50 crores EBITDA, indicating stable operating earnings. - Margin stability: Confident to maintain or improve margins in FY25 and beyond with product mix improvements. Overall, Morepen aims for steady profit margin expansion, EPS growth, and profitable scale-up by focusing on high-margin segments and expanding capacities.

See what Morepen Laboratories Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

- Promoters, including the company, want to increase their stake, but no confirmed plans yet. - Fundraising will be needed to achieve the INR5,000 crore top line target in the next five years due to increased working capital and capex requirements. - Strategic decisions on fundraising are still underway; a clear direction is expected in the next two quarters. - The recent QIP was just the beginning (unlocking value); further market approaches will be made to unlock value from the medical devices and consumer businesses. - No specific mentions of immediate new debt or equity issuance apart from the ongoing completion of QIP fund utilization. - Regulatory and strategic approvals are pending for certain structural changes (e.g., medical devices business demerger), which may impact future capital raising. In summary, fundraising plans exist but are not finalized. More clarity is expected soon.

Order book

The company did not provide specific numbers on the current or expected order book during the call.
It was mentioned that detailed data like the number of customers and distributors will be provided in the annual presentation or upcoming quarters.
Strategic moves include reducing low-yield or low-value orders, especially in the API business, focusing on higher-value items.
The company is working on capacity expansion and expects increased production output in upcoming quarters, indicating potential for more orders.
Growth is visible in the medical devices segment and branded formulations, supporting future order inflows.
Company aims to penetrate 3 lakh outlets in Europe over three years but current quarterly progress on this is not quantified.
Overall, expansion plans and new product launches (e.g., Bluetooth glucometer) reflect optimism for growing order inflows.

See what Morepen Laboratories Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Morepen Laboratories has ongoing expansion plans funded by a recent QIP with INR123 crores allocated for capex.
Expansion includes three production blocks (P8, P9, P10) with civil and machinery work underway; P8 nearing completion.
API capacity is being increased from 400 KL to 600 KL, with 50 KL already implemented and 15% production increase expected soon.
Finished dosage facility in Baddi is commissioned, capable of 1.2 billion dosages, with validations in process to start booking orders within 12-18 months.
Focus on expanding medical devices segment with new products like nebulizers and ortho support, and plans to unlock value in medical devices and branded formulations.
QIP proceeds utilized for capex, working capital, and ongoing investments; INR137 crores still available as of Sept 30, 2024.
The strategic shift aims to reposition Morepen from a B2B to a more consumer-facing B2C company for better returns and brand value.

Track Morepen Laboratories Ltd — get its next earnings analysis in your feed

How does Morepen Laboratories Ltd rank vs peers in Pharmaceuticals & Biotechnology?

Pro feature

ThisMorepen Laboratories Ltd

Rev 2Mar 1

See where Morepen Laboratories Ltd sits in Pharmaceuticals & BiotechnologySee which companies these are, and every other name in the sector.Open rankings

How does Morepen Laboratories Ltd rank in Pharmaceuticals & Biotechnology?

Compare Morepen Laboratories Ltd against every Pharmaceuticals & Biotechnology company (Q2 FY25) on revenue, margins and earnings-call signals.

View Pharmaceuticals & Biotechnology leaderboard →

What Morepen Laboratories Ltd's management said in earlier quarters

Others in Pharmaceuticals & Biotechnology this season

Aptus Pharma Ltd (Q4 FY26)
The investor presentation reports quarterly revenue of ₹40.36 crore for Q4 FY2026. Key concall takeaways from Aptus Pharma Ltd's Q4 FY26 earnings call — and…
Aptus Pharma Ltd (Q1 FY27)
Revenue from Operations for H2 FY26: ₹32.20 crore, up 117.5% YoY from ₹14.80 crore in H2 FY25 (Page 23) . Key concall takeaways from Aptus Pharma Ltd's Q1 FY27…
RPG Life Sciences Ltd (Q2 FY25)
Q2 FY25: ₹172.2 Crores . Key concall takeaways from RPG Life Sciences Ltd's Q2 FY25 earnings call — and how it ranks against sector peers.
FDC Ltd (Q3 FY23)
Q3FY23 Revenue from operations: ₹407 crores, up 19% YoY from ₹341 crores in Q3FY22 (Page 13). Key concall takeaways from FDC Ltd's Q3 FY23 earnings call — and…

Compare:vs Sun Pharma.Inds.vs Divi's Lab.vs Torrent Pharmaceuticals Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →