The company’s API business recorded 17 percent growth during the quarter, while the Medical Devices segment registered a sharp 31 percent rise. On an annual basis, standalone gross revenue crossed Rs. 1,700 crore in FY26, reflecting an 8 percent increase. The Board of Directors has also proposed a 10 percent dividend for FY26.
A major milestone for the company came with the commencement of commercial production under its long-duration manufacturing partnership program, backed by the multi-year Rs. 825 crore or USD 91 million global CDMO mandate secured in February 2026 from a leading multinational corporation. Morepen confirmed that validation batches have been completed and initial supply schedules have been aligned for phased deliveries under the program, with supplies expected to begin shortly.
The quarter also witnessed continued investments in manufacturing scale-up, regulated-market programs and Medical Devices expansion. EBITDA stood at Rs. 32 crore in Q4 FY26 compared to Rs. 33 crore in the corresponding quarter last year, reflecting the impact of strategic growth investments aimed at strengthening long-term operational leverage and margin expansion.
Commenting on the company’s growth roadmap, Sushil Suri stated that Morepen has built strong manufacturing capabilities, regulatory credibility and long-standing global customer relationships over the years. He said the company is now entering the next phase of growth focused on long-duration manufacturing partnerships, scale expansion and improved operating leverage.
He further stated that the company is transitioning from a traditional API model toward a manufacturing-led platform driven by long-duration customer programs, recurring revenues, process scale-up and regulated-market partnerships.
Sanjay Suri said the company is expanding manufacturing capacity from nearly 500 KL toward 800 KL, with a long-term roadmap targeting approximately 1000 KL capacity. He added that increasing production scale, an improved product mix and long-duration supply programs are expected to strengthen margins and earnings visibility over the medium term.
He further revealed that the company has completed a pivotal bioequivalence study for Resmetirom 100 mg, an oral thyroid hormone receptor-beta agonist used in the treatment of moderate to advanced liver fibrosis associated with MASH. According to the company, the study covers major regulated markets outside the United States and marks a significant step in expanding Morepen’s globally relevant specialty pipeline.
Alongside its pharmaceutical transformation, the company’s Medical Devices business continued to witness rapid expansion. FY26 revenue from the segment rose 21 percent to Rs. 598 crore, while the installed user base reached nearly 17 million repeat users. Morepen stated that the Medical Devices platform is being developed as a separate high-growth healthcare business focused on chronic care, consumer diagnostics, CGM opportunities and connected healthcare integration.
The company also highlighted that strategic investments across manufacturing scale-up, Medical Devices expansion, customer acquisition and healthcare platforms affected near-term profitability during FY26. However, the management believes these investments will position the business for stronger operating leverage, margin expansion and improved long-term earnings visibility.
Morepen Laboratories Limited currently operates as a vertically integrated pharmaceutical and healthcare company with more than four decades of API manufacturing experience, exports across more than 90 countries and globally approved facilities. The company maintains leadership positions across key APIs supported by United States Food and Drug Administration and European Union-approved manufacturing infrastructure, 403 DMF filings worldwide and a strong compliance record, including its fourth consecutive USFDA inspection completed with NIL 483 observations.
The company is progressively evolving into a manufacturing-led platform centered on long-duration supply contracts, CDMO partnerships, process scale-up and regulated-market customer programs, while simultaneously developing its Medical Devices business into a standalone high-growth healthcare platform. The latest financial performance and expansion strategy underline Morepen’s aggressive push toward becoming a globally competitive pharmaceutical manufacturing and healthcare technology player.
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