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Swing Capital

Morepen Laboratories Ltd

NSE: MOREPENLAB BSE: 500288Pharma

Morepen Laboratories Ltd is engaged in the business of manufacturing, producing, developing and marketing a wide range of Active Pharmaceutical Ingredients (APIs), branded and generic formulations and also the Home Health products.[1]

₹41.1
52W: ₹33 — ₹70.5
PE 39.5 · Book ₹21.8 · +89% vs book
Market Cap₹2,253 Cr
Stock P/E39.5Price to Earnings
ROCE13.2%Return on Capital
ROE9.81%Return on Equity
Div. Yield0.49%Face Value ₹2

Weaknesses

  • −Company has a low return on equity of 10.1% over last 3 years.
  • −Dividend payout has been low at 3.60% of profits over last 3 years

Shareholding Pattern

Promoters35.66%
FIIs1.59%
DIIs1.25%
Public61.5%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters38.22%35.66%▼2.635.66%35.66%35.66%35.66%35.66%35.66%
FIIs1.67%2.08%▲0.42.22%▲0.11.94%▼0.31.72%▼0.21.62%▼0.11.62%1.59%▼0.0
DIIs2.14%1.69%▼0.51.64%▼0.11.67%▲0.01.5%▼0.21.49%▼0.01.25%▼0.21.25%
Public57.96%60.57%▲2.660.46%▼0.160.72%▲0.361.09%▲0.461.22%▲0.161.46%▲0.261.5%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales381395393386384403382391370458
Expenses352344336337341372352372342416
Operating Profit30515649433230192842
OPM %8%13%14%13%11%8%8%5%8%9%
Net Profit2035403532231281424
EPS ₹0.390.690.780.690.580.410.220.150.260.43

AI Insights

Revenue Trend

TTM revenue at ₹1,600Cr, up 2.9% YoY. OPM at 7%.

Debt Position

Borrowings at ₹158Cr. Debt-to-equity ratio: 0.15x. Healthy balance sheet.

Capex Cycle

CWIP at ₹26Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.25% (-1.07pp change). FIIs: 1.59% (+0.59pp change). Promoters hold 35.66%.

Margin & Efficiency

ROCE improving from 0% (Mar 2014) to 13% (Mar 2025). Working capital days: 122.

Valuation

PE 39.5x with 13.2% ROCE. Price is 89% above book value of ₹21.8. Dividend yield: 0.49%.

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