Morepen Laboratories Ltd
NSE: MOREPENLAB · BSE: 500288 · ISIN INE083A01026 · Active pharmaceutical ingredients, medical devices, formulations and contract manufacturing
₹121.4Close, 13 Oct 2026 (−5.0% on day)
₹6,660 crMarket cap (Screener, at ₹121.5)
₹33.05 / 150.8052-week low / high (high on 7 Oct 2026)
54.80 crShares outstanding, face value ₹2
Market data comes from Kotak Neo, Screener and Anand Rathi snippets. Sources quote ₹6,660 to 7,008 cr for market cap depending on the price used. A separate report says the stock hit a 5% upper circuit on 14 Oct 2026, which I could not confirm. Live quote: check NSE. [Fact]
Company overview
| Headquarters | New Delhi (registered office and plants in Himachal Pradesh) |
| Founded / listed | Incorporated 1984; listed 1992 |
| Promoters | Suri family. Sushil Suri is Chairman and Managing Director. Sanjay Suri is Managing Director from 1 Jul 2026. Holding 35.65%, none pledged. |
| Sector | Pharmaceuticals: bulk drugs, devices, branded generics, contract manufacturing |
| Employees | 1,919 permanent (Mar 2026, annual report) |
| Index membership | Not Available — not found |
Morepen makes bulk drugs, mainly older antihistamine and cholesterol molecules, in Baddi, Himachal Pradesh. It sells blood glucose meters and BP monitors under the Dr. Morepen brand. In 2026 it began contract manufacturing for a global drug company under an ₹825 cr mandate. About 56% of FY26 standalone revenue came from APIs and 36% from devices. Exports were ₹803 cr in FY26.
Key figures
₹1,801 crFY26 revenue (flat vs FY25)
~₹96 crFY26 PAT (−19% vs ₹118 cr)
14.5%Q1 FY27 operating margin (FY26 quarters 5 to 10%)
5 to 8%RoE, latest (RoCE 8 to 10%)
₹570 crQ1 FY27 revenue (+34%)
₹56 crQ1 FY27 PAT (+394% to +425%)
47 to 63xTrailing P/E, sources differ
0.06Net debt to equity
Quick verdict
BusinessMedium
ManagementWeak to medium
FinancialMedium
ValuationExpensive
OverallNeutral
Data freshness. Prepared 14 Oct 2026. Latest results are Q1 FY27 (June 2026). Q2 FY27 is not yet declared and is expected around 14 Nov 2026. Several data sources were unreachable, so this report has gaps, which are labelled "Not Available" throughout and listed in Tab 14.
Analyst Notes
First-person view, dated 14 Oct 2026. This is analyst judgment built on the data tabs, and the data has gaps listed in Tab 14.
What just happened. Morepen went from a weak 2025 to a record June 2026 quarter. Revenue rose 34% to ₹570 cr. Operating margin was 14.5%, against 5 to 10% for the six quarters before. Profit after tax was ₹56 cr, about two-thirds of the ₹84 cr earned in the three prior quarters combined. The stock traded at ₹37.81 on 2 April, hit ₹150.80 on 7 October and closed at ₹121.44 on 13 October. That is roughly a threefold move from April and a 19% fall from the peak.
What drove it. The company credits API growth of 31%, API exports up 42%, devices up 19% and ₹58 cr of first CDMO supplies. Revenue rose about ₹145 cr and operating profit rose about ₹54 to 58 cr. That implies an incremental margin near 40%. CDMO revenue was only ₹58 cr, so either CDMO earns very high margins or API pricing and mix recovered sharply as well. The company has not split margin by segment, and that is the first thing I would ask management. [Est.]
What the market is pricing. At ₹121 the market cap is about ₹6,660 cr. Trailing earnings multiples of 47 to 63x flatter nothing, because trailing profit is only ₹141 cr. Annualise the June quarter and the multiple falls to roughly 30x. So the price assumes the 14.5% margin repeats. Morepen's own guidance is for about ₹225 cr of CDMO supplies in the September quarter, nearly four times the June figure. Results are expected around 14 November. That print is the test.
What tempers my enthusiasm.
- One customer. The ₹825 cr mandate is from an unnamed company for an undisclosed molecule. If its schedule slips, the quarter slips.
- Cash. Operating cash flow covered only about 44% of profit over three years and free cash flow was negative each year. The company spent about ₹450 cr on capex in that period and borrowings doubled in FY26.
- Governance. The consumer brand left the group through a share swap with undisclosed owners. A promoter relative received 9% of the devices subsidiary at an undisclosed price. Institutions voted 99.37% against the hive-off extension. One source shows contingent liabilities jumping to ₹335 cr. I treat that as unverified until the annual report note is read.
- Guidance record. The 25% devices growth target was missed, the 2030 ₹5,000 cr goal has gone quiet, and the hive-off has slipped. Capacity and CDMO milestones in 2026 were met on time, which counts in management's favour.
Reading the headlines. Press releases quote standalone figures. The fourth-quarter release said profit rose 69%. Consolidated profit fell 23%. The June 2026 quarter shows +394% or +425% depending on whether profit is measured before or after minority interest. Both are right on their own basis. Use consolidated exchange filings for comparisons.
My view. The business has genuinely changed in one quarter: bigger, more profitable and with a visible contract. The stock has already paid for much of that, and it sits on thin cash conversion and a governance record I would price at a discount. I would want the September quarter, the FY26 annual report notes and the customer's identity before taking a view that this is sustainable. [Analyst View]
Limits of this report. BSE and NSE filings, Screener, the company site, Quartr and FMP could not be accessed directly. The research relied on web search snippets, and the search budget ran out before peer data, call transcripts and several annual-report notes could be read. The report does not meet the standard of containing everything material on the internet.
Business Deep-Dive
Sourcing note. Facts below come from search snippets of company pages, annual reports, rating reports and news. Plant-level areas, per-molecule revenue, R&D spend and named customers were Not Available — not found. [Fact]
Company history
| Year | Event |
|---|---|
| 1984 | Incorporated in Himachal Pradesh as a bulk drug maker. Listed in 1992. |
| 1993 to 1999 | Took Swiss technology for Loratadine. First USFDA approval for Loratadine in 1999. |
| 2002 to 2003 | Stopped repaying matured fixed deposits (about ₹162 cr owed to about 80,000 holders). Raised a US$15.25 mn GDR that regulators later questioned. |
| 2006 to 2007 | Debt of ₹757 cr to 43 lenders restructured. About 75% of lenders took one-time settlements. |
| 2018 to 2019 | NCLT order on fixed-deposit repayment. In 2019 the chairman declared the company debt-free. In Sep 2019 SEBI barred it from markets for a year over the 2003 GDR. |
| 2021 | Appellate tribunal quashed the SEBI order. ₹433 cr preferential issue approved: ₹190 cr of promoter warrants and ₹243 cr for Corinth Investment Holdings AG. The Corinth shares appear never to have been allotted. |
| 2024 | ₹200 cr QIP in August. Plan announced in October to hive off devices. |
| 2026 | ₹825 cr CDMO mandate in February. Record quarter in August. First US ANDA in September. |
Criminal cases under the old Companies Act deposit provisions were still pending in 2023. The company told the Delhi High Court that only 4,953 of 32,927 eligible fixed-deposit holders had come forward. [Fact]
Product lines
APIs (about 53 to 56% of revenue)
- Loratadine, Desloratadine, Montelukast, Fexofenadine, Atorvastatin, Rosuvastatin, Sitagliptin.
- Also Dapagliflozin, Empagliflozin and Edoxaban.
- Company claims about 35% global volume share in Loratadine and 44% in Montelukast (FY24 annual report).
- About 72% of API revenue is exported.
Medical devices (about 36% of standalone revenue)
- Dr. Morepen glucometers, test strips and BP monitors.
- Management claims about 30% of the Indian glucometer market and says glucometers are about 80% of devices revenue.
- FY26 devices revenue ₹598 cr (+21%).
- Sold through chemists and e-commerce.
Formulations and OTC
- Branded generics through Morepen Rx Ltd. Over 150 SKUs.
- OTC brands include Burnol and Lemolate, held in Dr. Morepen Ltd.
- That company was deconsolidated on 31 Jul 2025 and Morepen now holds 19.96%.
CDMO (new)
- ₹825 cr multi-year mandate from an unnamed global pharma company.
- ₹58 cr supplied in Q1 FY27.
- Management is repositioning toward a "manufacturing-led platform".
Market position claims
| Molecule | Global volume share FY24 | Share of India's exports H1 FY25 |
|---|---|---|
| Loratadine | 35% | 69% |
| Montelukast | 44% | 70% |
| Desloratadine | 26% | 49% |
| Fexofenadine | 16% | 31% |
| Atorvastatin | 11% | 20% |
These are company or Screener-quoted figures and are not independently verified. Capacity numbers conflict across sources: Loratadine 120 or 140 MT and Montelukast 45 or 90 MT. [Fact]
Facilities and approvals
| Site | What it does | Status |
|---|---|---|
| Baddi complex, Himachal Pradesh | About 10 plants across APIs, formulations and devices on 50 to 60 acres. API reactor capacity 614 KL. | USFDA nil observations, Mar 2023 |
| Masulkhana API unit, Himachal Pradesh | Loratadine, Desloratadine, Montelukast | USFDA nil observations, Apr 2026 (fourth in a row in eight years) |
| Parwanoo formulations | Tablets and capsules (older profiles) | Not found |
Environmental flag. A National Green Tribunal joint committee in 2022 to 2023 found untreated effluent discharge, nickel and zinc above limits, and unauthorised surface-water drawal at the Masulkhana site. Outcome and penalties: Not Available. [Fact]
Regulatory and IP
- Sources disagree on filings: 35 US DMFs and 15 CEPs (PharmaCompass), 26 US DMFs and 11 CEPs (company page), 129 DMFs and 135 patents (earnings call). [Fact]
- Approvals cited: USFDA, EDQM, KFDA, PMDA, ANVISA, TGA, WHO-GMP, China NMPA (Loratadine, Apr 2025). [Fact]
- ISO 13485 and CE for devices: Not Available. R&D spend as a share of sales: Not Available.
Moat
Narrow and molecule-specific. The moat is regulatory history and scale in a few older antihistamine and statin APIs, backed by clean USFDA inspections. Those APIs are crowded: PharmaCompass lists 24 Loratadine suppliers, 16 of them Indian. The rating agency flags "high dependency on legacy APIs". The devices brand has real consumer recognition. CDMO could add stickier revenue, but it rests on one customer. [Analyst View]
Segment Analysis
Basis warning. Segment figures below are standalone company numbers from the directors' report and press releases. Segment profit or EBIT is Not Available — not found in any source searched. [Fact]
| Segment | FY25 | FY26 | Q1 FY27 growth |
|---|---|---|---|
| API revenue (₹ cr) | 989.2 (54.1%) | 944.5 (56.3%)* | +31% |
| Medical devices (₹ cr) | +12% growth | 597 to 598 (35.6%) | +19% |
| Formulations and OTC share | 18.8% | Not found | Not found |
| CDMO | None | Mandate signed Feb 2026 | ₹58 cr supplied |
| Total exports (₹ cr) | 710.3 | 802.7 (+13%) | +111% |
* The same source also shows ₹982.7 cr for FY26 API revenue, so the API figure is uncertain. Standalone revenue was ₹1,546.9 cr in FY25 and ₹1,676.7 cr in FY26. Domestic revenue, calculated as standalone revenue less exports, was about ₹836 cr and about ₹874 cr. [Est.]
Standalone revenue mix, FY26
Fastest and slowest
Devices
- FY26 revenue +21%, with Q3 FY26 at +44% and Q4 at +31%. Q1 FY27 slowed to +19%.
- Management missed its 25 to 26% annual growth target.
- Roughly 80% of the segment is glucometers and strips.
API
- FY26 API revenue fell, with API domestic sales down 11.5% in FY25.
- Q1 FY27 jumped 31%, with API exports up 42%.
- Management lists "restoring API profitability" as a priority, which confirms margins are weak.
Geography of gross revenue, Q3 FY26
| Region | Share |
|---|---|
| India | 64.1% |
| Europe | 17.1% |
| Asia | 13.2% |
| USA | 3.0% |
| South America | 2.7% |
In FY26, Europe took 44.4% of API exports (31.1% the year before) and the USA 17.7% (21.8%). US sales fell 14% in Q3 FY25 on management's own account.
Management focus
- CDMO: capacity from 614 KL toward 1,200 KL by FY30. [Fact]
- Devices: hive-off into Morepen Medipath Ltd, with a 30% indirect stake in a UAE joint venture with Bimedical FZE. [Fact]
- US generics: first ANDA filed for Sitagliptin. [Fact]
Financials: Profit & Loss
Data basis. Consolidated figures come from Business Standard Capital Market, Kotak Neo and Anand Rathi result pages. Company press releases quote standalone "gross revenue", which is a different number. Line items such as raw material, employee and tax cost by year were Not Available — not found in the sources searched. [Fact]
5-year annual consolidated (₹ crore)
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,546.8 | 1,417.5 | 1,690.4 | 1,811.6 | 1,801.1 |
| Revenue growth | +30% | −8.4% | +19.3% | +7.2% | −0.6% (vs restated FY25 of 1,803.7: −0.1%) |
| Other income [Est.] | ~20 | ~6 | ~13.6 | ~18.4 | ~21.3 |
| Operating margin (OPM, standalone basis, Equitymaster) | 8.8% | 5.6% | 9.4% | 9.6% | NA |
| PAT | 101.7 | 38.7 | 96.2 | 118.0 | 95.7 |
| PAT margin [Est.] | 6.6% | 2.7% | 5.7% | 6.5% | 5.3% |
| Standalone revenue | NA | NA | NA | 1,546.9 | 1,676.7 |
| Standalone PAT | NA | NA | NA | ~101 [Est.] | 66 |
FY26 consolidated PAT of ₹95.65 cr before minority interest (EPS ₹1.73) is from the FY26 annual report filing; it equals the sum of the four reported quarters (11.40 + 41.04 + 27.51 + 15.70). FY26 revenue is from the directors' report. FY25 was restated to 1,803.7 in the FY26 report. One FY25 print of PAT ₹37.09 crore in a news item matches no consolidated or standalone figure and is treated as an error.
Revenue and PAT, FY22 to FY26
Last 9 quarters, consolidated (₹ crore)
| Quarter | Revenue | YoY | QoQ | Op. profit | OPM | PAT | PAT YoY |
|---|---|---|---|---|---|---|---|
| Q1 FY25 (Jun-24) | 455.2 | +13.5% | NA | ~51.6 | 11.3% | 36.2 | +147% |
| Q2 FY25 (Sep-24) | 442.7 | +4% | −2.7% | 49.1 | 10.1% | 34.9 | +64% |
| Q3 FY25 (Dec-24) | 452.8 | ~+2% | +2.3% | ~36.1 | 8.0% | 26.7 | −17% |
| Q4 FY25 (Mar-25) | 465.9 | +10.1% | +2.9% | ~42.3 | 9.1% | 20.3 | −28% |
| Q1 FY26 (Jun-25) | 425.2 | −6.6% | −8.7% | ~28.6 | 6.7% | 10.7 | −70% |
| Q2 FY26 (Sep-25) | 411.6 | −6.0% | −3.2% | ~30.7 | 7.5% | 41.0* | +18% |
| Q3 FY26 (Dec-25) | 484.2 | +6.9% | +17.6% | 46.3 | 9.6% | 27.5 | +3% |
| Q4 FY26 (Mar-26) | 484.7 | +4% | +0.1% | 24.5 | 5.0% | 15.7 | −23% |
| Q1 FY27 (Jun-26) | 570.1 | +34.1% | +17.6% | 82.5 | 14.5% | 56.4 | +425% |
Quarterly PAT mixes bases: Q1 FY26 (10.7) is after minority interest and Q2 FY26 (41.0) is before, so year-on-year changes on those two rows differ slightly from like-for-like. * Q2 FY26 PAT includes an exceptional gain of ₹25.83 crore on selling Dr. Morepen Ltd shares. Op. profit marked ~ is calculated from reported OPM. Q1 FY27: the exchange filing shows PAT ₹56.40 crore against ₹10.75 crore after minority interest (+425%). The company's press release shows ₹56.35 crore against ₹11.40 crore before minority interest (+394%). Both are correct on their own basis. Company-reported EBITDA of ₹87.72 crore (15.25%) includes other income of ₹5.18 crore.
Operating margin by quarter
Values from reported operating profit margin, consolidated: 11.3, 10.1, 8.0, 9.1, 6.7, 7.5, 9.6, 5.0, 14.5 percent.
Revenue quality: organic, volume and price
Growth is flat for two years, then jumps. Consolidated revenue was ₹1,812 crore in FY25 and ₹1,801 crore in FY26. FY26 also lost the consolidated revenue of Dr. Morepen Ltd from 31 July 2025, when the stake fell from 80% to 19.96%. Q1 FY27 revenue rose 34% year on year. The company attributes this to API (+31%), API exports (+42%), devices (+19%) and ₹58 crore of first CDMO dispatches. Volume versus price split is Not Available — not disclosed. [Fact]
Margin trend and one-time items
- OPM ran at 10–11% in the first half of FY25, fell to 5–7% in Q1 and Q2 FY26 and in Q4 FY26, then jumped to 14.5% in Q1 FY27. [Fact]
- Q2 FY26 profit was inflated by a ₹25.83 crore exceptional gain. Pre-exceptional PBT was only ₹19.87 crore. [Fact]
- Q4 FY26 other income of ₹8.46 crore was about 36% of PBT. [Fact]
- The Q1 FY27 margin spike came with only one quarter of CDMO volume. Whether 14.5% is a new base or a lumpy quarter is the central question. [Analyst View]
Earnings quality: is profit backed by cash?
Not so far. Cumulative PAT for FY24 to FY26 is about ₹310 crore. Cumulative operating cash flow is about ₹135 crore, a conversion of roughly 0.44. FY25 operating cash flow was ₹32 crore against ₹118 crore of PAT. FY26 was ₹30 to 33 crore against about ₹96 crore. H1 FY26 standalone operating cash flow was negative. Receivables and inventory are absorbing the cash. [Est.]
Financials: Balance Sheet, Cash Flow & Ratios
Coverage gap. Full five-year balance sheets, payables and interest coverage were Not Available — not found. Direct access to the annual reports, Screener and BSE was blocked, so only search-snippet figures are shown. [Fact]
Balance sheet snapshot (₹ crore)
| Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | 102.2 | 109.6 | 110 |
| Reserves | NA | 1,047 | 1,137 |
| Net worth [Est.] | NA | ~1,157 | ~1,247 |
| Total borrowings | Low ("debt-free" per PR) | ~105 | ~208 |
| Net fixed assets | ~400 (standalone) | 488.5 (consol.) | ~513 |
| Inventory | NA | 300 | NA |
| Trade receivables | NA | 325 | NA |
| Cash and bank | NA | 49 | NA |
| Goodwill | Not Available — not found | ||
Cash flow (₹ crore)
| Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating cash flow | 73.4 | 32.1 | 29.8 to 32.6 |
| Capex [Est.] | ~81 | ~214 | ~157 |
| Free cash flow | −8 | −182 | −127 |
Three years of negative free cash flow. The company spent roughly ₹450 crore on capex across FY24 to FY26. It funded this with the ₹200 crore August 2024 QIP and rising borrowings. The bet is the new API block and CDMO capacity. [Est.]
Working capital and returns
| Ratio | FY25 | FY26 | Source |
|---|---|---|---|
| Debtor days | 65 | 67 | Screener, Value Research |
| Inventory days | 94 | 88 | Screener |
| RoE | 11.8% | 5.3 to 8.0% | Value Research, Screener |
| RoCE | 15% | 8 to 10% | Screener, Value Research |
| Net debt to equity | 0.06 | 0.06 | Simply Wall St |
| Debt to EBITDA | NA | 0.34 | Simply Wall St |
| Payable days, cash conversion cycle, interest coverage | Not Available | Not found | |
Sources differ on method, so RoE and RoCE are shown as ranges. Rising finance cost (+125% in FY25) and borrowings that doubled in FY26 are visible, but leverage remains low.
Equity dilution history
| Date | Instrument | Quantity | Price | Allottee / outcome |
|---|---|---|---|---|
| Oct 2020 to Mar 2021 | Promoter warrants (16.85 cr approved) | 3.5 cr allotted | ₹25 | 9.85 cr lapsed "for technical reasons" |
| Apr to May 2021 | Promoter warrants, repriced (₹190 cr) | 5 cr | ₹38 | Liquid Holdings (promoter) |
| Apr to May 2021 | Preferential equity (₹243 cr), approved | 5.85 cr | ₹41.60 | Corinth Investment Holdings AG. No evidence it was allotted. |
| 30 Mar 2022 | Warrant conversion | 2.8 cr | NA | Promoter 34.54% to 38.38%. Shares 45.0 to 47.8 cr. |
| FY23 | Share count rose with allottees not identified | +3.3 cr | NA | Shares 51.1 cr. Promoters gained only about 1.2 cr of these. Filing not found. |
| 1 to 5 Aug 2024 | QIP (₹200 cr, 1.68x subscribed) | 3.68 cr | ₹54.37 | 14 institutions. Promoter 38.22% to 35.65%. |
| Shares outstanding now | 54.80 cr | |||
Shares rose from 44.98 cr to 54.80 cr, about 22%. Promoter warrant conversions and the QIP explain most of it. Promoter holding of 38.38% in Mar 2022 and 38.22% in Mar 2023 implies about 18.3 cr and 19.5 cr promoter shares, so roughly 2.1 cr of the FY23 increase went to non-promoter allottees not identified in sources. No 5.85 cr Corinth allotment is visible in the share count, but a partial or different allotment is not ruled out. These are inferences from share counts. Promoter holding has been 35.65% with no pledge since Sep 2024. ESOP overhang: Not Available. [Fact]
Credit rating and lenders
Infomerics IVR A- / Stable on ₹225 cr of long-term bank facilities (22 Aug 2025). No CARE, ICRA or India Ratings rating was found. FY25 gearing 0.09x, interest coverage 21.6x, debt service cover 16.3x. Weaknesses cited: API margin pressure, heavy dependence on legacy APIs, raw material price volatility and regulatory risk. [Fact]
| Lender | Facility | Terms |
|---|---|---|
| Qatar National Bank | ₹50 cr short-term (May 2025) | Secured. Personal guarantee of Sushil Suri. |
| Woori Bank | ₹50 cr term loan (Feb 2026) | Unsecured. Personal guarantee. |
| KEB Hana Bank | ₹30 cr term loan (Mar 2026) | Unsecured, 7.30%, 3 years |
| Shinhan Bank | ₹30 cr term loan (Apr 2026) | Unsecured, 7.60%, 36 months, personal guarantee |
| Kotak Mahindra Bank | ₹99 cr | Fully repaid 2 Mar 2026 |
Outstanding loans were ₹182.6 cr in April 2026 on the company's own filing. Funding has moved from secured Indian bank working-capital lines to unsecured foreign-bank term loans backed by the chairman's personal guarantee. Maturity ladder and covenants: Not Available. Earlier history: fixed-deposit default in 2002 and restructuring of ₹757 cr of debt in 2007.
Key balance-sheet risks
- Cash conversion is weak (0.44 of PAT across three years). [Est.]
- Borrowings roughly doubled in FY26 to fund capex while free cash flow stayed negative. [Fact]
- Q1 FY27 profit will lift RoE, but trailing RoE is still only 5 to 8%. [Fact]
Management, Promoters & Governance
Sourcing note. The FY26 annual report could not be opened. Related-party amounts, committee attendance, director ages and FY26 pay were Not Available — not found. [Fact]
Promoter family
| Person | Role | Notes |
|---|---|---|
| Sushil Suri | Chairman and Managing Director | B.Sc., chartered accountant. Managing Director since Oct 2000. Re-appointed 20 Oct 2026 to 19 Oct 2029, with 1.65% institutional votes against. Holds about 1.0% directly. Personally guarantees ₹130 cr of recent bank loans. |
| Sanjay Suri (brother) | Managing Director from 1 Jul 2026 | With the company since 1987. Term to 12 Aug 2028. Approved with 99.99% votes. |
| Anubhav Suri | Head, Medical Devices | Received 9% of Morepen Medipath in May 2026. Price not disclosed. |
| Kushal Suri | President, International Growth (from 2025) | Also executive director at Blue Coast Hotels. |
| Varun Suri | Promoter-group shareholder | Directs family hospitality companies. Holds about 0.56%. |
Promoter entities include Liquid Holdings Pvt Ltd (0.91%) and Brook Investment & Financial Services. Whether Blue Coast Hotels (Park Hyatt Goa) sits in the formal promoter group is not confirmed.
Track record. The company defaulted on fixed deposits in 2002 and restructured ₹757 cr of debt across 43 lenders in 2007. A 2009 court-approved scheme offered depositors equity worth 75% of principal at ₹11.32. Uptake was low: the company told the Delhi High Court in 2023 that only 4,953 of 32,927 eligible holders had come forward. SEBI barred the company in 2019 over a 2003 GDR, citing a charge agreement signed by Sushil Suri. The Securities Appellate Tribunal reversed this in April 2021, mainly on a 14-year delay, and found no diversion of funds. SEBI dropped the case against Suri in May 2021. [Fact]
Key managers
| Role | Name | Note |
|---|---|---|
| CFO | Ajay Kumar Sharma | In role since at least 2018 |
| Company Secretary | Vipul Kumar Srivastava | Compliance officer |
| COO, API | Amita Sharma | Since Mar 2024 |
| VP Operations, API | Naresh Sharma | Resigned 5 May 2025 |
| GM Process Engineering | Bhola Prasad | Resigned 6 Jul 2026 |
Board
| Director | Category | Term |
|---|---|---|
| Sushil Suri | Executive, promoter | To Oct 2029 |
| Sanjay Suri | Executive, promoter | To Aug 2028 |
| Praveen Kumar Dutt | Independent | To Aug 2029 |
| Dr. Savita | Independent, woman director | To Jun 2030 |
| Ranjit Khattar | Independent | Appointed Aug 2024, five years |
| Sharad Jain | Independent | To Aug 2029 |
Six directors: two brothers and four independents. Three independents left on 18 Sep 2024 after completing second terms, and another director resigned on 29 Jul 2024 for "personal priorities". Backgrounds of the independents were not found.
Shareholding trend
| Quarter | Promoter | FII | DII | Public / other |
|---|---|---|---|---|
| Sep 2025 | 35.65% | 1.62% | 1.50% | 61.21% |
| Dec 2025 | 35.65% | 1.62% | 1.25% | 61.46% |
| Mar 2026 | 35.65% | 1.58% | 1.25% | 61.50% |
| Jun 2026 | 35.65% | 1.46% | 1.28% | 61.60% |
| Sep 2026 | 35.65% | 3.43% | 1.67% | ~59% |
- Promoter pledge: nil in every period found. Promoter shares have not changed in nine quarters. [Fact]
- Insider and SAST disclosures in the last 24 months: none found. Bulk and block deals: Not Available. [Fact]
- FII holding doubled in the September 2026 quarter, but from a very low base. [Fact]
- Sources split "public" and "other" differently, so the last column is approximate.
Related-party and structural transactions
| Transaction | Detail |
|---|---|
| Devices slump sale to Morepen Medipath | ₹197.1 cr, effective 1 Apr 2026. Deadline extended at the 26 Sep 2026 AGM. Promoters abstained. Institutions voted 99.37% against. |
| Medipath shares to Anubhav Suri | 1.62 lakh shares on 20 May 2026. Morepen's stake fell from 60% to 51%. Price not disclosed. |
| Dr. Morepen Ltd | Stake cut from 80% to about 20% on 31 Jul 2025 through a share swap with owners of Groom Town Pvt Ltd. Parent booked a ₹25.8 cr gain. Groom Town's owners not found. |
| Bimedical FZE joint venture | 50:50 at Medipath level, Morepen's indirect stake 30%. Declared a related party. |
| Counterparty-wise amounts FY24 to FY26 | Not Available — in the unopened annual report |
Auditors
- Statutory auditor: S.P. Babuta & Associates, appointed Sep 2022 for five years. Opinions FY24 to FY26 were unmodified. [Fact]
- The 2009 share allotment to fixed-deposit holders is still a Key Audit Matter in FY25. [Fact]
- Secretarial auditor PD and Associates. Cost auditor Vijender Sharma & Co. No auditor resignations found. [Fact]
Subsidiaries and group structure
| Entity | Holding | Purpose / status |
|---|---|---|
| Dr. Morepen Ltd | 19.96% | Consumer and OTC. Deconsolidated 31 Jul 2025. |
| Morepen Medipath Ltd | 51% | Devices vehicle. Was Morepen Medtech Ltd. |
| Morepen Devices Ltd | 100% | Purpose not found |
| Morepen Rx Ltd | 100% | Branded formulations. Capital infused Aug 2026. |
| Morepen Bio Inc. (USA) | 100% | Purpose not found |
| Morepen Labs FZCO (Dubai) | 100% | Trading, formed June 2025 |
Subsidiary revenue and profit contribution are Not Available. No acquisitions were found.
Governance red flags [Analyst View]
- Family control. Two brothers run the company, two relatives hold senior roles, and the rest of the board is four independents.
- Value moving to insiders. The consumer brand and part of the devices business moved out through related-party steps, and institutions voted against.
- Capital raises that did not complete. Promoter warrants lapsed and were repriced. The ₹243 cr Corinth investment appears not to have been allotted. ₹13.56 cr of QIP money is still unspent.
- Contingent liabilities. One source shows a jump from about ₹18 cr to ₹335 cr in FY26. This is single-source and the breakdown is not found.
- Funding. Unsecured foreign-bank loans rest on the chairman's personal guarantee.
- Offsets. No pledge, unmodified audits, clean USFDA record and a first dividend.
Supply Chain
Thin disclosure. Named suppliers, China share of inputs, top-10 customer concentration and contract tenors were Not Available — not found. What follows is what the sources do show. [Fact]
Value chain
Where pricing power sits. It sits with the buyers of commodity APIs and with the Chinese suppliers of intermediates. Morepen is squeezed between the two on legacy molecules. CDMO contracts and the consumer-facing devices brand are the places where Morepen can hold price. [Analyst View]
↑ Upstream: what Morepen depends on
| Item | Finding |
|---|---|
| Import dependence | Key intermediates for Atorvastatin are imported from China. India sources about 70% of its API needs from China (company filing). |
| Named inputs | Import records show acetonitrile from China and high-purity MTBE from Dor Chemicals, Israel. Low-grade evidence. |
| Localisation effort | Collaboration with Cambrex (Germany) on enzymatic routes to Atorvastatin intermediates. |
| Devices inputs | Glucometer described as fully backward-integrated. Strips with a Korean partner. China and Taiwan import share not found. |
| Risk flagged | The rating agency cites raw material price volatility and dependence on legacy APIs. |
| Supplier concentration, pass-through, energy costs | Not Available |
↓ Downstream: who depends on Morepen
| Item | Finding |
|---|---|
| Customers | Global generic formulators in 75 to 80+ countries. Europe 44% and USA 18% of FY26 API exports. |
| CDMO customer | One unnamed global pharma company. ₹825 cr over 12 to 15 months, supplies subject to customer schedules. |
| Devices customers | Diabetes patients through chemists and e-commerce. About 13 to 14 million glucometers installed. Repeat strip purchases drive revenue. |
| Concentration and tenors | Not Available — not disclosed |
The CDMO mandate is the largest single customer exposure in the company's history, and it is undisclosed. If the customer delays orders, the Q1 FY27 margin gain could reverse. [Analyst View]
Competitive Position
Incomplete peer data. Only one peer (Neuland Labs) was found with matched ratios. Aarti Drugs, Supriya, Granules, Ipca, Divi's and others were Not Available — search budget exhausted. [Fact]
Peer snapshot
| Company | Market cap (₹ cr) | P/E | RoE | RoCE |
|---|---|---|---|---|
| Morepen Labs | 6,660 to 7,008 | 47 to 63x | 5 to 8% | 8 to 10% |
| Neuland Labs | 29,217 | 58.7x | 28.5% | 27.5% |
| Other peers | Not Available | |||
Morepen is priced at a multiple similar to Neuland's but earns a fraction of the returns on equity and capital. The valuation is paying for future CDMO earnings, not current returns. [Analyst View]
Competitors by business
| Business | Competitors found | Structure |
|---|---|---|
| Loratadine API | 24 suppliers listed, 16 Indian (Zydus and Tagoor among them) | Crowded, price-driven |
| Montelukast API | Dr. Reddy's, Aarti Pharmalabs, Aurobindo, Cipla and Chinese makers | Crowded |
| Glucometers | Roche (Accu-Chek), Abbott, Ascensia, LifeScan. Morepen sells at roughly half the Accu-Chek price. | Concentrated brand contest |
| CDMO | Not Available | Fragmented in India |
Industry
- India API market: about US$14.2 bn in 2025, growing near 7.7% a year (Mordor). Another estimate puts it at US$4.4 bn. Definitions differ. [Fact]
- India imported US$4.35 bn of APIs and key starting materials in FY25, with China 73 to 74%. [Fact]
- Bulk-drug PLI scheme: ₹6,940 cr outlay. Morepen was not found among beneficiaries. [Fact]
- India blood glucose monitoring market: about US$231 mn in 2025, growing 5.7% a year, with strips about half of value. Continuous glucose monitors are a longer-term substitute. [Fact]
Five forces [Analyst View]
| Force | Strength | Reason |
|---|---|---|
| Rivalry | High | Many suppliers per molecule, and the rating agency flags API margin pressure. |
| Buyer power | High | Generic makers buy on price. The CDMO buyer is single and large. |
| Supplier power | Medium | Reliance on Chinese intermediates. |
| New entrants | Medium | Regulatory filings and clean inspections are a real barrier, but capital is available. |
| Substitutes | Low to medium | Molecules have few substitutes. CGMs may erode strips over time. |
Moat durability
Moderate for APIs and weak for devices against global brands. It could improve if CDMO adds a second customer and a long-term supply agreement. [Analyst View]
Risks & Red Flags
| Risk | Category | Severity | Explanation | Mitigant |
|---|---|---|---|---|
| CDMO concentration | Business | High | The ₹825 cr mandate comes from one unnamed customer. Supplies are subject to the customer's schedules. Q1 FY27 margin gain relies on it. | Four clean USFDA inspections; capacity ahead of plan; first dispatches on time. |
| Margin durability | Financial | High | OPM was 5 to 10% for six quarters, then 14.5%. A rating agency flags API margin pressure and legacy API dependence. | CDMO mix; management says it is "restoring API profitability". |
| Weak cash conversion | Financial | High | Operating cash flow was about 44% of PAT over FY24 to FY26. Free cash flow negative for three years. [Est.] | Low leverage (net debt to equity 0.06). |
| Valuation | Financial | High | Stock rose about 4x from ₹37.81 in April to the ₹150.80 peak on 7 Oct, then fell 19%. About 47 to 63x trailing earnings and 5.4x book. | Annualised Q1 FY27 profit would imply about 30x. |
| Related-party restructuring | Governance | High | Dr. Morepen deconsolidated; Medipath shares to a promoter relative; institutions voted 99.37% against the hive-off extension. | Arm's-length valuation per company; independent director approval. |
| Promoter family control | Governance | Medium | Two brothers on the board with relatives in senior roles. Three independents left on one day in Sep 2024. | Four independent directors; no pledge. |
| Legacy conduct | Governance | Medium | 2002 deposit default, 2007 debt restructuring, 2019 SEBI order. Criminal cases on deposits were pending in 2023. | SEBI order reversed in 2021; deposits settled in equity. |
| Contingent liabilities | Regulatory | Medium | One source shows ₹335 cr in Mar 2026 against ₹18 cr a year earlier. A ₹117.9 cr GST refund notice is stayed by the High Court. | Stay granted 6 Jan 2026. Breakdown to be verified in the annual report. |
| Environmental compliance | ESG | Medium | National Green Tribunal committee found untreated effluent and heavy metals near the Masulkhana plant. Outcome not found. | Company denies discharge; consent renewed with a zero-liquid-discharge condition. |
| Chinese input dependence | Business | Medium | Key intermediates for Atorvastatin come from China. India imports about 73% of API inputs from China. | Enzymatic-route project with Cambrex. |
| Funding shift | Financial | Medium | Borrowings doubled in FY26. New loans are unsecured foreign-bank term loans guaranteed by the chairman. Only one rating agency. | Rating A-/Stable; coverage 21.6x in FY25. |
| Guidance record | Execution | Medium | Devices target missed; hive-off slipped; 2030 revenue target not restated. | Capacity and CDMO milestones met on time in 2026. |
| Equity dilution | Financial | Low | Share count up about 22% in ten years. No raise since Aug 2024. | Promoter holding flat for nine quarters. |
| Devices competition | Business | Medium | Global brands dominate glucometers. Continuous glucose monitors may erode strips over time. | Price at about half the leading brand; 13 to 14 million installed meters. |
| Key-person dependency | Business | Medium | Operations and strategy rest on the Suri family. Several senior managers left in 2025 and 2026. | Sanjay Suri elevated to Managing Director. |
| Regulatory inspection | Regulatory | Low | A USFDA observation would hit exports and CDMO. | Four consecutive nil-observation inspections in eight years. |
Currency and rates. Currency exposure is large given the export share, but sensitivity was Not Available — not disclosed. Interest rates matter less given low debt. [Analyst View]
Concall Highlights & Guidance
Transcript gap. Morepen files call transcripts on BSE and its own site, but those PDFs could not be opened here. The quarter notes below come from press releases, result pages and secondary summaries. Verbatim analyst Q&A is Not Available — not retrievable. Quotes shown are from company press releases. [Fact]
Quarter by quarter
| Quarter (date) | Headline | Management said |
|---|---|---|
| Q2 FY25 (Nov 2024) | Revenue ₹442.7 cr (+4%), PAT ₹34.9 cr (+64%) | "Morepen 2.0": ₹5,000 cr revenue by 2030. Debt-free. About 20% CAGR needed. Devices to grow 25 to 26% a year. Target 15% blended EBITDA margin. |
| Q3 FY25 (6 Feb 2025) | PAT ₹26.7 cr; US sales down 14%, Europe up 55% | Minimum 10 to 15% growth. Upside "if the Chinese market stabilizes and prices increase". Formulations and OTC to grow at least 25%. |
| Q4 FY25 (13 May 2025) | PAT ₹20.3 cr (−29%) | Transcript filed on BSE. Content not retrievable. |
| Q1 FY26 (6 Aug 2025) | Revenue −6.6%, PAT −70% | "Challenging quarter driven by higher expenses and inflationary pressures." Devices +13%. |
| Q2 FY26 (14 Nov 2025) | PAT ₹41 cr incl. ₹25.8 cr one-off | No commentary found. |
| Q3 FY26 (10 Feb 2026) | Revenue ₹484 cr, devices +44% | No commentary found. CDMO order followed 13 days later. |
| Q4 FY26 (27 May 2026) | Consolidated PAT −23%; company-quoted standalone PAT +69% | Chairman Sushil Suri: evolving "from a traditional API model toward a manufacturing-led platform". Sanjay Suri: scale and mix to "support stronger margins and earnings visibility". FY26 investments "impacted near-term profitability". |
| Q1 FY27 (4 Aug 2026) | Revenue ₹575 cr (+34%), EBITDA margin 15.25%, PAT ₹56 cr | "An important validation of Morepen's transformation journey." Priorities: scale CDMO supplies, "restore API profitability", improve utilisation. |
Guidance versus outcome
| Guidance | Given | Outcome | Verdict |
|---|---|---|---|
| ₹5,000 cr revenue by 2030 | Nov 2024 | FY26 revenue flat. Q1 FY27 run-rate about ₹2,300 cr a year. Not restated in later releases found. | At risk |
| Devices growth 25 to 26% a year | Nov 2024 | FY26 devices +21% (₹598 cr) | Missed |
| Minimum 10 to 15% growth | Feb 2025 | Q1 and Q2 FY26 revenue fell about 6%. Q1 FY27 +34%. | Late |
| 15% EBITDA margin | Nov 2024 | FY26 margins about 5 to 10%. Q1 FY27 reached 15.25%. | One quarter |
| Devices hive-off in 12 to 24 months | Oct 2024 | Original deadline 30 Sep 2025 missed. Extended twice. Institutions voted 99.37% against the latest extension. | Slipped |
| CDMO supplies in 4 to 5 months | Feb 2026 | ₹50 cr dispatched by June 2026 | Met |
| 600 KL reactor capacity by Q2 FY27 | Jul 2026 | 614 KL reached 7 Sep 2026 | Beat |
| About ₹225 cr CDMO supplies in Q2 FY27 | Jul 2026 | Q2 FY27 not yet reported. Expected around 14 Nov 2026. | Pending |
Tone over time [Analyst View]
- Late 2024: expansive. A ₹5,000 cr target and "debt-free".
- Early 2025: confident but hedged, with upside tied to China pricing.
- Mid to late 2025: defensive, then quiet. Little commentary while profits fell.
- 2026: a new story. CDMO and capacity in KL replace the ₹5,000 cr headline.
Contradictions to probe
- "Debt-free" in Nov 2024, yet ₹225 cr of rated bank lines in Aug 2025 and a ₹99 cr loan repaid in Mar 2026.
- Q4 FY26 headline of +69% profit is standalone. Consolidated profit fell 23%.
- Q2 FY26 profit growth of 18% rests on a gain from selling shares in a related-party company.
- The 2030 revenue target has not been restated while the capacity roadmap grew from 1,000 KL to 1,200 KL within two months.
Growth, Outlook & Valuation
Revenue visibility
₹825 crCDMO mandate (US$91 mn), unnamed global pharma
~₹58 crCDMO revenue so far (Q1 FY27; the first ₹50 cr dispatch is part of this)
~₹225 crGuided for Q2 FY27
614 KLReactor capacity, 7 Sep 2026
One customer, one contract. The mandate was awarded on 23 Feb 2026 with execution over 12 to 15 months. The customer and molecule are not disclosed. Supplies are "subject to customer schedules and regulatory/commercial requirements". Book-to-bill and the share of revenue that is contracted are Not Available — not disclosed. [Fact]
Capacity roadmap (Baddi, Himachal Pradesh)
| Milestone | Reactor capacity | Status |
|---|---|---|
| Q4 FY26 | 535 KL | Done |
| 7 Sep 2026 | 614 KL | Done, ahead of the 600 KL target |
| Q2 FY28 | 800 KL | Planned |
| FY29 | 1,000 KL | Planned |
| FY30 | 1,200 KL | Planned |
Capex in rupees for the 800 to 1,200 KL phases: Not Available — not found. The August 2024 QIP earmarked about ₹123 cr for capex, and ₹13.56 cr was still unutilised at March 2026.
New products and markets
- First US ANDA: Sitagliptin tablets, filed 25 Sep 2026. Approval and commercial supply are expected in 24 to 36 months. The US phosphate-salt patent expires in Nov 2026, with paediatric exclusivity to May 2027. [Fact]
- US DMFs filed in FY26: Vortioxetine HBr, Rupatadine Fumarate, Sitagliptin Phosphate, Bempedoic Acid. [Fact]
- European ASMFs registered for Dapagliflozin, Apixaban, Empagliflozin, Rosuvastatin and Linagliptin. [Fact]
- USFDA inspection of the Masulkhana API plant on 17 Apr 2026 ended with nil observations, the fourth clean inspection in a row. [Fact]
Catalysts
Next 12 months
- Q2 FY27 results, expected around 14 Nov 2026. Did the ₹225 cr CDMO supply land?
- Whether the 15% EBITDA margin holds in a second quarter.
- Progress on the devices hive-off and any investor listing plan.
- FY27 cash conversion, after three years of negative free cash flow.
3 to 5 years
- 800 to 1,200 KL capacity and a second CDMO customer.
- US generics from the Sitagliptin ANDA and further DMFs.
- China+1 demand for APIs, which management cites as upside.
- Devices growth at 20%+ with a possible separate listing.
Management guidance and consensus
Numeric FY27 and FY28 guidance beyond the Q2 CDMO figure and the capacity roadmap is Not Available — not found. The ₹5,000 cr by 2030 target from Nov 2024 was not restated in recent releases. Street consensus estimates for FY27 and FY28: Not Available. Only two older broker views were found, and neither is dated. [Fact]
| Source | View | Target | Note |
|---|---|---|---|
| Mangal Keshav | Buy (Jul 2025) | ₹82.5 | 25x FY28E EPS of ₹3.3. Price then ₹63.5. |
| JM Financial | Neutral | ₹58 | Undated, via a retail blog. Unverified. |
| ICICI Securities | Neutral | ₹52 | Undated, via a retail blog. Unverified. |
| MarketsMojo | Strong Sell, now Hold | NA | Quantitative grade, not a broker view. |
All published targets sit well below the current price of about ₹121 to 128. They predate the Q1 FY27 result and the rally.
Valuation (close of 13 Oct 2026, unless stated)
| Metric | Value | Source / note |
|---|---|---|
| Price | ₹121.4 | Kotak Neo. Reported at the 5% upper circuit on 14 Oct (about ₹127.5). |
| Market cap | ₹6,660 to 7,008 cr | Screener, Kotak Neo |
| 52-week range | ₹33.05 to 150.80 | All-time high on 7 Oct 2026 |
| P/E (trailing) | 47 to 63x | Screener 56.7x; Kotak 62.7x; Univest 53.3x; sources differ |
| P/B | 5.4 to 5.8x | Screener, Univest |
| EV/EBITDA [Est.] | ~37x | EV about ₹6,830 cr over trailing operating profit of about ₹184 cr |
| EV/Sales [Est.] | ~3.5x | Trailing revenue about ₹1,951 cr |
| Dividend yield | ~0.16% | ₹0.20 per share for FY26. No buyback found. |
| 3-year average P/E, P/B | NA | Not Available — not found |
| Peer: Neuland Labs | P/E 58.7x, RoE 28.5% | Value Research. Other peers not found. |
+134%1-year return
+311%3-year return
+163%5-year return
−19%From all-time high
What the price assumes. At about ₹121 the stock trades near 47 to 63 times trailing earnings, but trailing profit includes one very strong quarter. Annualising Q1 FY27 profit of ₹56 cr gives about ₹225 cr, which puts the multiple near 30 times. The price therefore needs the 15% margin and the CDMO ramp to persist. Return on equity over the last year was only 5 to 8%. [Analyst View]
Final Verdict
Business qualityMedium
Management qualityWeak to medium
Financial qualityMedium
ValuationExpensive
Overall viewNeutral
Opinion. Morepen has had a real operating step-up, backed by a visible contract and ahead-of-plan capacity. At about ₹121, after a roughly threefold rise from April, the price already assumes the 14.5% margin repeats. Cash conversion, one-customer exposure and related-party conduct argue for waiting on the September quarter and the annual report notes. [Analyst View]
Bull case
- CDMO ramps to about ₹225 cr in Q2 and the contract completes by mid-2027, holding margins above 13%.
- Capacity grows to 800 KL and brings a second CDMO customer, re-rating the company as a manufacturing platform.
- Devices keep growing near 20% and the US Sitagliptin filing opens a generics line.
Bear case
- Q2 CDMO supply falls short of ₹225 cr, margins revert toward 8 to 10% and the multiple compresses.
- Cash conversion stays near 0.4x while capex continues, pushing borrowings higher.
- Related-party moves or the contingent liabilities hurt confidence further.
Base case, 12 to 18 months
Revenue grows 20 to 30% on CDMO and API recovery. Margins settle between 11 and 14%, below the June peak. The stock stays volatile and tracks quarterly CDMO delivery. [Analyst View] This is a judgment, not a forecast, since no consensus estimates were found.
Five things to remember
- June 2026 was a record quarter: revenue ₹570 cr, margin 14.5%, PAT ₹56 cr.
- The ₹825 cr CDMO mandate is from one unnamed customer, with about ₹58 cr of revenue recognised so far.
- FY26 revenue was flat and PAT fell, with a ₹25.8 cr one-off in Q2.
- Operating cash flow was about 44% of profit over three years.
- Institutions voted 99.37% against the devices hive-off extension.
Five questions before investing
- Who is the CDMO customer, for which molecule, and what are the contract margin and cancellation terms?
- How much of the June margin gain came from CDMO versus API pricing?
- Did Q2 deliver the ₹225 cr CDMO supply?
- What makes up the contingent liabilities, and is the jump to ₹335 cr real?
- At what price and to whom were the Medipath shares and Dr. Morepen stake moved?
Sources
What could not be accessed. BSE and NSE disclosure pages, Screener page content, morepen.com pages, Trendlyne, Moneycontrol, Quartr (subscription required) and Financial Modeling Prep (plan too low) could not be read directly. Every source below was reached through web search snippets, except where a document is marked as not opened. Concall transcripts and the FY26 annual report notes were not read. The web search limit of 200 calls per turn was reached. All sources were accessed on 14 Oct 2026. Unresolved items are listed at the end.
Company filings and reports
Financial databases and market data
Quarterly results and concalls
News and corporate events
Ratings, regulatory and legal
Open items and data conflicts
- Q1 FY26 profit appears as ₹10.75 cr (after minority interest) and ₹11.40 cr (before). The +425% and +394% growth figures follow from these two bases.
- FY26 API revenue appears as ₹944.5 cr and ₹982.7 cr on the same source page.
- Trailing P/E ranges from 47x to 63x across sources, depending on date and earnings basis.
- Market cap ranges from ₹6,660 cr to ₹7,008 cr, depending on the price used.
- Credit ratings: only Infomerics A-/Stable was confirmed. One search item suggested a CARE rating in March 2025, but its extract was garbled and it was not used.
- Contingent liabilities of ₹335 cr come from a single source and should be checked against the FY26 annual report.
- Not found: peer data beyond Neuland Labs, concall question-and-answer text, segment profit, consensus estimates, related-party amounts, R&D spend, named customers, and the cause of the 13 Oct 2026 price fall.
- Brokers' targets of ₹52 and ₹58 are undated and come from a retail blog.