Morepen Laboratories delivered a sharp performance in Q4 FY26, with net profit surging 69% year-on-year to Rs. 20 crore and gross revenue rising 22% to Rs. 472 crore, powered by export strength and rapid expansion in its Medical Devices business.

 

The company said momentum strengthened in the latter part of FY26, as both its API and devices segments posted solid growth. API revenue rose 17% in the quarter, while the Medical Devices business jumped 31%, underscoring broad-based demand across its healthcare portfolio.

 

For the full year, standalone gross revenue crossed Rs. 1,700 crore, marking an 8% rise, while the board has recommended a 10% dividend for FY26.

 

A key milestone during the quarter was the transition of Morepen’s large CDMO mandate into execution mode. Backed by a Rs. 825 crore (USD 91 million) multi-year contract signed in February 2026 with a global multinational, the company has now begun commercial production under its long-duration manufacturing program. Validation batches have been completed, and phased supplies are expected to commence shortly.

 

Operational scale-up is also underway, with capacity expansion progressing from ~500 KL toward ~800 KL. The company confirmed that its fourth consecutive USFDA inspection was completed with NIL 483 observations, reinforcing its regulatory standing in global markets.

 

EBITDA for the quarter stood at Rs. 32 crore versus Rs. 33 crore in Q4 FY25, as the company continued to invest in manufacturing expansion, regulated-market programs, and its fast-growing Medical Devices segment.

 

Chairman and Managing Director Sushil Suri said the company is entering a new growth phase. “Over the years, Morepen has built strong manufacturing capabilities, regulatory credibility and global customer relationships. We are now entering the next phase of growth focused on long-duration manufacturing partnerships, scale expansion and improved operating leverage.”

 

He added: “The Company’s business is progressively evolving 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.”

 

Executive Director and CEO – API, Sanjay Suri, highlighted the company’s capacity expansion and pipeline progress. “We are expanding manufacturing capacity from ~500 KL toward ~800 KL, with a longer-term roadmap toward ~1000 KL. Increasing scale, improved product mix and long-duration supply programs are expected to support stronger margins and earnings visibility over the medium term.”

 

He also noted progress in specialty development: “The Company has also 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. The study covers major regulated markets outside the US and represents an important step in strengthening Morepen’s globally relevant specialty pipeline.”

 

Alongside pharmaceuticals, the Medical Devices division continued its strong trajectory, posting FY26 revenue growth of 21% to Rs. 598 crore and reaching nearly 17 million repeat users. The business is being positioned as a standalone high-growth platform spanning chronic care, consumer diagnostics, CGM opportunities, and connected healthcare solutions.

 

While profitability was moderated by ongoing investments in scale-up and new platforms, the company said these strategic outlays are aimed at building operating leverage, margin expansion, and stronger long-term earnings visibility.