Morepen Laboratories Limited

What to Watch

• EarningsNet profit fell about 20% in FY26 (consolidated: ₹118 cr → ₹94.9 cr). Watch margins and one-off items in the next filing.
• MarginsOperating margin is thin at 4.9%, leaving limited buffer against input cost volatility. Watch gross margin and cost lines in the next results.
• Cash FlowOperating cash flow was only 0.3× reported net profit in FY26 (consolidated), a divergence worth watching for receivables or inventory build-up.
• ValuationShare price has risen ~50% annualised over three years against ~35% profit growth, increasing valuation sensitivity to a growth slowdown.