Morepen Laboratories LimitedNSE: MOREPENLAB

Q1'FY27 Investor Presentations

· Issued by Morepen Laboratories Limited

‌Building Today. Transforming Tomorrow.‌‌‌‌

Q1'FY27 Investor Presentation

Advancing Chemistry. Creating Possibilities.

Discovery. Development. Delivery. 1



‌Q1 FY27 - A Quarter of Commercial Validation

Rs. 575 Cr

Highest Ever Quarterly Revenue

3x EBITDA

Highest Ever Quarterly EBITDA- 3x YoY

Rs. 825 Cr

CDMO mandate enters commercial supplies

15%+ EBITDA

Blended EBITDA improves

Export +111%

Prioritisation of the customer mix

Medical Devices

Maintain strong growth

Commercial validation of the Morepen 2.0 strategy. 2



‌Financial Performance Reflects Operating Leverage

(YoY)

+34%

Rs. 575.31 Cr

Revenue

+207%

Rs. 87.72 Cr

EBITDA

+394%

Rs. 56.35 Cr

PAT

15%+

EBITDA Margin

31%

API Growth

19%

Devices Growth

Rs. 58 Cr Commercial CDMO Dispatches

Performance driven by operational execution. 3



‌From Commodity APIs to Innovation-led Manufacturing

Old Morepen

New Addition

Commodiity API busiiness

Innovation-led

Commodiity priiciing

CDMO

Long-duration

Quarterlly vollatiilliity

Recurring

Transactiion-based

busiiness

Predictable

Vollatiille earniings

Scalable

Morepen 2.0

manufacturing Long-duration

customer programs

earnings

operating platform

Transitioning from APIs to strategic manufacturing. 4





‌The CDMO Journey Has Entered Commercial Scale‌

Development

Customer Audit

Validation

Order Received

Commercial Production

Commercial Dispatched



Why This Is More Than Just One Order

Long-duratiion customer programme Recurriing revenues

Hiigher margiins

Glloball Pllatform valliidatiion



5



‌Operating Leverage Begins

Rs. in Crores, except margin

Revenue

Q1'FY26 Q1'FY27

429.64

0

100

200

300

400

500

600

575.31

+34% EBITDA PAT

Q1'FY26 Q1'FY27

0 10 20 30 40 50 60

EBITDA Margin

Q1'FY26

6.65%

2.3X

Q1'FY27

15.25%

Q1'FY26 Q1'FY27

87.72

0 20 40 60 80 100

0 5 10 15 20

28.58

11.41

56.35

+207% +394% +111%

Export Revenue

Performance driven by operational execution.

6



‌API Business Returns to Healthy Profitability‌

Core API franchise stabilising while CDMO becomes the next growth layer.

31% API Growth API Export Up 42%

Healthy recovery in the base business

Better product mix with customer priortisation

Improved Profitability

Better operating discipline and product mix

Capacity Realignment

Selective prioritisation. toward higher-value opportunities

A stronger API base supports the transition to a higher-quality CDMO platform. 7





‌Regulatory Track Record

Global audit readiness

GMP-compliant manufacturing

Quality systems supporting CDMO scale-up

Nil 483 Observations - 4 USFDA inspections in a row



Quality credibility is a core enabler of long-term global partnerships. 8



‌Building The Next Phase of Growth

Capacity Augmentation

Scaling Capacity to Meet Global Demand

Global Partnerships

Built for Global Pharmaceutical Partnerships



Capability Scaleup

Innovation & Technology Roadmap Ahead

Global Compliance

Responsible Manufacturing for Global Partnerships



Four strategic pillars supporting Morepen's next phase of CDMO-led growth. 9



FY30

1200 KL

Phase-4 Expansion

Phase-3 Expansion

FY29

1000 KL

Q2-FY28

800 KL

Phase-2 Expansion

Phase-1 Expansion

Q2-FY27

600 KL

Q4-FY26

535 KL



‌Scaling Capacity to Meet Global Demand

10



Expanding manufacturing capacity to support larger global CDMO opportunities.





Built for Global Pharmaceutical Partnerships

ESG K Sustainability

Global Quality K Regulatory Systems

Global Supply Network

Morepen

Process K RKD Expertise

Reliable Execution Integrated Manufacturing

Trusted by global pharmaceutical companies for science, quality and reliable execution. 11



‌Innovation & Technology Roadmap

Emerging:

Olliigos & New Modalliittiies Speciialltty APIIs

Diiffffiiculltt-tto-Make Molleculles

Today:

Smallll Molleculles Process Chemiisttry

Commerciiall APIIs & CDMO

Future Direction:

New Technollogiies & IInnovattiions Sellecttiive,, Capabiilliitty-Led Expansiion

Next:

Compllex Chemiisttry Advanced IInttermediiattes Hii-Pottency APIIs

Building scientific depth for long-term CDMO growth. 12



‌Responsible Manufacturing for Global Partnerships

Global Compliance: GMP systems Customer audiits Regullatory diisciiplliine

Sustainable Operations: Zero Liiquiid Diischarge Sollar iiniitiiatiives

Clleaner manufacturiing

Responsible Supply: 90+ countriies served Export readiiness

Relliiablle delliivery systems

Business Continuity: Resiilliient iinfrastructure Riisk miitiigatiion

Long-term customer confiidence

Sustainability-led operations supporting long-term global growth. 13



14





‌Medical Devices: A Scalable Healthcare Platform‌

High-growth chronic-care platform with recurring consumables revenue.

Blood Glucose Meter

20 Mn installed base 500 Mn strips per annum

Blood Pressure Monitor

Strong brand presence + distribution reach

Consumables Engine

Recurring usage, better margin visibility

CGM / Premium Devices

Future growth and portfolio upgrade

Expanding from devices to a chronic-care health platform. 15





‌Investment Highlights‌

Commercial validation, operating leverage and multiple growth engines.

Rs. 825 Cr

CDMO mandate entered commercial supply

Rs. 58 Cr

Commercial dispatches completed

Rs. 575 Cr

Highest-ever quarterly revenue

EBITDA

EBITDA up 3x YoY;

margin at 15%+

+31%

API business back to healthy profitability

Validated

Regulatory track record supports global partnerships

1200KL

Capacity expansion roadmap: 600 KL to 1200 KL

+19%

Medical Devices provides a second scalable growth engine

A stronger, more focused Morepen platform built for long-term value creation.

16





‌Outlook: Building the Next Phase of Growth‌

Commercial execution, capacity expansion and platform depth to drive the next phase.

Near Term

Commercial CDMO supplies API profitability recovery Capacity utilisation

Medium Term

Capacity augmentation

New customer opportunities Operating leverage

Long Term

Innovation-led manufacturing Global partnerships Sustainable value creation



Advancing Chemistry. Creating Possibilities.

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‌Safe Harbour Statement

This presentation has been prepared by Morepen Laboratories Limited ("Morepen" or the "Company") for informational purposes only and does not constitute an offer, invitation, recommendation, or solicitation to purchase or subscribe to any securities.

Certain statements contained in this presentation may be forward-looking statements, including statements relating to the Company's business strategy, growth plans, manufacturing expansion, regulatory developments, market opportunities, future financial performance, operating leverage, and industry outlook. These statements are based on current expectations, assumptions, estimates, and projections and are subject to various risks and uncertainties.

Actual results may differ materially from those expressed or implied due to factors including, but not limited to, changes in market conditions, the regulatory environment, customer demand, competitive intensity, pricing pressures, supply chain dynamics, currency fluctuations, technological changes, and other risks associated with the pharmaceutical and healthcare industries.

The information contained herein has not been independently verified. While reasonable care has been taken in preparing this presentation, the Company makes no representation or warranty, express or implied, as to the accuracy, completeness, or reliability of the information contained herein.

The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this presentation to reflect subsequent events or circumstances.

This presentation should be read in conjunction with independent analysis and professional judgment.

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