Morepen Laboratories Limited (MOREPENLAB.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-82.7%

₹17.71

vs ₹102.31 price

Levered DCF

₹13.39

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.38

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	21.5×	22.45×	24.18×	33.51×	16.19×	14.88×	13×	27.81×
P/B	1.64×	2.29×	2.74×	1.72×	2.85×	3.4×	1.54×	3.16×
P/S	1.13×	1.45×	1.37×	0.91×	1.07×	1.23×	0.52×	1.06×
EV / EBITDA	12.61×	14.06×	13.53×	15.17×	11.25×	11.85×	5.62×	11.28×
Gross margin	37.8%	34.4%	36.3%	15.5%	31.2%	33.1%	33.1%	34.0%
Operating margin	4.9%	17.3%	24.5%	3.4%	8.1%	7.9%	4.4%	4.0%
Net margin	5.3%	6.4%	5.7%	2.7%	6.6%	8.3%	4.0%	3.8%
Current ratio	2.37×	2.32×	2.21×	2.35×	1.61×	1.3×	1.06×	0.88×
Debt / equity	0.17×	0.09×	0.03×	0.03×	0.23×	0.32×	0.05×	0.05×
Interest coverage	5.43×	37.86×	112.5×	24.47×	51.75×	51.69×	18.59×	14.44×
Dividend yield	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%
Payout ratio	11.4%	0.0%	0.0%	0.0%	0.0%	0.5%	1.5%	1.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.6%	10.2%	11.3%	5.1%	17.6%	22.9%	11.8%	11.4%
Return on invested capital	4.7%	17.9%	32.5%	4.2%	13.7%	15.4%	7.3%	7.5%
Return on assets	4.9%	6.6%	7.4%	3.5%	9.5%	11.3%	5.1%	4.7%
Free cash flow yield	-7.1%	-3.5%	-0.3%	-10.6%	-7.6%	0.7%	-1.4%	0.7%
Earnings yield	4.7%	4.5%	4.1%	3.0%	6.2%	6.7%	7.7%	3.6%
Enterprise value	₹21.8B	₹27B	₹23.4B	₹13B	₹17.6B	₹15.4B	₹4.4B	₹8B
Net debt / EBITDA	0.8×	0.29×	0.07×	0.04×	0.75×	0.73×	-0×	0.03×
Cash conversion cycle (days)	53	46	31	69	67	44	41	14