• CDMO order execution: Morepen completed ₹58 crore of CDMO shipments in Q1 and expects this to reach around ₹200 crore in Q2, aiming to execute an ₹825 crore order over a 12-month period.
• Margin expansion outlook: Blended EBITDA margins reached 15% in Q1—supported by an API segment margin of around 12% alongside higher-margin CDMO dispatches—and are targeted to move into the high teens.
• Segment growth dynamics: Medical devices continues to expand steadily at a 15% to 20% year-on-year growth rate as a key growth engine alongside CDMO, while finished dosages will remain at a modest scale without near-term expansion plans.
• Annual revenue targets: With existing API capacity optimized and realigned to support CDMO contracts, the company is internally aiming to deliver ₹2,300 crore to ₹2,500 crore in composite top-line revenue.
• Long-term CDMO contribution: Morepen expects to add one to two new CDMO clients over the next 6 to 18 months, with CDMO projected to account for over 70% of total revenue and more than 80% of margins within two years.