Investor Presentation for the period - Q4FY26
SHILPAMED · price
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Shilpa Medicare reported its highest-ever annual revenue of INR 1,549 crores in FY26, growing 18% YoY, with EBITDA at INR 445 crores (+30% YoY) and EBITDA margin expanding by ~300 bps to 29%. Q4 FY26 was the strongest quarter on record with revenue of INR 439 crores (+30% YoY) and EBITDA of INR 121 crores (+40% YoY). Gross margins improved to 70% driven by favorable product mix and vertical integration of API into Formulations. Adj. PAT for FY26 was INR 232 crores (+135% YoY). The company highlighted significant operating leverage ahead as underutilized gross block across high-margin divisions (Biosimilar, CDMO, NDDS) scales up. Key pipeline products including NorUDCA (launched in India), Rotigotine Transdermal Patch (EU approval received, US filing completed), and Semaglutide (validation completed) are on track. Biologics pipeline includes 8 biosimilar programs including Adalimumab and Aflibercept. Recombinant Human Albumin Phase 3 trials to start in 1HFY27 with a Europe partnership with Orion Corporation. Adjusted ROCE improved to 17.4% in FY26 from 9.3% in FY24.
Strong execution across all business segments with margin expansion signals operating leverage kicking in; the robust pipeline of novel, complex generic, and biologics products positions Shilpa for sustained multi-year growth, with near-term catalysts from multiple FY27 launches.