Shilpa Medicare Limited has informed the Exchange about Transcript
SHILPAMED · price
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Awaiting price reaction for this filing.
Shilpa Medicare reported its highest-ever quarterly EBITDA of INR98 crores in Q1 FY26, up 18% YoY, on revenue of INR328 crores (9% YoY growth), driven by API and Biologics. Gross margins expanded 700 bps YoY to 76%, helped by better product mix and licensing income, though management cautioned this level is not guided to be sustained. API revenue grew 8% to INR187 crores, Formulations stood at INR98 crores, and Biologics jumped to INR73 crores including INR57 crores in licensing/Orion deal income. Key pipeline updates include first NCE NorUDCA launch planned by October, US FDA EIR for the transdermal patch facility, two CDMO NCE projects set to commercialize in FY27, and albumin Phase III to start by Q4 FY26. The Board has proposed a 1:1 bonus issue to improve liquidity, and the CFO confirmed replacement of high-cost NCD of INR75 crores with lower-cost debt to ease interest burden.
Shareholders get a bonus issue (1:1) and a record quarterly performance with strong growth visibility from multiple NCE launches and CDMO wins, which should support the stock. However, the high Q1 margins and Biologics revenue were lifted by one-time licensing income from the Orion deal, so normalization is likely in coming quarters; the stock may react positively but with some caution on sustainability of margin peak.