BSE: 543963
SHELTER PHARMA LIMITED
Makes and sells Ayurvedic and herbal healthcare products in two streams — human healthcare (45% of revenue) and veterinary/animal healthcare (55%) — across a portfolio of roughly 300 formulations from a manufacturing facility in Himatnagar, Gujarat. Revenue of ₹73.13 Cr in FY26 came from distribution across more than 15 Indian states and from exports to 8 countries including UAE, Kuwait, Iraq, Qatar, Nepal, Bangladesh, Mauritius, Yemen and Sudan, with export revenue at ₹6 Cr (up 164% YoY). Distribution is being expanded through government procurement channels (state schemes, CSD, CGHS, KPKB) and a sales team that the company targets to double from about 80 people in the next two years. Materials (raw herbs, packaging and formulations inputs) are the dominant cost, eating 76% of revenue, with employee cost at 2.5% and other operating expenses at 4.1%. A second manufacturing facility near Ahmedabad (capex of ₹12-15 Cr, land already acquired for ₹2.5 Cr) is set to start installations from CY2027, and management has guided to an FY30 revenue target of ₹200 Cr. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Veterinary / animal healthcare products (55%), Human healthcare products (45%). Asset-light Ayurvedic formulations maker, zero-debt, expanding capacity and distribution
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 40 | 51 | 73 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 5.36 | 6.26 | 6.58 |
| ROE % · ROCE % | — · 22.9 | — · 22.4 | — · 16.0 |
| Debt / equity (x) | — | — | — |
| Cash from operations | (2) | 5 | (12) |
| Capex | — | (3) | (2) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 19 | 21 | 24 | 27 | 33 | 40 |
| Profit before tax | 4 | 4 | 5 | 5 | 6 | 6 |
| Net profit | — | — | — | — | — | — |
| EPS (₹) | 2.68 | 2.70 | 3.06 | 3.20 | 3.89 | 2.69 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.2 | 30.1 | 2 of 158 | 99% |
| ROCE | 15.8 | 10.8 | 56 of 183 | 70% |
| Revenue growth | 92.4 | 16.3 | 10 of 161 | 94% |
| Market cap | 69 | 810 | 143 of 181 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Promoter Converts 4.65 Lakh Warrants Into Equity Shares | fund raising | high | — | — |
| 16 Oct 2026 · Board approves conversion of 465000 warrants into equity shares | fund raising | medium | — | — |
| 10 Oct 2026 · Compliance certificate for share demat filed for quarter ended Sep 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Independent Director regularization approved by shareholders at AGM | management changes | medium | — | — |
| 29 Sept 2026 · Shelter Pharma 19th AGM: All 7 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Shelter Pharma 19th AGM held, voting results awaited within 48 hours | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed for insiders till H1 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · Positive doctor's review received for healthcare products | business updates | low | — | — |
| 22 Sept 2026 · Export order worth USD 10,150 from Berlin International Company for nutraceutical product | business updates | high | — | — |
| 18 Sept 2026 · Shelter Pharma to showcase products at Ayurveda exhibition in Jaipur | business updates | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.