SHILPA MEDICARE LTD

Manufactures active pharmaceutical ingredients (APIs), finished formulations and biologics, with capabilities spanning complex oncology and non-oncology chemicals, peptides, transdermal patches, biosimilars and antibody-drug conjugates (ADCs). Within formulations, three U.S. 505(b)(2) products are approved and growing; NorUDCA was launched in India during FY26; Rotigotine is set for a European launch in FY27; Abraxane exhibit batches are complete for a planned FY28 launch; and Enzalutamide is targeted for FY27 filing. The biologics stream is running Aflibercept Phase III for an FY27 India launch, has two NBE programs entering Phase I in FY27, and has commissioned an integrated ADC manufacturing suite. A co-development and supply agreement with Orion Corporation covers an intravenous Nivolumab biosimilar for Europe. The CDMO pipeline includes three U.S. NCE programs — the first launched by a partner in Q4 FY26, a second in Phase III, and a Unicycive program awaiting FY27 approval — with licensing income management expects to remain around INR 200 crore in FY27. The Europe formulation business crossed INR 200 crore in FY26 with over 100% year-on-year growth. The biggest cost is raw materials at 30.6% of revenue, followed by employees at 21.8%, other operating expenses at 20.1%, depreciation at 7.8% and capex at 24.1% of revenue. FY26 capex of INR 361 crore was funded by internal accruals, leaving net debt at INR 613 crore.