NSE: SHILPAMED · BSE: 530549
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. APIs, Formulations, Biologics. Diversified pharma platform spanning complex APIs, specialty formulations, biologics and ADCs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,146 | 1,050 | 1,152 | 1,286 | 1,539 |
| EBITDA (ex other income) | 209 | 102 | 251 | 289 | 464 |
| margin % | 18.2 | 9.7 | 21.8 | 22.5 | 30.2 |
| Owners' profit | 61 | (32) | 0 | 0 | 243 |
| EPS, as reported (₹) | 7.26 | (3.74) | 3.67 | 8.04 | 12.44 |
| ROE % · ROCE % | 3.3 · 6.3 | (1.8) · 1.1 | 1.8 · 6.3 | 3.3 · 7.6 | 9.4 · 12.4 |
| Debt / equity (x) | 0.38 | 0.45 | 0.52 | 0.25 | 0.25 |
| Cash from operations | 105 | 226 | 135 | 132 | 342 |
| Capex | (332) | (273) | (185) | (244) | (371) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 344 | 319 | 331 | 321 | 370 | 410 | 437 | 466 |
| Profit before tax | 37 | 41 | 13 | 50 | 65 | 61 | 120 | 92 |
| Net profit | 18 | 32 | 15 | 47 | 44 | 45 | 108 | 101 |
| EPS (₹) | 1.83 | 3.25 | 1.48 | 4.79 | 2.25 | 2.36 | 5.51 | 5.16 |
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) | 59.5 | 30.1 | 128 of 158 | 19% |
| P/B | 6.9 | 3.0 | 138 of 163 | 15% |
| ROCE | 10.3 | 10.8 | 96 of 183 | 48% |
| ROE | 9.4 | 9.8 | 86 of 166 | 49% |
| Debt / Equity | 0.3 | 0.2 | 106 of 166 | 36% |
| EBITDA margin | 29.9 | 17.5 | 36 of 165 | 79% |
| Revenue growth | 44.9 | 16.3 | 23 of 161 | 86% |
| Profit growth | 115.2 | 30.9 | 35 of 158 | 78% |
| Market cap | 17794 | 810 | 30 of 181 | 84% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Europe GMP approval for Shilpa Medicare Unit 4 in Jadcherla, Telangana | business updates | high | — | — |
| 7 Oct 2026 · Routine compliance certificate on dematerialisation for Sep 2026 quarter | compliance | minimal | — | — |
| 26 Sept 2026 · Promoter group releases pledge on 30 lakh shares (1.53%) | ownership changes | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Shilpa Medicare assigned CRISIL ESG score of 59 | credit debt | medium | — | — |
| 22 Sept 2026 · Shilpa Medicare to attend Nuvama Emerging India CEO Forum on Sept 28 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · USFDA inspection at Shilpa Hyderabad Unit VII ends with one procedural observation | regulatory legal | medium | — | — |
| 12 Sept 2026 · Shilpa Medicare 39th AGM results: all 5 resolutions passed, Rs 0.60 dividend | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Shilpa Medicare gets SEC nod for OERIS injectable marketing authorization | business updates | high | — | — |
| 11 Sept 2026 · 39th AGM held via video conferencing; five ordinary resolutions transacted | board shareholder meetings | 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.