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Shilpa Medicare Ltd
NSE:SHILPAMED

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Shilpa Medicare Ltd
NSE:SHILPAMED
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Price: 412 INR -0.53% Market Closed
Market Cap: ₹80.6B

Shilpa Medicare Ltd
Investor Relations

Shilpa Medicare Ltd. engages in the manufacturing of pharmaceutical product and wind power generation. The company is headquartered in Raichur, Karnataka. The firm is engaged in manufacturing active pharmaceutical ingredients (APIs), formulation and development service. The company is focused on new drug delivery systems, peptides/biotech products and specialty chemicals. The Company’s product range include oncology and non-oncology APIs, oncology formulations, biosimilars, ophthalmic, oral dissolving films, biochemical diagnostics, organic intermediates, pilot and production scales and transdermal patches. The company supplies oncology/non-oncology APIs and intermediates. Its oncology APIs products include Capecitabine, Gemcitabine Hydrochloride, Axitinib, Erlotinib Hydrochloride and Irinotecan Hydrochloride for various regulated markets including USA, Europe, Japan, South Korea, Russia, Mexico, Brazil, and other emerging markets. Its non-oncology APIs products include Ambroxol (Mucolytic agent) in Europe and Tranexmic Acid and Ursodeoxycholic acid in India.

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SHILPAMED
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Last Earnings Call
Fiscal Period
Q3 2026
Call Date
Feb 6, 2026
AI Summary
Q3 2026

Record Revenue & Profit: Shilpa Medicare reported its highest ever quarterly revenue of INR 411 crores, up 28% year-on-year, and highest ever quarterly EBITDA of INR 115 crores, up 41%.

Margin Expansion: Gross margin for the quarter stood at 68%, and EBITDA margin improved to 28% from 26% last year, driven by strong operating leverage.

Strong Formulation Growth: Formulation revenues grew 50% year-on-year to INR 177 crores, with the base business (excluding licensing) up 104% quarter-on-quarter.

International Traction: European formulation sales rose sharply, with Nilotinib showing strong volume growth and limited competition.

Pipeline Progress: Major R&D and product launches across APIs, biologics, peptides, and formulations—including NorUDCA, Rotigotine patch (EU launch in FY '27), and new oncology APIs.

Positive Outlook: Management expects continued growth across all verticals, with major contributions from Biologics and Formulation in FY '27 and improving ROCE.

CapEx & Debt: Ongoing strategic CapEx (~INR 87 crores in Q3) is funded mostly via internal accruals; net debt stands at INR 625 crores, with no plans to increase borrowings.

Key Financials
Revenue
INR 411 crores
9 Months Revenue
INR 1,110 crores
Gross Margin
68%
9 Months Gross Margin
71%
EBITDA
INR 115 crores
EBITDA Margin
28%
9 Months EBITDA Margin
29%
PAT (Quarter)
INR 55 crores
PAT (9 Months)
INR 146 crores
CapEx (Q3)
INR 87 crores
Net Debt
INR 625 crores
Adjusted ROCE (9M FY '26)
over 17%
API Revenue (quarter, including captive)
INR 243 crores
Non-captive API Revenue (quarter)
INR 186 crores
Formulation Revenue (quarter)
INR 177 crores
European Formulation Revenue (quarter)
INR 73 crores
Formulation Base Business Revenue (quarter, ex-licensing)
INR 146 crores
Licensing Income (annual run-rate)
INR 150 crores
Other Earnings Calls

Management

Mr. Vishnukanth Chaturbhuj Bhutada B. Pharm
MD & Director
No Bio Available
Mr. Alpesh Maheshkumar Dalal
Chief Financial Officer
No Bio Available
Mr. Sharath Reddy Kalakota M.Pharma
VP of Projects & Operations and Whole-Time Director
No Bio Available
Ms. Ritu Tiwary
Company Secretary & Compliance Officer
No Bio Available
Dr. Jayant Karajgi
Chief Operating Officer of Formulations
No Bio Available
Dr. Ganeshchandra Sonavane
President of Global R&D
No Bio Available
Mr. Rajeev Saxena
Senior Vice President ? Domestic Formulations and Biologics
No Bio Available
Mr. Abhay Sapre
Senior Vice President of Formulation
No Bio Available
Ms. Smita Holey
Executive Vice President ? Formulations for Small Molecules
No Bio Available
Mr. Awez Mohinuddin Pathan
Vice President
No Bio Available

Contacts

Address
KARNATAKA
Raichur
#12-6-214/A1,, Hyderabad Road,
Contacts
+918532238704
www.vbshilpa.com
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