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Shilpa Medicare Limited (SHILPAMED)

₹937.60 +1.68% last close, 16 Oct

📊 NSE: SHILPAMED 🏢 Pharmaceuticals - Indian - Formulations 📢 Latest filing: 10 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Shilpa Medicare's revenue was ₹466 Cr (+44.9% year on year, +6.6% on the previous quarter), and net profit ₹101 Cr (+115.2% year on year); the operating margin was 29.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹466	+44.9%	+6.6%
Operating profit	₹136	+48.7%	+13.5%
Net profit	₹101	+115.2%	-6.6%
EPS (₹)	5.16	+115.4%	-6.4%
Operating margin	29.3%	—	—

EPS restated for the 1:1 bonus of Oct 2025: Q1 FY26 ₹4.79 to ₹2.40.

Full quarterly financials → Results calendar →

SHILPAMED delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 42.27% of the SHILPAMED shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.58%. That is close to its usual level.

42.27%Delivery, 16 Oct

42.58%Own 20-session average

0.8×Volume vs its average

₹937.60NSE close · +1.68%

Delivery in the last 5 sessions: 39.3% · 46.7% · 48.4% · 56.6% · 42.3%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Shilpa Medicare Secures Europe GMP Approval for Jadcherla Unit 4 from Austria's AGES

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 10 Oct 2026, 01:18 PM

Shilpa Medicare has received GMP certification from AGES, Austria, for its Unit 4 formulation facility located in Jadcherla, Telangana. The certification follows an inspection conducted between 27 July 2026 and 30 July 2026. The facility manufactures sterile injections as well as non-sterile tablets and capsules for European and global markets. This clearance supports the company's stated strategy to expand complex finished dosage formulations (FDF) across the EU.

AGES Austria completed the GMP inspection from 27 July, 2026 until 30 July, 2026
GMP Certification issued for Unit 4 facility located at Jadcherla, Telangana
Approval covers manufacturing, testing, and distribution of sterile injections and non-sterile tablets/capsules
Authorizes supply to Europe and rest of the world markets

💡 Track commercial supply rollouts and formulation revenue contributions from Unit 4 in upcoming quarterly results, alongside future regulatory audits.

Shilpa Medicare Submits Reg 74(5) Depository Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 01:58 PM

Shilpa Medicare Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent KFin Technologies Limited on October 02, 2026. It confirms that securities dematerialized and rematerialized during the period have been duly processed and reported to stock exchanges. This is a recurring regulatory filing with zero financial or operational impact.

Compliance submission under Regulation 74(5) for the quarter ended September 30, 2026
Certificate issued by Registrar KFin Technologies Limited on October 02, 2026
Filing submitted to BSE and NSE on October 07, 2026

💡 No investor action required. Focus on upcoming Q2 FY27 operational results and board meetings for business updates.

USFDA Completes Inspection at Shilpa Medicare Unit VII with 1 Procedural Observation

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 18 Sep 2026, 06:59 PM

The USFDA conducted a surveillance inspection at Shilpa Medicare's Unit VII (Analytical Services Division) in Hyderabad from 16 September 2026 to 18 September 2026. The inspection concluded with a single procedural observation. The company confirmed the observation is not a repeat issue and is unrelated to data integrity. Shilpa Medicare expects no material financial or operational impact on existing business or supplies from this facility, and will submit its response within the stipulated regulatory timeline.

Surveillance inspection conducted from 16 September 2026 to 18 September 2026
Concluded with 1 observation, classified as purely procedural
Zero data integrity issues or repeat observations reported
No material impact expected on current business operations or existing supplies

💡 Track the formal submission and USFDA acceptance of the corrective actions, followed by the eventual receipt of the Establishment Inspection Report (EIR).

Shilpa Medicare Shareholders Approve ₹0.60 Dividend and All AGM Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Sep 2026, 04:04 PM

Shilpa Medicare has declared the voting results of its 39th Annual General Meeting held on September 11, 2026. All five ordinary resolutions were approved by shareholders with requisite majorities. Key approvals include the adoption of FY26 financial statements, declaration of a final dividend of ₹0.60 per equity share, and payment of commission to Non-Executive Director Madhav Vishnukant Bhutada of material subsidiary Shilpa Biologicals. Notably, 33.37% of public institutional votes were cast against the director commission resolution, though it passed overall with 88.80% approval.

Declared final dividend of ₹0.60 per equity share for FY26
Adoption of FY26 financial statements passed with 100.00% votes in favour (11,26,52,854 votes)
Payment of commission to Mr. Madhav Vishnukant Bhutada approved with 88.80% votes in favour
Institutional pushback on director commission resolution with 33.37% (90,66,195 votes) voted against
Re-appointment of Director Sharath Reddy Kalakota approved with 99.38% voting in favour

💡 Track the payment timeline for the ₹0.60/share dividend and monitor ongoing monetization progress across Biologics and complex formulations in subsequent quarterly filings.

Shilpa Medicare Gets SEC Nod for OERIS 100 mg/mL Extended-Release Injection

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 11 Sep 2026, 01:26 PM

Shilpa Medicare has received final approval from the Subject Expert Committee (SEC) under CDSCO for the grant of marketing authorization for OERIS (Ondansetron Extended-Release Injection, 100 mg/mL). The product is designed as the world's first extended-release ondansetron injection, delivering sustained antiemetic protection for up to 120 hours (5 days) via a single dose. The formulation holds Indian patent protection until 2039. Commercial launch across India will follow final formal authorization from CDSCO, adding to its high-margin complex oncology formulations portfolio.

SEC issued final approval for marketing authorization of OERIS (100 mg/mL)
Provides sustained antiemetic protection for up to 120 hours (5 days) from a single administration
Product is patent protected in India until 2039
Approval backed by completion of a multicenter, randomized, double-blind Phase III clinical trial

💡 Track formal issuance of marketing authorization from CDSCO and the subsequent commercial launch timeline and pricing strategy in India.

Shilpa Medicare Concludes 39th AGM; Resolves Dividend of ₹0.60 Per Share

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Sep 2026, 01:04 PM

Shilpa Medicare Limited conducted its 39th Annual General Meeting on September 11, 2026, via Video Conferencing. Key business transacted included the adoption of FY26 financial statements and the approval of an ordinary dividend of ₹0.60 per equity share. Other resolutions included the reappointment of retiring director Mr. Sharath Reddy Kalakota, ratification of cost auditor remuneration, and commission payment to Non-Executive Director Mr. Madhav Vishnukant Bhutada of subsidiary Shilpa Biologicals. Voting results are scheduled to be submitted following Scrutinizer verification.

39th Annual General Meeting held on September 11, 2026, with 48 members attending via Video Conferencing
Approval sought for dividend declaration of ₹0.60 per equity share for FY26
Total registered shareholder count stood at 80,572 as on the record date of September 4, 2026
Resolutions transacted include approval of audited standalone/consolidated FY26 financials and director re-appointment

💡 Track the filing of the scrutinizer's report and formal voting results on the exchanges to confirm passage of all agenda items, along with the dividend payout timeline.

NCLT Admits Section 9 IBC Plea of ₹2.18 Cr Against Shilpa Medicare Subsidiary FTF Pharma

🔵 WATCH ⭐ 5/10

LEGAL 📅 10 Sep 2026, 02:52 PM

The NCLT Ahmedabad Bench has admitted an insolvency application under Section 9 of the IBC against FTF Pharma Private Limited, a wholly owned subsidiary of Shilpa Medicare. The petition was filed by Immacule Lifesciences regarding an operational debt of ₹2,18,03,319 (~₹2.18 crore). An Interim Resolution Professional has been appointed and a moratorium declared under Section 14. Relative to Shilpa Medicare's TTM revenue of ₹1,683 crore and FY26 PAT of ₹243.5 crore, the debt amount is small, but CIRP proceedings pose operational risk to the subsidiary.

NCLT Ahmedabad Bench admitted application CP (IB) No. 346 (AHM) 2025 on September 9, 2026
Proceedings initiated over an alleged operational debt claim of ₹2,18,03,319 (~₹2.18 crore)
Corporate Insolvency Resolution Process (CIRP) and Section 14 moratorium ordered on subsidiary FTF Pharma
Mr. Sunil Kumar Kedia appointed as the Interim Resolution Professional (IRP)
Claim amount of ₹2.18 crore represents ~0.13% of Shilpa Medicare's TTM revenue of ₹1,683 crore

💡 Track whether Shilpa Medicare appeals the NCLT order at NCLAT or settles the ₹2.18 crore operational claim to terminate CIRP.

Shilpa Medicare Dispatches 39th AGM Notice & FY26 Annual Report Links; AGM on Sept 11, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 19 Aug 2026, 04:27 PM

Shilpa Medicare Limited has dispatched communication to shareholders whose e-mail addresses are not registered with the company or depositories, providing web-links to the FY 2025-26 Annual Report and 39th AGM Notice. The 39th Annual General Meeting is scheduled to be held virtually on Friday, September 11, 2026, at 11:00 AM IST. The cut-off date for remote e-voting and AGM participation has been set for Friday, September 4, 2026. Remote e-voting will run from September 7, 2026 (9:00 AM) to September 10, 2026 (5:00 PM).

39th Annual General Meeting (AGM) scheduled for September 11, 2026, at 11:00 AM IST via VC/OAVM
Cut-off date for e-voting eligibility fixed as Friday, September 4, 2026
Remote e-voting window opens September 7, 2026 (09:00 AM) and closes September 10, 2026 (05:00 PM)
Letter dispatched under Regulation 36(1)(b) of SEBI LODR Regulations for FY 2025-26 Annual Report links

💡 Shareholders looking to vote on AGM resolutions should ensure shareholding as of the September 4, 2026 cut-off date and exercise remote e-voting by September 10, 2026.

Shilpa Medicare Clarifies Voluntary US FDA Class II Recall of 27,923 Pemetrexed Vials

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 18 Aug 2026, 04:10 PM

Shilpa Medicare responded to media reports confirming a voluntary Class II recall initiated on July 29, 2026, for 27,923 vials of Pemetrexed Injection (Pemetri RTU™) in the US. The recall covers 4 batches (18,434 vials of 10 mL and 9,489 vials of 50 mL) due to atypical discoloration described as green to dark green. No adverse events have been reported, and the issue is restricted to these specific batches. Management affirmed that the recall will have no material impact on the company's financial position, operations, or supply continuity.

Voluntary Class II recall initiated on July 29, 2026, covering 27,923 vials of Pemetrexed Injection in the US.
Affected quantities comprise 18,434 vials of 10 mL and 9,489 vials of 50 mL across 4 batches.
Triggered by atypical green to dark green discoloration deviating from approved color specifications.
Zero adverse events reported; no material financial or operational impact anticipated by management.

💡 Monitor any follow-up US FDA inspection reports or Form 483 observations at the relevant manufacturing site during upcoming regular audits.

Shilpa Medicare Issues TDS Notice for Re 0.60/Share Final Dividend; Record Date Sept 4, 2026

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 17 Aug 2026, 03:55 PM

Shilpa Medicare has issued a detailed communication to shareholders regarding Tax Deducted at Source (TDS) norms for its recommended final dividend of Re. 0.60 per equity share (face value Re. 1) for FY26. The Board has set Friday, September 4, 2026, as the record date to determine eligible shareholders ahead of the AGM on September 11, 2026. Shareholders eligible for lower or nil withholding tax must upload required forms and tax declarations by September 2, 2026. Approved dividends will be disbursed within 30 days of the AGM.

Final dividend recommended at Re. 0.60 per equity share of Re. 1/- each for FY26
Record date fixed as Friday, September 4, 2026 for dividend entitlement
Annual General Meeting (AGM) scheduled for Friday, September 11, 2026
Deadline to submit tax exemption documents and declarations is September 2, 2026
Standard TDS rate stands at 10% for resident individuals (above Rs. 10,000 dividend payout)

💡 Shareholders seeking exemption or lower tax deduction (via Form 15G/15H, DTAA, or lower withholding certificates) should submit documents via the portal before September 2, 2026.

Shilpa Medicare Proposes ₹0.60 Dividend; 39th AGM Scheduled for September 11, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 13 Aug 2026, 05:36 PM

Shilpa Medicare has issued a notice for its 39th Annual General Meeting (AGM) to be held on September 11, 2026. The company has proposed a final dividend of ₹0.60 per equity share for FY26, following a year where revenue grew to ₹1,538 Cr. A notable agenda item is the proposal to pay a commission of up to 1% of net profits of the material subsidiary, Shilpa Biologicals Private Limited, to Mr. Madhav Bhutada (son of the Managing Director). Shareholders as of the September 4, 2026 cut-off date will be eligible to vote on these resolutions.

Proposed final dividend of ₹0.60 per equity share for the financial year ended March 31, 2026.
39th AGM scheduled for September 11, 2026, at 11:00 AM IST via video conferencing.
Proposal to pay commission up to 1% of net profits of subsidiary Shilpa Biologicals to Mr. Madhav Bhutada.
Cut-off date for determining shareholder voting eligibility is September 4, 2026.
Ratification of ₹75,000 remuneration for Cost Auditors for the financial year ending March 31, 2027.

💡 Investors should note the September 4 cut-off date for dividend eligibility and monitor the voting results regarding the commission for the subsidiary director to gauge governance sentiment.

Shilpa Medicare Q1 FY27: Record 469 Cr Revenue; Net Debt-to-EBITDA Drops to 1.3x

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 03:53 PM

Shilpa Medicare reported its highest-ever quarterly revenue of 469 Cr (+43% YoY) and EBITDA of 139 Cr (+42% YoY) for Q1 FY27. The company has successfully deleveraged, reducing its net debt-to-EBITDA from 6.7x to 1.3x over three years, resulting in a credit rating upgrade to AA-. Management indicates the heavy investment phase is largely complete, with 'harvesting' beginning via complex launches like Rotigotine and Abraxane in FY28. Biologics revenue reached 50 Cr this quarter, with the Aflibercept biosimilar launch expected in India in FY27.

Record quarterly revenue of 469 Cr, representing 43% YoY growth and 42% EBITDA growth.
Net debt-to-EBITDA significantly reduced to 1.3x from 6.7x three years ago, with a credit rating upgrade to AA-.
Peptide manufacturing capacity expansion in India on track for commissioning by end of FY27.
Formulation division maintains high margins with over 50% captive API sourcing and 71% gross margins.
Biologics segment scaling with 50 Cr revenue in Q1 and 6 active NCE programs in the pipeline.

💡 Watch for the commissioning of the peptide plant by end-FY27 and the successful launch of Aflibercept in the Indian market during FY27 as key growth triggers.

Shilpa Medicare Releases Q1 FY2026-27 Earnings Call Recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Aug 2026, 07:45 PM

Shilpa Medicare has made the audio recording of its Q1 FY2026-27 investor conference call available to the public. The call, held on August 5, 2026, follows a period of strong growth where the company reported a TTM revenue of ‡1,538 Cr and a PAT of ‡243 Cr. Management typically uses these calls to discuss the progress of high-margin projects like the Albumin fermentation facility and the NorUDCA launch. This filing is a standard regulatory requirement to ensure transparency for all shareholders.

Conference call for Q1 FY2026-27 held on August 5, 2026, at 16:00 hrs
Audio recording uploaded to the company website as per regulatory norms
Company maintains a TTM revenue of ‡1,538 Cr with an OPM of 28.2%
Promoter holding remains stable at 40.13% as of March 2026
Gross Block stood at ‡2,049 Cr as of H1 FY26, reflecting ongoing capacity expansion

💡 Investors should review the recording for management's specific guidance on the 20% expected growth rate and the timeline for monetizing the Biologics and Transdermal facilities.

43% Revenue Growth and Credit Rating Upgrade to AA- for Shilpa Medicare in Q1 FY27

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Aug 2026, 02:23 PM

Shilpa Medicare reported its highest-ever quarterly revenue of ₹469 Cr for Q1 FY27, a 43% YoY increase driven by growth across API, Formulations, and Biologicals. Profitability saw a significant jump with PAT rising 115% YoY to ₹101 Cr, while EBITDA margins remained robust at 30%. A key highlight is the credit rating upgrade from A+ to AA-, reflecting a strengthened balance sheet and improved return ratios, with adjusted ROCE reaching 18.3%. The company is actively expanding its oncology and peptide capacities, with a new oncology block slated for completion by the end of FY27.

Achieved record quarterly revenue of ₹469 Cr, representing a 43% YoY growth compared to ₹328 Cr in Q1 FY26.
PAT surged by 115% YoY to ₹101 Cr, up from ₹47 Cr in the same quarter last year.
Credit rating upgraded to AA- from A+, signaling improved financial stability and lower risk profile.
Adjusted ROCE (excluding Biologics/NBE) improved to 18.3% from 17.4% in FY26 and 3.4% in FY23.
Net Debt to EBITDA ratio further improved to 1.3x, down from 1.4x in FY26 and 6.7x in FY23.

💡 Watch for the execution and commissioning of the new oncology block by FY27-end and the commercial scale-up of the NorUDCA product in the Indian market.

Sept 4 set as Record Date for Shilpa Medicare FY26 Final Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 05 Aug 2026, 02:10 PM

Shilpa Medicare has finalized September 4, 2026, as the record date for its final dividend for the financial year 2025-26. This follows the board's recommendation on May 22, 2026, and is subject to shareholder approval at the Annual General Meeting (AGM) scheduled for September 11, 2026. The company recently reported a strong FY26 performance with a net profit of ₹243.5 crore, a significant jump from ₹43.9 crore in FY25. The dividend payout reflects the company's improved cash flow and operating leverage, with OPM reaching 28.2%.

Record date for dividend entitlement fixed as Friday, September 4, 2026
Annual General Meeting (AGM) to be held on September 11, 2026, for final approval
Dividend recommendation was originally announced on May 22, 2026
Company reported TTM PAT of ₹243.47 crore against a market cap of ₹10,581 crore
Operating profit margin (OPM) stands at 28.2% for the TTM period

💡 Investors interested in the dividend should ensure they hold the shares before the ex-dividend date (typically one working day prior to the record date). Monitor the AGM results on September 11 for formal approval and the subsequent payment timeline.

View All SHILPAMED Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 7% YoY to INR 372 Cr in Q2 FY26 and 8% YoY to INR 700 Cr in H1 FY26. Segmental growth for H1 FY26: Non-captive API grew 19% YoY (INR 205 Cr in Q2), Formulations grew 16% YoY (INR 109 Cr in Q2), and Biologics recorded INR 61 Cr revenue. Base business formulations (excluding licensing) grew 60% in Q2 and 67% in H1 FY26.

Geographic Revenue Split

In FY25, EU region formulations revenue was INR 110.67 Cr (up 28.8% from INR 85.91 Cr in FY24), while US region revenue was INR 47.55 Cr (down 12% from INR 54.02 Cr in FY24).

Profitability Margins

Gross margin improved to 72% in Q2 FY26 and 74% in H1 FY26. Net Profit (PAT) for H1 FY26 was INR 91 Cr, already surpassing the full-year FY25 PAT of INR 78.29 Cr. Standalone Net Profit Ratio improved from 6.34% in FY24 to 12.09% in FY25.

EBITDA Margin

EBITDA margin reached 30% in Q2 FY26 (up 4% YoY) and 30% in H1 FY26 (up 3% YoY). EBITDA for Q2 FY26 crossed the INR 100 Cr landmark for the first time, reaching INR 110 Cr (up 21% YoY).

Capital Expenditure

Net Capex for H1 FY26 was INR 153 Cr, primarily directed toward the Albumin facility and API capacity expansion. FY25 full-year capex was INR 216 Cr.

Credit Rating & Borrowing

Net debt stood at INR 569 Cr as of September 2025. Net Debt to EBITDA ratio improved to 1.4x in H1 FY26 from 1.6x in FY25. Standalone Debt Equity Ratio was 0.04x in FY25.

⚙️ Operational Drivers

Raw Materials

Not disclosed in available documents; however, the company emphasizes 'smarter sourcing' to maintain margins.

Capacity Expansion

Current Gross Block is INR 2,049 Cr as of H1 FY26, up from INR 1,991 Cr in FY25. Expansion is focused on a new Albumin fermentation facility and API capacity enhancements.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but gross margins of 74% in H1 FY26 indicate a raw material cost of approximately 26% of revenue.

Manufacturing Efficiency

Adjusted ROCE (excluding Biologics/NBE) improved significantly from 4% in FY23 to 17.2% in H1 FY26, reflecting improved operating leverage.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

The company plans to monetize significant investments in Biologics, Transdermal, and Albumin fermentation facilities over the next 3-5 years. Growth is driven by increasing market share in complex FDF products in the US and EU, and the launch of novel products like NorUDCA.

Products & Services

Oncology and CNS therapies, novel drug NorUDCA (for NAFLD), Adalimumab (biosimilar), Albumin, and high-quality generic formulations and APIs.

Brand Portfolio

Shilpa Medicare, Shilpa Pharma Lifesciences, Shilpa Biologicals.

New Products/Services

Novel product NorUDCA for NAFLD (supply price model) and Adalimumab biosimilar. Base business growth of 60% in Q2 FY26 was driven by complex product portfolio scale-up.

Market Expansion

Targeting US and EU markets with complex FDF products and limited competition products. Phase III trials for NorUDCA are planned for Europe and the US.

Market Share & Ranking

The company has achieved 'decent market share' in Adalimumab despite a late launch; specific ranking not disclosed.

Strategic Alliances

Licensing model involves partnering with global pharmaceutical companies for commercialization in the US and EU, earning upfront fees, milestones, and supply revenue.

🌍 External Factors

Industry Trends

The pharmaceutical industry is shifting toward specialty drugs, oncology, and global partnerships. Shilpa is positioning itself in complex generics and biosimilars to capture this 15-20% industry growth trajectory.

Competitive Landscape

Shilpa is the first company to treat NAFLD with NorUDCA in India, providing a first-mover advantage in a high-patient-volume market.

Competitive Moat

Moat is built on IP creation, technical know-how in complex developments, and a strong R&D team. The company leverages a low-capital, high-margin licensing strategy for niche generics.

Consumer Behavior

Increasing demand for complex specialty drugs and biosimilars globally.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to various audit systems to monitor efficacy and adequacy of internal control systems and compliance with operating procedures.

Taxation Policy Impact

Effective tax rate for FY25 was approximately 36% based on Consolidated PBT of INR 122.33 Cr and PAT of INR 78.29 Cr.

⚠️ Risk Analysis

Key Uncertainties

Uncertainties include the successful monetization of large unutilized capacities in Biologics and the timing of Phase III trials for NorUDCA in US/EU markets.