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SHILPAMED - Shilpa Medicare

📊 NSE: SHILPAMED 🏢 Pharmaceuticals - Indian - Formulations 📅 Last Updated: 12/14/2025 13:12

📢 Recent Corporate Announcements

Shilpa Medicare Receives NCLT Approval for Merger with Shilpa Therapeutics

🟢 POSITIVE ⭐ 8/10

M&A 📅 05 Mar 2026, 07:43 PM

The National Company Law Tribunal (NCLT), Bengaluru Bench, has sanctioned the Scheme of Amalgamation between Shilpa Therapeutics Private Limited and its parent company, Shilpa Medicare Limited. As the transferor is a wholly-owned subsidiary, no new shares will be issued, and the existing share capital of the subsidiary will stand cancelled. The merger, with an appointed date of April 1, 2023, aims to streamline corporate structure and integrate operations. The company is now in the process of filing the certified order with the Registrar of Companies to make the merger effective.

NCLT Bengaluru Bench approved the merger of Shilpa Therapeutics (subsidiary) into Shilpa Medicare (parent) on February 27, 2026.
No new shares will be issued as the transferor is a 100% subsidiary of the transferee company.
The appointed date for the amalgamation is fixed as April 1, 2023.
Statutory dues of ₹61.17 lakhs for the subsidiary and ₹3.59 crores for the parent were noted as of FY24 for settlement.
The authorized share capital of both entities will be clubbed, and all employees will be absorbed into Shilpa Medicare.

💡 Investors should view this as a positive step toward corporate simplification and operational synergy. Since no new shares are being issued, there is no equity dilution for existing shareholders.

Shilpa Medicare Subsidiary Partners with SteinCares to Launch Biosimilar in Latin America

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 24 Feb 2026, 10:43 AM

Shilpa Medicare's subsidiary, Shilpa Biologicals, has entered into a strategic licensing agreement with SteinCares to commercialize a biosimilar across Latin America. SteinCares will hold exclusive rights to register and distribute the product across 30 countries in the region, while Shilpa will handle development and long-term manufacturing from its Dharwad facility. This agreement marks Shilpa Biologicals' first entry into the Latin American market, a significant step in its global biosimilar expansion. The partnership leverages SteinCares' 45 years of regional expertise to provide cost-effective specialty treatments.

Exclusive licensing agreement with SteinCares for biosimilar distribution in 30 Latin American countries.
Shilpa Biologicals to provide long-term commercial manufacturing from its Dharwad, India facility.
Marks the first product from this strategic partnership and Shilpa's entry into the Latin American market.
SteinCares brings over 45 years of experience in specialty healthcare and biosimilars in the region.
Focuses on high-value therapeutic areas including immunology, oncology, and ophthalmics.

💡 Investors should view this as a positive step towards diversifying revenue streams and entering high-growth international markets. Monitor for future regulatory approvals and product launch timelines in specific Latin American countries to gauge revenue impact.

Shilpa Medicare Secures Strategic CDMO Partnership with NXI Therapeutics AG

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 14 Feb 2026, 03:42 PM

Shilpa Medicare has entered into a strategic partnership with Swiss biotech firm NXI Therapeutics AG for the development and commercial manufacturing of a New Chemical Entity (NCE) targeting autoimmune disorders. This marks the company's third major international mandate in recent months, reinforcing its growing presence in the global CDMO market. The agreement covers the entire product lifecycle, including CMC development, clinical supply, and long-term commercial manufacturing. While financial terms remain confidential, the deal includes milestone-linked expansion potential and strengthens Shilpa's high-value innovation pipeline.

Strategic partnership with NXI Therapeutics AG for development and commercial manufacturing of a novel NCE.
Third significant international mandate secured by Shilpa Medicare in recent months.
Scope includes CMC development, process scale-up, GMP clinical supply, and long-term commercial manufacturing.
Focuses on the high-growth autoimmune and immune-modulation therapeutic segment.
Agreement includes milestone-linked expansion potential for future revenue visibility.

💡 Investors should view this as a positive development in Shilpa Medicare's transition toward becoming a high-value CDMO partner for global biotech firms. Monitor the execution of these international mandates as they are key drivers for long-term revenue growth and margin improvement.

Shilpa Medicare Signs Strategic NCE Development Agreement with Swiss-based NXI Therapeutics

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Feb 2026, 11:30 AM

Shilpa Medicare has entered into a binding agreement with Switzerland's NXI Therapeutics AG for the development and supply of a New Chemical Entity (NCE) targeting autoimmune disorders. This marks the company's third major international mandate in recent months, reinforcing its transition into a high-value CDMO partner. The collaboration covers the full product lifecycle, including CMC development, clinical studies, and long-term commercial GMP manufacturing. While specific financial terms are confidential, the deal includes milestone-linked expansion potential and enhances long-term revenue visibility.

Third significant international development and manufacturing contract secured in recent months.
Partnership covers the entire lifecycle from early development to long-term commercial GMP manufacturing.
Targets the high-growth autoimmune and alloimmune therapeutic segment globally.
Agreement includes milestone-linked expansion potential and strengthens the company's CDMO platform.
Collaboration with Swiss-based NXI Therapeutics leverages Shilpa's integrated R&D and manufacturing infrastructure.

💡 Investors should monitor the progress of this NCE through clinical stages as it validates Shilpa's CDMO capabilities and provides long-term growth visibility. The stock remains a positive watch for those looking at the evolving Indian biotech and specialty manufacturing space.

Shilpa Medicare Q3 FY26: Highest Ever Revenue of ₹411 Cr and 41% EBITDA Growth

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 01:00 PM

Shilpa Medicare reported its highest-ever quarterly performance with revenue reaching ₹411 crores, a 28% YoY increase, and EBITDA growing 41% to ₹115 crores. The company's adjusted PAT for the first nine months of FY26 at ₹146 crores has already nearly doubled the full-year PAT of FY25. Growth is primarily driven by a 50% surge in the formulations business and strong traction in the European market. Management is shifting focus from heavy R&D investment to execution, with significant product launches like Rotigotine and NorUDCA expected to drive future ROCE.

Reported highest-ever quarterly revenue of ₹411 crores, up 28% YoY, and EBITDA of ₹115 crores, up 41% YoY.
Formulation business revenue grew 50% YoY to ₹177 crores, with European formulation sales increasing over 100%.
Adjusted ROCE (excluding long-term R&D) improved significantly to over 17% in 9M FY26 from 3.5% in FY23.
Received EMA approval for Rotigotine transdermal patch with launch planned for Q1 FY27 and ADC facility commissioning in Q4 FY26.
9M FY26 PAT of ₹146 crores nearly doubles the total PAT recorded in the entire previous fiscal year (FY25).

💡 Investors should view the strong operating leverage and improving ROCE as a sign of successful transition from an investment phase to a commercialization phase. Monitor the upcoming launch of Rotigotine in Europe and the progress of the high-value Biologics and ADC pipeline for long-term value.

Shilpa Medicare Releases Q3-FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 06 Feb 2026, 07:17 PM

Shilpa Medicare has officially released the audio recording of its Q3-FY26 earnings conference call held on February 6, 2026. The recording provides a detailed account of the management's discussion regarding the company's financial performance for the third quarter. This disclosure follows the regulatory requirement to make investor interactions accessible to the general public. Investors can access the link through the company's investor relations website for comprehensive insights.

Q3-FY26 Earnings Conference Call conducted on February 6, 2026, at 16:00 hrs
Audio recording link made available on the company's official website
Compliance with SEBI regulations regarding the disclosure of investor meets

💡 Investors interested in the management's outlook and detailed financial breakdown should review the call recording. No immediate action is necessary as this is a routine procedural update.

Shilpa Medicare Q3 FY26 Results: Consolidated Net Profit Jumps 40% YoY to ₹44.58 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 07:00 PM

Shilpa Medicare reported a robust performance for Q3 FY26, with consolidated revenue growing 28.3% YoY to ₹409.73 crore. Net profit for the quarter rose significantly by 40.3% YoY to ₹44.58 crore, driven by strong operational execution despite a marginal 1.2% growth on a sequential basis. A major strategic milestone was achieved with the filing of the Rotigotine Transdermal System, the company's first transdermal patch ANDA, with the USFDA. The company also reconstituted its Audit Committee, inducting Mr. Ashraf Allam as an independent director.

Consolidated Revenue from operations increased to ₹409.73 crore, up 28.3% from ₹319.30 crore in Q3 FY25.
Net Profit attributable to owners grew 40.3% YoY to ₹44.58 crore compared to ₹31.78 crore in the previous year.
Nine-month (9M FY26) consolidated profit reached ₹135.53 crore, more than doubling from ₹63.79 crore in 9M FY25.
Filed the first Transdermal Patch ANDA (Rotigotine) with the USFDA, targeting the complex generics market.
Consolidated EPS for the quarter stood at ₹2.36, up from ₹1.63 in the corresponding quarter of the previous year.

💡 Investors should take note of the significant YoY profit growth and the strategic entry into the high-entry-barrier transdermal patch segment. The stock remains a positive long-term play as the company transitions toward more complex generic formulations.

Shilpa Medicare Q3 FY26: Adj. PAT Surges 72% YoY to ₹55 Cr; Highest Ever Quarterly Revenue

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 02:50 PM

Shilpa Medicare reported its strongest-ever quarterly performance in Q3 FY26, with revenue growing 28% YoY to ₹411 crore and adjusted PAT jumping 72% to ₹55 crore. The growth was driven by a 50% surge in the Formulations segment and robust traction in Biologics, while EBITDA margins expanded by 200 bps to 28%. For the 9M FY26 period, the company has already surpassed its full-year FY25 PAT, reaching ₹146 crore. Management highlighted significant progress in high-value product launches, including NorUDCA for NAFLD in India and EU approval for the Rotigotine patch.

Q3 FY26 Revenue grew 28% YoY to ₹411 crore, marking the highest quarterly revenue in the company's history.
Adjusted PAT for the quarter rose 72% YoY to ₹55 crore, while 9M FY26 PAT doubled compared to the full-year FY25 PAT.
EBITDA increased 40% YoY to ₹115 crore with margins improving to 28% from 26% in the previous year.
Formulations segment saw 50% YoY growth, specifically driven by a 107% revenue increase in the EU market.
Net Debt to EBITDA improved to 1.4x from 1.6x in FY25, alongside an improved Adjusted ROCE of 17.1%.

💡 Investors should note the significant margin expansion and the successful commercialization of the R&D pipeline, particularly in complex generics and biologics. The stock remains attractive for long-term investors as the company transitions toward higher-margin specialty products and improves its capital efficiency.

Shilpa Medicare Q3 Consolidated PAT Rises 40% YoY to ₹44.58 Cr; Revenue Up 28%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 02:46 PM

Shilpa Medicare reported a robust performance for Q3 FY26, with consolidated revenue growing 28% YoY to ₹410.54 Cr. Consolidated Net Profit surged 40% YoY to ₹44.58 Cr, even after accounting for an exceptional loss of ₹12.86 Cr. For the nine-month period, the company's consolidated PAT more than doubled to ₹135.53 Cr compared to ₹63.78 Cr in the previous year. The board also strengthened its governance by inducting Mr. Ashraf Allam into the Audit Committee.

Consolidated Revenue from operations increased 28.1% YoY to ₹41,054.10 lakhs in Q3 FY26.
Consolidated Net Profit grew 40.3% YoY to ₹4,458.22 lakhs, showing strong operational efficiency.
Nine-month consolidated PAT reached ₹135.53 Cr, a significant jump from ₹63.78 Cr in the prior year period.
Exceptional items included a ₹12.86 Cr consolidated loss due to impairment provisions in foreign subsidiaries and gratuity liability adjustments.
Consolidated Basic EPS for the quarter improved to ₹2.36 from ₹1.63 in the year-ago period.

💡 The strong YoY growth in both top-line and bottom-line suggests improving business fundamentals and operational scale. Investors should maintain a positive outlook while monitoring the recurring nature of impairment provisions in foreign subsidiaries.

Shilpa Medicare Q3 FY26 Consolidated Net Profit Rises 40% YoY to ₹44.58 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 02:41 PM

Shilpa Medicare reported a strong performance for the quarter ended December 31, 2025, with consolidated revenue from operations growing 28.3% YoY to ₹409.73 crore. Consolidated net profit for the quarter stood at ₹44.58 crore, a significant jump from ₹31.78 crore in the same period last year. The company faced exceptional losses of ₹12.86 crore on a consolidated basis, primarily due to impairment provisions and adjustments related to new labor codes. Despite these one-off items, the operational growth remains robust, driven by both sales and service income.

Consolidated revenue increased 28.3% YoY to ₹409.73 crore from ₹319.30 crore.
Consolidated Net Profit grew by 40.3% YoY reaching ₹44.58 crore.
Consolidated EPS improved to ₹2.36 from ₹1.63 in the previous year's corresponding quarter.
Standalone revenue grew 32% YoY to ₹165.70 crore with standalone PAT nearly doubling to ₹15.93 crore.
Exceptional items included a ₹2.58 crore charge for gratuity liability due to the implementation of New Labour Codes.

💡 Investors should view the strong top-line and bottom-line growth positively, though the recurring nature of impairment provisions in subsidiaries warrants monitoring. The stock remains a 'Hold' with a focus on the scaling of the consolidated business.

Shilpa Medicare Q3 FY26 Consolidated PAT Up 40% YoY to ₹44.58 Cr; Revenue Grows 28%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 02:36 PM

Shilpa Medicare reported a robust performance for Q3 FY26, with consolidated revenue from operations growing 28.3% YoY to ₹409.73 crore. Net profit for the quarter increased by 40.3% YoY to ₹44.58 crore, despite an exceptional loss of ₹12.86 crore. For the nine-month period ending December 2025, the company's consolidated PAT more than doubled to ₹135.53 crore from ₹63.78 crore in the previous year. The board also inducted Mr. Ashraf Allam into the Audit Committee as an Independent Director.

Consolidated revenue from operations rose 28.3% YoY to ₹409.73 crore in Q3 FY26.
Consolidated Net Profit (PAT) grew 40.3% YoY to ₹44.58 crore from ₹31.78 crore.
Nine-month consolidated PAT for FY26 reached ₹135.53 crore, a significant jump from ₹63.78 crore in FY25.
Exceptional items included a ₹2.58 crore charge related to the mandatory adoption of New Labour Codes.
Basic EPS for the quarter improved to ₹2.36 compared to ₹1.63 in the same quarter last year.

💡 The strong YoY growth in both revenue and profitability indicates improving operational efficiency and scale. Investors should maintain a positive outlook while monitoring the impact of subsidiary impairments and labor code adjustments on future margins.

Shilpa Medicare to Host 3QFY26 Earnings Conference Call on February 6, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jan 2026, 12:55 PM

Shilpa Medicare Limited has scheduled its earnings conference call for the third quarter of FY26 on Friday, February 6, 2026, at 16:00 hrs IST. The call follows the announcement of financial results for the quarter ended December 31, 2025. Management will discuss the company's performance across its Oncology, Non-oncology APIs, and CDMO business segments. Investors can participate using the universal access numbers +91 22 6280 1130 or +91 22 7115 8031.

3QFY26 Earnings Conference Call scheduled for February 6, 2026, at 4:00 PM IST
Results for the quarter ended December 31, 2025, to be announced on the same day
Universal dial-in numbers provided: +91 22 6280 1130 and +91 22 7115 8031
International toll-free access available for USA (18667462133) and UK (08081011573)

💡 Investors should attend the call to gain insights into the company's CDMO pipeline and the scaling of its Oncology portfolio. Monitor management's outlook on R&D spending and the progress of the biologicals segment.

Shilpa Medicare Subsidiary Gets US FDA Orphan Drug Designation for Rare Blood Cancer Biologic

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 28 Jan 2026, 02:33 PM

Shilpa Biologicals, a subsidiary of Shilpa Medicare, has achieved a major milestone with the US FDA granting Orphan Drug Designation (ODD) to its monoclonal antibody for treating rare blood cancers. The designation covers Essential Thrombocythemia (ET) and Polycythemia Vera (PV), conditions with high unmet medical needs. This regulatory status provides the company with development support, tax credits, and potential market exclusivity upon final approval. The company is now progressing toward IND-enabling studies to initiate first-in-human clinical trials.

US FDA grants Orphan Drug Designation for a flagship biologic targeting ET and PV rare blood cancers.
Designation provides commercial incentives including tax credits and potential 7-year market exclusivity.
The biologic targets immune-evasion pathways, offering a differentiated profile from existing JAK inhibitors.
Shilpa Biologicals and mAbTree Biologics to advance the program to IND-enabling studies and human trials.
Milestone validates Shilpa Medicare's R&D capabilities in the high-value biologics and critical care space.

💡 Investors should view this as a positive long-term development that strengthens the company's specialized R&D pipeline. Monitor future updates regarding IND filings and clinical trial progress as these will be the next major valuation catalysts.

Shilpa Medicare Assigned Independent ESG Score of 61.5 by SES ESG Research

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 16 Jan 2026, 01:05 PM

Shilpa Medicare Limited has been assigned an Environmental, Social, and Governance (ESG) score of 61.5 by SES ESG Research Pvt Ltd. This rating is based on publicly available data from the 2025 fiscal year. Notably, the company did not solicit or engage the agency for this rating; it was an independent assessment by the SEBI-registered provider. This disclosure highlights the company's transparency and the growing importance of ESG metrics in the pharmaceutical industry.

SES ESG Research assigned an ESG score of 61.5 to Shilpa Medicare.
The rating is based on publicly available data pertaining to the 2025 fiscal year.
The assessment was independent and not commissioned or engaged by the company.
SES ESG Research is a Category II SEBI-registered ESG Rating Provider (ERP).

💡 Investors should use this score to benchmark Shilpa Medicare's sustainability performance against industry peers. No immediate trading action is required as this is an independent third-party assessment.

Shilpa Medicare Sells Canadian Subsidiary Koanna Healthcare for CAD 2,000

🟡 NEUTRAL ⭐ 4/10

M&A 📅 15 Jan 2026, 09:50 AM

Shilpa Medicare has divested its 100% stake in Koanna Healthcare Canada Inc. to an individual buyer for a nominal consideration of CAD 2,000. The subsidiary was non-material, contributing only 0.03% (₹34.33 Lakhs) to the company's total income and 0.02% (₹46.09 Lakhs) to its net worth in FY25. As the company had already provided for this investment in previous periods, the sale will have no impact on current financial statements. This move appears to be a strategic exit from a non-performing international asset.

Sold 2,84,21,020 equity shares of Koanna Healthcare Canada Inc for a total of CAD 2,000
Subsidiary contributed a negligible 0.03% to total revenue and 0.02% to net worth in FY25
No impact on current financials as the investment was already fully provided for in the books
Koanna Healthcare Canada Inc ceases to be a subsidiary effective January 14, 2026
Buyer Steve N. Slilaty is an independent third party with no relation to the promoter group

💡 This is a minor administrative cleanup of a non-material subsidiary and does not change the company's fundamental outlook. Investors should remain focused on the core domestic and export pharmaceutical business.

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💰 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.