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Shilpa Medicare

SHILPAMED NSE

Key Fundamentals

SmallcapPharmaceuticalsHealthcare
Market Cap
₹18,125 Cr
Volatility
Moderate
P/E Ratio
63.23
EBITDA
₹445 Cr
Return on Equity
9.39%
Debt to Equity
0.25
Book Value
₹132.49
52W High
₹980.1
52W Low
₹259.5

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

4
  • Stock is trading at 7.25 times its book value
  • The company has delivered a poor sales growth of 11.3% over past five years.
  • Company has a low return on equity of 5.39% over last 3 years.
  • Promoter holding has decreased over last 3 years: -9.88%

Growth Rate

Revenue Growth
18.24% higher than 3Y
Net Income Growth
211% higher than 3Y
Cash Flow Change
159% higher than 3Y
ROE
184% higher than 3Y
ROCE
65.2% lower than 3Y
EBITDA Margin (Avg.)
9.67% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Shilpa Medicare Ltd trades at a market cap of ₹18,125 Cr with a PE of 61.9x and PB of 7.1x. The company has shown a sharp profit recovery with TTM profit growth of 117% and sales growth of 28%, but its 3-year average ROE remains low at 5% and promoter holding has declined by ~9.9% over three years.

Bull Case 7
  • TTM compounded profit growth of 117% signals a strong earnings recovery cycle
  • TTM sales growth of 28% marks a significant acceleration versus the 5-year CAGR of 11%
  • Stock CAGR of 125% over the past 1 year reflects strong market re-rating momentum
  • Last year ROE improved to 9% from a 3-year average of 5% and 5-year average of 4%, indicating improving capital efficiency
  • 3-year compounded profit CAGR of 107% demonstrates sustained earnings turnaround, not a one-off spike
  • Company is expected to deliver a good upcoming quarter based on available estimates
  • 10-year stock CAGR of 13% shows the company has created long-term shareholder value despite periods of weakness
Bear Case 8
  • PE ratio of 61.9x is elevated for a company with only 8% 10-year compounded profit growth, implying the current price embeds significant future expectations
  • PB ratio of 7.1x is expensive and well above typical pharma sector averages
  • 3-year average ROE of just 5% indicates historically poor returns on shareholders' equity
  • Promoter holding has decreased by 9.88% over the last three years, signaling potentially reduced promoter confidence
  • 5-year compounded sales CAGR of only 11% reflects structurally slow top-line growth
  • Dividend yield of just 0.06% offers negligible income return to shareholders
  • 5-year compounded profit CAGR of 17% is modest relative to the premium 61.9x PE multiple the market currently assigns
  • 10-year compounded sales CAGR of 8% and profit CAGR of 8% suggest the recent acceleration may not be sustainable at current elevated growth rates

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 1
  • US chemo vial recall Aug 18

    Voluntary Class II recall of 27,923 Pemetrexed vials across four batches in the US due to green to dark-green discolouration. FDA classified it as hospital-level with remote probability of serious harm; company says no material financial impact expected.

Positives 3
  • OERIS CDSCO approval secured Sep 11

    Received final CDSCO approval for OERIS, the world's first extended-release ondansetron injection providing 120-hour anti-nausea protection from a single dose. Patent protected in India until 2039 with zero direct competitors; commercial launch planned immediately.

  • Record Q1 FY27 financials Sep 11

    Consolidated revenue rose 45% YoY to ₹466 crore in Q1 FY27, net profit more than doubled to ₹101 crore (up 115% YoY), and EBITDA grew 48.6% to ₹136.2 crore. Domestic formulations surged 179% and European formulations revenue jumped 84% to ₹57 crore.

  • Orion nivolumab biosimilar deal Aug 18

    Subsidiary Shilpa Biologicals entered a co-development and supply agreement with Finland's Orion Corporation for an IV nivolumab biosimilar targeting the European market post loss of exclusivity, with milestone payments and supply revenue expected.

Neutral 1
  • ₹0.60 dividend declared for FY26 Sep 11

    AGM approved ₹0.60 per share dividend for FY26, adopted audited financials, and re-appointed director Sharath Reddy Kalakota. 48 members participated remotely in the 39th AGM.

TL;DR: Shilpa Medicare is executing a strong pivot from generic API manufacturer to innovation-driven specialty formulations player, highlighted by the landmark OERIS approval (patent-protected until 2039) and record Q1 FY27 results with 45% revenue growth and 115% profit growth. The US recall of ~28K Pemetrexed vials is a manageable quality hiccup with no reported adverse events or expected financial impact. The biosimilar partnership with Orion adds a longer-term European growth lever. Overall trend is clearly improving, with the key watch item being successful OERIS commercial launch and progress on the US FDA 505(b)(2) pathway.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
260
313
287
292
293
344
319
331
321
370
410
437
466
Expenses
214
255
222
222
222
258
239
252
231
262
296
317
330
Operating Profit
46
58
65
70
70
86
81
79
91
108
114
120
136
OPM %
18%
19%
23%
24%
24%
25%
25%
24%
28%
29%
28%
27%
29%
Other Income
2
2
2
9
10
5
2
-21
6
2
-13
45
9
Interest
18
23
26
24
24
26
12
14
19
16
11
14
12
Depreciation
27
28
27
27
27
28
29
29
29
30
30
31
35
PBT
3
9
14
28
29
37
42
15
50
64
61
120
98
Tax %
64%
83%
67%
12%
51%
51%
24%
5%
5%
32%
27%
10%
-3%
Net Profit
1
2
5
24
14
18
32
15
47
44
45
108
101
EPS in Rs
0.07
0.09
0.26
1.41
0.72
0.92
1.62
0.74
2.4
2.25
2.28
5.51
5.16
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
614
719
779
789
733
908
899
1,141
1,046
1,146
1,281
1,535
1,683
Expenses
485
566
614
634
585
688
718
940
947
907
962
1,100
1,204
Operating Profit
129
153
165
155
148
219
181
202
99
239
319
435
479
OPM %
21%
21%
21%
20%
20%
24%
20%
18%
9%
21%
25%
28%
28%
Other Income
5
5
15
22
33
17
90
21
17
15
-8
39
43
Interest
4
7
3
3
4
5
22
41
59
92
76
59
52
Depreciation
21
29
31
37
42
44
54
80
96
108
113
120
126
PBT
108
122
146
137
136
188
195
102
-38
54
122
295
344
Tax %
33%
19%
29%
25%
19%
18%
25%
41%
-19%
41%
36%
18%
—
Net Profit
73
99
104
103
110
155
146
61
-31
32
78
243
297
EPS in Rs
4.78
6.73
6.71
6.45
6.88
9.57
9.06
3.49
-1.87
1.84
4
12.44
15.2
Div. Payout %
6%
4%
4%
5%
7%
6%
6%
16%
0%
0%
12%
5%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
8
8
8
8
8
8
8
9
9
9
10
20
Reserves
539
639
979
1,077
1,189
1,321
1,471
1,814
1,775
1,800
2,353
2,572
Borrowings
189
221
241
191
194
390
846
683
798
937
588
660
Other Liabilities
169
194
244
223
218
270
308
370
323
347
360
455
Total Liabilities
905
1,062
1,472
1,499
1,610
1,989
2,632
2,876
2,904
3,093
3,311
3,706
Fixed Assets
316
580
492
534
558
650
1,111
1,342
1,368
1,385
1,418
1,593
CWIP
222
95
141
210
429
666
541
506
655
719
822
884
Investments
66
53
253
140
2
10
21
34
43
40
35
58
Other Assets
301
334
587
615
621
662
959
993
838
950
1,037
1,170
Total Assets
905
1,062
1,472
1,499
1,610
1,989
2,632
2,876
2,904
3,093
3,311
3,706
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
69
129
37
45
147
124
47
105
180
137
132
342
Investing
-196
-106
-257
-10
-196
-290
-404
-286
-232
-171
-198
-339
Financing
136
-20
313
-61
10
176
436
83
46
47
63
14
Net Cash Flow
9
3
93
-26
-39
10
79
-98
-7
13
-3
17
Free Cash Flow
-74
12
-79
-92
-151
-220
-302
-226
-46
-48
-111
-28
CFO/OP
73
103
43
55
123
76
52
69
215
74
56
93
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
48
43
80
102
101
99
88
124
113
125
126
123
Inventory Days
147
161
187
194
266
298
427
338
280
309
309
291
Days Payable
85
101
110
106
115
122
91
139
125
156
93
113
Cash Conversion Cycle
111
104
157
189
253
275
425
323
268
278
342
301
Working Capital Days
33
27
79
98
98
68
72
77
-13
48
80
51
ROCE %
18%
16%
14%
10%
9%
12%
8%
6%
1%
5%
8%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Public27.67%Promot.40.13%DIIs8.05%FIIs11.38%Others12.76%As ofJun 2026
8.73% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Shilpa Medicare

What does Shilpa Medicare Ltd do?
Shilpa Medicare Incorporated in 1987 manufactures niche APIs, intermediates, and formulations and also undertakes contract research and manufacturing service for some of its customers. The company’s formulation products consist of 16 injectable dosage forms, 19 oral solid dosage forms under SML a...
Where is Shilpa Medicare Ltd (SHILPAMED) listed?
Shilpa Medicare Ltd trades as SHILPAMED on the NSE and under code 530549 on the BSE.
Which sector does Shilpa Medicare Ltd belong to?
Shilpa Medicare Ltd is classified under the Healthcare sector, in the Pharmaceuticals & Biotechnology industry.
What is the market capitalisation of Shilpa Medicare Ltd?
Shilpa Medicare Ltd has a market capitalisation of ₹18,125 Cr, which places it in the Mid Cap band.
What is the PE ratio of Shilpa Medicare Ltd?
Shilpa Medicare Ltd trades at a PE ratio of 63.23, against a book value of ₹132.49 per share.
What is the 52-week high and low of Shilpa Medicare Ltd?
Over the last 52 weeks Shilpa Medicare Ltd has traded between ₹259.5 and ₹980.1.
Does Shilpa Medicare Ltd pay dividends?
Shilpa Medicare Ltd has a dividend yield of 0.06%.
What is the Return on Equity (ROE) of Shilpa Medicare Ltd?
Shilpa Medicare Ltd reported a return on equity of 9.39%. Its debt-to-equity ratio is 0.25.

Company Information

Shilpa Medicare Incorporated in 1987 manufactures niche APIs, intermediates, and formulations and also undertakes contract research and manufacturing service for some of its customers. The company’s formulation products consist of 16 injectable dosage forms, 19 oral solid dosage forms under SML and 13 formulations under SML’s wholly owned subsidiary Shilpa Therapeutics.[1]

Website vbshilpa.com
CEO Mr. Vishnukanth Chaturbhuj Bhutada B. Pharm
Employees 998
Listed 2009-12-03
Face Value ₹ 1
Issued Size 19,55,81,816

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