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Shilpa Medicare

SHILPAMED NSE
₹931.10 −0.95 (−0.10%)
P/E
61.26
View as Markdown
MCP
Close 4 Nov 2026 ₹931.10 +562.40 +153% 1Y
Start ₹368.70

Key Fundamentals

SmallcapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.90%
Debt to Equity
0.25
EPS (TTM)
₹15.20
Book Value
₹132.49
Market Cap
—
P/E (TTM)
61.26
P/B
7.03
ROE
8.99%
Dividend Yield
0.06%
EBITDA
₹445 Cr
52W High
₹1,095.00
52W Low
₹259.50
Day Range
₹893.05 – ₹936.05
Volume
5,46,082

Peer Comparison

Healthcare › Pharmaceuticals

Shilpa Medicare peer comparison
Sun Pharma
₹1,773.4038.81₹4,29,049 Cr4.770.90%16.00%20.50%₹61,631 Cr₹10,987 Cr
Divis Laboratories
₹10,037.5091.10₹2,65,269 Cr15.900.30%16.50%22.00%₹11,230 Cr₹2,925 Cr
Torrent Pharmaceuticals
₹4,738.5078.61₹1,77,061 Cr9.810.82%27.40%15.20%₹17,400 Cr₹2,099 Cr
Zydus Life Science
₹1,188.1026.44₹1,25,446 Cr4.370.08%21.20%21.10%₹28,592 Cr₹4,593 Cr
Laurus Labs
₹2,323.80114.81₹1,25,228 Cr20.720.04%18.30%17.80%₹7,270 Cr₹1,090 Cr
Dr Reddys Laboratories
₹1,374.0035.59₹1,14,543 Cr2.960.58%11.20%13.00%₹33,228 Cr₹3,184 Cr
Cipla
₹1,402.0033.59₹1,12,454 Cr3.200.93%11.60%15.50%₹28,324 Cr₹3,356 Cr
Shilpa Medicare (this company)
₹931.1061.26₹17,823 Cr7.030.06%8.99%10.90%₹1,683 Cr₹298 Cr
Median 8 companies₹1,587.7050.04₹1,25,337 Cr5.900.44%16.25%16.65%₹22,862 Cr₹3,055 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

49 Average

Data confidence 100/100

surveillance:ASM1

Category scores

Quality
42
Weak
Returns, margins, earnings quality 22% weight
Valuation
30
Poor
Cheap vs sector & own history 24% weight
Growth
76
Strong
Sales & profit trajectory 9% weight
Financial Health
45
Average
Solvency, leverage, coverage 9% weight
Momentum
96
Strong
Trend strength, vol-adjusted 12% weight
Ownership
67
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

4
  • Stock is trading at 6.52 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%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish469
OscillatorsBullish162
Moving AveragesStrong Bullish307

Key readings

RSI (14)
48.38
Neutral
MACD (12,26,9)
−10.54
Bullish
SMA (50)
958.04
Bearish
SMA (200)
592.62
Bullish

As of

Analyst Rating

Based on 4 analysts
BUY75%

3 of 4 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
3
75%
HOLD
1
25%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+7.88%
5Y+11.29%
3Y+13.64%
1Y+19.83%
TTM+27.98%

Net profit

Net profit growth by window
10Y+9.39%
5Y+10.73%
3YTurned to profit
1Y+211.54%
TTM+166.07%

Operating cash flow

Operating cash flow growth by window
10Y+10.24%
5Y+48.73%
3Y+23.86%
1Y+159.09%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+7.06 pp
5Y+8.21 pp
3Y+18.88 pp
1Y+3.44 pp
TTM+2.77 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹779 Cr
Mar 2018₹789 Cr
Mar 2019₹733 Cr
Mar 2020₹908 Cr
Mar 2021₹899 Cr
Mar 2022₹1,141 Cr
Mar 2023₹1,046 Cr
Mar 2024₹1,146 Cr
Mar 2025₹1,281 Cr
Mar 2026₹1,535 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹104 Cr
Mar 2018₹103 Cr
Mar 2019₹110 Cr
Mar 2020₹155 Cr
Mar 2021₹146 Cr
Mar 2022₹61.00 Cr
Mar 2023−₹31.00 Cr
Mar 2024₹32.00 Cr
Mar 2025₹78.00 Cr
Mar 2026₹243 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹139 Cr −4.6% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Shilpa Medicare Ltd trades at a price of ₹931.1 as of 2026-11-04 with a market cap of ₹17,823 Cr. The stock commands a PE of 61.26x on a TTM EPS of ₹15.2, reflecting elevated expectations after a 117% TTM profit surge, though the 3-year average ROE of just 5% and a 9.88% decline in promoter holding over three years temper the optimism.

Bull Case 8
  • TTM profit growth of 117% signals a sharp earnings recovery, significantly outpacing the 10-year compounded profit CAGR of 8%
  • TTM sales growth of 28% marks a notable acceleration versus the 5-year compounded sales CAGR of 11%
  • 3-year compounded profit CAGR of 107% indicates a sustained multi-year earnings turnaround, not just a one-quarter spike
  • Debt-to-equity ratio stands at a conservative 0.25, providing balance sheet flexibility for future capacity expansion or acquisitions
  • Last-year ROE improved to 9% compared to the 3-year average of 5% and the 5-year average of 4%, showing an upward trajectory in capital efficiency
  • ROCE of 12.39% is reasonable for a pharmaceutical company and supports the thesis that operating returns are trending higher
  • Stock has delivered a 1-year return CAGR of 137% from a 52-week low of ₹259.5 to ₹931.1, reflecting strong market re-rating on improving fundamentals
  • The company is expected to deliver a good upcoming quarter, which could sustain the current earnings momentum
Bear Case 7
  • Promoter holding has declined by 9.88% over the last three years, which may signal reduced insider confidence or dilution concerns
  • Price-to-book of 7.03x is elevated; the stock trades at 6.52 times book value, well above typical pharma peers
  • 5-year compounded sales CAGR of only 11% indicates historically sluggish top-line growth, raising questions about whether the recent TTM acceleration is sustainable
  • 3-year average ROE of just 5% remains below cost-of-equity benchmarks, meaning the company has historically struggled to generate adequate shareholder returns
  • Dividend yield of just 0.06% offers virtually no income support, making the investment thesis entirely dependent on capital appreciation
  • The stock is 15% below its 52-week high of ₹1,095, suggesting potential resistance and the possibility that the recent rally has already partially faded
  • 10-year compounded sales and profit CAGRs of 8% each reflect a long stretch of modest growth, and the recent surge needs multiple quarters of confirmation before being treated as a structural shift

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

AI News Digest

9h ago

TL;DR: Shilpa Medicare secured two significant regulatory milestones on the same day — a European GMP certification for its Unit 4 facility and domestic approval for its novel OERIS chemotherapy anti-nausea injection with patent protection until 2039. The stock has delivered 186% returns over one year, reflecting strong momentum. No material headwinds emerged from recent coverage. The dual approvals position the company for expanded European exports and a new domestic revenue stream once OERIS is commercially launched.

Positives 3
  • OERIS anti-nausea drug approved Oct 10

    Received final SEC/CDSCO approval to market OERIS, an extended-release ondansetron injection providing up to 120 hours of protection against chemotherapy-induced nausea. The product is patent-protected in India until 2039, giving exclusive commercial rights for the formulation.

  • Europe GMP certification for Unit 4 Oct 10

    Unit 4 in Jadcherla, Telangana secured GMP certification from AGES Austria after inspection from July 27-30, 2026, enabling sterile injections and non-sterile tablet/capsule exports to Europe and rest-of-world markets.

  • Strong multi-year stock returns Oct 10

    Shares closed at ₹1,025.70 on Oct 10, reflecting 186.07% gains over one year and 243.11% returns over five years, indicating sustained investor confidence in the company's regulatory and export trajectory.

Quarterly Results

₹ Cr
SHILPAMED quarterly results, ₹ crore
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
64.54
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 (₹)
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

Profit & Loss

₹ Cr
SHILPAMED profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
SHILPAMED balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
SHILPAMED cash flow, annual, ₹ crore
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/EBITDA
73
103
43
55
123
76
52
69
215
74
56
93

Ratios

SHILPAMED financial ratios, annual
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

Log in to view Shilpa Medicare insights

70 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 40.13%
  • Public 27.73%
  • FIIs 12.11%
  • Others 11.76%
  • DIIs 8.26%

4.90% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 industry.
What is the PE ratio of Shilpa Medicare Ltd?
Shilpa Medicare Ltd trades at a PE ratio of 61.26 as of 4 Nov 2026, on earnings per share of ₹15.2, 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 ₹1,095 as of 4 Nov 2026.
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 8.99%. 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.

Website vbshilpa.com
CEO Mr. Vishnukanth Chaturbhuj Bhutada B. Pharm
Employees 998
Listed 3 Dec 2009
Face Value ₹1

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