SHILPAMED
Micro CapShilpa Medicare Limited
Pharma
Shilpa Medicare, established 1987, is an Indian pharma company with 35+ years track record. Operates in API, Formulations, CDMO, and Biologics. Has 10+ regulatory approved facilities, 400+ R&D personnel, and 500+ regulatory filings across 50+ countries. Emerging businesses include NDDS, ADC, and Recombinant Human Albumin.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +32% YoY · PAT +620% YoY · margin expansion · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹437 Cr | +32.0% | +6.6% |
| EBITDA | ₹120 Cr | +51.9% | +5.3% |
| Operating margin | 27.0% | +300 bps | -100 bps |
| PAT | ₹108 Cr | +620.0% | +140.0% |
| PAT margin | 24.7% | +2018 bps | +1373 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Shilpa Medicare reported highest-ever quarterly and annual revenues in 4QFY26 and FY26, with robust YoY growth of 30% and 18% respectively. EBITDA grew 40% (4QFY26) and 30% (FY26), with margins improving to 28% (4QFY26) and 29% (FY26). Adj. PAT saw significant acceleration, up 147% (4QFY26) and 135% (FY26).
The company delivered strong financial performance in FY26, driven by growth across all verticals and improved operating leverage. Strategic investments in R&D and manufacturing, coupled with a differentiated product pipeline and CDMO partnerships, position it for continued growth. Management expects a stronger FY27.
FY26 Revenue by Vertical
Latest issuer-disclosed distribution across 4 reported categories.
Novel Product Launches
NorUDCA for NAFLD continues to exceed expectations with robust offtake; OERIS (Ondansetron ER Injection) achieved Positive Phase 3 results.
International Formulations Expansion
Growth across geographies has been very encouraging; EU formulations revenue grew 60% YoY for the quarter, crossing INR 200crs for FY26.
Biologics & Biosimilars Portfolio
Strategically monetized development and manufacturing capabilities through high value collaborations for global markets; co-developing 2 NBEs and 1 NCE.
CDMO Services
Strong traction seen in new client addition for Specialty CDMO; expanded CDMO customer base by onboarding new Global clients, including a big pharma.
New Onco Block
New Onco block expansion underway; slated for completion by end of FY27 to enable new product launches.
Peptide Capacity Expansion
Initiated Peptide capacity expansion with significant capacity build up; added 2 new products under validation.
ADC GMP Facility
Qualification of GMP facility for ADC is in progress. Facility expected to be commissioned in 1Q FY27.
Differentiated Portfolio
Building a differentiated portfolio across all verticals and establishing ourselves as a one-stop CDMO partner.
Vertical Integration
API business remains the backbone of FDF growth, with most FDF products being vertically integrated, driving higher internal API utilization.
Strategic Partnerships
Co-developing 2 NBEs and 1 NCE with global partners; entered into strategic partnership with Orion Corporation for Recombinant Human Albumin in Europe.
Regulatory Changes
Forward-looking statements are subject to certain risks and uncertainties like regulatory changes.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation highlights both quarterly (4QFY26 vs 4QFY25 and 3QFY26) and annual (FY26 vs FY25) comparisons, indicating that sequential momentum and annual performance are both relevant for assessing the company's progress and operational efficiency.
Domestic Formulations Growth
NorUDCA for NAFLD continues to exceed expectations with robust offtake from partners and strengthening our Domestic FDF performance.
EU/Export Growth
EU formulations revenue continues its growth momentum, growing 60% (YoY) for the quarter and crossing INR 200crs of revenue for FY26.
Launch Pipeline
Expected launch of first transdermal patch product in the EU in coming quarters; first-ever transdermal patch submission to USFDA completed during 4QFY26.
Approvals
EMA final marketing authorization received for Rotigotine transdermal patch. Methotrexate API received CEP certification. 1 API program received US FDA approval.
Accelerating Momentum
The momentum we built since the start of FY25 is only accelerating, as we close FY26 on a strong footing.
Positioned for Growth
We are well-positioned to reap the benefits of continued investments in strengthening our capabilities both on R&D and manufacturing fronts.
Stronger FY27 Outlook
With a strong R&D pipeline and strategic partnerships fueling market share gains, we are on track for a stronger FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Rotigotine Transdermal Patch Launch (EU) | Received final marketing authorization from EMA. | Gearing up for 1HFY27 launch with EU marketing partner. |
| Oxylanthanum Carbonate (OLC) Commercialization | NDA accepted by US FDA with PDUFA date of June 29, 2026. | Expected commercialization tentatively in FY27 as exclusive CDMO partner. |
| Recombinant Human Albumin (rHA) Phase 3 Trials | Global Phase 3 protocol approved by CDSCO; targeting IMPD submission to EMA in 1HFY27. | Initiating Phase 3 trials in India and EU in 1HFY27, with commercialization targeted for early FY29. |
| ADC GMP Facility Commissioning | Qualification of GMP facility for ADC is in progress. | Facility expected to be commissioned in 1Q FY27, enabling first ADC biosimilar to enter human studies in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +49.1% / mo
Technical chart
SHILPAMEDweekly · 1Y-42.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 72. Wait for confirmation.
- SMA20 rising (~32.9% over last month) — short-term momentum positive.
- RSI(14) at 72 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 43% off 52W high · 119% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -8.9%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 57th percentile of the scored universe and 45th percentile within Pharma. Main check: financial discipline is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 4.1%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 45th pctile, median 70 · Micro: 40th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸8/8 recent quarters had positive YoY revenue growth.
- ▸7/8 recent quarters had positive YoY PAT growth.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Promoter holding fell 4.1%.
- ▸ROCE is low at 7.8%.
- ▸ROE is low at 4.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 44.80
- P/B
- 4.03
- EV/EBITDA
- 20.00
- Market Cap
- 10440.00Cr
Profitability
- ROE
- 9.40%
- ROCE
- 11.00%
- ROA
- 6.56%
- Dividend Y
- 0.09%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 45.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 7.37×
- Altman Z
- 7.65
- Book Value
- 132.00
Cash Flow
- FCF Yield
- 0.15%
- FCF Positive Y
- 3/5
- OCF
- 342.00 Cr
- EPS TTM
- 12.44
Shareholding
- Promoter Hold
- 40.13%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.