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Shilpa Medicare Ltd

₹ 294-0.25%
14 Jan – close price
🔗vbshilpa.com•BSE: 530549•NSE: SHILPAMED
Market Cap₹ 5,753 Cr.
Current Price₹ 294
High / Low₹ 502
Stock P/E52.5
Book Value₹ 137
Dividend Yield0.17 %
ROCE6.22 %
ROE3.92 %
Face Value₹ 1.00
Sales₹ 479 Cr.
OPM23.7 %
Mar Cap₹ 5,753 Cr.

ABOUT

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]

KEY POINTS

Established Business of API & FormulationsThe Co. is one of the leading API and formulations manufacturers with strong capabilities in the therapeutic area of oncology. It supplies more than 30 oncology APIs for various regulated markets including USA, Europe, Japan, South Korea, Russia, Mexico, Brazil, and other emerging markets.[1]The API facilities are approved by several national and international regulatory bodies like USFDA, EU, Cofepris- Mexico, PMDA-Japan, Korean FDA, TPD Canada & TGA-Australia.[2]It has about 19 API & intermediate manufacturing blocks with segregation of Oncology and Non-Oncology manufacturing facilities.[3]It has vertically integrated the formulations segment. It manufactures Injectable Dosage Forms, Oral Solid Dosage Forms, Oral Disintegrating Films, and various prescription and OTX products for the overseas and Indian markets.[4]

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Sun Pharma.Inds.1700.7035.35408054.900.943124.952.5614478.318.9320.2154964.0130.1211543.963117.955.2412.970.07
2.Divi's Lab.6355.5067.89168718.560.47689.0035.102715.0016.1220.4410029.0032.372485.00689.0010.9513.530.01
3.Torrent Pharma.4003.7062.54135503.400.80591.0032.493302.0014.3027.0512248.0032.602166.53600.1716.0413.260.33
4.Cipla1434.5021.30115874.780.911353.373.737589.447.6422.7228349.5725.405441.141351.173.5214.720.01
5.Lupin2195.9023.19100308.450.551484.8373.347047.5124.2321.3024750.6927.254324.631477.925.1112.410.32
6.Dr Reddy's Labs1186.5017.1699028.890.671336.807.288828.309.8322.6934310.0024.645772.201347.102.7512.950.16
7.Mankind Pharma2244.4052.9992649.970.04520.18-22.003697.1620.7715.9813545.6724.121748.55511.516.068.890.55
8.Shilpa Medicare294.1552.475753.040.1730.835.95134.934.056.22478.9023.69109.6532.072.143.500.05
–Median: 149 Co.394.529.561738.640.1213.4910.46152.6410.5814.89574.0115.9345.2613.963.148.560.21

Quarterly Results

Standalone figures in ₹ crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
695266387564599613012512692135
Expenses
936280686767807387103917596
Operating Profit
-24-10-14-317-3-21234323351739
Other Income
2018514232219312016-301315
Profit before tax
-21-12-27-35124-17405025-101539
Tax %
-20%-59%7%8%45%31%10%31%40%36%-43%-40%21%
Net Profit
-17-5-29-3873-18283016-62131
EPS in Rs
-0.99-0.28-1.67-2.190.380.16-1.061.431.530.82-0.291.061.58

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
527565676734741664806257357248310476479
Expenses
410429511551562487561223335291284353365
Operating Profit
1181371641831791772453422-4426123113
Other Income
95915232132204170159793914
Interest
343323469211778
Depreciation
21192127333435223547504950
Profit before tax
102119149169167162238210148483810769
Net Profit
818411312713312419418414157277062
EPS in Rs
5.495.457.327.958.177.6111.8811.318.123.291.553.573.17
Dividend Payout %
5%5%4%4%4%7%5%5%7%-0%-0%14%–

Compounded Sales Growth

10 Years:-2%
5 Years:-10%
3 Years:10%
TTM:37%

Compounded Profit Growth

10 Years:1%
5 Years:-14%
3 Years:-11%
TTM:137%

Stock Price CAGR

10 Years:4%
5 Years:6%
3 Years:30%
1 Year:-26%

Return on Equity

10 Years:8%
5 Years:5%
3 Years:3%
Last Year:4%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
788888889991010
Reserves
4055556571,0221,1491,2731,4451,6302,0572,1092,1342,6912,679
Borrowings
808786237186186380655195290144108121
Other Liabilities
134132178224204201188225635112132198176
Total Liabilities
6277839291,4901,5471,6682,0212,5172,8962,5192,4193,0072,986
Fixed Assets
258280350449489511517641566609586570820
Gross Block
339379469594667723756918724812828853–
Accumulated Depreciation
8199119146178212239278158203241283–
CWIP
49888913720140137348229322622828165
Investments
7514015432623189932192382442461,2801,217
Other Assets
2452753365796276671,0381,1751,8001,4391,358876885
Total Assets
6277839291,4901,5471,6682,0212,5172,8962,5192,4193,0072,986

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
5967120505416413070174210-19
Cash from Investing Activity
-38-139-101-275-13-215-295-238-379-95155-431
Cash from Financing Activity
-3174-15315-6181702569788-163450
Net Cash Flow
-102491-20-42587-108-52-0

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
42456083107100103310105165170146
Inventory Days
1301421261731742752831,847472420458450
Days Payable
103779910310311110535111114221567
Cash Conversion Cycle
68110871531792642811,806466443412529
Working Capital Days
45373383103110235271135573188189
ROCE %
22%21%21%16%12%11%15%2%1%-1%3%6%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters
50.01%50.01%50.01%50.01%50.01%50.01%44.39%44.33%44.23%44.23%44.23%44.23%40.13%
FIIs
15.32%13.73%10.26%8.60%8.52%5.63%9.08%9.59%9.90%10.97%11.19%10.92%10.97%
DIIs
0.61%0.54%0.37%0.41%0.06%1.65%7.61%8.18%8.27%7.55%7.46%7.67%8.34%
Public
34.04%35.72%39.36%40.98%41.41%42.71%38.91%37.90%37.59%37.25%37.10%37.18%40.56%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Shilpa Medicare Announces Trading Window Closure for Financial Results

25th March 2026, 7:50 pm

Shilpa Medicare's Scheme of Amalgamation with Subsidiary Approved by NCLT

17th March 2026, 10:16 pm

NCLT Approves Shilpa Medicare's Scheme to Amalgamate Wholly-Owned Subsidiary

6th March 2026, 1:09 am

Shilpa Medicare Limited Announces Strategic Partnership with NXI Therapeutics AG to Boost CDMO Business and Long-Term Visibility

14th February 2026, 9:19 pm

Shilpa Medicare Partners with NXI Therapeutics for Novel Drug Development, Enhancing CDMO Outlook

13th February 2026, 4:36 pm

Published by Other Websites

External media mentions & references

US Tariff Threat Sinks Indian Pharma Stocks by 3%

2nd April 2026, 11:10 am

Shilpa Medicare Sells 31% Sravathi Stake for ₹49.6 Crore

30th March 2026, 3:10 pm

Indian Stocks Rise: Vodafone Idea Debt Cut, Defence Orders, Pharma Nod Lead Watchlist

6th March 2026, 6:29 am

Dr Reddy's FDA Nod, Petronet LNG Supply Scare Top March 6 Stocks

6th March 2026, 5:10 am

Shilpa Medicare Arm Strikes Major Biosimilar Deal for Latin America

24th February 2026, 11:54 am

News Articles

Editorial & research coverage

Global Tech Rout, AI Race Overshadow Indian Earnings
Global Tech Rout, AI Race Overshadow Indian Earnings

6th February 2026, 7:18 am

Indian Markets Slip Second Day; Infosys Misses Profit Despite Guidance
Indian Markets Slip Second Day; Infosys Misses Profit Despite Guidance

16th January 2026, 6:59 am

Stocks to Watch: TCS Faces Legal Setback, Rail Vikas Nigam Wins Big, Adani's Stake Sale Shakes Market!
Stocks to Watch: TCS Faces Legal Setback, Rail Vikas Nigam Wins Big, Adani's Stake Sale Shakes Market!

24th November 2025, 7:20 am

USFDA Inspections Trigger Alert: Lupin, Shilpa, Natco Pharma Stocks Face Scrutiny!
USFDA Inspections Trigger Alert: Lupin, Shilpa, Natco Pharma Stocks Face Scrutiny!

24th November 2025, 6:25 am

Shilpa Medicare Stuns: Net Profit Jumps 144% in Huge Q2 Results! Investor Frenzy Ignited!
Shilpa Medicare Stuns: Net Profit Jumps 144% in Huge Q2 Results! Investor Frenzy Ignited!

13th November 2025, 3:38 pm

Documents

Announcements

Intimation Under Regulation 30 Of SEBI(LODR) Regulations, 2015

17h - Koanna Healthcare Canada sold; 28,421,020 shares transferred for CAD 2,000; ceased being WOS effective 14 Jan 2026.

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

6 Jan - Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended 31 December, 2025

Ex-Parte Ad-Interim Injunction Order Regarding Pharmaceutical Drug Product Containing Ruxolitinib And/Or Ruxolitinib Salts API

30 Dec - 29 Dec 2025 Delhi HC ex-parte injunction restraining Ruxolitinib manufacturing, stockpiling, sale; subsidiaries affected.

Closure of Trading Window
Intimation Under Of Regulation 30 Of The SEBI(LODR) Regulations

12 Dec 2025 - Received initial European authorization for Rotigotine transdermal patch; USD 222 million market; FY27 launch target.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

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Financial Year 2023

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Financial Year 2022

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Financial Year 2021

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Financial Year 2020

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Financial Year 2019

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Financial Year 2018

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Financial Year 2017

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Financial Year 2016

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Financial Year 2015

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Financial Year 2014

(from bse)

Financial Year 2013

(from nse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Credit Ratings

Rating update

1 Jul 2025 from fitch

Rating update

2 Jul 2024 from fitch

Rating update

23 Nov 2023 from fitch

Rating update

22 Sep 2023 from fitch

Rating update

25 Jul 2023 from fitch

Rating update

27 Mar 2023 from fitch

Concalls

Nov 2025

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Stock Analysis

Description

Shilpa Medicare Limited is an integrated pharmaceutical company specializing in niche Active Pharmaceutical Ingredients (APIs), intermediates, and formulations, with a significant focus on oncology and contract manufacturing services globally.

Key Growth Triggers

  1. Launch of NorUDCA (NODUCATM) for Metabolic Dysfunction-Associated Fatty Liver Disease (MAFLD) in India.
  2. European authorization for Rivaroxaban 10mg, 15mg, and 20mg Orodispersible Films and Rotigotine transdermal patch.
  3. Joint venture with Saudi's Pharma Pharmaceutical Industries & Biological Products (PPI) for a new pharma manufacturing facility in Saudi Arabia.
  4. Continued progress in API capacity expansions and biologics pipeline development.
  5. CDMO services and business growth.

Order Book

Currently no data available for Order Book.

Key Red Flags

  1. USFDA inspection at Unit IV (Jadcherla) resulted in 8 observations (none repeat), with products from this unit contributing less than 1% to H1 FY26 revenue.
  2. Ex-parte ad-interim injunction from Delhi High Court regarding Ruxolitinib API due to alleged patent infringement, though the company stated no financial impact as the product was for research.
  3. Promoter group shareholding reduced from approximately 50% to 44% by September 2024, accompanied by a reclassification of promoters.

Key Dates To Watch

  1. January 15, 2026: Shilpa Medicare received the ESG score summary from SES ESG Research.

Corporate Announcements

25th Mar 26
Impact Rating: 3
Shilpa Medicare Limited will observe a trading window closure from April 1, 2026, for designated persons and relatives. This period ends 48 hours post-Board approval of Q4 and full fiscal year audited financial results.
17th Mar 26
Impact Rating: 8
The NCLT has approved the scheme of amalgamation for Shilpa Medicare Limited to merge its wholly-owned subsidiary, Shilpa Therapeutics Private Limited. The appointed date for the scheme is April 1, 2025.
5th Mar 26
Impact Rating: 8
Shilpa Medicare Limited's corporate restructuring has received NCLT approval for the amalgamation of its wholly-owned subsidiary, Shilpa Therapeutics Private Limited, with an effective appointed date set for April 1, 2025.
14th Feb 26
Impact Rating: 7
Shilpa Medicare and NXI Therapeutics AG enter a long-term agreement for CMC development, GMP supply, and commercial manufacturing of an NCE.
13th Feb 26
Impact Rating: 7.5
Shilpa Medicare announces a strategic partnership with NXI Therapeutics AG to develop and supply a Novel Chemical Entity (NCE) targeting autoimmune disorders, enhancing its CDMO capabilities.