Shilpa Medicare Ltd

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Shilpa Medicare Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Shilpa Medicare Ltd

₹ 1,033 -3.52%
22 Sep 4:01 p.m.
vbshilpa.com BSE: 530549 NSE: SHILPAMED
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

Business Verticals [1] [2]
a) Active Pharma Ingredients (50% in FY26 vs 57% in FY25):[3]
The company conducts its API business through its WOS Shilpa Pharma Lifesciences, which manufactures oncology and non-oncology APIs, intermediates, payloads and linkers, peptides, and bio-polymers. The subsidiary also offers Contract Development and Manufacturing Organization (CDMO) services.
Revenue Mix:[4]
Oncology: 46% in FY26 vs 44% in FY25
Non-Oncology: 40% in FY26 vs 38% in FY25
Specialty CDMO: 11% in FY26 vs 15% in FY25
Others: 3% in FY26 vs 35 in FY25

Website BSE NSE
  • Market Cap ₹ 20,207 Cr.
  • Current Price ₹ 1,033
  • High / Low ₹ 1,076 / 260
  • Stock P/E 129
  • Book Value ₹ 139
  • Dividend Yield 0.06 %
  • ROCE 4.79 %
  • ROE 3.88 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 7.45 times its book value
  • Tax rate seems low
  • Company has a low return on equity of 3.20% over last 3 years.
  • Earnings include an other income of Rs.72.8 Cr.
  • Dividend payout has been low at 7.74% of profits over last 3 years
  • Promoter holding has decreased over last 3 years: -9.88%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals

Part of Nifty Microcap 250 Nifty Total Market BSE Healthcare BSE 1000 Nifty Smallcap 500

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
38 75 64 59 96 130 125 126 92 135 166 201 189
68 67 67 80 73 87 103 88 75 96 135 141 133
Operating Profit -31 7 -3 -21 23 43 22 38 17 39 31 60 56
OPM % -81% 10% -5% -36% 24% 33% 18% 30% 18% 29% 19% 30% 30%
14 23 22 19 31 20 16 -34 13 15 9 35 13
Interest 7 5 3 3 2 1 1 2 2 2 3 3 3
Depreciation 12 13 12 12 12 12 12 12 13 13 14 14 15
Profit before tax -35 12 4 -17 40 50 25 -10 15 39 24 78 51
Tax % 8% 45% 31% 10% 31% 40% 37% -43% -40% 21% 33% 9% -27%
-38 7 3 -18 28 30 16 -6 21 31 16 71 65
EPS in Rs -2.19 0.38 0.16 -1.06 1.43 1.53 0.80 -0.29 1.06 1.58 0.81 3.63 3.32
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
565 676 734 741 664 806 257 357 248 310 476 596 691
429 511 551 562 487 561 223 335 291 284 340 440 505
Operating Profit 137 164 183 179 177 245 34 22 -44 26 136 156 186
OPM % 24% 24% 25% 24% 27% 30% 13% 6% -18% 8% 29% 26% 27%
5 9 15 23 21 32 204 170 159 79 24 57 73
Interest 4 3 3 2 3 4 6 9 21 17 6 10 10
Depreciation 19 21 27 33 34 35 22 35 47 50 49 55 57
Profit before tax 119 149 169 167 162 238 210 148 48 38 105 148 192
Tax % 29% 24% 24% 20% 23% 19% 12% 5% -18% 29% 36% 10%
84 113 127 133 124 194 184 141 57 27 68 133 183
EPS in Rs 5.45 7.32 7.95 8.17 7.61 11.88 11.31 8.12 3.29 1.55 3.47 6.80 9.34
Dividend Payout % 5% 4% 4% 4% 7% 5% 5% 7% 0% 0% 14% 9%
Compounded Sales Growth
10 Years: -1%
5 Years: 18%
3 Years: 34%
TTM: 46%
Compounded Profit Growth
10 Years: -1%
5 Years: -6%
3 Years: 12%
TTM: 46%
Stock Price CAGR
10 Years: 14%
5 Years: 29%
3 Years: 80%
1 Year: 152%
Return on Equity
10 Years: 7%
5 Years: 4%
3 Years: 3%
Last Year: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 8 8 8 8 8 8 8 9 9 9 10 20
Reserves 555 657 1,022 1,149 1,273 1,445 1,630 2,057 2,109 2,134 2,637 2,694
87 86 237 186 186 380 655 195 290 144 98 132
132 178 224 204 201 188 225 635 112 132 193 183
Total Liabilities 783 929 1,490 1,547 1,668 2,021 2,517 2,896 2,519 2,419 2,938 3,029
280 350 449 489 511 517 641 566 609 586 570 639
CWIP 88 89 137 201 401 373 482 293 226 228 278 297
Investments 140 154 326 231 89 93 219 238 244 246 1,236 1,223
275 336 579 627 667 1,038 1,175 1,800 1,439 1,358 854 870
Total Assets 783 929 1,490 1,547 1,668 2,021 2,517 2,896 2,519 2,419 2,938 3,029

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
67 120 50 54 164 130 70 174 2 10 -19 60
-139 -101 -275 -13 -215 -295 -238 -379 -95 155 -431 -68
74 -15 315 -61 8 170 256 97 88 -163 450 14
Net Cash Flow 2 4 91 -20 -42 5 87 -108 -5 2 0 6
Free Cash Flow -9 26 -61 -72 -108 -204 -196 0 -56 -46 -76 -67
CFO/OP 68% 92% 46% 53% 113% 70% 336% 954% -24% 64% -1% 52%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 45 60 83 107 100 103 310 105 165 170 136 136
Inventory Days 142 126 173 174 275 283 1,847 472 420 458 450 285
Days Payable 77 99 103 103 111 105 351 111 142 215 121 138
Cash Conversion Cycle 110 87 153 179 264 281 1,806 466 443 412 464 283
Working Capital Days 37 33 83 103 110 235 271 135 573 188 172 146
ROCE % 21% 21% 16% 12% 11% 15% 2% 1% -1% 3% 6% 5%

Insights

In beta
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
API DMF Filings (Cumulative)
count

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Formulation Filings (Cumulative)
count
API Revenue - CDMO/Specialty CDMO
INR crores
API Revenue - Non-Oncology
INR crores
API Revenue - Oncology
INR crores
Formulation Revenue - Europe
INR crores
Formulation Revenue - Licensing/Services
INR crores
Formulation Revenue - US
INR crores
R&D Expenditure (Percentage of Turnover)
%

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Shareholding Pattern

Numbers in percentages

4 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
50.01% 50.01% 50.01% 44.39% 44.33% 44.23% 44.23% 44.23% 44.23% 40.13% 40.13% 40.13%
8.60% 8.52% 5.63% 9.08% 9.59% 9.90% 10.97% 11.19% 10.92% 10.97% 11.07% 11.39%
0.41% 0.06% 1.65% 7.61% 8.18% 8.27% 7.55% 7.46% 7.67% 8.34% 8.58% 8.05%
40.98% 41.41% 42.71% 38.91% 37.90% 37.59% 37.25% 37.10% 37.18% 40.56% 40.21% 40.42%
No. of Shareholders 44,09443,63046,04641,07242,78449,03450,10848,63652,06553,79953,41060,926

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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