Shilpa Medicare Ltd

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

Shilpa Medicare Ltd

₹ 535 1.93%
19 Apr - close price
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

Established Business of API & Formulations
The 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]

Website BSE NSE
  • Market Cap ₹ 5,227 Cr.
  • Current Price ₹ 535
  • High / Low ₹ 558 / 228
  • Stock P/E 816
  • Book Value ₹ 246
  • Dividend Yield 0.00 %
  • ROCE -0.93 %
  • ROE 3.49 %
  • Face Value ₹ 1.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • The company has delivered a poor sales growth of -19.7% over past five years.
  • Company has a low return on equity of 6.26% over last 3 years.
  • Promoters have pledged 90.4% of their holding.
  • Earnings include an other income of Rs.64.6 Cr.
  • Dividend payout has been low at 3.88% of profits over last 3 years
  • Company has high debtors of 165 days.
  • Company's cost of borrowing seems high
  • Promoter holding has decreased over last 3 years: -3.24%

* 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

Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Formulations

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
171.30 55.87 105.26 285.87 87.57 72.87 60.83 68.73 51.64 66.50 83.74 74.61 63.98
140.61 63.35 92.67 221.94 80.05 74.41 56.32 93.21 61.90 80.27 68.40 67.32 67.28
Operating Profit 30.69 -7.48 12.59 63.93 7.52 -1.54 4.51 -24.48 -10.26 -13.77 15.34 7.29 -3.30
OPM % 17.92% -13.39% 11.96% 22.36% 8.59% -2.11% 7.41% -35.62% -19.87% -20.71% 18.32% 9.77% -5.16%
8.61 47.91 25.93 18.02 42.06 48.63 116.85 19.96 17.60 5.37 14.44 22.55 22.21
Interest 3.95 1.62 2.49 7.85 1.68 1.73 2.66 4.92 6.64 6.61 6.76 5.18 2.61
Depreciation 10.48 6.73 7.11 13.13 9.05 10.29 10.42 11.89 12.26 11.98 12.26 12.67 12.39
Profit before tax 24.87 32.08 28.92 60.97 38.85 35.07 108.28 -21.33 -11.56 -26.99 10.76 11.99 3.91
Tax % 32.13% 17.11% 13.07% 28.46% 5.35% -1.11% 0.18% 19.50% 58.56% -7.19% 26.58% 44.95% 30.95%
16.88 26.59 25.15 43.62 36.77 35.45 108.08 -17.17 -4.79 -28.93 7.90 6.60 2.70
EPS in Rs 2.07 3.26 3.08 5.35 4.24 4.08 12.45 -1.98 -0.55 -3.33 0.91 0.76 0.31
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
280 328 527 565 676 734 741 664 806 257 357 248 289
223 263 410 429 511 551 562 487 561 223 335 291 283
Operating Profit 56 66 118 137 164 183 179 177 245 34 22 -44 6
OPM % 20% 20% 22% 24% 24% 25% 24% 27% 30% 13% 6% -18% 2%
8 5 9 5 9 15 23 21 32 204 170 159 65
Interest 2 2 3 4 3 3 2 3 4 6 9 21 21
Depreciation 11 13 21 19 21 27 33 34 35 22 35 47 49
Profit before tax 51 56 102 119 149 169 167 162 238 210 148 48 -0
Tax % 22% 17% 21% 29% 24% 24% 20% 23% 19% 12% 5% -18%
40 46 81 84 113 127 133 124 194 184 141 57 -12
EPS in Rs 5.41 6.25 10.99 10.91 14.64 15.91 16.34 15.22 23.76 22.62 16.24 6.59 -1.35
Dividend Payout % 6% 7% 5% 5% 4% 4% 4% 7% 5% 5% 7% -0%
Compounded Sales Growth
10 Years: -3%
5 Years: -20%
3 Years: -33%
TTM: 14%
Compounded Profit Growth
10 Years: 5%
5 Years: -10%
3 Years: -28%
TTM: -59%
Stock Price CAGR
10 Years: 9%
5 Years: 6%
3 Years: 10%
1 Year: 109%
Return on Equity
10 Years: 10%
5 Years: 8%
3 Years: 6%
Last Year: 3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 5 5 7 8 8 8 8 8 8 8 9 9 9
Reserves 282 326 405 555 657 1,022 1,149 1,273 1,445 1,630 2,057 2,109 2,123
55 98 80 87 86 237 186 186 380 655 195 290 110
80 78 134 132 178 224 204 201 188 225 635 110 109
Total Liabilities 422 507 627 783 929 1,490 1,547 1,668 2,021 2,517 2,896 2,517 2,352
141 153 258 280 350 449 489 511 517 641 566 609 799
CWIP 55 114 49 88 89 137 201 401 373 482 293 226 27
Investments 101 87 75 140 154 326 231 89 93 219 238 244 247
125 153 245 275 336 579 627 667 1,038 1,175 1,800 1,438 1,279
Total Assets 422 507 627 783 929 1,490 1,547 1,668 2,021 2,517 2,896 2,517 2,352

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
50 36 59 67 120 50 54 164 130 70 174 2
-145 -63 -38 -139 -101 -275 -13 -215 -295 -238 -379 -95
13 36 -31 74 -15 315 -61 8 170 256 97 88
Net Cash Flow -82 9 -10 2 4 91 -20 -42 5 87 -108 -5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 43 35 42 45 60 83 107 100 103 310 105 165
Inventory Days 125 117 130 142 126 173 174 275 283 1,847 472 420
Days Payable 97 85 103 77 99 103 103 111 105 351 111 142
Cash Conversion Cycle 71 68 68 110 87 153 179 264 281 1,806 466 443
Working Capital Days 48 54 60 70 71 127 149 153 306 739 210 816
ROCE % 17% 15% 22% 21% 21% 16% 12% 11% 15% 2% 1% -1%

Shareholding Pattern

Numbers in percentages

6 Recently
Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Apr 2024
53.25% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 44.39%
12.27% 14.59% 14.41% 14.41% 14.46% 15.32% 13.73% 10.26% 8.60% 8.52% 5.69% 9.68%
2.91% 2.86% 1.93% 1.99% 1.76% 0.61% 0.54% 0.37% 0.41% 0.06% 1.69% 7.53%
31.57% 32.54% 33.65% 33.59% 33.78% 34.04% 35.72% 39.36% 40.98% 41.41% 42.62% 38.37%
No. of Shareholders 46,54039,56539,72439,09741,57946,14346,86950,43444,09443,63044,79344,809

* 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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