Shilpa Medicare Ltd

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Shilpa Medicare Ltd

₹ 813 -0.77%
12 Aug 2:48 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 ₹ 15,900 Cr.
  • Current Price ₹ 813
  • High / Low ₹ 825 / 260
  • Stock P/E 55.9
  • Book Value ₹ 132
  • Dividend Yield 0.06 %
  • ROCE 11.0 %
  • ROE 9.40 %
  • Face Value ₹ 1.00
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Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 6.17 times its book value
  • The company has delivered a poor sales growth of 11.4% over past five years.
  • Company has a low return on equity of 5.53% 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 BSE Healthcare Nifty Total Market BSE 1000 Nifty Smallcap 500 Nifty Microcap 250

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
260 313 287 292 293 344 319 331 321 370 410 437 466
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%
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
Profit before tax 3 9 14 28 29 37 42 15 50 64 61 120 98
Tax % 64% 83% 67% 12% 51% 51% 24% 5% 5% 32% 27% 10% -3%
1 2 5 24 14 18 32 15 47 44 45 108 101
EPS in Rs 0.07 0.09 0.26 1.41 0.72 0.92 1.62 0.74 2.40 2.25 2.28 5.51 5.16
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
614 719 779 789 733 908 899 1,141 1,046 1,146 1,281 1,539 1,683
485 566 614 634 585 688 718 940 947 907 965 1,104 1,204
Operating Profit 129 153 165 155 148 219 181 202 99 239 316 435 479
OPM % 21% 21% 21% 20% 20% 24% 20% 18% 9% 21% 25% 28% 28%
5 5 15 22 33 17 90 21 17 15 -5 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
Profit before tax 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%
73 99 104 103 110 155 146 61 -31 32 78 243 297
EPS in Rs 4.78 6.73 6.71 6.45 6.88 9.57 9.06 3.49 -1.87 1.84 4.00 12.44 15.20
Dividend Payout % 6% 4% 4% 5% 7% 6% 6% 16% 0% 0% 12% 5%
Compounded Sales Growth
10 Years: 8%
5 Years: 11%
3 Years: 14%
TTM: 28%
Compounded Profit Growth
10 Years: 8%
5 Years: 18%
3 Years: 109%
TTM: 117%
Stock Price CAGR
10 Years: 11%
5 Years: 22%
3 Years: 68%
1 Year: 88%
Return on Equity
10 Years: 6%
5 Years: 4%
3 Years: 6%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 539 639 979 1,077 1,189 1,321 1,471 1,814 1,775 1,800 2,362 2,572
189 221 241 191 194 390 846 683 798 937 588 660
169 194 244 223 218 270 308 370 323 347 351 455
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
316 580 492 534 558 650 1,111 1,342 1,368 1,385 1,418 2,046
CWIP 222 95 141 210 429 666 541 506 655 719 822 431
Investments 66 53 253 140 2 10 21 34 43 40 35 58
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 Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
69 129 37 45 147 124 47 105 180 137 132 342
-196 -106 -257 -10 -196 -290 -404 -286 -232 -171 -198 -326
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 30
Free Cash Flow -74 12 -79 -92 -151 -220 -302 -226 -46 -48 -111 -15
CFO/OP 73% 103% 43% 55% 123% 76% 52% 69% 215% 74% 57% 93%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 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 85 113
Cash Conversion Cycle 111 104 157 189 253 275 425 323 268 278 350 301
Working Capital Days 33 27 79 98 98 68 72 77 -13 48 81 51
ROCE % 18% 16% 14% 10% 9% 12% 8% 6% 1% 5% 8% 11%

Insights

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Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
API DMF Filings (Cumulative)
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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)
% ・Standalone data

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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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