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Shilpa Medicare

Q2 FY26

Shilpa Medicare Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹938

Market cap₹18.3K Cr

P/E64.5

Updated16 Oct 2026

Read4 min read

The short version

API business expected to grow in double digits year-on-year driven by oncology, non-oncology, CDMO, peptides, and polymers. Highest ever quarterly EBITDA recorded at INR110 crores in Q2 FY '26, a 21% YoY growth.

From Shilpa Medicare's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

API business expected to grow in double digits year-on-year driven by oncology, non-oncology, CDMO, peptides, and polymers.
Commercial supplies for first NCE product to start Q4 FY '26; second NCE program filing expected FY '27.
Polymer and peptide business expected to contribute significantly to overall API revenue in upcoming years.
Peptide facility with advanced automation to be commissioned next financial year, supporting growth.
Formulation business growing with new launches like NorUDCA; European oncology injectables market expected to grow continuously with focus on complex generics.
Commercial launch of Lanthanum Dioxycarbonate planned for next financial year.
OLC commercial revenues anticipated from second half of FY '27.

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Profitability & Margins

Highest ever quarterly EBITDA recorded at INR110 crores in Q2 FY '26, a 21% YoY growth.
EBITDA for first half FY '26 at INR208 crores, 20% YoY growth.
PAT for H1 FY '26 at INR91 crores, already surpassing full FY '25 PAT of INR78 crores.
EBITDA margin stabilized at 30% for the quarter and half year, a 3-4% YoY improvement.
Gross margin improved to 72% (Q2) and 74% (H1), driven by scaling complex product portfolio.
ROCE improved significantly from 4% in FY '23 to ~17% in H1 FY '26.
Continued growth expected through complex formulations, biologics, peptides, and polymers.
Commercialization of new products (Ondansetron, Albumin, NCEs) expected FY '27 onwards.

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Capital Expenditure Plans

H1 FY '26 capex was INR153 crores, primarily for the Albumin facility and capacity expansion in API business.
Albumin facility construction ongoing; capex directed here and for API capacity additions.
Small portions of capex also allocated to Formulation business (mainly maintenance capex).
FY '26 projected capex: additional INR75-100 crores expected.
FY '27 capex plans to be updated around Q4 FY '26, anticipated after current capex cycle completion.
Future investments focus on complex specialty divisions: Biologics, peptides (third high-capacity peptide manufacturing line), polymers, and NCE/API developments.
Strategy emphasizes monetizing current technical and facility investments developed over recent years.

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Fundraising & Capital Structure

No specific mention of new fundraising plans through debt or equity in the provided transcript.
CFO Alpesh Dalal stated that most of the company's capex program is expected to be funded through internal accruals.
Interest outgo has reduced year-on-year and is expected to stabilize at current levels.

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Order Book & Pipeline

The company currently focuses on getting product approvals before ramping up commercial orders, especially for the OLC contract supplied to Unicycive.
Commercial revenues from OLC are expected to begin in the second half of FY '27 financial year.
Shilpa Medicare is the exclusive supplier for OLC, implying order book visibility with the company prior to launch.
No specific quantitative details on order book size or pending orders were disclosed.

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Shilpa Medicare — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹437 Cr, net profit ₹108 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Shilpa Medicare Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Shilpa Medicare Q2 FY26 results?

API business expected to grow in double digits year-on-year driven by oncology, non-oncology, CDMO, peptides, and polymers. Highest ever quarterly EBITDA recorded at INR110 crores in Q2 FY '26, a 21% YoY growth.

What is Shilpa Medicare share price analysis?

Shilpa Medicare currently shows a neutral. The stock trades at a P/E of 64.5 with a market cap of ₹18,338 Cr. Investors should review the full earnings analysis for detailed insights.

Is Shilpa Medicare planning capital expenditure?

H1 FY '26 capex was INR153 crores, primarily for the Albumin facility and capacity expansion in API business.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.