Shilpa Medicare Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹18,291 Cr
- P/E
- 64.33
- ROE
- 8.99%
- PEG
- 0.59
- Price to sales
- 10.87
- Debt to equity
- 0.25
- 52W high / low
- ₹1,074 / ₹267
- Sales growth (5Y)
- 11.30%
- EBITDA margin
- 28.44%
- Net profit margin
- 14.51%
- Promoter holding
- 40.13%
- Sales (last year)
- ₹1,683 Cr
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]
Guidance scorecard · Q1 FY27 call
What Shilpa Medicare Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology
RevenueQ1 FY27 call
20–40%- Oncology API growth depends on molecule success and market commoditization; strong end-customer interest exists before investment.
- Formulations have over 50% captive production, supporting stable growth.
- Biologics segment shows robust potential, growing at 42% YoY, expected to have significantly higher growth due to a smaller base and industry shift towards biologics.
- Biologics strategy is mixed: short-to-mid term focus on biosimilars and CDMO; long-term on strategic partnerships with high potential products.
- CDMO business is a key growth driver, with over 25 NCE programs in development and the potential for multiple commercial launches next year.
- API growth driven by specialty CDMO and capacity expansion, with selective investments ongoing.
2 more points from Shilpa Medicare Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Shilpa Medicare Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
None planned- No significant new capital expenditure (capex) expected in Biologics or Albumin divisions as existing investments and capacities are underutilized and sufficient for growth in coming years.
- Additional capex continues in the API division and some new Formulation molecules where higher capacity utilization requires more investment.
- Capacity utilization in Bangalore, Jadcherla, and Dharwad plants is monitored; segmental utilization details available on request.
- Overall approach prioritizes sweating existing assets while selectively investing in areas with growth potential.
FundraisingQ1 FY27 call
None plannedSee what Shilpa Medicare Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Shilpa Medicare currently has more than 25 NCE (New Chemical Entity) programs in various development stages across the group.
- They have 3 late-stage NCE programs expected to enter the commercial phase next year (FY27).
- On the CDMO side, the company has over 20 customers actively engaged.
- For oncology APIs, investments are made only when there is an end-customer already interested, providing good visibility on orders.
2 more points from Shilpa Medicare Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹556 Cr | 22.1 | |
| 2 | 40%+ | Up 0–2% | ₹215 Cr | 22.2 | |
| 3 | 40%+ | Flat | ₹16,144 Cr | — | |
| 4 | 40%+ | Flat | ₹6,072 Cr | 48.0 | |
| 5 | 40%+ | Flat | ₹40 Cr | — | |
| 6 | 20–40% | Up 2%+ | ₹50,220 Cr | 43.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingFinancials of Shilpa Medicare Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Shilpa Medicare Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 264 | 260 | 313 | 287 | 292 | 293 | 344 | 319 | 331 | 321 | 370 | 410 | 437 |
| Expenses + | 227 | 214 | 255 | 222 | 222 | 222 | 258 | 239 | 252 | 231 | 262 | 296 | 317 |
| Operating Profit | 37 | 46 | 58 | 65 | 70 | 70 | 86 | 81 | 79 | 91 | 108 | 114 | 120 |
| OPM % | 14% | 18% | 19% | 23% | 24% | 24% | 25% | 25% | 24% | 28% | 29% | 28% | 27% |
| Other Income + | 2 | 2 | 2 | 2 | 9 | 10 | 5 | 2 | -21 | 6 | 2 | -13 | 45 |
| Interest | 18 | 18 | 23 | 26 | 24 | 24 | 26 | 12 | 14 | 19 | 16 | 11 | 14 |
| Depreciation | 26 | 27 | 28 | 27 | 27 | 27 | 28 | 29 | 29 | 29 | 30 | 30 | 31 |
| Profit before tax | -4 | 3 | 9 | 14 | 28 | 29 | 37 | 42 | 15 | 50 | 64 | 61 | 120 |
| Tax % | 90% | 64% | 83% | 67% | 12% | 51% | 51% | 24% | 5% | 5% | 32% | 27% | 10% |
| Net Profit + | -8 | 1 | 2 | 5 | 24 | 14 | 18 | 32 | 15 | 47 | 44 | 45 | 108 |
| EPS in Rs | -0.46 | 0.07 | 0.09 | 0.26 | 1.41 | 0.72 | 0.92 | 1.62 | 0.74 | 2.40 | 2.25 | 2.28 | 5.51 |
Financials of Shilpa Medicare Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 614 | 719 | 779 | 789 | 733 | 908 | 899 | 1,141 | 1,046 | 1,146 | 1,281 | 1,539 |
| Expenses + | 485 | 566 | 614 | 634 | 585 | 688 | 718 | 940 | 947 | 907 | 965 | 1,104 |
| Operating Profit | 129 | 153 | 165 | 155 | 148 | 219 | 181 | 202 | 99 | 239 | 316 | 435 |
| OPM % | 21% | 21% | 21% | 20% | 20% | 24% | 20% | 18% | 9% | 21% | 25% | 28% |
| Other Income + | 5 | 5 | 15 | 22 | 33 | 17 | 90 | 21 | 17 | 15 | -5 | 39 |
| Interest | 4 | 7 | 3 | 3 | 4 | 5 | 22 | 41 | 59 | 92 | 76 | 59 |
| Depreciation | 21 | 29 | 31 | 37 | 42 | 44 | 54 | 80 | 96 | 108 | 113 | 120 |
| Profit before tax | 108 | 122 | 146 | 137 | 136 | 188 | 195 | 102 | -38 | 54 | 122 | 295 |
| Tax % | 33% | 19% | 29% | 25% | 19% | 18% | 25% | 41% | -19% | 41% | 36% | 18% |
| Net Profit + | 73 | 99 | 104 | 103 | 110 | 155 | 146 | 61 | -31 | 32 | 78 | 243 |
| 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 |
| Dividend Payout % | 6% | 4% | 4% | 5% | 7% | 6% | 6% | 16% | -0% | -0% | 12% | -0% |
Financials of Shilpa Medicare Ltd
Balance Sheet
Capital structure and asset base
| 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 |
| Borrowings + | 189 | 221 | 241 | 191 | 194 | 390 | 846 | 683 | 798 | 937 | 588 | 660 |
| Other Liabilities + | 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 |
| Fixed Assets + | 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 |
| Other Assets + | 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 |
Financials of Shilpa Medicare Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 69 | 129 | 37 | 45 | 147 | 124 | 47 | 105 | 180 | 137 | 132 | 342 |
| Cash from Investing Activity + | -196 | -106 | -257 | -10 | -196 | -290 | -404 | -286 | -232 | -171 | -198 | -326 |
| Cash from Financing Activity + | 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% |
Financials of Shilpa Medicare Ltd
Ratios
Working capital efficiency and return ratios
| 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% |
Guidance history
How Shilpa Medicare Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | None planned | None planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
97 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +162.5% | 97% |
| Last 6 months | +128.4% | 98% |
| Last 3 months | +51.2% | 96% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Shilpa Medicare Ltd: 0.4 × 97 + 0.4 × 98 + 0.2 × 96 = 97.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Shilpa Medicare Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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