Shilpa Medicare Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Pharmaceutical products and services: 99.8% • Power: 0.1% • Others: 0.1%
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Latest quarter profit grew 115.2% YoY, showing strong momentum
- Operating margins have improved to 24.8% from 11.4%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.73x)
- Working capital cycle has improved - days down from 88 to 62
- Company maintains a comfortable, low leverage position
- Company comfortably covers its interest (6.0x coverage)
CONS
- Company has a low return on equity of 5.1% over last 3 years
- Company has a low return on capital employed of 8.0%
- Promoter holding has decreased over last 2 years: -4.3pp
- Recurring exceptional / one-off items are inflating headline profit
- Though reporting repeated profits, the company pays out little dividend (4.8%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1864.00 | 36.98 | 447236.04 | 0.86 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9405.00 | 85.36 | 249673.20 | 0.32 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4928.40 | 85.95 | 187460.49 | 0.77 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| ZYDUSLIFE | 1118.00 | 24.71 | 111520.93 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| CIPLA | 1380.00 | 33.08 | 111484.47 | 0.94 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| LAURUSLABS | 1936.00 | 95.67 | 104604.45 | 0.10 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| AUROPHARMA | 1669.00 | 25.87 | 96030.57 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| DRREDDY | 1140.80 | 29.55 | 95220.28 | 0.70 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| LUPIN | 2075.00 | 17.16 | 94882.67 | 0.87 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| MANKIND | 2246.00 | 45.42 | 92769.93 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| GLENMARK | 2417.00 | 37.94 | 68213.70 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| SHILPAMED | 940.25 | 61.85 | 18389.58 | 0.06 | 1008.80 | 2051.60 | 4657.80 | 1348.95 | 11.43 | 30.53 |
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 | 4,658 | |
| 212 | 253 | 221 | 222 | 219 | 258 | 239 | 252 | 230 | 262 | 295 | 317 | 3,768 | |
| Operating Profit | 48 | 60 | 66 | 70 | 74 | 86 | 81 | 79 | 92 | 108 | 114 | 120 | 890 |
| OPM % | 18.42% | 19.27% | 23.10% | 24.02% | 25.13% | 25.02% | 25.26% | 23.94% | 28.51% | 29.27% | 27.90% | 27.39% | 19.10% |
| 2 | 2 | 2 | 9 | 10 | 5 | 1 | -23 | 6 | 2 | -12 | 27 | 31 | |
| Interest | 18 | 23 | 26 | 24 | 24 | 26 | 12 | 14 | 19 | 16 | 11 | 14 | 121 |
| Depreciation | 27 | 28 | 27 | 27 | 27 | 28 | 29 | 29 | 29 | 30 | 30 | 31 | 352 |
| Profit before Tax | 5 | 11 | 15 | 28 | 32 | 37 | 41 | 13 | 50 | 65 | 61 | 102 | 980 |
| Tax % | 42.63% | 68.59% | 62.11% | 11.53% | 45.40% | 50.67% | 23.82% | 5.86% | 5.35% | 31.55% | 26.58% | 12.39% | -2.89% |
| Net Profit | 0 | 0 | 0 | 0 | 14 | 18 | 32 | 15 | 47 | 44 | 45 | 108 | 1,009 |
| 0.14 | 0.19 | 0.53 | 2.82 | 1.46 | 0.92 | 1.63 | 0.74 | 4.79 | 2.25 | 2.36 | 5.51 | 5.16 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 779 | 789 | 733 | 908 | 901 | 1,146 | 1,050 | 1,152 | 1,286 | 1,539 | 5,874 | |
| 618 | 638 | 579 | 693 | 729 | 948 | 962 | 916 | 980 | 1,158 | 4,643 | |
| Operating Profit | 162 | 151 | 154 | 215 | 172 | 197 | 88 | 236 | 306 | 381 | 1,232 |
| OPM % | 20.74% | 19.17% | 21.00% | 23.63% | 19.05% | 17.21% | 8.41% | 20.45% | 23.81% | 24.75% | 20.97% |
| 25 | 33 | 35 | 22 | 101 | 30 | 31 | 23 | 6 | 76 | 48 | |
| Interest | 3 | 3 | 4 | 5 | 22 | 41 | 59 | 92 | 76 | 59 | 161 |
| Depreciation | 31 | 37 | 42 | 44 | 54 | 80 | 95 | 108 | 113 | 120 | 443 |
| Profit before Tax | 146 | 137 | 136 | 188 | 195 | 102 | -38 | 54 | 122 | 295 | 1,208 |
| Tax % | 28.70% | 24.79% | 19.29% | 17.81% | 25.04% | 40.76% | 19.24% | 41.19% | 36.00% | 17.60% | 1.74% |
| Net Profit | 104 | 103 | 110 | 155 | 146 | 61 | -31 | 32 | 78 | 243 | 1,187 |
| EPS | 13.58 | 13.20 | 13.77 | 19.15 | 18.13 | 7.26 | -3.75 | 3.67 | 8.01 | 12.44 | — |
| Dividend Payout % | 4.47% | 5.42% | 7.26% | 5.74% | 6.07% | 15.74% | 0.00% | 0.00% | 12.49% | 4.82% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 11%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 8%
- 5 Years:
- 10%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 26%
- 3 Years:
- 76%
- 1 Year:
- 130%
RETURN ON EQUITY
- 10 Years:
- 7%
- 5 Years:
- 3%
- 3 Years:
- 5%
- Last Year:
- 10%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 9 | 9 | 9 | 10 | 20 |
| Minority Interest | -3 | -5 | -8 | -8 | -11 | -11 | -9 | -9 | 1 | 0 |
| 979 | 1,077 | 1,189 | 1,321 | 1,471 | 1,814 | 1,775 | 1,800 | 2,353 | 2,572 | |
| 242 | 172 | 184 | 354 | 742 | 590 | 660 | 938 | 554 | 645 | |
| Trade Payables | 112 | 104 | 81 | 93 | 77 | 146 | 143 | 174 | 105 | 142 |
| 134 | 144 | 155 | 221 | 346 | 328 | 327 | 171 | 275 | 310 | |
| Total Liabilities | 1,472 | 1,499 | 1,610 | 1,989 | 2,632 | 2,875 | 2,904 | 3,083 | 3,298 | 3,689 |
| 492 | 534 | 558 | 650 | 1,111 | 1,342 | 1,368 | 1,385 | 1,418 | 1,593 | |
| Capital Work in Progress | 90 | 135 | 304 | 482 | 302 | 190 | 358 | 403 | 463 | 431 |
| 253 | 140 | 2 | 10 | 21 | 34 | 43 | 40 | 35 | 58 | |
| 190 | 189 | 188 | 226 | 333 | 355 | 320 | 345 | 348 | 367 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 392 | 441 | 519 | |
| Cash & Bank | 100 | 74 | 95 | 45 | 124 | 34 | 22 | 32 | 29 | 45 |
| 348 | 427 | 463 | 575 | 742 | 920 | 794 | 486 | 566 | 676 | |
| Total Assets | 1,472 | 1,499 | 1,610 | 1,989 | 2,632 | 2,875 | 2,904 | 3,083 | 3,298 | 3,689 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 71 | 86 | 183 | 167 | 95 | 140 | 212 | 137 | 132 | 342 | |
| Cash from Investing | -262 | -9 | -196 | -290 | -404 | -285 | -233 | -167 | -199 | -326 |
| Cash from Financing | 313 | -61 | 10 | 176 | 436 | 83 | 46 | 47 | 63 | 14 |
| 88 | -25 | -39 | 10 | 79 | -98 | -7 | 17 | -4 | 30 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Shilpa Medicare Limited has informed the Exchange regarding a press release dated September 11, 2026, titled "Shilpa Medicare's Novel Complex Injectable OERIS (Ondansetron Extended-Release Injection, 100 mg/mL) receives final approval from Subject Expert Committee (SEC) for grant of marketing authorization.".
2026-09-11 - Shilpa Medicare Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 11, 2026
2026-09-10 - Shilpa Medicare Limited has informed the Exchange about Action(s) initiated or orders passed
2026-08-19 - Dispatch of letter to shareholders whose e-mail addresses are not registered with Company/Registrar & Transfer Agent/Depository Participants.
2026-08-18 - Shilpa Medicare Limited has informed the Exchange about Response on the news item captioned Shilpa Medicare recalls over 27k vials of chemotherapy drug in US published in the online edition of The Economic Times on August 17, 2026 Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2026-08-17 - Shilpa Medicare Limited has informed the Exchange about Dividend Updates.
2026-08-14 - Shilpa Medicare Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Shilpa Medicare Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 11, 2026
2026-08-10 - Shilpa Medicare Limited has informed the Exchange about Transcript
News
Recent coverage and analyst commentary for SHILPAMED
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