Shilpa Medicare Ltd.

•

vbshilpa.comBSE: 530549NSE: SHILPAMED

Market Cap₹ 18,390 Cr.

Current Price

High / Low₹ 980 / 260

Stock P/E61.9

Book Value₹ 137

Price to Book2.63

Dividend Yield0.06 %

ROCE11.4 %

ROE9.8 %

Face Value₹ 1

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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 GENERATED

Healthcare

Buy

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.

Confidence

50%

View full sector analysis →

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

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	SUNPHARMA	1864.00	36.98	447236.04	0.86	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9405.00	85.36	249673.20	0.32	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4928.40	85.95	187460.49	0.77	566.00	3.28	4921.00	57.32	19.27	33.81
4.	ZYDUSLIFE	1118.00	24.71	111520.93	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
5.	CIPLA	1380.00	33.08	111484.47	0.94	785.55	-39.18	7119.28	4.13	16.00	16.73
6.	LAURUSLABS	1936.00	95.67	104604.45	0.10	362.07	123.94	2026.31	29.10	18.20	31.50
7.	AUROPHARMA	1669.00	25.87	96030.57	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
8.	DRREDDY	1140.80	29.55	95220.28	0.70	435.60	-69.10	8099.80	-5.21	13.75	10.63
9.	LUPIN	2075.00	17.16	94882.67	0.87	1416.98	16.01	8276.89	34.28	28.86	29.59
10.	MANKIND	2246.00	45.42	92769.93	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
11.	GLENMARK	2417.00	37.94	68213.70	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	SHILPAMED	940.25	61.85	18389.58	0.06	1008.80	2051.60	4657.80	1348.95	11.43	30.53

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.39	44.33	44.23	44.23	44.23	44.23	40.13	40.13	40.13
	9.08	9.59	9.90	10.97	11.19	10.92	10.97	11.08	11.39
	7.61	8.18	8.27	7.55	7.44	7.65	8.34	8.58	8.05
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	38.92	37.90	37.60	37.25	37.13	37.20	40.56	40.21	40.43

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Press Release

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

Shareholders meeting

2026-09-11 - Shilpa Medicare Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 11, 2026

2026-09-10

Action(s) initiated or orders passed

2026-09-10 - Shilpa Medicare Limited has informed the Exchange about Action(s) initiated or orders passed

2026-08-19

General Updates

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

General Updates

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

General Updates

2026-08-17 - Shilpa Medicare Limited has informed the Exchange about Dividend Updates.

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Shilpa Medicare Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Shareholders meeting

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Shilpa Medicare Limited has informed the Exchange about Transcript

News

Recent coverage and analyst commentary for SHILPAMED

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Shilpa Medicare Ltd.

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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

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

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%

-23

-12

Interest

121

Depreciation

352

Profit before Tax

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

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

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

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%

101

Interest

161

Depreciation

108

113

120

443

Profit before Tax

146

137

136

188

195

102

-38

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

-31

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%

12.49%

4.82%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

-3

-5

-8

-11

-9

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

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

135

304

482

302

190

358

403

463

431

253

140

190

189

188

226

333

355

320

345

348

367

392

441

519

Cash & Bank

100

124

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

183

167

140

212

137

132

342

Cash from Investing

-262

-9

-196

-290

-404

-285

-233

-167

-199

-326

Cash from Financing

313

-61

176

436

-25

-39

-98

-7

-4

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

44.39

44.33

44.23

40.13

9.08

9.59

9.90

10.97

11.19

10.92

10.97

11.08

11.39

7.61

8.18

8.27

7.55

7.44

7.65

8.34

8.58

8.05

Government

0.00

38.92

37.90

37.60

37.25

37.13

37.20

40.56

40.21

40.43

Shilpa Medicare Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Shilpa Medicare Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI