SHILPAMED
Shilpa Medicare share price & financials
- Price
- ₹551.35
- Market cap
- ₹16.0k Cr
- Sector
- Healthcare
- Calls analysed
- 6
Shilpa Medicare Limited Q1 FY27
What went well
- Achieved highest-ever quarterly revenue of INR469 crores, marking a 43% YoY growth.
- Recorded highest-ever quarterly EBITDA of INR139 crores, growing 42% YoY with a strong 30% margin.
- ROCE significantly improved to 12.5% from 8.8% in FY25, with an adjusted ROCE of 18.3% for core businesses.
What to watch
- Reported a negative tax rate in Q1 FY27 due to deferred tax liability reversal, though expected to normalize to 25% in coming quarters.
- Raw material price increases have impacted gross margins, requiring partial pass-through to customers.
What Shilpa Medicare Limited does
Shilpa Medicare Limited, founded in 1987 and headquartered in Raichur, Karnataka, is a vertically integrated pharmaceutical company operating across Active Pharmaceutical Ingredients (API), Finished Dosage Formulations, Biologics/Biosimilars and Contract Development & Manufacturing Organisation (CDMO) services. It develops and manufactures complex oncology and non-oncology APIs, peptides and bio-polymers that feed its own formulations business (tablets, capsules, injectables, oral dissolving films and transdermal patches), while its Biologics arm develops monoclonal antibodies, antibody-drug conjugates (ADCs) and novel biologic entities for global pharma partners. The company also runs emerging platforms in novel drug delivery systems (NDDS), ADCs and recombinant human albumin, and earns CDMO income through development, manufacturing and licensing partnerships with global biotech and pharma companies.
Segments
- API
- Formulations
- Biologics/Biosimilars
- CDMO
- Regulatory-approved manufacturing and R&D facilities
- 10+ (incl. analytical lab)
- Worldwide market presence
- 50+ countries
- R&D personnel
- 400+
- Cumulative regulatory filings worldwide
- 500+
- Operating track record
- 35+ years (founded 1987)
- Key manufacturing sites
- Raichur (API, headquarters), Jadcherla (potent oncology formulations, OEL-4 containment), Dabaspet (transdermal patches and oral dissolving films), Dharwad (integrated biologics — microbial and mammalian expression systems)
Guidance record · Q1 FY27
what the last two calls moved 35 tracked 6 delivered 6 missed 23 open- Nor-UDCA Formulation Launch delivered, diluted said Q4 FY25 Promised: launch is planned in first half of FY '26 Q1 FY27: Management confirmed the product is 'doing good' but was evasive on providing specific sales data. Phase IV clinical study is ongoing.
- Unicycive Dedicated Block Commissioning went quiet said Q4 FY25 Promised: expected to be completed in first half of FY '26 Q1 FY27: No mention of the block's commissioning.
- Unicycive Block Exhibit Batches delayed said Q3 FY26 Promised: exhibit batches will be taken in Q1 FY '27 Q1 FY27: No specific mention of exhibit batches, but the overall program is now expected to be commercialized in FY28, implying a delay.
All 35 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 45.2%, net profit up 114.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 344 | 319 | 331 | 321 | 370 +8% | 410 +29% | 437 +32% | 466 +45% |
| EBITDA | 86 | 81 | 79 | 91 | 108 +26% | 114 +41% | 120 +52% | 136 +49% |
| Net profit | 18 | 32 | 15 | 47 | 44 +144% | 45 +41% | 108 +620% | 101 +115% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +15.1% 1Y
1Y: ₹834.8 on 10 Sept 2025 → ₹961.15. High ₹964.15 (4 Sept 2026), low ₹267 (23 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- +12.0%
- 5 Aug
- Q4 FY26
- −1.4%
- 26 May
- Q3 FY26
- 0.0%
- 6 Feb
- Q2 FY26
- −1.3%
- 17 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 13.6% a year over 3 years, FY23 to FY26. Operating margin widened to 28.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.1k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.5k Cr |
| Operating profit | ₹98 Cr | ₹239 Cr | ₹316 Cr | ₹433 Cr |
| Operating margin | 9.3% | 20.7% | 24.6% | 28.2% |
| Interest | ₹59 Cr | ₹91 Cr | ₹76 Cr | ₹60 Cr |
| Depreciation | ₹95 Cr | ₹109 Cr | ₹113 Cr | ₹120 Cr |
| Net profit | ₹-32 Cr | ₹32 Cr | ₹79 Cr | ₹244 Cr |
| Net margin | -3.0% | 2.8% | 6.1% | 15.9% |
| Cash from operations | ₹180 Cr | ₹137 Cr | ₹132 Cr | ₹342 Cr |
| Free cash flow | ₹-46 Cr | ₹-48 Cr | ₹-111 Cr | ₹-15 Cr |
| ROCE | 1.0% | 5.0% | 8.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹8 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹10 Cr | ₹20 Cr |
| Reserves | ₹1.5k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹2.4k Cr | ₹2.6k Cr |
| Borrowings | ₹846 Cr | ₹683 Cr | ₹798 Cr | ₹937 Cr | ₹593 Cr | ₹660 Cr |
| Other liabilities | ₹308 Cr | ₹370 Cr | ₹323 Cr | ₹347 Cr | ₹465 Cr | ₹455 Cr |
| Total liabilities | ₹2.6k Cr | ₹2.9k Cr | ₹2.9k Cr | ₹3.1k Cr | ₹3.5k Cr | ₹3.7k Cr |
| Fixed assets | ₹1.1k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.4k Cr | ₹1.8k Cr | ₹1.6k Cr |
| Capital work in progress | ₹541 Cr | ₹506 Cr | ₹655 Cr | ₹719 Cr | ₹534 Cr | ₹884 Cr |
| Investments | ₹21 Cr | ₹34 Cr | ₹43 Cr | ₹40 Cr | ₹32 Cr | ₹58 Cr |
| Other assets | ₹959 Cr | ₹993 Cr | ₹838 Cr | ₹950 Cr | ₹1.1k Cr | ₹1.2k Cr |
| Total assets | ₹2.6k Cr | ₹2.9k Cr | ₹2.9k Cr | ₹3.1k Cr | ₹3.5k Cr | ₹3.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −4.10 pp while the public added +3.32 pp. The shareholder count grew 25% to 60,926.
- Promoters
- 40.1%
- FIIs
- 11.4%
- DIIs
- 8.1%
- Public
- 40.4%
Since Jun 2025
- Promoters −4.10 pp
- Public +3.32 pp
- DIIs +0.59 pp
How it drifted, 12 quarters
Over this window promoters fell from 50.0% to 40.1% — −9.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 50.0%, FIIs 8.6%, DIIs 0.4%, Public 41.0%.Dec '23: Promoters 50.0%, FIIs 8.5%, DIIs 0.1%, Public 41.4%.Mar '24: Promoters 50.0%, FIIs 5.6%, DIIs 1.6%, Public 42.7%.Jun '24: Promoters 44.4%, FIIs 9.1%, DIIs 7.6%, Public 38.9%.Sep '24: Promoters 44.3%, FIIs 9.6%, DIIs 8.2%, Public 37.9%.Dec '24: Promoters 44.2%, FIIs 9.9%, DIIs 8.3%, Public 37.6%.Mar '25: Promoters 44.2%, FIIs 11.0%, DIIs 7.5%, Public 37.3%.Jun '25: Promoters 44.2%, FIIs 11.2%, DIIs 7.5%, Public 37.1%.Sep '25: Promoters 44.2%, FIIs 10.9%, DIIs 7.7%, Public 37.2%.Dec '25: Promoters 40.1%, FIIs 11.0%, DIIs 8.3%, Public 40.6%.Mar '26: Promoters 40.1%, FIIs 11.1%, DIIs 8.6%, Public 40.2%.Jun '26: Promoters 40.1%, FIIs 11.4%, DIIs 8.1%, Public 40.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bandhan Healthcare Fund Mutual fund newly disclosed 1.24% held
- ICICI Prudential ELSS Tax Saver Fund Mutual fund newly disclosed 1.17% held
- SBI Life Insurance Co. Ltd Insurer +0.28 pp 2.31% held
- Dovetail India Fund Class 5 Shares FPI fund +0.20 pp 1.71% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Shilpa Medicare Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Vishnukant Chaturbhuj Bhutada | 6.51% | unchanged |
| Dharmavati Bhutada | 6.35% | unchanged |
| Ravi Kumar Innani | 4.10% | unchanged |
| Suraj Kumar Inani | 4.01% | unchanged |
| Om Prakash Inani | 2.93% | unchanged |
| Deepak Kumar Innani | 2.80% | unchanged |
| Kantadevi Inani | 2.60% | unchanged |
| SBI Life Insurance Co. Ltd Insurer | 2.31% | +0.28 pp |
| Sunidhi Capital Private Limited | 2.25% | unchanged |
| Cohesion Mk Best Ideas Sub-Trust FPI fund | 2.17% | unchanged |
| Keshav Bhutada | 2.05% | unchanged |
| Madhav Vishnukant Bhutada | 2.05% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in SHILPAMED
Filings to Jul 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹66 Cr
- 1 schemes
- Biggest holder
- HDFC Pharma and Healthcare Fund
- ₹66 Cr · 2.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Pharma and Healthcare Fund HDFC Mutual Fund | ₹66 Cr | held | Oct '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +64%
- vs est. average cost
- Held by funds
- ₹66 Cr
- 1 schemes · ≈ 0.37% of the company
Shares held by these funds +4489%
Dec '22 10.81 L shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Shilpa Medicare Limited
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