Shilpa Medicare
Shilpa Medicare
HealthcareKey Fundamentals
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 8.03 times its book value
- The company has delivered a poor sales growth of 11.3% over past five years.
- Company has a low return on equity of 5.39% over last 3 years.
- Promoter holding has decreased over last 3 years: -9.88%
Growth Rate
AI Analysis — Bull vs Bear
Shilpa Medicare has a market capitalisation of about ₹19,947 crore and trades at a P/E of 66.3 and a P/B of 7.61. Its financials have recently sped up: TTM sales grew 28% and TTM profit grew 117%. Over longer periods its record is weaker, with 5-year sales CAGR of 11%, 10-year profit CAGR of 8% and a 3-year average ROE of about 5%. The stock is up 163% over the past year, which puts current valuation well above the company's historical return profile.
- Profit growth has sped up sharply. TTM profit grew 117% and 3-year compounded profit growth is 107%, far above the 10-year profit CAGR of 8%. This suggests a meaningful earnings recovery from the earlier trough.
- Revenue growth is picking up. TTM sales growth of 28% is roughly double the 3-year sales CAGR of 14% and well above the 5-year CAGR of 11% and the 10-year CAGR of 8%, so top-line momentum is building.
- Return on equity is improving. Last year's ROE was 9%, compared with a 3-year average of 5%, a 5-year average of 4% and a 10-year average of 6%. Operating leverage appears to be feeding into returns.
- Each more recent period shows faster sales growth than the one before: 8% over 10 years, 11% over 5 years, 14% over 3 years and 28% TTM. This points to a sustained improvement rather than a one-off spike.
- The market has responded strongly to the turnaround. The stock returned 163% over 1 year and compounded 79% annually over 3 years, well ahead of its 10-year CAGR of 14%.
- At a market capitalisation of about ₹19,947 crore, the company has grown into a sizeable mid-cap in the healthcare sector. That scale supports trading liquidity and access to capital for its pharma and API businesses.
- Near-term operating momentum is expected to stay positive, based on the stated expectation of a good upcoming quarter. This follows 28% TTM sales growth.
- The valuation is demanding. A P/E of 66.3 prices in continued high earnings growth, even though the 10-year profit CAGR is only 8%. That leaves little room for any slowdown after the 117% TTM profit jump.
- The stock trades at 7.61–7.65 times book value while the latest ROE is only 9%, which implies an earnings yield on book of roughly 1.2%. That is a steep premium for the capital efficiency on offer.
- Return ratios have been low for a long time. ROE averaged 5.39% over 3 years, 4% over 5 years and 6% over 10 years, probably below the company's cost of equity for most of the last decade.
- Promoter holding fell 9.88 percentage points over the last 3 years. This may reflect dilution or stake sales and could be read as a negative signal on insider alignment.
- The 107% 3-year profit CAGR comes largely off a depressed base. Over 5 years profit compounded only 17%, and over 10 years only 8%, so recent growth rates may overstate how durable the earnings are.
- Long-term sales growth has been modest. The 5-year sales CAGR of 11.3% and 10-year CAGR of 8% suggest that the recent 28% TTM growth still needs to prove it can last.
- After a 163% gain in one year, much of the expected recovery may already be in the price. The stock's 10-year CAGR of 14% shows it has historically gone through long periods of weaker returns.
- The dividend yield of 0.06% gives investors almost no income cushion, so returns depend almost entirely on price appreciation at a P/E of 66.3.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Rich valuation after 238% rally Sep 25
The stock has gained 238% in 2026 and trades at 74x earnings, so expectations are high and the next results will test them. It is still cheaper than Divi's at 84x, Laurus at 100x and Sai Life Sciences at 93x.
- Risks to growth plans Sep 25
The main risks are delays in clinical trials (its first antibody-drug conjugate is due to start human trials in FY27), pricing pressure from competitors and higher raw material costs. Usage at newly built plants could also pick up more slowly than expected.
- Record Q1FY27, profit more than doubles Sep 25
Q1FY27 revenue rose 43% YoY to ₹469 crore, the highest quarter ever. EBITDA grew 42% to ₹139 crore at a 30% margin, and profit after tax more than doubled to ₹101 crore from ₹47 crore.
- OERIS gets first-of-its-kind approval Sep 11
CDSCO gave final marketing approval for OERIS, the world's first extended-release ondansetron injection, which protects against chemotherapy-related nausea for 120 hours from one dose. It is patented in India until 2039, and the company plans a launch across India followed by a US FDA 505(b)(2) filing.
- Formulations sales more than double Sep 25
Finished formulations revenue more than doubled to ₹198 crore, making up 42% of total revenue. Europe grew 84% to ₹57 crore, India grew 179% to ₹24 crore and the US contributed ₹45 crore.
- Lower debt and better returns Sep 25
Net debt-to-EBITDA has fallen to 1.3x from 6.7x three years ago. Return on capital employed rose to 12.5% from 8.8% in FY25, and the company expects limited capital spending over the next three years.
- Growing pipeline in biologics, APIs and CDMO Sep 25
Biologics revenue rose 42% to ₹52 crore, and four biosimilars were added to the pipeline: Nivolumab, Pembrolizumab, Daratumumab and Dupilumab. The company also added more than 15 oncology APIs, has over 25 active contract manufacturing (CDMO) projects and won two late-stage projects from Japanese drugmakers.
- Promoter frees 30 lakh pledged shares Sep 26
On September 25, the promoter group released 30,00,000 shares (1.53% of the company) that had been pledged with Bajaj Finance. This lowers the promoters' pledged holding.
- One USFDA observation at Hyderabad unit Sep 21
A USFDA routine inspection of the Hyderabad unit ended with one procedural observation at the Analytical Services Division. The company now has to submit a corrective action plan.
- Investor meetings at Nuvama forum Sep 22
Management will meet investors at the Nuvama Emerging India CEO Forum in Mumbai on September 28, 2026. The company said no unpublished price-sensitive information will be shared.
- ₹0.60 dividend declared at 39th AGM Sep 11
At its 39th AGM on September 11, 2026, the company adopted FY26 financials, declared a ₹0.60 per share dividend and reappointed directors.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 260 | 313 | 287 | 292 | 293 | 344 | 319 | 331 | 321 | 370 | 410 | 437 | 466 |
| Expenses | 214 | 255 | 222 | 222 | 222 | 258 | 239 | 252 | 231 | 262 | 296 | 317 | 330 |
| Operating Profit | 46 | 58 | 65 | 70 | 70 | 86 | 81 | 79 | 91 | 108 | 114 | 120 | 136 |
| OPM % | 18% | 19% | 23% | 24% | 24% | 25% | 25% | 24% | 28% | 29% | 28% | 27% | 29% |
| Other Income | 2 | 2 | 2 | 9 | 10 | 5 | 2 | -21 | 6 | 2 | -13 | 45 | 9 |
| Interest | 18 | 23 | 26 | 24 | 24 | 26 | 12 | 14 | 19 | 16 | 11 | 14 | 12 |
| Depreciation | 27 | 28 | 27 | 27 | 27 | 28 | 29 | 29 | 29 | 30 | 30 | 31 | 35 |
| PBT | 3 | 9 | 14 | 28 | 29 | 37 | 42 | 15 | 50 | 64 | 61 | 120 | 98 |
| Tax % | 64% | 83% | 67% | 12% | 51% | 51% | 24% | 5% | 5% | 32% | 27% | 10% | -3% |
| Net Profit | 1 | 2 | 5 | 24 | 14 | 18 | 32 | 15 | 47 | 44 | 45 | 108 | 101 |
| EPS in Rs | 0.07 | 0.09 | 0.26 | 1.41 | 0.72 | 0.92 | 1.62 | 0.74 | 2.4 | 2.25 | 2.28 | 5.51 | 5.16 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 614 | 719 | 779 | 789 | 733 | 908 | 899 | 1,141 | 1,046 | 1,146 | 1,281 | 1,535 | 1,683 |
| Expenses | 485 | 566 | 614 | 634 | 585 | 688 | 718 | 940 | 947 | 907 | 962 | 1,100 | 1,204 |
| Operating Profit | 129 | 153 | 165 | 155 | 148 | 219 | 181 | 202 | 99 | 239 | 319 | 435 | 479 |
| OPM % | 21% | 21% | 21% | 20% | 20% | 24% | 20% | 18% | 9% | 21% | 25% | 28% | 28% |
| Other Income | 5 | 5 | 15 | 22 | 33 | 17 | 90 | 21 | 17 | 15 | -8 | 39 | 43 |
| Interest | 4 | 7 | 3 | 3 | 4 | 5 | 22 | 41 | 59 | 92 | 76 | 59 | 52 |
| Depreciation | 21 | 29 | 31 | 37 | 42 | 44 | 54 | 80 | 96 | 108 | 113 | 120 | 126 |
| PBT | 108 | 122 | 146 | 137 | 136 | 188 | 195 | 102 | -38 | 54 | 122 | 295 | 344 |
| 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 | 297 |
| EPS in Rs | 4.78 | 6.73 | 6.71 | 6.45 | 6.88 | 9.57 | 9.06 | 3.49 | -1.87 | 1.84 | 4 | 12.44 | 15.2 |
| Div. Payout % | 6% | 4% | 4% | 5% | 7% | 6% | 6% | 16% | 0% | 0% | 12% | 5% | — |
Balance Sheet
| Particulars | 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 | 2,353 | 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 | 360 | 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 | 1,593 |
| CWIP | 222 | 95 | 141 | 210 | 429 | 666 | 541 | 506 | 655 | 719 | 822 | 884 |
| 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 69 | 129 | 37 | 45 | 147 | 124 | 47 | 105 | 180 | 137 | 132 | 342 |
| Investing | -196 | -106 | -257 | -10 | -196 | -290 | -404 | -286 | -232 | -171 | -198 | -339 |
| Financing | 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 | 17 |
| Free Cash Flow | -74 | 12 | -79 | -92 | -151 | -220 | -302 | -226 | -46 | -48 | -111 | -28 |
| CFO/OP | 73 | 103 | 43 | 55 | 123 | 76 | 52 | 69 | 215 | 74 | 56 | 93 |
Ratios
| Particulars | 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 | 93 | 113 |
| Cash Conversion Cycle | 111 | 104 | 157 | 189 | 253 | 275 | 425 | 323 | 268 | 278 | 342 | 301 |
| Working Capital Days | 33 | 27 | 79 | 98 | 98 | 68 | 72 | 77 | -13 | 48 | 80 | 51 |
| ROCE % | 18% | 16% | 14% | 10% | 9% | 12% | 8% | 6% | 1% | 5% | 8% | 11% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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70 extracted metrics + investor summaries across FY07–FY27.
Documents
Frequently Asked Questions about Shilpa Medicare
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Company Information
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]
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