Financial Performance Highlights
Shilpa Medicare Limited delivered exceptional FY26 results with consolidated revenue growing 18% to ₹1,549 crores and profit after tax surging 211% to ₹243 crores. Standalone performance showed net profit of ₹133 crores (up from ₹68 crores in FY25) with revenue from operations at ₹597 crores. The company achieved significant growth across all business segments: API business contributed ₹769 crores (49% of total), formulations ₹618 crores (40%), and biologics ₹149 crores (10%) with nearly 100% YoY growth.
Business Segment Performance
The API business, through Shilpa Pharma Lifesciences, reported ₹985 crores revenue (including captive consumption) with 17% YoY growth, adding 37 new DMF filings and receiving CEP certification for Methotrexate API. The formulations business grew 30% YoY, highlighted by the commercial launch of Noduca™ (NorUDCA) for NAFLD in India and strong European performance (₹200+ crores revenue). The biologics division advanced Aflibercept to Phase III trials, added four new biosimilar programs, and signed a licensing agreement with SteinCares for Latin American commercialization.
Corporate Actions & Capital Structure
The board recommended a final dividend of ₹0.60 per equity share and had issued 1:1 bonus shares in October 2025, increasing paid-up capital from ₹9.78 crores to ₹19.56 crores. The company completed the merger with Shilpa Therapeutics Private Limited effective April 1, 2025, and disposed of Koanaa Healthcare Canada Inc during the year. Investments in subsidiaries totaled ₹122.75 crores with loans of ₹331.60 crores to subsidiaries, a key audit matter due to impairment assessment complexity.
Risk Management & Financial Controls
Foreign exchange risk management revealed net exposure of ₹2.53 crores with sensitivity analysis showing ₹2.40 crores P&L impact per 1% USD movement. Interest rate risk analysis indicated that a 0.5% change would affect net profit by ₹2.06 crores. The company maintained strong capital management with total debt of ₹657.97 crores and net debt to equity ratio of 0.25. Credit risk assessment showed trade receivables of ₹518.85 crores with allowance for credit loss of ₹4.11 crores.
Regulatory Compliance & Governance
The company will hold its 39th AGM on September 11, 2026, seeking approval for financial statements, dividend declaration, and reappointment of directors. Regulatory milestones included CEP certification, multiple facility accreditations (US FDA, EU GMP, TGA, PMDA), and SEBI Regulation 34 compliance. The board comprises 6 directors with 50% independence, and the company received EcoVadis Gold Medal with 82/100 score (98th percentile globally).
Forward Outlook
Shilpa Medicare continues to expand manufacturing capabilities with new oncology block construction targeted for FY27 commissioning. The biologics pipeline includes Phase III trials for rHA with Orion Corporation and US Pre-IND filing planned for FY27. The CDMO business maintains 25+ active programs across small molecules and biologics, positioning the company for sustained growth across global pharmaceutical markets.