Intimation of Analyst/Investor Meet

Shilpa Medicare Limited

  • The document contains the transcript of the Q2 FY27 Earnings Conference Call held on Thursday, 05 November 2026, at 16:00 hrs, following the company's intimation dated 29 October 2026.
  • The purpose of the event was to discuss Q2 and H1 FY27 financial results and provide business updates across all segments.
  • Management participants included:
  • Mr. Keshav Bhutada – Executive Director and Chief Executive Officer – Shilpa Pharma Life Sciences Limited
  • Mr. Alpesh Dalal – Chief Financial Officer – Shilpa Medicare Limited
  • Mr. Monish Shah – Head, Strategy and Investor Relations – Shilpa Medicare Limited
  • The company confirmed that the financial results and investor presentation had been uploaded on stock exchanges, and the transcript along with audio would be available on the company website and stock exchanges.
  • Standard forward-looking statement disclaimer was provided, noting that discussions may include forward-looking statements subject to risks and uncertainties.

Financial Highlights Discussed:

  • Q2 FY27 Performance: Highest ever quarterly revenue of INR 538 crores (up 35% YoY), EBITDA of INR 151 crores (up 37% YoY), EBITDA margin of 28%, PAT of INR 79 crores.
  • H1 FY27 Performance: Revenue of INR 1,007 crores (first time crossing INR 1,000 crores mark, up 44% YoY), EBITDA of INR 290 crores (up 40% YoY), EBITDA margin of 29%, PAT of INR 180 crores (nearly 100% growth YoY).
  • Segment Performance:
  • API: Q2 revenue INR 255 crores (24% YoY growth), H1 revenue INR 470 crores (20% YoY growth)
  • Formulations: Q2 revenue INR 210 crores (over 50% YoY growth), H1 revenue INR 407 crores (70% YoY growth)
  • Biologics: Q2 revenue INR 65 crores (150% YoY growth), H1 revenue INR 117 crores (92% YoY growth)
  • Balance Sheet: Net debt stood at INR 612 crores, remained stable despite significant capex. ROCE improved to 13.3% from 9% in FY25 (18.3% on adjusted basis).
  • Capex: INR 252 crores spent in H1 FY27, primarily funded by internal accruals.

Business Updates Discussed:

  • API Business: Delivered highest ever quarterly revenue with 25+ NCE CDMO client programs. Expecting 4 partner programs to commercialize in next 18-24 months.
  • Peptide Expansion: On track to commission one of the largest integrated peptide manufacturing capacities by end of FY27.
  • Formulations: India business grew 2.5x in H1 YoY led by Nor-UDCA. Three complex 505(b)(2) products commercialized with 5+ under advanced development.
  • Upcoming Launches: Enzalutamide, Abraxane, and Rotigotine patch on track for FY28. Semaglutide GLP-1 injectable exhibit batches completed.
  • Biologics: Now contributes 12% of revenue with portfolio of 7 biosimilars. Two biosimilars entering human studies for Europe and RoW markets in FY27.
  • CDMO: 6+ active CDMO biologics programs with Phase I supplies for 3 programs to be completed in FY27. First ADC biosimilar to enter human studies in FY28.
  • Recombinant Albumin: Global Phase III protocol approved by CDSCO and EMA, targeting IMPD submission in Europe in second half of FY27.

Additional Notes Section

  • The document is a transcript of the earnings conference call following regulatory disclosure requirements.
  • The company explicitly stated that no unpublished price sensitive information (UPSI) would be shared during the call.
  • Multiple financial figures and operational metrics were disclosed during the management commentary and Q&A session.
  • The transcript includes detailed Q&A session with analysts covering gross margins, peptide expansion, biosimilar timelines, CDMO prospects, and plant regulatory status.