Shilpa Medicare Q4 Revenue Hits Record INR439 Crores

Q4 FY26 Performance:

Highest-ever quarterly revenues of INR439 crores, recording 30% year-on-year growth
Gross margin remained healthy at 68% for the quarter
Highest-ever quarterly EBITDA of INR121 crores, growing 40% year-on-year
EBITDA margin of 28%, improving approximately 2% year-on-year
Exceptional gain of INR30 crores from stake sale in JV company Sravathi Advance (sold 31% stake, now holds 34%)
Adjusted PAT (before exceptional gain) was INR87 crores for the quarter

Full Year FY26 Performance:

Historic revenue of INR1,549 crores, growing 18% year-on-year
Gross margin of 70% for the full year
Highest-ever yearly EBITDA of INR445 crores, reflecting 30% year-on-year growth
Yearly EBITDA margin of 29%, showing ~3% year-on-year improvement
Adjusted PAT (before exceptional gain) was INR232 crores for the full year, growing ~135% year-on-year
Interest outgo reduced year-on-year and has stabilized at current quarter run rate
Net debt increased to INR613 crores from INR550 crores in previous year
Capex of INR361 crores primarily funded by internal accruals, deployed in API, CDMO and albumin facilities
Adjusted ROCE (excluding investments in high-growth potential businesses) improved significantly from 4% in FY23 to 17.4% in FY26

API Business:

Q4 revenue: INR259 crores
Full year revenue: INR985 crores, growing 16% year-on-year
Growth driven by improved uptake from newly expanded capacities and strong captive demand from formulation vertical

Formulations Business:

Q4 revenue: INR205 crores, growing 54% year-on-year
Full year revenue: INR618 crores, growing 30% year-on-year
Base business (excluding licensing income) reported robust growth of 64% for quarter and 75% for full year
European formulation business delivered revenues over INR200 crores, growing more than 100% year-on-year

Biologics Segment:

API Business Developments:

First U.S. NCE program launched in Q4 by big pharma company
Second U.S. NCE program supplying API for Phase III studies (ongoing)
Third U.S. NCE program developing API and formulation for Unicycive Therapeutics - submissions done, expecting approval in FY27
Dedicated manufacturing production blocks for OLC successfully commissioned in Q4 FY26, validation batches planned in Q1 FY27
Two new NCE programs completed client audits in Q4 FY26, expecting initial development revenues in FY27
Added more than 15 new oncology products to pipeline (top oncology blockbusters with patent expiry up to 2032)
One new non-oncology import substitute product completed process validation in Q4 FY26
Methotrexate complex import substitute oncology API received CEP in Q4 FY26
New oncology block added to existing setup, increasing overall oncology API capacity, expected commissioning in FY27
Peptides business continues optimistic growth working on multiple generic and CDMO peptides
New dedicated peptide large-scale manufacturing block equipment ordering completed, expected commissioning in FY27
Working on multiple payloads and linkers for ADC programs
Payload supplied to big pharma company completed registration batches in Q4 FY26

Formulations Developments:

Nor Ursodeoxycholic acid (NorUDCA) showing good clinical results and traction
Planning global expansion with scientific advice and submission in U.S. and Europe, planning human studies in FY27
Three commercial 505(b)(2) products approved in U.S., volumes expected to grow steadily quarter-on-quarter
Abraxane (paclitaxel albumin-bound) exhibit batches successfully completed in Q4 FY26, expecting launch in FY28
Enzalutamide tablets registration batches completed with non-infringing route, planning to file in U.S. and Europe in FY27, expecting commercialization in FY28
Rotigotine Transdermal Patch Europe launch expected in FY27
Rotigotine Transdermal Patch submitted to U.S. FDA in Q4 FY26
Ondansetron extended-release injection expected to launch in FY27 in India, planning global expansion with human studies in FY27

Biologics Developments:

Aflibercept human clinical study ongoing, on track for launch in FY27
Nivolumab human clinical study approval received for India, scientific advice submitted to EMA, expecting response in Q1 FY27
Four new biosimilars added to portfolio in Q4 FY26
First NBE program with mAbTree Biologics development completed, planning Phase I studies in FY27
Second NBE program partnered with Alveolus Bio, development work initiated, expecting human studies in FY27
Two NBE programs entering Phase I studies in FY27
5 active CDMO and NBE programs ongoing
Phase I clinical study batches for one innovator program initiated in Q4 FY26, planning to finish supplies in FY27
First ADC biosimilar development completed using payload, linker and conjugation, planning human studies in FY27
Second ADC biosimilar product development initiated
Building integrated ADC manufacturing suite with mAb manufacturing, payload, linker and conjugation capabilities
Recombinant human albumin program received Global Phase III clinical study approval from CDSCO for Europe study
Planning IMPD submission for Europe study in first half of FY27

U.S. Formulation Revenue:

Revenue grew from INR54 crores in FY25 to INR80 crores in FY26
Growth impacted by discontinuation of azacitidine generic product due to market dynamics
Now focusing on super specialty products

NorUDCA Scaling:

Launched in November (Q3), showing steep growth quarter-on-quarter
Disease curability duration is 6 months, clearer picture expected in second quarter of FY27

EBITDA Margins and Licensing Income:

Targeting 35% EBITDA margins but considered ambitious due to ongoing business growth investments
Licensing income expected to remain in similar range with robust pipeline of molecules

European Formulation Business:

Expecting healthy growth in FY27
Nilotinib impact expected in FY28 due to tender contract durations
Additional launches including Tadalafil oral disintegrating film, Axitinib and other generic products

Biologics Growth Drivers:

OLC (Unicycive Therapeutics):

Associate Company Profit Share:

Facility and Regulatory Status:

U.S. FDA facility audit observations addressed, compliance done, waiting for reaudit
Facility has global accreditations (Europe, LatAm, Saudi), plant occupancy not an issue
No capacity crunch issues due to strong pipeline of differentiated products

Product Pipeline Timelines:

Capex and Investment Strategy:

Raw Material Availability: