AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Dividend Updates 17 Aug - Sharesholder notice on TDS for final dividend of Re.0.60; record date 4 Sept 2026, AGM 11 Sept 2026.
Source: Bse
Shilpa Medicare Limited (SHILPAMED)
Micro CapPharma stocks · Micro cap · NSE
Established in 1987, Shilpa Medicare is a pharma company with 35+ years track record. Operates in API, Formulations, CDMO, and Biologics. Has 10+ regulatory approved facilities, 400+ R&D personnel, and 500+ regulatory filings across 50+ countries. Emerging businesses include NDDS, ADC, and Recombinant Human Albumin.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result05 Aug, 07:28 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
75BullishSMA20 +9.7% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 59
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
SHILPAMEDD candles · FIT view+111.7%Latest close ₹876.20 on 2026-10-19
Bar
-1.6%
RSI
36
MACD hist
-24.54
52W pos
74%
2026-10-19O ₹890.00H ₹919.90L ₹855.20C ₹876.20Vol 23.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SHILPAMEDNifty PharmaNifty 500
- SHILPAMED
- +40.1%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +45.7 pp
Chart stats
19 Oct 2026- From 52W high
- -20.0%
- 52W range position
- 74%
- ATR (14)
- 6.0%
- Volume vs 20D
- 2.87x
- Avg traded value
- ₹84.2 Cr
- 20D price channel
- ₹855.2 - ₹1,095
₹1,095
₹259.5 - ₹1,095
₹52.5
Latest completed session
20-session average
48.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +45.2% · PAT +114.9% YoY
Technical
Bullish75
Price trend and sector-relative-strength timing.
Valuation
Legacy model-28.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +45% YoY · PAT +115% YoY · margin expansion · +7% QoQ · operating leverage
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹466 Cr | +45.2% | +6.6% |
| EBITDA | ₹136 Cr | +49.5% | +13.3% |
| Operating margin | 29.0% | +100 bps | +200 bps |
| PAT | ₹101 Cr | +114.9% | -6.5% |
| PAT margin | 21.7% | +703 bps | -304 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 64.50
- P/B
- 7.11
- EV/EBITDA
- 31.40
- Market Cap
- 18338.00Cr
Profitability
- ROE
- 8.99%
- ROCE
- 10.90%
- ROA
- 8.01%
- Dividend Y
- 0.06%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 42.50%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 9.21×
- Altman Z
- 8.10
- Book Value
- 132.00
Cash Flow
- FCF Yield
- 0.02%
- FCF Positive Y
- 3/5
- OCF
- 342.00 Cr
- EPS TTM
- 15.20
Shareholding
- Promoter Hold
- 40.13%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 81%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 596+25.2% vs prev
Net Profit
₹ CrLatest: 133+95.6% vs prev
Return on Equity
%Latest: 665+26394.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 36. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~8.9% over last month) — short-term momentum positive.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 20% off 52W high · 238% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
97
RS percentile
Stage 2 UptrendEstablished S2
1M return
-14.2%
3M return
+40.1%
6M return
+114.6%
1Y return
+142.6%
RS 1D
0
RS 20D
-1
Sector rank
#1
Industry rank
#17
Stage evidence
- Price is 35.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +16.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
06 May 2026
S2 age
117 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 233.96-5.58%
RS vs Nifty 500234
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth15/25
Quality1/20
Balance Sheet8/15
Cash Flow3/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -28.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
64.5
PB
7.1
EV/EBITDA
31.4
ROE
9.0%
ROCE
10.9%
FCF Yield
0.0%
Debt/Equity
0.3
MoS
-28.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-28.1%
Previous: -28.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
30
31
31
31
31
31
32
32
32
32
32
32
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹212.47
-312.4% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹684
-28.1% MoS
PEG
2.37
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ONESOURCE
Large
Onesource Specialty Pharma Limited
Healthcare Services
match 164
26
310.0
0.5%
-632%
OVERVALUED
MARKSANS
Micro
Marksans Pharma Limited
Healthcare Services
match 164
53
27.3
15.2%
+41%
FAIR VALUE
SUDEEPPHRM
Micro
Sudeep Pharma Limited
Healthcare Services
match 163
49
65.4
25.2%
-32%
FAIR VALUE
YATHARTH
Micro
Yatharth Hospital & Trauma Care Services Limited
Healthcare Services
match 163
37
52.6
10.2%
-15%
WATCHLIST
SUPRIYA
Micro
Supriya Lifescience Limited
Healthcare Services
match 160
52
35.9
19.1%
+19%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-12T07:45:26.372Z
Management commentary snapshot
Shilpa Medicare reported its highest-ever quarterly revenue of INR 469 crores (+43% YoY) and EBITDA of INR 139 crores (+42% YoY) in 1QFY27, with a robust 30% margin. PAT surged 115% YoY to INR 101 crores, driven by broad-based growth across all key verticals.
The company delivered strong 1QFY27 results, with significant YoY growth in revenue and profitability, driven by all key verticals. Strategic investments in regulatory and manufacturing are yielding tangible outcomes, and new partnerships and product launches indicate continued momentum. A credit rating upgrade validates financial stability.
Current business mix
1QFY27 Revenue contribution
Latest issuer-disclosed distribution across 3 reported categories.
API47.0%
Formulations42.0%
Biologics11.0%
Growth engines
NorUDCA Launch
Launched NorUDCA (NoducaTM), a first-in-class treatment for NAFLD in India, with strategic partnerships for marketing and a dedicated MR team.
Niche 505(b)(2) US Portfolio
US revenue grew sharply, driven by our niche 505(b)(2) portfolio gaining meaningful commercial traction, with 3 projects commercialized.
Specialty CDMO
The Specialty CDMO division continues to see strong traction, driven by new client acquisitions in developed markets and new late-stage opportunities.
High-Value Biosimilars Portfolio
Focused strategy targets a select portfolio of high-value Biosimilars (e.g., Adalimumab, Aflibercept, Nivolumab, Pembrolizumab), with four new programs added.
Capacity and execution
New Oncology API Block
New Onco block expansion underway; slated for completion by end of FY27 to enable new product launches.
Peptide Capacity Expansion
Peptide expansion underway, set to add one of the largest solid-phase synthesis capacities in India, strengthening long-term competitive positioning.
ADC Drug Substance GMP Facility
Commissioned a fully operational, integrated ADC Drug Substance GMP manufacturing facility in Dharwad, positioning Shilpa as an end-to-end CDMO partner.
UDCA and Tranexamic Acid Capacity
In the process of further expansion of capacity for key products viz UDCA and Tranexamic Acid.
Tailwinds
Regulatory and Manufacturing Investments
The regulatory and manufacturing investments are now translating into tangible outcomes, with momentum expected to build through the year.
Collaborative Innovation & Partnerships
Partnerships forged with large global companies across complex and novel product portfolio, reaffirming position as a partner of choice.
Credit Rating Upgrade
Consistent improvement in operating and financial performance recognized through a credit rating upgrade from A+ to AA-.
Improving Capital Efficiency
Our capital efficiency continues to improve, with ROCE trending upwards, reflecting improvement in our operational momentum.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is primary for assessing overall growth and seasonal performance across verticals. QoQ is also relevant as the company achieved its 'Highest Quarterly Revenue and EBITDA', indicating strong sequential momentum and operating leverage.
Sector KPIs management disclosed
Domestic Formulations Revenue Growth
Domestic formulations revenue grew ~179% YoY to INR 24 crs, led by strong order book visibility and healthy commercial traction following NorUDCA launch.
US Formulations Revenue
US revenue grew sharply to INR 45 crs, driven by our niche 505(b)(2) portfolio gaining meaningful commercial traction.
Europe Formulations Revenue Growth
Europe formulations revenue stood at INR 57 crs, growing ~84% YoY on the back of continued portfolio expansion and market penetration.
API Revenue Growth
API revenue growth came in at ~15% YoY for the quarter, driven by core portfolio and Specialty CDMO.
Management forward view
Momentum to Build
Management expects the current operating momentum to build further through the year as more initiatives mature and scale.
Stronger FY27 Outlook
With a strong pipeline, wider global network, and sharpened strategic focus, management remains confident of delivering a stronger FY27.
Differentiated, Integrated Organization
Approach continues to be anchored in building a differentiated, integrated organization combining robust R&D, manufacturing, and a growing product portfolio.
Operating Leverage
Substantial portion of current gross block remains underutilized across high-margin divisions (Biosimilar, CDMO, NDDS), implying impending operating leverage.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Formulations Growth | ~179% YoY in 1QFY27 | Sustained high growth rates for NorUDCA and other domestic launches, indicating successful market penetration. |
| Progress on Key Pipeline Products | Rotigotine (EU launch 1HFY27, US approval FY27), Ondansetron (India launch FY27), Aflibercept (India launch FY27), rHA (Phase 3 1HFY27). | Timely regulatory approvals and commercial launches for Rotigotine, Ondansetron, Aflibercept, and Recombinant Human Albumin. |
| Specialty CDMO Traction | Strong traction with new client acquisitions and late-stage opportunities. | Commencement of commercial supplies to European customer in 2HFY27 and progress on new Japanese/US customer orders. |
| Capacity Utilization & Margin Improvement | EBITDA margin at 30% in 1QFY27. | Meaningful improvement in revenue and EBITDA margins driven by increased utilization of current gross block, especially in high-margin divisions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 78th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
106 docs text-extracted · 36 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Pharma: 78th pctile, median 70 · Micro: 74th pctile, median 73
Evidence depth
Financial-only
106 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0%.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 4.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Shilpa Medicare Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Sep - SEC approved OERIS™ marketing authorization on 11 September 2026; India launch planned.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 15 Jul - Dr. Sridevi Khambhampaty resigned as CEO of Shilpa Biologicals, effective closing hours 15 July 2026.
Source: Bse
Credit ratingJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 7 Jul - India Ratings upgraded Shilpa Medicare and subsidiary bank facilities to IND AA-/Stable on 7 July 2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 16 Jul - India Ratings assigned IND A+/Stable and IND A1+ to Shilpa Biologicals’ INR1,250 million bank facilities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Jun - Shilpa Biologicals signs co-development and supply deal with Orion for nivolumab biosimilar in Europe.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Jun - Shilpa Medicare Limited has informed about the copy of news paper publication.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.