Shilpa Medicare reported robust growth in Q3 FY26 and 9M FY26, driven by API, formulations, and biologics segments. Q3 FY26 revenue reached INR 411 crores, a 28% YoY increase. 9M FY26 revenue stood at INR 1,110 crores, up 14% YoY. The company launched a novel therapy for NAFLD and secured EU approval for Rotigotine. EBITDA margins improved, reflecting enhanced capital efficiency and strategic partnerships.
Financial Performance Highlights
Shilpa Medicare showcased a strong financial performance in the third quarter and first nine months of fiscal year 2026:
- Q3 FY26 Revenue: INR 411 crores (up 28% YoY)
- 9M FY26 Revenue: INR 1,110 crores (up 14% YoY)
- Q3 FY26 EBITDA: INR 115 crores (up 40% YoY) with margins at 28%
- 9M FY26 EBITDA: INR 323 crores (up 26% YoY) with margins at 29%
This growth was primarily fueled by advancements across its API, formulations, and biologics divisions.
Segmental Performance
Key observations regarding Shilpa Medicare’s various operating segments include:
- API: Revenue driven by both oncology and non-oncology products. Capacity expansions led to improved utilization.
- Formulations: Demonstrated strong growth, driven by EU formulations and domestic market share gains.
- Biologics: Steady progress observed in key pipeline assets.
Key Developments
Other noteworthy developments include:
- Successful launch of a novel, first-in-class therapy for NAFLD in India.
- EU approval secured for Rotigotine.
- Positive Phase 3 trial results achieved for Ondansetron ER in India.
Strategic Focus and Outlook
Shilpa Medicare’s management remains confident in delivering a significantly better FY27, underpinned by a strong R&D foundation, key product approvals, and strategic partnerships.
Business Segment Overview
Shilpa Medicare operates across three primary verticals:
- API: Focuses on oncology and non-oncology APIs, payloads, linkers, peptides, polymers, and CDMO. Contributed 53% to 9MFY26 revenue.
- Formulations: Includes tablets, capsules, injectables, oral dissolving films, transdermal patches, and CDMO. Accounted for 37% of 9MFY26 revenue.
- Biologics: Encompasses NBEs, microbials, mammalian products, GLP-1, CDMO, and ADCs. Represented 10% of 9MFY26 revenue.
Source: BSE
