Shilpa Medicare Limited announced its Q4 FY26 financial results, highlighting a 30% year-on-year revenue growth to INR439 crores and a full-year revenue of INR1,549 crores. The company reported a 40% year-on-year EBITDA growth for the quarter, reaching INR121 crores, with margins at 28%. Key growth drivers included strong performance in API and Formulation segments, with new product launches anticipated across various therapeutic areas and markets.
Shilpa Medicare Limited: Q4 FY26 Performance Highlights
Shilpa Medicare Limited has reported robust financial performance for the fourth quarter and the full fiscal year ending March 2026. The company achieved its highest ever quarterly revenues of INR439 crores, marking a significant 30% year-on-year growth. For the full year FY26, revenues reached a historic high of INR1,549 crores, an 18% increase compared to the previous year.
Financial Achievements
Gross margins remained strong, standing at 68% for the quarter and 70% for the full year. The company also reported its highest ever EBITDA, both quarterly and yearly. Quarterly EBITDA was INR121 crores, a 40% year-on-year increase, with an improved EBITDA margin of 28%. Full-year EBITDA stood at INR445 crores, reflecting a 30% year-on-year growth and a margin of 29%. This improvement was driven by increased revenue and operating leverage. Adjusted PAT for the quarter was INR87 crores, and for the full year, it was INR232 crores, a substantial 135% year-on-year growth. Capex for FY26 was INR361 crores, primarily funded by internal accruals.
Segmental Performance
The API business generated INR259 crores in revenue for the quarter and INR985 crores for the full year, showing a 16% growth, attributed to increased product uptake and captive demand from the formulation vertical. The Formulation revenue grew by 54% year-on-year to INR205 crores in the quarter, with full-year revenue at INR618 crores (30% growth). The European formulation business saw revenues of over INR200 crores, a more than 100% year-on-year increase.
Product Development and Launches
Shilpa Medicare is building a diversified pharmaceutical platform across complex APIs, specialty formulations, biologics, and ADCs. In the API segment, the company is advancing multiple U.S. NCE programs and has added over 15 new oncology products to its pipeline. Significant progress has been made in specialty CDMO, with several programs in development and submission stages. The formulations division is focusing on complex injectables and new chemical entities, with products like Abraxane and Enzalutamide tablets slated for commercialization in FY28, and Rotigotine Transdermal Patch planned for Europe launch in FY27.
The Biologics division is seeing progress with Aflibercept and Nivolumab, with human clinical studies ongoing and approvals expected in FY27. The company is also developing new biological entities and expanding its CDMO business. A key focus area is the ADC space, where Shilpa is building integrated manufacturing capabilities. The recombinant human albumin program is advancing with a global Phase III clinical study approved.
Future Outlook and Strategy
The company expressed confidence in sustainable growth, improved margins, and increased return ratios in the coming years. The strategy involves focusing on high-growth potential businesses, monetizing investments, and leveraging integrated manufacturing capabilities. Shilpa Medicare aims to evolve into a global technology-driven healthcare company. Discussions are underway for potential partnerships and collaborations to drive further market penetration and revenue growth across various segments and geographies, including the U.S. and Europe.
Key Product Pipeline and Initiatives
- API Oncology: Expansion of oncology block to support 15+ new APIs, focusing on captive formulation and steady growth.
- API Peptides: Development of generic and CDMO peptides with a new large-scale manufacturing block planned for FY27.
- Formulations: Launch of NorUDCA globally, with human studies planned for FY27. Complex products like Abraxane and Enzalutamide tablets targeting FY28 commercialization. Ondansetron extended-release injection for FY27 India launch and global plans.
- Biologics: Progress in Aflibercept and Nivolumab, with new biological entities and ADC biosimilars in development. CDMO business and biosimilar licensing are key growth drivers.
- Recombinant Human Albumin: Global Phase III clinical study approval received.
The management reiterated its commitment to growth and scaling the company, emphasizing a focus on near-term and midterm revenue generation from its investments. While specific guidance for divisions was not provided, the company expressed optimism about the growth potential across its business verticals.
Source: BSE
