Shilpa Medicare Limited concluded FY26 on a high note, reporting record annual revenue of INR 1,549 crores, an 18% year-on-year growth. The company achieved its highest-ever annual EBITDA of INR 445 crores, a significant 30% growth, while Adjusted PAT surged 135% to INR 232 crores. Driven by operational momentum in API, Formulations, and Biologics, Shilpa is well-positioned for continued growth with a robust R&D pipeline and strategic partnerships.
Record Financial Performance in FY26
Shilpa Medicare Limited has delivered its strongest financial performance to date, closing FY26 with total revenue reaching INR 1,549 crores, reflecting an 18% increase compared to the previous year. The company’s annual EBITDA climbed by 30% to INR 445 crores, with EBITDA margins improving by 300 basis points to 29%. The Adjusted PAT saw a remarkable 135% growth, landing at INR 232 crores.
In the fourth quarter (January–March 2026), the company recorded its highest-ever quarterly revenue of INR 439 crores, a 30% YoY increase, and an EBITDA of INR 121 crores, demonstrating powerful operational leverage.
Strategic Business Vertical Highlights
The company continues to leverage its diversified business model across three key verticals:
- API Business: Revenue growth hit 16% YoY, bolstered by captive demand from the FDF vertical and strong performance in both Onco and Non-Onco segments. The business successfully added 37 new DMF filings during the year.
- Formulations Business: Delivered 30% YoY growth for the year. The domestic launch of NorUDCA, a first-in-class treatment for NAFLD, has been a key driver of success. Additionally, the EU formulations business crossed a major milestone with INR 200 crores in revenue.
- Biologics & NBE: This high-potential vertical saw advancements in its biosimilars portfolio, including Aflibercept and a strategic licensing agreement for LatAm markets. The company is also making significant strides in its ADC platform and Recombinant Human Albumin production.
Future Outlook and Growth Catalysts
Management is optimistic about the trajectory for FY27. Growth is expected to be fueled by the commercialization of new products, including Rotigotine Transdermal Patch and long-acting Ondansetron injections. With 15+ new oncology APIs in development and an expanding CDMO pipeline, the company remains focused on driving capital efficiency and improving margins. The commissioning of new blocks and the leveraging of underutilized manufacturing capacities are expected to be primary contributors to future profitability.
Source: BSE
