SHILPAMED
Shilpa Medicare Limited
Integrated life sciences group spanning API, formulations and biologics
Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals
vbshilpa.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹937.60
Market cap
18,338 Cr
Stock P/E
61.7
P/B
7.08
Dividend yield
0.1%
ROE (FY26)
9.4%
ROCE (FY26)
10.9%
Operating margin (FY26)
20.5%
Debt / equity (FY26)
0.25
OCF / EBITDA (FY26)
78.7%
OCF / EBITDA (3Y)
61.2%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Shilpa Medicare makes pharmaceutical ingredients (active pharmaceutical ingredients, or APIs), finished drug formulations and biologic medicines, and offers contract development and manufacturing (CDMO) services to other drug companies, with sales in India, the US and Europe.
Company snapshot
28thBy market cap
Ranked among 119 companies in Pharmaceuticals.
What we see
Positives
- ✓Net margin of 15.8% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 313 Cr | 286 Cr | 292 Cr | 293 Cr | 344 Cr | 319 Cr | 331 Cr | 321 Cr | 370 Cr | 410 Cr | 437 Cr | 466 Cr |
| Operating expenses (approx.) | 253 Cr | 221 Cr | 222 Cr | 219 Cr | 258 Cr | 239 Cr | 254 Cr | 230 Cr | 262 Cr | 295 Cr | 317 Cr | 330 Cr |
| EBITDA | 60 Cr | 66 Cr | 70 Cr | 74 Cr | 86 Cr | 81 Cr | 77 Cr | 92 Cr | 108 Cr | 114 Cr | 120 Cr | 136 Cr |
| OPM % | 19.3% | 23.0% | 24.0% | 25.2% | 25.0% | 25.3% | 23.2% | 28.5% | 29.3% | 27.9% | 27.4% | 29.3% |
| Other income | 2 Cr | 2 Cr | 2 Cr | 9 Cr | 5 Cr | 1 Cr | 8 Cr | 6 Cr | 2 Cr | 0.81 Cr | 2 Cr | 3 Cr |
| Interest | 23 Cr | 26 Cr | 24 Cr | 24 Cr | 26 Cr | 12 Cr | 14 Cr | 19 Cr | 16 Cr | 11 Cr | 14 Cr | 12 Cr |
| Depreciation | 28 Cr | 27 Cr | 27 Cr | 27 Cr | 28 Cr | 29 Cr | 29 Cr | 29 Cr | 30 Cr | 30 Cr | 31 Cr | 35 Cr |
| Profit before tax | 9 Cr | 14 Cr | 28 Cr | 29 Cr | 37 Cr | 42 Cr | 15 Cr | 50 Cr | 64 Cr | 61 Cr | 120 Cr | 98 Cr |
| Tax % | 82.8% | 66.8% | 11.6% | 51.0% | 51.2% | 23.6% | 5.0% | 5.4% | 31.6% | 26.7% | 10.5% | -2.9% |
| Net profit | 2 Cr | 5 Cr | 25 Cr | 14 Cr | 18 Cr | 32 Cr | 15 Cr | 47 Cr | 44 Cr | 45 Cr | 108 Cr | 101 Cr |
| EPS (₹) | ₹0.19 | ₹0.53 | ₹2.82 | ₹1.46 | ₹1.83 | ₹3.25 | ₹1.48 | ₹4.79 | ₹2.25 | ₹2.36 | ₹5.51 | ₹5.16 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 784 Cr | 792 Cr | 733 Cr | 908 Cr | 901 Cr | 1,146 Cr | 1,050 Cr | 1,152 Cr | 1,286 Cr | 1,539 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 613 Cr | 629 Cr | 578 Cr | 688 Cr | 719 Cr | 942 Cr | 948 Cr | 907 Cr | 969 Cr | 1,104 Cr | Sign in free for the trailing twelve months |
| EBITDA | 171 Cr | 162 Cr | 156 Cr | 220 Cr | 182 Cr | 204 Cr | 102 Cr | 244 Cr | 317 Cr | 435 Cr | Sign in free for the trailing twelve months |
| OPM % | 21.9% | 20.5% | 21.2% | 24.2% | 20.2% | 17.8% | 9.7% | 21.2% | 24.6% | 28.2% | Sign in free for the trailing twelve months |
| Other income | 20 Cr | 22 Cr | 14 Cr | 17 Cr | 30 Cr | 14 Cr | 17 Cr | 8 Cr | 23 Cr | 10 Cr | Sign in free for the trailing twelve months |
| Interest | 3 Cr | 3 Cr | 4 Cr | 5 Cr | 22 Cr | 41 Cr | 59 Cr | 92 Cr | 76 Cr | 59 Cr | Sign in free for the trailing twelve months |
| Depreciation | 31 Cr | 37 Cr | 42 Cr | 44 Cr | 54 Cr | 80 Cr | 95 Cr | 108 Cr | 113 Cr | 120 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 146 Cr | 139 Cr | 136 Cr | 190 Cr | 197 Cr | 102 Cr | -40 Cr | 54 Cr | 122 Cr | 295 Cr | Sign in free for the trailing twelve months |
| Tax % | 28.7% | 24.4% | 19.3% | 17.7% | 24.8% | 40.7% | 18.5% | 41.3% | 36.0% | 17.6% | Sign in free for the trailing twelve months |
| Net profit | 104 Cr | 105 Cr | 110 Cr | 156 Cr | 148 Cr | 61 Cr | -32 Cr | 32 Cr | 78 Cr | 243 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹13.58 | ₹13.20 | ₹13.77 | ₹19.15 | ₹18.13 | ₹7.26 | ₹-3.74 | ₹3.67 | ₹8.04 | ₹12.44 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 0.0% | 14.8% | — | 0.0% | 0.0% | 4.0% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 8 Cr | 8 Cr | 8 Cr | 8 Cr | 8 Cr | 9 Cr | 9 Cr | 9 Cr | 10 Cr | 20 Cr |
| Reserves | 979 Cr | 1,077 Cr | 1,189 Cr | 1,321 Cr | 1,471 Cr | 1,814 Cr | 1,775 Cr | 1,800 Cr | 2,362 Cr | 2,572 Cr |
| Borrowings | 235 Cr | 166 Cr | 168 Cr | 330 Cr | 724 Cr | 682 Cr | 796 Cr | 936 Cr | 586 Cr | 658 Cr |
| Other liabilities | 253 Cr | 286 Cr | 252 Cr | 334 Cr | 446 Cr | 382 Cr | 332 Cr | 358 Cr | 361 Cr | 456 Cr |
| Total liabilities | 1,472 Cr | 1,532 Cr | 1,610 Cr | 1,986 Cr | 2,638 Cr | 2,875 Cr | 2,902 Cr | 3,093 Cr | 3,311 Cr | 3,706 Cr |
| Fixed assets (net) | 437 Cr | 472 Cr | 494 Cr | 557 Cr | 967 Cr | 1,182 Cr | 1,151 Cr | 1,166 Cr | 1,186 Cr | 1,324 Cr |
| CWIP | 90 Cr | 135 Cr | 304 Cr | 482 Cr | 302 Cr | 190 Cr | 358 Cr | 403 Cr | 463 Cr | 431 Cr |
| Investments | 253 Cr | 140 Cr | 2 Cr | 10 Cr | 21 Cr | 34 Cr | 43 Cr | 40 Cr | 35 Cr | 58 Cr |
| Loans & advances | — | — | 0.63 Cr | 0 Cr | 1 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr |
| Inventories | 190 Cr | 189 Cr | 188 Cr | 226 Cr | 317 Cr | 355 Cr | 320 Cr | 345 Cr | 348 Cr | 367 Cr |
| Trade receivables | 171 Cr | 220 Cr | 204 Cr | 244 Cr | 223 Cr | 386 Cr | 324 Cr | 392 Cr | 441 Cr | 519 Cr |
| Cash & bank | 100 Cr | 74 Cr | 34 Cr | 44 Cr | 123 Cr | 34 Cr | 21 Cr | 30 Cr | 26 Cr | 41 Cr |
| Other assets | 232 Cr | 302 Cr | 383 Cr | 422 Cr | 684 Cr | 693 Cr | 685 Cr | 717 Cr | 813 Cr | 965 Cr |
| Total assets | 1,472 Cr | 1,532 Cr | 1,610 Cr | 1,986 Cr | 2,638 Cr | 2,875 Cr | 2,902 Cr | 3,093 Cr | 3,311 Cr | 3,706 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 37 Cr | 45 Cr | 147 Cr | 124 Cr | 47 Cr | 105 Cr | 226 Cr | 135 Cr | 132 Cr | 342 Cr |
| Cash from investing | -262 Cr | -8 Cr | -196 Cr | -289 Cr | -404 Cr | -285 Cr | -278 Cr | -167 Cr | -199 Cr | -326 Cr |
| Cash from financing | 313 Cr | -61 Cr | 10 Cr | 176 Cr | 436 Cr | 83 Cr | 46 Cr | 47 Cr | 63 Cr | 14 Cr |
| Net cash flow | 88 Cr | -25 Cr | -39 Cr | 10 Cr | 79 Cr | -98 Cr | -7 Cr | 11 Cr | -4 Cr | 17 Cr |
| Free cash flow (OCF − Capex) | -80 Cr | -93 Cr | -153 Cr | -226 Cr | -307 Cr | -227 Cr | -46 Cr | -49 Cr | -111 Cr | -28 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 12.3% | 11.4% | 10.3% | 11.8% | 10.0% | 5.8% | 0.7% | 5.3% | 6.7% | 10.9% |
| ROE % | 10.9% | 9.7% | 9.4% | 11.8% | 10.1% | 3.3% | -1.8% | 1.8% | 3.3% | 9.4% |
| Debtor days | 79 | 101 | 101 | 98 | 90 | 123 | 112 | 124 | 125 | 123 |
| Inventory days | 168 | 223 | 274 | 288 | 362 | 339 | 316 | 297 | 362 | 283 |
| Days payable | 99 | 131 | 121 | 114 | 82 | 139 | 143 | 150 | 99 | 110 |
| Cash conversion cycle | 149 | 194 | 255 | 272 | 369 | 322 | 286 | 271 | 387 | 296 |
| OCF / EBITDA % | 21.9% | 27.7% | 94.2% | 56.3% | 25.9% | 51.6% | 221.1% | 55.4% | 41.7% | 78.7% |
| OCF / EBITDA % (3 years) | — | — | 46.8% | 58.7% | 57.0% | 45.6% | 77.6% | 84.7% | 74.4% | 61.2% |
| Debt / equity | 0.24 | 0.15 | 0.14 | 0.25 | 0.49 | 0.38 | 0.45 | 0.52 | 0.25 | 0.25 |
| Current ratio | 3.08 | 2.52 | 2.15 | 1.52 | 1.54 | 1.45 | 0.98 | 1.26 | 1.46 | 1.31 |
| Net debt / EBITDA | 0.79 | — | 0.86 | 1.30 | 3.31 | 3.18 | 7.57 | 3.70 | 1.77 | 1.42 |