Shilpa Medicare Ltd
Shilpa Medicare Incorporated in 1987 manufactures niche APIs, intermediates, and formulations and also undertakes contract research and manufacturing service for some of its customers. The company’s formulation products consist of 16 injectable dosage forms, 19 oral solid dosage forms under SML and 13 formulations under SML’s wholly owned subsidiary Shilpa Therapeutics.[1]
Strengths
- +Company is almost debt free.
Weaknesses
- −Stock is trading at 3.59 times its book value
- −The company has delivered a poor sales growth of -9.99% over past five years.
- −Company has a low return on equity of 3.04% over last 3 years.
- −Dividend payout has been low at 4.67% of profits over last 3 years
- −Promoter holding has decreased over last 3 years: -9.88%
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 44.39% | 44.33%▼0.1 | 44.23%▼0.1 | 44.23% | 44.23% | 44.23% | 40.13%▼4.1 | 40.13% |
| FIIs | 9.08% | 9.59%▲0.5 | 9.9%▲0.3 | 10.97%▲1.1 | 11.19%▲0.2 | 10.92%▼0.3 | 10.97%▲0.1 | 11.07%▲0.1 |
| DIIs | 7.61% | 8.18%▲0.6 | 8.27%▲0.1 | 7.55%▼0.7 | 7.46%▼0.1 | 7.67%▲0.2 | 8.34%▲0.7 | 8.58%▲0.2 |
| Public | 38.91% | 37.9%▼1.0 | 37.59%▼0.3 | 37.25%▼0.3 | 37.1%▼0.1 | 37.18%▲0.1 | 40.56%▲3.4 | 40.21%▼0.4 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 75 | 64 | 59 | 96 | 130 | 125 | 126 | 92 | 135 | 166 |
| Expenses | 67 | 67 | 80 | 73 | 87 | 103 | 91 | 75 | 96 | 135 |
| Operating Profit | 7 | -3 | -21 | 23 | 43 | 22 | 35 | 17 | 39 | 31 |
| OPM % | 10% | -5% | -36% | 24% | 33% | 18% | 28% | 18% | 29% | 19% |
| Net Profit | 7 | 3 | -18 | 28 | 30 | 16 | -6 | 21 | 31 | 16 |
| EPS ₹ | 0.38 | 0.16 | -1.06 | 1.43 | 1.53 | 0.8 | -0.29 | 1.06 | 1.58 | 0.81 |
AI Insights
TTM revenue at ₹519Cr, up 9% YoY. OPM at 23%.
Borrowings at ₹121Cr. Debt-to-equity ratio: 0.05x. Healthy balance sheet.
CWIP at ₹65Cr (8% of fixed assets). Moderate ongoing capital expenditure.
DIIs: 8.58% (+8.21pp change). FIIs: 11.07% (+0.81pp change). Promoters hold 40.13%.
ROCE declining from 22% (Mar 2014) to 6% (Mar 2025). Working capital days: 189.
PE 84.3x with 6.22% ROCE. Price is 247% above book value of ₹137. Dividend yield: 0.1%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 May - Shilpa Medicare to announce Q4FY26 results and host earnings call on 22 May 2026.
- Board Meeting Intimation for Intimation Of Board Meeting Under Regulation 29 Of SEBI (LODR) Regulations, 2015. 14 May - Board meets 22 May 2026 to approve FY26 audited results and consider dividend.
- Announcement under Regulation 30 (LODR)-Change in Management 23 Apr - Dr. Vellaian Karuppiah appointed COO-Formulations effective 23 April 2026.
- Announcement under Regulation 30 (LODR)-Change in Management 22 Apr - Dr. Jayant Karajgi retired as COO-Formulations and SMP, effective 22 April 2026.
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 9 Apr - Shilpa Medicare says it does not qualify as a Large Corporate under SEBI norms.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse