Shilpa Medicare Limited Transcripts Q4 FY26 Conference Call
Shilpa Medicare reported record Q4 FY26 revenues of ₹439 crore, up 30% YoY, and full-year revenues of ₹1,549 crore, up 18%. EBITDA grew 40% QoQ to ₹121 crore and 30% YoY to ₹445 crore for the full year, with margins improving to 28% and 29% respectively. The company is building a differentiated pharma platform across APIs, formulations, biologics, and CDMO.
The announcement details robust financial performance with record revenues and profits, alongside strategic advancements in key business segments like APIs, formulations, and biologics. This comprehensive update significantly impacts investor perception and company valuation.
The company reported record revenues and strong EBITDA growth, indicating a positive financial performance. Management commentary also highlighted a strong foundation being built for future growth and a differentiated business model.
Shilpa Medicare Limited has released the transcript of its Q4 FY26 conference call, which was held on May 22, 2026. The call featured management including Mr. Keshav Bhutada (Executive Director and CEO, Shilpa Pharma Life Sciences), Mr. Alpesh Dalal (CFO), and Monish Shah (Head, Strategy and Investor Relations).
Mr. Bhutada highlighted that FY26 was a foundational year for the company, building a differentiated pharmaceutical platform across complex APIs, specialty formulations, biologics, and ADCs with integrated CDMO capabilities. He noted that the company is in the early stages of monetizing several platforms and sees a path to sustainable growth, improved margins, and increased return ratios.
The API business saw progress in specialty CDMO, with the first U.S. NCE program launched by a big pharma company. They are supplying API for a Phase III program for a second U.S. NCE, and submissions are done for a third U.S. NCE with Unicycive Therapeutics, with approval expected in FY27. Dedicated manufacturing blocks for OLC were commissioned, and validation batches are planned for Q1 FY27. Two new NCE programs completed client audits, with initial development revenues expected in FY27. The generic API pipeline includes over 15 new oncology products and one new non-oncology product. Methotrexate received CEP, and an oncology block was added, expected to be commissioned in FY27. The peptide business continues to grow, with a new large-scale manufacturing block expected in FY27. They are also working on payloads and linkers for ADC programs.
In formulations, the novel chemical entity NorUrsodeoxycholic acid (NorUDCA) is performing well, with global plans and human studies starting in FY27. Three commercial 505(b)(2) products are approved in the U.S. Abraxane (paclitaxel albumin-bound product) exhibit batches were completed, with launch expected in FY28. Enzalutamide tablets are planned for filing in the U.S. and Europe in FY27, with commercialization expected in FY28. Rotigotine Transdermal Patch is set for a Europe launch in FY27, with a U.S. FDA submission completed in Q4 FY26. Ondansetron extended-release injection is planned for launch in India in FY27 and globally thereafter.
The Biologics segment saw progress with Aflibercept on track for a FY27 launch, and Nivolumab human clinical study approval received for India, with scientific advice submitted to EMA. Four new biosimilars were added to the portfolio. New biological entity (NBE) programs are entering Phase I studies in FY27. The CDMO business has 5 active programs, with Phase I clinical study batches initiated for an innovator program. The first ADC biosimilar development is complete, with human studies planned for FY27. Shilpa is building an integrated ADC manufacturing suite.
Financially, Shilpa Medicare reported highest-ever quarterly revenues of ₹439 crores (up 30% YoY) and full-year revenues of ₹1,549 crores (up 18% YoY) for FY26. EBITDA stood at ₹121 crores for the quarter (up 40% YoY) and ₹445 crores for the full year (up 30% YoY), with improved EBITDA margins of 28% and 29% respectively. An exceptional gain of ₹30 crores was recorded from the stake sale in JV company Sravathi Advance. Adjusted PAT was ₹87 crores for the quarter and ₹232 crores for the full year (up 135% YoY).
API business revenue was ₹259 crores for the quarter and ₹985 crores for the full year. Formulation revenue was ₹205 crores for the quarter (up 54% YoY) and ₹618 crores for the full year (up 30% YoY). Biologics segment revenue for the year was ₹150 crores, growing approximately 100% YoY, driven by CDMO business momentum.
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