Shilpa Medicare Q3 FY26 Call Transcript Released; Highest Revenue & EBITDA Reported
Shilpa Medicare reported record Q3 FY26 revenue of ₹411 crore (up 28% YoY) and EBITDA of ₹115 crore (up 41% YoY). Key developments include commercialization of an NCE product, progress in API and Formulation pipelines, and advancements in Biologics. The company expects continued growth driven by its strategic focus on limited-competition products and integrated offerings.
The announcement details record financial results and substantial progress in product development and commercialization across key business segments, which is highly material for investors.
The company reported record revenues and EBITDA, along with significant progress in its R&D pipeline across API, Formulation, and Biologics divisions, indicating strong operational and financial performance.
Shilpa Medicare Limited has released the transcript of its Q3 FY26 conference call, held on February 6, 2026. During the call, the company reported its highest-ever quarterly revenue of ₹411 crores, marking a 28% year-on-year growth. The 9-month revenue stood at ₹1,110 crores, up 14%.
EBITDA for the quarter reached ₹115 crores, a significant 41% increase from ₹82 crores in Q3 FY25, with EBITDA margins at 28% compared to 26% last year. The company also reported its highest-ever quarterly EBITDA. PAT for the quarter was ₹55 crores, and ₹146 crores for the 9-month period, nearly double the full-year PAT of FY25.
Key business updates included the commercialization of a first NCE program with a U.S. customer, and a second NCE program in Phase III. The company is constructing a dedicated commercial block for a third U.S. NCE program, expected to be commissioned in Q4 FY26. In API, 10 new blockbuster oncology products were added, with validation batches for a non-infringing oncology API planned for Q4 FY26.
The Formulation business saw its first NCE molecule, NorUDCA, exceed expectations, with plans to expand into Europe and the U.S. The company received marketing authorization for its first transdermal patch product, Rotigotine, with a planned launch in FY27. Complex pipeline developments include the completion of Phase III studies for Ondansetron long-acting injection, expected to commercialize in H1 FY27.
The Biologics division reported Phase III studies for Aflibercept progressing as planned, with submission expected in H1 FY27. The company is also developing two new biosimilar products and its first ADC product, with GMP facility for ADC manufacturing to be commissioned in Q4 FY26.
Financially, net debt was ₹625 crores as of December 31, 2025. The company plans to primarily fund its capex program through internal accruals. Management highlighted a focus on execution, scaling, and maximizing ROCE from existing investments.
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Shilpa Medicare Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Shilpa Medicare Limited. Read the original for the full detail.