1. Opening Hook

While most pharma firms are busy copying Hollywood sequels (read: me-too generics), Shilpa just dropped its highest ever quarterly EBITDA, sprinkled in India’s first NCE launch (Nor-UDCA), and teased Ozempic-style GLP-1 drugs. Basically, they’re trying to be both Marvel and DC. Whether investors get an Avengers-level climax or a Justice League flop is the billion-rupee question.

2. At a Glance

• Revenue ₹328 Cr (+9% YoY) – modest, like IPL cheerleaders on energy-saving mode.
• Gross Margin 76% (+700 bps YoY) – pharma margins hitting gym and bulking up.
• EBITDA ₹98 Cr (+18% YoY, margin 30%) – best ever, CFO doing cartwheels.
• PAT – aided by 5.5% tax rate thanks to merger magic.
• Debt ₹550 Cr – still chunky, but refinanced to cheaper calories.
• Capex ₹70 Cr – fermentation plant cooking at Kadechur.
• Bonus 1:1 – management’s way of saying “Hold tight, bhakton!”

3. Management’s Key Commentary

Quote: “We delivered our highest ever quarterly EBITDA.”
(Translation: Bas finally ek blockbuster quarter aaya, after years of indie films.)

Quote: “GLP-1s like liraglutide, semaglutide, tirzepatide are big focus.”
(Translation: We’re chasing the Ozempic high like college kids on Red Bull.)

Quote: “Nor-UDCA is India’s first NCE launch.”
(Translation: Move over Bollywood biopics, we’re writing medical history.)

Quote: “Margins improved due to product mix and licensing.”
(Translation: CDMO side hustles are subsidizing our R&D Netflix subscription.)

Quote: “Bonus issue improves liquidity and rewards investors.”
(Translation: Dil maaange bonus, stock split ka cousin.)

4. Numbers Decoded

5. Analyst Questions

Q: What about Orion’s €13M signing fee?
(Mgmt: Confidential. Translation: We got paid, but won’t admit it — think politician’s