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1 — At a Glance
Shilpa Medicare has spent the better part of a decade doing the pharmaceutical equivalent of digging foundations: 11 facilities including R&D by FY26 against five in FY20, per India Ratings, roughly ₹17 billion of capex across FY21–FY26, and a P&L that in FY23 produced a loss of ₹31 crore.
This quarter the numbers read differently. Revenue of ₹466 crore, up 44.9% year-on-year. Operating profit ₹136 crore against ₹91 crore. PAT ₹101 crore against ₹47 crore, a 115% move. Management called it the highest-ever quarterly revenue and the fourth consecutive quarter of records.
The tax line is doing something unusual — the effective rate for the quarter was negative, which the filing attributes to a one-time deferred tax liability reversal of ₹26.84 crore recognised as the company moves to the new tax regime under Section 200 of the Income-tax Act, 2025. Management expects the rate to normalise around 25%.
Elsewhere: India Ratings upgraded the bank facilities to IND AA- from IND A+ on 6 July 2026. A subsidiary bought 30% of a Spanish biotech for €7 million. An ADC manufacturing facility got commissioned at Dharwad in June. The CEO of Shilpa Biologicals resigned on 15 July.
For a company whose five-year sales growth sits at 11.4%, the last four quarters have been a different animal entirely. What changed, and what the balance sheet looks like after all that digging, is what the next 2,000 words are about.
2 — Introduction
Incorporated in 1987, listed in 1995, promoted by Vishnukant Bhutada, headquartered in Raichur, Karnataka — a town most equity screens have never had reason to load. The company makes niche APIs, intermediates and formulations, and does contract research and manufacturing for customers.
The structure has multiplied over the years. The consolidated results now include fourteen subsidiaries, two joint ventures and three associates — Shilpa Pharma Lifesciences, Shilpa Biologicals, Shilpa Biocare, FTF Pharma, Makindus Inc, Koanaa entities in the UK, Austria, Spain and Dubai, an entity in Malaysia, and more. In February 2026 the NCLT sanctioned the merger by absorption of Shilpa Therapeutics into the listed parent, appointed date 1 April 2025, accounted for under the pooling-of-interests method.
Recent months have been busy on the disclosure front. In December 2025 the Delhi High Court issued an ex-parte ad-interim injunction restraining manufacture, stockpiling and sale of products containing Ruxolitinib and its salts, with subsidiaries affected. In February 2026 the company signed a development and commercial-supply agreement with NXI Therapeutics AG for an autoimmune NCE, and Shilpa Biologicals licensed a biosimilar to SteinCares for Latin America. In April, Dr. Jayant Karajgi retired as COO-Formulations and Dr. Vellaian Karuppiah was appointed to the role. In June, Shilpa Biologicals signed a co-development and supply deal with Orion for a nivolumab biosimilar in Europe. In July, Dr. Sridevi Khambhampaty resigned as CEO of Shilpa Biologicals.
In October 2025 the company allotted bonus shares in a 1:1 ratio, taking equity capital from ₹9.78 crore to ₹19.56 crore. Prior-period EPS figures have been restated accordingly.
On 5 August 2026 the board approved Q1 results, appointed Mr. Sharath Reddy Kalakota as Whole Time Director, and set the 39th AGM for 11 September 2026.
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3 — Business Model: WTF Do They Even Do?
Three verticals, and the mix has moved.
APIs — 50% of FY26 revenue against 57% in FY25 — run through Shilpa Pharma Lifesciences: oncology and non-oncology APIs, intermediates, payloads and linkers, peptides, bio-polymers, plus CDMO services. Within API, oncology was 46% of the segment in FY26, non-oncology 40%, specialty CDMO 11%.
Formulations — 40% of FY26 against 37% — covers tablets, capsules, injectables, oral dissolving films and transdermal patches. Europe was 36% of formulation revenue in FY26 against 23% in FY25; licensing and services dropped to 19% from 40%; domestic went to 12% from 5%.
Biologics — 10% against 6% — sits in Shilpa Biologicals and Shilpa Biocare: new biological entities, microbial and mammalian products, GLP-1 therapies, antibody-drug conjugates and CDMO.
Six manufacturing facilities across Raichur, Kadechur, Jadcherla, Bangalore and Dharwad. API reactor capacity 1,160 KL. Biocare fermentation 200 KL. Formulations: 3 million injectables, 2 million lyophilised vials, 25 million tablets, 4 million hard capsules, 50 million ODF units, roughly 30 million TDF units. Biologics upstream 4,000L × 2.
Six R&D centres. Over 400 R&D personnel. 283 DMF filings globally after 37 added in FY26, and 446 cumulative formulation approvals after 50-plus in FY26. India Ratings counts 742 products cumulatively filed in rest-of-world markets to end-March 2026, of which 354 are approved.
If you are keeping score at home: this is a company that has filed more regulatory documents than most companies have employees. The product list reads like someone raided
