Shelter Pharma Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Shelter Pharma Ltd filed with BSE on 27 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shelter Pharma reported FY26 revenue from operations of Rs 73.13 crore, up 44% year-on-year, with EBITDA of Rs 12.72 crore and PAT of Rs 9.03 crore. Management said exports grew 164% to around Rs 6 crore and that veterinary contributed 55% of revenue against 45% from human healthcare. The company outlined plans for a second manufacturing facility near Ahmedabad and set a long-term revenue target of around Rs 200 crore by FY2030.
Numbers mentioned
Revenue from operations: 39.84 Cr (H2 FY26)
p. 5
“our revenue from operations stood at 39.84 Cr, a 50% year-on-year growth”
Rafiq Shaikh, page 5 of the filed PDF · View the filing
EBITDA: 6.40 Cr (H2 FY26)
p. 5
“Our EBITDA stood at 6.40 Cr, an increase of 25% year-on-year”
Rafiq Shaikh, page 5 of the filed PDF · View the filing
PAT: 4.51 Cr (H2 FY26)
p. 5
“Our PAT margin was around 4.51 Cr, an increase of 22% year-on-year growth”
Rafiq Shaikh, page 5 of the filed PDF · View the filing
Revenue from operations: 73.13 Cr (FY26)
p. 5
“our revenue from operations stood at 73.13 Cr, up 44% year-onyear”
Rafiq Shaikh, page 5 of the filed PDF · View the filing
EBITDA: 12.72 Cr (FY26)
p. 5
“EBITDA increased to INR 12.72 Cr, an increase of 26% year-on-year, and the EBITDA margin was 17.39%”
Rafiq Shaikh, page 5 of the filed PDF · View the filing
PAT: 9.03 Cr (FY26)
p. 5
“Our PAT stood at 9.03 Cr, up 25% year-on-year, with a PAT margin around 12.3%”
Rafiq Shaikh, page 5 of the filed PDF · View the filing
ROCE: 26.04% (FY26)
p. 5
“Our ROCE stood at 26.04% and ROE at 19.39% for the year”
Rafiq Shaikh, page 5 of the filed PDF · View the filing
Export revenue: 6 Cr (FY26)
p. 5
“Out of the 73.13 Cr, our revenue from exports is around 6 Cr, increasing 164% in FY26”
Rafiq Shaikh, page 5 of the filed PDF · View the filing
Veterinary segment revenue share: 55% (FY26)
p. 5
“Our revenue is 55% from the veterinary segment and 45% from human healthcare”
Rafiq Shaikh, page 5 of the filed PDF · View the filing
Lemon & Barley Water revenue: ₹3.0–3.5 crore
p. 13
“Currently, the product contributes approximately ₹3.0–3.5 crore in revenue for us.”
Mr. Mustaqim Sabugar, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — INR 200.00 Cr · FY2030
stated as an aspiration by Mr. Mustaqim Sabugar
p. 4
“the company aims to scale its operations substantially and is targeting annual revenues of around INR 200.00 Cr till FY-2030 through capacity expansion, innovation-driven product launches, and global market penetration”
Mr. Mustaqim Sabugar, page 4 of the filed PDF · View the filing
Veterinary segment revenue share — 40% to 45%
stated as an aspiration by Rafiq Shaikh
p. 5
“Our revenue goal is to reach 40% to 45% with similar margins”
Rafiq Shaikh, page 5 of the filed PDF · View the filing
Second plant capex — 12 to 15 Cr · calendar year 2027
stated conditionally by Mr. Mustaqim Sabugar
p. 8
“I think if I give you the big numbers, it is around 12 to 15 Cr would be needed, and most of the funds will be managed from internal accruals”
Mr. Mustaqim Sabugar, page 8 of the filed PDF · View the filing
New plant installation start — end of 2027
stated firmly by Mr. Mustaqim Sabugar
p. 8
“we'll start doing in the end of December this year, 2026, and starting from '27, we'll be starting installation of the new plant”
Mr. Mustaqim Sabugar, page 8 of the filed PDF · View the filing
EBITDA margin — 22%, 25% · next two, three years
stated as an aspiration by Mr. Mustaqim Sabugar
p. 10
“otherwise, going forward, next next two, three years, this will definitely go up by 22%, 25%”
Mr. Mustaqim Sabugar, page 10 of the filed PDF · View the filing
EBITDA margin floor — above 17%
stated conditionally by Mr. Mustaqim Sabugar
p. 10
“We hope so, yes. Of course.”
Mr. Mustaqim Sabugar, page 10 of the filed PDF · View the filing
Revenue growth FY27 — 40% CAGR · FY27
stated conditionally by Mustaqim Sabugar
p. 11
“Absolutely possible, sir. As I said, we have already reached in in terms of exports, we are doing almost double.”
Mustaqim Sabugar, page 11 of the filed PDF · View the filing
Existing plant capacity — 100 Cr
stated as an aspiration by Mr. Mustaqim Sabugar
p. 8
“we have a capacity to go till 100 Cr with the same plant, and the plant is doing very good”
Mr. Mustaqim Sabugar, page 8 of the filed PDF · View the filing
Working capital cycle — one month
stated as an aspiration by Mr. Mustaqim Sabugar
p. 11
“Going forward, we will—we have a plan to take it to, you know, till one month.”
Mr. Mustaqim Sabugar, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the advances relate to raw material procurement on a long-term basis and to fund export order pipeline requirements.
Answered by Mr. Rafiq Shaikh
Asked by Vinodchandra: What are the loans and advances on the balance sheet for, and to whom were they given?
p. 6
“the advances are given for raw material advances, and it is mainly for raw materials to procure on a long-term basis”
Mr. Rafiq Shaikh, page 6 of the filed PDF · View the filing
Management said pharmaceutical shipments are treated as essential and continue without disruption or margin impact.
Answered by Mr. Mustaqim Sabugar
Asked by Cyril: Will Middle East export margins be affected by the ongoing war/crisis?
p. 7
“So, they allow these types of essential products for exports. So, there are no hurdles and there is no margin down or anything because of the war.”
Mr. Mustaqim Sabugar, page 7 of the filed PDF · View the filing
Management estimated Rs 12-15 crore needed for the new plant, largely funded through internal accruals.
Answered by Mr. Mustaqim Sabugar
Asked by Urvish Kothari: What capex is planned for the new plant and existing plant upgrade?
p. 8
“it is around 12 to 15 Cr would be needed, and most of the funds will be managed from internal accruals”
Mr. Mustaqim Sabugar, page 8 of the filed PDF · View the filing
Management indicated an initial order value of around Rs 1 to 1.5 crore.
Answered by Mr. Mustaqim Sabugar
Asked by Urvish Kothari: What is the minimum order value for Verka-dairy type orders?
p. 8
“I think, around 1 to 1.5 Cr. That is initial.”
Mr. Mustaqim Sabugar, page 8 of the filed PDF · View the filing
Management said margins are similar across human and veterinary segments, while export margins run 20-25% higher than domestic.
Answered by Mr. Mustaqim Sabugar
Asked by Ankit Sinha: How do margins compare between human and veterinary medicines, and export versus domestic?
p. 10
“we are roughly—I can say it is between like 20% to 25% higher than the domestic market”
Mr. Mustaqim Sabugar, page 10 of the filed PDF · View the filing
Management attributed the decline to expansion costs from building an aggressive sales team and new distribution channels, expecting margins to recover in subsequent years.
Answered by Mr. Mustaqim Sabugar
Asked by Darshan Chandra: Why did EBITDA margin decline from around 20-21% in FY24/FY25 to around 16.5-17% in FY26?
p. 10
“This dip we have got is from the—only because of the expansion mode we are in. We are appointing, you know, very aggressive sales team all across.”
Mr. Mustaqim Sabugar, page 10 of the filed PDF · View the filing
Management said the funds raised were mainly for working capital to support the growing sales team.
Answered by Mr. Mustaqim Sabugar
Asked by Darshan Chandra: What was the Rs 42.44 crore preference share issue used for, given the company is debt-free?
p. 13
“Mainly, that is for working capital because, you know, since we started since last, I mean, three, four years, there is a huge team we are going to establish.”
Mr. Mustaqim Sabugar, page 13 of the filed PDF · View the filing
Management said there is no current need for additional capital but remained open to opportunities.
Answered by Mr. Mustaqim Sabugar
Asked by Cyril: Is the company planning to raise additional capital for growth?
p. 12
“I think we will explore the opportunity and we don't see any need as of today. But we are very much open for the opportunity if it comes.”
Mr. Mustaqim Sabugar, page 12 of the filed PDF · View the filing
Risks flagged
Long working capital cycle and negative operating cash flow linked to market expansion and extended credit terms
p. 11
“So, now we have opened so many states with, you know, our own team. And at the same time, we are offering credit period to them.”
Mr. Mustaqim Sabugar, page 11 of the filed PDF · View the filing
EBITDA margin compression during the expansion phase due to sales team and distribution buildout
p. 10
“This dip we have got is from the—only because of the expansion mode we are in.”
Mr. Mustaqim Sabugar, page 10 of the filed PDF · View the filing
Low per-order value in export business requiring volume growth to reach scale targets
p. 9
“most of our products are low-value goods. To give one container of medicines to African countries, it sounds very good that it's a one-container order, but the value of the container reaches around 1-1.5 Cr rupees.”
Mr. Mustaqim Sabugar, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.