Shilpa Medicare Ltd — earnings calls

Shilpa Medicare reported its highest-ever quarterly revenue and EBITDA for the fourth consecutive quarter, with revenue of Rs 469 crores growing 43% year-on-year and EBITDA of Rs 139 crores growing 42% with a 30% margin. Management attributed the growth to the Formulation segment more than doubling, API growing 15%, and Biologics growing 42%, alongside a credit rating upgrade from A+ to AA-. Management also discussed multiple pipeline programs across API, Formulation and Biologics divisions, including oncology, biosimilars, and CDMO programs at various stages of development.

Shilpa Medicare reported its highest ever quarterly revenue of Rs 439 crores in Q4 FY26, up 30% year-on-year, and full year FY26 revenue of Rs 1,549 crores, up 18%. EBITDA margin for the year improved to 29%, with management attributing the gains to increased revenue from key verticals driving operating leverage. Management described progress across API, formulations, biologics and CDMO programs, including new product launches, regulatory submissions, and capacity additions planned for FY27 and beyond.