Shilpa Medicare earnings calls.

Shilpa Medicare delivered its highest-ever quarterly revenue and EBITDA in Q3 FY26, driven by strong formulation growth (50% YoY) and robust EU formulation performance (100%+ YoY). The company's strategic shift from investment phase to execution is yielding results, with EBITDA margins expanding 200bps YoY to 28Current reported value: 28. No comparable prior figure is available in the source record.% and ROC improving significantly to 17%+Current 17%+. Reported change: vs 3.5% in FY23. on adjusted basis. Nor UDCA launch exceeded expectationsCurrent reported value: Nor UDCA launch exceeded expectations. No comparable prior figure is available in the source record. with strong physician response and firm Q4 orders, while EU formulations (primarily Nilotinib) reached ₹73 crCurrent ₹73 Cr. Reported change: +100%+ YoY.ores. Management expects biologics and formulations to drive FY27 growth, with key catalysts including Albumin Phase 3 completion (targeting FY28 India launch), ADC facility commissioning in Q4 FY26, and multiple new product launches. The company guided that the heavy lifting on investments is largely complete, with focus now on maximizing ROC from existing assets. Risks include pending USFDA resolution on the JAR facility and increasing competition in oncology API development.