Shilpa Medicare · risk themes across the available quarters.
Bear-case history
Sanjay from IIFL PMS specifically asked about USFDA inspection resolution and management confirmed CAPA submission is complete but no feedback received yet. The uncertainty on US market entry timing remains a risk.
Sanjay from IIFL PMS pointed out that small companies are filing oncology DMFs while Shilpa has lagged in new product development. Management acknowledged this observation but expects 4-5 advanced stage products to file in the next one year.
Analyst Niki from SIMPL asked about competition in EU for NUDCA. Management clarified Shilpa is pursuing a different indication but declined to provide details, suggesting competitive sensitivity.
Part from Valam Capital questioned the 40%+ decline in licensing revenue. Management attributed it to timing of milestones but acknowledged quarter-on-quarter and year-on-year variability.