SHILPAMED Q3 FY26 earnings call.
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Revenue
₹410 Cr
verified against source
Revenue YoY
28%
reported change
EBITDA
₹115 Cr
latest reported figure
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Actual signal trajectory
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What the record says.
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 28% and ROC improving significantly to 17%+ on adjusted basis. Nor UDCA launch exceeded expectations with strong physician response and firm Q4 orders, while EU formulations (primarily Nilotinib) reached ₹73 crores. 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.
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Guidance to track
- Management expects biologics and formulation business to be the primary contributors to growth in FY27, while API will grow at a steady pace.
- Strong order book already in place for Q4 FY26 from all three marketing partners plus captive sales, indicating revenue acceleration earlier than expected.
- Volume ramp-up from recently expanded API capacity expected to commence from Q2 FY27, providing growth visibility for the API segment.
- If clinical studies progress as planned, Albumin could be commercialized in India by end FY27 or early FY28.
Risks flagged
- 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.
Key quotes
- Whatever heavy lifting was required for the company on the investment side, we have largely completed in last many years and the focus now is on execution, scaling and getting maximum ROC from all our investment.
- 9 month PAT is nearly double of full year PAT of FY25 reflecting the acceleration that we are witnessing in our growth and we have also incurred a capex of about 87 crores during the third quarter.
- Albumin by itself is a shortage product always. It has lot of complexities on supply chain. Bringing a recombinant version purer version will always have advantage.
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