MarketFriction

Shilpa Medicare Ltd

NSE SHILPAMED · BSE 530549 · Pharmaceuticals
₹1,064.10 +1.61%
NSE close2026-10-01
52 week range259.50 - 1,075.00
Market cap₹20,649 Cr.
P/E72.6
Microcap 250 ASM long-term Price band 20% Delivery 35.2%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales313287292293344319331321370410437466
Expenses255222222222258239252231262296317330
Operating Profit5865707086817991108114120136
OPM %19%23%24%24%25%25%24%28%29%28%27%29%
Other Income2291052-2162-13459
Interest232624242612141916111412
Depreciation282727272829292930303135
Profit before tax914282937421550646112098
Tax %83%67%12%51%51%24%5%5%32%27%10%-3%
Net Profit252414183215474445108101
EPS in Rs0.090.261.410.720.921.620.742.402.252.285.515.16
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7197797897339088991,1411,0461,1461,2811,5351,683
Expenses5666146345856887189409479079621,1001,204
Operating Profit15316515514821918120299239319435479
OPM %21%21%20%20%24%20%18%9%21%25%28%28%
Other Income51522331790211715-83943
Interest7334522415992765952
Depreciation2931374244548096108113120126
Profit before tax122146137136188195102-3854122295344
Tax %19%29%25%19%18%25%41%-19%41%36%18%
Net Profit9910410311015514661-313278243297
EPS in Rs6.736.716.456.889.579.063.49-1.871.844.0012.4415.20
Dividend Payout %4%4%5%7%6%6%16%0%0%12%5%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth8%11%14%28%
Compounded Profit Growth8%17%107%117%
Stock Price CAGR15%31%81%180%
Return on Equity6%4%5%9%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital88888889991020
Reserves5396399791,0771,1891,3211,4711,8141,7751,8002,3532,572
Borrowings189221241191194390846683798937588660
Other Liabilities169194244223218270308370323347360455
Total Liabilities9051,0621,4721,4991,6101,9892,6322,8762,9043,0933,3113,706
Fixed Assets3165804925345586501,1111,3421,3681,3851,4181,593
CWIP22295141210429666541506655719822884
Investments6653253140210213443403558
Other Assets3013345876156216629599938389501,0371,170
Total Assets9051,0621,4721,4991,6101,9892,6322,8762,9043,0933,3113,706
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity69129374514712447105180137132342
Cash from Investing Activity-196-106-257-10-196-290-404-286-232-171-198-339
Cash from Financing Activity136-20313-61101764368346476314
Net Cash Flow9393-26-391079-98-713-317
Free Cash Flow-7412-79-92-151-220-302-226-46-48-111-28
CFO/OP73%103%43%55%123%76%52%69%215%74%56%93%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4843801021019988124113125126123
Inventory Days147161187194266298427338280309309291
Days Payable851011101061151229113912515693113
Cash Conversion Cycle111104157189253275425323268278342301
Working Capital Days3327799898687277-13488051
ROCE %18%16%14%10%9%12%8%6%1%5%8%11%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters50.01%50.01%50.01%44.39%44.33%44.23%44.23%44.23%44.23%40.13%40.13%40.13%
FIIs8.60%8.52%5.63%9.08%9.59%9.90%10.97%11.19%10.92%10.97%11.07%11.39%
DIIs0.41%0.06%1.65%7.61%8.18%8.27%7.55%7.46%7.67%8.34%8.58%8.05%
Public40.98%41.41%42.71%38.91%37.90%37.59%37.25%37.10%37.18%40.56%40.21%40.42%
No. of Shareholders44,09443,63046,04641,07242,78449,03450,10848,63652,06553,79953,41060,926

Fundamentals

Market Cap₹ 20,649 Cr.
Current Price₹ 1,056
Stock P/E72.6
Book Value₹ 132
ROCE10.9 %
ROE8.99 %
Dividend Yield0.06 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)28%
Compounded Profit Growth (TTM)117%
Consolidated figures.
Valuation
Market capRs 20,812 Cr
Enterprise valueRs 21,427 Cr
P/E (TTM)70.00x
Price to book8.03x
Price to sales12.37x
EV / EBITDA41.06x
EV / EBIT54.12x
EV / sales12.73x
Price to cash flow60.82x
Earnings yield1.43%
Dividend yield0.06%
P/E, 3-year average44.07x
P/B, 3-year average1.70x
P/E, 5-year average40.17x
P/B, 5-year average1.32x
Profitability
Operating margin (excl. other income)28.33%
Operating margin (incl. other income)30.87%
EBITDA margin31.01%
Pre-tax margin20.43%
Net profit margin17.67%
Net margin, latest quarter21.66%
ROE9.82%
ROCE11.42%
ROA6.94%
ROE, 3-year average5.12%
ROCE, 3-year average7.95%
ROA, 3-year average3.48%
ROE, 5-year average3.44%
ROCE, 5-year average6.12%
ROA, 5-year average2.30%
ROIC (approx.)10.18%
Tax rate17.60%
Other income / net worth1.50%
Growth
Sales growth (latest year)19.87%
Profit growth (latest year)210.81%
Sales CAGR, 3 years13.64%
Sales CAGR, 5 years11.30%
Profit CAGR, 5 years10.49%
Sales growth QoQ6.59%
Profit growth QoQ-6.41%
Sales growth YoY (latest quarter)44.90%
Profit growth YoY (latest quarter)115.14%
Per share
EPS (TTM)Rs 15.20
EPS (latest year)Rs 12.44
EPS (latest quarter)Rs 5.16
EPS, 3-year averageRs 8.04
EPS, 5-year averageRs 5.47
Book value per shareRs 132.49
Sales per shareRs 86.05
Cash flow per shareRs 17.50
Free cash flow per shareRs -1.43
Dividend per share (latest year)Rs 0.60
Dividend per share, 3-year averageRs 0.80
Dividend per share, 5-year averageRs 0.90
Dividends
Dividend payout4.82%
Dividend payout, 3-year average8.66%
Dividend payout, 5-year average11.02%
Efficiency
Asset turnover0.41x
Fixed asset turnover0.96x
Inventory turnover1.64x
Inventory days222 days
Debtor days123 days
Debtors turnover2.96x
Creditor days113 days
Cash conversion cycle301 days
Working capital days51 days
Leverage
Total debtRs 660 Cr
Cash and bankRs 45 Cr
Net debtRs 615 Cr
Debt to equity0.25x
Net debt / EBITDA1.18x
Interest coverage7.60x
Current ratio (filing 2026-03-31)1.31x
Quick ratio (filing 2026-03-31)0.88x
Trade payables (filing 2026-03-31)Rs 142 Cr
Owners' fund to total sources69.93%
Debt to assets17.81%
Cash flow
Cash from Operating Activity (latest year)Rs 342 Cr
Cash from Investing Activity (latest year)Rs -339 Cr
Cash from Financing Activity (latest year)Rs 14 Cr
Net Cash Flow (latest year)Rs 17 Cr
Free cash flow (latest year)Rs -28 Cr
FCFE (approx.: FCF + change in debt)Rs 44 Cr
Cash from ops / profit, 5 years2.34x
Sales to cash flow4.49x
Statement figures
Net sales (TTM)Rs 1,683 Cr
Net sales (latest year)Rs 1,535 Cr
Sales (latest quarter)Rs 466 Cr
Operating profit excl. other income (latest year)Rs 435 Cr
Operating profit (latest quarter)Rs 136 Cr
Other income (TTM)Rs 43 Cr
EBITDA (TTM)Rs 522 Cr
PBDT (TTM)Rs 470 Cr
Profit before tax (TTM)Rs 344 Cr
Tax (latest year)Rs 52 Cr
Net profit (TTM)Rs 297 Cr
Net profit (latest year)Rs 243 Cr
Net profit (latest quarter)Rs 101 Cr
Depreciation (TTM)Rs 126 Cr
Depreciation (latest quarter)Rs 35 Cr
Interest (TTM)Rs 52 Cr
Cost of goods sold (latest year)Rs 603 Cr
Total expenditure (latest year)Rs 1,100 Cr
Total income (latest year)Rs 1,574 Cr
Share capitalRs 20 Cr
ReservesRs 2,572 Cr
Shareholders' fundsRs 2,591 Cr
Total assetsRs 3,706 Cr
Net blockRs 1,593 Cr
Capital work in progressRs 884 Cr
InvestmentsRs 58 Cr
ReceivablesRs 519 Cr
InventoryRs 367 Cr
Other liabilitiesRs 455 Cr
Shares outstanding (crore)19.56
Ownership
Promoter holding40.13% (-4.10 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 70.0 is at the 85th percentile of its own 8.4-year range (median 39.8, low 18.7, high 275.6).
P/B 8.03 is at the 99th percentile (median 3.31).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodSHILPAMEDNifty 50Difference
1 week+5.6%-2.8% +8.4 pts
1 month+19.6%-6.8% +26.4 pts
3 months+74.7%-7.6% +82.4 pts
6 months+205.0%+0.4% +204.6 pts
1 year+168.5%-9.9% +178.4 pts
2 years+148.3%-13.6% +161.9 pts
3 years+493.5%+14.2% +479.3 pts
5 years+286.2%+27.9% +258.3 pts
29 mutual fund schemes hold about ₹804 Cr. Over three months 6 bought more and 23 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Bandhan Small Cap Fund0.60%207 -26%
ICICI Pru ELSS-Tax Saver Fund1.24%177 -19%
HDFC Pharma and Healthcare Fund3.10%103 -28%
Aditya Birla SL Small Cap Fund0.84%53 -16%
TRUSTMF Small Cap Fund1.27%36 +100%
Aditya Birla SL Mfg. Equity Fund2.13%30 -20%
Motilal Oswal Nifty Microcap 250 Index Fund1.16%29 -15%
WOC Mid Cap Fund0.37%28 -25%
Samco Active Momentum Fund3.08%23 +100%
ICICI Pru Exports & Services Fund1.45%22 -14%
ICICI Pru Exports & Services Fund1.45%21 -14%
Union Active Momentum Fund2.74%15 +100%
WOC Special Opp Fund0.74%14 -41%
Aditya Birla SL Pharma & Healthcare Fund1.26%14 -70%
Bandhan Healthcare Fund3.72%12 -23%
WOC Balanced Advantage Fund0.25%6 -13%
ITI Pharma & Healthcare Fund1.59%4 -23%
Samco Special Opportunities Fund3.15%4 +100%
WOC Multi Asset Allocation Fund0.02%2 -21%
Samco Small Cap Fund0.96%2 +123%
Samco Multi Cap Fund0.59%1 +100%
WOC Balanced Hybrid Fund0.31%1 -12%
Groww Nifty Total Market Index Fund0.05%0 -11%
Bandhan BSE Healthcare Index Fund0.68%0 -13%
Angel One Nifty Total Market Index Fund0.05%0 -11%

Red flags

F-score 7 of 8
lookRegulator order or action Regulator order or action 2026-06-24: Shilpa Medicare Limited has informed the Exchange about Action(s) taken or orders passed
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2024-12-12PRIYA INANIPromoter Groupsell100,000Rs 8.37 CrMarket Sale
2024-09-23BRIJGOPAL INNANIPromoter Groupother200,000Rs 17.16 CrPledge Creation
2024-09-23RAMAKANT INNANIPromoter Groupother675,000Rs 57.91 CrPledge Creation
2024-09-23VISHNUKANT CHATURBHUJ BHUTADAPromotersother1,000,000Rs 85.80 CrPledge Creation
2024-09-23OMPRAKASH INANIPromotersother200,000Rs 17.16 CrPledge Creation
2024-09-23DEEPAK KUMAR INNANIPromoter Groupother675,000Rs 57.91 CrPledge Creation
2024-09-23DHARMAVATI BHUTADAPromoter Groupother675,000Rs 7.92 CrPledge Creation
2024-09-23BRIJGOPAL INNANIPromoter Groupother200,000Rs 17.16 CrPledge Creation
2024-09-23RAMAKANT INNANIPromoter Groupother675,000Rs 57.91 CrPledge Creation
2024-09-23VISHNUKANT CHATURBHUJ BHUTADAPromotersother1,000,000Rs 85.80 CrPledge Creation
2024-09-23OMPRAKASH INANIPromotersother200,000Rs 17.16 CrPledge Creation
2024-09-23DEEPAK KUMAR INNANIPromoter Groupother675,000Rs 57.91 CrPledge Creation
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹466 Cr +45.2% vs Jun 2025. Net profit ₹101 Cr +114.9%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
Sun Pharmaceutical Industries Ltd447,47635.420.5 %
Divis Laboratories Ltd250,36384.022.0 %
Torrent Pharmaceuticals Ltd186,15283.415.2 %
Zydus Lifesciences Ltd119,75024.621.1 %
Cipla Ltd111,43031.115.5 %
Laurus Labs Ltd106,92897.817.8 %
Mankind Pharma Ltd105,12049.313.5 %
Dr Reddys Laboratories Ltd104,49432.413.0 %
Aurobindo Pharma Ltd97,68225.812.9 %
Lupin Ltd93,84015.829.9 %
Glenmark Pharmaceuticals Ltd68,90522.139.8 %
Alkem Laboratories Ltd62,77227.621.2 %
Biocon Ltd61,43984.53.61 %
Abbott India Ltd57,94935.944.8 %
Gland Pharma Ltd49,33343.115.1 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-09-04Dividend - Re 0.60 Per Share
2025-10-03Bonus 1:10.5000
2025-09-17Dividend - Re 1 Per Share
2024-09-06Annual General Meeting
2023-09-22Annual General Meeting
2022-09-19Annual General Meeting/Dividend - Rs 1.10 Per Share
2021-09-20 Dividend - Rs 1.10 Per Share
2021-09-20 Annual General Meeting
2020-03-16 Interim Dividend - Rs 1.10 Per Share
2019-09-12 Annual General Meeting/Dividend - Rs 1 Per Share
2018-09-06 Annual General Meeting
2018-03-01 Interim Dividend Re 0.70 Per Share (Purpose Revised)
2017-09-21 Annual General Meeting
2017-03-21 Interim Dividend Re 0.60 Per Share
2016-09-20 Annual General Meeting
2016-03-28 Interim Dividend - Re 0.60/- Per Share (Purpose Revised)
2015-11-06 Face Value Split (Sub-Division) - From Rs 2/- Per Share To Re 1/- Per Share0.5000
2015-09-16 Annual General Meeting/ Dividend - Rs 1.10/- Per Share
2014-09-11Annual General Meeting / Dividend - Re 1/- Per Share
2013-07-16Annual General Meeting / Dividend - Rs 1.30/- Per Share / Bonus 1:20.6667
2012-09-17Annual General Meeting And Dividend Re.0.90 Per Share
2011-09-15Annual General Meeting And Dividend - Rs.0.80 Per Share
2010-09-16Annual General Meeting And Dividend Re.0.70 Per Share
DateTypeWhat it says
2026-09-23General UpdatesAssignment of ESG Rating by CRISIL ESG Ratings.
2026-09-22Concall / analyst meetSchedule of meet
2026-09-18General UpdatesUSFDA Inspection of Shilpa Medicare Limited, Unit VII, Analytical Services Division, Hyderabad.
2026-09-12Shareholder meetingVoting results of Annual General Meeting held on September 11, 2026
2026-09-11Press ReleaseA press release dated September 11, 2026, titled "Shilpa Medicares Novel Complex Injectable OERIS (Ondansetron Extended-Release Injection, 100 mg/mL)...
2026-09-11Shareholder meetingProceedings of Annual General Meeting held on September 11, 2026
2026-09-10Regulatory actionAction(s) initiated or orders passed
2026-08-19General UpdatesDispatch of letter to shareholders whose e-mail addresses are not registered with Company/Registrar & Transfer Agent/Depository Participants.
2026-08-18General UpdatesResponse on the news item captioned Shilpa Medicare recalls over 27k vials of chemotherapy drug in US published in the online edition of The Economi...
2026-08-17General UpdatesDividend Updates.
2026-08-13Shareholder meetingNotice of Annual General Meeting to be held on September 11, 2026
2026-08-10Concall / analyst meetTranscript
2026-08-05Concall / analyst meetLink of Recording
2026-08-05Investor PresentationInvestor Presentation
2026-08-05Record DateRecord date for the purpose of Dividend is 04-Sep-2026.
2026-08-05Board meeting outcomeShilpa Medicare Limited has submitted to the Exchange, the Unaudited standalone and consolidated financial results for the period ended Jun 30, 2026.
2026-08-03AppointmentAppointment of Mr Dr. Uday N. Harle as Chief Executive Officer (CEO) of Shilpa Biologicals Private Limited, a Wholly Owned Subsidiary of Shilpa Medica...
2026-07-29Concall / analyst meetSchedule of meet
2026-07-16Credit RatingCredit Rating
2026-07-15Change in ManagementThe resignation of Dr. Sridevi Khambhampaty, as Chief Executive Officer (CEO) of Shilpa Biologicals Private Limited, a material subsidiary of Shilpa M...
2026-07-07Credit RatingCredit Rating
2026-07-03UpdatesMachine Readable copy of Financial Results .
2026-06-30Press ReleaseA press release dated Jun 30, 2026, titled "Shilpa Biologicals Pvt Ltd, a wholly owned subsidiary of Shilpa Medicare enters into a Co-development and ...
2026-06-24Regulatory actionAction(s) taken or orders passed
2026-06-24Press ReleaseA press release, titled "Press release on announcement of commissioning of a state-of-art Antibody Drug Conjugate (ADC) GMP Manufacturing Facility by ...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1Scrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03