Shilpa Medicare Limited · NSE:SHILPAMED
Shilpa Medicare — Q2 FY27 Earnings Presentation
42 slides from Shilpa Medicare's earnings presentation, Nov 5, 2026
Slide 1: Regulation 30 disclosure cover letter
Shilpa Medicare Limited Corporate & Admin Office: “Shilpa House”, # 12-6-214/A-1, Hyderabad Road, Raichur – 584 135, Karnataka, India Tel: +91-8532-238704, Fax: +91-8532-238876 Email: info@vbshilpa.com, Web: www.vbshilpa.com CIN: L85110KA1987PLC008739 Date: 5 November 2026 To, Corporate Relationship
Slide 2: Shilpa Medicare Ltd 2Q & 1HFY27 Earnings Presentation
Shilpa Medicare Ltd 2Q & 1HFY27 Earnings Presentation Date: 5th November 2026
Slide 3: Safe Harbour
Safe Harbour Certain statements in this document may be forward - looking statements. Such forward looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause our actual results to differ
Slide 4: Shilpa Medicare at a glance
Shilpa Medicare at Established in 1987, we have 35+ years track record a glance Existing Business Segments: API , Formulation, CDMO, Biologics Emerging Businesses: NDDS, ADC and Recombinant Human Albumin 10+ Regulatory approved manufacturing + R&D facilities (incl Analytical Lab) 400+ R&D Personnel
Slide 5: Key operating verticals
Key operating verticals API Formulations Biologics 12% 1HFY27 Revenue 48% contribution 40% ▪ Shilpa Pharma Lifesciences ▪ Shilpa Medicare ▪ Shilpa Biologicals Legal ▪ Shilpa Therapeutics ▪ Shilpa Biocare Entities ▪ FTF Pharma Areas of ▪ Oncology ▪ Tablets/Capsules ▪ NBE Operation ▪ Non-Oncology ▪ In
Slide 6: Management Commentary
Management Commentary We delivered another strong quarter in 2QFY27, with revenue and EBITDA reaching their highest- ever levels. Revenue grew ~45% YoY and EBITDA grew ~37% YoY, with margins remaining healthy at 28%. All three verticals contributed meaningfully to this performance, with our API segm
Slide 7: Financial Performance
Financial Performance 6
Slide 8: 2Q FY27 – Financial Highlights
2Q FY27 – Financial Highlights Highest Quarterly Revenue and EBITDA 2Q FY27 (Consolidated) Revenue Break-up (INR crs) Particulars (INR cr) 2QFY27 2QFY26 YoY 1QFY27 QoQ Others, 9 Biologicals, Total Income 538 372 45% 469 15% 65 2% Gross Profit 349 266 31% 334 5% 12% GP Margin 65% 72% 71% Formulation,
Slide 9: 1H FY27 – Financial Performance
1H FY27 – Financial Performance 1H FY27 (Consolidated) Revenue Break-up (INR in cr.) Particulars (INR cr) 1HFY27 1HFY26 YoY (%) Biologicals, Others, 13 Total Income 1,007 700 44% 117.0 1% Gross Profit 683 514 33% 12% GP Margin 68% 74% Formulation, EBITDA 290 208 40% 407.0 1HFY27 API, 470.0 EBITDA Ma
Slide 10: Consolidated Performance
Consolidated Performance (INR in Cr.) Total Income EBITDA and Margins 30% 30% 30% 28% 29% 139 151 372 469 538 700 1007 110 208 290 2QFY26 1QFY27 2QFY27 1HFY26 1HFY27 2QFY26 1QFY27 2QFY27 1HFY26 1HFY27 Operating PBT and Margins* PAT and Margins 19% 22% 20% 19% 17% 16% 18% 15% 196 12% 13% 180 114 101
Slide 11: Financial Summary
Financial Summary Adjusted ROCE^ Gross Block (INR crs) 17.4% 18.2% 15.0% 9.3% 2,281 2,393 3.4% 1,670 1,997 1,587 FY23 FY24 FY25 FY26 1HFY27* FY23 FY24 FY25 FY26 1HFY27 Net Debt to EBITDA (x) Net Capex (INR crs) 6.7 5.8 361 1.6 1.4 1.3 252 225 216 172 FY23 FY24 FY25 FY26 1HFY27* FY23 FY24 FY25 FY26 1
Slide 12: API Business
API Business 11
Slide 13: API – Growth driven by core portfolio
API – Growth driven by core portfolio (INR in Cr.) ▪ API division recorded its highest- Incl. Captive 256 260 298 481 558 ever quarterly revenue at INR 298crs (incl. captive) 34 62 ▪ Revenue grew ~16% YoY in both 25 36 42 2QFY27 and 1HFY27 ▪ Non-captive portfolio grew ~24% YoY in 2QFY27 and ~20% in
Slide 14: API – Ongoing Developments
API – Ongoing Developments API Molecules Specialty CDMO ▪ API division delivered its highest-ever quarterly revenue ▪ 6 late-stage programs in Phase III/Registration ▪ Strong order book in Peptide segment provides healthy ▪ 20+ products across the Onco and Non-Onco API portfolio ▪ Qualified a new cu
Slide 15: Formulations Business
Formulations Business 14
Slide 16: Novel product – First-in-class treatment for NAFLD
Novel product – First‐in‐class treatment for NAFLD ▪ First‐in‐Class treatment for Non‐alcoholic Fatty Liver Disease (NAFLD) in India ▪ First Company globally to obtain approval for NorUDCA in NAFLD indication ▪ NAFLD is the most prevalent liver condition globally, affecting ~25% of the world’s popul
Slide 17: Novel product launch to drive meaningful growth
Novel product launch to drive meaningful growth (INR in Cr.) ▪ Revenue grew over 50% YoY for the 139 198 210 238 407 quarter and over 70% for 1HFY27, reflecting broad-based momentum 36 65 across all key markets 29 ▪ Ex-Licensing income, revenue for the 20 44 quarter grew ~87% YoY 24 36 78 ▪ US reven
Slide 18: FDF – Update on complex ODF, TDS & Topical pipeline
FDF – Update on complex ODF, TDS & Topical pipeline SMLTDP08 SMLODF010 SMLTOP09 SMLTDP012 SMLTDP018 Rotigotine Tadalafil Film ▪ Transdermal Patch for the ▪ Topical lotion for treatment ▪ First company to receive EU ▪ An innovative delivery ▪ An innovative delivery treatment of Parkinson’s of Androge
Slide 19: FDF – Update on complex OSD & Injectable pipeline
FDF – Update on complex OSD & Injectable pipeline SMLINJ011 SMLINJ015 SMLOSD016 SMLOSD017 SMLPFS020 SMLOSD014 Ondansetron ER Nab-Paclitaxel (Abraxane) Enzalutamide (Xtandi) Abiraterone Semaglutide ▪ A Novel Long-Acting ▪ A unique patient- ▪ Targeting three key ▪ Targeting multiple ▪ Simplified Once-
Slide 20: Cumulative Filings – Formulations
Cumulative Filings – Formulations Pending Approved 32 100 11 724 17 382 73 8 15 342 27 3 *US ANDA and NDA EU Canada RoW Robust regulatory filings to strengthen the base for growth in the formulation segment 30+ new approvals were received in 1HFY27 Unit IV facility at Jadcherla received EU GMP certi
Slide 21: Biologics & NBE
Biologics & NBE 20
Slide 22: Driving Growth Through a High-Value Biosimilars Portfolio
Driving Growth Through a High-Value Biosimilars Portfolio Development Approved/ Pre-Clinical Phase I/III Therapy *Global market Completed Commercial Adalimumab Immunotherapy ~USD 23 bn Aflibercept Ophthalmology ~USD 6 bn Nivolumab Oncology ~USD 12 bn Pembrolizumab Oncology ~USD 35 bn Daratumumab Onc
Slide 23: Biologics: Novel Pipeline & Integrated Platforms
Biologics: Novel Pipeline & Integrated Platforms Novel Biologics Integrated CDMO @Dharwad ADC Platform ▪ Novel MAB (oncology): Our development Partner programs advancing into the clinic ▪ Shilpa’s First ADC biosimilar is expected to program is underway for a key asset with ▪ Phase I clinical supplie
Slide 24: Why Recombinant Human Albumin?
Why Recombinant Human Albumin ? Predictable & assured All raw materials used High quality/Purity supply – Produced in in the production are Meets Global yeast (Pichia pastoris) free from animal standards by fermentation sources Freedom from Best in class potential productivity – makes contamination
Slide 25: Recombinant Human Albumin – High growth opportunity
Recombinant Human Albumin – High growth opportunity Key highlights ▪ Entered into a strategic partnership with Orion Corporation for commercialization in Europe region for therapeutic use Shilpa’s novel ▪ Under this agreement, Orion will be the exclusive partner for the distribution, marketing, and
Slide 26: CDMO Business
CDMO Business 25
Slide 27: Covering full spectrum of CDMO technologies
Covering full spectrum of CDMO technologies Very strong capability Strong capability Developing capability Negligible capability Indian CDMOs Global CDMOs Shilpa Medicare Peer 1 Peer 2 Peer 3 Global Peer 1 Global Peer 2 Global Peer 3 Specialized technologies Small molecule Peptide Monoclonal Antibod
Slide 28: Comprehensive CDMO Development
Comprehensive CDMO Development Long term manufacturing and supply Unicycive Therapeutics Inc’s agreement with SML. SML’s milestone income spans over Oxylanthanum Carbonate (OLC) is a various stages viz. filing, approval and Potential best-in-class product being launch of the product developed under
Slide 29: Growth Roadmap: Outlook & Manufacturing Excellence
Growth Roadmap: Outlook & Manufacturing Excellence 28
Slide 30: From Lab to Market: Unlocking Value in API & FDF
From Lab to Market: Unlocking Value in API & FDF Expected Launch Molecule / Product / Markets Status / Milestone Horizon Launched in India in 3QFY26 with 3 large marketing partners + own label. Order book firm for NorUDCA (FDF) — India + Global Launched in 3QFY26 FY27. Additional markets targeted ar
Slide 31: From Lab to Market: Unlocking Near-Term Value in CDMO
From Lab to Market: Unlocking Near-Term Value in CDMO CDMO Programs Status / Milestone Small Molecules | 25+ active programs Commercial program 1 program commercialized in FY26; moving into long-term commercial supply Under registration 4 programs under registration with global regulators; approvals
Slide 32: From Lab to Market: Unlocking Value in Biologics
From Lab to Market: Unlocking Value in Biologics Expected Launch Molecule / Product / Markets Status / Milestone Horizon Aflibercept (Biosimilar) — India + Phase III (India + RoW) nearing completion in 2HFY27. Commercialization in India expected FY27 RoW in FY27. Partnered with ophthalmic-focused co
Slide 33: From Lab to Market: Unlocking Value in NBE & NCE
From Lab to Market: Unlocking Value in NBE & NCE Programs with orphan drug 2+2 NBE & NCE programs 2 designations 3 FIH entries by FY28 > USD 30bn Addressable market Program Mechanism and Lead Indications Opportunity Path to Clinic Shilpa’s Role PD-L2 Inhibitor First-in-class PD-L2 blockade targeting
Slide 34: Outlook
Outlook FDF CDMO API Biologics Hybrid – Nilotinib (limited competition), Six late-stage programs; four under 20+ new APIs in the development grid Strong biosimilar pipeline with various Axitinib & Rotigotine registration large assets completing clinical trials, Multiple complex API launches, growth
Slide 35: Manufacturing Capabilities – API
Manufacturing Capabilities – API API Unit I - Raichur API Unit II - Raichur Fermentation - Kadechur • Manufacturing and R&D Centre Onco, Non-Onco NCE, APIs, Peptide and • Fully automated integrated facility with DCS Capabilities • Small molecule development, Linker, GalNAc Polymers, Manufacturing pr
Slide 36: Manufacturing Capabilities – Formulations & Biologics
Manufacturing Capabilities – Formulations & Biologics Formulations - Jadcherla Formulations - Bangalore Biologics - Dharwad End-to-end services, from development to commercial manufacturing of microbial & Capabilities OSD tablets and capsules; Injectables – dry Fully automated facility for Transderm
Slide 37: Financials
Financials 36
Slide 38: Profit & Loss Consolidated
Profit & Loss Consolidated Particulars (INR cr) 2QFY27 2QFY26 YoY 1QFY27 QoQ 1HFY27 1HFY26 YoY Revenues 538 372 45% 469 15% 1,007 700 44% Gross Profit 349 266 31% 334 5% 683 514 33% Gross Margin % 65% 72% 71% 68% 74% Employee Cost 97 83 17% 100 -3% 197 165 19% Other Expenses 101 73 38% 95 7% 196 142
Slide 39: Balance Sheet Consolidated
Balance Sheet Consolidated Particulars (INR cr) 1HFY27 1HFY26 FY26 Fixed Assets 1,634 1,415 1,593 ▪ Tangible Assets 1,387 1,192 1,351 ▪ Intangible Assets 246 223 242 Capital WIP 1,051 920 884 Other Non-current Assets 176 102 119 Net Working Capital 702 680 736 ▪ Current Assets 1,228 1,026 1,065 ▪ Ca
Slide 40: Cash Flow Consolidated
Cash Flow Consolidated Particulars (INR cr) 1HFY27 1HFY26 PBT 202 114 Add: Depreciation & Amortisation 70 59 Add: Interest Expenditure 25 25 Add/(Less): Other non-cash & Other Income 14 7 Operating Cash Flow before WC changes 310 205 Add/Less: (Increase)/Decrease in Inventories (80) (105) Add/Less:
Slide 41: Earnings call Details
Earnings call Details Shilpa Medicare 2QFY27 Results Conference Call to be held on November 05, 2026, Thursday at 16:00 hrs IST Details of Earnings Conference Call +91 22 6280 1130 Universal Access +91 22 7115 8031 The number listed above is universally accessible from all networks and all countries
Slide 42: THANK YOU!
Shilpa Medicare Limited Monish Shah +91 2249748754 THANK YOU! monish.shah@vbshilpa.com 41