Shilpa Medicare Limited · NSE:SHILPAMED
Shilpa Medicare — FY26 Earnings Presentation
39 slides from Shilpa Medicare's earnings presentation, May 22, 2026
Slide 1: Stock exchange cover letter for investor presentation
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: 22 May 2026 To, Corporate Relationship Dep
Slide 2: FY26 Earnings Presentation
Shilpa Medicare Ltd FY26 Earnings Presentation Date: 22nd May 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 10% FY26 Revenue 50% 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 ▪ Inje
Slide 6: Management Commentary
Management Commentary The momentum we built since the start of FY25 is only accelerating, as we close FY26 on a strong footing while leveraging considerable progress made across all verticals. For FY26, our revenue grew by 18%, with EBITDA registering robust growth of 30% (YoY) and a healthy margin
Slide 7: 4Q FY26 Financial Performance
4Q FY26 Financial Performance 6
Slide 8: 4Q FY26 – Financial Highlights
4Q FY26 – Financial Highlights Highest Quarterly Revenue and EBITDA 4Q FY26 (Consolidated) Revenue Break-up (INR crs) Particulars (INR cr) 4QFY26 4QFY25 YoY 3QFY26 QoQ Biologicals, Total Revenue 439 338 30% 411 7% 41 Gross Profit 297 234 27% 277 7% 9% GP Margin 68% 69% 68% Formulation, EBITDA 121 87
Slide 9: FY26 – Financial Performance
FY26 – Financial Performance FY26 (Consolidated) Revenue Break-up (INR in cr.) Particulars (INR cr) FY26 FY25 YoY (%) Biologicals, Others, 12 Total Revenue 1,549 1,310 18% 150 1% Gross Profit 1,088 899 21% 10% GP Margin 70% 69% Formulation, 618 EBITDA 445 343 30% FY26 API, 769 EBITDA Margin 29% 26%
Slide 10: Consolidated Performance
Consolidated Performance (INR in Cr.) Revenues EBITDA and Margins 29% 28% 28% 26% 26% 338 411 439 1,310 1,549 87 115 121 343 445 4QFY25 3QFY26 4QFY26 FY25 FY26 4QFY25 3QFY26 4QFY26 FY25 FY26 PBT and Margins PAT and Margins 22% 18% 20% 18% 232 14% 13% 12% 15% 10% 8% 87 99 46 74 95 153 283 35 55 4QFY2
Slide 11: Financial Summary
Financial Summary Adjusted ROCE^ Gross Block (INR crs) 17.4% 15.0% 10.1% 9.3% 2,281 1,991 3.4% 1,538 1,587 1,670 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Net Debt to EBITDA (x) Net Capex (INR crs) 6.7 5.8 3.0 331 361 1.6 1.4 225 216 172 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 ^ Ad
Slide 12: Decisive turnaround with improved profitability
Decisive turnaround with improved profitability (INR in Cr.) Revenues EBITDA and Margins – 20% CAGR 29% 26% 19% 22% 11% 1,169 1,067 1,159 1,310 1,549 218 120 253 343 445 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 PBT and Margins – 29% CAGR PAT and Margins – 40% CAGR 18% 15% 12% 9% 8% 5% 5% 3%
Slide 13: API Business
API Business 12
Slide 14: API – Growth driven by core portfolio
API – Growth driven by core portfolio (INR in Cr.) ▪ Revenue growth came in at 16% Incl. Captive YoY both for the quarter and full 223 244 259 845 985 year FY26 30 8 4 38 110 ▪ The captive business grew 31 23 10 consistently underpinned by steady 9 126 internal demand from FDF vertical, 390 reinforc
Slide 15: API – Ongoing Developments
API – Ongoing Developments API Molecules Specialty CMDO ▪ Revamping Onco portfolio with 15+ new onco APIs added ▪ 1 program received US FDA approval ▪ Initiated Peptide capacity expansion with significant to the pipeline; validation expected to be completed within capacity build up; added 2 new prod
Slide 16: Formulations Business
Formulations Business 15
Slide 17: 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 currently the most prevalent liver condition globally, affecting about 25% of th
Slide 18: Novel product launch drives significant growth
Novel product launch drives significant growth (INR in Cr.) ▪ Delivered highest-ever quarterly and annual 133 177 205 474 618 revenue, growing at ~54% YoY for the quarter and 30% YoY for FY26 ▪ Ex-Licensing income, revenue grew at ~64% 26 120 (YoY) for the quarter and ~75% for FY26 YoY 30 35 ▪ NorUD
Slide 19: FDF – Update on complex pipeline
FDF – Update on complex pipeline SMLTDP08 SMLINJ011 SMLINJ015 SMLOSD016 SMLTOP09 SMLTDP012 SMLOSD014 Rotigotine Ondansetron ER Nab- Paclitaxel (Abraxane) Enzalutamide (Xtandi) ▪ Transdermal Patch for ▪ Topical lotion for ▪ A Novel Long-Acting ▪ An innovative delivery ▪ A unique patient- ▪ Targeting
Slide 20: Filings – Formulations
Filings – Formulations Formulations – Regulatory Filings Pending Approved 31 78 11 742 17 354 7 68 14 388 4 10 *US ANDA and NDA EU Canada RoW Robust regulatory filings to strengthen the base for growth in the formulation segment 50+ new approvals were received in FY26 19 *Note: US Approvals also inc
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 1/3 Therapy *Global market Completed Commercial Adalimumab Immunotherapy ~USD 27 bn Aflibercept Ophthalmology ~USD 6 bn Nivolumab Oncology ~USD 12 bn Pembrolizumab Oncology ~USD 35 bn Daratumumab Oncol
Slide 23: Biologics: Novel Pipeline & Integrated Platforms
Biologics: Novel Pipeline & Integrated Platforms Novel Biologics Integrated CDMO @Dharwad ADC Platform ▪ Novel MAB (oncology): Our development ▪ Five active Novel Biologic Entity (NBE) ▪ Shilpa’s First ADC biosimilar is expected to program is underway for a key asset with programs advancing for mult
Slide 24: Why Recombinant Human Albumin?
Why Recombinant Human Albumin ? Predictable & assured All raw materials used High quality/Purity supply – Product 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 t
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: Robust business model encompassing various stages
Robust business model encompassing various stages Value chain Late stage development & Commercial Development & Clinical supplies stages Manufacturing Clinical development Commercial Phases Pre-Clinical Development Registration & Supplies Manufacturing ▪ Drug metabolism, pharmacokinetics (DMPK) ▪ Ph
Slide 29: 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 30: From Lab to Market: Unlocking Value in API & FDF
From Lab to Market: Unlocking Value in API & FDF Molecule / Product / Markets Launch Horizon Status / Milestone Launched in India in 3Q FY26 with 3 large marketing partners + own label. Order book firm for NorUDCA (FDF) — India + Global Launched in 3QFY26 FY27. Additional markets targeted are Europe
Slide 31: From Lab to Market: Unlocking Value in Biologics
From Lab to Market: Unlocking Value in Biologics Molecule / Product / Markets Launch Horizon Status / Milestone Aflibercept (Biosimilar) — India + Phase III (India + RoW) nearing completion in 1HFY27. Commercialization in India expected FY27 RoW in FY27. Partnered with 2 ophthalmic-focused companies
Slide 32: Outlook
Outlook FDF CDMO API Biologics Hybrid – Nilotinib (limited competition), One NCE project commercialized in 15+ new oncology APIs in the Strong Biosimilar pipeline with various Axitinib & Rotigotine FY26 development grid large assets completing clinical trails, coupled with niche CDMO Biologic Novel
Slide 33: Manufacturing Capabilities – API & Biocare
Manufacturing Capabilities – API & Biocare API Unit I - Raichur API Unit II - Raichur Biocare - 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, Manufacturi
Slide 34: 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 35: Financials
Financials 34
Slide 36: Profit & Loss Consolidated
Profit & Loss Consolidated Particulars (INR cr) 4QFY26 4QFY25 YoY 3QFY26 QoQ FY26 FY25 YoY Revenues 439 338 30% 411 7% 1,549 1,310 18% Gross Profit 297 234 27% 277 7% 1,088 899 21% Gross Margin % 68% 69% 68% 70% 69% Employee Cost 87 71 22% 84 4% 335 293 14% Other Expenses 89 76 16% 79 13% 309 264 17
Slide 37: Balance Sheet Consolidated
Balance Sheet Consolidated Particulars (INR cr) FY26 1HFY26 FY25 Fixed Assets 1,593 1,415 1,418 ▪ Tangible Assets 1,351 1,192 1,212 ▪ Intangible Assets 242 223 205 Capital WIP 884 920 822 Other Non-current Assets 119 102 87 Net Working Capital 736 680 665 ▪ Current Assets 1,065 1,026 956 ▪ Cash and
Slide 38: Earnings call Details
Earnings call Details Shilpa Medicare 4QFY26 Results Conference Call to be held on May 22, 2026, Friday at 16:00 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 Internatio
Slide 39: THANK YOU!
Shilpa Medicare Limited Monish Shah +91 2249748754 THANK YOU! monish.shah@vbshilpa.com 38