Shilpa Medicare Limited · NSE:SHILPAMED
Shilpa Medicare — Q3 FY2026 Earnings Presentation
35 slides from Shilpa Medicare's earnings presentation, Feb 6, 2026
Slide 1: Stock exchange cover letter for investor presentation
Shilpa Medicare Limited ~I ~ Innovating for affordable healthcare 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:
Slide 2: 3Q & 9MFY26 Earnings Presentation
~ Innovating for I . . affordable healthcare Shilpa Shilpa Medicare Medicare Ltd Ltd 3Q & 9MFY26 Earnings Presentation Date: 6th February 2026
Slide 3: Safe Harbour
Safe Harbour • I Innovating for affordable healthcare ~ ~- 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
Slide 4: Shilpa Medicare at a glance
Shilpa Medicare at Established in 1987, we have 35+ years track record L . . I Innovating for ~ affordable healthcare a glance Existing Business Segments: API , Formulation, CDMO, Biologics Emerging Businesses: NDDS, ADC and Recombinant Human Albumin 10+ Regulatory approved manufacturing + R&D facil
Slide 5: Key operating verticals
Key operating verticals API Formulations Biologics 10% 9MFY26 Revenue 53% contribution 37% ▪ 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 L. . 1lnnovat1ng for Commentary Building on our strong beginning to FY26, we continue to make considerable . , . affordable healthcare progress across all our verticals. In 3QFY26, we delivered 28% (YoY) revenue growth with EBITDA margins of 28%, achieving our highest quarterly revenue an
Slide 7: 3Q & 9M FY26 Financial Performance
L . . I Innovating for ~ affordable healthcare 3Q & 9M FY26 Financial Performance 6
Slide 8: 3Q FY26 – Financial Highlights
3Q FY26 – Financial Highlights L . . I Innovating for ~ affordable healthcare Highest Quarterly Revenue and EBITDA 3Q FY26 (Consolidated) Revenue Break-up (INR crs) Particulars (INR cr) 3QFY26 3QFY25 YoY 2QFY26 QoQ Biologicals, Total Revenue 411 321 28% 372 10% 48 Gross Profit 277 230 20% 266 4% 12%
Slide 9: 9M FY26 – Financial Performance
9M FY26 – Financial Performance L . . I Innovating for ~ affordable healthcare 9M FY26 (Consolidated) Revenue Break-up (INR in cr.) Particulars (INR cr) 9MFY26 9MFY25 YoY (%) Biologicals, Others, 10 Total Revenue 1,110 971 14% 109 1% Gross Profit 792 665 19% 10% GP Margin 71% 69% Formulation, 414 EB
Slide 10: Consolidated Performance
Consolidated Performance L . . I Innovating for ~ affordable healthcare (INR in Cr.) Revenues EBITDA and Margins 30% 29% 28% 26% 26% 321 372 411 971 1,110 82 110 115 256 323 3QFY25 2QFY26 3QFY26 9MFY25 9MFY26 3QFY25 2QFY26 3QFY26 9MFY25 9MFY26 PBT and Margins PAT and Margins 17% 18% 17% 13% 13% 12%
Slide 11: Financial Summary
Financial Summary L . . I Innovating for ~ affordable healthcare Adjusted ROCE^ Gross Block (INR crs) 17.1% 15.0% 10.1% 9.3% 1,991 2,087 3.4% 1,538 1,587 1,670 FY22 FY23 FY24 FY25 9MFY26* FY22 FY23 FY24 FY25 9MFY26 Net Debt to EBITDA (x) Net Capex (INR crs) 6.7 5.8 3.0 1.6 331 1.4 225 240 172 216 FY
Slide 12: API Business
L . . I Innovating for ~ affordable healthcare API Business 11
Slide 13: API – Growth driven by core portfolio
API – Growth driven by core portfolio L . . I Innovating for ~ affordable healthcare (INR in Cr.) ▪ Revenue growth for the quarter Incl. Captive was at 11% YoY and ~17% YoY for 218 256 243 622 725 9MFY26 18 21 4 7 72 ▪ The captive business grew 31 13 7 consistently which was supported 34 90 117 by r
Slide 14: API – Ongoing Developments
API – Ongoing Developments API Molecules Specialty CMDO ▪ Commissioned expanded capacities of high-Demand ▪ 1 program received US FDA approval, commercialization ▪ Proof-of-concept successfully completed for an Products – UDCA, Tranexamic Acid, and other key expected in 4QFY26 ophthalmic polymer in
Slide 15: Formulations Business
L . . I Innovating for ~ affordable healthcare Formulations Business 14
Slide 16: Novel product – First-in-class treatment for NAFLD
Novel product – First‐in‐class treatment for NAFLD L . . I Innovating for ~ affordable healthcare ▪ 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 live
Slide 17: Novel product launch drives significant growth
Novel product launch drives significant growth L.. I Innovating for ~ affordable healthcare (INR in Cr.) ▪ Revenue grew by ~50% YoY for the 118 139 177 340 414 quarter and 22% YoY for 9MFY26 ▪ Ex-Licensing income, revenue more 30 94 than doubled in the quarter at ~105% (YoY) and recorded a robust gr
Slide 18: FDF – Update on complex pipeline
FDF – Update on complex pipeline L . . I Innovating for ~ affordable healthcare SMLNUD07 SMLTDP08 SMLODF010 SMLINJ011 SMLTOP09 SMLTDP012 SMLOSD014 NorUDCA Rotigotine Tadalafil Film Ondansetron ER ▪ Received landmark ▪ Transdermal Patch for ▪ Topical lotion for ▪ First company to ▪ A Novel Long-Actin
Slide 19: Filings – Formulations
Filings – Formulations L . . I Innovating for ~ affordable healthcare Formulations – Regulatory Filings ■ Pending ■ Approved 30 67 11 705 333 17 7 61 372 13 4 6 *US ANDA and NDA EU Canada ROW Robust regulatory filings to strengthen the base for growth in the formulation segment 30 new approvals were
Slide 20: Biologics & NBE
L . . I Innovating for ~ affordable healthcare Biologics & NBE 19
Slide 21: Driving Growth Through a High-Value Biosimilars Portfolio
Driving Growth Through a High-Value Biosimilars Portfolio L . . I Innovating for ~ affordable healthcare 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 Pemb
Slide 22: Biologics: Novel Pipeline & Integrated Platforms
Biologics: Novel Pipeline & Integrated Platforms L . . I Innovating for ~ affordable healthcare 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 f
Slide 23: Why Recombinant Human Albumin?
Why Recombinant Human Albumin ? L . . I Innovating for ~ affordable healthcare r / r " ' ' 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
Slide 24: Recombinant Human Albumin – High growth opportunity
Recombinant Human Albumin – High growth opportunity L . . I Innovating for ~ affordable healthcare 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 exclusiv
Slide 25: CDMO Business
L . . I Innovating for ~ affordable healthcare CDMO Business 24
Slide 26: Covering full spectrum of CDMO technologies
Covering full spectrum of CDMO technologies L . . I Innovating for ~ affordable healthcare Shilpa Medicare Peer 1 • Very strong capability Indian CDMOs Peer 2 • Strong capability Peer 3 • Global Peer 1 Developing capability Global CDMOs Global Peer 2 Negligible capability Global Peer 3 Specialized t
Slide 27: Robust business model encompassing various stages
Robust business model encompassing various stages L . . I Innovating for ~ affordable healthcare Value chain Late stage development & Commercial Development & Clinical supplies stages Manufacturing Clinical development Commercial Phases Pre-Clinical Development Registration & Supplies Manufacturing
Slide 28: Comprehensive CDMO Development
Comprehensive CDMO Development L . . I Innovating for ~ affordable healthcare 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 produ
Slide 29: Outlook
Outlook L . . I Innovating for ~ affordable healthcare FDF CDMO API Biologics NDA – Pemetrexed, Bortezomib and One NCE project to commercialize in Multiple complex API launches, growth Strong Biosimilar pipeline with various Ondansetron ER FY26 in Specialty portfolio, coupled with large assets compl
Slide 30: Manufacturing Capabilities – API & Biocare
Manufacturing Capabilities – API & Biocare L . . I Innovating for ~ affordable healthcare 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 de
Slide 31: Manufacturing Capabilities – Formulations & Biologics
Manufacturing Capabilities – Formulations & Biologics • I Innovating for affordable healthcare Formulations - Jadcherla Formulations - Bangalore Biologics - Dharwad End-to-end services, from development to commercial manufacturing of microbial & Capabilities OSD tablets and capsules; Injectables – d
Slide 32: Financials
L . . I Innovating for ~ affordable healthcare Financials 31
Slide 33: Profit & Loss Consolidated
Profit & Loss Consolidated L . . I Innovating for ~ affordable healthcare Particulars (INR cr) 3QFY26 3QFY25 YoY 2QFY26 QoQ 9MFY26 9MFY25 YoY Revenues 411 321 28% 372 10% 1,110 971 14% Gross Profit 277 230 20% 266 4% 792 665 19% Gross Margin % 68% 72% 72% 71% 69% Employee Cost 84 74 14% 83 1% 248 22
Slide 34: Earnings call Details
Earnings call Details L . . I Innovating for ~ affordable healthcare Shilpa Medicare 3QFY26 Results Conference Call to be held on February 6, 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 access
Slide 35: Thank You
L \ Innovating for ~ affordable healthcare Shilpa Medicare Limited 0 Monish Shah rn +91 2249748754 THANK YOU! monish.shah@vbshilpa.com 34