Shilpa Medicare Limited · NSE:SHILPAMED
Shilpa Medicare — Q2 FY26 Earnings Presentation
35 slides from Shilpa Medicare's earnings presentation, Nov 13, 2025
Slide 1: Exchange filing 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: 13 November, 2025 To To Corporate Relation
Slide 2: Shilpa Medicare Ltd 2Q & 1H FY26 Earnings Presentation
Shilpa Medicare Ltd 2Q & 1H FY26 Earnings Presentation Date: 13th November 2025
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 7% 1HFY26 Revenue 37% contribution 56% ▪ Shilpa Pharma Lifesciences ▪ Shilpa Medicare ▪ Shilpa Biologicals Legal ▪ Shilpa Therapeutics ▪ Shilpa Biocare Entities ▪ FTF Pharma Areas of ▪ Oncology ▪ Tablets/Capsules ▪ NBE Operation ▪ Non-Oncology ▪ Inj
Slide 6: Management Commentary
Management Commentary I am pleased to report another quarter of strong performance, building on the positive momentum from 1QFY26. The quarter saw revenue growth of 7%, with highest quarterly revenue and EBITDA, having robust EBITDA margins of ~30%. Our results reflect the successful execution of ou
Slide 7: 2Q & 1H FY26 Financial Performance
2Q & 1H FY26 Financial Performance 6
Slide 8: 2Q FY26 – Financial Highlights
2Q FY26 – Financial Highlights Highest Quarterly Revenue and EBITDA 2Q FY26 (Consolidated) Revenue Break-up (INR crs) Particulars (INR cr) 2QFY26 2QFY25 YoY 1QFY26 QoQ Biologicals, Others, 3.0 Total Revenue 372 349 7% 328 13% 25.0 1% Gross Profit 266 227 17% 248 7% 7% GP Margin 72% 65% 700 bps 76% (
Slide 9: 1H FY26 – Financial Performance
1H FY26 – Financial Performance 1H FY26 (Consolidated) Revenue Break-up (INR in cr.) Particulars (INR cr) 1HFY26 1HFY25 YoY (%) Biologicals, Others, 9.0 Total Revenue 700 651 8% 61.0 1% Gross Profit 514 436 18% 9% GP Margin 74% 67% 700bps Formulation, 238.0 EBITDA 208 174 20% 1HFY26 EBITDA Margin 30
Slide 10: Consolidated Performance
Consolidated Performance (INR in Cr.) Revenues EBITDA and Margins 30% 30% 30% 208 27% 26% 98 110 174 91 349 328 372 651 700 2QFY25 1QFY26 2QFY26 1HFY25 1HFY26 2QFY25 1QFY26 2QFY26 1HFY25 1HFY26 PBT and Margins PAT and Margins 17% 16% 14% 13% 15% 12% 91 11% 10% 114 5% 5% 65 47 64 44 50 18 37 32 2QFY2
Slide 11: Financial Summary
Financial Summary Adjusted ROCE^ Gross Block (INR crs) 17.2% 15.3% 10.3% 11.3% 4.2% 1,991 2,049 1,538 1,587 1,670 FY22 FY23 FY24 FY25 1HFY26* FY22 FY23 FY24 FY25 1HFY26 Net Debt to EBITDA (x) Net Capex (INR crs) 6.7 5.8 3 1.6 331 1.4 225 172 216 153 FY22 FY23 FY24 FY25 1HFY26* FY22 FY23 FY24 FY25 1H
Slide 12: API Business
API Business 11
Slide 13: API – Growth driven by core portfolio
API – Growth driven by core portfolio (INR in Cr.) ▪ Revenue growth was at ~14% YoY Incl. Captive 225 226 256 404 481 for the quarter and ~19% for 1HFY26 YoY 18 34 10 16 7 13 14 ▪ Ex-CDMO API portfolio growth was 20 7 at ~21% YoY for the quarter. 31 90 176 Growth in API segment was led by 86 both On
Slide 14: API – Ongoing Developments
API – Ongoing Developments API Molecules CDMO Polymer and Peptide ▪ Commissioned expanded capacities of high- ▪ 1 program received US FDA approval, expected to commercialize ▪ Commercial supplies continues of large polymer project Demand Products – UDCA, Tranexamic Acid, in FY26 worth ~USD 4mn recei
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 currently the most prevalent liver condition globally, affecting about 25% of th
Slide 17: Novel product launch to drive meaningful growth
Novel product launch to drive meaningful growth (INR in Cr.) ▪ Revenue from FDF segment reported a 120 98 139 223 238 healthy growth ~16% YoY ▪ Ex-Licensing income, base business 46 64 reported robust revenue growth of 119 ~60% in the quarter (YoY) and ~67% in 62 1HFY26 YoY 16 ▪ The growing U.S. mar
Slide 18: FDF – Update on complex pipeline
FDF – Update on complex pipeline 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-Acting ▪ An innovative delivery ▪ A unique patient-
Slide 19: Filings – Formulations
Filings – Formulations Formulations – Regulatory Filings Pending Approved 30 83 10 656 315 17 7 77 341 13 3 6 US ANDA and NDA EU Canada ROW Robust regulatory filings to strengthen the base for growth in the formulation segment 36 new approvals were received in 1HFY26 18
Slide 20: Biologics & NBE
Biologics & NBE 19
Slide 21: Biologics – Growth envisioned on 4 pillars
Biologics – Growth envisioned on 4 pillars Integrated CDMO Biologics Novel Biologics ADC Platform @Dharwad ▪ Adalimumab: India market sees ▪ Novel MAB (oncology): Our ▪ Five active Novel Biologic ▪ Shilpa’s First ADC biosimilar is growth, 24-month shelf life approved. development program is Entity (
Slide 22: 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 23: 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 24: CDMO Business
CDMO Business 23
Slide 25: 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 26: 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 27: 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 28: Outlook
Outlook 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 completing clinical trails, capacity expansion for e
Slide 29: 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 30: 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 31: Financials
Financials 30
Slide 32: Profit & Loss Consolidated
Profit & Loss Consolidated Particulars (INR cr) 2QFY26 2QFY25 YoY 1QFY26 QoQ 1HFY26 1HFY25 YoY Revenues 372 349 7% 328 13% 700 651 8% Gross Profit 266 227 17% 248 7% 514 436 18% Gross Margin % 72% 65% 76% 74% 67% Employee Cost 83 76 9% 82 1% 165 148 11% Other Expenses 73 60 22% 68 7% 142 114 25% EBI
Slide 33: Balance Sheet Consolidated
Balance Sheet Consolidated Particulars (INR cr) 30-Sept-25 31-Mar-25 30-Sept-24 Fixed Assets 1,414 1,418 1,363 ▪ Tangible Assets 1,192 1,212 1,168 ▪ Intangible Assets 222 205 195 Capital WIP 920 822 785 ▪ Tangible Assets 534 463 455 ▪ Intangible Assets 386 359 330 Other Non-current Assets 102 73 110
Slide 34: Earnings call Details
Earnings call Details Shilpa Medicare 2QFY26 Results Conference Call to be held November 17, 2025, Monday at 11:00 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 Internat
Slide 35: Thank You
Shilpa Medicare Limited Monish Shah +91 2249748754 THANK YOU! monish.shah@vbshilpa.com 34