Shilpa Medicare Limited has formally disclosed to stock exchanges that it does not qualify as a Large Corporate under the Securities and Exchange Board of India's regulatory framework for debt securities issuance. The pharmaceutical company submitted this initial disclosure on April 09, 2026, to both BSE Limited and the National Stock Exchange of India.

Regulatory Compliance Disclosure

The disclosure was made pursuant to SEBI Circular SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023, which relates to fund raising through the issuance of debt securities by large entities. The company confirmed its non-qualification status based on the applicability criteria outlined in the aforementioned circulars and their subsequent amendments.

Financial Position Details

The company provided specific details regarding its financial position and compliance status:

Key Compliance Confirmation

Shilpa Medicare Limited's outstanding long-term borrowing stands at nil as of March 31, 2025, as per the definition of borrowing provided in the SEBI circulars. This nil borrowing position is a key factor in the company's determination that it does not meet the Large Corporate criteria under the regulatory framework.

Credit Rating Status

Despite not qualifying as a Large Corporate, the company maintains a healthy credit profile with an A+ Positive Outlook rating from India Ratings & Research (Ind-Ra), which was the highest credit rating during the previous financial year.

Corporate Governance

The disclosure was signed by Ritu Tiwary, Company Secretary & Compliance Officer, and Alpesh Dalal, Chief Financial Officer, demonstrating proper corporate governance procedures. The company has formally requested both stock exchanges to take this information on record as part of its regulatory compliance obligations.

Shilpa Medicare Limited has completed its regulatory compliance obligations by submitting the mandatory certificate under Regulation 74(5) of the Securities and Exchange Board of India (Depositories and Participants) Regulations 2018 for the quarter ended March 31, 2026. The submission was made on April 06, 2026, to both BSE Limited and the National Stock Exchange of India Limited.

Regulatory Compliance Details

The compliance certificate was issued by KFin Technologies Limited, which serves as the registrar and share transfer agent for Shilpa Medicare Limited. KFin Technologies holds SEBI Registration Number INR000000221 and is authorized to provide depository services. The certificate was dated April 02, 2026, confirming timely processing of the quarterly requirements.

Certificate Confirmation

KFin Technologies Limited, acting as the registrar, share transfer and depository services agent, has certified that all details of securities dematerialized and rematerialized during the quarter ended March 31, 2026 have been properly furnished to all stock exchanges where the company's shares are listed. This certification ensures compliance with SEBI's depositories and participants regulations.

Stakeholder Communication

The compliance submission was formally communicated to multiple regulatory bodies and depositories. The certificates were addressed to the National Securities Depository Limited and Central Depository Services (India) Limited, ensuring comprehensive coverage of all relevant depository institutions. This systematic approach demonstrates the company's commitment to maintaining transparency across all regulatory channels.

Corporate Governance

The submission was authorized by Ritu Tiwary, Company Secretary and Compliance Officer of Shilpa Medicare Limited, who digitally signed the documents on April 06, 2026. This formal authorization process reflects the company's structured approach to corporate governance and regulatory compliance, ensuring proper oversight of all mandatory submissions.