Shilpa Medicare Limited has recommended a final dividend of Re. 0.60 per equity share for the financial year ended March 31, 2026. The Board of Directors proposed the payout at a rate of 60% on the face value of Re. 1 per share, pending approval from members at the upcoming annual general meeting.

The company will hold its 39th Annual General Meeting on September 11, 2026, at 11:00 am through video conferencing or other audio-visual means. This format complies with Ministry of Corporate Affairs General Circular No. 03/2025 dated September 22, 2025, and applicable SEBI circulars.

Dividend and Record Date Details

Shareholders whose names appear on the register of members as on the record date of September 4, 2026, will be eligible to receive the dividend if approved. The company will dispatch the final dividend within the statutory time limit following shareholder approval.

Under the Income-tax Act, 2025, effective April 1, 2026, dividends are taxable in the hands of shareholders. Consequently, Shilpa Medicare will deduct tax at source (TDS) at applicable rates based on the residential status and documents registered with the company. Shareholders holding shares in physical form must update their KYC details with KFin Technologies Limited to avoid withholding of dividends.

E-Voting Process

The company has enabled remote e-voting for all business transacted at the AGM. The voting window opens on September 7, 2026, at 9:00 am and closes on September 10, 2026, at 5:00 pm. Members holding shares in physical or dematerialized form as on the cutoff date can cast their votes electronically via the KFin Technologies platform.

Those attending the meeting through VC/OAVM who have not already voted remotely may also vote during the meeting. The results will be declared by the Chairman within two working days of the AGM's conclusion.

Speaker Registration

Members wishing to address the meeting or ask questions must register as speakers between September 7 and September 8, 2026. Requests should be sent from registered email addresses to emeetings.kfintech.com, including DP ID, client ID, folio number, PAN, and mobile number. The company reserves the right to limit the number of speakers based on time availability.

Shilpa Medicare Limited delivered its strongest quarterly performance in Q1FY27, reporting a record revenue from operations of ₹469 crore, a 43% year-on-year increase. The pharmaceutical group's EBITDA rose 42% to ₹139 crore, while net profit after tax (PAT) more than doubled to ₹101 crore. This robust top-line growth was driven by broad-based momentum across its API, Formulations, and CDMO verticals, alongside improved operating leverage that pushed EBITDA margins to 30%. The strong financial outcome coincided with a credit rating upgrade, shifting the company's category from A+ to AA-, validating its strengthening balance sheet.

The results were disclosed via an investor presentation filed with the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on August 5, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Management highlighted that the performance reflects the maturation of regulatory and manufacturing investments made over recent years. Looking ahead, the company expects consistent growth with faster profitability and better return on capital employed (ROCE).

Financial Performance Breakdown

The following table summarizes Shilpa Medicare's key financial metrics for Q1FY27:

The API segment contributed significantly to revenue growth, expanding by approximately 15% year-on-year, underpinned by steady internal demand from the finished dosage formulation (FDF) vertical and broad-based growth in the non-captive portfolio, particularly within the Specialty CDMO division. The Formulations business witnessed explosive growth, with revenue surging over 100% year-on-year. Excluding licensing income, formulations revenue grew 112%, driven by sharp increases in US markets (₹45 crore), Europe (₹57 crore), and domestic sales (₹24 crore), the latter boosted by the commercial traction of NorUDCA.

Tax Rate and Profitability Outlook

The divergence between revenue growth (43%) and PAT growth (~115%) indicates significant operating leverage. With fixed costs remaining relatively stable while high-margin contributions from Specialty CDMO and novel formulations scaled up, every incremental rupee of revenue translated disproportionately into net profit. Notably, the tax rate in Q1 FY27 was negative due to a deferred tax liability reversal; upcoming quarters are expected to see the tax rate normalizing around 25%. The upgrade in credit rating to AA- further suggests that lenders view the company's cash flow generation and balance sheet prudence as materially improved.

Strategic Developments and Pipeline

Beyond financial metrics, Shilpa Medicare advanced several strategic initiatives. The company entered a partnership with Orion Corporation for the co-development and exclusive supply of a nivolumab biosimilar in Europe. Additionally, it secured Gate2Brain as its fourth partnership for a novel asset, taking a stake in the company to serve as its integrated CMC partner for G2B-002, an orphan drug-designated oncology asset for brain cancer. Notably, the company's first ADC biosimilar is set to begin human trials in FY27, marking a significant milestone in its biologics pipeline.

The pipeline remains active with multiple milestones expected in FY27. Key developments include:

• NorUDCA: Launched in India in 3QFY26, with order book visibility for FY27 and expansion into Europe and Rest of World (RoW).
• Rotigotine Transdermal Patch: Received EMA approval; launch planned for FY27 in Europe.
• Recombinant Human Albumin: Phase 3 trials to initiate in India and EU in 1HFY27, with a strategic tie-up with Orion for European commercialization.
• Semaglutide: DMF filing targeted for 1HFY27, with dedicated peptide capacity expansion underway.
• ADC Biosimilar: First ADC biosimilar set to begin human trials in FY27.

On a related development, Unicycive Therapeutics received a Complete Response Letter from the US FDA and aims to refile in Q3. An earnings conference call was held on Wednesday, August 5, 2026, at 16:00 hrs IST, allowing management to discuss these results and future outlook with investors.