Shilpa Medicare Q3FY26 Results: Revenue Surges 28% YoY to ₹411 Crores
Shilpa Medicare delivered outstanding Q3FY26 performance with consolidated revenue of ₹411 crores (28% YoY growth) and EBITDA of ₹115 crores (40% YoY growth), achieving record quarterly figures. The formulations vertical grew 50% YoY, while the company successfully launched India's first NAFLD therapy and received European approvals for key products.
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Shilpa Medicare has delivered exceptional financial performance in Q3FY26, achieving its highest quarterly revenue and EBITDA according to the company's investor presentation filed under Regulation 30 of SEBI (LODR) Regulations, 2015. The pharmaceutical company's consolidated revenue reached ₹411 crores, marking a robust 28% year-on-year growth, while EBITDA surged 40% to ₹115 crores with margins expanding to 28%.
Consolidated Financial Performance
The company's Q3FY26 consolidated results demonstrate strong operational execution across all business verticals. The exceptional performance reflects improved market positioning and effective business strategies.
| Financial Metric: | Q3FY26 | Q3FY25 | Growth (%) |
|---|---|---|---|
| Total Revenue: | ₹411 crores | ₹321 crores | 28.00% |
| EBITDA: | ₹115 crores | ₹82 crores | 40.00% |
| EBITDA Margin: | 28% | 26% | +200 bps |
| Adjusted PAT: | ₹55 crores | ₹32 crores | 72.00% |
Nine Months Performance Highlights
For the nine months ended December 31, 2025, the company maintained strong momentum with consolidated revenue of ₹1,110 crores, registering 14% year-on-year growth. EBITDA for the period reached ₹323 crores, growing 26% YoY with margins improving by 300 basis points to 29%.
| Nine Months Metric: | 9MFY26 | 9MFY25 | Growth (%) |
|---|---|---|---|
| Revenue: | ₹1,110 crores | ₹971 crores | 14.00% |
| EBITDA: | ₹323 crores | ₹256 crores | 26.00% |
| Adjusted PAT: | ₹146 crores | ₹64 crores | 128.00% |
| Gross Margins: | 71% | 68% | +300 bps |
Business Segment Performance
The Formulations (FDF) vertical emerged as a key growth driver, recording approximately 50% year-on-year growth in Q3FY26. EU formulations revenue more than doubled at 107% YoY growth, led by sustained demand and market share gains for Nilotinib alongside volume growth in base business.
The API business delivered steady performance with 11% YoY growth in Q3FY26 and 17% YoY growth for nine months. Growth was supported by both oncology and non-oncology portfolios, with significant contributions from expanded capacities for key products including UDCA and Tranexamic Acid.
Key Product Developments
The company successfully launched NorUDCA, India's first-in-class therapy for NAFLD (Non-Alcoholic Fatty Liver Disease), under the proprietary brand NODUCA. This landmark achievement makes Shilpa the first company globally to obtain approval for NAFLD treatment. The company has secured partnerships with three leading domestic pharma companies for rapid market access.
Additionally, the company received initial marketing authorization from European regulatory agencies for the Rotigotine Transdermal Patch and achieved positive Phase 3 results for OERIS (Ondansetron ER Injection) for chemotherapy-induced nausea and vomiting prophylaxis.
Management Commentary
Managing Director Vishnukant Bhutada highlighted the company's differentiated R&D-driven business model centered on developing high-value, limited-competition products. He emphasized strong traction across all verticals and expressed confidence in significantly better performance for FY27, supported by solid R&D foundation, key product approvals, and strategic partnerships.
Source: Company Investor Presentation
Historical Stock Returns for Shilpa Medicare
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | +17.02% | -0.35% | -63.35% | -14.54% | +47.60% |
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