Shilpa Medicare Reports Record Q2 FY26 Results with Highest Quarterly EBITDA of INR 110 Crores

Shilpa Medicare Limited , a leading pharmaceutical company, has reported its strongest quarterly performance to date in Q2 FY26, with record-breaking revenues and EBITDA. The company also announced the launch of its first Novel Chemical Entity (NCE) product in India, marking a significant milestone in its growth trajectory.

Financial Highlights

Shilpa Medicare achieved its highest quarterly revenues of INR 372.00 crores in Q2 FY26, representing a 7% year-over-year growth. The company's EBITDA crossed the INR 100 crores milestone for the first time, reaching INR 110.00 crores with a 30% EBITDA margin and 21% growth compared to the same quarter last year.

Financial Metric	Q2 FY26	YoY Growth
Revenue	INR 372.00 crores	7%
EBITDA	INR 110.00 crores	21%
EBITDA Margin	30%	4%

For the first half of FY26, Shilpa Medicare reported:

Financial Metric	H1 FY26	YoY Growth
Revenue	INR 700.00 crores	8%
EBITDA	INR 208.00 crores	20%
EBITDA Margin	30%	3%

Launch of First NCE Product

In a significant development, Shilpa Medicare has launched its first Novel Chemical Entity (NCE) product, NorUrsodeoxycholic Acid (NorUDCA), in India. This launch positions Shilpa Medicare as the first company globally to bring this product to market in India. NorUDCA is targeted at treating Non-Alcoholic Fatty Liver Disease (NAFLD), a condition with a high prevalence in India.

Business Segment Performance

API Business

The non-captive API business reported a turnover of INR 205.00 crores in Q2 FY26.
The company is developing two NCE programs for a major pharmaceutical customer, with commercial supplies for the first product expected to start from Q4 FY26.
Shilpa Medicare is expanding its Tranexamic Acid capacity by an additional 100 metric tons, with the new capacity expected to be commissioned in the next financial year.

Formulation Business

The Formulation business grew by 16% year-on-year, reaching INR 109.00 crores in Q2 FY26.
Excluding licensing income, the base business reported a robust growth of about 60% for the quarter and 67% for the first half of FY26.
The growth was driven by increasing market share of complex product portfolio in the U.S. and limited competition products in the EU market.

Biologics Business

The Biologics segment recorded revenue of INR 25.00 crores in Q2 and INR 61.00 crores in H1 FY26.
The company has 8 biosimilar programs in various stages of development, including Aflibercept, which is currently under Phase III studies.

Future Outlook

Shilpa Medicare expects commercial supplies from multiple pipeline products, including NCE programs, Semaglutide, and biosimilars, to drive future growth across API, formulations, and biologics segments. The company is also investing in new capacities, including a dedicated peptide facility and expansion of its Albumin production capabilities.

With a strong pipeline of complex formulation products and biosimilars, Shilpa Medicare is well-positioned for sustained growth in the coming years. The company's focus on complex generics, differentiated products, and strategic partnerships is expected to enhance its market position in both domestic and international markets.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.75%	-9.34%	+0.35%	+1.92%	-17.62%	+71.60%

Shilpa Medicare Limited , a prominent player in the pharmaceutical sector, has reported its highest quarterly revenue and EBITDA in Q2, demonstrating significant growth and strategic advancements.

Financial Highlights

Shilpa Medicare achieved remarkable financial results in Q2:

Record quarterly revenue of INR 372.00 crores, representing a 7% year-over-year growth
Highest-ever quarterly EBITDA of INR 110.00 crores
EBITDA margins expanded to 30%, up from 26% in the previous year
For H1, revenue grew 8% to INR 700.00 crores
H1 EBITDA increased 20% to INR 208.00 crores

Segment Performance

API Segment

Drove growth with a 14% quarterly increase
Growth attributed to commercialization of expanded capacities and key base business products

Formulations Business

Reported 16% revenue growth
Key products gained US market share through partners

Strategic Initiatives and Product Pipeline

Preparing to launch NorUDCA in Q3, India's first-in-class therapy for NAFLD
Strategic partnerships formed with three Indian companies for NorUDCA launch
In biologics, two Novel Biologic Entity projects expected to enter human studies

Regulatory Achievements

Filed 23 new DMFs across markets in H1
Received 36 new approvals in the first half

Corporate Actions

Bonus Share Issue

The company has approved the allotment of 9,77,90,908 bonus equity shares in a 1:1 ratio, potentially enhancing shareholder value and improving stock liquidity.

Divestment in Joint Venture

Shilpa Medicare has entered into an agreement to sell a 31% stake in its joint venture, Sravathi Advance Process Technologies, for INR 4,960.05 lakhs. This strategic move may allow the company to focus on its core business areas.

Exceptional Losses

The company recorded exceptional losses of INR 156.64 lakhs in its standalone financials, primarily attributed to provisions for impairment on foreign subsidiary advances and investments.

Outlook

Shilpa Medicare's record-breaking quarterly performance, coupled with strategic initiatives and product pipeline developments, positions the company for potential continued growth. The expansion in revenue and EBITDA margins suggests that the company's business strategies are yielding positive results. The upcoming launch of NorUDCA and advancements in biologics projects indicate promising future prospects.

However, investors should note the exceptional losses related to foreign subsidiaries, which may require monitoring in future quarters. The company's ability to maintain this growth trajectory, successfully integrate its strategic decisions, and capitalize on its product pipeline will be key factors to watch in the coming periods.