Shilpa Medicare Limited has issued a revised disclosure regarding its strategic partnership with NXI Therapeutics AG, following terminology updates requested by the University for alignment with an upcoming high-impact journal publication. The revised disclosure, dated 14 February 2026, clarifies specific wording related to the novel asset and therapy descriptions.

Revised Disclosure Details

The company informed stock exchanges that NXI Therapeutics requested updates to maintain consistency between the partnership announcement and a forthcoming scientific publication. The revisions specifically address terminology for the "novel asset" and "novel therapy" to treat autoimmune or alloimmune disorders.

Partnership Framework

The strategic collaboration with NXI Therapeutics AG, a Switzerland-based biotechnology company, remains unchanged in its core structure. Under the binding agreement, Shilpa Medicare will provide comprehensive development and manufacturing services for a New Chemical Entity targeting autoimmune and alloimmune disorders.

Strategic Context

This partnership represents the third major international development and manufacturing contract secured by Shilpa group in recent months, demonstrating strengthening demand from Western biotech companies for its integrated R&D capabilities and advanced GMP manufacturing infrastructure.

Management Statements

Mr. Vishnukanth Bhutada, Managing Director, Shilpa Medicare Limited, commented: "This collaboration reinforces Shilpa's transformation into a strategic innovation partner for global biotech companies. Our integrated development and commercial manufacturing capabilities enable us to support complex assets across the full product lifecycle."

Dr. Ruben Herrendorff, CEO, NXI Therapeutics AG, added: "Shilpa's scientific depth, quality systems, and scalable GMP manufacturing capabilities make them an ideal partner as we advance our immunomodulatory program toward clinical and commercial milestones."

Company Profiles

Shilpa Medicare Limited operates as a global pharmaceutical company and integrated CDMO providing end-to-end solutions across small molecules, biologics, and complex therapeutics. NXI Therapeutics is a Swiss biotechnology company focused on developing safe immunotherapies for autoimmune and alloimmune conditions through targeted immunomodulation that preserves immunocompetence.

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.

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%.

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.

Earnings Conference Call Details

Following the Q3FY26 results announcement, Shilpa Medicare conducted an earnings conference call on February 6, 2026. The company has made the audio recording of this investor call available on its official website for stakeholders' reference and review.

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 and Regulatory Filing