Shilpa Medicare Limited stock analysis

Beyond NorUDCA, the domestic pipeline is further strengthened by the planned FY27 launch of Ondansetron Extended-Release Injection — addressing a significant unmet need in the oncology supportive care segment and expected to build on the Company's established institutional relationships. Emerging market revenues grew approximately 24% YoY to ₹123 Crores, underpinned by broadening geographic penetration and a growing

Pemetrexed RTU — the first ready-to-use formulation of its kind in the US market — and Bortezomib RTU Subcutaneous are both commercially approved and gaining traction, eliminating the need for complex reconstitution and offering a clinically meaningful advantage in terms of dosing convenience and patient safety. These products, developed in partnership with a global pharmaceutical partner, continued to see growing pr

From Capability-Building to Value Delivery MESSAGE FROM MANAGING DIRECTOR Annual Report 2025-26 08 API The API business delivered broad-based revenue growth in FY26 across Oncology and Non-Oncology segments. Capacity expansion programmes for key established products — including UDCA and Tranexamic Acid were successfully completed, with batch size scale-ups undertaken across multiple molecules to support growing custo

Exports in January 2026 increased to USD 2.66 billion from USD 2.59 billion in January 2025. With strong manufacturing capacity, export growth and policy support, the industry outlook remains positive for the coming years. (Source: PIB, Mordorintelligence) Indian Pharmaceutical Industry Outlook The outlook for the Indian pharmaceutical industry remains positive, supported by strong export potential, product diversifi

Beyond oncology, the Non-Oncology vertical recorded a development milestone, with process validation successfully completed for a new import-substitute product whose commercial revenues are expected to begin contributing from FY27. Capacity Expansion and Process Optimisation A defining feature of the API business in FY26 was the systematic enhancement of manufacturing productivity across the existing product portfoli

The Company's first US NCE programme successfully transitioned to commercial launch through a global pharmaceutical partner — a validation of Shilpa's end-to-end development and manufacturing capabilities. Two further NCE programmes advanced through the pipeline, with one project in ongoing Phase III studies and another — Oxylanthanum Carbonate for Unicycive Therapeutics — with an NDA accepted by the US FDA and comme

These investments position Shilpa Medicare to address the growing demand from global pharmaceutical innovators seeking reliable, technically sophisticated API supply partners, particularly in oncology-focused drug development programmes. Finished Dosage Formulations The Formulations business made significant progress across multiple fronts during FY26, with the year defined by the commercial launch of a first-in-clas

The facility holds certifications from the US FDA, TGA, WHO-GMP, UK- MHRA, and EU GMP. The formulations business is supported by strong backward integration with the Company’s API operations, enabling greater supply chain integration and improved operating efficiencies. Performance in FY26 Formulations delivered the standout performance of the year, growing 30% year-on-year to ₹618 Crores from ₹474 Crores in FY25, th