Shilpa Medicare Limited — Investor Meet, 30-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Shilpa Medicare reported Q4 revenues of INR338 Cr, up 15% YoY, with FY25 revenue at INR1,310 Cr (+13%), led by Formulations and Biologics. EBITDA grew 15% YoY to INR84 Cr with steady 25% margins. Net debt improved sharply to INR558 Cr, lowering net debt/EBITDA to 1.6x. Formulations surged 38% fueled by Nilotinib’s European growth; API rose 3% to INR188 Cr, supported by oncology and capacity expansions. Biosimilars contributed INR10 Cr, with Adalimumab sales expected to double in FY26.

Key pipeline progress includes near Phase III completion for an oncology molecule, upcoming launches (Axitinib, Rotigotine patch), and biologics EUGMP certification with new CDMO contracts. Albumin facility and European commercialization with Orion are on track, though Phase III start may delay slightly.

Management highlighted operational efficiencies, pipeline momentum, USFDA remediation completion, and lumpy but material licensing income. Focus is on mid-teens API growth, niche specialty generics dominance, and accelerating revenues from CDMO and biologics. Moderate capex and steady R&D spend underpin confidence in margin expansion and diversified growth.