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Shilpa Medicare Limited
(SHILPAMED)
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Rating:57Neutral
Price Target:
₹996.00
▲(64.09% Upside)
Action:Reiterated
Date:08/09/26
The score is held back primarily by weak cash flow quality (persistent negative free cash flow) despite a clear profitability turnaround and healthier leverage. Technicals are supportive with a strong uptrend, but overbought signals elevate near-term volatility risk. A high P/E and very low dividend yield further limit the valuation score.
Positive Factors
Revenue and Profitability Recovery
The rebound in revenue and profitability indicates stronger operating performance across the business after the FY2023 weakness. Higher EBIT and EBITDA margins can improve internal funding capacity, support investment in complex products, and strengthen competitiveness over the next several quarters.
Negative Factors
Persistent Negative Free Cash Flow
Persistent negative free cash flow means reported profits are not yet translating into surplus cash after investment needs. This can increase reliance on external funding, constrain discretionary spending, and reduce the durability of the recent earnings recovery if reinvestment demands remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability Recovery
The rebound in revenue and profitability indicates stronger operating performance across the business after the FY2023 weakness. Higher EBIT and EBITDA margins can improve internal funding capacity, support investment in complex products, and strengthen competitiveness over the next several quarters.
Read all positive factors
Shilpa Medicare Limited (SHILPAMED) vs. iShares MSCI India ETF (INDA)
Market Cap
₹188.12B
Dividend Yield0.11%
Average Volume (3M)176.64K
Price to Earnings (P/E)63.2
Beta (1Y)0.72
Revenue Growth27.91%
EPS Growth167.68%
CountryIN
Employees1,132
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)15.20
Shares Outstanding195,581,820
10 Day Avg. Volume64,913
30 Day Avg. Volume176,644
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)2.63
Price to Sales (P/S)4.43
P/FCF Ratio-90.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)15.08
Revenue Forecast (FY)₹19.09B
Shilpa Medicare Limited Business Overview & Revenue Model
Company Description
Shilpa Medicare Limited, including its various subsidiaries, manufactures and distributes a range of active pharmaceutical ingredients (APIs), intermediate compounds, and finished drug formulations. Operating across India, the United States, Europ...
How the Company Makes Money
Shilpa Medicare primarily makes money through (1) sales of pharmaceutical APIs and intermediates to other drug manufacturers, where revenue is earned per unit/contracted supply based on volumes and pricing for specific molecules; (2) sales of fini...
Shilpa Medicare Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.82B | 15.39B | 12.86B | 11.53B | 10.43B | 11.40B |
| Gross Profit | 9.36B | 6.24B | 8.76B | 7.10B | 1.34B | 7.56B |
| EBITDA | 4.77B | 4.35B | 3.11B | 2.46B | 1.13B | 2.23B |
| Net Income | 2.97B | 2.43B | 782.93M | 318.74M | -325.33M | 606.62M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 37.06B | 33.11B | 30.93B | 29.04B | 28.75B |
| Cash, Cash Equivalents and Short-Term Investments | 451.80M | 451.80M | 585.61M | 302.26M | 221.92M | 338.29M |
| Total Debt | 0.00 | 6.60B | 5.88B | 9.37B | 7.98B | 6.83B |
| Total Liabilities | -25.91B | 11.14B | 9.47B | 12.93B | 11.30B | 10.64B |
| Stockholders Equity | 25.91B | 25.91B | 23.72B | 18.09B | 17.83B | 18.22B |
Cash Flow | ||||||
| Free Cash Flow | 384.68M | -754.00M | -1.11B | -492.22M | -467.44M | -2.27B |
| Operating Cash Flow | 2.01B | 2.95B | 1.32B | 1.35B | 1.80B | 1.05B |
| Investing Cash Flow | -1.71B | -3.27B | -1.99B | -1.67B | -2.33B | -2.85B |
| Financing Cash Flow | -302.20M | 612.20M | 626.54M | 467.75M | 457.98M | 828.58M |
Shilpa Medicare Limited Technical Analysis
Positive
607.00
Price Trends
755.14
Positive
627.87
Positive
479.52
Positive
Market Momentum
60.38
Positive
68.30
Neutral
75.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SHILPAMED, the sentiment is Positive. The current price of 607 is below the 20-day moving average (MA) of 894.26, below the 50-day MA of 755.14, and above the 200-day MA of 479.52, indicating a bullish trend. The MACD of 60.38 indicates Positive momentum. The RSI at 68.30 is Neutral, neither overbought nor oversold. The STOCH value of 75.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SHILPAMED.
Shilpa Medicare Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | ₹209.39B | 31.47 | ― | 0.25% | 15.01% | 17.73% | |
70 Outperform | ₹159.64B | 22.99 | ― | 1.48% | 14.12% | 14.98% | |
69 Neutral | ₹122.17B | 40.75 | ― | 0.39% | 9.18% | -14.57% | |
67 Neutral | ₹109.33B | 17.78 | ― | 0.42% | 7.28% | 68.82% | |
57 Neutral | ₹188.12B | 63.23 | ― | 0.11% | 27.91% | 167.68% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹163.28B | 46.10 | ― | 0.49% | 16.27% | -23.50% |
* General Sector Average
IN:SHILPAMED
Shilpa Medicare Limited
961.85
550.26
133.69%
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Shilpa Medicare Limited Corporate Events
Shilpa Medicare’s 39th AGM Confirms Clean Audit and Reviews Outlook
Sep 11, 2026
Shilpa Medicare Limited convened its 39th Annual General Meeting on September 11, 2026, via video conferencing and other audio-visual means from its registered office, adhering to guidelines issued by the Ministry of Corporate Affairs and SEBI. Th...
Shilpa Medicare Names Dr. Uday Harle CEO of Biologics Subsidiary
Aug 3, 2026
Shilpa Medicare Limited has appointed Dr. Uday N. Harle as Chief Executive Officer of its wholly owned subsidiary, Shilpa Biologicals Private Limited, effective August 3, 2026. The move signals a strengthening of leadership at the company’s ...
Shilpa Biologicals Commissions Integrated ADC GMP Facility in India
Jun 24, 2026
Shilpa Biologicals Pvt Ltd, a material subsidiary of Shilpa Medicare Ltd, has commissioned a state-of-the-art Antibody–Drug Conjugate GMP manufacturing facility in Dharwad that is designed to meet US FDA, EMA and other global regulatory stan...
Shilpa Medicare Shareholders Approve Shift of Registered Office Across States
Jun 23, 2026
Shilpa Medicare Limited has announced that shareholders have approved a special resolution via postal ballot and remote e-voting to shift the company’s registered office from one state to another and to amend the registered office clause in ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.