Shilpa Medicare FY26: Revenue ₹1,549 Cr, PAT ₹232 Cr

Key takeaway from FY26 earnings

Shilpa Medicare reported a sharp improvement in FY26 profitability alongside double-digit revenue growth, supported by operating leverage and momentum across APIs, formulations and biologics. Consolidated revenue for FY26 rose 18% year-on-year (YoY) to ₹1,549 crore, while annual EBITDA increased 30% YoY to ₹445 crore. The company said consolidated EBITDA margin expanded by about 300 basis points (bps) to 29%. Adjusted profit after tax (PAT) for the full year rose 135% YoY to ₹232 crore.

Q4 FY26: Record quarterly revenue and higher EBITDA

In management commentary on the March quarter, the company reported its “highest ever” quarterly revenue of ₹439 crore, up 30% YoY. It also reported gross margin of 68% for the quarter.

Quarterly EBITDA was ₹121 crore, growing 40% YoY, with an EBITDA margin of 28% and an improvement of around 2% YoY. Separately, a results summary in the provided material stated revenue from operations of ₹437 crore (up 32% YoY) and net profit of ₹89 crore (up 641% YoY) for Q4 FY26.

FY26: Gross margin at 70% and stronger operating leverage

For the full year ended March 31, 2026, Shilpa Medicare reported gross margin of 70%. It also reported the highest-ever annual EBITDA of ₹445 crore, up 30% YoY.

The company attributed the improvement in EBITDA to increased revenue from key verticals, which supported positive operating leverage. EBITDA margin for FY26 was reported at 29%, around 3% higher YoY.

Exceptional gain from stake sale and adjusted PAT disclosure

During Q4, the company reported an exceptional gain of ₹30 crore related to a stake sale in one of its JV companies, Shravati Advance. It said it sold a 31% stake and now holds a 34% stake.

Following this transaction, the company stated the entity no longer remains a joint venture and is now classified as an associate company. It also disclosed that adjusted PAT for the quarter, before considering the exceptional gain, was ₹86-87 crore.

Interest outgo, capex funding and net debt position

The company said its interest outgo for FY26 reduced on a YoY basis and has “stabilized” at the current quarter run rate for the near future. It added that it expects to fund its capex programs broadly via internal approvals.

On leverage, it reported net debt for the year increased to ₹613 crore from ₹550 crore in the previous year. It also disclosed capex of ₹361 crore in FY26, deployed in key verticals including API, CDMO and an “alumin” facility.

Segment performance: API, formulations and biologics

In its segmental commentary, Shilpa Medicare said its API business reported revenue of ₹259 crore in Q4 and ₹985 crore for FY26, with growth of 16% on both the quarterly and annual basis. It attributed the growth to improved uptake of key products from newly expanded capacities, along with strong captive consumption.

Formulations revenue was ₹205 crore for Q4 (up 54% YoY) and ₹618 crore for FY26 (up 30% YoY). The company highlighted that excluding licensing income, the base formulations business grew 64% in Q4 and 75% in FY26. It also stated its European formulations business delivered revenues of over ₹200 crore, growing by more than 100% YoY.

For biologics, it reported FY26 revenue of ₹150 crore, growing roughly 100% YoY, and linked the performance to continued deal momentum in its CDMO business.

Key financial snapshot (as reported)

Recent quarter context: 3QFY26 update referenced

A separate update in the provided material referenced 3QFY26 revenue of ₹411 crore (up 28% YoY) and EBITDA of ₹115 crore. It also mentioned an EU Rotigotine approval and the launch of NorUDCA (Noduca).

Why these numbers matter for investors tracking the pharma basket

The FY26 print combines double-digit revenue growth with a faster rise in EBITDA and a reported expansion in EBITDA margin. Segment disclosures point to multiple growth drivers: APIs scaling from expanded capacities, formulations growth that the company said remains strong even after excluding licensing income, and biologics/CDMO revenue that doubled on a YoY basis.

At the same time, the company’s disclosures also highlight balance sheet and cash flow considerations, including FY26 capex of ₹361 crore and net debt rising to ₹613 crore. Management commentary that interest costs have reduced and stabilized is relevant because it frames how incremental operating profit could flow through to net profit, alongside the impact of one-off items such as the ₹30 crore exceptional gain in Q4.

Conclusion

Shilpa Medicare’s FY26 results showed revenue growth to ₹1,549 crore, EBITDA of ₹445 crore and adjusted PAT of ₹232 crore, with EBITDA margins reported at 29%. In Q4 FY26, it reported revenue around ₹437-439 crore and EBITDA of ₹121 crore, alongside an exceptional gain from a stake sale that changed the classification of Shravati Advance to an associate. Investors are likely to track subsequent updates for execution across APIs, formulations and biologics, and for how capex and net debt trend after FY26.