Shilpa Medicare Limited: Q2 FY26 - Scaling New Heights with Innovation and Strategic Expansion

Shilpa Medicare reported its highest-ever quarterly revenue of INR 372 crores, a 7% year-on-year increase, and highest-ever EBITDA of INR 110 crores, growing 21% year-on-year. The PAT for the quarter was INR 44 crores, a 144% increase.

NorUDCA (Nor-Ursodeoxycholic Acid) is a novel, first-in-class therapy launched by Shilpa Medicare in India for Metabolic Dysfunction-Associated Fatty Liver Disease (MAFLD). Shilpa is the first company globally to launch this product, targeting a large market of 188 million patients in India.

OERIS™ (Ondansetron Extended-Release Injection) is a novel once-weekly injection for Chemotherapy-Induced Nausea and Vomiting (CINV). Positive Phase 3 results show superior convenience and efficacy, targeting a ~USD 375 million global market by improving patient compliance and reducing treatment burden.

The company is commercializing expanded capacities for high-demand API products like UDCA and Tranexamic Acid. It plans to add another 100 metric tons capacity for Tranexamic Acid and expects the API business to continue double-digit year-on-year growth.

The Biologics division is advancing two new Novel Biologic Entities (NBEs) and its first ADC biosimilar towards Phase 1 human studies in FY27. Aflibercept, a major biosimilar, is in Phase III studies and is expected to launch in FY27.

Shilpa Medicare has partnered with Orion Corporation for rHA commercialization in Europe. Phase 3 trials are set to begin in India and the EU in FY26, with a Pre IND filing planned for the US in 2HFY26. The production technology is patented in key developed markets.

Shilpa Medicare plans to fund most of its capex programs through internal accruals, aiming to keep interest outgo stable. The company maintains a healthy Net Debt to EBITDA ratio of 1.4x, reflecting disciplined financial management.