Shilpa Medicare September revenue rises 43%, profit 80%

Shilpa Medicare Limited reported consolidated revenue from operations of Rs 529.12 crore for the quarter ended September 30, 2026, up 43% from Rs 370.12 crore a year earlier, while profit attributable to owners rose 80% to Rs 79.18 crore from Rs 44.07 crore. The board approved the unaudited results on November 5, 2026.

How did Shilpa Medicare perform in the September quarter?

Shilpa Medicare delivered higher sales, service income and profit in the September 2026 quarter. Revenue from operations increased by Rs 159.00 crore year-on-year, comprising net sales and income from operations of Rs 426.06 crore and service income and licence fees of Rs 103.05 crore. A year earlier, the respective figures were Rs 298.46 crore and Rs 71.66 crore.

Total income rose to Rs 537.76 crore from Rs 371.66 crore, including other income of Rs 8.65 crore against Rs 1.54 crore. Total expenses increased to Rs 433.70 crore from Rs 307.12 crore, leaving profit before tax of Rs 103.53 crore, compared with Rs 64.43 crore in the September 2025 quarter. Tax expense rose to Rs 24.34 crore from Rs 20.36 crore.

Profit attributable to owners increased by Rs 35.11 crore from the prior-year quarter. Basic and diluted earnings per share, or EPS, were Rs 4.05, compared with Rs 2.25 a year earlier. Total comprehensive income was Rs 79.19 crore, against Rs 44.03 crore, after Rs 1 lakh of other comprehensive income in the latest quarter.

What changed in Shilpa Medicare's costs and quarterly comparison?

Shilpa Medicare's costs rose alongside income, while finance cost declined from the prior-year quarter. Material consumption was Rs 191.87 crore, up from Rs 127.64 crore, and other expenses reached Rs 101.01 crore from Rs 73.08 crore. Employee-benefit expense increased to Rs 96.83 crore from Rs 83.05 crore, while depreciation and amortisation rose to Rs 34.29 crore from Rs 29.82 crore.

Finance cost was Rs 12.68 crore, lower than Rs 15.67 crore in the September 2025 quarter. Shilpa Medicare reported an exceptional expense of Rs 43 lakh in the latest quarter, compared with nil in the year-earlier quarter. Before its share of profit or loss of joint ventures and associates, exceptional items and tax, profit was Rs 104.07 crore, against Rs 64.54 crore.

On a sequential basis, revenue from operations rose from Rs 465.78 crore in the June 2026 quarter to Rs 529.12 crore in the September quarter. Net sales and income from operations increased from Rs 390.01 crore to Rs 426.06 crore, while service income and licence fees rose from Rs 75.77 crore to Rs 103.05 crore. Profit attributable to owners declined from Rs 100.88 crore in June, when tax expense was a credit of Rs 2.83 crore, to Rs 79.18 crore in September.

What do Shilpa Medicare's half-year cash flows show?

Shilpa Medicare generated Rs 292.18 crore of net cash from operating activities in the six months ended September 30, 2026, compared with Rs 201.18 crore in the corresponding 2025 period. The increase followed a rise in operating profit before working-capital changes to Rs 309.88 crore from Rs 204.46 crore, while tax paid rose to Rs 33.87 crore from Rs 22.67 crore.

Working-capital movements included a Rs 80.08 crore inventory increase and a Rs 36.91 crore increase in trade receivables in the latest half year. These were partly offset by a Rs 123.94 crore increase in trade payables and a Rs 83.30 crore increase in financial and non-financial liabilities. The cash-flow statement reported half-year profit before tax of Rs 201.59 crore, compared with Rs 114.01 crore a year earlier.

Investing activities used Rs 254.89 crore, compared with Rs 170.63 crore in the prior-year six months. Purchases of property, plant and equipment, including intangible assets, were Rs 260.75 crore versus Rs 162.71 crore. Financing activities used Rs 30.01 crore, compared with Rs 30.22 crore, as Rs 46.52 crore of net long-term borrowing was partly offset by Rs 40.13 crore of net short-term loan repayment and Rs 11.20 crore of dividend payout.

How did Shilpa Medicare's balance sheet change by September?

Shilpa Medicare's consolidated total assets increased to Rs 4,137.55 crore at September 30, 2026, from Rs 3,705.61 crore at March 31, 2026. Non-current assets rose to Rs 2,860.40 crore from Rs 2,595.84 crore, led by capital work-in-progress of Rs 519.50 crore, intangible assets under development of Rs 531.26 crore and property, plant and equipment of Rs 1,367.81 crore.

The balance-sheet movement included increases in production and intangible asset categories. Capital work-in-progress increased by Rs 88.30 crore from March, while intangible assets under development increased by Rs 78.41 crore. Property, plant and equipment increased by Rs 43.47 crore, and recognised intangible assets rose by Rs 4.13 crore to Rs 199.49 crore.

Current assets rose to Rs 1,277.16 crore from Rs 1,109.77 crore. Inventory increased to Rs 442.54 crore from Rs 366.79 crore, trade receivables reached Rs 535.76 crore from Rs 518.85 crore, and cash and cash equivalents were Rs 44.73 crore against Rs 41.26 crore. Total equity increased to Rs 2,757.68 crore from Rs 2,591.20 crore, while total borrowings were Rs 664.35 crore, compared with Rs 657.97 crore at March 31.

Conclusion

Shilpa Medicare's September-quarter filing shows year-on-year increases in consolidated revenue, profit before tax and profit attributable to owners, supported by growth in both net sales and service income and licence fees. The first-half cash-flow statement also shows operating cash generation of Rs 292.18 crore, up from Rs 201.18 crore, although the group used Rs 254.89 crore in investing activities.

The next results should show whether capital work-in-progress of Rs 519.50 crore and intangible assets under development of Rs 531.26 crore continue to rise alongside cash investment. Shilpa Medicare's filing identifies Rs 260.75 crore of first-half purchases of property, plant and equipment including intangible assets, but does not set out completion dates or project-specific revenue targets for those asset categories.