Pharmaceuticals · SLPA
Pharma - API & CRAMS
from 949 today
Shilpa Medicare is transitioning into a complex B2B pharma player, backed by aggressive capex across segments and a growing CDMO and biologics pipeline. We initiate coverage at 'BUY' with a target price of INR1,200, projecting a revenue/EBITDA/PAT CAGR of 25%/33%/39% over FY26–29E.
Revenue grew 45% YoY to INR 4.7bn, led by API, Formulations, and Biologics growth. EBITDA grew 49% YoY to INR 1.4bn, with margin up 70bps to 29.3%.
Revenue grew 45% YoY to Rs.4,658mn, coming in 6% below our estimate but marginally ahead of consensus estimates by 1%. We revise our target valuation multiple and retain hold on the stock with a revised PT of Rs. 635.
Shilpa Medicare delivered a strong 1QFY27 driven by API, Formulations, and Biologics growth, and the company is well positioned for a sustained earnings acceleration supported by complex formulations and a robust pipeline.
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