Shilpa Medicare posts 29.63% standalone operating margin in Q1FY27
Negative tax and Rs 13.07 cr of other income supported reported profit, while management outlined further capacity and commercial initiatives.
Filed 05 Aug 2026, 13:58 IST · Shilpa Medicare Ltd (SHILPAMED)
Key takeaways
- Shilpa Medicare reported a 29.63% standalone operating margin in Q1FY27.
- Negative tax of Rs 13.86 cr lifted standalone net profit to Rs 64.92 cr.
- The company’s operating margin was 4.93 percentage points above the 24.70% median for 35 healthcare peers.
Price around the results
Operating profit led the standalone result
Standalone revenue of Rs 189.04 cr translated into operating profit of Rs 56.01 cr, indicating that the quarter’s earnings were led by operations rather than only below-the-line items. Depreciation of Rs 15.49 cr and interest of Rs 2.53 cr reduced profit before tax to Rs 51.06 cr. Other income of Rs 13.07 cr also contributed to pre-tax profit.
Reported profit benefited from negative tax
The tax line was negative at Rs 13.86 cr, corresponding to a tax rate of -27.14%, and this lifted reported net profit above profit before tax. That makes the Rs 64.92 cr net profit less representative of operating earnings than the Rs 56.01 cr operating profit. Basic EPS was Rs 3.32.
Margin stood above the healthcare peer median
Shilpa Medicare’s 29.63% operating margin was 4.93 percentage points above the 24.70% median among 35 healthcare peers that had reported the same quarter. It ranked 26th from the bottom in that peer set, placing it above the sector midpoint on this measure.
Management outlined capacity and pipeline initiatives
Management said it expects momentum to build through FY27 as its initiatives mature and scale, and said it remains confident of delivering a stronger FY27. The company said it plans dedicated peptide capacity for Semaglutide and has entered a strategic partnership with Orion to commercialize recombinant human albumin in Europe. It also reported one API program receiving US FDA approval and seven new DMF filings across markets in 1QFY27.
Q1FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹189 cr |
| Other income | ₹13 cr |
| Expenses | ₹133 cr |
| Operating profit | ₹56 cr |
| Operating margin (%) | 29.63% |
| Interest | ₹3 cr |
| Depreciation | ₹15 cr |
| Profit before tax | ₹51 cr |
| Tax | ₹-14 cr |
| Net profit | ₹65 cr |
| EPS (₹) | ₹3.32 |
Operating margin of 29.63% compares with a Healthcare sector median of 24.70% across 35 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- One API program received US FDA approval in 1QFY27.
- Shilpa added seven new DMF filings across markets in 1QFY27.
Guidance & outlook
- The company expects momentum to build further through FY27 as its initiatives mature and scale.
- Management remains confident of delivering a stronger FY27.
Expansion
- A dedicated peptide capacity is planned for Semaglutide.
New initiatives
- Shilpa entered a strategic partnership with Orion to commercialize recombinant human albumin in Europe.
Competition
- Aflibercept faces limited competition in India.
What to watch
- Whether standalone operating margin remains above 29.63%.
- Progress on the dedicated peptide capacity planned for Semaglutide.
- Commercial developments following the one API program’s US FDA approval.