Shilpa Medicare Ltd

Shilpa Medicare Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Shilpa Medicare Ltd

₹ 913 -2.48%
22 Nov - close price
vbshilpa.com BSE: 530549 NSE: SHILPAMED
About

Shilpa Medicare Incorporated in 1987 manufactures niche APIs, intermediates, and formulations and also undertakes contract research and manufacturing service for some of its customers. The company’s formulation products consist of 16 injectable dosage forms, 19 oral solid dosage forms under SML and 13 formulations under SML’s wholly owned subsidiary Shilpa Therapeutics.[1]

Key Points

Established Business of API & Formulations
The Co. is one of the leading API and formulations manufacturers with strong capabilities in the therapeutic area of oncology. It supplies more than 30 oncology APIs for various regulated markets including USA, Europe, Japan, South Korea, Russia, Mexico, Brazil, and other emerging markets. [1] The API facilities are approved by several national and international regulatory bodies like USFDA, EU, Cofepris- Mexico, PMDA-Japan, Korean FDA, TPD Canada & TGA-Australia. [2]

It has about 19 API & intermediate manufacturing blocks with segregation of Oncology and Non-Oncology manufacturing facilities. [3]

It has vertically integrated the formulations segment. It manufactures Injectable Dosage Forms, Oral Solid Dosage Forms, Oral Disintegrating Films, and various prescription and OTX products for the overseas and Indian markets. [4]

Website BSE NSE
  • Market Cap ₹ 8,926 Cr.
  • Current Price ₹ 913
  • High / Low ₹ 960 / 313
  • Stock P/E 189
  • Book Value ₹ 275
  • Dividend Yield 0.00 %
  • ROCE 2.78 %
  • ROE 1.59 %
  • Face Value ₹ 1.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 3.32 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of -14.2% over past five years.
  • Company has a low return on equity of 3.95% over last 3 years.
  • Earnings include an other income of Rs.93.7 Cr.
  • Dividend payout has been low at 2.26% of profits over last 3 years
  • Company has high debtors of 170 days.
  • Promoter holding has decreased over last 3 years: -8.92%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Formulations

Part of BSE Allcap BSE SmallCap BSE Healthcare Nifty Microcap 250 Nifty Total Market

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
286 88 73 61 69 52 66 38 75 64 59 96 130
222 80 74 56 93 62 80 68 67 67 80 72 87
Operating Profit 64 8 -2 5 -24 -10 -14 -31 7 -3 -21 24 43
OPM % 22% 9% -2% 7% -36% -20% -21% -81% 10% -5% -36% 25% 33%
18 42 49 117 20 18 5 14 23 22 19 31 21
Interest 8 2 2 3 5 7 7 7 5 3 3 2 1
Depreciation 13 9 10 10 12 12 12 12 13 12 12 12 12
Profit before tax 61 39 35 108 -21 -12 -27 -35 12 4 -17 41 51
Tax % 28% 5% -1% 0% -20% -59% 7% 8% 45% 31% 10% 30% 40%
44 37 35 108 -17 -5 -29 -38 7 3 -18 28 30
EPS in Rs 5.35 4.24 4.08 12.45 -1.98 -0.55 -3.33 -4.38 0.76 0.31 -2.11 2.90 3.12
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
328 527 565 676 734 741 664 806 257 357 248 310 349
263 410 429 511 551 562 487 561 223 335 291 284 307
Operating Profit 66 118 137 164 183 179 177 245 34 22 -44 26 42
OPM % 20% 22% 24% 24% 25% 24% 27% 30% 13% 6% -18% 8% 12%
5 9 5 9 15 23 21 32 204 170 159 79 94
Interest 2 3 4 3 3 2 3 4 6 9 21 17 8
Depreciation 13 21 19 21 27 33 34 35 22 35 47 50 49
Profit before tax 56 102 119 149 169 167 162 238 210 148 48 38 79
Tax % 17% 21% 29% 24% 24% 20% 23% 19% 12% 5% -18% 29%
46 81 84 113 127 133 124 194 184 141 57 27 43
EPS in Rs 6.25 10.99 10.91 14.64 15.91 16.34 15.22 23.76 22.62 16.24 6.59 3.10 4.22
Dividend Payout % 7% 5% 5% 4% 4% 4% 7% 5% 5% 7% 0% 0%
Compounded Sales Growth
10 Years: -5%
5 Years: -14%
3 Years: 6%
TTM: 51%
Compounded Profit Growth
10 Years: -8%
5 Years: -22%
3 Years: -37%
TTM: 203%
Stock Price CAGR
10 Years: 13%
5 Years: 25%
3 Years: 18%
1 Year: 148%
Return on Equity
10 Years: 9%
5 Years: 6%
3 Years: 4%
Last Year: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 5 7 8 8 8 8 8 8 8 9 9 9 10
Reserves 326 405 555 657 1,022 1,149 1,273 1,445 1,630 2,057 2,109 2,134 2,682
98 80 87 86 237 186 186 380 655 195 290 144 42
78 134 132 178 224 204 201 188 225 635 112 132 142
Total Liabilities 507 627 783 929 1,490 1,547 1,668 2,021 2,517 2,896 2,519 2,419 2,875
153 258 280 350 449 489 511 517 641 566 609 586 798
CWIP 114 49 88 89 137 201 401 373 482 293 226 228 8
Investments 87 75 140 154 326 231 89 93 219 238 244 246 930
153 245 275 336 579 627 667 1,038 1,175 1,800 1,439 1,358 1,139
Total Assets 507 627 783 929 1,490 1,547 1,668 2,021 2,517 2,896 2,519 2,419 2,875

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
36 59 67 120 50 54 164 130 70 174 2 8
-63 -38 -139 -101 -275 -13 -215 -295 -238 -379 -95 156
36 -31 74 -15 315 -61 8 170 256 97 88 -163
Net Cash Flow 9 -10 2 4 91 -20 -42 5 87 -108 -5 1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 35 42 45 60 83 107 100 103 310 105 165 170
Inventory Days 117 130 142 126 173 174 275 283 1,847 472 420 458
Days Payable 85 103 77 99 103 103 111 105 351 111 142 215
Cash Conversion Cycle 68 68 110 87 153 179 264 281 1,806 466 443 412
Working Capital Days 54 60 70 71 127 149 153 306 739 210 816 323
ROCE % 15% 22% 21% 21% 16% 12% 11% 15% 2% 1% -1% 3%

Shareholding Pattern

Numbers in percentages

2 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 50.01% 44.39% 44.33%
14.59% 14.41% 14.41% 14.46% 15.32% 13.73% 10.26% 8.60% 8.52% 5.63% 9.08% 9.59%
2.86% 1.93% 1.99% 1.76% 0.61% 0.54% 0.37% 0.41% 0.06% 1.65% 7.61% 8.18%
32.54% 33.65% 33.59% 33.78% 34.04% 35.72% 39.36% 40.98% 41.41% 42.71% 38.91% 37.90%
No. of Shareholders 39,56539,72439,09741,57946,14346,86950,43444,09443,63046,04641,07242,784

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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