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 155
  • Book Value ₹ 238
  • Dividend Yield 0.00 %
  • ROCE 5.25 %
  • ROE 1.71 %
  • Face Value ₹ 1.00
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Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 3.83 times its book value
  • The company has delivered a poor sales growth of 9.34% over past five years.
  • Company has a low return on equity of 1.07% over last 3 years.
  • Dividend payout has been low at 5.25% of profits over last 3 years
  • Company's cost of borrowing seems high
  • 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

Consolidated Figures in Rs. Crores / View Standalone

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
295 272 341 261 263 262 264 260 313 287 292 293 344
243 228 268 241 253 231 227 214 255 222 222 222 258
Operating Profit 52 44 73 20 10 31 37 46 58 65 70 70 86
OPM % 18% 16% 21% 8% 4% 12% 14% 18% 19% 23% 24% 24% 25%
10 5 5 8 4 3 2 2 2 2 9 9 5
Interest 12 10 9 10 13 18 18 18 23 26 24 24 26
Depreciation 19 21 22 22 23 24 26 27 28 27 27 27 28
Profit before tax 31 19 46 -4 -22 -8 -4 3 9 14 28 29 37
Tax % 37% 50% 36% -158% -17% -13% 90% 64% 83% 67% 12% 51% 51%
20 10 30 2 -19 -7 -8 1 2 5 24 14 18
EPS in Rs 2.45 1.10 3.40 0.10 -2.15 -0.76 -0.93 0.14 0.19 0.53 2.82 1.44 1.83
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
371 571 614 719 779 789 733 908 899 1,141 1,046 1,146 1,215
301 455 485 566 614 634 585 688 718 940 947 907 924
Operating Profit 70 116 129 153 165 155 148 219 181 202 99 239 291
OPM % 19% 20% 21% 21% 21% 20% 20% 24% 20% 18% 9% 21% 24%
5 6 5 5 15 22 33 17 90 21 17 15 25
Interest 2 4 4 7 3 3 4 5 22 41 59 92 100
Depreciation 15 23 21 29 31 37 42 44 54 80 96 108 109
Profit before tax 57 95 108 122 146 137 136 188 195 102 -38 54 107
Tax % 17% 21% 33% 19% 29% 25% 19% 18% 25% 41% -19% 41%
47 75 73 99 104 103 110 155 146 61 -31 32 61
EPS in Rs 6.44 10.28 9.56 13.46 13.43 12.91 13.77 19.15 18.13 6.99 -3.75 3.67 6.62
Dividend Payout % 7% 5% 6% 4% 4% 5% 7% 6% 6% 16% 0% 0%
Compounded Sales Growth
10 Years: 7%
5 Years: 9%
3 Years: 8%
TTM: 11%
Compounded Profit Growth
10 Years: -9%
5 Years: -20%
3 Years: -33%
TTM: 582%
Stock Price CAGR
10 Years: 13%
5 Years: 25%
3 Years: 18%
1 Year: 148%
Return on Equity
10 Years: 6%
5 Years: 4%
3 Years: 1%
Last Year: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 316 389 539 639 979 1,077 1,189 1,321 1,471 1,814 1,775 1,800 2,318
132 118 189 221 241 191 194 390 846 683 798 937 491
99 163 169 194 244 223 218 270 308 370 323 347 299
Total Liabilities 551 678 905 1,062 1,472 1,499 1,610 1,989 2,632 2,876 2,904 3,093 3,117
181 294 316 580 492 534 558 650 1,111 1,342 1,368 1,385 1,693
CWIP 129 111 222 95 141 210 429 666 541 506 655 719 455
Investments 50 10 66 53 253 140 2 10 21 34 43 40 36
191 262 301 334 587 615 621 662 959 993 838 950 933
Total Assets 551 678 905 1,062 1,472 1,499 1,610 1,989 2,632 2,876 2,904 3,093 3,117

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
44 70 69 129 37 45 147 124 47 105 180 135
-95 -49 -196 -106 -257 -10 -196 -290 -404 -286 -232 -171
66 -28 136 -20 313 -61 10 176 436 83 46 47
Net Cash Flow 15 -8 9 3 93 -26 -39 10 79 -98 -7 11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 41 43 48 43 80 102 101 99 88 124 113 125
Inventory Days 126 143 147 161 187 194 266 298 427 338 280 309
Days Payable 87 108 85 101 110 106 115 122 91 139 125 157
Cash Conversion Cycle 80 79 111 104 157 189 253 275 425 323 268 277
Working Capital Days 81 50 67 64 122 144 141 134 222 182 164 168
ROCE % 15% 20% 18% 16% 14% 10% 9% 12% 8% 6% 1% 5%

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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