# Shilpa Medicare share price today (Shilpa Medicare Ltd, NSE: SHILPAMED)

> Shilpa Medicare share price today: ₹932.05 at the NSE close on 3 November 2026, up 164.1% in a year. Shilpa Medicare (NSE: SHILPAMED) is worth ₹18,222 crore, trades at a P/E of 64.0 and has closed between ₹267.00 and ₹1,064.10 over the past 52 weeks. > Shilpa Medicare Ltd's earnings have grown faster than its share price. Earnings per share grew +211.0% in a year while the price moved +164.1%. SHILPAMED · Pharma - API & CRAMS · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/shilpa-medicare-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: ₹932.05 (+164.1% in a year)
- P/E: 64.0× (higher than 73% of the last 11 years)
- Revenue (Jun 2026): ₹466 Cr (+45.2% on a year ago)
- Profit (Jun 2026): ₹101 Cr (+114.9% on a year ago)
- Operating margin: 29.0% (+1.0 points on a year ago)
- ROCE: 11%, FY26
- ROIC: 9.5%, against a 12.0% cost of capital: −2.5 points

The main question: yearly earnings per share moved +211.0% while the share price moved +164.1%. ## What is the Shilpa Medicare share price today? Shilpa Medicare Ltd's share price was ₹932.05 at the close on 3 November 2026. It has been rising for 28 weeks. That is 38.9% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹267 and ₹1,064, and at that close it sat 83% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 44 weeks in a row. Over the last 11 years the share price moved +324% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Shilpa Medicare this quarter? 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹466 crore, +45.2% on a year earlier. Why: Revenue rose because all three parts of the business sold more. The biggest pushes came from contract manufacturing in the ingredient business, complex finished medicines for the US, and licensing and partnership work in biologic medicines. Next results: check whether domestic sales bounce back as stocked orders get delivered, since management said the dip was about stocking and delivery timing, not weak demand. From the earnings call on 5 Aug 2026. 3. Foreign funds (FIIs) raised their stake for 4 quarters in a row From 10.9% to 12.1% of the company by the September 2026 quarter. ## What are Shilpa Medicare's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Shilpa Medicare reported revenue of ₹466 crore, up 45.2% from ₹321 crore a year earlier, and a profit of ₹101 crore, up 114.9% from ₹47.0 crore. ### Shilpa Medicare results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹466 crore | ₹321 crore | +45.2% |
| Profit | ₹101 crore | ₹47.0 crore | +114.9% |
| Earnings per share | ₹5.16 | ₹2.40 | +115.0% |
| Operating margin | 29.0% | 28.0% | +1.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Shilpa Medicare's management discussed these results on a call held on 5 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Shilpa Medicare share price history? Shilpa Medicare closed at ₹932.05 on 3 November 2026, up 164.1% from ₹352.85 a year earlier (31 October 2025) and up 211.3% over five years. Its highest weekly close since March 2016 was ₹1,064.10 on 1 October 2026. ### Shilpa Medicare share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹864.30 | +7.8% |
| 1 month ago · 1 Oct 2026 | ₹1,064.10 | −12.4% |
| 6 months ago · 30 Apr 2026 | ₹406.65 | +129.2% |
| 1 year ago · 31 Oct 2025 | ₹352.85 | +164.1% |
| 3 years ago · 3 Nov 2023 | ₹179.60 | +419.0% |
| 5 years ago · 4 Nov 2021 | ₹299.38 | +211.3% |
| 10 years ago · 4 Nov 2016 | ₹286.50 | +225.3% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹219.98 | +323.7% |
| Highest weekly close since March 2016, also the 52-week high · 1 Oct 2026 | ₹1,064.10 | −12.4% |
| Lowest weekly close since March 2016 · 30 Aug 2019 | ₹107.25 | +769.0% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹267.00 | +249.1% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Shilpa Medicare? 3 Nov 2026: Shilpa Medicare closed at ₹932.05, up 7.8% on the week and down 12.4% on the month. 4 Sep 2026: ex-date for a dividend of ₹0.60 a share. ### Earlier

- 5 Aug 2026: Shilpa Medicare held its results call for April to June 2026. Management guided: Tax rate expected to normalize at around 25% in coming quarters. - Results for April to June 2026: Revenue up 45.2% and profit up 114.9% on a year earlier. - 3 Oct 2025: Bonus issue: 1 new share for every 1 held (ex-date). ## What dividend does Shilpa Medicare pay? Shilpa Medicare paid ₹0.60 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.06% at the ₹932.05 close on 3 November 2026. The last was a dividend of ₹0.60 a share, ex-date 4 September 2026. ### Shilpa Medicare dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 4 Sep 2026 | ₹0.60 | Dividend | same day |
| 17 Sep 2025 | ₹1 | Dividend | same day |
| 19 Sep 2022 | ₹1.10 | Dividend | n/a |
| 20 Sep 2021 | ₹1.10 | Dividend | 21 Sep 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 3 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Shilpa Medicare Ltd paid out 5% of its profit as dividends in FY26, and it paid a dividend in 11 of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Shilpa Medicare management say on the latest results call? On the call for April to June 2026, held on 5 August 2026, Shilpa Medicare's management guided: Tax rate expected to normalize at around 25% in coming quarters. > “In simple terms, the reinvesting is largely behind us, and the harvesting is ahead of us.”
> Keshava Bhutada, Executive Director & CEO, on the call for April to June 2026

### What management guided

- Operating margin expected to remain in a similar range. - No significant Capital spending expected in biologics or albumin for the next 3 years. - Peptide block commissioning by end-FY27, 15 new oncology validations in FY27, and three advanced CDMO programs commercial in FY28. - Nor-UDCA global Phase 2 starts FY27; Abraxane, Enzalutamide, and Abiraterone launches planned for FY28; Rotigotine launch on track for FY28. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/3315/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 5 August 2026.)

## What is the future of Shilpa Medicare? What is changing in the business? What is changing at Shilpa Medicare, from the latest results and calls: operating leverage inflection, formulations revenue mix shift (eu + india new launches) and biologics/cdmo monetization (aflibercept + adc + albumin pipeline). - Operating Leverage Inflection. Operating margin at 28-29% for five consecutive quarters vs 24-26% year-ago; ROCE recovered from 4% (FY23) to 17.4% (FY26) as fixed costs absorb across a larger revenue base. ⚠ estimate
- Formulations Revenue Mix Shift (EU + India new launches). Formulations ₹618 Cr (+30% on a year earlier) in FY26; EU formulations surged over 100% to ₹200+ Cr; Nor-UDCA shows steep on the previous quarter growth; Rotigotine EU launch FY27. ⚠ estimate
- Biologics/CDMO Monetization (Aflibercept + ADC + Albumin Pipeline). Biologics ₹150 Cr (+100% on a year earlier) in FY26; Aflibercept India/Russia FY27 launch with major licensing income; ADC Phase 1 FY27; Albumin IMPD Europe H1 FY27. ⚠ estimate
- Interest Cost Reduction. Net debt ₹613 Cr (FY26) at 1.38x operating profit; interest expense trajectory down from ₹26 Cr (Sep 2024) to ₹14 Cr (Mar 2026); FY27 capital spending self-funded. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the January to March 2026 results, written 31 May 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Shilpa Medicare story? What are the risks? FDA observations submitted with compliance response filed; re-audit pending; until cleared, Uniza CDMO (PDUFA June 2026) and US pipeline launches from this facility remain gated. ### The main risks

- Raichur FDA Re-Audit (Unresolved, Binary US Gate): FDA observations submitted with compliance response filed; re-audit pending; until cleared, Uniza CDMO (PDUFA June 2026) and US pipeline launches from this facility remain gated. ✓ fact
- Recurring Management Timeline Slippage, Four New Instances: April to June 2026 concall added 4 new slippages: SMLTOP09 human studies delayed, Aflibercept Europe abandoned, Unicycive OLC revenue deferred to FY28, Albumin IMPD shifted to H1 FY27, total 8+ misses across 5 concalls. ✓ fact
- Licensing Revenue Lumpiness + Nilotinib Competition FY28: Licensing income ~₹200 Cr FY26 but guidance is 'similar range, may be lopsided'; Nilotinib generic competition expected current year but deferred to FY28 via tender structure. ✓ fact
- Promoter Stake Decline: Promoter at 44.23% (Sep 2025), stable for 3 quarters after declining 5.78pp in FY25; no promoter stake-building visible despite strong operational delivery. ✓ fact

(Our read after the January to March 2026 results, written 31 May 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in Shilpa Medicare's next results? When Shilpa Medicare reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Rotigotine commercialization - check execution against the stated timeframe and US partner readiness. - What to check (from the call)
- Rotigotine commercialization - check execution against the stated timeframe and US partner readiness. - OLC resubmission - verify the partner's stated schedule and subsequent USFDA response. - Nor-UDCA demand - check whether stocking-related domestic volatility resolves into sustained order conversion. - Gross margin - monitor raw-material inflation and the extent of customer pass-through in the next print. ## Which stock lists is Shilpa Medicare on? Shilpa Medicare is on 3 of our India lists: Momentum stocks, Small & mid cap stocks and Pharma stocks. - [Momentum stocks Market cap cr: 18082.711908748428](https://www.sectoralpha.in/momentum-stocks-india)
- [Small & mid cap stocks Size rank in India: 372](https://www.sectoralpha.in/small-cap-stocks-india)
- [Pharma stocks Market value (₹ crore): 18082.711908748428](https://www.sectoralpha.in/sectors/pharma-stocks-india)

## Is Shilpa Medicare profitable? Shilpa Medicare Ltd earned ₹101 Cr of net profit in the Jun 2026 quarter, +114.9% on the same quarter a year earlier. That is the 5th quarter in a row of profit growth. Full-year FY26 profit was ₹243 Cr. Over 10 years profit has grown 9.4% a year on average. That is 21.7% of the quarter's revenue. The same quarter a year earlier earned ₹47.0 Cr. For the full year, FY26 profit was ₹243 Cr (+211.5% on the year before). Why profit moved: revenue changed +45.2% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +230.0% and revenue +28.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. FY26-Q4. revenue ₹437 Cr and profit ₹108 Cr as reported. FY27-Q1. revenue ₹466 Cr and profit ₹101 Cr as reported. Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters. ## How much revenue does Shilpa Medicare make, and is it growing? Shilpa Medicare Ltd reported ₹466 Cr of revenue in the Jun 2026 quarter, +45.2% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 7.9% a year on average. The last full year, FY26, came in at ₹1,535 Cr. The last four reported quarters add to ₹1,683 Cr. FY26 revenue was ₹1,535 Cr, +19.8% on the year before. Recent pace: the last four quarters grew +28.3% on average, against 7.9% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +28.0%, against +19.2% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +166.1%, against +157.3% a year (accelerating). FY26-Q4. revenue ₹437 Cr and profit ₹108 Cr as reported. FY27-Q1. revenue ₹466 Cr and profit ₹101 Cr as reported. Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Shilpa Medicare keep? Shilpa Medicare Ltd's operating margin was 29.0% in the Jun 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 9.0% and 28.0%. The latest quarter is above every full year in that period. Why this happened. FY26 full-year EBITDA ₹445 Cr grew 30% YoY on revenue growth of 18%, margin expanding while revenue scales. Q4 FY26 showed EBITDA ₹121 Cr (+40% YoY) on revenue ₹437 Cr (+30% YoY). The operating leverage is structural: capacity built over six years of heavy capex is now generating returns. Why the margin moved: operating margin changed +1.0 percentage points on the year while gross margin changed −4.3 points. So the gain came mostly from the gross margin, which means input costs and prices charged. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. FY26-Q4. revenue ₹437 Cr and profit ₹108 Cr as reported. FY27-Q1. revenue ₹466 Cr and profit ₹101 Cr as reported. Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters. ## Is Shilpa Medicare's profit turning into cash? Over the last 3 years, 173% of Shilpa Medicare Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹342 Cr of operating cash against ₹243 Cr of profit. After ₹357 Cr of spending on assets, free cash was −₹15.0 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 173% of profit came in as cash: the cash cycle got 124 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 2.3× depreciation over three years. The next section checks what that spending is building. ## Where does Shilpa Medicare's cash go? Shilpa Medicare Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 301 days in FY26, down from 425 days in FY21. It spent ₹795 Cr on assets over the last 3 years. Customers take 123 days to pay, and stock sits for 291 days on average. At FY26 sales of ₹1,535 Cr, each day of that cycle ties up about ₹4.2 Cr, so roughly ₹1,266 Cr is tied up in the business at any time. FY26: customers took 123 days to pay and stock sat for 291 days, about 9.6 months of sales sitting as stock, for a full cycle of 301 days, shorter than FY21's 425. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 291 days. Customers pay about 123 days after that. Suppliers are paid at 113 days. Together that makes the 301-day cycle. Spending on assets: ₹795 Cr over the last 3 years, against ₹341 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹884 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Shilpa Medicare's P/E ratio, and how does it compare with its own history? Shilpa Medicare Ltd's P/E is 64.0×, near the high end of its own history: higher than 73% of past readings. Its usual P/E (the middle reading) is 42.9×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹15.20. Why the multiple is where it is: over the past year earnings per share moved +211.0% while the price moved +164.1%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +25.5% a year; about +49.8% a year came from earnings growth and about −24.3 percentage points from the multiple (the market paying less); over 10 years the price moved +12.5% a year; about +6.5% a year came from earnings growth and about +6.0 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Shilpa Medicare business getting better or worse? Shilpa Medicare Ltd's business is giving mixed signals. Growth has been steadily positive, but ROCE at 11.0% is below the 15% level needed to call it steady growth. This is based on 12 quarters of 4 measures, with some gaps. Why it matters: when the lines disagree, each line above matters more than any single label. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Shilpa Medicare story, and has it been checked? Shilpa Medicare Ltd's story is not scored yet against the checks our research set on 31 May 2026. Where it sits in its own cycle: COMPRESSION WITH EPS RECOVERY. Still open: FDA observations submitted with compliance response filed; re-audit pending; until cleared, Uniza CDMO (PDUFA June 2026) and US pipeline launches from this facility remain gated. Our read, 31 May 2026. FY26 delivered the strongest earnings in company history, PAT 212% YoY from a near-zero base, EBITDA margin at 29%, ROCE at 17.4%, with four revenue engines (API, Formulations, Biologics/CDMO, Licensing) all growing; the Raichur FDA re-audit and Uniza PDUFA clearance are the gating conditions on US/CDMO optionality. From the numbers. FY23 PAT was a loss; FY24 ₹32 Cr; FY25 ₹78 Cr; FY26 ₹243 Cr, EPS growing 12.44 (FY26)…

From the price. Price stage 2, week 28, above its 200-day line, relative strength falling. From the research. FY26 delivered the strongest earnings in company history, PAT 212% YoY from a near-zero base, EBITDA margin at 29%, ROCE at 17.4%, with four revenue engines (API, Formulations, Biologics/CDMO, Licensing) all growing…

Where they disagree. FY23 PAT was a loss; FY24 ₹32 Cr; FY25 ₹78 Cr; FY26 ₹243 Cr, EPS growing 12.44 (FY26) from 1.84 (FY24). DII stake-building validates domestic institutional interest. What is proven. FY26 delivered the strongest earnings in company history, PAT 212% YoY from a near-zero base, EBITDA margin at 29%, ROCE at 17.4%, with four revenue engines (API, Formulations, Biologics/CDMO, Licensing) all growing; the Raichur FDA re-audit and Uniza PDUFA clearance are the gating conditions on US/CDMO optionality. What is not proven yet. FDA observations submitted with compliance response filed; re-audit pending; until cleared, Uniza CDMO (PDUFA June 2026) and US pipeline launches from this facility remain gated. The test written in advance. Raichur FDA Re-Audit (Unresolved, Binary US Gate). Measured by: Raichur FDA Re-Audit (Unresolved, Binary US Gate) FDA clearance announcement on Raichur facility re-audit; Uniza commercial supplies commencement in FY27 by the next result. The test written in advance. Recurring Management Timeline Slippage, Four New Instances. Measured by: Recurring Management Timeline Slippage, Four New Instances by the next result. The test written in advance. Licensing Revenue Lumpiness + Nilotinib Competition FY28. Measured by: Licensing Revenue Lumpiness + Nilotinib Competition FY28 Quarterly licensing income vs ₹200 Cr annual pace; Nilotinib EU volume trend in Q2 FY27 by the next result. Lever 1 · Operating leverage: building. EBITDA margin at 28-29% for five consecutive quarters vs 24-26% year-ago; ROCE recovered from 4% (FY23) to 17.4% (FY26) as fixed costs absorb across a larger revenue base. What proves it keeps working: Operating Leverage Inflection. It stops working if FDA clearance announcement on Raichur facility re-audit; Uniza commercial supplies commencement in FY27. Lever 2 · Value-added mix: building. Formulations ₹618 Cr (+30% YoY) in FY26; EU formulations surged over 100% to ₹200+ Cr; Nor-UDCA shows steep QoQ growth; Rotigotine EU launch FY27. What proves it keeps working: Formulations Revenue Mix Shift (EU + India new launches). It stops working if FDA clearance announcement on Raichur facility re-audit; Uniza commercial supplies commencement in FY27. Lever 3 · Management change: building. Biologics ₹150 Cr (+100% YoY) in FY26; Aflibercept India/Russia FY27 launch with major licensing income; ADC Phase 1 FY27; Albumin IMPD Europe H1 FY27. What proves it keeps working: Biologics/CDMO Monetization (Aflibercept + ADC + Albumin Pipeline). It stops working if FDA clearance announcement on Raichur facility re-audit; Uniza commercial supplies commencement in FY27. Lever 4 · Paying down debt: building. FY27 capex self-funded. What proves it keeps working: Interest Cost Reduction. It stops working if FDA clearance announcement on Raichur facility re-audit; Uniza commercial supplies commencement in FY27. Sources: our stock research file (31 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Shilpa Medicare management deliver what it promised? What Shilpa Medicare Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Rotigotine Europe launch timing is no longer consistent · 5 August 2026. Management stated in both February and May 2026 that Rotigotine was expected to launch in Europe during FY27, including an expected Q1 FY27 launch. In August 2026, management cited a FY28 launch after discussing the US filing and did not clarify whether FY28 referred only to the US or represented a delay to the previously stated European launch timeline. EBITDA margin outlook has shifted from a 35% ambition to roughly 30% · 5 August 2026. In May 2026, management described 35% EBITDA margins as an objective it was working toward, while acknowledging that achievement would not be immediate. In August 2026, management instead said it expected margins to remain in a similar range to the current approximately 30% level, without explaining whether the 35% objective had been deferred or abandoned. SMLTOP09 Clinical Trial Timeline Delayed · 22 May 2026. In the Feb 2026 conference call, management expected to complete human clinical studies for SMLTOP09 in FY27. However, during the May 2026 call, they revealed that these studies had not yet commenced due to additional regulatory requests for pre-clinical data, rescheduling the start of global studies to FY27. Aflibercept European Phase III Clinical Study Abandoned · 22 May 2026. During the Nov 2025 conference call, management indicated plans to enter Phase III trials for Aflibercept in Europe and the US in FY27. In the May 2026 call, they dramatically shifted this strategy, confirming there are currently no plans for European trials due to high costs and competitive disadvantages unless a partner finances the study. Every quote above is taken word for word from the company’s own earnings calls. ## What is Shilpa Medicare management's track record? The credibility flag is the Aflibercept Europe Phase III abandoned without a public announcement, revealed only under analyst questioning [disclosure 4.5/10]. ### Regulatory and governance record

No SEBI/CBI/ED enforcement action; only routine LODR / Reg-74(5) compliance filings. Insiderscreener records small promoter-group sales (Dec 2024), immaterial in volume but noted for completeness. 0% Promoter shares pledged

Sources:

- [sovrenn.com](https://www.sovrenn.com)
- [insiderscreener.com](https://www.insiderscreener.com)
- [sharescart.com](https://www.sharescart.com)

(Checked 7 June 2026.)

## How much does Shilpa Medicare earn on its capital? Shilpa Medicare Ltd earned a ROCE of 11% in FY26. That is up from a low of 1% in FY23. Its return on capital used (ROIC) is 2.5 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 15.8% net margin and 0.41× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 15.8% net margin × 0.41× asset turnover × 1.43× leverage (assets divided by equity) ≈ 9.3% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 9.5% − 12.0% = −2.5 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 9.5% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 7.1%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Shilpa Medicare have too much debt? Shilpa Medicare Ltd has total debt of ₹660 Cr against shareholder equity of ₹2,591 Cr as of Jun 2026, so its debt is 0.25× its equity, which is very little. Year by year, that ratio went from 0.38 in FY22 to 0.25 in FY26. So the returns on this page come from the business, not from borrowed money. Why this happened. Net debt reduced from ₹905 Cr (Mar 2024) to ₹558 Cr (Mar 2025), then crept up to ₹613 Cr (FY26) as Q4 capex was deployed. Interest expense fell from ₹26 Cr (Sep 2024) to ₹14 Cr (Mar 2026), reducing PAT drag. Management has guided FY27 capex at similar level to FY26, self-funded via internal accruals. At ₹445 Cr EBITDA, net debt-to-EBITDA is 1.38x, manageable for the current phase. ## What is the Shilpa Medicare shareholding pattern? Promoters cut their stake in Shilpa Medicare Ltd by 4.2 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 40.1% of the company. Foreign institutions moved +2.5 points over the same period, to 12.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. Biologics segment doubled to ₹150 Cr in FY26. Aflibercept (complex ophthalmic biosimilar) is on track for India/Russia launch FY27, management guides major licensing income in FY27 upon Year 1 completion, at a magnitude higher than the Adalimumab precedent. Five active CDMO programs are ongoing. The ADC biosimilar development was completed Q4 FY26 (Phase 1 FY27). Recombinant human albumin has Phase 3 approval in India and Europe, IMPD submission planned H1 FY27. Uniza Therapeutics PDUFA date June 29, 2026 is the nearest US binary event (commercial revenue gated on FDA warning letter clearance at Raichur). Over the last two years: Promoters: −4.2 points over 8 quarters, to 40.1%; Foreign institutions: +2.5 points over 8 quarters, to 12.1%; Domestic institutions: +0.1 points over 8 quarters, to 8.3%. Why the owners changed: promoters drove it (−4.2 points), with the other side taken by foreign institutions (+2.5 points). They reduced their stake. ## How far is Shilpa Medicare from balance-sheet trouble? For Shilpa Medicare Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Shilpa Medicare rank in its industry? 67.0 out of 100, rank 6 of 24 in Pharma - API & CRAMS, with 89% of the evidence available. Shilpa Medicare Ltd scores 67.0 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 6. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 26.4 + 10.8 + 9.9 + 19.9 = 67. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Shilpa Medicare compared with? Shilpa Medicare ranks 6 of 24 Pharma - API & CRAMS companies on the 4-Factor Sector Score, with 67.0 out of 100. 1. [Neuland Laboratories Ltd](https://www.sectoralpha.in/stocks/neuland-laboratories-ltd) NEULANDLAB · leader · Most evidence points up · 96% evidence 76.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.3/35 · Revenue 78.3% · Profit 100% · Operating margin change 23 points · 88% evidence Capital efficiency 22.9/25 · ROCE 26.5% · Operating margin 35% · 100% evidence Valuation 14.1/20 · P/E 50.8× · PEG 1.04 · 100% evidence Relative strength 6.7/20 · Lead over its industry -7.8% · Lead over NIFTY 500 20.3% · 1 year 19.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 32.3 + 22.9 + 14.1 + 6.7 = 76 · What this means: Earnings are strong; relative strength in its sector is -7.8% and the one-year return is 19.6%. 2. [Acutaas Chemicals Ltd](https://www.sectoralpha.in/stocks/acutaas-chemicals-ltd) ACUTAAS · turning · Most evidence points up · 67% evidence 73.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.3/35 · Revenue 45.4% · Profit 95.5% · Operating margin change 9 points · 95% evidence Capital efficiency 20.3/25 · ROCE 31.6% · Operating margin 40% · 76% evidence Valuation 10.2/20 · P/E 74.6× · PEG n/a · 50% evidence Relative strength 12.1/20 · Lead over its industry n/a · Lead over NIFTY 500 59.6% · 1 year 131.7% · 25% evidence · 2 of 9 weeks ahead Exact sum: 31.3 + 20.3 + 10.2 + 12.1 = 73.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Laurus Labs Ltd](https://www.sectoralpha.in/stocks/laurus-labs-ltd) LAURUSLABS · leader · Most evidence points up · 93% evidence 71.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.9/35 · Revenue 23% · Profit 95.3% · Operating margin change 10 points · 100% evidence Capital efficiency 17.3/25 · ROCE 17.8% · Operating margin 34% · 100% evidence Valuation 5.8/20 · P/E 97× · PEG 2.98 · 65% evidence Relative strength 17.0/20 · Lead over its industry 42.3% · Lead over NIFTY 500 82.8% · 1 year 152.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 30.9 + 17.3 + 5.8 + 17 = 71 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Gland Pharma Ltd](https://www.sectoralpha.in/stocks/gland-pharma-ltd) GLAND · leader · Most evidence points up · 96% evidence 69.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.0/35 · Revenue 17.6% · Profit 46.4% · Operating margin change 3 points · 88% evidence Capital efficiency 16.0/25 · ROCE 15.1% · Operating margin 27% · 100% evidence Valuation 12.1/20 · P/E 44.6× · PEG 1.45 · 100% evidence Relative strength 16.8/20 · Lead over its industry 15.1% · Lead over NIFTY 500 49.3% · 1 year 60.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 25 + 16 + 12.1 + 16.8 = 69.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [IOL Chemicals & Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/iol-chemicals-pharmaceuticals-ltd) IOLCP · leader · Most evidence points up · 100% evidence 69.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 26.7% · Profit 75% · Operating margin change 4 points · 100% evidence Capital efficiency 12.8/25 · ROCE 11.3% · Operating margin 14% · 100% evidence Valuation 13.9/20 · P/E 24.6× · PEG 0.66 · 100% evidence Relative strength 13.9/20 · Lead over its industry 21.6% · Lead over NIFTY 500 53.8% · 1 year 92.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.1 + 12.8 + 13.9 + 13.9 = 69.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. Shilpa Medicare Ltd this page SHILPAMED · leader · Most evidence points up · 89% evidence 67.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 28% · Profit 100% · Operating margin change 1 points · 88% evidence Capital efficiency 10.8/25 · ROCE 10.9% · Operating margin 29% · 100% evidence Valuation 9.9/20 · P/E 65.7× · PEG 1.73 · 65% evidence Relative strength 19.9/20 · Lead over its industry 47.2% · Lead over NIFTY 500 84.2% · 1 year 170.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 26.4 + 10.8 + 9.9 + 19.9 = 67 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Morepen Laboratories Ltd](https://www.sectoralpha.in/stocks/morepen-laboratories-ltd) MOREPENLAB · leader · Evidence leans up · 85% evidence 62.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.8/35 · Revenue 30.1% · Profit 90.9% · Operating margin change 9 points · 100% evidence Capital efficiency 9.3/25 · ROCE 8.1% · Operating margin 16% · 100% evidence Valuation 8.5/20 · P/E 32.9× · PEG 2.14 · 100% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 94.5% · 1 year 139% · 25% evidence · 12 of 12 weeks ahead Exact sum: 31.8 + 9.3 + 8.5 + 12.5 = 62.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Divis Laboratories Ltd](https://www.sectoralpha.in/stocks/divis-laboratories-ltd) DIVISLAB · leader · Evidence leans up · 96% evidence 61.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.7/35 · Revenue 16.4% · Profit 26.8% · Operating margin change 11 points · 88% evidence Capital efficiency 18.6/25 · ROCE 22% · Operating margin 41% · 100% evidence Valuation 2.6/20 · P/E 87.1× · PEG 3.45 · 100% evidence Relative strength 15.5/20 · Lead over its industry 9.2% · Lead over NIFTY 500 43.1% · 1 year 45.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.7 + 18.6 + 2.6 + 15.5 = 61.4 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 9. [Granules India Ltd](https://www.sectoralpha.in/stocks/granules-india-ltd) GRANULES · turning · Evidence leans up · 96% evidence 57.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.3/35 · Revenue 24.8% · Profit 38.1% · Operating margin change 3 points · 88% evidence Capital efficiency 16.2/25 · ROCE 15.5% · Operating margin 23% · 100% evidence Valuation 10.2/20 · P/E 35.2× · PEG 1.29 · 100% evidence Relative strength 6.7/20 · Lead over its industry -5.2% · Lead over NIFTY 500 24.2% · 1 year 48.5% · 100% evidence · 7 of 12 weeks ahead Exact sum: 24.3 + 16.2 + 10.2 + 6.7 = 57.4 · What this means: Earnings are strong; relative strength in its sector is -5.2% and the one-year return is 48.5%. 10. [Sai Life Sciences Ltd](https://www.sectoralpha.in/stocks/sai-life-sciences-ltd) SAILIFE · leader · Evidence leans up · 89% evidence 57.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.7/35 · Revenue 17.6% · Profit 48% · Operating margin change 3 points · 88% evidence Capital efficiency 17.0/25 · ROCE 19.6% · Operating margin 27% · 100% evidence Valuation 4.8/20 · P/E 90× · PEG 3.63 · 65% evidence Relative strength 13.8/20 · Lead over its industry 9.9% · Lead over NIFTY 500 42.9% · 1 year 69.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.7 + 17 + 4.8 + 13.8 = 57.3 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 11. [SMS Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/sms-pharmaceuticals-ltd) SMSPHARMA · breaking out · Evidence leans up · 96% evidence 55.8 out of 100 Growth Capital Valuation Relative
12. [Blue Jet Healthcare Ltd](https://www.sectoralpha.in/stocks/blue-jet-healthcare-ltd) BLUEJET · quiet · Evidence leans up · 81% evidence 52.7 out of 100 Growth Capital Valuation Relative
13. [Solara Active Pharma Sciences Ltd](https://www.sectoralpha.in/stocks/solara-active-pharma-sciences-ltd) SOLARA · breaking out · Evidence leans down · 74% evidence 49.5 out of 100 Growth Capital Valuation Relative
14. [Windlas Biotech Ltd](https://www.sectoralpha.in/stocks/windlas-biotech-ltd) WINDLAS · leader · Evidence leans down · 81% evidence 47.6 out of 100 Growth Capital Valuation Relative
15. [Anthem Biosciences Ltd](https://www.sectoralpha.in/stocks/anthem-biosciences-ltd) ANTHEM · leader · Evidence leans down · 89% evidence 46.7 out of 100 Growth Capital Valuation Relative
16. [Piramal Pharma Ltd](https://www.sectoralpha.in/stocks/piramal-pharma-ltd) PPLPHARMA · leader · Evidence leans down · 71% evidence 44.6 out of 100 Growth Capital Valuation Relative
17. [Supriya Lifescience Ltd](https://www.sectoralpha.in/stocks/supriya-lifescience-ltd) SUPRIYA · breaking out · Evidence leans down · 96% evidence 43.7 out of 100 Growth Capital Valuation Relative
18. [Concord Biotech Ltd](https://www.sectoralpha.in/stocks/concord-biotech-ltd) CONCORDBIO · quiet · Evidence leans down · 85% evidence 40.8 out of 100 Growth Capital Valuation Relative
19. [Jubilant Pharmova Ltd](https://www.sectoralpha.in/stocks/jubilant-pharmova-ltd) JUBLPHARMA · turning · Most evidence points down · 86% evidence 30.3 out of 100 Growth Capital Valuation Relative
20. [Hikal Ltd](https://www.sectoralpha.in/stocks/hikal-ltd) HIKAL · turning · Most evidence points down · 78% evidence 29.7 out of 100 Growth Capital Valuation Relative
21. [OneSource Specialty Pharma Ltd](https://www.sectoralpha.in/stocks/onesource-specialty-pharma-ltd) ONESOURCE · turning · Most evidence points down · 83% evidence 29.2 out of 100 Growth Capital Valuation Relative
22. [Syngene International Ltd](https://www.sectoralpha.in/stocks/syngene-international-ltd) SYNGENE · turning · Most evidence points down · 100% evidence 27.8 out of 100 Growth Capital Valuation Relative
23. [Cohance Lifesciences Ltd](https://www.sectoralpha.in/stocks/cohance-lifesciences-ltd) COHANCE · breaking out · Most evidence points down · 78% evidence 27.1 out of 100 Growth Capital Valuation Relative
24. [Dishman Carbogen Amcis Ltd](https://www.sectoralpha.in/stocks/dishman-carbogen-amcis-ltd) DCAL · basing · Most evidence points down · 64% evidence 27.0 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Pharma - API & CRAMS](https://www.sectoralpha.in/sectors/pharma-api-crams), all 24 compared on one page. ## Which companies are close to Shilpa Medicare in size? Shilpa Medicare is the 10th largest of 24 Pharma - API & CRAMS companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Piramal Pharma, Neuland Laboratories and Granules India. Just below it: OneSource Specialty Pharma, Cohance Lifesciences and Syngene International. ### Pharma - API & CRAMS companies close in size

1. [Piramal Pharma Ltd](https://www.sectoralpha.in/stocks/piramal-pharma-ltd) ₹31,807 crore
2. [Neuland Laboratories Ltd](https://www.sectoralpha.in/stocks/neuland-laboratories-ltd) ₹25,275 crore
3. [Granules India Ltd](https://www.sectoralpha.in/stocks/granules-india-ltd) ₹22,907 crore
4. Shilpa Medicare Ltd ₹18,690 crore
5. [OneSource Specialty Pharma Ltd](https://www.sectoralpha.in/stocks/onesource-specialty-pharma-ltd) ₹17,924 crore
6. [Cohance Lifesciences Ltd](https://www.sectoralpha.in/stocks/cohance-lifesciences-ltd) ₹16,999 crore
7. [Syngene International Ltd](https://www.sectoralpha.in/stocks/syngene-international-ltd) ₹16,256 crore

[All 24 Pharma - API & CRAMS companies, largest first](https://www.sectoralpha.in/sectors/pharma-api-crams#all-companies)

### Companies close in size in other industries

1. [IRB Infrastructure Developers Ltd](https://www.sectoralpha.in/stocks/irb-infrastructure-developers-ltd) ₹18,999 crore · Infra - Construction & Contracting
2. [NBCC (India) Ltd](https://www.sectoralpha.in/stocks/nbcc-indialtd) ₹18,808 crore · Infra - Construction & Contracting
3. Shilpa Medicare Ltd ₹18,690 crore
4. [Castrol India Ltd](https://www.sectoralpha.in/stocks/castrol-india-ltd) ₹18,596 crore · Lubricants
5. [Aadhar Housing Finance Ltd](https://www.sectoralpha.in/stocks/aadhar-housing-finance-ltd) ₹18,417 crore · Finance - Housing

## What else do people ask about Shilpa Medicare? ### What is Shilpa Medicare's share price today? Shilpa Medicare Ltd's share price is ₹932.05, +164.1% over the past year. The whole company is worth ₹18,222 Cr on the market. In the last 52 weeks it traded between ₹267 to ₹1,064; today it is 83% of the way up from the low, 38.9% above its 200-day average (as of 3 November 2026). ### What were Shilpa Medicare's latest quarterly results? Shilpa Medicare Ltd reported revenue of ₹466 Cr and net profit of ₹101 Cr for the Jun 2026 quarter. Revenue rose 45.2% and profit rose 114.9% compared with a year earlier. Earnings per share were ₹5.16. The operating margin was 29.0%, 1.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Shilpa Medicare's market cap? Shilpa Medicare Ltd's market capitalisation is ₹18,222 Cr at a share price of ₹932.05. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Shilpa Medicare performing? Shilpa Medicare Ltd's share price has been rising for 28 weeks. In its latest quarter, revenue rose 45.2% and profit rose 114.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 44 weeks running (as of 3 November 2026). ### Will Shilpa Medicare's share price go up? This page does not forecast Shilpa Medicare Ltd's share price. What it shows instead: the share price is ₹932.05, and it has been rising for 28 weeks. Its P/E of 64.0× is higher than 73% of its own last 11 years (as of 3 November 2026). ### Who owns Shilpa Medicare? Promoters own 40.1% of Shilpa Medicare Ltd, foreign institutions 12.1%, domestic institutions 8.3% and the public 39.5% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 4.2 percentage points over 8 quarters (as of 3 November 2026). ### Does Shilpa Medicare have too much debt? No, Shilpa Medicare Ltd has little debt: its debt is 0.25× its equity, and its operating profit is 7 times its interest bill. FY26 borrowings were ₹660 Cr against equity of ₹2,592 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Shilpa Medicare in its business cycle? Shilpa Medicare Ltd's FY26 operating margin was 28.0%, against a 13-year range of 9.0% to 28.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 29.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Shilpa Medicare story? The main question: yearly earnings per share moved +211.0% while the share price moved +164.1%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Shilpa Medicare a stock worth studying right now? What the numbers show: Shilpa Medicare Ltd's earnings have grown faster than its share price. Earnings per share grew +211.0% in a year while the price moved +164.1%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Shilpa Medicare share price forecast for 2026? What management itself guided: Tax rate expected to normalize at around 25% in coming quarters. What is changing at Shilpa Medicare, from the latest results and calls: operating leverage inflection, formulations revenue mix shift (eu + india new launches) and biologics/cdmo monetization (aflibercept + adc + albumin pipeline). What would change the story: FDA observations submitted with compliance response filed; re-audit pending; until cleared, Uniza CDMO (PDUFA June 2026) and US pipeline launches from this facility remain gated. ### Where does this page get Shilpa Medicare's management information? From Shilpa Medicare's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Pharma stocks: https://www.sectoralpha.in/sectors/pharma-stocks-india

This is research, not advice. We’re not SEBI-registered.