Shilpa Medicare Q2 FY27 Results: Consolidated Net Profit ₹79.18 Crore on Total Income of ₹538 Crore
- Earnings
- pharmaceuticals and healthcare
Reviewed byKeshav SehgalBlacklitt Research
Shilpa Medicare (NSE: SHILPAMED) reported consolidated total income of ₹538 crore and net profit of ₹79 crore for the quarter ended 30 Sep 2026, it said in a filing on 05 Nov 2026. Standalone total income was ₹221 crore and standalone net profit ₹50 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹537.76 crore, up 44.7% YoY and 14.7% QoQ
- Net profit and EPS: ₹79.18 crore, up 79.7% YoY and down 21.5% QoQ; basic EPS ₹4.05
- Finance costs: ₹12.68 crore, down 19.1% YoY and up 4.8% QoQ
- Exceptional items: Provision of ₹2.18 crore for a vendor claim settlement, and a ₹1.75 crore impairment reversal
Standalone
The company on its own, without its subsidiaries
- Total income: ₹220.71 crore, up 49.5% YoY and 11.1% QoQ
- Net profit and EPS: ₹50.12 crore, up 71.7% YoY and down 13.4% QoQ; basic EPS ₹2.56
- Finance costs: ₹2.20 crore, down 9.8% YoY
- Other income: ₹14.57 crore, up 21.4% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 538 | 372 | +44.7% | 469 | +14.7% | |
| Revenue from operations | 529 | 370 | +43.0% | 466 | +13.6% |
| Other income | 9 | 2 | +461.7% | 3 | +176.4% |
| 79 | 44 | +79.7% | 101 | -21.5% | |
| Profit before tax | 104 | 64 | +60.7% | 98 | +5.6% |
| Finance costs | 13 | 16 | -19.1% | 12 | +4.8% |
| Depreciation | 34 | 30 | +15.0% | 35 | -2.6% |
| Tax expense | 24 | 20 | +19.5% | -3 | n/a |
| Net profit margin | 14.72% | 11.86% | +2.87 pp | 21.51% | -6.79 pp |
| EPS, basic (₹) | 4.05 | 2.25 | +80.0% | 5.16 | -21.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than income year on year. Consolidated net profit rose 79.7% to ₹79.18 crore, while total income rose 44.7% and profit before tax rose 60.7%. Tax expense was ₹24.34 crore, 23.5% of profit before tax of ₹103.53 crore, against ₹20.36 crore a year earlier.
Revenue from operations rose 43.0%, to ₹529.12 crore, and other income rose from ₹1.54 crore to ₹8.65 crore. Other income is 1.7% of total income this quarter, so the revenue line carries most of the increase.
Net profit fell 21.5% from the previous quarter, to ₹79.18 crore from ₹100.88 crore, while total income rose 14.7%. The previous quarter carried a tax credit of ₹(283) lakh and a deferred tax adjustment of ₹(2,536) lakh, which the statement shows as a negative tax expense of ₹2.83 crore; the filing does not give the reason for that credit.
The notes say FTF Pharma Private Limited is consolidated only up to 8 Sep 2026. The NCLT Ahmedabad Bench initiated CIRP against it on 9 Sep 2026, on an operational creditor's petition. The filing says that excluding its results for 9 to 30 Sep 2026 lowers consolidated revenue by ₹2.78 crore, EBITDA by ₹4.32 crore and profit before tax by ₹3.75 crore. The company has challenged the CIRP order before the NCLAT, which reserved judgment on 8 Oct 2026.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 221 | 148 | +49.5% | 199 | +11.1% | |
| Revenue from operations | 206 | 136 | +52.0% | 189 | +9.0% |
| Other income | 15 | 12 | +21.4% | 10 | +52.4% |
| 50 | 29 | +71.7% | 58 | -13.4% | |
| Profit before tax | 67 | 36 | +83.8% | 44 | +51.5% |
| Finance costs | 2 | 2 | -9.8% | 3 | -13.0% |
| Depreciation | 15 | 14 | +13.6% | 15 | -0.2% |
| Tax expense | 17 | 7 | +133.1% | -14 | n/a |
| Net profit margin | 22.71% | 19.78% | +2.93 pp | 29.15% | -6.45 pp |
| EPS, basic (₹) | 2.56 | 1.49 | +71.8% | 2.96 | -13.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 71.7% to ₹50.12 crore, slower than profit before tax, which rose 83.8% to ₹66.74 crore. Tax expense of ₹16.62 crore is 24.9% of profit before tax, against ₹7.13 crore a year earlier.
Standalone other income of ₹14.57 crore is 6.8% of total income and 21.8% of profit before tax. Revenue from operations rose 52.0%, faster than other income's 21.4% rise, and finance costs of ₹2.20 crore are 0.9% of total income.
Standalone net profit fell 13.4% from the previous quarter, while total income rose 11.1%. The filing records a standalone deferred tax of ₹(2,764) lakh in the previous quarter. Standalone exceptional items for the quarter include an expected credit loss reversal of ₹88 lakh on loans to wholly owned foreign subsidiaries and a ₹1.75 crore impairment reversal on IL & FS Mutual Fund investments.
Consolidated net profit of ₹79.00 crore is ₹29.00 crore above standalone net profit of ₹50.00 crore. Consolidated total income of ₹538.00 crore is ₹317.00 crore above standalone total income of ₹221.00 crore.
The filing says the merger by absorption of Shilpa Therapeutics Private Limited was sanctioned by the NCLT Bengaluru Bench on 27 Feb 2026, with an appointed date of 1 Apr 2025, and that the previous year's quarters were restated for it. Restated standalone total income for the quarter ended 30 Sep 2025 is ₹147.59 crore, against ₹151.88 crore as published.
Inference
The filing says the statutory auditors carried out a limited review and issued an unmodified opinion. The board approved the results on 05 Nov 2026.
The filing records dividend payouts of ₹11.20 crore on a consolidated basis and ₹11.73 crore on a standalone basis in the six months ended 30 Sep 2026. Paid-up equity share capital is ₹19.56 crore, with a face value of ₹1 per share.
The filing does not say the outcome of the NCLAT challenge to the CIRP order, or what the CIRP means for FTF Pharma and the company's future results. The reason for the fall in consolidated net profit from the previous quarter is also not stated.
Filed with BSE on . Reference: Original filing (PDF)
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