Investor Presentation for the Quarter and Half year ended 30 September 2026

Shilpa Medicare Limited Corporate & Admin Office: “Shilpa House”, # 12-6-214/A-1, Hyderabad Road, Raichur – 584 135, Karnataka, India Tel: +91-8532-238704, Fax: +91-8532-238876 Email: info@vbshilpa.com, Web: www.vbshilpa.com CIN: L85110KA1987PLC008739 Date: 5 November 2026 Corporate Relationship Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5" Floor, Phiroze Jeejeebhoy Towers, Plot No.C/1, G Block Dalal Street, Fort, Bandra Kurla Complex, Bandra (E) Mumbai-400 001 Mumbai-400 051 Scrip Code: BSE - 530549/ Stock Symbol: NSE – SHILPAMED Dear Sir/ Ma’am, Sub: Investor presentation of the Company for the quarter ended 30th September 2026 Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 With reference to the captioned subject, the Investor Presentation for the quarter ended 30th September 2026, on Company Overview, Business highlights, financial performance and other updates is enclosed herewith for your consideration. A copy of this intimation is also being made available at: https://www.vbshilpa.com/investor-presentation.php This is for your information. Thanking you. For Shilpa Medicare Limited Ritu Tiwary Company Secretary & Compliance Officer Shilpa Medicare Ltd 2Q & 1HFY27 Earnings Presentation Date: 5th November 2026 Safe Harbour Certain statements in this document may be forward - looking statements. Such forward looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Shilpa Medicare Limited (SML) will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances. Shilpa Medicare at Established in 1987, we have 35+ years track record a glance Existing Business Segments: API , Formulation, CDMO, Biologics Emerging Businesses: NDDS, ADC and Recombinant Human Albumin 10+ Regulatory approved manufacturing + R&D facilities (incl Analytical Lab) 400+ R&D Personnel 500+ Regulatory Filings across the world Worldwide presence in 70+ countries Total Income INR 1,007 crores (+44% YoY) 1HFY27 Financials EBITDA INR 290 crores (+40% YoY) Key operating verticals API Formulations Biologics 1HFY27 Revenue contribution ▪ Shilpa Pharma Lifesciences ▪ Shilpa Medicare ▪ Shilpa Biologicals Legal ▪ Shilpa Therapeutics ▪ Shilpa Biocare Entities ▪ FTF Pharma Areas of ▪ Oncology ▪ Tablets/Capsules ▪ NBE ▪ Non-Oncology ▪ Injectables ▪ Microbials Products Operation ▪ Payloads and Linkers ▪ Oral Dissolving Films ▪ Mammalian Products ▪ Peptides ▪ Transdermal patches ▪ CDMO ▪ Polymers ▪ CDMO ▪ ADCs ▪ GLP-1 ▪ CDMO API Includes others Management Commentary We delivered another strong quarter in 2QFY27, with revenue and EBITDA reaching their highest- ever levels. Revenue grew ~45% YoY and EBITDA grew ~37% YoY, with margins remaining healthy at 28%. All three verticals contributed meaningfully to this performance, with our API segment delivering its highest-ever quarterly revenue, underscoring the breadth and resilience of our business. Our novel FDF portfolio continues to make steady progress, with niche launches lined up through FY27 and beyond. We expect these launches to contribute meaningfully to our growth and to further strengthen the quality of our business over time. At the core of our strategy is a deliberate focus on innovation-led differentiation, and it is increasingly translating into high-value partnerships with global companies. Our expanded partnership with Orion Corporation is a strong example, extending our relationship into immuno- oncology through an exclusive arrangement for our Nivolumab biosimilar in Europe, with Shilpa as the development and supply partner. This partnership reinforces our position as a partner of choice for complex therapies. These strategic choices are also reflected in our capital efficiency, with ROCE continuing its improving trend. Our progress on sustainability has also been recognized externally, with an improvement in our CRISIL ESG score, reflecting our commitment to responsible and well-governed growth. With strong first-half momentum, a maturing pipeline, and a sharpened strategic focus, we are well positioned to deliver a stronger FY27. — Mr. Vishnukant Bhutada Managing Director Financial Performance 2Q FY27 – Financial Highlights Highest Quarterly Revenue and EBITDA 2Q FY27 (Consolidated) Revenue Break-up (INR crs) Particulars (INR cr) 2QFY27 2QFY26 YoY 1QFY27 QoQ Others, 9 Total Income 538 372 45% 469 15% Biologicals, 65 2% Gross Profit 349 266 31% 334 5% GP Margin 65% 72% 71% Formulation, EBITDA 151 110 37% 139 9% 2Q FY27 API, 254 EBITDA Margin 28% 30% 30% 39% PAT 79 44 80% 101 (22%) PAT Margin 15% 12% 22% Result commentary ▪ Highest-ever quarterly revenue at INR 538 crs, up 45% YoY and 15% QoQ, driven by growth across all verticals ▪ Highest-ever quarterly EBITDA at INR 151 crs, growing 37% YoY ▪ EBITDA Margins stood at 28% ▪ PAT came in at INR 79 crs growing at ~80% YoY All numbers are rounded off to nearest one 1H FY27 – Financial Performance 1H FY27 (Consolidated) Revenue Break-up (INR in cr.) Particulars (INR cr) 1HFY27 1HFY26 YoY (%) Biologicals, Others, 13 Total Income 1,007 700 44% 117.0 1% Gross Profit 683 514 33% GP Margin 68% 74% Formulation, EBITDA 290 208 40% 407.0 1HFY27 API, 470.0 EBITDA Margin 29% 30% 40% PAT 180 91 98% PAT Margin 18% 13% Result commentary ▪ Total income grew 44% YoY to INR 1,007 crs, crossing the INR 1,000 crs mark for the first time in a half-year ▪ EBITDA grew 40% YoY to INR 290 crs; EBITDA margin stable at ~29% ▪ PAT nearly doubled (+98% YoY) to INR 180 crs, with PAT margin expanding to 18% All numbers are rounded off to nearest one Consolidated Performance (INR in Cr.) Total Income EBITDA and Margins 30% 30% 30% 28% 29% 139 151 372 469 538 700 1007 110 208 290 2QFY26 1QFY27 2QFY27 1HFY26 1HFY27 2QFY26 1QFY27 2QFY27 1HFY26 1HFY27 Operating PBT and Margins* PAT and Margins 19% 22% 17% 18% 196 12% 13% 114 101 92 104 44 79 91 2QFY26 1QFY27^ 2QFY27 1HFY26 1HFY27^ 2QFY26 1QFY27 2QFY27 1HFY26 1HFY27 *Before Exceptional Items 9 ^ Before profit from associates Financial Summary Adjusted ROCE^ Gross Block (INR crs) 17.4% 18.2% 15.0% 9.3% 2,281 2,393 3.4% 1,997 1,587 1,670 FY23 FY24 FY25 FY26 1HFY27* FY23 FY24 FY25 FY26 1HFY27 Net Debt to EBITDA (x) Net Capex (INR crs) 1.6 1.4 1.3 252 225 216 FY23 FY24 FY25 FY26 1HFY27* FY23 FY24 FY25 FY26 1HFY27 Credit rating upgraded with a category shift from A+ to AA-, driven by strengthening balance sheet and improving return ratios ^ Adjusted ROCE excluding investments made in potential high growth biologics & NBE business 10 *Note – 1HFY27 Numbers are on TTM basis API Business API – Growth driven by core portfolio (INR in Cr.) ▪ API division recorded its highest- Incl. Captive 256 260 298 481 558 ever quarterly revenue at INR 298crs (incl. captive) 34 62 ▪ Revenue grew ~16% YoY in both 25 36 42 2QFY27 and 1HFY27 ▪ Non-captive portfolio grew ~24% YoY in 2QFY27 and ~20% in 1HFY27, driven by the core API portfolio and 264 496 231 224 439 Specialty CDMO ▪ Specialty CDMO revenue grew ~36% YoY for the quarter, driven by new client acquisitions in developed markets API Specialty CDMO* API Specialty CDMO* ▪ The captive business continued to 2QFY26 1QFY27 2QFY27 1HFY26 1HFY27 grow consistently, underpinned by steady internal demand from the FDF vertical, reinforcing its role as a long-term revenue contributor * Specialty CDMO includes revenue from API CDMO, Peptide and Polymer verticals 12 API – Ongoing Developments API Molecules Specialty CDMO ▪ 6 late-stage programs in Phase III/Registration ▪ API division delivered its highest-ever quarterly revenue ▪ Strong order book in Peptide segment provides h [Showing first 8,000 characters — download PDF for full document]