Q1FY27 earnings conference call transcript

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: 10 August 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: Transcript of the Q1FY27 Conference call In furtherance to our intimation dated 29 July 2026 with regard to the Q1FY27 Conference call held on Wednesday, 05 August 2026, at 16.00 hrs., please find enclosed transcript of the call. This is for your information. Thanking you. For Shilpa Medicare Limited Ritu Tiwary Company Secretary & Compliance Officer “Shilpa Medicare Limited Q1 FY27 Results Conference Call” August 05, 2026 MANAGEMENT: MR. KESHAV BHUTADA – EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER – SHILPA PHARMA LIFE SCIENCES MR. ALPESH DALAL – CHIEF FINANCIAL OFFICER – SHILPA MEDICARE LIMITED MR. MONISH SHAH – HEAD, STRATEGY AND INVESTOR RELATIONS – SHILPA MEDICARE LIMITED Page 1 of 19 Shilpa Medicare Limited August 05, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Shilpa Medicare Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Monish Shah from Shilpa Medicare. Thank you, and over to you, Mr. Monish. Monish Shah: Yes. Thank you, Avirat, and a very warm welcome to everyone on our first quarter FY27 results call. Today from the management, we have with us Mr. Keshav Bhutada, Executive Director and CEO of Shilpa Pharma Life Sciences; and Mr. Alpesh Dalal, our CFO. The financial results and the presentations are uploaded on the stock exchange, and the transcript along with the audio will be available on our website and also on the stock exchanges. Please note, today's discussion might include certain forward-looking statements based on current expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially. The company undertakes no obligation to publicly update or revise any forward-looking statements. With that, I would like to hand the call over to Mr. Keshav for his opening remarks. Thank you, and over to you. Keshav Bhutada: Thank you, Monish. Good evening, everyone. I want to start not with this quarter's numbers. We will get to those, and they are the best in our history. But with simple question, what kind of company is Shilpa Medicare becoming? Three years ago, the honest answer was a solid hard- working API business, carrying a lot of debt. Our net debt-to-EBITDA was 6.7x and our ROCE was in single digit. Today, we have net debt to EBITDA of 1.3x, a ROCE of double digit, a credit rating just upgraded to AA- and portfolio that no longer makes ingredients. It develops first-in-class drugs, partners with global innovators and manufactures some of the most complex molecules. As I have mentioned previously, I would like to reiterate on operational leverage. Still, our big bets in biologics, CDMO, novel drug delivery, NBE are under monetization. As those plants fill up, we are confident of incremental revenue and better margins. In simple terms, the reinvesting is largely behind us. The harvesting is ahead of us. Let me walk you through our quarter 1 performance division-wise. My overall commentary will be divided into 3 segments: API division, Formulation division and Biologics division. In API division, we remain largely focused on CDMO, peptides and oncology as a portfolio, and we continue to invest our resources in it. On capex side, we are doing large capital investment in peptide manufacturing capacity in India, which will have capability of manufacturing from start to end in solid-phase synthesis and block will complete commissioning by end of FY27. Page 2 of 19 Shilpa Medicare Limited August 05, 2026 On the CDMO side, we have 3 NCE programs in advanced phases, which will get commercialized in FY28. We remain on track to complete 15 new oncology product validations on the generic side in FY27. In total, we are working on 25-plus NCE programs in our API division, in which many of the programs are in early stage Phase I, Phase II and 3 programs in late stage. Overall, the API business is likely to have steady growth in FY27. Now I'll start briefing about the Formulation division. Our first NCE molecule, Nor- Ursodeoxycholic acid, which was approved last year in India, is performing as expected, and we are seeing some very good early clinical outcomes in patients in the end market. And we have strong visibility of orders for FY27. Nor-UDCA as a product, we are also taking it globally. And in global market, we have successfully completed European and U.S. scientific advisers, and we will be starting global Phase II clinical studies in FY27. Three commercial 505(b)(2)s, which were approved last year, are performing well as expected, and the sales are growing quarter-on-quarter. Three important near-term filings, which are Abraxane, Enzalutamide and Abiraterone formulation, are on track to be launched in FY28. Rotigotine transdermal patch, which is one of the complex transdermal patches, has already received approval in Europe for the product. The same product has been successfully filed in the U.S., and we have already partnered with one of a very strong company in the U.S., and we remain on track for launch in FY28. OLC opportunity with Unicycive Therapeutics, where we are their CDMO partner for API and Formulation. The innovator is working very closely with USFDA on the recent CRL received, and we are working closely with our partner for next steps. Apart from the above, we have a very strong, complex pipeline for which product-wise status is already given in the investor presentation, and I request all the investors to go through it. Overall, given existing and new pipeline launches, there is a strong likelihood of robust growth possibility in Formulation. Now I'll start briefing about Biologics division. Our second biosimilar product, Aflibercept, has had its clinical studies successfully completed, and we remain on track for launch in India market in FY27. For the said product, we have already partnered with 3 of the best Indian companies, who have decent market share in the ophthalmic industry in India. Our first European partnering of Nivolumab with Orion Corporation gives us further assurance on commercialization of our biosimilar pipeline globally. For the Nivolumab product, the India clinical study has already started, and we remain confident for launching this product in FY28 in India. On the other biosimilar pipeline, we have more than 5 biosimilars for which details and status are already given in the investor presentation. On the large molecules CDMO side of the business, Shilpa Biologics has very unique capabilities of manufacturing any product from clone development to Fill & Finish. And with this capability, we today have more than 6 active NCE programs, already working with various partners. One of these programs will be entering human clinical studies in FY27 through our Page 3 of 19 Shilpa Medicare Limited August 05, 2026 partner. Two NBE programs where we have done strategic investments, the programs with mAbTree and Alveolus Bio, are on track to enter human studies in FY27. Our first ADC biosimilar is also on track for entering human studies in FY27. Today, Shilpa Bio [Showing first 8,000 characters — download PDF for full document]