Shilpa Medicare Gets 'Buy' Rating As Systematix Initiates Coverage, Sets Target Price Of Rs 857

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Systematix Research Report

We initiate coverage on Shilpa Medicare Ltd. with a target price of Rs 857, based on 25 times FY27E EPS. We expect Shilpa Medicare’s revenue, Ebitda and net earnings to compound at 16% /39% /119% over FY24-27E, respectively.

Shilpa Medicare is an research and development-driven formulation and active pharma ingredient-manufacturing company that focuses on complex /differentiated opportunities. Shilpa Medicare has built multiple R&D /manufacturing platforms that provide it access to large growing markets – biosimilars, peptides, ready to use injectables, orally dissolvable films, transdermal patches, and high-potency APIs.

The company is in early stages of monetizing these platform technologies. We are optimistic the company would gradually expand its returns by building its portfolio around these platforms and monetizing them globally.

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