Shelter Pharma (543963) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue rose 35.6% YoY to ₹451.3 million; PAT increased 15.4% to ₹51.9 million. Both revenue and margin guidance for FY27 remained on track.

• H1 was the largest six-month period to date; revenue equaled 61.7% of FY26 sales, while exports matched FY26's full-year level in six months.

Financial highlights

• Revenue from operations was ₹4,513.22 lakh versus ₹3,329.29 lakh in H1 FY26 and ₹3,984.07 lakh in H2 FY26; total income was ₹4,514.81 lakh.

• PAT was ₹520.61 lakh versus ₹450.07 lakh YoY and ₹452.65 lakh HoH; PBT was ₹695.80 lakh.

• EBITDA increased 17.9% YoY and 14.2% HoH to ₹73.8 million; EBITDA margin was 16.4%, down 244 bps YoY and up 13 bps HoH.

• Gross margin was 22.6%, down 237 bps YoY and 57 bps HoH; PAT margin was 11.5%, down 201 bps YoY and up 15 bps HoH.

• Employee costs rose 59.7% YoY to ₹13.6 million amid sales and export hiring; depreciation doubled to ₹3.8 million following capitalization of the new Himmatnagar building.

Outlook and guidance

• FY27 guidance: revenue growth of 35–40%, EBITDA margin of 16–18%, and PAT margin of 11–13%; H1 performance was stated to be on track.

• H2 is seasonally the larger half; FY30 revenue target is ₹2,000 million, representing a stated 28.6% CAGR from FY26 revenue of ₹731.3 million.

• The second plant is expected to begin production from mid-to-end 2028; two-shift Himmatnagar operations and the new plant are intended to support the FY30 target.