SHILPAMEDNSE13 August 2025

Shilpa Medicare Limited has informed the Exchange about Investor Presentation

Shilpa Medicare Limited

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: 13th August, 2025

To,

Corporate Relationship Department, National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th 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 Madam/Sir,

Sub: Investor presentation of the Company for the quarter ended 30 June 2025 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 30 June 2025, 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://vbshilpa.com/investor-presentation.php

We requesting you to take the above information on record.

Thanking you.

Yours faithfully, For Shilpa Medicare Limited

Ritu Tiwary Company Secretary & Compliance officer

Shilpa Medicare Ltd 1QFY26 Earnings Presentation

Date: 13th August 2025

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 a glance

Established in 1987, we have 35+ years track record

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 50+ countries

1Q FY26 Financials

Revenue INR 328 crores (+9% YoY) EBITDA INR 98 crores (+18% YoY)

Key operating verticals

API

Formulations

Biologics

11%

1QFY26 Revenue contribution

59%

30%

Legal Entities

Areas of Operation

▪ Shilpa Pharma Lifesciences

▪ Oncology ▪ Non-Oncology ▪ Payloads and Linkers ▪ Peptides ▪ Polymers ▪ CDMO

▪ Shilpa Medicare ▪ Shilpa Therapeutics ▪ FTF Pharma

▪ Tablets/Capsules ▪ Injectables ▪ Oral Dissolving Films ▪ Transdermal patches ▪ CDMO

▪ Shilpa Biologicals ▪ Shilpa Biocare

▪ NBE ▪ Microbials Products ▪ Mammalian Products ▪ GLP-1 ▪ CDMO ▪ ADCs

API Includes others

Management Commentary

The first quarter of FY26 demonstrated steady progress and strong execution of our strategic priorities. Our partner successfully launched our second NDA in the U.S.—Bortezomib RTU— reinforcing our R&D-driven approach and delivering differentiated products that enhance ease of administration. Pemetrexed also gained momentum in the U.S., while Nilotinib continued to expand its presence in the EU. Additionally, we achieved a historic milestone with NorUDCA’s approval, making Shilpa the first global company approved for NAFLD treatment. These approvals, along with our robust NDA pipeline, positions us for sustained future growth.

Our API division(including captive) has reported growth ~25% YoY basis. New product launches, CDMO expansion, expanded capacities, and an improved product mix favoring regulated markets is expected to drive further growth for FY26.

In Biologics, our strategic investment in Alveolus Bio accelerates innovation and solidifies Shilpa’s position as a global biotech enabler—bridging cutting-edge science with scalable solutions. Our Novel Biological Entities (NBEs), developed in collaboration with mAbTree and Alveolus, remain on track for Phase I human trials in FY27. On the biosimilar front, Aflibercept has advanced to Phase III clinical trials in India, while Nivolumab has completed PCT, with Phase I trials expected to commence by the end of FY26. We have also received the initial milestone payment for Recombinant Human Albumin from Orion Corporation, and the program is progressing as planned.

On the regulatory front, we continue to achieve key accreditations for our facilities. During the quarter, Unit VI at Dabaspet, Karnataka—equipped with ODF & TDP manufacturing capabilities— received an EIR from the US FDA. This milestone will support the monetization of our differentiated product portfolio in the US market. Our focus remains on optimizing asset utilization across key verticals, and we are confident in delivering improved profitability in FY26.

— Mr. Vishnukant Bhutada Managing Director

1QFY26 Performance

1Q FY26 – Financial Highlights Highest Quarterly EBITDA

1Q FY26 (Consolidated)

Particulars (INR cr)

1QFY26

1QFY25

Total Revenue

Gross Profit

GP Margin

EBITDA

EBITDA Margin

PAT

PAT Margin

328

248

76%

30%

14%

302

209

69%

27%

YoY

19%

700 bps

18%

300bps

236%

900 bps

4QFY25

338

234

69%

25%

33*

10%

QoQ

(3%)

700 bps

17%

500 bps

42%

400bps

Result commentary ▪ ▪ Highest quarterly EBITDA at INR 98crs growing 18% YoY; EBITDA Margins at 30%

Revenue grew by 9% on YoY basis, driven by growth in our API and Biologics verticals

Revenue Break-up (INR crs)

Biologicals, 37.0

Others, 7.0 2%

11%

Formulation, 98.0

1Q FY26

30%

#API, 187.0

57%

# API revenue (including captive sales) recorded revenue of INR 226 crores

All numbers are rounded off to nearest one

*Adjusted to Exceptional Item (net of tax)

Consolidated Performance

Revenues

EBITDA and Margins

(INR in Cr.)

30%

302

1QFY25

338

4QFY25

328

1QFY26

1QFY25

4QFY25

1QFY26

27%

25%

PBT and Margins

PAT and Margins

13%

15%

10%

14%

10%

1QFY25

4QFY25*

1QFY26

1QFY25

4QFY25*

1QFY26

*Adjusted to Exceptional Item

Financial Summary

ROCE

Gross Block (INR crs)

6.2%

8.8%

9.1%

1.0%

2.0%

1,538

1,587

1,670

1,991

2,004

FY21

FY22

FY23

FY24

FY25

1QFY26*

FY22

FY23

FY24

FY25

1QFY26

Net Debt to EBITDA (x)

6.7

5.8

3.4

Net Capex (INR crs)

1.6

331

225

172

216

FY21

FY22

FY23

FY24

FY25

1QFY26*

FY22

FY23

FY24

FY25

1QFY26

Note: 1QFY26 numbers are on TTM basis*

API Business

Multiple growth drivers with strong order book

223

13 2

109

181

4 12

226

17 7

116

Oncology

Non-Oncology

CDMO

Others

4QFY25

1QFY25

1QFY26

(INR in Cr.)

▪

1QFY26 Revenue growth (including captive) came in at ~25% YoY. All our key segments reported healthy growth driven by strong order book and higher captive commitments

▪ Newly increased capacities for key products viz. UDCA, Tranexamic Acid, Azacitidine, Palbociclib and Nilotinib to contribute materially in FY26

▪

The large Polymer contract commenced commercial revenue this quarter, marking a key milestone

Expanding product portfolio with launches in multiple complex APIs and Specialty portfolio

▪ Added new clients in various geographies

* Incl Captive sales (INR crs)

API – Ongoing Developments

API Molecules

CDMO

▪ Commercial-Scale Manufacturing Capacities commenced operations for High-Demand Products – UDCA, Tranexamic Acid, and key Onco molecules

▪ New product introductions, optimized

production scale, and strong captive demand is expected to deliver consistent growth momentum

▪ Completed validation for 2 new products

▪ Initiated de-bottlenecking in various blocks

▪ 2 programs expected to commercialize in FY27, NDA filed

▪ Secured a new contract for the supply of a high-value specialty

chemical to a global healthcare leader

▪ As a CDMO in NDA program, partner obtained Phase II clearance

for new indication with fast-track status

▪ New dedicated block for OLC expected to be commercialized in

FY26

▪ 25+ programs are ongoing in different phases of development for

our clients

Polymer and Peptide ▪ Commercial supplies started of large polymer project

worth ~USD 4mn received from a US MNC for non pharma applications. Sole supplier from India, with order value expected to increase going forward.

▪ Initiated development of specialty polymers for eye care in

collaboration with U.S.-based partner

▪ GLP 1 - Liraglutide DMF readied and Semaglutide - Process

Qualification expected to be completed in 1HFY26

▪ Initiated scale-up to commercial batches for peptide APIs

with CEP approval

API – DMF Filings

USFDA

EU/EMEA

GCC & ROW

MFDS

Canada

Australia

China

PMDA Japan

Russia

Brazil

New product introduction and increase in geographical coverage replicated with 264 DMF filings with major regulatory authorities Successfully completed US FDA inspection of Unit 2 with zero observations; received EIR Unit 1 successfully completed ANVISA (Brazil) and COFEPRIS (Mexico) regulatory audits

Formulations Business

Pipeline monetization to drive growth

132

103

4 11

Europe

RoW

Domestic

Licensing/ Services

4QFY25

1QFY25

1QFY26

(INR in Cr.)

▪ All 3 approved and launched NDAs have limited competition. More NDAs will be filed in coming quarters

▪

Launched our 2nd NDA viz. Bortezomib RTU Subcutaneous in US, scale up expected in FY26

Pemetrexed gaining market share in US, with profit share upside expected to materialize in coming quarters

▪ Our partner continues to gain market share for Nilotinib; order book for Nilotinib remains strong

▪

Launched Axitinib in EU region via partner

Received approval NorUDCA, India’s first‐in‐class therapy for NAFLD, revenue to start from 3QFY26

Strong order book as the underlying demand for the products remains healthy

FDF – Update on key assets

SMLNUD07 NorUDCA

SMLTDP08 Rotigotine

SMLTOP09

SMLODF010 Tadalafil Film

SMLINJ011

SMLTDP012

SMLOSD014

▪ Received historic approval for NorUDCA, India’s first‐in‐class therapy for NAFLD—making Shilpa the first company globally to obtain approval for NAFLD.

▪ To Launch NorUDCA tablets in India, while advancing global regulatory efforts to bring vital therapy to patients internationally

▪ Transdermal Patch for

treatment of Parkinson’s disease ▪ US Study dosing has

been completed with results expected in 2QFY26

▪ US Submission

planned Q3 FY26 ▪ Europe submission completed by our partner and expecting a limited competition launch in FY26

▪ Topical lotion for treatment of Androgenic Alopecia

▪ Phase II concluded

with data submitted to Indian regulators - Phase III to commence upon receiving authorization ▪ EU regulators

validated our clinical development approach through Scientific Advice, significantly de-risking our regulatory pathway

▪ First company to

secure EU approval for multiple strengths of tadalafil films under hybrid application

▪ Expected to launch in European market in FY26

▪ Long Acting Injection for prevention of Acute and Delayed nausea and vomiting associated with initial and repeat courses of highly emetogenic cancer chemotherapy, radiotherapy and other associated medication. Market Size is ~USD 375 mn (Global)*

▪ Dosing in Phase III

clinical trials in India has been completed

▪ Received positive Scientific Advice responses from both EU and US (pre-IND) regulators, planning clinical study designs

▪ An innovative delivery platform offering enhanced compliance and steady plasma levels for Alzheimer’s patients

▪ A unique patient-

friendly formulation enabling early market access in underserved anticoagulation segments

▪ A once-weekly

▪ Targeting earlier

transdermal patch delivery system enhancing patient adherence, compliance and convenience

▪ Preliminary clinical trials initiated; full development to be completed by end of FY26

market access in the US market compared to the conventional formulation

▪ Targeting a ~USD 10+ bn U.S. branded market with our enhanced delivery platform

▪ Exhibit batches

completed and BE Studies planned

*Source: IQVIA – MAT-March 25 Note: Our project numbering does not include #13

Filings – Formulations

Formulations – Regulatory Filings

Pending

Approved

US ANDA and NDA

Canada

618

291

327

ROW

Robust regulatory filings to strengthen the base for growth in the formulation segment Our ODF & TDP manufacturing Unit 6 received EIR approval from US FDA and SFDA, Saudi Arabia

CDMO Business

CDMO – Strong capabilities in various technologies

Shilpa Medicare

Peer 1

Peer 2

Peer 3

Global Peer 1

Global Peer 2

Global Peer 3

Very strong capability

Strong capability

Developing capability

Negligible capability

Indian CDMOs

Global CDMOs

Specialized technologies

Small molecule

Peptide

Monoclonal Antibodies and Recombinant technology

Antibody – Drug conjugates

Fermentation

Offerings

Development

Manufacturing

▪ Early phase to late phase from AI/ML led discovery (target to hit, hit to lead and lead to NCE) to custom synthesis, scale up and clinical materials (for advanced intermediates,

RSMs

▪ “Clone-to-vial" capabilities makes us a preferred one-stop outsourcing partner, securing strong market position ▪ Leveraging expertise to offer interconnected tech platform for various fast growing opportunities in the areas of fermentation, Antibody-Drug Conjugates (ADCs), and GLP-1 ▪ Leveraging exquisite strengths in complex chemistry across pharma and specialty chemicals. Integrated CMC approach for delivering drug substance and drug product to pharma

customers

Robust business model encompassing various stages

Value chain stages

Development & Clinical supplies

Late stage development & Commercial Manufacturing

Phases

Pre-Clinical Development

Clinical development & Supplies

Registration

Commercial Manufacturing

▪ Drug metabolism, pharmacokinetics (DMPK)

▪ Phase 3 clinical trials

Key steps

▪ Toxicology studies (Safety studies)

▪ Manufacturing clinical supplies

▪ Phase 1 and 2 clinical trails

▪ Drug filing with regulatory authorities

▪ Drug substance manufacturing (RSM, intermediates, APIs) and formulation

Number of projects

25+

Comprehensive CDMO Development

Long term manufacturing and supply agreement with SML.

SML is receiving significant milestone income spanning over various stages viz. filing, approval and launch of the product

Unicycive Therapeutics Inc’s Oxylanthanum Carbonate (OLC) is a Potential best-in-class product being developed under FDA’s 505(b)(2) regulatory pathway for the treatment of hyperphosphatemia

NDA accepted by the US FDA

Product Profile1 ▪ Potential best-in-class product for the treatment of Hyperphosphatemia ▪ Advantages: (1) Potency: Shares high phosphate binding capacity of

lanthanum; (2) Pill Burden: Smaller and fewer pills; (3) Palatability: swallowed whole with water and not chewed

1. Source: Unicycive Presentation

Building back-end to develop & manufacture both API & Formulation

▪ A comprehensive CDMO contract for both API and formulation

development – a One-stop-Solution

▪ Unicycive received a Complete Response Letter (CRL) from the FDA,

citing deficiencies related to a third-party drug product manufacturer (unaffiliated with Shilpa Group).

▪ In response, the Company has proactively qualified an alternative supplier that has already successfully produced OLC drug product batches. This vendor will support resolving the CMC issues outlined in the CRL

▪ Expect commercialization in FY27

Biologics & NBE

Biologics – Growth envisioned on 4 pillars

Biologics

Novel Biologics

Integrated CDMO @Dharwad

ADC Platform

▪ Novel MAB (oncology): Term

sheet signed with mAbTree; cell line received and process development underway. Targeting investigator-led trials by late FY26.

▪ Novel Live Biotherapeutic

Product (LBP) Development & manufacturing contract signed with Alveolus Bio

▪ Alveolus and mAbTree NBE

projects are expected to enter Phase I studies in FY27

▪ Albumin - Global clinical trial

protocol submitted, aligned with EMA guidance

▪ Adalimumab: India market sees

growth, 24-month shelf life approved (from 18). Filing in progress in 15 RoW markets, with approvals expected in FY26. RoW approvals expected in this quarter

▪ Aflibercept: Ophthalmic biologic with a global market size of ~USD 5 bn1 . Enters Phase III, targeting FY27 launch; Out-licensed to two partners in India and Russia, with active discussions in MENA region

▪ Nivolumab (USD 11 bn) 1, Small-scale

development completed; PCT completed, targeting clinical initiation in 4QFY26.

▪ Pembrolizumab (USD 33 bn) 1 small scale development completed and PCT in progress

▪ Daratumumab (USD 13 bn) 1 and Dupilumab (USD 21 bn) 1 cell line development initiated; PCT targeted in FY26

▪ Trastuzumab (USD 3 bn) 1 process

development completed

1. Global Market share, Source: IQVIA – MAT-June 24

▪ Five active Novel Biologic Entity (NBE) programs advancing for multiple partners

▪ Increase in number of RFQs received from various global biotech

▪ Shilpa’s First ADC biosimilar is expected to enter human studies in FY27

▪ Dual-capability platform in both small molecules and biologics manufacturing provides global pharma partners with unmatched integration, simplifying their supply chain and development needs

Why Recombinant Human Albumin ?

Predictable & assured supply – Product in yeast (Pichia pastoris) by fermentation

All raw materials used in the production are free from animal sources

High quality/Purity Meets Global standards

Freedom from potential contamination sources – inherently free from HIV, HBV, HCV, Prion contamination

Best in class productivity – makes the product competitive in comparison to plasma Albumin

Shilpa’s Recombinant Human Albumin

Key highlights

Shilpa’s novel rHA (Recombinant Human Albumin)

Regulatory filing status

Addressing the global unmet need

IP Positioning

▪ Entered into a strategic partnership with Orion Corporation for commercialization in Europe region for therapeutic use ▪ Under this agreement, Orion will be the exclusive partner for the distribution, marketing, and sales of Shilpa’s

Recombinant Human Albumin for therapeutic use in Europe

▪ Shilpa is entitled to receive from Orion certain development and regulatory milestone payments ▪ Shilpa has been investing in the development of this novel product for about 8 years and has also set-up a large-scale

fermentation facility for manufacturing

▪ India – Initiating Ph3 trials in FY26

▪ EU – Initiating Ph3 trials in FY26

▪ US – Pre IND to be filed 2QFY26

▪ Non-Therapeutic - Samples shared with few clients in US

▪ Shilpa has developed recombinant Human Albumin (rHA)

▪ Targets to fulfil growing demand of human serum albumin

▪ All the raw materials used in manufacturing are animal origin free (AOF)

▪ Shilpa’s Recombinant Human Albumin production technology is covered by patents in developed markets viz. US &

Europe

Outlook

FDF

CDMO

API

Biologics

NDA – Pemetrexed and Bortezomib

Hybrid – Nilotinib (limited competition), Axitinib & Rotigotine

NorUDCA – First-In-Class for NAFLD in India, followed by launches in RoW

Two NCE projects to commercialize in FY27

Two NBE projects expected to enter human studies in FY27

Multiple complex API launches, growth in Specialty portfolio, coupled with capacity expansion for existing key products to drive API growth

Strong Biosimilar pipeline with various large assets completing clinical trails, coupled with niche CDMO Biologic offerings to drive Biosimilar revenue growth in significant manner from late FY26

Recombinant Albumin

Licensing income

Impending Operating Leverage

Margin Improvement

Ph3 trials for India and Europe to start in FY26

Strategic tie up with Orion Corporation for therapeutic use

Non – Therapeutic usage is being explored

Various assets where licensing income was received are moving towards commercial long term supply agreements

Substantial portion of current gross block remains under utilized having spread across high margin divisions viz. Biosimilar, CDMO and NDDS

Improved utilization is likely to drive meaningful improvement in revenue and EBITDA margins

Manufacturing Capabilities – API & Biocare

API Unit I - Raichur

API Unit II - Raichur

Biocare - Kadechur

Capabilities

Onco, Non-Onco NCE, APIs, Peptide and Polymers, Manufacturing proficiencies at gram- to-multi kilo and ton scales

Capacities

• 11 mfg blocks (4 onco and 7 non-onco) • Total reactor capacity of 650 KL

• Manufacturing and R&D Centre • Small molecule development, Linker, GalNAc Chemistry, Asymmetric synthesis, Chiral Chemistry, Peptides, Polymers, Enzymes, Purification, RP-separations CDMO services

• 10 mfg blocks (5 onco and 5 non onco) • Total reactor capacity of 510 KL

Regulatory Accreditation

• US FDA • EU GMP • ANVISA • COFEPRIS • TGA

• PMDA • Russian – GMP • WHO-GMP • KFDA • TPD

• US FDA • EU GMP • ANVISA • COFEPRIS • TGA

• PMDA • Russian – GMP • TDP • WHO-GMP • KFDA

• Fully automated integrated facility with DCS

control system

• Filtration system for protein separation

• 200KL+ Fermentation capacity • Capacities ranging from 5 KL to 50 KL for

product vessels and 5 KL to 15 KL for buffer vessels

• Audit ready

Manufacturing Capabilities – Formulations & Biologics

Formulations - Jadcherla

Formulations - Bangalore

Biologics - Dharwad

Capabilities

OSD tablets and capsules; Injectables – dry powder and liquid lyophilization

Fully automated facility for Transdermal patches and Oral Thin Films

Capacities

Injectable - ~3mn Liquid Vials Lyophilized - ~2mn Vials OSD – 25mn Tablets Capsules – 4mn Hard Capsules

ODF - ~50mn Units TDF - ~30mn Units

End-to-end services, from development to commercial manufacturing of microbial & mammalian-based drug substance and drug products. Having expertise in complex technologies viz. ADC, peptides and conjugated proteins

Upstream – 4,000LX2 Microbial Suite – SS 1,000LX2 PFS – 80 units/min

Regulatory Accreditation

EU GMP, ANVISA, COFEPRIS, TGA, WHO-GMP, SHAPRA, Health Canada, GHC

US FDA, WHO-GMP, UK-MHRA, EU GMP, TGA, SFDA

• EU GMP, DSIR Approved facility

Financials

Profit & Loss Consolidated

Particulars (INR cr)

1QFY26

1QFY25

Revenues

Gross Profit

Gross Margin %

Employee Cost

Other Expenses

EBITDA

328

248

76%

302

209

69%

EBITDA Margin %

30%

27%

Finance Cost

Depreciation

PBT

PAT

YoY

19%

14%

26%

18%

-21%

72%

236%

4QFY25

QoQ

338

234

69%

25%

43*

33*

(3%)

15%

-14%

17%

27%

16%

42%

* 4QFY25 PBT & PAT are adjusted to Exceptional item All numbers are rounded off to nearest one

Earnings call Details

Shilpa Medicare 1QFY26 Results Conference Call to be held August 13, 2025, Wednesday at 17:00 IST

Details of Earnings Conference Call

Universal Access

+91 22 6280 1130 +91 22 7115 8031

The number listed above is universally accessible from all networks and all countries

International Toll-Free Numbers

USA UK Singapore Hong Kong

18667462133 08081011573 8001012045 800964448

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Link

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THANK YOU!

Shilpa Medicare Limited

Monish Shah

+91 2249748754

monish.shah@vbshilpa.com

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