Shilpa Medicare Limited (SHILPAMED.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-128.2%

-₹264.30

vs ₹936.50 price

Levered DCF

-₹251.93

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	28.05×	81.75×	134.85×	-61.03×	54.85×	18.41×	12.78×	24.42×
P/B	2.63×	2.7×	2.38×	1.11×	1.83×	1.84×	1.5×	2.29×
P/S	4.43×	4.98×	3.73×	1.9×	2.92×	3.02×	2.22×	3.91×
EV / EBITDA	17.12×	22.4×	21.16×	24.35×	17.83×	12.63×	9.89×	16.03×
Gross margin	40.5%	68.1%	61.5%	12.9%	66.3%	69.9%	69.1%	21.9%
Operating margin	20.5%	15.9%	32.6%	-0.9%	11.0%	13.3%	19.2%	16.6%
Net margin	15.8%	6.1%	2.8%	-3.1%	5.3%	16.4%	17.4%	16.0%
Current ratio	1.31×	1.46×	1.26×	0.98×	1.45×	1.5×	1.52×	2.15×
Debt / equity	0.25×	0.25×	0.52×	0.45×	0.37×	0.57×	0.29×	0.16×
Interest coverage	5.36×	2.7×	4.1×	-0.16×	3.07×	5.46×	37.88×	36.23×
Dividend yield	0.1%	0.0%	0.0%	0.5%	0.3%	0.0%	1.0%	0.0%
Payout ratio	4.0%	0.0%	0.0%	-29.3%	14.8%	0.0%	13.2%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.4%	3.3%	1.8%	-1.8%	3.3%	10.0%	11.7%	9.4%
Return on invested capital	7.8%	4.4%	8.0%	-0.3%	2.9%	3.7%	7.9%	6.4%
Return on assets	6.6%	2.4%	1.0%	-1.1%	2.1%	5.6%	7.9%	7.0%
Free cash flow yield	-1.1%	-1.7%	-1.1%	-2.4%	-6.8%	-11.3%	-11.3%	-5.6%
Earnings yield	3.6%	1.2%	0.7%	-1.6%	1.8%	5.4%	7.8%	4.1%
Enterprise value	₹74.4B	₹69.6B	₹52B	₹27.6B	₹39.8B	₹34.4B	₹23.4B	₹29B
Net debt / EBITDA	1.42×	1.81×	3.69×	6.84×	2.91×	2.65×	1.47×	0.88×
Cash conversion cycle (days)	213	350	264	185	344	425	276	177