Antique cuts target on Shilpa Medicare to Rs 1,090, retains ‘Buy' on long-term monetization potential
Antique Broking has maintained a Buy rating on Shilpa Medicare (SLPA) while cutting the target price to ₹1,090 from ₹1,525, citing strong revenue growth in Q4FY25 but tempered expectations for the near term due to regulatory delays and cost pressures.
Shilpa Medicare reported a 13% year-on-year increase in Q4FY25 revenue to ₹3,308 million, driven by an impressive 73% growth in the Finished Dosage Form (FDF) segment.
The brokerage highlighted SLPA's exclusive licensing deal with Orion for recombinant human albumin in Europe, which holds significant commercial potential. Milestone-linked payments under this agreement are expected to begin in FY26.
However, the firm flagged approval delays for Unicycive's NDA for Oxylanthanum Carbonate (OLC), a partnered product. The delay, caused by manufacturing issues, is expected to push associated revenues to FY27.
Antique has cut its FY26/27 revenue estimates by 16%/20%, moderating its assumptions for growth in the API business and adjusting expectations for 505(b)(2) opportunities. It also lowered EBITDA margin assumptions to reflect persistent higher operating expenses.
Despite these adjustments, the brokerage continues to see strong monetization potential in SLPA's product pipeline, positioning it well for medium to long-term growth.
Disclaimer: The views and recommendations expressed above are those of the brokerage firm. Business Upturn does not endorse or offer any investment advice.
News desk at BusinessUpturn.com
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