12 min readAug 26, 2026 07:30 AM IST First published on: Aug 26, 2026 at 07:30 AM ISTFor much of the past decade, Shilpa Medicare invested ahead of its earnings, building capacity and capabilities that have taken years to translate into meaningful returns.The company’s net block increased from around Rs 558 crore in FY19 to more than Rs 1,400 crore by FY25. Meanwhile, asset turnover declined sharply, ROCE moved into single digits, and earnings came under pressure as depreciation and financing costs rose faster than revenue.That equation now appears to be changing.AdvertisementIn Q1 FY27, revenue rose 43% year-on-year to Rs 469 crore, EBITDA increased 42% to Rs 139 crore, and PAT more than doubled to Rs 101 crore. The company has also reported four consecutive quarters of record revenue and EBITDA. More importantly, the improvement is not coming from a single product or one-off opportunity. It reflects a broader business that has been rebuilt across APIs, formulations, peptides, biologics and CDMO.