Initiating Coverage | 31 July 2017
Sector: Healthcare
Shilpa Medicare
Manufacturing
capacity
H
ealth
y
p
rod
uct
pipe
lin
e
gration
ard inte
Forw
Regulatory
compliance
in place
Injecting Growth
Tushar Manudhane - Research analyst
(Tushar.Manudhane@MotilalOswal.com); +91 022 6129 1536
Rajat Srivastava - Research analyst
(Rajat.Srivastava@motilaloswal.com); +91 22 3010 2511
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Shilpa Medicare
Contents
Summary: Injecting growth ................................................................................... 3
US business is key growth driver for SLPA ............................................................. 5
Both API and formulations facilities cleared by FDA in recent past ......................... 8
Oncology industry scenario ................................................................................... 9
CRAMS forms major share of current base business ............................................ 11
Small investments which may reap benefit over long term...................................... 13
Return ratios set to improve ............................................................................... 15
Sensitivity analysis implies limited downside from current levels ........................... 18
We expect premium valuation to sustain for SLPA............................................... 19
About Shilpa Medicare ....................................................................................... 20
Financials and Valuations ................................................................................... 21
31 July 2017
2

Shilpa Medicare
BSE Sensex
31,312
S&P CNX
9,658
Shilpa Medicare
Initiating Coverage | Sector: Healthcare
CMP: INR647
TP: INR805 (+24%)
Buy
Injecting growth
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
Product approvals, superior execution to drive earnings
SLPA IN
80
787 / 442
-10/-29/22
53.6
0.8
43
45.3
Financial Snapshot (INR m)
Y/E Mar
FY18E FY19E
Net Sales
10,682 14,028
EBITDA
2,457 3,507
NP
1,689 2,435
EPS (INR)
21.1 30.4
EPS Gr.%
50.5 44.2
BV/Share
134.3 163.1
P/E (x)
30.7 21.3
P/BV (x)
4.8
4.0
RoE (x)
17.0 20.4
RoCE (x)
12.9 16.4
FY20E
16,810
4,371
3,049
38.1
25.2
199.1
17.0
3.2
21.0
18.0
Shareholding pattern (%)
As On
Jun'17 Mar'17 Dec'16
Promoter
54.7
54.7
54.7
Public
45.3
45.3
45.3
Others
-
-
-
FII Includes depository receipts
Shilpa Medicare
Injecting growth
Shilpa Medicare (SLPA) has been engaged in the manufacture of active
pharmaceutical ingredients (APIs) since 1987. However, over a period of time, it
has shifted its focus toward creating a niche in Oncology generics. In the process,
it has developed a strong capability in manufacturing oncology APIs and
formulations. Besides this, SLPA is investing in novel drug delivery systems (NDDS)
and biotechnology.
We believe that SLPA is well poised to deliver robust earnings CAGR of 41% over
FY17-20, led by the commencement of sales in the US market and new product
launches in the EU market. SLPA has a healthy pipeline of ~23 pending ANDAs
(owned and for partners combined). We expect US sales to reach INR3.3b from
INR250m in FY17. There is potential in US sales to grow 50% YoY in FY20, subject
to outcome of litigation.
SLPA has the necessary manufacturing capacity and US FDA clearances to succeed
in APIs and formulations. It has done well on the compliance part in recent past.
We expect its base business (CRAMS for ICE, Italy), which currently forms 52% of
total sales, to remain stable and sustainable following 20% CAGR over FY15-17.
The switchover of sourcing to SLPA led such strong growth. SLPA’s customer, ICE,
has been enjoying majority share in this product due to complexity associated
with sourcing of raw material. With JV formation with ICE for this business, we
believe, SLPA to have 13% CAGR in revenues to INR6.4bn over FY17-20.
We expect SLPA’s oncology API business, which currently forms 33% of total sales,
to grow at 20% CAGR over FY17-20 to INR4.9bn led by increased market share in
existing products and new product launches by its customers.
The five-year average P/E for SLPA stands at 21x. P/E multiples for many pharma
companies are lowered due to slowdown in the US business on account of
regulatory hurdles/pricing pressure in the base business. However, we value SLPA
at a premium valuation of 25x 12M forward earnings due to strong growth
visibility from the US market, backed by a healthy product pipeline, which would
also support margins improvement. In addition, SLPA has successful compliance
history which has become critical factor to succeed in US market. On overall basis,
we expect revenue and PAT CAGR of 29% and 41% over FY17-20E.
We thus initiate coverage on SLPA with a Buy rating and a price target of INR805
on 12M forward earnings.
Superior execution in US market to drive sales and PAT
tushar.manudhane@motilaloswal.com
Please click here for Video Link
Tushar Manudhane
+
91 22 3010 2498
With capex in APIs/formulations already behind and regulatory clearances in
place for both these businesses, we expect strong revenue and profit
growth over next 2-3 years. SLPA had about 26 DMFs and 25 ANDAs filed till
date.
There are already two ANDA approvals in place, and the company has a
healthy pipeline of ~23 ANDAs awaiting approvals. We expect SLPA to grow
its revenues in the US market from nil in December 2016 (no business until
then) to ~INR3.3b in FY19, subject to product approvals.
3
31 July 2017

Shilpa Medicare
Stock Performance (1-year)
JV formation secures base business of CRAMS
The base business (custom synthesis) has witnessed strong 31% revenue CAGR
over FY13-17. It constituted ~52% of FY17 sales due to higher off-take by JV
partner ICE.
The shift of this business to the JV in December 2016 and doubling of capacity
under this JV might curtail revenues due to a change in accounting. However,
profit would rise with greater consolidated-level efficiency.
SLPA has guided for further INR4.5b capex over two years toward R&D,
enhancing API/formulation capacities and investing in bio-similars. This would
strengthen its foundation for future growth.
Many pharma companies have been de-rated over the past year due to
slowdown in the US business on account of regulatory woes/pricing pressure on
the base business. However, we value SLPA at 25x 12M forward earnings, given
the strong growth visibility over FY17-19E, backed by approved products as well
as a strong pipeline pending approvals. The US product pipeline has the
potential to drive US revenue growth of ~50% YoY in FY20 as well. Relatively
superior margin from the US business would also improve overall margin for
SLPA.
We expect sales, EBITDA and PAT CAGR of 29%, 36% and 41% to INR16.8b,
INR4.3b and INR3b, respectively during FY17-20E. Assuming PAT growth and
improving return ratios, we value SLPA at 25x 12M forward earnings. We thus
initiate coverage on the stock with a
Buy
rating and a price target of INR805.
At CMP of INR647, SLPA trades at 30.7x FY18E EPS of INR21.1 and 21.3x FY19E
EPS of INR30.4.
Our sensitivity analysis indicates downside of 9.9% in bear case, upside of 24.4%
in base case and 65% in bull case from the current levels.
Delay in approval for its products.
Longer-than-expected time taken to execute in terms of manufacturing and
selling.
Higher-than-expected competition for its key products.
Any untoward outcome of future regulatory inspections, which may have an
impact on existing business and/or future product approvals.
Capex in progress for future growth
Valuation
Risks
Exhibit 1: Peer comparison (INR m)
Shilpa
Ajanta
Indoco
Natco
Unichem
Alembic
Biocon
Granules
FY17
7,836
20,020
10,694
20,650
15,195
31,013
38,760
14,353
Sales
FY18E
10,682
22,554
12,274
25,978
18,043
32,535
47,806
17,051
FY19E
14,028
27,428
14,073
23,841
20,683
37,242
59,271
23,390
EBITDA margin (%)
FY17 FY18E FY19E
22.4
23.0
25.0
34.9
34.7
34.2
14.6
16.1
16.7
33.1
37.5
28.1
11.8
13.4
14.2
19.7
18.0
19.5
24.1
24.0
25.5
20.8
21.6
22.4
FY17
1,123
5,168
771
4,860
1,087
4,068
6,118
1,654
PAT
FY18E
1,689
5,848
996
5,956
1,552
3,856
6,219
2,075
FY19E
2,435
7,037
1,274
4,161
1,946
4,810
8,629
2,926
FY17
46.2
24.1
24.0
35.3
22.3
25.1
39.1
19.0
P/E (x)
FY18E FY19E
30.7
21.3
21.3
17.7
18.6
14.5
34.8
27.5
15.5
12.4
26.5
21.3
38.5
27.7
16.8
11.9
EV/EBITDA (x)
FY17 FY18E FY19E
30.5
21.9
15.4
17.8
15.7
12.8
13.0
10.3
8.7
25.2
21.8
17.7
14.0
10.3
8.4
16.6
16.9
13.8
26.2
21.5
16.1
11.7
9.0
6.6
Source: Bloomberg, MOSL
31 July 2017
4

Shilpa Medicare
US business is key growth driver for SLPA
Until FY16, SLPA derived 100% of its revenues of INR7.2b from API and
intermediates sales. We expect revenue contribution of the formulations business
to increase from 0% in FY16 to 24% by end-FY19, subject to product approvals. This
would be largely driven by oncology sales to the US market, in our view.
Exhibit 2: Proportion of Formulation is expected to increase to 24% by FY19
CRAMS (INR b)
-
20
40
-
15
35
Oncology API
14
33
3
13
33
Non Oncology API
14
11
29
Formulation
24
9
27
40
FY19E
24
9
29
38
FY20E
40
FY14
50
54
52
46
FY18E
FY15
FY16
FY17
Source: Company, MOSL
The company has been developing molecules in generic oncology for regulated
markets for almost a decade now. It has filed 25 DMFs till date since FY10. Most
DMFs filed are in the chemotherapy category. New APIs under development are for
drugs that target specific pathway in growth and development of tumor.
Exhibit 3: Cumulative number of DMFs filed
26
19
27
16
11
4
6
12
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
Source: Company, MOSL
SLPA had filed 25 ANDAs using these DMFs until end-4QFY17. Of these, about eight
are owned and the rest are for its partners. With regulatory clearance in place, we
expect a considerable increase in revenues from the US market to INR3.9b by FY19,
subject to product approvals.
Oncology is an interesting therapy for the higher generics business over next five
years, due to following reasons:
Increased incidence of cancer.
Limited scope for replacement of chemotherapy drugs or ever greening of
patents due to the shift in the efforts of innovator companies toward targeted
therapies. This would enhance the possibility of early generics in chemotherapy
drugs.
31 July 2017
5

Shilpa Medicare
Oncology is low-volume/high-value segment, implying that quality is the key
differentiator here.
SLPA is well positioned to grab business opportunities on the basis of following
reasons:
Manufacturing capex is already in place to support commercial production.
Regulatory clearance for the API and formulations facility, which is a big positive
given that businesses of other pharma companies are facing regulatory hurdles.
Many molecules are already developed. Subsequently, ANDAs (owned as well as
for partners) have been filed to take advantage either through para III or para IV
filings.
About 50% of oncology drugs filed in the industry are either off-patent with
limited competition or going to lose patent status. This implies better business
opportunity for SLPA.
Exhibit 4:
Interesting product pipeline based on DMF filings
Brand
Generic Name
Name
Capecitabine
Azacitidine
Xeloda
Vidaza
Market
Is
DMF
Size
generic
filers
(USD M)
available
350
240
28
13
Yes
Yes
Launched
Launched
Sales estimate
Remarks
(USDm)
FY18E FY19E FY20E
Interesting opportunity due to limited
11.4 15.4 12.6
competition. Assuming 8% market share, 55%
price discount
Good opportunity due to limited competition.
10.7 24.0 22.5
Assuming 15% market share, 15% price
discount. Market share to improve gradually
Limited opportunity. Assumption is 90% price
erosion, 5% market share. Expected to have
2.5 14.1
stiff competition due to 18-20 generics in race,
Expect SLPA to have better margin due to its
presence from API to formulation.
Though market size is small, it is good
opportunity given low base of US business of
2.1 8.5 8.5
SLPA.
Given market size and possibility of low
competition, subject to federal circuit
decision, we expect 5% market share, 65%
price erosion. District court decision has been
15.6
for generics for invalidating patent expiring
2022. Assigned 50% probability and not
factored in our earnings
On market size of the product, potential could
be 8% market share, 90% price erosion. PTAB
quashed patent, expiring in 2026, claims
14.2
stating they are obvious in patent fight with
Torrent Pharma. Assigned 50% probability and
not factored in our earnings.
Excluding revenue from g-Velcade and g-
24.2 50.4 57.7
Gilenya
29.8
Adding revenue from g-Velcade and g-Gilenya
Possible upside of 59% in US revenue in FY20
87.5
from g-Velcade and g-Gilenya
Source: Company, MOSL
Imatinib
Mesylate
Glivec
2,010
31
Yes
Launch in FY19
Zoledronic Acid
Zometa/
Reclast
200
25
Yes
Anytime in
FY18, FY19
Probable launch
in FY20 subject
to litigation and
time for final
approval. DS
expiry in Nov-17
Probable launch
in FY20 subject
to litigation. DS
expiry in Feb-19
Total
Total
Bortezomib
Velcade
600
18
No
Fingolimod
Hydrochloride
Gilenya
1,600
18
No
Recent approvals have kick-started US revenues from 4QFY17
Of the 25 ANDAs filed, SLPA recently received approvals for two ANDAs. The
company has received final approval for the generic version of Xeloda (Capecitabine)
and Vidaza (Azacitidine).
31 July 2017
6

Shilpa Medicare
1. We expect SLPA to garner revenue of USD11m from
g-Vidaza
in FY18, based on
15% market share and 15% discount. Given that there are only two generic
companies other than SLPA for this product, we expect price erosion to be 15%
for this product. The market size of g-Vidaza was USD240m for the 12 months
ended September 2016. We expect increased competition over next 2-3 years
based on the number of DMF filings, which could result in higher price erosion,
thereby factoring lower revenues in FY20 compared to that in FY19.
2. We expect SLPA to garner revenue of USD11m from
g-Xeloda
in FY18, based on
8% market share and 55% discount. The market size of g-Xeloda was USD350m for
the 12 months ended September 2016. We expect 55% price erosion with 15
companies having final approval for this product, of which nine supply to the US
market. We expect price erosion to continue for this product over next 2-3 years.
We expect INR1.4b from g-Vidaza and g-Xeloda in FY18 out of overall US sales
estimate of INR1.5b. We expect sales from the US market to increase to INR3.3b in
FY19 due to product launches and increased traction in existing products.
Due to manufacturing integration of API and formulation, we expect SLPA to have
decent EBITDA margin of 32-35% from the US business. Accordingly, we expect
EBITDA addition of INR461m and INR1b in FY18 and FY19, respectively, for SLPA.
In addition, SLPA has two ANDAs with para IV filing. Of these, one ANDA did not
receive notice from the innovator. Also, SLPA has products under para IV filings with
its partners, which can provide potential upside, subject to the litigation outcome.
With existing approvals and a healthy pipeline awaiting approvals, we expect SLPA
to see a significant jump in US sales.
Exhibit 5: Potential for US revenue to grow at strong rate
US sales (INR m)
as % of total revenues
23.7
14.4
3.2
250
FY17
1,536
FY18E
3,327
FY19E
4,050
FY20E
Source: MOSL
24.1
Until now, a large part of oncology API sales has come from the EU market.
Gemcitabine and Capecitabine are the major products in the company’s portfolio for
the EU market. SLPA continues to supply Gemcitabine in the EU and has a 30-35%
market share for that product. The company has also filed for Irinotecan HCl
trihydrate, Oxaliplatin and Temozolomide for EU market.
Recently, SLPA received marketing authorization from UKMHRA for Imatinib
Mesylate, 100mg and 400mg. We expect better traction from this molecule for SLPA
in UK market as well as other market in EU post regulatory approval.
31 July 2017
7

Shilpa Medicare
Both API and formulations facilities cleared by FDA in
recent past
SLPA would be using the API facility at Raichur and the formulations facility at
Jadcherla for commercial production for the US market.
Exhibit 6: USFDA inspection history
Jadcherla formulation plant
Re-inspected in July-16 and had
no 483s
Was inspected in Aug-15 and was issued form 483 with five observations
Raichur API plant
Was re-inspected in Mar-15; was issued form 483 with five observations; received compliance
letter in Feb-16
Was inspected in May-13; was issued form 483 with six observations; received compliance letter
in Jul-15
Source: Company, MOSL
The company was not issued form 483 post inspection of its formulations facility in
July-16, which implies minimal regulatory risk over the medium term. Given that
other companies are facing regulatory hurdles (which could impact their existing
businesses and future approvals), we consider this to be a commendable
achievement by the quality and operations team of SLPA. Notably, the company
has also received two ANDA approvals post inspection in July 2016.
API facility was re-inspected last in March 2015. Given the general history of
frequency of repeat inspections at any facility by USFDA within a year, there is
possibility of re-inspection at this site at any time in near future.
31 July 2017
8

Shilpa Medicare
Oncology industry scenario
As with any other therapy, even oncology has drugs in the off-patent and patented
category. However, unlike other therapies, there is less likelihood of ever greening
of patents of drugs in chemotherapy. This is mainly due to the shift in the efforts of
large innovator pharmaceutical companies toward biologic targeted therapies.
The global oncology market size is expected to grow at a steady 7-8% CAGR, from
USD106b in 2015 to USD165b by 2020.
Exhibit 7: Oncology market size (USD b)
Oncology market size ($bn)
122
131
141
153
165
Exhibit 8: US forms majority share, followed by EU
ROW, 12.5
Pharmemerging,
12.5
Japan, 10
79
83
88
93
99
106 114
US, 45
EU5, 20
Source: Industry, MOSL
Source: Industry, MOSL
Exhibit 9: Classification of oncology drugs
Chemotherapy drugs
(used as adjuvant,
neo-adjuvant and
concurrent therapy)
Radiation-based
treatment
Oncology
Drugs
Targeted drugs
(Targets specific
molecules that are
suspected to play a
role in cancer
formation)
Surgical
intervention
Biologic therapy
(utilizing immune
system to facilitate
killing of cancer cells)
Source: Industry, MOSL
31 July 2017
9

Shilpa Medicare
Growth in oncology industry is driven by:
Advancement in targeted therapy (led to identification of new targets in
neoplastic cells and development of novel targeted therapies).
Increased access to medicines (price reduction in off-patented drugs has led to
increased affordability of drugs).
Technological advancement (has led to prolonging life of patients and
lengthening duration of therapy).
Increased incidences of cancer.
In terms of value, the oncology market is concentrated in the US, followed by the EU
and emerging markets.
Depending on the type of cancer, a combination of therapies is used by doctors to
treat patients. The global oncology chemotherapy market – currently a focus area
for most generic companies – is expected record a CAGR of 8.4% over 2015-21 to
reach a size of USD17b. This is largely due to the requirement of chemotherapy
drugs in biologic based therapies, as well as the relatively low cost of such drugs.
Also, biologics are complex in nature and take long time to develop. With less
consistency in launching these drugs, not many drugs are available yet in the
market. This scenario thus presents sustained business opportunities for
chemotherapy drug manufacturers.
Exhibit 10: Key oncology chemotherapy drugs
USD m
Pemetrexed
Paclitaxel
Capecitabine
Oxaliplatin
Docetaxel
Methotrexate
Doxorubicin
Gemcitabine
Irinotecan
Carboplatin
Epirubicin
Venorelbine
Cisplatin
Cytarabine
Etoposide
Topotecan
Vinciristine
Daunorubicin
Total
2015
2,599
2,086
1,060
1,060
1,049
958
581
536
445
274
228
148
103
91
80
57
34
11
11,400
2021E CAGR over 2015-21E
1,073
(13.7)
4,329
12.9
555
(10.2)
888
(2.9)
2,202
13.2
3,071
21.4
1,055
241
3,811
278
148
148
93
56
37
37
19
463
18,500
10.4
(12.5)
43.1
0.2
(6.9)
(0.0)
(1.7)
(7.9)
(12.0)
(6.9)
(9.7)
85.4
8.4
Source: Industry, MOSL
31 July 2017
10

Shilpa Medicare
CRAMS forms major share of current base business
At end-FY16, SLPA had three revenue streams: CRAMS, Onco-API and Non-Onco
APIs. CRAMS (~53%) accounted for majority of the company’s revenues in FY16,
followed by Onco APIs (~33%) and Non-Onco APIs (14%).
Exhibit 11: Segment-wise revenue breakdown (FY16)
Non Oncology API
14%
Oncology API
33%
CRAMS
53%
Source: Company, MOSL
JV with ICE ensures sustainability in CRAMS business
SLPA has been supplying Ursodeoxycholic acid (UDCA) to ICE. This business is mostly
conducted via the CRAMs segment currently, but is expected to shift gradually to
Raichem Medicare (JV with ICE).
Exhibit 12: We expect CRAMS revenue to grow at a moderate rate
53.9
34.3
25.5
15.0
10.0
4.9
FY18E
15.0
15.0
CRAMS (INR b)
YoY growth (%)
2.3
FY14
3.1
FY15
3.9
FY16
4.4
FY17
5.6
FY19E
6.4
FY20E
Source: MOSL
About UDCA
Ursodiol suppresses synthesis and secretion of cholesterol by the liver. It inhibits
intestinal absorption of cholesterol and is thus used to treat liver disorders. Since it
is found in small quantities in human beings, it is chemically synthesized using
animal bile.
SLPA, along with ICE, has formed a JV (Raichem Medicare) for setting up a
manufacturing facility for intermediates for Ursodiol. SLPA has invested INR1b in this
JV via equity, preference shares and loans & advances. The capacity of this facility is
about 400t/month. The existing business of supplying intermediates for Ursodiol to
ICE would be shifted to this JV. The current capacity for supplying intermediates for
Ursodiol to ICE is about 200t/month. Post shifting intermediates supply for Ursodiol
to the JV, the existing facility would be utilized for an alternate business. Installation
31 July 2017
11

Shilpa Medicare
of all machineries was completed in FY16. It has also obtained drug manufacturing
license, GMP certificate and consent from pollution control board for operating the
plant. Initially, intermediates for UDCA would be manufactured at SLPA’s site until
ICE gets an import license (expected to be received soon). In addition, the validation
batches for raw UDCA have been already exported, and registration of site with
PMDA-Japan has been done. New validation batches with improved process and
yields have been exported since November 2016.
There has been a strong CAGR of 20% over FY15-17 in sales of intermediates for
Ursodiol due to the shift of manufacturing by ICE to SLPA’s site. Thus, growth was
largely led by volumes rather than price. We expect sales CAGR of 15% due to a high
base of past year and moderate industry growth of 7-8% over next 2-3 years.
Non-Onco APIs to witness moderate growth over medium term
The primary product for SLPA in Non-Onco is Ambroxol. Non-Onco APIs formed 14%
of sales in FY16. With an already strong share of ~60% in Europe, we expect growth
in the company’s Non-Onco segment to remain moderate. Ambroxol is a secretolytic
agent used in the treatment of respiratory diseases associated with viscid or
excessive mucus.
Exhibit 13: Strong market share provides limited growth in non-onco segment
53.9
Non Oncology API (INR b)
YoY growth (%)
7.5
-19.4
1.1
FY14
0.9
FY15
1.0
FY16
9.0
8.0
12.0
12.0
1.1
FY17
1.2
FY18E
1.3
FY19E
1.5
FY20E
Source: MOSL
Manufacturing facilities
Exhibit 14: Facilities details
API plants
Location
Remarks
Raichur Unit I, India For Onco/Non-Onco APIs and CRAMS, with capability from gram to kilo level
Raichur Unit II, India 100% EOU API unit
Capacity to produce kilo to ton quantities of APIs, intermediates, re-agents,
Austria
diagnostics and controlled substances
Formulation plants
Location
Remarks
Jadcherla, India
Capability to manufacture oral solid, tablets and capsules as well as injectables
To manufacture oral fast-moving dissolving thin strip dosage form of drugs using
Cherlapally, India
fast disintegration technology
Source: MOSL, Company
31 July 2017
12

Shilpa Medicare
Small investments which may reap benefit over long term
Exhibit 15: Details of investment in subsidiaries
Name of subsidiary
INM Technologies
Shilpa Therapeutics
Makindus
MAIA Pharma
Total
% stake
75.0
67.9
55.8
34.8
First year of
Amount
investment invested (FY16)
FY15
FY12
FY14
FY14
165
75
108
93
441
Source: MOSL, Company
Sales
-
24.5
-
29.6
PAT/ (Loss)
-
(10.1)
(71.2)
(9.7)
INM Technologies:
Through this subsidiary, SLPA intends to develop products using
nanotechnology. A facility for synthesis, characterization and analytical testing for
nano-products, and trained manpower for process design/monitoring, have been
established. INM Technologies is working on dental products with new formulation
to avoid toxicity of existing filling material, dental hemostatic gels formulation with
enhanced blood clotting, immediate release of drug, and temporary filling materials
based on nano zinc oxide formulation for improved efficacy. The launch of these
products is likely in 1QFY18, starting with India and then in other geographies as
well.
INM Technologies is also working on dosage forms in ophthalmics, NDDS, SR oral
thin film, parenteral and dermatology. The products are under various stages of
development. Specifically, confirmative animal studies are going on for select
formulations, and a few ophthalmic formulations are planned to scale up using
contract manufacturing facilities.
Shilpa Therapeutics:
This subsidiary is focused on the development and
commercialization of novel drug delivery systems. It has commercialized
prescription products on oral thin strips/films in India. The first product from this
entity is Ondansetron – oral disintegrating strips. In addition, Shilpa is in the process
of getting approvals from regulatory agencies of Kenya, Uganda and several other
countries.
MAIA Pharmaceuticals:
MAIA product pipeline consists of 15 niche generic and
proprietary pharmaceutical products focused on the US, Canada and Europe. Until
end-FY16, SLPA had invested INR92.8m in this entity where it has a stake of 34.8%.
Recently MAIA got ANDA approval for Sodium Benzoate-Sodium Phenylacetate.
Koanaa Healthcare:
Through Koanaa Healthcare (a wholly owned subsidiary), SLPA
would be selling oncology products in Europe. The company would start with
Austrian and German markets before exploring other European markets. SLPA will
have its own commercial team in these markets. It would also have partnerships
with other pharma companies in regions like northern Europe, CEE and Benelux and
South Europe.
31 July 2017
13

Shilpa Medicare
Loba Feinchemie:
Loba Feinchemie was acquired in FY08. Loba provides specialty
APIs, organic intermediates, biochemical diagnostics and CRAMS. The yearly run-
rate of revenue has been stable at ~INR400m. There has been inflow of cash from
this business from FY15. This is based on improved efficiency in manufacturing
operations.
Makindus Inc.:
Through Makindus, SLPA has focused on ophthalmology and rare
diseases. Specifically, MI-100 is a novel ophthalmic formulation for legacy
compound being developed for the Stargardt disease. This subsidiary intends to file
NDA in 4Q2018 through the 505(b)(2) route. Makindus is in discussion with few
companies for financial support for phase 3 clinical trials.
Navya Biologicals:
In June 2016, the board of directors of SLPA approved the
amalgamation Navya Biologicals. The process would be completed soon. The
consideration for the acquisition is through issue of 1.4m equity shares of SLPA to
the shareholders of Navya Biologicals upon implementation of the proposed
scheme.
Navya Biologicals is engaged in the development of bio-pharmaceuticals, with a
focus on products in Oncology, Auto-immune disease, Ophthalmology and
Nephrology for itself as well as for innovators.
Exhibit 16: Navya’s product pipeline
S. No Molecule
1
2
3
4
5
6
7
8
9
10
11
NAV-003
NAV-013
NAV-012
NAV-001
NAV-002
NAV-004
NAV-010
NAV-008
NAV-009
NAV-005
NAV-007
Indication
CKD, IBD, MDp
Infertility
MI
AI Disoders
AI Disoders
Oncology
AI Disorders
Oncology, AMD
AI Disorders, OT
rHSA
Oncology
Source: MOSL, Company
Early Tech dvpt
Late Tech dvpt
Preclinical Studies
Human Clinical
Studies
Commercialised
Navya recorded sales of INR39.5m and PAT of INR7.7m in FY16, largely from its
product - Navalbumin. With this amalgamation, SLPA intend to make strides in the
biosimilar space.
Although the potential benefit from the investment could be considerable, overall
investment has been low and marginally impacting financial leverage of the
company.
31 July 2017
14

Shilpa Medicare
Return ratios set to improve
SLPA’s revenues have grown at a CAGR of 19% over last five years, from INR3.2b to
INR7.8b. As seen in the chart below, YoY growth in FY15 and FY16 was lower than
the five-year average, mainly due to temporary disruption in supplies in Onco and
Non-Onco APIs. We, however, note that CRAMS’ growth rate was better than the
company’s five-year average growth.
Exhibit 17: We expect trajectory of revenue growth to remain on uptrend over 2-3 years
52.9
Net revenues (INR b)
Revenue growth (%)
36.3
17.1
7.1
8.1
31.3
19.8
5.8
FY14
6.2
FY15
7.3
FY16
7.8
FY17
10.7
FY18E
14.0
FY19E
16.8
FY20E
Source: Company, MOSL
The gross margin expanded from 44% in FY11 to 49% at end-FY16. It was stable at
49% in 1HFY17. We expect the gross margin to improve from 4QFY17 as it would
include sales of Capecitabine and Azacitidine (relatively high-margin products
compared to the overall portfolio) to the US market. With more approvals and
increased business to the US market, we expect the gross margin to improve 310bp
over FY16-19.
Exhibit 18: Higher formulation sales to lead to better margins
EBITDA Margin
45.6
47.6
49.3
52.5
Gross Margin
50.5
53.0
54.0
3.4
2.6
1.6
20.1
FY14
20.8
FY15
21.4
22.4
23.0
25.0
26.0
95
FY16
FY17
FY18E
FY19E
FY20E
FY14
159
FY15
245
FY16
274
FY17
481
FY18E
772
FY19E
925
FY20E
3.5
Exhibit 19: Higher R&D spent toward building US pipeline
R&D expenses
As a % of sales
5.5
4.5
5.5
Source: Company, MOSL
Source: Company, MOSL
Although the gross margin expanded over FY12-17 by 914bps, the EBITDA margin
increased by 351bp from 19.1% to 22.4%, largely due to higher employee cost,
increase in R&D expense and higher other expenses. Increase in fixed cost
associated with a delay in utilization of the new facility, coupled with continued
spends on product development, led to a contraction in the EBITDA margin over
past five years. Commencement of commercial production for already approved
products and then of newer products post approval should also offer support.
31 July 2017
15

Shilpa Medicare
Despite improved operating efficiency, we expect the EBITDA margin to expand at a
lower rate than the gross margin due to higher R&D spending for future product
development.
PAT has grown at a rate lower to EBITDA due to increase in the effective tax rate
from 14.8% in FY11 to 28.7% in FY16.
Exhibit 20: We expect strong EPS growth as quantum of US formulation business increases
63.9
EPS (Rs/share)
43.3
Growth (%)
44.2
25.2
9.7
13.2
6.2
14.0
FY16
FY17
FY18E
FY19E
FY20E
21.1
30.4
38.1
50.5
9.2
-5.4
FY14
FY15
Source: Company, MOSL
At end-FY16, SLPA had gross block of INR7.5b, with almost 56% of assets added over
past three years. The company has envisaged capex of INR4.5b for next two years.
Capex would comprise capacity expansion at Jadherla (~INR1.5b), Raichur
(~INR500m), R&D, Vizag (~INR500m) and also significant investment of INR1.5b in
biosimilars.
Exhibit 21: Capex (INR m)
CAPEX (INR mn)
1,495
1,191
1,539
1,300
1,500
1,750
1,500
FY14
FY15
FY16
FY17
FY18E
FY19E
FY20E
Source: Company, MOSL
There has been deterioration in RoCE and RoE over past five years. This is mainly
because of the delay in entering the US market due to regulatory hurdles, leading to
lower asset turnover. RoE dropped from 30% in FY11 to 17.7% in FY16. With
regulatory issues resolved and product approvals kicking in, we expect commercial
production to pick up from 4QFY17, facilitating return ratio improvement. We
expect RoEs to improve from 14.4% in FY17 to 21% in FY19.
31 July 2017
16

Shilpa Medicare
Exhibit 22: Better asset utilization to drive return ratios
21.7
15.6
15.5
11.4
17.8
14.4
13.6
RoE (%)
RoCE (%)
17.0
16.4
11.5
12.9
18.0
20.4
21.0
FY14
FY15
FY16
FY17
FY18E
FY19E
FY20E
Source: Company, MOSL
Exhibit 23: Revenue may reduce due to shift of some CRAMS business to JV, however, it
would not impact total profits (INR m)
Proforma Financials
Custom Synthesis (Non Onco)
Oncology API
Non Oncology API
Onco to US market
Sales post transfer of CRAMS revenue to JV
EBITDA Margin (%)
EBITDA (INR m)
PAT
SLPA's share of Revenue from JV
EBITDA Margin (%)
EBITDA (INR m)
PAT from JV business
Total PAT including profit from JV business
FY17
3,631
2,776
1,079
250
7,736
21.0
1,625
1,083
798
16.3
129.85
40
1,123
FY18E
2,872
3,359
1,187
1,536
8,682
23.3
2,023
1,346
2,000
21.6
434
314
1,660
FY19E
2,500
3,793
1,305
3,327
10,925
24.5
2,677
1,912
3,103
26.8
830
510
2,422
FY20E
2,750
4,855
1,462
4,050
13,116
25.5
3,345
2,427
3,693
27.8
1,026
624
3,055
With some CRAMS business getting shifted to JV (with ICE), there would be
reduction in revenue as per accounting norms. However, this would not have impact
on PAT as profit from JV would be added to profit from other business.
31 July 2017
17

Shilpa Medicare
Sensitivity analysis implies limited downside from current
levels
In our base case, we factor in revenue and PAT CAGR of 29% and 41% over FY17-
20 to INR16.8b and INR3b, respectively, led by improving business from the EU
and US markets. With increased business from limited-competition products in
the US, we expect the EBITDA margin to expand by 260bp over the same period.
In our bear case, sales and PAT CAGR would reduce to 20%, led by lesser
business from already approved products and delays in new approvals.
Accordingly, FY19E EPS would be INR26.4 and the price target would be INR583,
implying limited downside.
In our bull case, sales and PAT CAGR would be 37% and 42% to INR18.3b and
INR3.1b, respectively, led by increased number of approvals and subsequent
launches, resulting in strong business from the US market. Accordingly, FY19E
EPS would be INR39 and the price target would be Rs1,066, implying upside of
64.8% from current levels.
Exhibit 24: Sensitivity analysis
Sensitivity Analysis
Revenue
EBITDA
EBITDA margin (%)
PBT
Tax rate (%)
PAT
EPS
Multiple
12m Fwd Target price
% Return
Bear Case
14,387
3,338
23.2
2,756
25.0
2,036
26.4
21.0
583
(9.9)
Base Case
14,028
3,507
25
3,162
23.0
2,435
30.4
25.0
805
24.4
Bull Case
18,387
4,633
25.2
4,051
25.0
3,008
39.0
27.0
1,066
64.8
Source: Company, MOSL
31 July 2017
18

Shilpa Medicare
We expect premium valuation to sustain for SLPA
The five-year average P/E has been 21x for SLPA, higher than mid-cap pharma
P/E of 16-20x one-year forward earnings.
Over the past year, the business scenario has been muted for peers, mainly due
to the delay in resolving regulatory issues and pricing pressure on the base
business, mainly in the US market. This has also resulted in de-rating of many
pharma companies as the US has been a focus market for superior growth in
sales and profitability. However, SLPA is better positioned as it has USFDA
clearance in place.
In addition, SLPA has built a strong product pipeline, mainly in oncology space
where products are relatively complex and face low competition. We expect US
sales to grow from INR250m in FY17E to INR3.3b by FY19E. Accordingly, we
expect PAT to increase 2.2x over FY17-19E. The pipeline for the US market has
products with potential to drive YoY US revenue growth of ~51% in FY20.
RoCE appears muted currently, largely due to lower utilization of its formulation
facility. However, with a few product approvals in place and a healthy product
pipeline, we expect RoCE to improve from 13.6% in FY16 to 16.4% by FY19.
Also, for expected YoY earnings growth of 50%/44% in FY18/FY19, PEG is
0.45x/0.65x, implying that the stock is attractive at current levels.
Accordingly, we value SLPA at 25x 12M forward earnings, implying a 29%
premium to its five-year average P/E.
We expect sales, EBITDA and PAT CAGR of 29%, 36% and 41% to INR16.8b,
INR4.3b and INR3b, respectively over FY17-20E. Assuming PAT growth and
improving return ratios, we value SLPA at 25x 12M forward earnings to arrive at
a price target of INR805.
Delay in approval for products in respective markets.
Longer-than-expected time taken to execute in terms of manufacturing and
selling.
Higher-than-expected competition in its key products.
Untoward outcome of future regulatory inspections may have an impact on
existing business and/or future product approvals as it has only one formulation
facility for the US market.
EBITDA margin (%)
FY17 FY18E FY19E
22.4
23.0
25.0
34.9
34.7
34.2
14.6
16.1
16.7
33.1
37.5
28.1
11.8
13.4
14.2
19.7
18.0
19.5
24.1
24.0
25.5
20.8
21.6
22.4
PAT
FY18E
1,689
5,848
996
5,956
1,552
3,856
6,219
2,075
P/E (x)
FY18E FY19E
30.7
21.3
21.3
17.7
18.6
14.5
34.8
27.5
15.5
12.4
26.5
21.3
38.5
27.7
16.8
11.9
EV/EBITDA (x)
FY17 FY18E FY19E
30.5
21.9
15.4
17.8
15.7
12.8
13.0
10.3
8.7
25.2
21.8
17.7
14.0
10.3
8.4
16.6
16.9
13.8
26.2
21.5
16.1
11.7
9.0
6.6
Source: Bloomberg, MOSL
Key risks
Exhibit 25: Peer comparison (INR m)
Shilpa
Ajanta
Indoco
Natco
Unichem
Alembic
Biocon
Granules
FY17
7,836
20,020
10,694
20,650
15,195
31,013
38,760
14,353
Sales
FY18E
10,682
22,554
12,274
25,978
18,043
32,535
47,806
17,051
FY19E
14,028
27,428
14,073
23,841
20,683
37,242
59,271
23,390
FY17
1,123
5,168
771
4,860
1,087
4,068
6,118
1,654
FY19E
2,435
7,037
1,274
4,161
1,946
4,810
8,629
2,926
FY17
46.2
24.1
24.0
35.3
22.3
25.1
39.1
19.0
31 July 2017
19

Shilpa Medicare
About Shilpa Medicare
SLPA has been involved in the manufacture of active pharmaceutical ingredients
(APIs) since 1987. Over the period of time, it has shifted its focus toward
creating a niche in pharmaceutical manufacturing. In the process, it has
developed strong capability in manufacturing oncology APIs and formulations.
Besides this, SLPA is investing in novel drug delivery systems (NDDS) and
biotechnology.
Key personnel at SLPA
Vishnukant Bhutada – Managing Director
Mr Bhutada has vast and diverse business experience of API and intermediates. He
leads the core business and functional teams that accelerate growth and
performance by innovating affordable solutions at Shilpa Medicare Group of
Companies. He is the key decision maker, and is responsible for successful API and
generics formulation strategies.
Dr. Vimal Kumar Shrawat – Chief Operating Officer
Dr. Shrawat by qualification holds degrees of M.Sc (Organic Chemistry), Ph.D. (from
Delhi University) and joined SLPA in 2009. He has vast experience of more than 25
years of working in large pharma industries like Ranbaxy, Fresenius Kabi Oncology,
spanning across activities of R&D, Pilot and Plant Productions, QA/QC,
Administration, CRAMS, Project management etc. Presently, Dr. Shrawat is
spearheading the entire Operations of Shilpa Medicare. His keen interest and
consistent efforts for R&D has led him to become one of key contributor in large
number of Patent applications of SLPA.
Prashant Purohit – Vice President, Chemical R&D
His vast experience of nearly 35 years in R&D/production in the pharmaceuticals
industry has consistently enriched the portfolio of SLPA. He is one of the key
contributors in a large number of patent/applications of SLPA. Mr Purohit holds
M.Sc. (Organic Chemistry) and Diploma in Business Management. He has been
associated with SLPA since 1996.
R K Somani – Vice President, Formulation business development
Mr. Somani is one of the key drivers of formulation business besides handling
various key contract businesses of advanced Oncology/ Non-Oncology APIs. He is
known for successfully building a formulations portfolio and spearheading the
generic sales operation. By qualification, he is CA and also holds diploma in central
excise. He has overall experience of 21 years in the field of pharmaceuticals.
Dr. Seshachalam – Vice President, Quality and Regulatory affairs
Dr. Seshachalam has been instrumental in SLPA’s efforts to achieve recognition of
different authorities. His contribution in successful inspection and audit by various
regulatory authorities is one of the core strengths to the organization’s aims and
objectives. He holds M.Sc. (Chemistry) and Ph.D (Chemistry). He joined SLPA in
2008.
31 July 2017
20

Shilpa Medicare
Financials and Valuations
Income Statement
Y/E March
Total income from Operations
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT before EO Exp.
EO items
PBT after EO Exp.
Current Tax
Deffered Tax
Tax Rate (%)
LesS: Minority interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY13
3,784
686
18.1
153
533
23
61
571
-1
570
83
12
16.7
0
475
476
16.7
12.5
FY13
49
3,155
3,204
87
209
1,157
4,658
1,756
52
1,291
507
1,909
743
418
169
433
146
856
513
234
110
1,053
0
4,658
FY14
5,785
1,160
20.1
232
928
35
91
984
-29
955
153
50
20.6
-5
757
780
63.9
13.1
FY14
74
3,891
3,964
100
259
989
5,313
2,814
131
1,110
105
2,618
1,233
680
92
599
16
1,465
930
382
153
1,153
0
5,313
FY15
6,195
1,286
20.8
214
1,072
41
48
1,080
-1
1,078
233
119
32.6
-11
737
738
(5.4)
11.9
FY15
77
5,392
5,469
144
378
1,631
7,622
2,984
177
2,216
657
3,012
1,308
814
184
666
40
1,423
755
493
175
1,588
0
7,622
FY16
7,251
1,554
21.4
286
1,267
69
46
1,245
-24
1,221
255
-21
18.8
-51
1,038
1,057
43.3
14.3
FY16
77
6,316
6,393
23
510
821
7,747
3,828
89
916
1,361
3,099
1,342
1,254
109
206
187
1,562
1,007
365
190
1,537
14
7,747
FY17
7,836
1,754
22.4
300
1,454
27
180
1,556
-45
1,511
447
0
28.7
-27
1,091
1,123
6.2
13.9
FY17
80
9,082
9,162
-24
618
2,395
12,151
4,327
98
897
3,240
5,166
1,898
1,709
965
257
337
1,607
1,112
286
209
3,559
0
12,151
FY18E
10,682
2,457
23.0
362
2,095
81
180
2,194
0
2,194
505
0
23.0
0
1,689
1,689
50.5
15.8
FY18E
80
10,681
10,761
-24
618
2,395
13,749
5,383
98
897
3,240
6,387
2,567
2,330
672
350
468
2,256
1,581
389
285
4,131
0
13,749
FY19E
14,028
3,507
25.0
443
3,064
81
180
3,162
0
3,162
727
0
23.0
0
2,435
2,435
32.8
17.4
FY19E
80
12,986
13,066
-24
618
2,395
16,055
6,690
98
897
3,240
7,987
3,283
3,060
553
460
631
2,857
1,972
511
374
5,130
0
16,055
(INR Million)
FY20E
16,810
4,371
26.0
525
3,846
66
180
3,960
0
3,960
911
0
23.0
0
3,049
3,049
25.2
18.1
Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Deferred Tax Liabilities
Total Loans
Capital Employed
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
Curr. Assets, Loans & Adv
Inventory
Account Receivables
Cash and Bank Balances
Loans and Adances
Other Current Assets
Curr. Liability and Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Deferred tax Assets
Appl.of Funds
(INR Million)
FY20E
80
15,872
15,952
-24
618
1,395
17,941
7,666
98
897
3,240
9,414
3,882
3,667
462
551
852
3,374
2,312
613
449
6,040
0
17,941
31 July 2017
21

Shilpa Medicare
Financials and Valuations
Ratios
Y/E March
(INR)
EPS
Cash EPS
BV/ Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/ EBITDA
Dividend Yield (%)
FCF per Share
Return Ratios (%)
ROE
ROCE
Working Capital Ratios
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratios (x)
Current Ratio
Interest Coverage Ratio
Debt/Equity
FY13
5.9
12.8
65.3
0.6
11.0
FY14
9.7
13.8
53.9
0.5
5.4
FY15
9.2
12.3
70.9
0.5
6.0
FY16
13.2
17.4
82.9
0.6
4.5
49.4
37.4
7.9
7.1
33.0
0.1
(3.0)
15.9
11.9
83.5
39.7
63.6
2.7
23.5
0.4
FY13
570
153
(4)
(110)
(139)
471
(34)
437
(1,025)
(588)
177
(104)
(952)
4
666
(25)
(22)
41
663
148
23
169
21.7
15.5
78.0
34.6
56.9
1.7
26.3
0.3
FY14
955
232
(14)
(216)
(234)
723
(22)
701
(1,086)
(386)
429
168
(489)
-
(213)
(37)
(33)
(283)
(72)
169
92
15.6
11.4
94.5
44.0
62.6
2.5
26.5
0.3
FY15
1,078
214
(17)
(254)
(401)
621
67
688
(1,428)
(740)
(550)
26
(1,951)
814
586
(45)
(37)
44
1,362
99
92
184
17.8
13.6
84.9
52.0
56.4
2.5
18.5
0.2
FY16
1,221
286
(5)
(316)
74
1,261
68
1,329
(1,568)
(239)
149
5
(1,414)
-
197
(106)
(54)
4
41
(44)
184
159
FY17E
14.0
17.8
114.4
0.6
4.3
46.2
36.4
5.7
6.8
30.5
0.1
(10.1)
14.4
11.5
97.2
69.0
63.6
5.1
54.1
0.3
FY17
1,511
300
(447)
(1,357)
7
7
(816)
(809)
(1,581)
-
(2,397)
1,720
1,537
(58)
47
3,246
856
109
965
FY18E
21.1
25.6
134.3
0.9
4.5
30.7
25.3
4.8
5.0
21.9
0.1
(2.5)
17.0
12.9
99.1
69.0
59.8
4.2
25.8
0.3
FY18E
2,194
362
(505)
(865)
1,186
1,186
(1,389)
(203)
-
-
(1,389)
-
-
(90)
FY19E
30.4
35.9
163.1
1.4
4.5
21.3
18.1
4.0
3.8
15.4
0.2
3.0
20.4
16.4
101.5
70.1
61.6
4.0
37.8
0.2
FY19E
3,162
443
(727)
(1,118)
1,761
1,761
(1,750)
11
-
-
(1,750)
-
-
(130)
FY20E
38.1
44.6
199.1
1.7
4.5
17.0
14.5
3.2
3.2
12.1
0.3
13.4
21.0
18.0
105.1
73.0
62.8
3.8
58.1
0.1
Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
(Interest received)
Direct Tax Paid
(Inc)/ Dec in WC
CF from Operations
Others
CF from Operating incl EO
(Inc)/ Dec in FA
Free Cash Flow
(Pur)/ Sale of Investments
Others
CF from Investments
Issue of Shares
Inc / (Dec) in debt
Dividend Paid
Interest paid
Others
CF from financial activity
Inc / (Dec) in Cash
Opening Balance
Closing Balance
(INR Million)
FY20E
3,960
525
(911)
(1,001)
2,572
2,572
(1,500)
1,072
-
-
(1,500)
7
(1,000)
(163)
(7)
(1,163)
(91)
553
462
(90)
(293)
965
672
(130)
(120)
672
553
31 July 2017
22

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
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Disclosures:
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NTPC
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Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
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management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
Disclosure of Interest Statement
Analyst ownership of the stock
Shilpa Medicare
No
31 July 2017
6