Buy Shilpa Medicare; target of Rs 797: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Shilpa Medicare

Shilpa Medicare (SLPA) was recently issued 10 observations in form 483 as part of the USFDA inspection at its Jadcherla formulation facility. Our interpretation of the form 483 indicates the resolution may take 3 -6 months. Although the observations appear to be product -specific, we believe SLPA will have to take a holistic approach in reviewing and strengthening procedures, particularly related to media fill, OOS and stability program. In our view, either product approvals or the receipt of EIR for this facility will be an indication of successful USFDA compliance.

Outlook

We would await resolution of the issues in form 483 to turn more constructive on the stock. We have Buy rating with a price target of INR797, based on 25x 12M forward earnings.For all recommendations report, click here

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