Shaily Engineering Plastics Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Shaily Engineering Plastics Ltd filed with BSE on 27 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shaily Engineering Plastics reported Q4 FY26 revenue of Rs 237 crore, up 9% year-on-year, with EBITDA of Rs 69 crore and PAT of Rs 40 crore. The Healthcare segment revenue doubled in the quarter and grew 139% for the full year to Rs 393 crore, while the Consumer segment declined 9% for FY26 on weaker demand from Europe and the US. Management also announced commercial launches of Semaglutide pen injectors in Canada and India, a new semiconductor tray supply agreement with a Korean company, and commencement of commercial supplies to a consumer electronics customer.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: Rs 237 crores (Q4 FY26)
p. 5
“Revenue stood at INR237 crores as compared to INR218 crores during Q4 FY '25, a growth of 9% year-on year.”
Sanjay Shah, page 5 of the filed PDF · View the filing
EBITDA: Rs 69 crores (Q4 FY26)
p. 5
“EBITDA stood at INR69 crores as compared to INR55 crores in Q4 FY '25 a growth of 27% year on year.”
Sanjay Shah, page 5 of the filed PDF · View the filing
EBITDA margin: 29.3% (Q4 FY26)
p. 5
“EBITDA margin stood at 29.3%, an increase of 420 bps Q4 FY '25.”
Sanjay Shah, page 5 of the filed PDF · View the filing
PAT: Rs 40 crores (Q4 FY26)
p. 5
“PAT stood at INR40 crores as compared to INR29 crores during Q4 FY '25, a growth of 40% year-on-year.”
Sanjay Shah, page 5 of the filed PDF · View the filing
PAT margin: 17.0% (Q4 FY26)
p. 5
“PAT margins stood at 17.0%, an increase of 390 bps over Q4 FY '25.”
Sanjay Shah, page 5 of the filed PDF · View the filing
Healthcare segment revenue: Rs 393 crores (FY26)
p. 5
“For the full year, healthcare revenue surged 139% to INR393 crores, contributing 40% of our consolidated revenue, up from 21% in FY '25.”
Amit Sanghvi, page 5 of the filed PDF · View the filing
Consumer segment revenue: Rs 511 crores (FY26)
p. 5
“For the full year, consumer revenues were at INR511 crores, down 9%.”
Amit Sanghvi, page 5 of the filed PDF · View the filing
Industrial segment revenue: Rs 87 crores (FY26)
p. 5
“For the full year, industrial revenues grew 41% to INR87 crores.”
Amit Sanghvi, page 5 of the filed PDF · View the filing
Revenue: Rs 991 crores (FY26)
p. 6
“Revenue stood at INR991 crores as compared to INR787 crores during FY '25, a growth of 26% year-on-year.”
Sanjay Shah, page 6 of the filed PDF · View the filing
EBITDA: Rs 288 crores (FY26)
p. 6
“EBITDA stood at INR288 crores as compared to INR178 crores during FY '25, reflecting a growth of 61% on a Y-o-Y basis.”
Sanjay Shah, page 6 of the filed PDF · View the filing
EBITDA margin: 29.0% (FY26)
p. 6
“EBITDA margins stood at 29.0%, an increase of 630 bps over FY '25.”
Sanjay Shah, page 6 of the filed PDF · View the filing
PAT: Rs 170 crores (FY26)
p. 6
“PAT stood at INR170 crores as compared to INR93 crores during FY '25, a growth of 83% year-on-year.”
Sanjay Shah, page 6 of the filed PDF · View the filing
Cash PAT: Rs 219 crores (FY26)
p. 6
“Cash PAT for FY26 was reported at INR219 crores as compared to INR135 crores during FY '25, a growth of 62% year-on-year.”
Sanjay Shah, page 6 of the filed PDF · View the filing
ROCE: 35.8% (FY26)
p. 6
“Our ROCE and ROE stood at 35.8% and 26.9%, respectively, as on 31st March 2026.”
Sanjay Shah, page 6 of the filed PDF · View the filing
Debt to equity: 0.3x (FY26)
p. 6
“Our debt to equity stood at 0.3x and our fixed asset turnover ratio stood at 1.7x as on 31st March 2026.”
Sanjay Shah, page 6 of the filed PDF · View the filing
Machine utilization: 47.6% (FY26)
p. 5
“Machine utilization improved to 47.6% in FY '26 compared to 42.2% last year.”
Sanjay Shah, page 5 of the filed PDF · View the filing
Exports share of revenue: 68% (FY26)
p. 5
“Exports continue to remain strong and contributed around 68% of our revenue in FY '26.”
Sanjay Shah, page 5 of the filed PDF · View the filing
Pen device volumes: 23.3 million to 23.5 million devices (FY26)
p. 8
“I remember the last time I saw them, they're in the range of 23.3 million or 23.5 million devices.”
Amit Sanghvi, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Semaglutide line capacity utilization — 65 to 67 parts per minute, combined capacity of 40-42 million pens · by end of the year
stated as an aspiration by Amit Sanghvi
p. 7
“what our target is that by the end of the year, both lines should be able to produce at 65 to 67 parts per minute effectively, which gives us a combined capacity of both these 2 new lines of around 40 million to 42 million pens combined.”
Amit Sanghvi, page 7 of the filed PDF · View the filing
Pen capacity from new lines — 35 million to 40 million pens · end of FY28
stated as an aspiration by Amit Sanghvi
p. 9
“By FY28, I think what we're targeting is 35 million to 40 million pens from that capacity should more or less be in supply by end of FY28.”
Amit Sanghvi, page 9 of the filed PDF · View the filing
Semiconductor tray supplies start — Q4 of the current financial year
stated firmly by Sanjay Shah
p. 7
“Quarter 4 of the current financial year.”
Sanjay Shah, page 7 of the filed PDF · View the filing
Southern plant capex for consumer electronics — around Rs 100 crores initial capex
stated conditionally by Sanjay Shah
p. 9
“our estimate is we will need an initial capex of somewhere around INR100 crores when we set up the plant.”
Sanjay Shah, page 9 of the filed PDF · View the filing
Eye-applicator commercialization — current financial year
stated firmly by Amit Sanghvi
p. 9
“we have factored the commercialization of the eye-applicator in the current financial year.”
Amit Sanghvi, page 9 of the filed PDF · View the filing
Pen volumes for FY27 — 36 million pens · FY27
stated conditionally by Amit Sanghvi
p. 12
“our projections are, what, 36 million pens this year, roughly 50 next year.”
Amit Sanghvi, page 12 of the filed PDF · View the filing
EBITDA margins
stated as an aspiration by Sanjay Shah
p. 12
“margins will be sustainable and we see margins improving.”
Sanjay Shah, page 12 of the filed PDF · View the filing
Rejection rate on pen injector line
stated as an aspiration by Amit Sanghvi
p. 15
“it's not an impossible task. So it's just a matter of time.”
Amit Sanghvi, page 15 of the filed PDF · View the filing
Investment cycle timeline for new capacity — 18 to 24 months
stated firmly by Amit Sanghvi
p. 15
“I think we need to look at 18 to 24 months now.”
Amit Sanghvi, page 15 of the filed PDF · View the filing
Hiring for consumer electronics and semiconductor teams — Q1 next FY through September, October next year
stated firmly by Amit Sanghvi
p. 15
“hiring will begin towards maybe Q1 next FY all the way into September, October next year.”
Amit Sanghvi, page 15 of the filed PDF · View the filing
Brazil regulatory approval — end of this month or end of next month
stated conditionally by Amit Sanghvi
p. 13
“Brazil, we are expecting very soon. I don't know if soon means end of this month, end of next month, but somewhere Brazil should come in.”
Amit Sanghvi, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Yes, customers are asking for more and the company is installing capacity to meet demand.
Answered by Amit Sanghvi
Asked by Shaleen Kumar: Are healthcare customers asking for more product following Semaglutide launches?
p. 6
“Given only 2 launches in Canada, we are asked for more product. And we're doing what we can to install more capacity as fast as we can to supply that product.”
Amit Sanghvi, page 6 of the filed PDF · View the filing
Supplies will currently go to OSAT players in India, with a possibility of exports later.
Answered by Sanjay Shah
Asked by Harshh Shah: How should investors think about the semiconductor client's supply model - fab vs OSAT, domestic vs export?
p. 7
“it will basically go to the OSAT players currently. Eventually, when fabs get set up in India, it will also go to the fab player.”
Sanjay Shah, page 7 of the filed PDF · View the filing
Actual volumes were lower than guided, around 23.3-23.5 million devices, due to capacity constraints.
Answered by Amit Sanghvi
Asked by Akhil Parekh: What was the actual pen volume achieved in FY26 versus the earlier guided 25-26 million?
p. 8
“they're a little lower than what we had said and primarily because our capacities are not able to produce what we had projected.”
Amit Sanghvi, page 8 of the filed PDF · View the filing
Margins will be weak until scale is achieved due to high fixed overheads in a technically challenging environment.
Answered by Amit Sanghvi
Asked by Bhavin Rupani: How should margins, ROCE and capex for the consumer electronics business be viewed?
p. 9
“consumer electronics is going to go through a cycle. Maybe the ramp-up will be a lot faster, but it will go through a cycle where until you have a certain amount of scale, you will not be able to see great margins.”
Amit Sanghvi, page 9 of the filed PDF · View the filing
A full development program taking 24-36 months and significant cost, likely 70-80% of the original program cost.
Answered by Amit Sanghvi
Asked by Dhruv Sitlani: What is the entry barrier and cost for a new supplier to enter drug device filings in Canada?
p. 10
“nothing less than 24 to 36 months.”
Amit Sanghvi, page 10 of the filed PDF · View the filing
Management confirmed a risk exists if the company cannot supply enough.
Answered by Amit Sanghvi
Asked by Dhwanil Desai: Will supply to Canadian customers be at risk if production ramp-up faces bottlenecks?
p. 11
“If we can't supply enough, then there is a risk, right?”
Amit Sanghvi, page 11 of the filed PDF · View the filing
Rejection rate has fallen substantially to 8% though line speed remains below target.
Answered by Amit Sanghvi
Asked by Aman Thadani: What is the current rejection rate on the pen injector manufacturing line?
p. 15
“Rejection has come down to 8% on the line and the speed has also gone up”
Amit Sanghvi, page 15 of the filed PDF · View the filing
Weak demand in the US, Europe and Middle East order cancellations drove the decline, with recovery tied to global conditions.
Answered by Sanjay Shah
Asked by Shrenik Mehta: What is driving the consumer segment decline and when might it recover?
p. 18
“In Q4, we also saw some cancellation of orders or something from Middle East because of the war happening there.”
Sanjay Shah, page 18 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions impacting freight movement, supply chains and input costs
p. 3
“The quarter has witnessed heightened geopolitical uncertainty, particularly due to ongoing tensions across global trade corridors, which impacted freight movement, supply chain and input cost dynamics.”
Amit Sanghvi, page 3 of the filed PDF · View the filing
Raw material price inflation and logistical disruptions on export routes
p. 3
“For the plastics and polymer industry, this translated into raw material price inflation and selective logistical disruptions across certain export routes.”
Amit Sanghvi, page 3 of the filed PDF · View the filing
Weaker demand for home furnishings in Europe and US impacting Consumer segment
p. 5
“The Consumer segment unfortunately de-grew in Q4 '26, primarily reflecting weaker market demand for home furnishings across Europe and the U.S., our 2 largest export markets for this vertical.”
Amit Sanghvi, page 5 of the filed PDF · View the filing
Order cancellations from Middle East due to war
p. 18
“In Q4, we also saw some cancellation of orders or something from Middle East because of the war happening there.”
Sanjay Shah, page 18 of the filed PDF · View the filing
Risk to customer supply if production ramp-up faces bottlenecks
p. 11
“If we can't supply enough, then there is a risk, right?”
Amit Sanghvi, page 11 of the filed PDF · View the filing
Possible pressure on margins if competing chip tray manufacturers set up in India
p. 16
“Some of them might come and set up shop here, so then you would be basically be competing against them.”
Sanjay Shah, page 16 of the filed PDF · View the filing
Risk of failure to gain regulatory approval when adding new devices to filings
p. 10
“the risk of potential failure to get approval.”
Amit Sanghvi, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.