Shilchar Technologies Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Shilchar Technologies Ltd filed with BSE on 19 Aug 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
Shilchar Technologies reported Q1 FY27 revenue of Rs. 134.60 crores, EBITDA of Rs. 29.23 crores and profit after tax of Rs. 20.86 crores. Management attributed the softer quarter to elevated shipping costs from the West Asia crisis affecting export dispatches, and to delays in passing on raw material cost increases to domestic customers. Capacity utilization for the quarter was around 60-65%, and the company reported an order book of close to Rs. 500 crores split roughly 70% domestic and 30% export.
Numbers mentioned
Revenue from operations: Rs. 134.60 crores (Q1 FY27)
p. 3
“For Q1 FY27, Shilchar Technologies reported revenue for operation of Rs. 134.60 crores and EBITDA for the quarter stood at Rs. 29.23 crores.”
Alay Shah, page 3 of the filed PDF · View the filing
EBITDA: Rs. 29.23 crores (Q1 FY27)
p. 3
“For Q1 FY27, Shilchar Technologies reported revenue for operation of Rs. 134.60 crores and EBITDA for the quarter stood at Rs. 29.23 crores.”
Alay Shah, page 3 of the filed PDF · View the filing
Profit after tax: Rs. 20.86 crores (Q1 FY27)
p. 3
“The profit after tax stood at Rs. 20.86 crores.”
Alay Shah, page 3 of the filed PDF · View the filing
Order book: almost 500 crores (as of call date)
p. 6
“We have an order book of almost very close to 500 crores as of today.”
Alay Shah, page 6 of the filed PDF · View the filing
Order book split - export: 30% (as of call date)
p. 6
“I would say it's almost like 30% export and 70% domestic as of now.”
Alay Shah, page 6 of the filed PDF · View the filing
Capacity utilization: 60-65% (Q1 FY27)
p. 8
“No, in Q1 I think we did only around 60-65% of the capacity utilization.”
Alay Shah, page 8 of the filed PDF · View the filing
Revenue loss estimate from shipment delays: Rs 30-35 crores (Q1 FY27)
p. 5
“I mean, I would not like to put it as a revenue loss, but we could have done maybe around, you know, Rs 30-35 crores worth of revenue if this, you know, crisis would not have taken place.”
Alay Shah, page 5 of the filed PDF · View the filing
Margin difference between domestic and international clientele: about 10%
p. 11
“Again, it's difficult to say because, you know, our product is based on project-to-project, but I would say the difference is about 10%.”
Alay Shah, page 11 of the filed PDF · View the filing
Price pass-through on Q1/Q4 executed orders: 50-60% (Q1 FY27)
p. 5
“we could pass on, you know, probably I would say about 50-60% of the price rise to the customer.”
Alay Shah, page 5 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.
Revenue — Rs. 800 crores · FY27
stated firmly by Alay Shah
p. 5
“But like I said, once again I am repeating that for FY27, we are on track with, you know, whatever we have targeted in terms of the top line.”
Alay Shah, page 5 of the filed PDF · View the filing
Capacity utilization — almost full utilization of 7,500 MVA capacity · FY27
stated firmly by Alay Shah
p. 4
“Our annual outlook remains unchanged for FY27, and we expect to operate our existing 7,500 MVA capacity at almost full utilization.”
Alay Shah, page 4 of the filed PDF · View the filing
Phase-3 expansion commissioning — 6,500 MVA additional capacity · April 2027
stated firmly by Alay Shah
p. 4
“Our CAPEX project, our expansion Phase-3, which will add about 6,500 MVA capacity, remains on track for commissioning in April 2027.”
Alay Shah, page 4 of the filed PDF · View the filing
EBITDA margin — same profitability as previous years
stated conditionally by Alay Shah
p. 6
“Like I said earlier, if the situation becomes normal and if our exports come back online as for previous years, we are confident that we will be able to maintain the same profitability what we have done in previous years.”
Alay Shah, page 6 of the filed PDF · View the filing
Q2 business momentum — Q2 FY27
stated firmly by Alay Shah
p. 4
“Looking ahead, we expect overall business momentum to be notably better in Q2 compared to Q1, while exports may continue to see some impact from elevated shipping costs if the situation in West Asia remains unchanged.”
Alay Shah, page 4 of the filed PDF · View the filing
Margins for Q2/Q3 orders — Q2, Q3
stated as an aspiration by Alay Shah
p. 12
“Yes, it will be higher. I mean, we hope to achieve more EBITDA.”
Alay Shah, page 12 of the filed PDF · View the filing
Larger transformer prototyping — three to four months after production start
stated firmly by Alay Shah
p. 10
“Once we start production, it will be around three to four months.”
Alay Shah, page 10 of the filed PDF · View the filing
Further expansion beyond Phase-3
stated as an aspiration by Alay Shah
p. 7
“I would not like to say anything on the type of product or type of KV class or the capacity, but we are working on that and definitely once this expansion is completed or near completion, we will be planning something additional.”
Alay Shah, page 7 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.
Management said it would not call it a revenue loss but estimated roughly Rs 30-35 crores of revenue could have been achieved absent the crisis, and reaffirmed the FY27 top-line target remains on track.
Answered by Alay Shah
Asked by Venil Shah: Can management quantify the revenue loss from shipment delays and revisit the FY27 revenue guidance of Rs. 800 crores?
p. 5
“I mean, I would not like to put it as a revenue loss, but we could have done maybe around, you know, Rs 30-35 crores worth of revenue if this, you know, crisis would not have taken place.”
Alay Shah, page 5 of the filed PDF · View the filing
Management said the order book stood at almost Rs. 500 crores, split roughly 70% domestic and 30% export.
Answered by Alay Shah
Asked by Adesh Gosalia: What is the current order book size and its domestic/export split?
p. 6
“I would say it's almost like 30% export and 70% domestic as of now.”
Alay Shah, page 6 of the filed PDF · View the filing
Management said margins would be maintained if exports normalize, but new higher-KV products would initially carry lower margins to build references before improving.
Answered by Alay Shah
Asked by Jiten Parmar: Will the company maintain its historical ~30% EBITDA margins, and what margin profile will the new 220 KV expansion carry?
p. 7
“Initially, being new in the market, our margins will be lower mainly to create references and to penetrate into the market.”
Alay Shah, page 7 of the filed PDF · View the filing
Management explained the annual report was prepared in early June based on then-expectations that the Middle East crisis would resolve, but the situation did not improve as anticipated.
Answered by Alay Shah
Asked by Aman Soni: Why did the annual report suggest recovery from April while Q1 results showed continued export weakness from shipping costs?
p. 8
“But in June we felt that this Middle East crisis would get over soon.”
Alay Shah, page 8 of the filed PDF · View the filing
Management confirmed Q1 utilization was only around 60-65%, well below the near-100% full-year target.
Answered by Alay Shah
Asked by Manoj Salil Desai: What was the capacity utilization in Q1 versus the full-year target of near 100%?
p. 8
“No, in Q1 I think we did only around 60-65% of the capacity utilization.”
Alay Shah, page 8 of the filed PDF · View the filing
Management said they did take prompt action to shift focus to domestic customers, but custom-made transformers require significant lead time to secure and execute new orders.
Answered by Alay Shah
Asked by Abhigayan: Why didn't the company proactively shift capacity from export to domestic orders sooner given the anticipated Middle East crisis?
p. 9
“So it takes, you know, minimum lead time of about 10 to 12 weeks or even 16 weeks.”
Alay Shah, page 9 of the filed PDF · View the filing
Management said customers are not switching to cheaper alternatives but are simply being cautious and buying minimum volumes, and business will return once the situation normalizes.
Answered by Alay Shah
Asked by Ritesh Khanna: What gives management confidence that export revenue will not be permanently lost to competitors?
p. 11
“If the situation becomes normal, we are very competitive. Customers prefer us because of our quality and service and our shorter lead time.”
Alay Shah, page 11 of the filed PDF · View the filing
Management stated no orders are being cancelled, only delayed, since the products are custom-made.
Answered by Alay Shah
Asked by Abdul Fateh: Given shipping cost issues, is there a risk that order book orders get cancelled and customers source elsewhere?
p. 13
“And no orders are getting cancelled. I mean, they are just getting pushed out.”
Alay Shah, page 13 of the filed PDF · View the filing
Risks flagged
Elevated shipping costs from the West Asia crisis increasing customers' landed costs and slowing export dispatches
p. 4
“Container costs have risen between three to five times for certain geographies as compared to levels before the crisis.”
Alay Shah, page 4 of the filed PDF · View the filing
Shipping cost increases extending beyond the Middle East to North America due to geopolitical uncertainty
p. 4
“The increase in shipping costs is not limited to the Middle East and the costs to North America have also risen significantly on account of ongoing geopolitical uncertainty.”
Alay Shah, page 4 of the filed PDF · View the filing
Delay in passing on sudden commodity price escalation to domestic customers, slowing dispatches
p. 4
“On the domestic front, passing on the sudden escalation in commodity price for existing orders arising from the West Asia crisis has taken longer than anticipated.”
Alay Shah, page 4 of the filed PDF · View the filing
Possible margin dip if the company remains more reliant on the domestic market instead of exports
p. 6
“But in case that does not happen and if we are more relied on the local market, then there will be a slight dip in that.”
Alay Shah, page 6 of the filed PDF · View the filing
Geographic revenue mix may shift away from exports if the West Asia situation persists
p. 5
“We remain on track with our revenue ambitions for the year, although the geographic mix may change if the situation in West Asia persists.”
Alay Shah, page 5 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.