SHAILY
Micro CapShaily Engineering Plastics Limited
Industrials
Shaily Engineering Plastics Limited is India’s largest exporter of plastics components, established in 1987. The company provides end-to-end solutions in plastic products and services, operating 7 facilities in Gujarat with over 200 injection molding machines and 2,000+ employees.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 70/100Rev +9% YoY · PAT +38% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹237 Cr | +8.7% | -5.2% |
| EBITDA | ₹66 Cr | +22.2% | +0.0% |
| Operating margin | 28.0% | +300 bps | +200 bps |
| PAT | ₹40 Cr | +37.9% | +8.1% |
| PAT margin | 16.9% | +358 bps | +208 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated Q4FY26 revenue grew 9% YoY to Rs. 236.8 Cr, with EBITDA up 27% to Rs. 69.3 Cr and PAT up 40% to Rs. 40.2 Cr. For FY26, revenue rose 26% to Rs. 990.7 Cr, EBITDA 61% to Rs. 287.7 Cr, and PAT 83% to Rs. 169.9 Cr, driven by strong healthcare segment performance.
The company delivered robust FY26 growth, primarily driven by the high-margin healthcare segment, which more than offset weakness in consumer. Strategic diversification into semiconductor trays and a significant pharma order book provide future visibility. Margins expanded significantly, and capital efficiency improved.
Revenue by Segment (FY26 Consolidated)
Latest issuer-disclosed distribution across 3 reported categories.
Healthcare Segment Expansion
Successful commercial launch of Shaily Harmony and Shaily Neo pens for Semaglutide; customer launched Semaglutide pens in Canada. EMA approval received by customer for Teriparatide.
New Pharma Order Wins
Received an order worth Rs. 423 crore from a large domestic pharma company for supply of pen injectors over four years.
Diversification into Consumer Electronics & Semiconductor
Commenced commercial supplies to a consumer electronics customer. Signed agreement with a Korean company for manufacture & supply of semiconductor trays.
Industrial Segment New Business
Business awarded from new customers for power tool components and LED light components.
New Machine Installations
19 new machines successfully installed as part of the expansion of the plant during Q2 FY26.
Eye Applicators Plant & Machinery
Successful installation of Plant & Machinery supplied by customer for the manufacture of Eye Applicators.
Manufacturing Facilities
Operates 7 facilities in Gujarat (6 for plastic, 1 for steel furniture) with over 200 injection molding machines.
Strong Healthcare Demand
Improved traction in the healthcare segment has been the key driver for the overall growth of the business.
Strategic Diversification
Actively diversifying its revenue base into high-growth, precision-intensive adjacencies like Consumer Electronics & Semiconductor Trays.
Fundraising Flexibility
Enabling resolution for fund raise (up to Rs. 500 Cr) provides flexibility to capitalize on growing opportunities in existing and expanding markets.
Weak Consumer Demand
Weaker market demand for Home Furnishings across Europe & USA.
Decreased Polymer Volume
Volume of Polymers Processed decreased by 28% YoY in Q4FY26 and 4% YoY in FY26.
Concentration in Consumer Segment (Historical)
Consumer segment revenue declined 9% in FY26 and 31% in Q4FY26, impacted by weaker demand in Europe & USA.
Execution Risk for New Segments
Successful ramp-up and profitability of new ventures in consumer electronics and semiconductor trays are crucial for diversification strategy.
Working Capital Management
Trade Receivables increased from Rs. 171.7 Cr in Mar-25 to Rs. 214.8 Cr in Mar-26, requiring careful monitoring.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both Q4 and full-year (FY26 vs FY25) consolidated and standalone results. Q4 shows recent momentum, while FY26 provides a comprehensive view of annual performance and strategic shifts, especially in segment mix.
Revenue (Consolidated)
PositiveQ4FY26: Rs. 236.8 Cr (+9% YoY); FY26: Rs. 990.7 Cr (+26% YoY).
EBITDA Margins (Consolidated)
PositiveQ4FY26: 29.3% (+420 bps YoY); FY26: 29.0% (+630 bps YoY).
Profit After Tax (Consolidated)
PositiveQ4FY26: Rs. 40.2 Cr (+40% YoY); FY26: Rs. 169.9 Cr (+83% YoY).
Order Inflow (Healthcare)
PositiveReceived an order worth Rs. 423 crore from a large domestic pharma company for supply of pen injectors over a period of four years.
Strategic Diversification
Management states, 'Beyond healthcare, Shaily is actively diversifying its revenue base into high-growth, precision-intensive adjacencies – Consumer Electronics & Semiconductor Trays.'
Evolving Global Manufacturing Platform
Management views Shaily as 'evolving into a diversified, IP-led global manufacturing platform,' with fund-raise providing flexibility for growth.
Healthcare Leadership
Appointed Mr. Joe Kam as COO (Healthcare) to drive healthcare business growth, bringing over 20 years of global manufacturing and operations leadership.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Healthcare Revenue Growth | FY26 Healthcare revenue grew 139% YoY to Rs. 392.8 Cr. | Continued strong growth and new customer additions in GLP-1 and other therapies. |
| New Order Inflows & Execution | Rs. 423 Cr pen injector order over four years. | Timely execution of large pharma orders and new business confirmations in industrial and electronics. |
| Machine Utilization & Polymer Volume | Machine utilization at 47.6% (FY26), polymer volume processed declined 4% (FY26). | Improvement in polymer volume processed and further increase in machine utilization rates. |
| Working Capital Efficiency | Trade Receivables at Rs. 214.8 Cr (Mar-26). | Stable or improving receivables days and inventory turnover as business scales. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +26.4% / mo · near 52W high
Technical chart
SHAILYdaily · 5Y+27.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 72. Wait for confirmation.
- SMA20 rising (~17.7% over last month) — short-term momentum positive.
- RSI(14) at 72 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 19/20 to the score.
- Growth contributes 20/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -88.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 87th percentile of the scored universe and 87th percentile within Industrials. Main check: cash conversion is weak at 53/100.
High Trust Lite: Promoter pledge is zero. Key concern: Only 1 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 87th pctile, median 68 · Micro: 80th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸ROCE is 29.3%.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 85.00
- P/B
- 20.08
- EV/EBITDA
- 44.41
- Market Cap
- 14435.00Cr
Profitability
- ROE
- 26.90%
- ROCE
- 29.30%
- ROA
- 14.82%
- Dividend Y
- 0.06%
Growth (CAGR)
- Revenue 5Y
- 58.00%
- EPS 5Y
- 58.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 69.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 17.50×
- Altman Z
- 8.76
- Book Value
- 156.00
Cash Flow
- FCF Yield
- 0.28%
- FCF Positive Y
- 2/5
- OCF
- 226.00 Cr
- EPS TTM
- 36.97
Shareholding
- Promoter Hold
- 43.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 96%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.