Shilp Gravures Ltd (513709)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Shilp Gravures' revenue was ₹25.2 Cr (+1.5% year on year, +5.2% on the previous quarter), and net profit ₹3.4 Cr (-9.3% year on year); the operating margin was 13.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹25.2 | +1.5% | +5.2% |
| Operating profit | ₹3.5 | -5.8% | -7.8% |
| Net profit | ₹3.4 | -9.3% | — |
| EPS (₹) | 5.45 | -9.5% | — |
| Operating margin | 13.9% | — | — |
📢 Recent Corporate Announcements
Shilp Gravures Limited has established its Unit-II manufacturing facility in Bengaluru, Karnataka, strengthening its presence in South India. The new facility expands the company's gravure cylinder manufacturing capacity by over 19%. This setup aims to provide faster turnaround times and on-ground technical support for regional customers across flexible packaging and industrial applications. The company generated Rs 98 Cr in TTM revenue, and this 19%+ capacity addition is positioned to drive volume growth.
- New Unit-II manufacturing facility commissioned in Bengaluru, Karnataka
- Increases gravure cylinder manufacturing capacity by over 19%
- Targets South India customer base with faster turnaround times and advanced engraving technologies
- Serves flexible packaging, paper, labels, foils, and decorative printing sectors
Shilp Gravures has announced its 33rd Annual General Meeting (AGM) scheduled for Wednesday, September 23, 2026, at 1:00 PM IST via video conferencing. The company has fixed Wednesday, September 16, 2026, as the cut-off date to determine shareholder voting eligibility. Remote e-voting will commence on September 20, 2026 (9:00 AM) and conclude on September 22, 2026 (5:00 PM) via CDSL platform.
- 33rd Annual General Meeting scheduled for September 23, 2026 at 1:00 PM IST
- Cut-off date fixed as September 16, 2026 for shareholder voting entitlement
- Remote e-voting window runs from September 20, 2026 (9:00 AM) to September 22, 2026 (5:00 PM)
- Voting results to be declared on or after September 23, 2026
Shilp Gravures Ltd has dispatched physical letters to shareholders whose email addresses are not registered, providing web-links to access the FY26 Integrated Annual Report and the notice for the 33rd Annual General Meeting (AGM). The AGM is scheduled to be held on September 23, 2026, at 01:00 PM IST via Video Conferencing. The dispatch was executed based on the shareholder cut-off date of August 21, 2026.
- 33rd AGM scheduled for September 23, 2026, at 01:00 PM IST via Video Conferencing
- Letters dispatched to shareholders without registered emails as of the cut-off date August 21, 2026
- Contains web links to download the FY 2025-26 Integrated Annual Report
- Includes mandatory KYC and nomination update reminders per SEBI Master Circular dated May 7, 2024
Shilp Gravures Ltd has released the notice for its 33rd Annual General Meeting (AGM) scheduled for Wednesday, September 23, 2026, via Video Conferencing. The company has fixed September 16, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting and attending the meeting. Key agenda items include the adoption of FY2025-26 audited financial statements and the reappointment of retiring director Mr. Kishor Doshi. The company also published its Integrated Annual Report for FY2025-26 alongside the notice.
- 33rd Annual General Meeting scheduled for September 23, 2026, at 1:00 PM IST via VC/OAVM
- Cut-off date for voting eligibility set as Wednesday, September 16, 2026
- Release of the Integrated Annual Report for FY 2025-26 under Regulation 34(1)
- Ordinary business includes adoption of FY26 financials and re-appointment of Mr. Kishor Doshi
Shilp Gravures has published its Integrated Annual Report for FY 2025-26 along with the notice for its 33rd Annual General Meeting (AGM). The AGM is scheduled to be held virtually on Wednesday, September 23, 2026, at 01:00 PM IST. The cut-off date to determine shareholder eligibility for remote e-voting has been fixed as Wednesday, September 16, 2026. Key agenda items include adopting the FY26 financial statements, dividend approval, and the re-appointment of Whole-time Director Mr. Kishor Doshi.
- 33rd Annual General Meeting scheduled for September 23, 2026, at 01:00 PM IST via Video Conferencing.
- Cut-off date for e-voting eligibility set for September 16, 2026.
- Integrated Annual Report and audited financial statements for FY 2025-26 circulated to shareholders.
- Ordinary business includes adoption of financial statements, dividend declaration, and re-appointment of Director Mr. Kishor Doshi.
Shilp Gravures has scheduled its 33rd Annual General Meeting for September 23, 2026, via video conferencing. The company fixed September 16, 2026, as the record date to determine eligibility for a final dividend of Rs 2.10 per equity share (face value Rs 10) for FY 2025-26. The register of members and share transfer books will remain closed from September 17 to September 23, 2026. The dividend payout is subject to shareholder approval at the AGM.
- Final dividend of Rs 2.10 per equity share of face value Rs 10 recommended for FY 2025-26
- Record date fixed as Wednesday, September 16, 2026
- Book closure period from September 17, 2026, to September 23, 2026 (both days inclusive)
- 33rd AGM scheduled for Wednesday, September 23, 2026, at 1:00 PM IST via VC/OAVM
Shilp Gravures Ltd has fixed Wednesday, September 16, 2026, as the record date to determine shareholder eligibility for a final dividend of Rs 2.10 per equity share (face value Rs 10) for FY 2025-26. The payment is subject to shareholder approval at the company's 33rd Annual General Meeting scheduled for September 23, 2026. The register of members and share transfer books will remain closed from September 17 to September 23, 2026.
- Final dividend recommended at Rs 2.1/- per equity share of face value Rs 10/-
- Record date set for Wednesday, 16th September, 2026
- Book closure from Thursday, 17th September, 2026 to Wednesday, 23rd September, 2026
- 33rd Annual General Meeting to be held on Wednesday, 23rd September, 2026 at 01:00 p.m. IST
Shilp Gravures Limited has scheduled its 33rd Annual General Meeting (AGM) for Wednesday, September 23, 2026, via video conferencing. The company has fixed September 16, 2026, as the record date and cut-off date to determine shareholder eligibility for e-voting and a dividend of Rs 2.10 per equity share (face value Rs 10) for FY 2025-26. The book closure window will be from September 17 to September 23, 2026, and the dividend will be disbursed within the statutory period post shareholder approval.
- Dividend recommended at Rs 2.10 per equity share of face value Rs 10 each for FY 2025-26
- Record date and e-voting cut-off date fixed as September 16, 2026
- 33rd Annual General Meeting scheduled for September 23, 2026, at 01:00 PM IST
- Book closure period set from September 17, 2026, to September 23, 2026
Shilp Gravures' Board has approved a ₹6.71 Cr capex plan to set up a new manufacturing facility in Karnataka. The project comprises ₹5.71 Cr for plant and machinery and ₹1.00 Cr for related commencement expenses, adding over 18,000 gravure cylinders per year (a ~19.1% increase over existing capacity of 94,000 cylinders). The expansion is scheduled to commence during FY 2026-27 and will be funded entirely via internal accruals.
- Approved ₹5.71 Cr for plant & machinery plus ₹1.00 Cr for setup expenses/advances
- Adds >18,000 gravure cylinders per year capacity, expanding footprint into Karnataka
- Existing capacity stands at ~94,000 cylinders/year with ~75,000 cylinders/year utilization at Rakanpur, Gujarat
- Commercial operations expected to commence within FY 2026-27, financed fully via internal accruals
Shilp Gravures reported a consolidated revenue of Rs 25.20 Cr for Q1 FY27, a marginal 1.5% increase compared to Rs 24.83 Cr in Q1 FY26. Consolidated Profit Before Tax (PBT) stood at Rs 4.65 Cr, a decline of 9.5% YoY from Rs 5.14 Cr. Profitability was heavily reliant on 'Other Income' of Rs 2.77 Cr, which included a Rs 2.69 Cr gain from investments measured at Fair Value Through Profit or Loss (FVTPL). The core Gravure rollers segment remained stable, while the power generation segment saw a sharp profit decline.
- Consolidated revenue of Rs 25.20 Cr represents approximately 25.7% of the company's TTM revenue of Rs 98 Cr.
- Other income of Rs 2.77 Cr contributed nearly 60% of the total Profit Before Tax for the quarter.
- Gravure rollers segment revenue grew slightly to Rs 23.76 Cr from Rs 23.45 Cr in the year-ago period.
- Power generation segment profit dropped significantly to Rs 0.17 Cr from Rs 0.70 Cr YoY.
- Wholly owned subsidiary Etone India Private Limited reported a net loss of Rs 40.10 lakhs on revenue of Rs 2.02 Cr.
Shilp Gravures reported consolidated revenue of Rs 25.20 Cr for Q1 FY27, a marginal 1.5% increase from Rs 24.83 Cr in Q1 FY26. Profit Before Tax (PBT) declined to Rs 4.65 Cr compared to Rs 5.14 Cr in the year-ago period. Notably, a significant portion of the profit was driven by non-operating 'Other Income' of Rs 2.77 Cr, which includes Rs 2.69 Cr in fair value gains on investments. The core Gravure rollers segment remains the primary revenue driver, while the wholly-owned subsidiary Etone India reported a loss of Rs 40.10 lakhs.
- Consolidated Net Sales reached Rs 25.20 Cr for the quarter ended June 30, 2026.
- Gravure rollers segment revenue contributed Rs 23.76 Cr, approximately 91% of total segment revenue.
- Other income of Rs 2.77 Cr accounted for nearly 60% of the consolidated Profit Before Tax.
- Investment gains measured at FVTPL (Fair Value Through Profit or Loss) amounted to Rs 2.69 Cr.
- Wholly owned subsidiary Etone India Private Limited recorded a net loss of Rs 40.10 lakhs for the quarter.
Shilp Gravures has announced the gradual resumption of production at its Gandhinagar manufacturing facility effective July 29, 2026, following a temporary shutdown due to heavy rainfall and flooding. While power and essential utilities have been restored, the company noted that certain sections of the plant remain under restoration as machinery and equipment were 'heavily affected' by water. Given the company's small scale (TTM revenue of ₹98 Cr), any prolonged disruption or significant machinery damage could impact quarterly margins, which have already seen a sharp decline to 9.39% in recent periods.
- Production operations began a gradual restart on July 29, 2026, after floodwaters receded.
- Manufacturing facility located at Rakanpur, Gandhinagar, experienced heavy flooding affecting machinery.
- Restoration and recommissioning activities are still ongoing for heavily affected equipment.
- Company maintains a debt-free balance sheet with a net worth of ₹105 Cr as of the latest filings.
- TTM revenue stands at ₹98 Cr, making the Gandhinagar facility's output critical for financial performance.
Shilp Gravures has scheduled a board meeting for August 6, 2026, to consider and approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company faced significant margin pressure, with standalone operating profit margins dropping from 19.08% to 9.39%. The trading window for designated persons remains closed until August 8, 2026. Investors will be monitoring these results for signs of recovery in the core engraved copper rollers segment.
- Board meeting scheduled for August 6, 2026, to review Q1 FY27 performance
- Trading window closed from July 1, 2026, until 48 hours after results are public (August 8, 2026)
- Company reported a TTM revenue of Rs 98 Cr and a market cap of Rs 93 Cr
- Previous quarter (Mar 2026) saw a low net profit of Rs 0.19 Cr compared to Rs 3.7 Cr in Jun 2025
Shilp Gravures has announced a temporary suspension of operations at its Rakanpur, Gandhinagar manufacturing facility effective July 24, 2026, due to heavy rainfall and flooding. The company is currently assessing the damage to plant, machinery, and inventory, though assets are reportedly covered by insurance. Given the company's TTM revenue of ₹98 Cr and a recent decline in operating margins to 9.39%, any prolonged disruption could impact quarterly performance. The financial impact is currently unascertained as access to parts of the facility remains restricted.
- Operations suspended effective July 24, 2026, due to severe waterlogging at the Rakanpur facility.
- Company has initiated the insurance claim process for assets, plant, and machinery.
- TTM revenue stands at ₹98 Cr, making the output from this facility critical to financial health.
- Operating margins recently dropped from 19.08% to 9.39%, increasing sensitivity to production disruptions.
- Assessment of financial impact is pending as certain areas remain restricted due to waterlogging.
Financial Performance
Revenue Growth by Segment
Standalone revenue from operations grew by 6.32% YoY to INR 82.61 Cr (INR 8,261.09 Lacs) from INR 77.70 Cr. Consolidated revenue grew by 4.61% YoY to INR 91.52 Cr (INR 9,151.55 Lacs). The business operates in two segments: manufacture of engraved copper rollers and energy generation through wind mills.
Profitability Margins
Profitability saw a significant decline; Standalone Operating Profit Margin dropped from 19.08% to 9.39% (a 50.78% decrease). Net Profit Margin fell from 14.43% to 5.09% (a 64.73% decrease). This margin compression was driven by a decrease in net profit after taxes and lower earnings before interest and taxes.
EBITDA Margin
Standalone EBITDA was INR 10.50 Cr (INR 1,049.58 Lacs), representing a 12.7% margin, which is a 45.28% decrease from the previous year's EBITDA of INR 19.18 Cr (24.7% margin). Consolidated EBITDA fell 48.42% to INR 10.33 Cr.
Capital Expenditure
Historical capital expenditure for FY2024-25 was INR 3.56 Cr (INR 355.97 Lacs), a significant reduction from the INR 8.76 Cr spent in FY2023-24. Capital work-in-progress was reduced to zero from INR 1.07 Cr.
Credit Rating & Borrowing
The company repaid its entire interest and current borrowings, which stood at INR 0 as of March 31, 2025, compared to INR 2.62 Cr in the previous year. Interest coverage ratio is reported at 19.22.
Operational Drivers
Raw Materials
Copper and steel/base metals are the primary raw materials for the manufacture of engraved copper rollers. Specific percentage of total cost is not disclosed.
Raw Material Costs
Not disclosed in available documents, though the company notes that changes in raw material prices are a material factor influencing operations.
Strategic Growth
Growth Strategy
The company focuses on its two core segments: engraved copper rollers and wind energy. Growth is supported by a stable global GDP expansion of 3.3% and a shift toward monetary easing which may enhance private sector investment in industrial output.
Products & Services
Engraved copper rollers for the printing and packaging industry and energy generation via wind mills.
Brand Portfolio
Shilp Gravures Limited.
Strategic Alliances
The company has an investment in a subsidiary valued at INR 4.48 Cr.
External Factors
Industry Trends
The industry is seeing a shift toward monetary easing by central banks, which is expected to enhance liquidity and support a recovery in private sector investment by CY 2025.
Competitive Moat
The company's moat is built on its specialized manufacturing of engraved copper rollers and its integrated energy generation (wind mills), though the 50% drop in operating margins suggests competitive or cost pressures.
Macro Economic Sensitivity
The company is sensitive to global GDP (3.3% growth in 2024) and headline inflation (5.8% in 2024). Industrial output resilience is critical for the demand for engraved rollers.
Geopolitical Risks
Geopolitical tensions and trade disruptions are cited as persistent headwinds that could influence market conditions and supply chains.
Regulatory & Governance
Industry Regulations
Operations are subject to changes in government regulations, tax laws, and the Companies Act, 2013. The company maintains cost records as per Section 148(1).
Taxation Policy Impact
The company paid direct taxes (net) of INR 3.60 Lacs in FY25, compared to INR 288.51 Lacs in FY24. Deferred tax liabilities (net) stand at INR 5.03 Cr.
Legal Contingencies
The company has pending litigations as of March 31, 2025, the impact of which is disclosed in Note 41 of the financial statements. Specific INR values for these cases are not provided in the summary.
Risk Analysis
Key Uncertainties
Key risks include the 93% decline in Return on Networth (from 11.45% to 4.18%) and the potential for material misstatements due to inherent limitations in internal controls.
Technology Obsolescence Risk
The company implemented an audit trail (edit log) facility in its accounting software for FY2024-25 to comply with statutory requirements, addressing previous digital record-keeping gaps.
Credit & Counterparty Risk
Debtors turnover is 54.10 days. Trade receivables increased by INR 1.09 Cr during the year, and the company made a provision for expected credit loss of INR 9.84 Lacs.
