SHIGAN - Shigan Quantum
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 3.75% YoY to INR 109.62 Cr in H1 FY26, compared to INR 105.66 Cr in H1 FY25. Segment-specific growth percentages were not disclosed as the company operates in a single reportable segment.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains an international presence through its subsidiary E Mobility Exim Pte Ltd.
Profitability Margins
Net Profit Margin declined from 4.02% in H1 FY25 to 2.35% in H1 FY26. Consolidated Net Profit fell 39.3% YoY to INR 2.58 Cr from INR 4.25 Cr, primarily due to higher interest and operational costs.
EBITDA Margin
EBITDA Margin is approximately 8.2% for H1 FY26, calculated from an operating profit before working capital changes of INR 9.90 Cr on total revenue of INR 109.89 Cr.
Capital Expenditure
The company invested INR 2.33 Cr in the purchase of fixed assets during H1 FY26. Additionally, it completed a strategic investment of INR 12.00 Cr for the acquisition of equity shares in its wholly-owned subsidiary, Shigan Electronics Private Limited.
Credit Rating & Borrowing
Not disclosed. However, consolidated interest expenses rose to INR 3.78 Cr in H1 FY26, representing 3.4% of total revenue.
Operational Drivers
Raw Materials
Electronic components, PCBs, and assembly parts for product engineering and electronics manufacturing services, representing 62.7% of total revenue (INR 68.81 Cr).
Import Sources
Not disclosed in available documents.
Key Suppliers
Not disclosed in available documents.
Capacity Expansion
Not disclosed. Current focus is on the integration of Shigan Electronics Private Limited (incorporated June 2023) to enhance end-to-end design and manufacturing capabilities.
Raw Material Costs
Raw material costs stood at INR 68.81 Cr in H1 FY26, accounting for 62.7% of revenue, up from 64.6% of revenue in the previous full year (FY25).
Manufacturing Efficiency
Not disclosed in available documents.
Logistics & Distribution
Not disclosed in available documents.
Strategic Growth
Expected Growth Rate
Not disclosed in available documents.
Growth Strategy
Growth is targeted through the full integration of Shigan Electronics Private Limited, acquired for INR 12.00 Cr, to provide end-to-end product engineering and electronics manufacturing services. The company is also leveraging its Singapore-based subsidiary, E Mobility Exim Pte Ltd, for international market reach.
Products & Services
Electronic products, product engineering services, and assembly of electronic components.
Brand Portfolio
Shigan.
New Products/Services
End-to-end design and development of electronic products through the newly integrated electronics manufacturing division.
Market Expansion
Not disclosed in available documents.
Market Share & Ranking
Not disclosed in available documents.
Strategic Alliances
Not disclosed in available documents.
External Factors
Industry Trends
The company is positioned within the growing Electronics Manufacturing Services (EMS) and Product Engineering sector in India, focusing on the shift toward localized end-to-end design and assembly.
Competitive Landscape
Not disclosed in available documents.
Competitive Moat
The company's moat is built on its integrated 'design-to-delivery' model following the acquisition of Shigan Electronics, which provides specialized product engineering capabilities that are difficult for pure-play assemblers to replicate.
Macro Economic Sensitivity
Sensitivity to foreign exchange rates resulted in a loss of INR 53.85 Lakhs in H1 FY26.
Consumer Behavior
Not disclosed in available documents.
Geopolitical Risks
Not disclosed in available documents.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
Environmental Compliance
Not disclosed in available documents.
Taxation Policy Impact
The effective tax rate for H1 FY26 was 22.6%, with a tax expense of INR 75.54 Lakhs on a pre-tax profit of INR 333.59 Lakhs.
Legal Contingencies
The company has 0 pending litigations as of the latest audit report, and there are no material foreseeable losses on long-term contracts.
Risk Analysis
Key Uncertainties
Foreign exchange volatility (INR 53.85 Lakhs loss) and rising interest costs (INR 3.78 Cr) are the primary short-term financial uncertainties.
Geographic Concentration Risk
Not disclosed in available documents.
Third Party Dependencies
Not disclosed in available documents.
Technology Obsolescence Risk
Not disclosed in available documents.
Credit & Counterparty Risk
Consolidated trade receivables stood at INR 38.89 Cr as of September 30, 2025, representing 35.5% of H1 FY26 revenue.