Shilchar Technologies Limited (SHILCTECH)
₹3,769.80 -2.08% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Shilchar Technologies' revenue was ₹135 Cr (-15.3% year on year, -11.4% on the previous quarter), and net profit ₹20.9 Cr (-49.1% year on year); the operating margin was 16.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹135 | -15.3% | -11.4% |
| Operating profit | ₹22.1 | -57.6% | -31.1% |
| Net profit | ₹20.9 | -49.1% | -25.5% |
| EPS (₹) | 18.24 | -49.7% | -26.5% |
| Operating margin | 16.4% | — | — |
SHILCTECH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 57.56% of the SHILCTECH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.19%. That is close to its usual level.
Delivery in the last 5 sessions: 50.0% · 58.5% · 47.0% · 55.6% · 57.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Shilchar Technologies Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from MCS Share Transfer Agent Limited confirms that all securities received for dematerialisation during the quarter were duly processed, accepted or rejected, and verified. It also affirms that physical share certificates were mutilated and cancelled, with depository names substituted in the register of members within 15 days. This is a recurring administrative filing with no financial impact.
- Regulation 74(5) certificate issued for the quarter ended September 30, 2026
- Issued by Share Transfer Agent MCS Share Transfer Agent Limited on October 05, 2026
- Confirmation that physical share certificates were processed and cancelled within 15 days
- Filing submitted to BSE and NSE on October 12, 2026
Shilchar Technologies reported its unaudited financial results for the quarter ended June 30, 2026. Revenue from operations came in at Rs 151.65 crore (Rs 15,164.57 lakhs) alongside total income of Rs 158.31 crore. Profit before tax stood at Rs 28.07 crore, and net profit for the period reached Rs 20.86 crore (Rs 2,086.48 lakhs). Basic and diluted EPS for the quarter was reported at Rs 18.24.
- Revenue from operations reached Rs 151.65 crore (Rs 15,164.57 lakhs) for the quarter ended June 30, 2026
- Net profit after tax reported at Rs 20.86 crore (Rs 2,086.48 lakhs)
- Profit before tax stood at Rs 28.07 crore (Rs 2,807.47 lakhs)
- Basic and diluted earnings per share (EPS) stood at Rs 18.24
Shilchar Technologies reported Q1 FY27 revenue of ₹134.60 crore, EBITDA of ₹29.23 crore, and PAT of ₹20.86 crore, impacted by geopolitical tensions in West Asia that drove container freight rates up 3-5x. Management estimated ₹30-35 crore of dispatches were deferred in Q1, though no orders have been cancelled. The active order book stands at ~₹500 crore (70% domestic, 30% export), representing ~105% of TTM revenue (₹476 crore). Phase-3 capacity expansion of 6,500 MVA remains on track for commissioning by April 2027, which will take total capacity to 14,000 MVA.
- Q1 FY27 revenue stood at ₹134.60 crore with EBITDA of ₹29.23 crore and PAT of ₹20.86 crore.
- Order book stands at ~₹500 crore (~105% of TTM revenue), with a 70:30 domestic-to-export mix.
- Freight cost inflation of 3-5x and raw material lags deferred an estimated ₹30-35 crore in Q1 dispatches.
- Capacity expansion Phase-3 (adding 6,500 MVA) is fully on schedule for April 2027 commissioning.
Shilchar Technologies has published the audio recording of its analyst call held on August 14, 2026, regarding its Q1 FY27 results. The company is currently in a high-growth phase, aiming to nearly double its capacity from 7,500 MVA to 14,000 MVA by April 2027. With a TTM revenue of Rs 342 Cr and a strong OPM of 31.1%, the call likely addressed the sustainability of these margins amidst US export tariffs. This disclosure is a standard regulatory requirement under SEBI LODR.
- Investor call conducted on August 14, 2026, for the quarter ended June 30, 2026
- Capacity expansion target of 14,000 MVA by April 2027 from the current 7,500 MVA
- Company reported TTM revenue of Rs 342 Cr with a net profit of Rs 88 Cr
- Targeting high capacity utilization of 90-95% for the current fiscal year
Shilchar Technologies has submitted the voting results and scrutinizer's report for its Annual General Meeting (AGM) held on August 11, 2026. This is a mandatory regulatory filing under SEBI LODR Regulations to confirm shareholder approval of resolutions. While the specific resolutions are not detailed in the brief, the company remains focused on its major capacity expansion from 7,500 MVA to 14,000 MVA by April 2027. The company currently maintains a strong operating margin of 31.1% with a TTM revenue of Rs 342 Cr.
- Annual General Meeting (AGM) successfully conducted on August 11, 2026
- Voting results submitted to exchanges on August 12, 2026, per SEBI Regulation 44(3)
- Company is currently operating at a TTM revenue of Rs 342 Cr with a PAT of Rs 88 Cr
- Major capacity expansion underway to reach 14,000 MVA by April 2027 from current 7,500 MVA
- Maintained healthy EBITDA margins above 29% despite global tariff challenges
Shilchar Technologies has issued an addendum for its Q1FY27 earnings conference call, now scheduled for August 14, 2026, at 2:30 PM IST. The management, including the Chairman and CFO, will discuss the standalone financial results for the quarter ended June 30, 2026. This call is critical for investors to track the company's progress toward its target of doubling capacity to 14,000 MVA by April 2027. The company currently operates with a TTM revenue of Rs 342 Cr and a high P/E of 59.4.
- Conference call scheduled for August 14, 2026, at 02:30 PM IST to discuss Q1FY27 results.
- Management participants include Chairman & MD Alay J. Shah and CFO Prajesh Purohit.
- Company is in the process of expanding capacity from 7,500 MVA to 14,000 MVA by April 2027.
- Latest TTM revenue stands at Rs 342 Cr with an operating profit margin of 31.1%.
Shilchar Technologies reported a weak Q1FY27 with revenue declining 15.2% YoY to ₹134.61 Cr and PAT falling 49.7% to ₹20.86 Cr. The EBITDA margin saw a sharp contraction to 16.4% from 33.0% in Q1FY26, primarily driven by a 3x-5x surge in shipping costs and delayed pass-through of commodity inflation. Despite these headwinds, the company is proceeding with its major capacity expansion to 14,000 MVA, expected to be commissioned by April 2027. Management maintains its annual revenue ambition, expecting momentum to improve from Q2FY27 as domestic price negotiations conclude.
- Revenue from operations fell 15.2% YoY to ₹134.61 Cr in Q1FY27 compared to ₹158.75 Cr in Q1FY26.
- EBITDA margins compressed significantly to 16.4% from 33.0% YoY due to geopolitical crises and logistics costs.
- Shipping costs to certain geographies escalated by 3x to 5x, impacting export dispatches and landed costs.
- Capacity expansion from 7,500 MVA to 14,000 MVA (an 86.7% increase) is on track for April 2027 commissioning.
- The company remains debt-free with cash and bank balances of ₹245.95 Cr as of FY26 end.
Shilchar Technologies has scheduled its Q1FY27 earnings conference call for August 14, 2026, at 2:30 PM IST to discuss standalone financial results. The company recently reported a TTM revenue of Rs 342 Cr with a robust operating profit margin of 31.1%. Investors will likely seek updates on the ongoing capacity expansion from 7,500 MVA to 14,000 MVA, which is slated for completion by April 2027. The call will feature the top management, including the Chairman & Managing Director and the CFO.
- Earnings conference call scheduled for August 14, 2026, at 02:30 p.m. IST
- Focus on Unaudited Standalone Financial Results for the quarter ended June 30, 2026
- Management participation includes Chairman & MD Alay J. Shah and Executive Directors Aashay and Aatman Shah
- Company is targeting a major capacity expansion to 14,000 MVA by April 2027 from the current 7,500 MVA
- Current TTM revenue stands at Rs 342 Cr with a PAT of Rs 88 Cr
Shilchar Technologies held its 40th Annual General Meeting on August 11, 2026, to approve the FY26 financial results and declare a dividend. The company reported FY26 revenue of ₹341.54 crore and a PAT of ₹88.28 crore, maintaining a strong OPM of 31.1%. Key resolutions included the re-appointment of Managing Director Alay Jitendra Shah and Whole Time Director Aashay Alay Shah for a five-year term. Management reiterated its growth strategy, focusing on doubling capacity to 14,000 MVA by April 2027 to capture renewable energy demand.
- 40th Annual General Meeting conducted on August 11, 2026, with 48 individual shareholders present via video conferencing.
- Adoption of FY26 Audited Financial Statements featuring ₹341.54 crore revenue and ₹88.28 crore net profit.
- Approval sought for re-appointment of Aashay Alay Shah as Whole Time Director for a 5-year tenure.
- Management confirmed the ongoing capacity expansion from 7,500 MVA to 14,000 MVA, expected by April 2027.
- Voting results for all resolutions, including dividend declaration, to be released within 48 hours.
Shilchar Technologies approved its unaudited financial results for the quarter ended June 30, 2026, during its board meeting on August 11, 2026. The company is currently executing a major capacity expansion from 7,500 MVA to 14,000 MVA, scheduled for completion by April 2027. With a TTM revenue of Rs 342 Cr and a strong operating margin of 31.1%, the company is focusing on the domestic renewable energy segment while managing a 50% US tariff on exports. Investors should note the high ROCE of 56.65% (FY25) and the target capacity utilization of 90-95% for FY26.
- Board approved unaudited financial results for the quarter ended June 30, 2026
- Ongoing capacity expansion to 14,000 MVA from current 7,500 MVA by April 2027
- Targeting 90-95% capacity utilization for the FY26 period
- Maintained healthy TTM operating profit margins of 31.1%
- TTM Revenue stands at Rs 342 Cr with a PAT of Rs 88 Cr
Shilchar Technologies has announced July 31, 2026, as the Record Date for determining shareholder eligibility for the FY2025-26 dividend. The 40th Annual General Meeting (AGM) is scheduled for August 11, 2026, via video conferencing. Shareholders as of the record date will also be eligible to vote on AGM resolutions. The dividend, if approved, will be disbursed within one week of the AGM conclusion.
- Record Date for dividend eligibility and AGM voting is July 31, 2026
- 40th Annual General Meeting scheduled for August 11, 2026, at 03:00 p.m.
- Register of members and Share Transfer Books closed from August 1 to August 11, 2026
- Dividend payment to be processed within 7 days of the AGM conclusion
- Company maintains a TTM PAT of Rs 88 Cr and OPM of 31.1%
Shilchar Technologies has scheduled its 40th Annual General Meeting (AGM) for August 11, 2026. The company has fixed July 31, 2026, as the record date to determine shareholder eligibility for the FY 2025-26 dividend. A key agenda item includes a special resolution to approve a revised remuneration for Managing Director Mr. Alay Jitendra Shah, capped at Rs 25 lakhs per month plus perquisites. This comes as the company continues its major capacity expansion from 7,500 MVA to 14,000 MVA, expected by April 2027.
- 40th Annual General Meeting scheduled for August 11, 2026, via video conferencing
- Record date for FY 2025-26 dividend entitlement fixed as July 31, 2026
- Proposed remuneration for Managing Director capped at Rs 25 lakhs per month
- Remote e-voting period set from August 8 to August 10, 2026
- Company targeting capacity expansion to 14,000 MVA by April 2027
Shilchar Technologies has issued the notice for its 40th Annual General Meeting (AGM) to be held on August 11, 2026. The company has fixed July 31, 2026, as the record date for determining shareholder eligibility for the FY 2025-26 dividend. Key agenda items include the re-appointment of Managing Director Mr. Alay Jitendra Shah and the approval of his remuneration, proposed at up to ₹15 lakhs per month. This comes as the company maintains a strong operational profile with a 31.1% OPM and plans to nearly double capacity by April 2027.
- 40th Annual General Meeting scheduled for August 11, 2026, via video conferencing.
- Dividend record date for FY 2025-26 established as July 31, 2026.
- Proposed remuneration for Managing Director Mr. Alay Jitendra Shah set at ₹15 lakhs per month plus perquisites.
- Remote e-voting period to run from 9:00 AM on August 8 to 5:00 PM on August 10, 2026.
- Company targeting capacity expansion from 7,500 MVA to 14,000 MVA by April 2027 as per strategic review.
Shilchar Technologies has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by MCS Share Transfer Agent Ltd, confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed. The registrar confirmed that physical certificates were mutilated and cancelled, and the depositories' names were substituted in the register of members within the required 15-day timeframe. This is a routine administrative filing with no impact on business operations or financials.
- Confirmation of dematerialization requests for the quarter ended June 30, 2026
- Physical security certificates were mutilated and cancelled after due verification
- Register of members updated with depository names within 15 days of receipt
- Compliance certificate issued by MCS Share Transfer Agent Ltd on July 4, 2026
CareEdge has reaffirmed the credit ratings for Shilchar Technologies' bank facilities totaling Rs 108 crore. The long-term facilities (Rs 103 crore) maintained a 'CARE A; Stable' rating, while short-term facilities (Rs 5 crore) were reaffirmed at 'CARE A1'. This reaffirmation follows the company's FY26 audited performance, where it reported a TTM revenue of Rs 342 crore and healthy OPM of 31.1%. The stable outlook reflects the company's consistent operational performance and manageable debt levels relative to its scale.
- Total bank facilities reviewed and reaffirmed at Rs 108.00 crore
- Long-term rating maintained at 'CARE A' with a 'Stable' outlook for Rs 103.00 crore of facilities
- Short-term rating reaffirmed at 'CARE A1' for facilities totaling Rs 108.00 crore (including sub-limits)
- Non-fund based limits account for the majority of the rated amount at Rs 83.00 crore
- Current capacity utilization reported at 90-95% for Q2FY26, supporting the credit profile
Financial Performance
Revenue Growth by Segment
Total revenue grew 57% YoY in FY25 to INR 623.15 Cr. Export revenue grew 36% YoY to INR 271 Cr in FY25. H1FY26 revenue grew 39% YoY to INR 330.03 Cr, with Q2FY26 specifically growing 31% YoY to INR 171.28 Cr.
Geographic Revenue Split
In FY25, domestic sales contributed approximately 56.5% (INR 352.15 Cr) and exports contributed 43.5% (INR 271 Cr). US exports specifically represent 12-15% of total export revenue.
Profitability Margins
EBITDA margin improved from 28.5% in FY24 to 29.6% in FY25. PAT margin rose from 23.15% in FY24 to 23.57% in FY25. Q2FY26 EBITDA margin stood at 31.3% and PAT margin at 25%.
EBITDA Margin
EBITDA margin was 29.6% in FY25, a 110 bps expansion YoY. Core EBITDA grew 63% YoY to INR 184.75 Cr in FY25. Q2FY26 EBITDA was INR 53.60 Cr, up 31% YoY.
Capital Expenditure
The company is expanding capacity by 6,500 MVA to reach a total of 14,000 MVA by April 2027. This expansion is expected to enable a revenue potential of INR 1,400 Cr to INR 1,500 Cr.
Credit Rating & Borrowing
CARE upgraded the company's rating to CARE A; Stable / CARE A1 in July 2025. The company maintains a debt-free balance sheet with nil long-term debt and interest coverage of 578x in FY24.
Operational Drivers
Raw Materials
CRGO Steel and Copper are the primary raw materials. CRGO steel is imported due to a lack of domestic manufacturing facilities in India.
Import Sources
CRGO steel is imported into India; specific countries are not disclosed, but the company manages volatility by purchasing back-to-back upon receipt of orders.
Capacity Expansion
Current capacity is approximately 7,500 MVA, expanding to 14,000 MVA by April 2027. The company is targeting 90-95% capacity utilization for FY26.
Raw Material Costs
Raw material costs are susceptible to global price volatility and forex fluctuations. The company reported a foreign exchange gain of INR 2.64 Cr in FY24.
Manufacturing Efficiency
Capacity utilization was 77% in FY25 and increased to 90-95% in Q2FY26. The company operates as a zero-discharge pollution unit.
Strategic Growth
Expected Growth Rate
20.3%
Growth Strategy
Growth will be achieved through a major capacity expansion from 7,500 MVA to 14,000 MVA by April 2027, targeting the evolving power and transmission ecosystem in India and maintaining strong engagement in the US market despite new tariffs.
Products & Services
Distribution and Power Transformers.
Brand Portfolio
Shilchar Technologies.
Market Expansion
Focusing on the domestic renewable energy segment and maintaining a 50/50 split between domestic and export markets.
External Factors
Industry Trends
The industry is shifting toward renewable energy integration and grid modernization. Shilchar is positioning itself by expanding capacity to 14,000 MVA to capture this 15-20% industry growth.
Competitive Landscape
Operates in a competitive industry with both domestic and international players; however, niche positioning in customized transformers provides a buffer.
Competitive Moat
Moat is built on niche customized offerings, a debt-free balance sheet, and high operational efficiency (ROCE of 56.65% in FY25), which are sustainable due to high entry barriers in transformer manufacturing.
Macro Economic Sensitivity
Highly sensitive to India's power and transmission infrastructure spending and global renewable energy demand trends.
Consumer Behavior
Shift toward green energy and zero-pollution manufacturing standards is driving demand for certified sustainable suppliers.
Geopolitical Risks
US trade policy changes, specifically the 50% tariff implemented on August 27, 2024, create uncertainty for the export segment.
Regulatory & Governance
Industry Regulations
Adheres to ISO 9001:2015 (Quality) and ISO 45001:2018 (Occupational Health and Safety) standards. Operations are subject to pollution control norms.
Environmental Compliance
Maintains ISO 14001:2015 and operates as a zero-discharge pollution unit; ESG compliance costs are not specifically disclosed.
Taxation Policy Impact
Effective tax rate is approximately 25.3% based on H1FY26 PBT of INR 117.13 Cr and PAT of INR 87.43 Cr.
Legal Contingencies
The company reported no material related party transactions and no transactions that were not at arm's length for FY25.
Risk Analysis
Key Uncertainties
US tariff policy (50% rate) and volatility in imported CRGO steel prices are the primary uncertainties that could impact margins by 5-10%.
Geographic Concentration Risk
43.5% of revenue is from exports, with a significant portion of that directed toward the US market.
Third Party Dependencies
High dependency on international suppliers for CRGO steel due to lack of domestic availability.
Technology Obsolescence Risk
Low risk; the company maintains state-of-the-art infrastructure and ISO certifications to stay current with manufacturing standards.
Credit & Counterparty Risk
Trade receivables turnover ratio of 3.87 in FY25 suggests reasonable collection cycles, though it slowed slightly from 4.27 in FY24.
