Transcript of Conference call held on April 22, 2025
SHILCTECH · price
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Shilchar Technologies reported its highest-ever quarterly and annual revenue and profits in FY25, driven by full capacity utilization at its expanded 7,500 MVA plant in Q4 (full-year utilization was 77% as capacity only came online in August 2024). Q4 revenue reached around Rs. 220–230 crores, with EBITDA margins improving to ~31% from ~28% earlier. The order book stands at Rs. 350–400 crores, and management is targeting Rs. 750 crores in revenue for FY26, implying 20–25% growth. Exports contributed ~44% of revenue, with North America at less than 20%; management noted no current US reciprocal tariffs on Indian transformer exports. The Board has recommended a Rs. 12.5 per share final dividend and a 1:2 bonus issue, which will enable an NSE listing application. A Phase-2 expansion into higher MVA/kV class transformers is being evaluated, with 17 acres of land available (only 40% utilized).
Strong execution, robust order book, and debt-free, surplus-funds position are positives for shareholders. The bonus issue and planned NSE listing may improve liquidity and broaden investor reach. Near-term stock catalyst could come from the formal announcement of Phase-2 capacity expansion details.