NSE: SHILCTECH · BSE: 531201
SHILCHAR TECHNOLOGIES LTD
Manufactures power and distribution transformers at its Gavasad facility, scaling capacity from 7,500 MVA to 14,000 MVA by April 2027 through a 6,500 MVA expansion (Gavasad Expansion 3). FY26 revenue was ₹652 crore, with operations spanning domestic grid and renewable projects and export markets — exports made up 48% of revenue, with the US alone contributing 18-19%. Q4 FY26 was hit by US tariff uncertainty and Middle East logistics disruption that deferred ₹35-40 crore of shipments, compressing Q4 EBITDA margin to 21% versus the full-year 29%. The company is debt-free with ₹246 crore cash and ₹192 crore operating cash flow, and is funding the ₹120 crore capex for the expansion entirely from internal accruals. The order book stood at ₹452 crore at year-end, with FY27 revenue targeted at ₹800 crore and FY27 dispatch volume guided at 7,000 MVA. Raw materials are the dominant cost at 61.9% of revenue, with transformer oil prices having doubled since February and other inputs up 10-25%, prompting price revision discussions with customers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Export sales (48%), Domestic sales. Single-site, export-oriented transformer manufacturer in a capacity-expansion phase.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 180 | 280 | 397 | 623 | 652 |
| EBITDA (ex other income) | 19 | 53 | 113 | 185 | 190 |
| margin % | 10.8 | 18.9 | 28.5 | 29.6 | 29.2 |
| Owners' profit | 14 | 43 | 92 | 147 | 158 |
| EPS, as reported (₹) | 36.82 | 113.08 | 120.48 | 192.55 | 138.25 |
| ROE % · ROCE % | 17.6 · 23.6 | 35.5 · 47.1 | 43.8 · 58.0 | 42.3 · 56.4 | 32.2 · 42.9 |
| Debt / equity (x) | 0.21 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (6) | 39 | 76 | 40 | 192 |
| Capex | (2) | (6) | 0 | (33) | (148) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 131 | 154 | 232 | 159 | 171 | 170 | 152 | 135 |
| Profit before tax | 44 | 47 | 75 | 56 | 62 | 57 | 37 | 28 |
| Net profit | 33 | 35 | 55 | 41 | 46 | 42 | 28 | 21 |
| EPS (₹) | 42.92 | 45.59 | 72.59 | 36.27 | 40.15 | 37.01 | 24.82 | 18.24 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.6 | 36.5 | 15 of 34 | 58% |
| P/B | 8.8 | 5.4 | 23 of 33 | 31% |
| ROCE | 42.8 | 16.6 | 4 of 36 | 91% |
| ROE | 32.2 | 14.7 | 5 of 34 | 88% |
| Debt / Equity | 0.0 | 0.1 | 1 of 34 | 67% |
| EBITDA margin | 21.7 | 16.4 | 12 of 35 | 68% |
| Revenue growth | (15.2) | 17.7 | 30 of 33 | 9% |
| Profit growth | (49.7) | 6.7 | 26 of 32 | 19% |
| Market cap | 4339 | 6267 | 21 of 35 | 41% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY27 revenue rebounds; management guides for further margin improvement | investor communications | medium | — | — |
| 28 Oct 2026 · Quarter and half-year net profit falls sharply as revenue dips | results | high | — | — |
| 28 Oct 2026 · September 2026 results: six-month net profit falls 38.4 percent to Rs 53.84 crore | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Shilchar to discuss Q2 and H1 FY27 results on 29 October 2026 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 12 Oct 2026 · Compliance Certificate for Q2 FY27 Share Dematerialization | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closure from Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 27 Aug 2026 · Shilchar Technologies Q1 FY27 results: revenue dips 21% YoY to Rs 51.6 cr | results | high | — | — |
| 19 Aug 2026 · Q1 FY27 earnings call transcript, West Asia crisis hit exports | investor communications | medium | — | — |
| 14 Aug 2026 · Audio of investor meet on Q1 FY27 results uploaded | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.