NSE: SHILGRAVQ · BSE: 513709
SHILP GRAVURES LTD.
Manufactures gravure rollers, which are precision cylinders used in rotogravure printing, from a single facility at Rakanpur, Gandhinagar. Gravure rollers make up essentially all of segment revenue at Rs 92.34 crore in FY26 per the segment disclosure. A small power generation activity (around Rs 0.93 crore) and an Others line (around Rs 1.57 crore) appear in the period breakdowns but are minor in scale. The business is capital intensive, with capex of Rs 43.38 crore in FY26 at 44.3% of consolidated revenue, several multiples of the Rs 5.54 crore depreciation charge. The cost mix is split between raw materials at 33.9% of revenue and employee costs at 32%. FY26 consolidated revenue was Rs 97.87 crore with net profit of Rs 7.00 crore. The Rakanpur plant was temporarily shut in late July 2026 after heavy rainfall flooded the premises, with restoration, asset damage assessment and an insurance claim process underway. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Gravure Rollers (100%), Power Generation, Others. Small, capital-intensive, single-site industrial products manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 75 | 87 | 87 | 92 | 98 |
| EBITDA (ex other income) | 12 | 15 | 12 | 7 | 12 |
| margin % | 15.8 | 16.8 | 13.3 | 7.8 | 12.4 |
| Owners' profit | 8 | 0 | 0 | 0 | 7 |
| EPS, as reported (₹) | 12.87 | 12.70 | 18.57 | 6.04 | 11.38 |
| ROE % · ROCE % | 9.9 · 12.6 | 9.0 · 12.1 | 11.8 · 14.8 | 3.7 · 4.6 | 6.5 · 7.8 |
| Debt / equity (x) | 0.05 | 0.02 | 0.03 | 0.00 | 0.00 |
| Cash from operations | 11 | 12 | 9 | 10 | 10 |
| Capex | (10) | (3) | (9) | (4) | (43) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23 | 24 | 21 | 23 | 25 | 26 | 23 | 24 |
| Profit before tax | 4 | 4 | (1) | (1) | 5 | 3 | 1 | 0 |
| Net profit | 3 | 3 | (2) | (1) | 4 | 2 | 1 | 0 |
| EPS (₹) | 5.68 | 4.62 | (2.99) | 1.31 | 6.02 | 2.87 | 2.17 | 0.31 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Gravure Rollers | 70 | 69.2 |
| Power Generations | 1 | 0.9 |
| Others | 6 | 5.4 |
| Gravure rollers | 22 | 21.6 |
| Green Energy | 1 | 0.9 |
| Power Generation | 2 | 2.0 |
| Total, before eliminations | 102 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BELDING INDIA LIMITED | 1,203 | 350.6 | 1.15 | 242.9 | (0.3) | 0.1 | — | 19761.8 |
| PARMESHWAR METAL LIMITED | 413 | 10.2 | — | — | — | 42.2 | — | — |
| SHARVAYA METALS LIMITED | 203 | 16.9 | — | — | — | 20.2 | — | — |
| BARODA EXTRUSION LTD. | 184 | 18.2 | 7.38 | — | 29.4 | 36.5 | — | 7.7 |
| SHILP GRAVURES LTD. ◆ | 82 | 11.7 | 0.76 | 5.5 | 6.5 | 7.6 | 7.0 | 7.1 |
| SAMPAT ALUMINIUM LIMITED | 27 | 4.3 | — | — | — | 11.4 | — | — |
| AMCO INDIA LTD. | 25 | 18.0 | 0.67 | — | 0.9 | 1.3 | — | 5.4 |
| OM METALLOGIC LIMITED | 23 | 4.4 | — | — | — | 16.4 | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.7 | 11.7 | 5 of 9 | 50% |
| P/B | 0.8 | 0.9 | 2 of 4 | 67% |
| ROCE | 7.6 | 16.4 | 7 of 9 | 25% |
| ROE | 6.5 | 3.7 | 2 of 4 | 67% |
| Debt / Equity | 0.0 | 0.1 | 1 of 4 | 100% |
| EBITDA margin | 7.1 | 7.4 | 3 of 4 | 33% |
| Revenue growth | 3.1 | 23.6 | 3 of 3 | 0% |
| Profit growth | 123.9 | 199.4 | 3 of 3 | 0% |
| Market cap | 82 | 82 | 5 of 9 | 50% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve Q2 and half-year results on 4 November 2026 | results | low | — | — |
| 9 Oct 2026 · Routine dematerialisation certificate filing for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Shilp Gravures opens new Bengaluru facility, boosts capacity over 19% | compliance | low | — | — |
| 26 Sept 2026 · Trading window closure ahead of Q2 FY27 results | compliance | minimal | — | — |
| 23 Sept 2026 · 33rd AGM: All 3 resolutions passed; Rs 2.10/share dividend declared | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Proceedings of 33rd AGM held on September 23, 2026 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Subsidiary Etone India shifts registered office from West Bengal to Gujarat | general | low | — | — |
| 15 Sept 2026 · Shilp Gravures invests Rs 1.43 cr in subsidiary Etone India via rights issue | capex operations | medium | — | — |
| 1 Sept 2026 · Newspaper ad for 33rd AGM notice and e-voting details | compliance | minimal | — | — |
| 31 Aug 2026 · Remote e-voting facility and cut-off date for 33rd AGM on September 23, 2026 | board shareholder meetings | 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.