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Shilchar Technologies Q2 FY27 results: net profit down 28.2% to ₹32.98 crore, revenue up 12.5%
Shilchar Technologies Ltd reported standalone revenue of ₹192.61 crore in Q2 FY27, up 12.5% from Q2 FY26 and 43.1% from Q1 FY27. EBITDA was ₹40.06 crore, while a net profit of ₹32.98 crore and basic EPS of ₹28.83 marked a sequential recovery but a decline from the year-ago quarter.
Key points
- Q2 FY27 revenue was ₹192.61 crore, up ₹21.33 crore, or 12.5%, from Q2 FY26.
- EBITDA was ₹40.06 crore, down ₹13.54 crore, or 25.3%, from Q2 FY26; the margin was 20.8% versus 31.3%.
- Net profit was ₹32.98 crore, down ₹12.96 crore, or 28.2%, from Q2 FY26, while basic EPS was ₹28.83.
- Against Q1 FY27, revenue rose ₹58 crore, EBITDA rose ₹18 crore, and net profit rose ₹12.12 crore.
- H1 FY27 revenue was ₹327.22 crore and net profit was ₹53.84 crore, compared with ₹330.03 crore and ₹87.43 crore in H1 FY26.
How did Shilchar Technologies perform in Q2 FY27?
Standalone revenue was ₹192.61 crore in Q2 FY27, up ₹21.33 crore, or 12.5%, from ₹171.28 crore in Q2 FY26 and up ₹58 crore, or 43.1%, from ₹134.61 crore in Q1 FY27. Total income was ₹199.41 crore, against ₹180.35 crore a year earlier and ₹141.78 crore in the previous quarter.
EBITDA was ₹40.06 crore, down ₹13.54 crore, or 25.3%, from ₹53.60 crore in Q2 FY26 but up ₹18 crore, or 81.6%, from ₹22.06 crore in Q1 FY27. The EBITDA margin was 20.8%, down 10.5 percentage points year on year and up 4.4 percentage points sequentially.
Profit before tax was ₹45.69 crore, down ₹15.88 crore, or 25.8%, from ₹61.57 crore in Q2 FY26 and up ₹17.62 crore, or 62.8%, from ₹28.07 crore in Q1 FY27. Net profit was ₹32.98 crore, down ₹12.96 crore, or 28.2%, year on year and up ₹12.12 crore, or 58.1%, sequentially; basic EPS was ₹28.83.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 192.61 | 134.61 | 171.28 | +12.5% | +43.1% |
| Other income | 6.80 | 7.18 | 9.07 | −25.0% | −5.3% |
| Total expenses | 153.72 | 113.71 | 118.78 | +29.4% | +35.2% |
| EBITDA | 40.06 | 22.06 | 53.60 | −25.3% | +81.6% |
| EBITDA margin | 20.8% | 16.4% | 31.3% | −10.5 pp | +4.4 pp |
| Profit before tax | 45.69 | 28.07 | 61.57 | −25.8% | +62.8% |
| Tax | 12.71 | 7.21 | 15.63 | −18.7% | +76.3% |
| Net profit | 32.98 | 20.86 | 45.94 | −28.2% | +58.1% |
| EPS (₹) | 28.83 | 18.24 | 40.15 | −28.2% | +58.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Shilchar Technologies' costs and profit?
Total expenses were ₹153.72 crore, up ₹34.94 crore, or 29.4%, from ₹118.78 crore in Q2 FY26. Cost of materials was the largest movement, rising ₹33.11 crore, or 32.3%, to ₹135.56 crore, while employee cost rose ₹0.90 crore, or 14.7%, to ₹7.03 crore and other expenses rose ₹1.75 crore, or 23.3%, to ₹9.27 crore.
Other income fell ₹2.27 crore, or 25.0%, to ₹6.80 crore from ₹9.07 crore. Finance cost rose ₹0.01 crore, or 11.1%, to ₹0.10 crore, and depreciation rose ₹0.07 crore, or 6.9%, to ₹1.08 crore. Tax expense fell ₹2.92 crore, or 18.7%, to ₹12.71 crore; there was no exceptional item.
Against Q1 FY27, total expenses rose ₹40.01 crore, or 35.2%, as cost of materials increased ₹43.90 crore, or 47.9%, and employee cost increased ₹1.30 crore, or 22.7%. Other income fell ₹0.38 crore, or 5.3%, while tax expense rose ₹5.50 crore, or 76.3%. The filing did not state a further reason for the cost movement.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 135.56 | 102.45 | +33.11 | +32.3% |
| Employee cost | 7.03 | 6.13 | +0.90 | +14.7% |
| Finance costs | 0.10 | 0.09 | +0.01 | +11.1% |
| Depreciation | 1.08 | 1.01 | +0.07 | +6.9% |
| Other expenses | 9.27 | 7.52 | +1.75 | +23.3% |
| Total expenses | 153.72 | 118.78 | +34.94 | +29.4% |
| Other income | 6.80 | 9.07 | −2.27 | −25.0% |
| Tax | 12.71 | 15.63 | −2.92 | −18.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
H1 FY27 revenue was ₹327.22 crore, down ₹2.81 crore, or 0.9%, from ₹330.03 crore in H1 FY26. Total income was ₹341.19 crore, down ₹2.14 crore, or 0.6%, while profit before tax fell ₹43.37 crore, or 37.0%, to ₹73.76 crore.
Net profit for the first half was ₹53.84 crore, down ₹33.59 crore, or 38.4%, from ₹87.43 crore, and basic EPS fell to ₹47.06 from ₹76.43. The quarter’s sequential recovery did not offset the lower first-half profit recorded in Q1 FY27.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 327.22 | 330.03 | −0.9% |
| Profit before tax | 73.76 | 117.13 | −37.0% |
| Net profit | 53.84 | 87.43 | −38.4% |
| EPS (₹) | 47.06 | 76.43 | −38.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹661.78 crore, up from ₹590.51 crore at 31 March 2026, while total equity was ₹530.47 crore against ₹490.85 crore. The company had no borrowings at either date, and cash and cash equivalents were ₹2.95 crore compared with ₹21.48 crore.
Inventories were ₹96.09 crore against ₹92.18 crore, trade receivables were ₹189.88 crore against ₹153.60 crore, and trade payables were ₹98.51 crore against ₹71.07 crore at the previous balance sheet date. H1 FY27 operating cash flow was ₹12.42 crore, compared with ₹92.26 crore in H1 FY26.
Investing cash flow was negative ₹8.61 crore in H1 FY27 against negative ₹86.49 crore in H1 FY26, while financing cash flow was negative ₹22.35 crore against negative ₹29.12 crore. Capital expenditure was ₹32.93 crore in H1 FY27, compared with ₹1.85 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 661.78 | 590.51 |
| Total equity | 530.47 | 490.85 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 2.95 | 21.48 |
| Inventories | 96.09 | 92.18 |
| Trade receivables | 189.88 | 153.60 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 12.42 | 92.26 |
| Cash from investing | −8.61 | −86.49 |
| Cash from financing | −22.35 | −29.12 |
| Capital expenditure | 32.93 | 1.85 |
Source: Company's results filing (XBRL).
How has Shilchar Technologies done over the last 8 quarters?
Revenue recovered to ₹192.61 crore in Q2 FY27 from ₹134.61 crore in Q1 FY27, but remained below the recent peak of ₹231.86 crore in Q4 FY25. Net profit rose to ₹32.98 crore from ₹20.86 crore in Q1 FY27, while the EBITDA margin increased to 20.8% from 16.4%.
Over the last eight quarters, the EBITDA margin peaked at 33.0% in Q1 FY26 and fell to 21.0% in Q4 FY26 before recovering to 20.8% in Q2 FY27. Net profit had bottomed at ₹20.86 crore in Q1 FY27, while revenue was lowest at ₹134.61 crore in that quarter, before both increased in the latest quarter.
What else did the company announce?
The board approved the unaudited standalone financial results for the quarter and half year ended 30 September 2026, together with the limited review report issued by the statutory auditors, on 28 October 2026. The same-day investor presentation stated that the Gavasad Expansion #3 was progressing as planned, with commissioning expected in April 2027.
The same-day filings did not announce a dividend, fund raise or appointment. The presentation identified existing installed capacity of 7,500 MVA and 6,500 MVA of capacity under commissioning, taking annual capacity to 14,000 MVA after expansion.
What did Shilchar Technologies' management say?
Management targeted more than INR200 crore of FY27 EBITDA, potentially INR225–250 crore, but repeatedly declined to give formal margin guidance; 23–24% was described as an aspiration. It said Phase 3 would add 6,500 MVA through April 2027 and lift total capacity to 14,000 MVA. FY28 revenue was targeted at INR1,000 crore, with FY29 planned at INR1,250–1,500 crore and full utilisation.
Management said a higher export share as Middle East conditions improved could support margins, while North American exports recovered after earlier tariff-related challenges. It identified unsettled Middle East conditions, shipping and logistics costs, raw-material prices, possible dilution from new capacity, 220 kV approvals, manpower and quality-system readiness, and industry capacity additions as risks.
Chairman and Managing Director Alay Shah said: “And going forward with 100% capacity utilization and inflow of export orders, the margins will improve in Q3 and Q4. But I cannot tell you any numbers. I mean, it's difficult for me to even guess.” On capacity, he said: “Yes. With 100% capacity, we can do maximum INR1,500 crores.”
How did Shilchar Technologies shares react?
After the filing appeared, the stock moved down 0.1% after five minutes, up 0.8% after 15 minutes and up 0.2% after 30 minutes. It closed the reaction day down 3.9% from the previous close of ₹3,792.80, against a 0.2% median rise for the other Heavy Electrical Equipment stocks.
By the next day’s close, the stock was down 6.0% from its pre-results close. The industry median was down 3.4% and the Nifty Microcap 250 was down 1.9%, leaving the stock’s cumulative relative move at negative 2.6 percentage points against the industry and negative 4.1 percentage points against the industry on the reaction day. No five-session figure was available.
Earlier reaction-day moves were up 1.8% on 17 July 2026, down 13.7% on 5 May 2026 and up 4.3% on 31 January 2026. These figures describe prior market reactions and do not indicate a future share-price movement.
| After the filing | Stock | Heavy Electrical Equipment median |
|---|---|---|
| 5 minutes | −0.1% | |
| 15 minutes | +0.8% | |
| 30 minutes | +0.2% | |
| Reaction day | −3.9% | +0.2% |
| Next day | −6.0% | −3.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 17 July 2026 | +1.8% |
| 5 May 2026 | −13.7% |
| 31 January 2026 | +4.3% |
Source: MarketPing price-reaction measurement.
How did other Heavy Electrical Equipment companies do?
Among 13 other Heavy Electrical Equipment companies that had filed for the quarter, the median revenue growth was 26.0%. Five peers grew revenue more slowly than Shilchar Technologies, while eight grew faster than the company.
Nine of the 13 peers reported higher profit. The peer comparison is based on filings available as of 4 November 2026 and does not include Shilchar Technologies itself.
| Shilchar Technologies revenue growth (YoY) | +12.5% |
|---|---|
| Median of 13 other Heavy Electrical Equipment companies | +26.0% |
| Companies with slower revenue growth than Shilchar Technologies | 5 of 13 |
| Companies with faster revenue growth than Shilchar Technologies | 8 of 13 |
| Companies whose net profit rose | 9 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Shilchar Technologies' revenue in Q2 FY27?
Revenue from operations was ₹192.61 crore, up 12.5% from ₹171.28 crore in Q2 FY26 (standalone).
Did Shilchar Technologies make a profit in Q2 FY27?
Yes. Net profit was ₹32.98 crore, against a net profit of ₹45.94 crore in Q2 FY26.
What was Shilchar Technologies' EPS in Q2 FY27?
Basic earnings per share were ₹28.83, against ₹40.15 in Q2 FY26.
How did Shilchar Technologies shares react to the Q2 FY27 results?
On the reaction day the stock moved −3.9% from the previous close; the median Heavy Electrical Equipment stock moved +0.2%.
When did Shilchar Technologies announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Adoption And Approval Of Un-Audited Financial Results For The Quarter And Half Year Ended 30Th September 2026 (BSE, 21 October 2026) · PDF
- Unaudited Financial Results For Quarter And Half Year Ended On 30.09.2026 (BSE, 28 October 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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