Shaily Engineering Plastics (501423) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue reached a record ₹319.53 crore, up 24% YoY; EBITDA rose 25% to ₹101.8 crore, with a 31.9% margin.

• Healthcare accounted for 55% of Q2 revenue and grew 78% YoY; consumer revenue declined amid weak home-furnishings demand.

Financial highlights

• Q2 consolidated revenue was ₹319.53 crore versus ₹256.65 crore; net profit attributable to shareholders was ₹61.27 crore versus ₹51.25 crore.

• H1 consolidated revenue rose 19% to ₹600.20 crore; net profit attributable to shareholders increased 18% to ₹109.28 crore.

• Q2 EBITDA was ₹101.8 crore, up 25%; H1 EBITDA rose 22% to ₹185.1 crore.

• EBITDA margin was 31.9% in Q2 and 30.8% in H1; gross margin was 60.0% in Q2 and 58.4% in H1.

• Q2 standalone revenue was ₹309.72 crore and net profit ₹66.94 crore; H1 standalone revenue was ₹584.50 crore and net profit ₹119.41 crore.

Outlook and guidance

• FY27 device volumes are expected to exceed 36 million; a revised level will be assessed after qualification of the new line.

• FY28 device-volume ambition was ~50 million, with a ±15% range; this is not formal guidance and depends on market launches.

• A new 25-million-pen line is under commissioning and validation; commercial sales are targeted from December if qualification succeeds.

• Abu Dhabi medical-device facility is planned at AED 130–150 million (~₹350 crore), with annual capacity of 75 million pens and completion targeted by end-FY28.

• Semiconductor packaging trial production is planned for Q3 FY27 and commercial shipments for Q4; consumer-electronics component supplies are expected to ramp in Q3–Q4.