Shaily Engineering Plastics (501423) Q3 24/25 earnings summary

Executive summary

• Achieved 25% year-on-year revenue growth in Q3 FY25 to ₹197.6 crores, driven by strong healthcare segment performance and new contract wins in healthcare and consumer segments.

• Healthcare segment revenue grew 52% year-on-year, supported by six new contracts for pen injectors and auto-injectors, with medical devices expected to comprise 30% of revenue in three years.

• Consumer segment secured new business from two global retail chains, with supplies starting in FY 2026.

• Incorporated a new Dubai subsidiary to enhance global reach and logistics for medical device testing and support.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, were reviewed and approved by the Board on February 8, 2025.

Financial highlights

• Q3 FY25 consolidated revenue: ₹197.6 crores (up 25% YoY); EBITDA: ₹46.3 crores (up 40%); EBITDA margin: 23.4% (up 260 bps); PAT: ₹25.2 crores (up 73%); PAT margin: 12.8% (up 360 bps).

• Nine months FY25 revenue: ₹569 crores (up 20%); EBITDA: ₹123.8 crores (up 42%); EBITDA margin: 21.7% (up 330 bps); PAT: ₹64.5 crores (up 70%); PAT margin: 11.3% (up 330 bps).

• Standalone Q3 FY25 revenue: ₹18,630.76 lakhs; standalone PAT: ₹1,813.72 lakhs; consolidated Q3 PAT: ₹2,192.30 lakhs.

• Cash PAT for Q3 FY25: ₹35.9 crores (up 50%); for nine months: ₹95.6 crores (up 50%).

• EPS (consolidated, basic) for Q3 FY25 was ₹5.49, up from ₹3.17 in Q3 FY24.

Outlook and guidance

• Expects machine utilization to rise from current 45% to around 80% in the next 2-3 years.

• Medical device business anticipated to reach 30% of total revenue in three years, with significant ramp-up from GLP-1 and other therapies.

• Capacity expansion plans underway, with pen and auto-injector capacity targeted to increase by 50-60 million units by December 2026.

• New business wins from global retail chains to commence supplies in Q1/Q2 FY26.

• Financial statements prepared in accordance with Indian Accounting Standards and SEBI guidelines.