Shaily Engineering Plastics (501423) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw strong revenue growth of 27% YoY to INR 251 crore and EBITDA up 43% to INR 66 crore, with margin expansion of 310 bps to 26.5%.

• Healthcare segment's revenue doubled to 42% of the mix, driven by GLP-1 pen injectors and new contracts.

• Announced a new scalable facility in Abu Dhabi for pen/auto-injectors, with planned investment of AED 130-150 million, targeting 75 million units/year by Q4 FY28.

• Appointed Joe Kam as COO of Healthcare, bringing significant international device manufacturing experience.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were reviewed and approved by the Board on February 12, 2026.

Financial highlights

• Q3 FY26 consolidated revenue: INR 251 crore (up 27% YoY); EBITDA: INR 66 crore (up 43% YoY); PAT: INR 37 crore (up 48% YoY).

• EBITDA margin: 26.5% (up 310 bps YoY); PAT margin: 14.9% (up 220 bps YoY).

• Nine-month FY26 revenue: INR 754 crore (up 32% YoY); EBITDA: INR 218 crore (up 76% YoY); PAT: INR 130 crore (up 101% YoY).

• Cash PAT for nine months: INR 166 crore (up 73% YoY).

• EPS for Q3 FY26: ₹7.75 (standalone), ₹8.13 (consolidated); paid-up equity share capital as of December 31, 2025, was ₹919.10 lakhs.

Outlook and guidance

• Capacity expansions in India are fully backed by commercial contracts; Abu Dhabi expansion is 50-60% secured, expected to be fully contracted within 18 months.

• Guidance for pen injector volumes in FY26 remains around 30 million units, with slight downward adjustment due to qualification delays.

• Margins expected to normalize and improve in Q1 FY27 as high-speed lines ramp up.

• Strategic expansion into Abu Dhabi to support global GLP-1 opportunity and scale drug-delivery manufacturing.

• The company continues to monitor regulatory changes, especially regarding new labour codes, and will adjust accounting as needed.