Shaily Engineering Plastics (501423) Q4 24/25 earnings summary

Executive summary

• Achieved highest ever consolidated revenues and profitability in FY25, with 22% YoY revenue growth to INR 787 crores and EBITDA margin expanding by 350 bps to 22.7%, driven by strong growth across all business segments and successful ramp-up of new projects.

• Healthcare segment revenue surged 53% YoY to INR 165 crores, now 21% of total revenue, driven by IP-led pen platforms and new customer contracts.

• Consumer segment revenue grew 17% YoY to INR 561 crores, with new product launches and improved carbon steel business.

• Industrial segment revenue increased 12% YoY to INR 61 crores, supported by new automotive component contracts.

• Expanded product portfolio and customer base, with multiple new contracts and business awards in Q4 FY25.

Financial highlights

• FY25 consolidated revenue at INR 786.8 crores, up 22% YoY; EBITDA at INR 178.4 crores, up 45% YoY; PAT at INR 93.1 crores, up 63% YoY; Q4 FY25 revenue at INR 217.8 crores, up 28% YoY; EBITDA at INR 54.6 crores, up 51% YoY; PAT at INR 28.6 crores, up 48% YoY.

• Gross profit margin improved by 470 bps to 47.2% in FY25.

• PAT margin improved to 11.8% (+90 bps YoY); cash PAT at INR 135.3 crores, up 45% YoY.

• ROCE at 24.4% and ROE at 18.5% as of March 31, 2025.

• Debt to equity at 0.4x; long-term debt to equity at 0.07x.

Outlook and guidance

• Healthcare segment expected to comprise 30% of revenues in coming years, with continued focus on IP-led devices and contract manufacturing.

• Pen manufacturing capacity to expand by 40-50 million units over 18-24 months, targeting 80-90 million total capacity.

• Commercial supplies of pens for GLP-1 drug 'Semaglutide' to start in FY26; pen sales projected at ~30 million, with 70% growth driven by IP-led platforms.

• New business from global retail chains and marquee FMCG customers to commence in FY26.

• No formal company-wide revenue guidance, but management anticipates strong growth and margin improvement year-over-year.