Shilchar Technologies LimitedQuarter ended 30th June, 2026 Results & Financial Update
Shilchar Technologies Limited: Quarter ended 30th June, 2026 standalone results and company financials – revenue ₹134.61 Cr, PAT ₹20.86 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Shilchar Technologies Quarter ended 30th June, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Shilchar Technologies commenced fiscal year 2027 on a soft note for the quarter ended June 30, 2026, registering a revenue from operations of INR 134.61 crore, compared to INR 158.75 crore in the corresponding period of the previous year.
Total income for Q1 FY27 stood at INR 141.78 crore, supported by other income of INR 7.18 crore, while profit before tax (PBT) came in at INR 28.07 crore and profit after tax (PAT) was reported at INR 20.86 crore.
Management noted that performance during the quarter was largely impacted by external headwinds stemming from the crisis in West Asia, which disrupted Middle East export channels and influenced broader commodity inflation.
Recovery in exports experienced delays due to severe increases in shipping costs, with container freight rates rising three to five times for certain key destinations like North America and the Middle East, escalating landed costs and delaying customer dispatches.
On the domestic front, passing on commodity price inflation caused extended negotiations with customers that spanned much of the quarter, resulting in slower dispatches during Q1 FY27.
Profitability margins for the quarter were affected by a combination of lower export mix and partial pass-through of higher commodity costs, prompting management to anticipate notable momentum recovery starting from Q2 FY27.
Despite the sluggish start to the year, the company remained firmly on track with its expansion execution timelines and full-year revenue ambitions, underpinned by an ongoing order pipeline of approximately INR 800 crore.
01 · Business model
What does Shilchar Technologies do?
Shilchar Technologies Limited is a Vadodara-based manufacturer specializing in power and distribution transformers with nearly four decades of industry presence.
The company focuses heavily on custom-made transformers catering to renewables and industrial applications, spanning power transformers up to 66 KV class, distribution transformers up to 33 KV class, solar inverter duty transformers, wind generator transformers, hydro transformers up to 132 KV class, and furnace transformers.
Shilchar operates out of its flagship 21-acre Gavasad facility in Vadodara, Gujarat, boasting an existing production capacity of 7,500 MVA with an assembly-focused manufacturing philosophy and extensive domestic supply chain sourcing.
The business serves a diversified client base across private sector utilities, renewable energy developers, large-scale EPC players, and traditional industrial sectors like steel, cement, sugar, and oil and gas, alongside an active export footprint spanning over 25 countries across five continents.
02 · Historical context
What shaped the business before this quarter
Shilchar Technologies was incorporated in 1986, subsequently entering R-core transformers in 1990, listing on BSE and venturing into ferrite transformers in 1995, and expanding into distribution and power transformers in 2000.
The company commenced transformer exports in 2008 and entered the renewables transformer market in 2010, establishing nearly two decades of export experience and around 17 years of specialization in renewable energy applications.
Shilchar acquired land at Gavasad, Vadodara in 2015 and subsequently commissioned its flagship manufacturing facility in 2018, initially expanding capacity to 4,000 MVA.
The company expanded its production capacity further to 7,500 MVA in August 2024, which served as the operational manufacturing base entering fiscal 2027.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30th June, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹134.61 Cr | ₹158.75 Cr | ₹151.65 Cr |
| Total income | ₹141.78 Cr | ₹162.98 Cr | ₹158.32 Cr |
| Profit before tax | ₹28.07 Cr | ₹55.56 Cr | ₹37.48 Cr |
| Profit after tax | ₹20.86 Cr | ₹41.49 Cr | ₹28.39 Cr |
| EPS | ₹18.24 | ₹36.27 | ₹24.82 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 15.5% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 20.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹7.18 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Export revenues were constrained during the quarter as persistent increases in container shipping costs—surging 3x to 5x across key geographies—hiked landed customer costs and delayed dispatches.
Domestic sales momentum slowed temporarily in Q1 FY27 as negotiations required to pass on commodity inflation extended through much of the quarter, delaying order dispatches.
What drove margins
Margins during the quarter reflected a lower proportion of high-margin export mix and only a partial pass-through of higher commodity prices stemming from West Asian supply disruptions.
Operating expenses for the quarter stood at INR 112.55 crore, including material consumption costs of INR 91.66 crore, inventory changes of negative INR 6.31 crore, employee benefits of INR 5.73 crore, finance costs of INR 0.10 crore, and depreciation of INR 1.06 crore.
05 · Demand, customers & order book
Where demand is coming from
The company reported a robust order pipeline of approximately INR 800 crore for fiscal year 2027, backed by strong inquiry inflows from both domestic and export clients.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The business operations of the company relate to a single primary segment, namely Transformers & Parts, catering to diversified utility, industrial, and renewable end markets.
Geography and market mix
The company serves over 25 international markets across 5 continents alongside its domestic business, though geopolitical headwinds in West Asia and North America impacted the regional export mix during the quarter.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The existing installed production capacity stood at 7,500 MVA during the quarter, operating off a 21-acre flagship facility with 1.6 lakh sq. ft. of existing built-up area.
Projects, capex and execution
The company remained fully on track with its Gavasad Expansion #3 project aimed at scaling annual capacity to 14,000 MVA, with civil foundations completed, pre-engineered building (PEB) erection and utilities work underway, all major production equipment ordered, and commissioning targeted for April 2027 alongside an additional 1.1 lakh sq. ft. of built-up area.
08 · Reported developments
What changed operationally
Management expressed expectation of a notable improvement in overall business momentum starting in Q2 FY27.
Execution of the Gavasad Expansion #3 project remained entirely on schedule for an April 2027 commissioning date.
09 · Pressure points & risks
What is not going smoothly
Ongoing geopolitical tensions in West Asia adversely affected Middle East export volumes and created commodity price pressures impacting domestic negotiations.
Significant escalation in container freight rates (up 3x to 5x) created landing cost hurdles that slowed customer acceptance and export dispatches.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The company maintains a robust capital structure featuring a debt-free balance sheet with substantial cash reserves to finance its growth and expansion initiatives.
11 · Management guidance & targets
What management is targeting from here
Management reaffirmed its revenue ambition for fiscal year 2027, though noted that the geographic mix may experience adjustments given ongoing geopolitical conditions in West Asia.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Board and management leadership
The company's leadership features generational talent including Chairman & Managing Director Alay J. Shah alongside Executive Directors Aashay A. Shah and Aatman A. Shah.
Reported update
Infrastructure certifications
The Gavasad facility operates under NABL-accredited testing laboratories with automated testing panels, impulse generators, and partial discharge-free testing labs, backed by ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications.
13 · Key Q&A
The quarter, answered directly
What does Shilchar Technologies do?
Shilchar Technologies Limited is a Vadodara-based manufacturer specializing in power and distribution transformers with nearly four decades of industry presence.
What is the clearest takeaway from Quarter ended 30th June, 2026?
Shilchar Technologies commenced fiscal year 2027 on a soft note for the quarter ended June 30, 2026, registering a revenue from operations of INR 134.61 crore, compared to INR 158.75 crore in the corresponding period of the previous year.
What drove revenue or demand?
Export revenues were constrained during the quarter as persistent increases in container shipping costs—surging 3x to 5x across key geographies—hiked landed customer costs and delayed dispatches.
What mattered most for margins or profitability?
Margins during the quarter reflected a lower proportion of high-margin export mix and only a partial pass-through of higher commodity prices stemming from West Asian supply disruptions.
What changed operationally beyond the headline numbers?
The existing installed production capacity stood at 7,500 MVA during the quarter, operating off a 21-acre flagship facility with 1.6 lakh sq. ft. of existing built-up area.
What is management guiding or targeting from here?
Management reaffirmed its revenue ambition for fiscal year 2027, though noted that the geographic mix may experience adjustments given ongoing geopolitical conditions in West Asia.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Q2 FY27 demand recovery: Monitor whether business momentum rebounds in Q2 FY27 as anticipated by management.
- 02
Gavasad Expansion #3 execution: Track ongoing civil construction, PEB erection, and equipment installation milestones leading up to the scheduled April 2027 commissioning.
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