Shaily Engineering Plastics LimitedQ2 FY27 Results & Financial Update
Shaily Engineering Plastics Limited: Q2 FY27 consolidated results and company financials – revenue ₹319.53 Cr, PAT ₹61.27 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Shaily Engineering Plastics Q2 FY27 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
Shaily Engineering Plastics reported consolidated revenue of Rs. 319.53 crore for the quarter ended September 30, 2026, marking a sequential expansion from Rs. 280.67 crore in Q1 FY27.
Profit after tax (PAT) for Q2 FY27 rose to Rs. 61.27 crore, compared to Rs. 48.01 crore in the preceding quarter, supported by strong traction in the healthcare and medical devices vertical.
Profit before tax (PBT) reached Rs. 84.56 crore during the quarter, showing growth over the Rs. 65.94 crore recorded in the previous quarter.
s in its investor presentation, consolidated revenue grew 24% year-on-year from Rs. 256.7 crore in Q2 FY26, while EBITDA expanded 25% year-on-year to Rs. 101.8 crore.
Growth during the quarter was anchored by robust momentum in the healthcare segment, which compensated for softer market demand for home furnishings across Europe and the USA.
Machine utilization across plants improved to 52.5% in Q2 FY27, representing a 470 basis point increase compared to Q2 FY26.
The company maintained a healthy capital structure with a total debt-to-equity ratio of 0.2 as of September 2026, improving from 0.3 as of March 2026.
01 · Business model
What does Shaily Engineering Plastics do?
Shaily Engineering Plastics Limited, established in 1987, is an end-to-end provider of plastic products and services with over 200 high-speed automated and robotic injection moulding machines.
The company operates through seven manufacturing facilities located in Gujarat—six dedicated to plastic manufacturing and one to steel furniture—supported by a workforce of over 2,000 employees.
Shaily serves global and domestic clients across three principal verticals: Healthcare (including platform and drug delivery devices), Consumer goods (home furnishings, toys, and carbon steel furniture), and Industrial applications (automotive components, appliances, and power tools).
The operational footprint includes specialized infrastructure such as an Export Oriented Unit (EOU) and a dedicated ISO Class 8 clean room manufacturing facility at Rania for pharmaceutical components.
02 · Historical context
What shaped the business before this quarter
Established in 1987, the company has grown into India's largest exporter of plastic components with long-standing global relationships.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹319.53 Cr | ₹280.67 Cr |
| Total income | ₹324.25 Cr | ₹280.92 Cr |
| Profit before tax | ₹84.56 Cr | ₹65.94 Cr |
| Profit after tax | ₹61.27 Cr | ₹48.01 Cr |
| EPS | ₹13.32 | ₹10.45 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Healthcare revenue grew 78% year-on-year to Rs. 175.1 crore in Q2 FY27, serving as the primary growth engine for the business.
Industrial revenue increased by 23% year-on-year to Rs. 28.6 crore, aided by new product additions in power tools and appliance knobs.
Consumer segment revenue declined 14% year-on-year to Rs. 115.9 crore due to weaker market demand for home furnishings across Europe and the USA.
What drove margins
Gross profit margin expanded by 70 basis points year-on-year to 60.0% in Q2 FY27, supported by favorable product mix shift toward high-value healthcare devices.
EBITDA stood at Rs. 101.8 crore in Q2 FY27 with an EBITDA margin of 31.9%, registering a 10 basis point improvement over Q2 FY26.
05 · Demand, customers & order book
Where demand is coming from
Maintained long-standing global relationships with marquee clients across diversified industries, supported by repeat business confirmations.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Signed two new contracts for intellectual property-led platforms and launched the Shaily AI Toby Reusable two-step auto-injector pen for GLP-1 therapies.
Received business confirmations for a new product from an existing home furnishing customer alongside volume increases for existing product lines.
Secured business confirmations for 7 new products in power tools and new knobs from an appliance customer.
Geography and market mix
The domestic-export revenue mix shifted during H1 FY27, with exports accounting for 62.9% and domestic sales at 37.1% (compared to 71.7% export and 28.3% domestic in H1 FY26), primarily driven by growing supplies to Indian pharma customers ultimately catering to global markets.
Initiated plans to set up a medical device manufacturing facility in Abu Dhabi with an expected investment of AED 130-150 million (~Rs. 350 crores) to support the global GLP-1 opportunity.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Added 25 million pens capacity with automation machines received and currently undergoing commissioning and validation stages.
The upcoming Abu Dhabi facility is expected to add a capacity of 75 million pens annually upon completion.
Machine utilization across plants rose to 52.5% in Q2 FY27 from 47.8% in Q2 FY26.
Projects, capex and execution
Committed to an investment of AED 130-150 million (~Rs. 350 crores) for setting up a greenfield medical device manufacturing plant in Abu Dhabi.
08 · Reported developments
What changed operationally
Consolidated revenue and PAT grew by 24% and 20% year-on-year respectively in Q2 FY27, driven by high-margin healthcare expansion.
Short-term bank facilities upgraded to CARE A1+ by CARE Ratings.
09 · Pressure points & risks
What is not going smoothly
Faced weaker market demand for home furnishings across Europe and the USA, resulting in a 14% year-on-year decline in consumer segment revenue.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash from operating activities for H1 FY27 stood at Rs. 110.5 crore, compared to Rs. 98.4 crore for H1 FY25.
Changes in working capital for H1 FY27 resulted in an outflow of Rs. 37.8 crore.
Capital allocation & funding
CARE Ratings upgraded Shaily's short-term bank facilities of Rs. 35 crore to CARE A1+ from CARE A1, while reaffirming long-term bank facilities at CARE A+ with a stable outlook.
Total debt to equity ratio improved to 0.2 as of September 2026 from 0.3 as of March 2026.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Sustainability Advantages of Shaily AI Toby
The two-step reusable auto-injector platform offers reduced material usage through a reusable driver, lower manufacturing energy, lighter shipping units, and a smaller cold-chain load compared to fully disposable auto-injectors.
12 · Previous-quarter changes
What changed since the previous quarter
Revenue expanded from Rs. 280.67 crore in Q1 FY27 to Rs. 319.53 crore in Q2 FY27, with PAT increasing from Rs. 48.01 crore to Rs. 61.27 crore.
13 · Key Q&A
The quarter, answered directly
What does Shaily Engineering Plastics do?
Shaily Engineering Plastics Limited, established in 1987, is an end-to-end provider of plastic products and services with over 200 high-speed automated and robotic injection moulding machines.
What is the clearest takeaway from Q2 FY27?
Shaily Engineering Plastics reported consolidated revenue of Rs. 319.53 crore for the quarter ended September 30, 2026, marking a sequential expansion from Rs. 280.67 crore in Q1 FY27.
What drove revenue or demand?
Healthcare revenue grew 78% year-on-year to Rs. 175.1 crore in Q2 FY27, serving as the primary growth engine for the business.
What mattered most for margins or profitability?
Gross profit margin expanded by 70 basis points year-on-year to 60.0% in Q2 FY27, supported by favorable product mix shift toward high-value healthcare devices.
What changed operationally beyond the headline numbers?
Added 25 million pens capacity with automation machines received and currently undergoing commissioning and validation stages.
What are the main pressure points disclosed for the quarter?
Faced weaker market demand for home furnishings across Europe and the USA, resulting in a 14% year-on-year decline in consumer segment revenue.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Abu Dhabi Facility Progress: Execution milestones and capital deployment regarding the Abu Dhabi medical device manufacturing facility.
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