NSE: SHILCTECH · BSE: 531201 · ISIN INE024F01011
Shilchar Technologies Limited stock analysis
Shilchar Technologies Limited ranks #116 in the TickerSutra evidence-ranked universe with a score of 72/100 and 95% data confidence. The latest captured fundamentals show ROCE of 50.7%, quarterly sales growth of -15.2% and quarterly profit growth of -49.7%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 50.7%
- Low debt/equity of 0×
- Strong CFO/EBITDA of 1.01×
- 32.5% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Operating margin has compressed materially
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹180cr | ₹19cr | ₹14cr | 11.0% |
| 2023 | ₹280cr | ₹53cr | ₹43cr | 19.0% |
| 2024 | ₹397cr | ₹113cr | ₹92cr | 29.0% |
| 2025 | ₹623cr | ₹185cr | ₹147cr | 30.0% |
| 2026 | ₹652cr | ₹190cr | ₹158cr | 29.0% |
| TTM | ₹628cr | ₹160cr | ₹138cr | 25.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
Aditya Dayal: I just have one question. This capacity that is going to come in April 27, will it take more time for the product prototyping, or all those things are included so that the revenue will be visible from the new capacity after April 27? Page 9 of 13 Alay Shah: So I have earlier mentioned that in my earlier call also that once the facility is ready for production, we will start producing transformers, what
These two developments also weighed on our margin for the quarter. Exports carry a higher margin for us, so their lower share in the quarter changed our sales mix and pulled the margin down. Commodity prices added to the pressure, with a sharp rise in transformer oil prices during March.
Supported by a dedicated engineering and design team, these tools enable the Company to deliver transformers tailored to customer specifications, with rigorous quality testing at every stage of production. Decades of proven expertise in performance, quality, and competitive pricing have created significant entry barriers in Shilchar’s specialised segments. Long- standing client relationships built on trust and reliab
So will that be lower margin business or that we can expect to have the same margins there? Alay Shah: Like I said earlier, if the situation becomes normal and if our exports come back online as for previous years, we are confident that we will be able to maintain the same profitability what we have done in previous years. But in case that does not happen and if we are more relied on the local market, then there will
Page 4 of 13 We remain on track with our revenue ambitions for the year, although the geographic mix may change if the situation in West Asia persists. Demand across our key domestic and export markets remains strong, and our overall business outlook continues to be robust. Thanking you all, we can now open the floor for questions.
So are you experiencing pressure in the domestic transformer market in the lower KV ? Alay Shah: No, there is no pressure of lower margins or anything on the domestic market. Domestic market is, you know, is normal what it used to be, you know, about two years back and last year.
Additionally, our initiatives such as constructing eight rainwater recharge borewells and maintaining green cover over 30% of our plant area further support our commitment to environmental stewardship and offset carbon footprint. These efforts not only lower our environmental impact but also contribute to long-term cost savings and regulatory readiness. These efforts position us as a forward-looking organization cont
(Y es/No) Ye s Ye s Ye s Ye s Ye s Ye s Ye s Ye s Ye s b. Has the policy been approved by the Board? (Y es/No) Ye s Ye s Ye s Ye s Ye s Ye s Ye s Ye s Ye s c.
Venil Shah: And sir, my second question is related to our margins. So, could you comment on the price revision done in this quarter and how much raw material cost increase have we been able to pass on to the customers because we see significant pressure on gross margins for the last two quarters? Alay Shah: Sir, whatever, you know, orders we had during Q1 which were to be executed in Q4 and… I mean, whatever orders w
Adoption of non-mandatory requirements of SEBI (LODR) Regulations, 2015 is being reviewed by the Board from time to time. (v) Company Policies Policy on Related Party Transactions: https://shilchar.com/upload/power_ investor_relations/related-party- transaction-policy.pdf (vi) Disclosure of utilization of funds raised through preferential allotment or qualified institutions Placement as specified under Regulation 32(
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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