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Shilchar Technologies Results: Latest Quarterly Results & Analysis

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Shilchar Technologies Ltd. 05 May 2026 17:39 PM
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Q4FY26 & FY26 Result Announced for Shilchar Technologies Ltd.

Electrical Equipment & Products company Shilchar Technologies announced Q4FY26 & FY26 results

Financial Highlights:

  • Revenue from Operations for Q4FY26 was Rs 151.65 crore, representing a 35% YoY decrease from Rs 231.86 crore in Q4FY25 and a 10.93% QoQ decrease from Rs 170.26 crore in Q3FY26.
  • Total Income for Q4FY26 stood at Rs 158.32 crore, compared to Rs 236.45 crore in Q4FY25 (down 33% YoY) and Rs 176.34 crore in Q3FY26 (down 10.22% QoQ).
  • EBITDA (Excluding Other Income and Exceptional Items) for Q4FY26 was Rs 31.91 crore, showing a 55% YoY decline from Rs 71.24 crore in Q4FY25 and a 39.21% QoQ decline from Rs 52.49 crore in Q3FY26.
  • EBITDA Margin for Q4FY26 was 21.0%, a decrease from 30.7% in Q4FY25 and 30.8% in Q3FY26.
  • Profit Before Tax (PBT) for Q4FY26 reached Rs 37.48 crore, marking a 50% YoY decrease from Rs 74.68 crore and a 34.66% QoQ decrease from Rs 57.36 crore.
  • Profit After Tax (PAT) for Q4FY26 was Rs 28.39 crore, a 49% YoY decrease compared to Rs 55.36 crore in Q4FY25 and a 32.95% QoQ decrease from Rs 42.34 crore in Q3FY26.
  • Earnings Per Share (EPS) for Q4FY26 stood at Rs 24.82, down 49% YoY from Rs 48.39 and down 32.94% QoQ from Rs 37.01.
  • For the full year FY26, Revenue from Operations was Rs 651.94 crore, reflecting a 5% YoY growth from Rs 623.15 crore in FY25.
  • Annual Total Income for FY26 was Rs 677.99 crore, representing a 6% YoY increase from Rs 639.62 crore in FY25.
  • Annual EBITDA (Excluding Other Income and Exceptional Items) for FY26 reached Rs 190.42 crore, up 3% YoY from Rs 184.75 crore in FY25.
  • Profit Before Tax (PBT) for FY26 was Rs 211.97 crore, showing a 7% YoY increase from Rs 197.37 crore in FY25.
  • Profit After Tax (PAT) for the full year FY26 was Rs 158.16 crore, marking an 8% YoY growth from Rs 146.85 crore in FY25.
  • Annual EPS for FY26 reached Rs 138.25, an 8% YoY increase compared to Rs 128.37 in FY25.

Business Highlights:

  • The performance in Q4FY26 was impacted by logistical disruptions in West Asia and uncertainty regarding US tariff policies, leading to deferred shipments and slower dispatches.
  • Export order inflows recovered in Q4FY26, and deliveries have picked up notably in Q1FY27 following policy amendments and robust demand from US customers.
  • Domestic demand remained firm in FY26, supported by record renewable energy commissioning of approximately 55 GW.
  • The company initiated its Gavasad Expansion #3, a new 6,500 MVA facility, which is on track for commissioning in April 2027.
  • The current existing installed capacity stands at 7,500 MVA (FY27), with plans to expand to a total annual capacity of 14,000 MVA post-expansion (FY28).
  • The company has a robust order pipeline of approximately Rs 800 crore for FY27.
  • Shilchar Technologies Limited remains a debt-free company with a balance sheet supported by substantial cash reserves.
  • The export-mix for the company improved to 48% in FY26, compared to 43% in FY25.
  • The company specialized in custom-made transformers for Renewables and Industrial applications, currently focusing on units up to 50 MVA and 132 KV class, with expansion plans into the 220 KV class.

Alay J. Shah Chairman & Managing Director, said: Shilchar continued on its financial growth trajectory in FY26, reporting revenue of Rs 652 crore, with EBITDA margins coming in at 29%. The year, however, closed with a softer Q4, shaped by two distinct macro and geopolitical developments that temporarily weighed on order intake and dispatches.

On the export front, uncertainty around US tariff policy during the preceding quarters moderated order intake from US customers in Q3. While order inflows recovered in Q4, dispatches during the quarter remained slow, given the lower order intake in Q3 and interim tariff policy uncertainty at the time. With subsequent policy amendments coupled with a robust demand outlook from US customers, both order intake and deliveries have picked up notably in Q1FY27.

Additionally, a significant volume of Q4 shipments were scheduled for delivery to Middle East customers in March 2026, which could not be dispatched due to the crisis in West Asia and the resulting logistical disruptions. These shipments have been deferred, not cancelled. Dispatches to the region resumed in April, and the situation has improved considerably since then.

Both factors were temporary in nature, and Shilchar is well positioned to resume its growth trajectory from the coming quarters. On the domestic front, demand has remained firm, particularly in the context of record renewable energy commissioning of ~55 GW in FY26.

On the CAPEX front, our Gavasad Expansion #3, a new 6,500 MVA facility, remains on track for commissioning in April 2027. In FY27, we expect to operate at full utilisation of our existing 7,500 MVA capacity. Demand across our key domestic and export markets remains strong, and our overall business outlook continues to be robust.

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 Electrical Equipment company Shilchar Technologies announced Q3FY26 results

  • Revenue: Rs 17,025.94 lakh against Rs 15,373.61 lakh during Q3FY25, change 11%.
  • PBT: Rs 5,736.34 lakh against Rs 4,676.95 lakh during Q3FY25, change 23%.
  • PAT: Rs 4,233.77 lakh against Rs 3,477.29 lakh during Q3FY25, change 22%.
  • EPS: 37.01 for Q3FY26.

Alay J. Shah, Chairman & Managing Director, said: “We continue to see sustained momentum in domestic renewables business, as well as opportunities from emerging exports markets”

Shilchar continues with its healthy financial trajectory through Q3 and 9MFY26, delivering a robust all-around performance. The Company reported revenue of Rs 170 crore in Q3 & Rs 500 crore in 9M, reflecting YOY growth of 11% and 28% respectively, while maintaining robust profitability margins and operational efficiency.

The domestic renewable energy industry continues to exhibit strong momentum, with capacity additions of ~34.7GW in 9MFY26, already surpassing the ~28.7GW added in the whole of FY25, as per data released by the Ministry of New and Renewable Energy (MNRE). This sustained growth in the renewable energy segment augurs well for Shilchar’s core domestic business in renewable transformers, underpinning strong demand visibility in the years ahead.

On the export front, a prolonged resolution to the India-US trade agreement and interim tariffs has led to a temporary moderation in order inflows during Q3. The Company remains closely engaged with its customers to mitigate potential impacts. Simultaneously, we are expanding our presence in existing markets like Middle East & newer emerging export geographies, as well as strengthening our domestic order book to offset near-term headwinds in the US.

Overall, our business outlook remains positive. The focus continues on optimal utilization of existing capacities in Q4 and the forthcoming financial year, while progressing on our Gavasad Expansion #3 project, scheduled for commissioning in April 2027, which reinforces our confidence in growth for the coming years."

Result PDF

Electrical Equipment & Products company Shilchar Technologies announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 232 crore compared to Rs 105 crore during Q4FY24,
  • EBITDA: Rs 71 crore compared to Rs 31 crore during Q4FY24,
  • EBITDA margin: 31% for Q4FY25.
  • PAT: Rs 55 crore compared to Rs 25 crore during Q4FY24.
  • PAT margin: 23% for Q4FY25.

FY25 Financial Highlights:

  • Revenue from Operations: Rs 623 crore compared to Rs 397 crore during FY24,
  • EBITDA: Rs 185 crore compared to Rs 113 crore during FY24,
  • EBITDA margin: 30% for FY25.
  • PAT: Rs 147 crore compared to Rs 92 crore during FY24.
  • PAT margin: 23% for FY25.

Alay J. Shah, Chairman & Managing Director, Shilchar Technologies, said: We have achieved full capacity utilisation ahead of schedule, as demonstrated by our strong Q4 performance. Initially, we anticipated reaching this milestone by FY26; however, on a run-rate basis, we accomplished it in Q4 itself. Further, Q4 being a strong quarter on account of financial year end, we have been able to do well in our domestic business. Consequently, this has led to a slight shift in our business mix, favoring the domestic segment for FY25.

Our profitability profile remains strong, underpinned by healthy gross and operating margins. These factors have collectively driven us to record our highest-ever profitability, both on a quarterly and annual basis.

The demand outlook continues to be positive across both domestic and export markets, supported by healthy order inquiries and business visibility.Looking ahead, we expect the domestic business to experience higher growth, driven by significant capital expenditure in India’s renewable energy and power transmission & distribution sectors—areas where we are well-positioned to benefit from the prevailing tailwinds

Currently, there are no reciprocal tariffs on the export of transformers from India to the US, and as such, our export outlook to the US remains unchanged. However, we will closely monitor the situation as the 90-day tariff pause concludes, and will adapt our strategy should any changes arise.

Given the robust demand environment, there is potential for further capacity expansion. For now, our immediate priority is to optimize existing operations and consolidate recent gains. Although we have not yet finalised any additional investments, I want to assure you that Shilchar is fully prepared to capitalise on the emerging opportunities in the transformer sector.

Lastly, taking into account current year’s performance, the Board has recommended a final dividend of Rs 12.5 per equity share subject to shareholder approval as well as a bonus issue (1 new fully-paid up equity share for every 2 held).

Result PDF

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