531201

Shilchar Tech. share price & financials

Price
₹4,720.7
Market cap
₹4.8k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q4 FY26 · call held 05 May 2026

Shilchar Tech. Q4 FY26

FY26 Revenue from Operations ₹652 cr +5%FY26 EBITDA ₹190 cr FY26 EBITDA Margin 29% FY26 PAT ₹158 cr +8%

What went well

  • Full year FY26 revenue from operations grew 5% year-on-year to INR652 crores.
  • EBITDA for FY26 stood at INR190 crores with a healthy margin of 29%.
  • Profit after tax for FY26 increased 8% year-on-year to INR158 crores, resulting in an EPS of INR138.

What to watch

  • Q4 FY26 revenue from operations came in lower at INR152 crores, with EBITDA margin at 21% and PAT at INR28 crores, impacted by external factors.
  • Gross margin compression in Q4 due to lower exports (Middle East crisis) and increase in raw material prices, particularly oil prices which doubled.
Read the full call →

What Shilchar Tech. does

Shilchar Technologies designs and manufactures custom-made power and distribution transformers, with a specialised focus on renewable energy (solar inverter-duty and wind generator transformers) as well as industrial applications such as steel, cement, sugar, oil & gas and hydrocarbons. It follows a made-to-order, assembly-focused manufacturing model, using in-house design and engineering while outsourcing lower value-add components such as tanks and radiators to India's transformer-components supply chain. The company operates from a single flagship manufacturing facility at Gavasad, Vadodara, and sells to domestic private-sector utilities and EPC players as well as export customers spread across the Americas, Europe, the Middle East, Africa and Asia.

Installed manufacturing capacity
7,500 MVA (expanding to 14,000 MVA, with 6,500 MVA commissioning at Gavasad expected April 2027)
Export footprint
25+ countries across 5 continents (Americas, Europe, Middle East, Africa, Asia)
Employees
450+
Manufacturing facility
Single flagship facility at Gavasad, Vadodara, on a 17-acre plot with 1.6 lakh sq. ft. built-up area
Product voltage range
Transformers up to 132 kV class currently; new facility to add up to 220 kV / 160 MVA class
Production shops
2 dedicated production shops (5 MVA/33 kV class and 50 MVA/132 kV class) plus a dedicated winding shop with automatic foil-winding machines
Founded 1986Headquarters Gavasad, Vadodara, Gujarat, India Company website

Guidance record · Q4 FY26

what the last two calls moved 11 tracked 2 delivered 4 missed 5 open
  • FY26 Turnover missed said Q3 FY24 Promised: ₹800-900 crores in two years (implying FY26) Q4 FY26: Achieved full year FY26 revenue of INR 652 crores.
  • EBITDA Margin at risk said Q3 FY24 Promised: Maintain current levels for at least one year Q4 FY26: Q4 margin dropped to 21%, though FY26 was 29%. Management guides to maintain, but recent performance is a risk.
  • Total Capacity on track said Q2 FY26 Promised: 14,000 MVA by April 2027 Q4 FY26: Remains on track for commissioning in April '27.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 15.1%, net profit down 48.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue131 154 232 159 171 +31%170 +10%152 −34%135 −15%
EBITDA41 43 71 52 54 +32%52 +21%32 −55%22 −58%
Net profit33 35 55 41 46 +39%42 +20%28 −49%21 −49%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −9.3% 1Y

₹3.0k₹3.5k₹4.0k₹4.5k₹5.0k₹5.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Oct 2025Q4 FY26 — 5 May 2026

1Y: ₹4,613.35 on 10 Sept 2025 → ₹4,185.9. High ₹5,316.1 (23 Apr 2026), low ₹2,921.95 (27 Jan 2026).

How the price took the results

close before → close after

Q4 FY26
−6.1%
5 May
Q2 FY26
−2.6%
18 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 32.5% a year over 3 years, FY23 to FY26. Operating margin widened to 29.1%.

Year endingFY23FY24FY25FY26
Revenue₹280 Cr₹396 Cr₹624 Cr₹652 Cr
Operating profit₹53 Cr₹113 Cr₹184 Cr₹190 Cr
Operating margin18.9%28.5%29.5%29.1%
Interest₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹4 Cr₹4 Cr₹4 Cr₹4 Cr
Net profit₹43 Cr₹91 Cr₹147 Cr₹157 Cr
Net margin15.4%23.0%23.6%24.1%
ROCE54.0%75.0%71.0%51.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹4 Cr₹4 Cr₹4 Cr₹8 Cr₹11 Cr₹11 Cr
Reserves₹63 Cr₹76 Cr₹118 Cr₹202 Cr₹408 Cr₹479 Cr
Borrowings₹8 Cr₹17 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other liabilities₹33 Cr₹49 Cr₹56 Cr₹83 Cr₹92 Cr₹100 Cr
Total liabilities₹107 Cr₹146 Cr₹178 Cr₹292 Cr₹512 Cr₹591 Cr
Fixed assets₹37 Cr₹36 Cr₹39 Cr₹41 Cr₹59 Cr₹69 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹5 Cr₹0 Cr₹6 Cr
Investments₹1 Cr₹0 Cr₹7 Cr₹20 Cr₹141 Cr₹202 Cr
Other assets₹69 Cr₹110 Cr₹132 Cr₹227 Cr₹311 Cr₹313 Cr
Total assets₹107 Cr₹146 Cr₹178 Cr₹292 Cr₹512 Cr₹591 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −1.89 pp while DIIs added +1.82 pp. The shareholder count grew 2% to 43,353.

Promoters
62.1%
FIIs
2.6%
DIIs
1.9%
Public
33.4%

Since Jun 2025

  • Promoters −1.89 pp
  • DIIs +1.82 pp
  • FIIs +0.45 pp

How it drifted, 12 quarters

Over this window promoters fell from 65.8% to 62.1% — −3.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 65.8%, FIIs 1.0%, Government 0.5%, Public 32.6%.Dec '23: Promoters 64.0%, FIIs 3.2%, Government 0.5%, Public 32.3%.Mar '24: Promoters 64.0%, FIIs 3.5%, Government 0.5%, Public 31.9%.Jun '24: Promoters 64.0%, FIIs 3.1%, DIIs 0.0%, Government 0.5%, Public 32.4%.Sep '24: Promoters 64.0%, FIIs 3.2%, DIIs 0.0%, Government 0.5%, Public 32.2%.Dec '24: Promoters 64.0%, FIIs 2.3%, DIIs 0.1%, Government 0.5%, Public 33.1%.Mar '25: Promoters 64.0%, FIIs 2.0%, DIIs 0.1%, Government 0.5%, Public 33.3%.Jun '25: Promoters 64.0%, FIIs 2.1%, DIIs 0.1%, Public 33.7%.Sep '25: Promoters 64.0%, FIIs 2.7%, DIIs 0.3%, Public 32.9%.Dec '25: Promoters 62.1%, FIIs 2.8%, DIIs 1.5%, Public 33.6%.Mar '26: Promoters 62.1%, FIIs 2.5%, DIIs 1.9%, Public 33.4%.Jun '26: Promoters 62.1%, FIIs 2.6%, DIIs 1.9%, Public 33.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Shilchar Tech. above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Alay Jitendra Shah 23.68%unchanged
Shilpa Alay Shah 10.54%unchanged
Aashay Alay Shah 10.34%unchanged
Aatman Alay Shah 10.34%unchanged
Alay Jitendra Shah Huf 7.21%unchanged
Raju Kirti Shah 4.96%unchanged
Ravi Kirti Shah 4.96%unchanged
Amicorp Capital (Mauritius) Limited FPI fund1.36%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹4186, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~54%. At that growth it is worth ₹16864 — upside of 303%.

Growth the price implies
24.2% a year
for 7 years, fading to 4%
It has actually compounded at
54.0% a year
net profit, FY23–FY26 · EPS 54.0%
The gap
-0.3 pp
303% downside if it only repeats history
Price today ₹4,185.9 Value at the reference growth ₹16,864.14

Change the assumptions yourself →

All earnings calls (5)

Read the Q4 FY26 call →

Learn to analyse Shilchar Tech.

Guides on how to read this kind of business and the numbers that matter.