Shaily Engineering Plastics announced strong Q3 FY26 results, marked by 27% year-on-year revenue growth to INR251 crores and significant margin expansion. EBITDA surged by 43% to INR66 crores, yielding a margin of 26.5%. The Healthcare segment was the primary driver, doubling its contribution to 42% of total revenue, fueled by growth in pen injectors, including securing two new GLP-1 contracts.
Q3 FY26 Performance Summary
For the quarter ended December 31, 2025 (Q3 FY’26), Shaily Engineering Plastics delivered robust financial performance. Consolidated revenue reached INR251 crores, representing a year-on-year growth of 27% compared to INR198 crores in Q3 FY’25. EBITDA stood at INR66 crores, marking a 43% increase YoY, with the margin expanding by 310 basis points to 26.5%. Profit After Tax (PAT) grew by 48% YoY to INR37 crores.
Segmental Growth Drivers
The growth was propelled primarily by the Healthcare vertical. The segment’s contribution to the overall revenue mix has doubled to 42% compared to last year, reflecting the increasing scale of the drug delivery business.
Q3 FY’26 Segmental Revenue Breakdown:
- Consumer Segment: Revenue was INR123 crores, a degrowth of 13% (from INR141 crores in Q3 FY’25).
- Healthcare Segment: Revenue was INR104 crores, a substantial growth of 139% (from INR44 crores in Q3 FY’25).
- Industrial Segment: Revenue was INR23 crores, an 87% growth (from INR13 crores in Q3 FY’25).
Nine Months FY’26 Highlights
For the first nine months of FY’26, consolidated revenue grew by 32% YoY to INR754 crores. EBITDA showed exceptional growth of 76% YoY to INR218 crores, with margins expanding by 720 basis points to 29%. PAT grew by an impressive 101% YoY to INR130 crores.
9M FY’26 Segmental Revenue Breakdown:
- Consumer Segment: Revenue was largely flat at INR409 crores (a 1% degrowth).
- Healthcare Segment: Revenue grew by 158% to INR280 crores.
Key Strategic Developments in Healthcare
Management highlighted two critical strategic updates in the Healthcare division:
- Abu Dhabi Facility: The company is establishing a new scalable facility in Abu Dhabi for pen and auto-injector manufacturing, strategically located near international clients. The planned investment is between AED130 million to AED150 million (approx. INR300 crores to INR350 crores) to achieve a capacity of 75 million pen injectors per year. This facility is expected to be operational by Q4 FY’28, increasing total pen injector capacity to 150 million units (up from 80 million currently).
- New Leadership: Mr. Joe Kam has been appointed as the Chief Operating Officer of the Healthcare division, effective March 1, 2026, bringing over 20 years of regulated industry experience.
Furthermore, the company has onboarded two new customers for GLP-1s and signed two new contracts with Global Pharma for pen injector manufacturing.
Operating Metrics and Capacity Update
Polymer processing for Q3 FY’26 stood at 5,541 tonnes, a 12% decline YoY, while 9M FY’26 processing grew 4.4% to 19,209 tonnes. Machine utilization was approximately 47.1% in Q3. Exports continue to be a major contributor, accounting for 71% of total revenue for both the quarter and the nine-month period.
Regarding the two new 25 million capacity lines coming up in India, management clarified that the first line is undergoing operational qualification and should be supplying immediately after, with commercial production starting in March and proper scale-up from April. The second line is scheduled for arrival in late April/early May ’26, expected to be commercialized by end of July ’26.
Consumer Electronics and Future Outlook
The Consumer segment saw a sequential decline due to global demand slowdowns in Europe and the US. For Consumer Electronics, the company is focusing on high-complexity, high-precision parts, expecting commercial deliveries to begin around the end of Q1 FY’27. The strategic rationale for the UAE plant emphasizes business continuity, access to talent paid more favorably due to lower personal income tax regimes, and mitigating geopolitical risks.
Source: BSE
