Shaily Engineering Q1 Results Review- Strong Order Book, Robust Pipeline To Accelerate Performance: Systematix

Systematix Research Report

Shaily Engineering Plastics Ltd.’s decent Q1 (revenue/Ebitda/profit after tax up 14%/32%/38% YoY) was driven by healthy revenue growth in healthcare (up 21% YoY, 15.3% mix) and Industrial (up 39% YoY, 10.7% mix) verticals.

Consumer revenue (up 10% YoY, 74% mix) was impacted by continued weakness in European market (gradual recovery likely). Ebitda margin stood healthy at 19.7% (up 272 basis points YoY, down 59 bps QoQ).

Shaily Engineering is confident of achieving better revenue in coming quarters on the back of strong order book position across verticals (led by healthcare and industrial).

Domestic revenue in Q1 declined 10% YoY; recovery is expected in H2 on execution of orders of carbon steel furniture. For Healthcare, Shaily Engineering has retained its guidance of 50-60% revenue growth in FY25.

It aims to sell 17 million plus injector devices in FY25 (FY23/FY24: ~7 million/12 million), aided by recent order of 10mn pen injectors (under own IP for insulin market, to be supplied in a year).

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