Synopsis: Ashish Kacholia-backed stock fell 11% after Q3 results. Revenue rose 27% YoY and profit doubled YoY, but sequential decline in EBITDA and net profit triggered selling pressure.
A small-cap company, primarily engaged in the manufacture and sale of injection moulded precision plastic components, sub-assemblies for various requirements of Original Equipment Manufacturers (OEM), has come into the spotlight following the announcement of its Q3 financial results, attracting attention from investors and market watchers.
With a market capitalization of Rs. 9,076.13 crore, the shares of Shaily Engineering Plastics Limited were trading at Rs. 1,975, down by 8.73 percent from its previous day’s closing price of Rs. 2,163.80 per equity share.
The stock has touched an intraday low of Rs. 1,931 implying an upside of 10.76 percent from previous day’s close price. As of December, 2025, the renowned investor Ashish Kacholia holds 3.22 percent stake in the company.
Q3FY26 Results
The company reported revenue of Rs. 236 crore in Q3FY26, reflecting a 26.9 percent YoY growth compared to Rs. 186 crore in Q3FY25. On a sequential basis, revenue remained flat with 0 percent QoQ growth, as it stood at Rs. 236 crore in Q2FY26, indicating stable topline performance during the quarter.
EBITDA came in at Rs. 64 crore in Q3FY26, registering a strong 68.4 percent YoY increase from Rs. 38 crore in Q3FY25. However, on a QoQ basis, EBITDA declined 5.9 percent compared to Rs. 68 crore in Q2FY26, suggesting a slight moderation in operating performance sequentially.
Net profit stood at Rs. 36 crore in Q3FY26, up 100 percent YoY from Rs. 18 crore in the corresponding quarter last year. Sequentially, profit fell 12.2 percent QoQ from Rs. 41 crore in Q2FY26, indicating some pressure on bottom-line performance compared to the previous quarter.
Segment-Wise Revenue Performance
Revenue growth was led by Healthcare and Industrial segments in Q3 FY26. Healthcare revenue surged 139 percent YoY to Rs. 104.3 crore from Rs. 43.7 crore in Q3 FY25. Industrial revenue grew 87 percent YoY to Rs. 23.4 crore from Rs. 12.5 crore. Consumer revenue declined 13 percent YoY to Rs. 122.8 crore from Rs. 141.3 crore. Overall, total revenue increased 27 percent YoY to Rs. 250.5 crore from Rs. 197.6 crore.
In the Healthcare vertical, two new customers were onboarded in the fast-growing GLP-1 segment, and two contracts were signed with global companies for the manufacture and supply of pen injectors. The company operates 200+ injection moulding machines, supporting its diverse manufacturing capabilities.
The Industrial segment saw supply of power tool components to a new customer and components for LED lighting applications. In the Consumer segment, a new product mandate was secured from an existing home furnishing customer.
Abu Dhabi Facility Expansion
Shaily is establishing a new medical device manufacturing facility in Abu Dhabi to scale production in the fast-growing drug-delivery segment, particularly for GLP-1 pen injectors. The facility will have an annual capacity of ~75 million pen injectors, with an investment of AED 130–150 million.
Discussions with the Abu Dhabi Investment Office (ADIO) are ongoing for potential financial support. The expansion aims to enhance proximity to international customers, support global GLP-1 demand, and strengthen Shaily’s global manufacturing footprint, with operations expected to commence in Q4 FY28.
About The Company
Shaily Engineering Plastics Limited is an India-based manufacturer of precision injection moulded plastic components, serving multiple industries including pharmaceuticals, consumer goods, automotive, and appliances. The company specializes in high-precision medical and pharmaceutical devices such as insulin injector pens, auto-injectors, inhalers, sprays, pumps, and specialty packaging, along with providing contract development and manufacturing services (CDMO) for the pharma sector. It also produces kitchenware, storage and cleaning products, sheet steel furniture, and personal care components.
In addition, the company supplies plastic components for lighting, appliances, and automotive applications, and exports its products to around 40 countries. Incorporated in 1980 and headquartered in Vadodara, India, Shaily Engineering Plastics has established a diversified product portfolio with a strong presence in both domestic and international markets.
A return on equity (ROE) of about 15.3 percent, a return on capital employed (ROCE) of about 17 percent and debt to equity ratio at 0.34 demonstrate the company’s financial position. At the moment, the company’s P/E ratio is 63.4x higher as compared to its industry P/E 22.7x.
Over the past five years, the company has demonstrated strong growth, achieving a revenue CAGR of 17 percent, a profit CAGR of 25 percent and a share price CAGR of 63 percent, reflecting operational performance and share price performance.
As of December, the shareholding pattern of Shaily Engineering Plastics Limited shows promoters holding a 43.39 percent stake in the company. Foreign Institutional Investors (FIIs) own 12.01 percent, while Domestic Institutional Investors (DIIs) hold 13.64 percent. The remaining 30.97 percent stake is held by public shareholders, reflecting a balanced mix of promoter, institutional, and retail participation.
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