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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹251 Cr
verified against source
Revenue YoY
27%
reported change
EBITDA
₹66 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Shaily Engineering delivered a strong Q3 FY26 with revenue of ₹251 crore (+27% YoY) and EBITDA of ₹66 crore (+43% YoY), driven by healthcare segment revenue doubling to ₹104 crore (42% of mix). EBITDA margin expanded 310 bps to 26.5%, though consolidated margins were temporarily impacted by delayed milestone income from UK/UAE operations. Healthcare growth was fueled by GLP-1 pen injector supplies for commercial launches in Canada, Brazil, India, and other markets. Management announced a new Abu Dhabi facility (₹300-350 crore capex, 75M unit capacity, operational by Q4 FY28) to meet surging demand, with 50-60% capacity already backed by take-or-pay contracts. Consumer segment declined 13% YoY due to weak European demand. Key risk: delays in qualifying high-speed pen assembly lines could constrain near-term revenue ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Management retains ~30M pen injector volume guidance for FY26, though slightly lower due to 3-month qualification delays on high-speed lines.
- New facility with 75M unit annual capacity to be operational by Q4 FY28; capex ₹300-350 crore funded via internal accruals and debt.
- Qualification for a large consumer electronics customer expected to end by Feb-Mar 2026, with supplies likely starting in Q1 FY27.
- Advanced discussions for novel molecule GLP-1 contracts; potential signing within calendar year 2026, with launch 2-3 years post-agreement.
Risks flagged
- First 25M pen line qualification delayed from Oct 2025 to Feb 2026 due to complexity; second line may face similar issues, impacting near-term revenue.
- Consumer revenue declined 13% YoY due to sluggish European and US demand; no clear recovery timeline, with potential further downside.
- Management acknowledged 10-15% price erosion on large volume contracts due to end-market competition, though less than anticipated.
- Management cited 'Operation Hindu' causing loss of a large contract due to perceived India risk; Abu Dhabi facility mitigates but introduces new execution risks.
Key quotes
- We got customers breathing down our necks for supply.
- If I look at the first seven filers, I would say we have upwards of 65-75% of that share.
- We lost out on a particular very large contract a year ago when Operation Hindu happened just because the customer saw risk in their clinical program.
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