Healthcare segment revenue
₹104 Cr
+139% YoY
Healthcare revenue doubled to 42% of total mix, driven by GLP-1 pen injector supplies.
SHAILYENGINEERINGPLASTIC
Other
10 Feb 2026
Shaily Engineering Plastics Ltd — Q3 FY26
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).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Pen injector capacity (India)
80M units
+50M units YoY
Two new 25M lines being added; first line under qualification, second arriving Apr-May 2026.
Polymer processed (Q3)
5,541 tons
-12% YoY
Decline due to consumer segment slowdown; 9-month volume up 4.4% YoY.
Export share
71%
Flat YoY
Exports remained strong at 71% of total revenue in both Q3 and 9M FY26.
Management Guidance
FY26 pen injector volume guidance of ~30M units maintained
Management retains ~30M pen injector volume guidance for FY26, though slightly lower due to 3-month qualification delays on high-speed lines.
revenueAbu Dhabi facility operational by Q4 FY28
New facility with 75M unit annual capacity to be operational by Q4 FY28; capex ₹300-350 crore funded via internal accruals and debt.
capexConsumer electronics qualification to complete by Q4 FY26
Qualification for a large consumer electronics customer expected to end by Feb-Mar 2026, with supplies likely starting in Q1 FY27.
growthPotential innovator GLP-1 contract this calendar year
Advanced discussions for novel molecule GLP-1 contracts; potential signing within calendar year 2026, with launch 2-3 years post-agreement.
ai_strategyKey Risks
High-speed line qualification delays
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.
high · management_commentaryConsumer segment demand weakness
Consumer revenue declined 13% YoY due to sluggish European and US demand; no clear recovery timeline, with potential further downside.
medium · analyst_questionPricing pressure on pen injectors
Management acknowledged 10-15% price erosion on large volume contracts due to end-market competition, though less than anticipated.
medium · analyst_questionGeopolitical risk in Abu Dhabi expansion
Management cited 'Operation Hindu' causing loss of a large contract due to perceived India risk; Abu Dhabi facility mitigates but introduces new execution risks.
low · management_commentaryNotable 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.