Shilchar Technologies Limited (SHILCTECH)

Loading page…

Shilchar Technologies Limited (SHILCTECH) · mywealthgrid

About

Shilchar Technologies manufactures Heavy Electrical Equipment in Industrials, with revenue growing from ₹33.29 Cr (Mar 2021) to a peak of ₹170.26 Cr (Dec 2025) while expanding operating margins. Recent quarters show sharper headwinds: a 21% revenue decline to ₹134.61 Cr (Jun 2026) paired with margin compression from 30.83% to 16.39%. The company operates with zero debt, trades at a PE of 48.51, and has a market cap of ₹4,450.79 Cr.

Face value: ₹10

Market cap

₹4,598 Cr

P/E

50.1×

P/B

9.4×

Dividend yield

0.6%

ROE

37.8%

ROCE

50.2%

Debt / equity

OPM

29.2%

EPS (TTM)

₹80.2

Book value

₹429.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Quarterly revenue declined 21% from Dec 2025 to Jun 2026 after multi-year growth—verify whether this reflects order timing, demand weakness, or competitive losses
Operating margin fell from 30.83% to 16.39% in two quarters—identify cost drivers and whether compression is temporary or structural
PE of 48.51 prices in resumed growth; stock down 24.13% in 12 months—assess whether market sees risks in recent trends that earnings have not yet disclosed
Heavy Electrical Equipment demand is tied to industrial and infrastructure cycles; verify current demand environment and order visibility

Generated analysis · source review pending

Growth drivers

Revenue and margins expanded from Mar 2021 to Dec 2025; verify which end-markets or products drove growth and whether catalysts persist
Zero debt (D/E 0) provides balance-sheet flexibility for investment or acquisitions
Margin recovery from 16.39% to 30.83% levels would deliver significant earnings upside without volume growth

Generated analysis · source review pending

2,066 historical price candles were omitted because the exchange source has not been verified.

₹4,033.0+0%1Y

Quick read

rule-based

Pros

+Strong return on equity of 48.7% (3-yr avg)
+High return on capital employed of 64.5%
+Healthy operating margin of 29.2%
+Profit CAGR of 95.6% over the last 5 years
+Revenue CAGR of 40.8% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 452×
+Dividend payout of 31.1% of profit
+High promoter holding of 62.1% with no pledge

Cons

−Trading at 9.4× book value

Research score

Structured signal from quality, growth, valuation and momentum.

70/100

Business quality

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	102	109	88	118	71	118	180	280	397	623	652
COGS	-71	-78	-63	-87	-52	91	141	200	251	389	405
Gross profit	—	—	—	—	—	27	40	80	146	234	247
	159	170	142	191	120	17	20	27	33	49	57
	13	17	9	14	3	10	19	53	113	185	190
OPM %	12.9%	15.9%	10.7%	12%	4.3%	8.1%	10.8%	18.9%	28.6%	29.7%	29.2%
Depreciation	1	1	1	2	3	3	3	2	3	3	4
Interest	1	1	1	3	1	2	1	1	0	0	0
	3	4	1	2	3	2	3	8	13	16	26
Profit before tax	14	19	8	11	2	7	19	58	123	197	212
Tax	5	7	2	3	1	2	5	15	31	51	54
Tax %	35.4%	35.4%	28.2%	27.5%	25.1%	23.7%	26.6%	25.9%	25.5%	25.6%	25.4%
	9	12	6	8	2	6	14	43	92	147	158
PAT margin %	8.9%	11.3%	6.7%	6.6%	2.1%	4.7%	7.8%	15.4%	23.2%	23.6%	24.3%
EPS (₹)	23.8	32.2	13.6	20.3	3.9	14.5	36.8	113.1	120.5	192.6	138.3
EPS adjusted (₹)	—	—	5.1	6.8	1.3	4.8	12.3	37.7	80.3	128.3	138.3
	10.5%	9.3%	14.7%	9.8%	25.4%	10.4%	10.9%	8.8%	10.4%	6.5%	9%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	4	4	4	4	4	4	8	8	11
Reserves	50	57	—	63	76	118	202	339	479
Minority interest	—	—	—	0	—	—	—	—	—
	13	13	—	8	17	0	0	0	0
	29	25	—	33	49	56	83	143	100
Total equity & liabilities	96	99	—	107	146	178	292	490	591
	16	41	39	37	35	38	40	58	68
CWIP	22	—	—	0	0	0	5	0	6
Investments	6	0	—	2	1	8	21	54	203
	52	57	—	69	110	132	227	377	313
Total assets	96	99	—	107	146	178	292	490	591

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	22.5%	22%	28.7%	36.8%	37.5%	38%
EBITDA margin %	12%	4.3%	8.1%	10.8%	18.9%	28.6%	29.7%	29.2%
EBIT margin %	10%	0.7%	5.9%	9.3%	18.1%	27.9%	29.1%	28.6%
PAT margin %	6.6%	2.1%	4.7%	7.8%	15.4%	23.2%	23.6%	24.3%
Working capital
Receivable days	98	—	96	140	120	86	134	86
Inventory days	60	—	109	82	42	87	87	83
Payable days	3	—	112	93	66	80	101	64
NWC days	154	—	93	129	96	93	120	105
Leverage
Current ratio	—	—	2.06	1.76	2.56	3.07	3.03	5.3
Debt to EBITDA	0.93	—	0.86	0.88	0	0	0	0
Debt to equity	0.22	—	0.12	0.21	0	0	0	0
Interest coverage	4.8	2.4	4.3	18.9	97.9	588.2	449.6	452
Asset turnover	1.2	—	1.1	1.23	1.58	1.36	1.27	1.1
Return ratios
Return on assets %	7.9%	—	5.2%	9.6%	24.3%	31.4%	30%	26.8%
Return on capital employed %	—	—	12.6%	25.3%	55.9%	73.2%	70.2%	50.2%
Return on equity %	12.7%	—	8.3%	17.6%	35.5%	43.8%	42.3%	32.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	65.85%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	62.12%	62.12%	62.12%
	1%	3.17%	3.54%	3.08%	3.22%	2.3%	2.06%	2.12%	2.73%	2.75%	2.55%	2.57%
	0%	0%	0%	0.02%	0.03%	0.11%	0.11%	0.13%	0.34%	1.49%	1.91%	1.95%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	33.15%	32.82%	32.45%	32.89%	32.74%	33.58%	33.82%	33.74%	32.92%	33.64%	33.42%	33.36%
No. of shareholders	—	—	—	—	—	—	—	—	42,641	43,687	43,953	43,353

Promoter holding down 3.73 percentage points since Sep 2023.

4 deals · 8 Dec 2022 – 23 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Oct 2025	ALAY JITENDRA SHAH	Bulk	BSE	Sell	1,00,000	₹4,373.09	₹43.73 Cr
21 Oct 2025	ALAY JITENDRA SHAH	Bulk	BSE	Sell	1,17,000	₹4,350.26	₹50.90 Cr
21 Oct 2025	ALCHEMY EMERGING LEADERS OF TOMORROW	Bulk	BSE	Buy	90,000	₹4,347.43	₹39.13 Cr
8 Dec 2022	ANANTH JAIN	Bulk	BSE	Buy	21,506	₹878.99	₹1.89 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. ALAY JITENDRA SHAHExecutive Director-Chairperson related to Promoter-MD
Mr. RAJESH RAMA VARMANon-Executive - Independent Director
Prajesh PurohitSr. Manager, Finance & Accounts & Chief Financial Officer
Mr. AASHAY ALAY SHAHExecutive Director
Mr. RAKESH DHANRAJ BANSALNon-Executive - Independent Director
Mrs. NANDINI ASHISH TANDONNon-Executive - Independent Director
Mr. AATMAN ALAY SHAHExecutive Director
Mr. ARVIND NOPANYNon-Executive - Independent Director
Ms. Vishnupriya CivichanCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	13	0.01	0.01%	0%	-0

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

13 announcementsExport CSV

19 Aug 2026, 3:27 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	22.5%	22%	28.7%	36.8%	37.5%	38%
EBITDA margin %	12%	4.3%	8.1%	10.8%	18.9%	28.6%	29.7%	29.2%
EBIT margin %	10%	0.7%	5.9%	9.3%	18.1%	27.9%	29.1%	28.6%
PAT margin %	6.6%	2.1%	4.7%	7.8%	15.4%	23.2%	23.6%	24.3%
Working capital
Receivable days	98	—	96	140	120	86	134	86
Inventory days	60	—	109	82	42	87	87	83
Payable days	3	—	112	93	66	80	101	64
NWC days	154	—	93	129	96	93	120	105
Leverage
Current ratio	—	—	2.06	1.76	2.56	3.07	3.03	5.3
Debt to EBITDA	0.93	—	0.86	0.88	0	0	0	0
Debt to equity	0.22	—	0.12	0.21	0	0	0	0
Interest coverage	4.8	2.4	4.3	18.9	97.9	588.2	449.6	452
Asset turnover	1.2	—	1.1	1.23	1.58	1.36	1.27	1.1
Return ratios
Return on assets %	7.9%	—	5.2%	9.6%	24.3%	31.4%	30%	26.8%
Return on capital employed %	—	—	12.6%	25.3%	55.9%	73.2%	70.2%	50.2%
Return on equity %	12.7%	—	8.3%	17.6%	35.5%	43.8%	42.3%	32.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharat Heavy Electricals LimitedBHELBHEL	₹1,46,596 Cr	₹1,54,783 Cr	₹35,993 Cr	₹3,383 Cr	6.9%	₹2,432 Cr	4.7%	6.8%	6.3%	119
Hitachi Energy India LimitedPOWERINDIAPOWERINDIA	₹1,39,553 Cr	₹1,39,553 Cr	₹9,163 Cr	₹1,424 Cr	15.4%	₹1,150 Cr	12.1%	28.8%	21%	-42
Cg Power And Industrial Solutions LimitedCGPOWERCGPOWER	₹1,38,443 Cr	₹1,38,443 Cr	₹12,821 Cr	₹1,638 Cr	13.1%	₹973 Cr	9.7%	26.2%	20.4%	48
Siemens Energy India LimitedENRINENRIN	₹1,18,724 Cr	₹1,18,724 Cr	₹9,436 Cr	₹2,024 Cr	19.3%	₹1,488 Cr	14.1%	33.8%	29%	-175
Ge Vernova T&D India LimitedGVT&DGVT&D	₹1,08,882 Cr	₹1,08,882 Cr	₹6,712 Cr	₹1,757 Cr	27.1%	₹1,305 Cr	19.9%	73.2%	55.3%	90
Suzlon Energy LimitedSUZLONSUZLON	₹53,473 Cr	₹53,737 Cr	₹17,429 Cr	₹3,019 Cr	18.1%	₹3,144 Cr	18.9%	31.7%	40.6%	117
Thermax LimitedTHERMAXTHERMAX	₹40,058 Cr	₹42,346 Cr	₹10,839 Cr	₹870 Cr	9.6%	₹593 Cr	6.7%	15.7%	13.7%	-0
Schneider Electric Infrastructure LimitedSCHNEIDERSCHNEIDER	₹30,495 Cr	₹30,939 Cr	₹2,920 Cr	₹336 Cr	12.8%	₹184 Cr	7.4%	28.5%	31.8%	61
Azad Engineering LimitedAZADAZAD	₹18,481 Cr	₹18,938 Cr	₹638 Cr	₹240 Cr	37.4%	₹139 Cr	22.2%	12.4%	9.1%	1,720
Triveni Turbine LimitedTRITURBINETRITURBINE	₹16,849 Cr	₹16,849 Cr	₹2,253 Cr	₹428 Cr	20.7%	₹336 Cr	16%	35.7%	26.3%	8
Karamtara Engineering LimitedKARAMTARAKARAMTARA	₹13,225 Cr	₹14,255 Cr	₹4,312 Cr	₹498 Cr	11.6%	₹229 Cr	5.3%	27.2%	20.8%	—
Atlanta Electricals LimitedATLANTAELEATLANTAELE	₹13,200 Cr	₹13,247 Cr	₹2,001 Cr	₹367 Cr	18.6%	₹224 Cr	10.9%	34.8%	21.7%	74

Date	Category	Subject	Filing
19 Aug 2026, 3:27 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
14 Aug 2026, 4:00 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
11 Aug 2026, 10:58 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Aug 2026, 5:26 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
11 Aug 2026, 5:16 pm	Result Financial Results	Unaudited Financial Results For The 01St Quarter Ended On 30Th June, 2026	PDF
11 Aug 2026, 5:06 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Board Meeting Outcome	PDF
19 Jul 2026, 8:27 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
17 Jul 2026, 3:48 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5	1	6	10	-6	39	76	40	192
	-11	1	-0	-1	-1	-12	-23	-48	-169
	7	-2	-4	-10	6	-19	-29	5	-31
Net cash flow	0	-0	1	-1	-1	9	25	-4	-8
Free cash flow	—	—	—	10	-9	34	66	21	44
CFO / Operating profit %	51.3%	3.8%	190.5%	109.2%	-33.2%	73.9%	67.5%	21.4%	100.9%

Shilchar Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

20

1

2

Compounded sales growth

Compounded profit growth

Return on equity

Shilchar Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends20

Board meetings1

Bonus issues2

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

20

1

2