Operational Performance and Business Updates
Healthcare Segment Performance:
- Healthcare revenue doubled in Q4 FY26 to INR113 crores (from INR56 crores in Q4 FY25), representing 101% YoY growth
- Full-year healthcare revenue surged 139% to INR393 crores, contributing 40% of consolidated revenue (up from 21% in FY25)
- Successfully launched Shaily Harmony and Shaily Neo pen injectors for Semaglutide in India and global markets
- Pen injectors for Semaglutide launched in Canadian market, marking entry into highly regulated pharmaceutical market
- Received tentative approval in US market for Semaglutide and European market authorization for Teriparatide
- Current pen production capacity: 30 million (mixed product lines) + 25 million (new Semaglutide capacity installed in March 2026)
- Additional 25 million Semaglutide capacity expected by July-August 2026
- Target production: 36 million pens in FY27, ~50 million in FY28
- Current operational efficiency: 45% on new lines (running at 34-35 parts per minute vs 80 ppm specification)
- Rejection rate improved to 8% from previously reported 30%
Consumer Segment Performance:
- Consumer revenue declined 31% in Q4 FY26 to INR102 crores (from INR148 crores in Q4 FY25)
- Full-year consumer revenue down 9% to INR511 crores
- Decline attributed to weaker market demand for home furnishings in Europe and US markets
- Successfully commenced commercial supplies to consumer electronics customer in Q4 FY26
Industrial Segment Performance:
- Industrial revenue grew 60% in Q4 FY26 to INR22 crores (from INR14 crores in Q4 FY25)
- Full-year industrial revenue grew 41% to INR87 crores
- Received new business from customers for power tool and LED light components
New Business Developments:
- Signed supply agreement with Korean company for manufacture and supply of semiconductor trays
- Semiconductor tray supplies expected to commence in Q4 FY27
- Initial capex estimate of INR100 crores for semiconductor business
- Eye-applicator commercialization expected in current financial year
Capacity and Expansion:
- Machine utilization improved to 47.6% in FY26 from 42.2% in FY25
- Exports contributed 68% of revenue in FY26
- Abu Dhabi facility development progressing with buffer time for geopolitical considerations
- Evaluating plant setup in South India for consumer electronics/semiconductor business
Financial Performance
Q4 FY26 Consolidated Highlights:
- Revenue: INR237 crores (9% YoY growth from INR218 crores)
- EBITDA: INR69 crores (27% YoY growth from INR55 crores)
- EBITDA margin: 29.3% (420 bps improvement from 25.1%)
- PAT: INR40 crores (40% YoY growth from INR29 crores)
- PAT margin: 17.0% (390 bps improvement from 13.1%)
FY26 Consolidated Highlights:
- Revenue: INR991 crores (26% YoY growth from INR787 crores)
- EBITDA: INR288 crores (61% YoY growth from INR178 crores)
- EBITDA margin: 29.0% (630 bps improvement from 22.7%)
- PAT: INR170 crores (83% YoY growth from INR93 crores)
- PAT margin: 17.2% (540 bps improvement from 11.8%)
- Cash PAT: INR219 crores (62% YoY growth from INR135 crores)
- ROCE: 35.8% as on 31st March 2026
- ROE: 26.9% as on 31st March 2026
- Debt to equity: 0.3x
- Fixed asset turnover ratio: 1.7x
Corporate Actions
- Board approved enabling resolution to raise up to INR500 crores
- This is an annual enabling resolution for financial flexibility, not indicative of immediate fundraise plans
- Purpose: To seize high-quality, time-sensitive opportunities in healthcare, consumer electronics, and semiconductor segments
Management Commentary
- Geopolitical uncertainty impacted raw material price inflation and selective logistical disruptions
- Organization strengthened with appointment of Joe Kam as Chief Operating Officer for Healthcare
- Priorities for FY27: scale healthcare vertical, build Abu Dhabi facility, ramp up consumer electronics/semiconductor programs, restore consumer growth
- Margins expected to be sustainable and improve year-on-year
- Long-term growth opportunities ranked: healthcare and consumer electronics (largest), semiconductor, then industrial and consumer