Shilchar Technologies Ltd(SHILCTECH)

NSE: SHILCTECHBSE: 531201

₹ 3,534.5-1.93%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 4,044 crNext results: 28 Oct 2026Website: www.shilchar.comUpdated: 24 Oct 2026

About

Shilchar Technologies Limited is one of India's prominent manufacturers of power and distribution transformers, operating for four decades from a single 17-acre facility at Gavasad near Vadodara, Gujarat. The company manufactures transformers from 5 MVA/33 kV up to 50 MVA/132 kV class - covering power, distribution, inverter duty solar, hydro, and furnace types - and sells into 22 Indian states and 28 countries. At 7,500 MVA installed capacity and FY26 revenue of ₹651.94 Cr, it runs an export-heavy model with roughly half its volumes going abroad.^[1][2][3]

Products

Power transformers up to 66 kV class; distribution transformers up to 33 kV class; inverter duty (solar) transformers up to 33 kV class; hydro transformers up to 132 kV class; furnace transformers up to 33 kV class - with 220 kV class capability upcoming.^[1]
Current product range tops out at 50 MVA, 132 kV class; the new Expansion 3 facility will add manufacturing capability up to 160 MVA, 220 kV class transformers.^[1][3]

Operations

Single plant at Gavasad, Gujarat - 17 acres, five dedicated production shops - with installed annual capacity of 7,500 MVA as of FY27. No international offices.^[1]
In-house NABL-accredited testing lab includes impulse generator up to 900 kVp/90 kJ, high-voltage equipment up to 300 kV/1 Amp, and a partial discharge-free lab supporting up to 132 kV class; three labs enable simultaneous testing.^[1]
Certifications: ISO 9001:2015 (Quality), ISO 14001:2015 (Environment), ISO 45001:2018 (Occupational Health & Safety).^[1]

Key operating numbers

Order book ~₹500 Cr as of Q1FY27, split 70% domestic / 30% export, covering Q2, Q3, and part of Q4 FY27.^[4]
Capacity utilisation fell to 60-65% in Q1FY27 (vs 79% dispatch-basis in FY26 and 90-95% in Q2FY26) as West Asia shipping disruptions deferred export dispatches.^[4][3][5]
Volume dispatched in FY26: ~6,000 MVA out of 7,500 MVA installed (79% utilisation on dispatch basis); production utilisation was higher with finished goods carried as closing stock.^[3]
Export mix was 48% in FY26; in Q1FY27 the domestic share rose as management redirected order focus after container costs surged 3-5x for Middle East and North American routes.^[3][4]
EBITDA margin compressed to 16.4% in Q1FY27 (vs 33.0% in Q1FY26), driven by lower export mix and only 50-60% pass-through of raw material inflation on existing orders.^[4]
ROCE 43% and ROE 32% in FY26; operating cash flow ₹192 Cr in FY26.^[3]

Customers and distribution

Customer base spans private utility companies, renewable energy (solar, wind, hydro), cement, sugar, steel, hydrocarbon industries, large EPC contractors, corporates, and power plant developers across 22 Indian states and 28 countries.^[1]
US contributed 18-19% of FY26 revenue; US order intake and deliveries picked up notably in Q1FY27 after tariff was reduced from 50% to 10% across all countries.^[3]
Company policy excludes state utility companies from its customer base to protect margins; this policy will extend to the new 220 kV class product line.^[4]

Expansion and capex

Expansion 3 at Gavasad: adds 6,500 MVA, taking total installed capacity to 14,000 MVA. Civil foundation complete; PEB erection and utilities in progress; all major equipment ordered. Capex revised to ~₹120 Cr (from initial ~₹90 Cr), funded entirely through internal accruals. Target: April 2027.^[3][4]
New facility will manufacture up to 160 MVA, 220 kV class transformers; PGCIL and other customer approvals to be sought once facility is ready; full revenue and margin impact expected from FY29-FY30.^[3]
Additional ~4.5 acres of land purchased adjacent to the Gavasad facility, earmarked for a further capacity phase beyond 14,000 MVA; product class and size not yet disclosed.^[4]
At full utilisation of 14,000 MVA post-expansion, management estimates revenue potential of ~₹1,500 Cr.^[3]

Recent developments

West Asia logistics crisis caused ~₹35-40 Cr of March 2026 shipments to be blocked; dispatches to the region resumed in April 2026 and the situation had improved considerably by the Q4FY26 call.^[3]
Container shipping costs surged 3-5x for Middle East and North American routes in Q1FY27, materially raising landed costs for export customers and slowing dispatch pick-up; management described this as a logistics and cost issue, not a demand issue.^[4]
India commissioned a record ~55 GW of renewable energy capacity in FY26, underpinning domestic order inflows for renewable transformers.^[3]
NSE listing (scrip: SHILCTECH) completed during Q3FY26, fulfilling the company's commitment to list before end of calendar year 2025.^[6]
Price increase negotiations initiated with almost all existing customers citing commodity inflation; new enquiries being quoted at higher prices; existing fixed-price orders being renegotiated citing force majeure.^[3]

Market Cap

₹4,044 Cr

High / Low

₹5,398 / 2,851

Stock P/E

29.4

Price / Book

8.2

Book Value

₹429

EPS

₹138.3

No. of Shares

1.14 Cr

ROCE

50.7%

ROE

37.8%

OPM

31.3%

Debt / Equity

0.00

Sales

₹652 Cr

Net Profit

₹158 Cr

Promoter holding

62.1%

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