Shaily Engineering Plastics Ltd(SHAILY)

NSE: SHAILYBSE: 501423

₹ 2,953.2-0.80%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 13,583 crNext results: 29 Oct 2026Website: www.shaily.comUpdated: 24 Oct 2026

About

Shaily Engineering Plastics Ltd is an Indian precision plastics manufacturer specialising in drug-delivery devices (pen injectors and auto-injectors), consumer plastics, and industrial components. In FY26, consolidated revenue was INR 990.67 crores with Healthcare crossing 40% of the mix for the first time. Founded in 1987, Shaily describes itself as India's leading exporter of precision engineering plastic components.^[1][2]

Business segments

Healthcare (pen injectors and drug-delivery devices): 51% of consolidated revenue in Q1 FY27, up from 40% in FY26 and 21% in FY25, making it the largest segment for the first time.^[3]
Consumer (home furnishings and consumer goods): INR 511 crores in FY26 (down 9% YoY); INR 116 crores in Q1 FY27, down 24% YoY on weaker Europe and US home-furnishings demand.^[4]
Industrial (precision engineering components): INR 87 crores in FY26, up 41% YoY; INR 23 crores in Q1 FY27, up 25% YoY. New business won in power tools, LED lighting, appliances and automotive.^[4]

Products and device portfolio

6 of 8 own-IP device platforms were fully commercial and sold across global markets as of Q1 FY27, developed over 7-8 years; two new platform projects were signed in Q1 FY27.^[3]
Commercial pen platforms include Shaily Harmony, Shaily Neo and Toby; the Axiom Max fixed-dose GLP-1 pen was launched at CPHI Frankfurt in October 2025.^[4]
GLP-1 accounted for 50-60% of pen volume in Q1 FY27; about 23-24 pharma partners were on the GLP-1 roster as of Q2 FY26.^[3]
In FY25 Shaily signed eight new contracts with global pharma companies covering GLP-1, insulin, parathyroid hormone and migraine therapies; in most GLP-1 engagements it was the sole device supplier.^[2]
Consumer electronics commercial supplies began in Q4 FY26; semiconductor tray supplies (conductive plastic) are expected to begin in Q4 FY27.^[4]

Manufacturing operations and capacity

By end of FY25 Shaily ran six plastics plants in Halol and Rania, Gujarat, with over 200 injection moulding machines, plus one plant dedicated to carbon steel.^[2]
India pen-injector installed capacity expected to reach ~75 million pens per annum by end of September 2026, after commissioning of an additional 25 million Neo line.^[3]
Machine utilisation was 50.2% in Q1 FY27 vs 48.7% in Q1 FY26, and 47.6% for FY26 vs 42.2% in FY25.^[3]
Polymer processed was 5,541 tonnes in Q3 FY26 (down 12% YoY) and 6,652 tonnes in Q2 FY26 (up 7.5% YoY).^[5]
The UK subsidiary Shaily Innovations Limited is the innovation hub for IP-led self-use drug delivery devices; the R&D team had 15 members as of FY25.^[2]
Certifications include ISO 13485:2016, IATF 16949:2016, ISO 15378:2015, MDSAP and ISCC Plus (FY25).^[2]

Key operating numbers

About 9 million devices delivered in Q1 FY27; FY26 pen volume was ~23.3-23.5 million units. FY27 guidance is >36 million pens; FY28 target ~50 million pens.^[3]
Pen injector order book stood at INR 423 crores as of Q4 FY26.^[4]
Export share of revenue was 58% in Q1 FY27 vs 76% in Q1 FY26, as Healthcare supplies route through Indian pharma customers who export the finished product.^[3]
Fixed asset turnover was 1.7x as of March 2026.^[4]

Customers and distribution

Named consumer and industrial clients include Gillette, P&G, Hindustan Unilever, IKEA, GE Appliances, Garrett and Schaeffler; main consumer customer is a Swedish home furnishing company served for over a decade (FY25).^[2]
Named healthcare clients include Sanofi, Dr. Reddy's, Sun Pharma, Zydus, Aurobindo, Alembic and Wockhardt (FY25).^[2]
Partners secured Semaglutide pen approvals for Canada and Brazil in Q1 FY27; Shaily claims a dominant position in Canada and #2 in Brazil.^[3]
Among first filers in Canada, Shaily estimated its share at about 65-75% of customers as of Q3 FY26.^[5]
Geographies supplied include Canada, Brazil, India, Middle East and Turkey; export share was 68% for FY26.^[4]

Expansion and capex

Additional 25 million Neo pen line targeted to be operational by end of September 2026, taking India capacity to ~75 million pens per annum.^[3]
Abu Dhabi facility: AED 130-150 million (~INR 300-350 crores) for ~75 million pen/auto-injectors per year; ~50-55% of capacity has committed or indicated interest; targeted by end of FY28.^[5]
New south India consumer electronics plant: capex of INR 80-100 crores, land secured, targeted completion by FY28.^[3]
Semiconductor trays to use an initial INR 5 crore investment in an existing facility; commercial supplies expected from Q4 FY27.^[3]

Recent developments

CARE Ratings upgraded the short-term bank facility rating from A1 to A1+ and reaffirmed the long-term rating at A+ with stable outlook (filing dated 26 September 2026).^[6]
Heads of business development for Europe and North America appointed in Q1 FY27, with backgrounds at West Pharmaceutical, Phillips-Medisize, Stevanato and Haselmeier.^[3]
Supply agreement signed with a Korean company for semiconductor trays as of Q4 FY26.^[4]
Board approved an enabling resolution to raise up to INR 500 crores via QIP, preferential, rights or other modes (Q4 FY26), described by management as annual enablement.^[4]
Reusable auto-injector to be showcased at CPHI Milan, with performance testing expected in October or early November 2026.^[3]
Shaily Innovations FZCO, a wholly owned subsidiary in Dubai, was incorporated in January 2025.^[2]

Market Cap

₹13,583 Cr

High / Low

₹3,615 / 1,660

Stock P/E

76.8

Price / Book

18.9

Book Value

₹156

EPS

₹37.0

No. of Shares

4.6 Cr

ROCE

29.3%

ROE

26.9%

OPM

23.9%

Debt / Equity

0.24

Sales

₹991 Cr

Net Profit

₹170 Cr

Promoter holding

41.1%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials