Shaily Q1 FY27: Healthcare momentum lifts margins and returns

Consolidated revenue was INR 280.7 crores (up 14% YoY), EBITDA was INR 83.3 crores (up 18% YoY) with EBITDA margin of 29.7%, and PAT was INR 48.0 crores (up 17% YoY) with PAT margin of 17.1%.

Consumer revenue was INR 115.5 crores (down 24% YoY), Healthcare revenue was INR 142.4 crores (up 85% YoY), and Industrial revenue was INR 22.7 crores (up 25% YoY), on a consolidated basis.

Exports were 58.1% in Q1 FY27 versus 76.1% in Q1 FY26. Management attributed the shift mainly to the growing Healthcare business where supplies to Indian pharma customers ultimately cater to global markets, and to lower Consumer exports due to weaker demand.

Management stated that an additional 25 million pen capacity is expected to become operational by end of September, taking total installed pen injector capacity to approximately 75 million pens per annum.

Management discussed FY27 device volume guidance of 36 million and stated they should be able to go beyond 36 million, subject to customer partners and potential short-term supply chain issues.

Management stated that semiconductor revenue is expected to start from Q4 of the current financial year, with initial investment of about INR 5 crores in an existing facility for semiconductor trays.

Management stated the Abu Dhabi plant is expected to start selling by end of FY28 and indicated around 50% to 55% of the capacity has commitments or indications.