Shaily Engineering Plastics Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 319.53 Cr (+24.50% YoY) and PAT growth of +19.55% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 29, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 319.53 Cr (+24.50% YoY) |
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| PAT (Q2) | Rs. 61.27 Cr (+19.55% YoY) |
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| EBITDA margin | 31.88% (+9 bps YoY) |
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| EPS (Q2) | Rs. 13.32 (+19.46% YoY) |
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| Market cap | Rs. 14,041.64 Cr |
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| CMP | Rs. 3,056.30 |
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Quarter Snapshot
Q2 FY27 revenue grew 24.50% YoY to Rs.319.53 Cr with EBITDA margin of 31.88% holding the year's highest base and input-cost pass-through landing ahead of the guided Q3 FY27 normalization. Cash quality is healthy (CFO/PAT 1.01x, FCF Rs.20.65 Cr) and net debt fell to 0.71x H1 EBITDA. The main blemish is the widening overseas subsidiary drag (Rs.5.67 Cr loss contribution), meaning the first checkpoint of management's UK recovery guide was not met.
Key Investment Insights
Key Positives
- Consolidated revenue grew 24.50% YoY to Rs.319.53 Cr, accelerating from Q1 FY27's +13.77% YoY
- EBITDA margin of 31.88% held the year's highest base (Q2 FY26: 31.79%) and expanded ~220 bps QoQ
- Cost of materials fell ~329 bps YoY to 41.80% of revenue, landing ahead of the guided Q3 FY27 normalization
- PBT grew 28.73% YoY to Rs.84.56 Cr; the PAT growth gap is entirely a tax-rate normalization (ETR 27.54% vs 21.98%)
- H1 CFO of Rs.110.46 Cr exceeded PAT (1.01x); FCF of Rs.20.65 Cr vs Rs.8.78 Cr in H1 FY26
- Net debt fell Rs.17.21 Cr since March to Rs.131.66 Cr (0.71x H1 EBITDA); finance costs fell 23.02% YoY
- Standalone PAT grew 63.11% YoY to Rs.66.94 Cr with standalone EBITDA margin of 34.35% vs 29.70%
- Growth self-funded: ~Rs.90 Cr H1 capex covered by operations with cash rising to Rs.41.15 Cr
Risk Factors
- Overseas subsidiaries swung to a Rs.5.67 Cr drag on owners' PAT (from +Rs.10.21 Cr in Q2 FY26), widening from Q1's Rs.4.46 Cr; combined Q2 net loss Rs.5.69 Cr — first checkpoint of the 'UK recovery over three quarters' guide not met
- Trade receivables grew 27.51% since March vs H1 revenue growth of 19.24% (~77 days of Q2 revenue)
- Other expenses rose 36.17% YoY and employee costs 32.29% YoY (H1 ESOP Rs.5.02 Cr vs Rs.0.72 Cr)
- Effective tax rate rose to 27.54% from 21.98%, capping PAT growth at 19.55% vs PBT growth of 28.73%