First Read: Shaily Engineering Plastics "Revving for an even stronger FY27"

研报英文原文证据摘录

First Read: Shaily Engineering Plastics "Revving for an even stronger FY27"

Global Research

21 May 2026ab

First Read

EquitiesShaily Engineering Plastics

Revving for an even stronger FY27 India

Industrial, Diversified

12-month rating Buy

Strong outlook for Healthcare segment in FY27; key milestones achieved

Shaily delivered a strong Q4 performance driven by a continued ramp-up in the 12m price target Rs4,000.00

healthcare segment, with revenues doubling YoY on the backdrop of generic

semaglutide related demand. The industrial segment growth remained robust, partially

Price (20 May 2026) Rs2,733.8

offset by weakness in the consumer segment amid demand disruptions. Margin

expansion remained a key highlight, supported by operating leverage and improved RIC: SEPL.BO BBG: SHEP IB

product mix. Key milestones for the quarter were addition of one of the world’s biggest Trading data and key metrics

consumer electronics companies as its customer and entering into contract with one of

52-wk range Rs2,791.60-1,544.20

the leading South Korean companies for supply of semiconductor trays, making an entry

Market cap. Rs125b/US$1.30b

into the global semiconductor supply chain. A conservative management guidance

Shares o/s 45.9m (ORD)

of~36m pens sales in FY27 includes 80-85% of GLP-1 pens as it would likely use existing

insulin capacity for making higher value added GLP-1 pens, in our view. We expect net Free float 56%

realization per pen to be ~Rs200 in FY27 compared to Rs165 in FY26 (Rs135 ex of Shaily Avg. daily volume ('000) 537

UK), consequently healthcare segment revenue to grow by ~100% in FY27 as well. Avg. daily value (m) Rs1,198.9

Management further highlighted its strong market share (~70%) in Canada. We Common s/h equity (03/27E) Rs10.0b