Shaily Engineering Plastics began in 1987 with two moulding machines and a chemical engineer’s ambition, and has since transformed into something far rarer: a company that global pharmaceutical giants trust to design and make the injection devices that deliver their most important drugs. Over nearly four decades, it has moved from simple plastic parts to proprietary, IP-protected drug-delivery platforms, becoming India’s largest exporter of plastics components along the way. The recurring approach is to invest heavily in complex capabilities and regulatory certifications *before* the contracts arrive, so that when a customer needs a partner for a difficult, high-stakes project, Shaily is already the obvious - and often the only - choice. # Business segments A single precision-manufacturing platform expressed through three customer-facing verticals - Healthcare, Consumer, and Industrial - all drawing on the same core engineering DNA, with a new semiconductor-tray capability emerging as a direct extension. ## 1. Healthcare: the drug-delivery engine transforming the company **Shaily designs and manufactures proprietary pen injectors and auto-injectors for GLP-1 drugs, earning a place on a drug’s regulatory filing - a sticky, multi-year position that turns a component supplier into a strategic partner.** - **IP-led platforms, not just contract manufacturing** - the company has built a portfolio of 7 proprietary injectable device platforms (such as the ShailyPen Neo and Shaily Tristan Auto-Injector), which it owns and adapts for different drugs and customers, so its revenue includes both device supply and the value of its own R&D. - **Regulatory lock-in creates a moat** - when a pharmaceutical company registers a drug with a regulator, it must specify the delivery device; changing that device later requires a new, costly approval process, which means Shaily’s selection as the sole device supplier on most GLP-1 engagements embeds it for the life of the drug. - **The first commercial launches are happening now** - in FY26, Shaily’s pen injectors for Semaglutide were launched by customers in Canada and India, and one customer-and-device combination became the first to receive tentative USFDA approval for a generic Semaglutide pen in the U.S. market. - **Capacity is scaling to meet the GLP-1 wave** - the company had \~35 million units of pen injector capacity, is expanding by 40-50 million units annually, and plans to add a further 50-60 million units of pen and auto-injector capacity by December 2026, backed by roughly ₹150 crore of investment. - **Audit intensity signals quality** - the healthcare plant, a 175,000-square-foot facility with Class 8 clean rooms and Japanese all-electric moulding machines, undergoes roughly 150 audits a year from customers, MDSAP auditors, and ISO-13485 bodies, which is the practical barrier that keeps the global supplier pool to about four major players. ## 2. Consumer: the scale anchor built on decades-old brand partnerships **Home furnishings, FMCG packaging, toys, and now consumer electronics - this segment runs on dedicated factories for marquee global brands, providing steady volumes even as growth shifts elsewhere.** - **A dedicated export engine for a home-furnishings giant** - since 2004, Shaily has operated a 100% export-oriented unit for its largest customer, a Swedish home-furnishings major, scaling from 18 product lines to 82 and adding a separate carbon-steel furniture facility that processes 600 tonnes of raw steel annually. - **FMCG relationships stretching back to the 1990s** - the company makes primary packaging for cosmetics, razor handles for Gillette, and trigger sprays for global majors like Unilever and P&G, with in-house finishing capabilities including vacuum metalizing and high-speed pad printing. - **Toys opened a new customer type** - Shaily onboarded Spin Master, a top-tier global toy company, and later added another global toy customer, proving it could meet the exacting safety and consistency standards of the children’s-products industry. - **Consumer electronics is the newest leg** - in FY26, the company began commercial supplies to a consumer electronics customer after several quarters of qualification, entering a precision-component ecosystem where “less than a handful of players” can meet the tight tolerances required. - **Raw-material risk is passed through** - the company has a raw-material price pass-through mechanism with all its consumer customers, insulating the segment’s economics from resin-price swings, though the exact formula varies by contract. ## 3. Industrial: metal-replacement engineering for demanding applications **This segment makes high-performance plastic parts that replace metal in car turbochargers, power tools, and appliances - a niche where material science is the differentiator.** - **Licensed to process the toughest polymers** - Shaily is the only licensed processor of Torlon (polyamide-imide) in India and works with PEEK and other ultra-high-performance thermoplastics, allowing it to make components that survive inside turbochargers and other extreme environments. - **Metal-to-plastic conversion is the value proposition** - the company describes itself as a global leader in converting metal rods to plastic rods, helping automotive and appliance customers reduce weight without sacrificing strength. - **Appliance knobs are a quiet franchise** - Shaily supplies critical knob assemblies to General Electric Appliances using a proprietary PVD chrome-coating process, with a single knobs contract worth roughly ₹40 crores per annum. - **Power tools and LED lighting are adding momentum** - new business was secured from power-tool and LED-light component customers in FY26, broadening the industrial customer base beyond automotive. # Semiconductor trays: a capability bet on India’s chip build-out **Shaily signed a supply agreement with a Korean company in FY26 to manufacture semiconductor trays - precision components used in chip handling - positioning itself under the China Plus One shift as India builds its semiconductor fabrication ecosystem.** - **A direct extension of precision moulding** - semiconductor trays demand the same tight-tolerance, high-consistency manufacturing that Shaily already performs for healthcare and consumer-electronics customers, so the entry requires capability adaptation rather than a new business model. - **Aimed at the domestic chip opportunity** - the company intends to supply all companies setting up semiconductor or chip manufacturing in India, making this a local-for-local play tied to a national industrial policy push. # Group structure and partners **A single listed entity in India with two small, focused subsidiaries - one an R&D centre in the UK, the other a design-services vehicle in Dubai - that extend the healthcare division’s intellectual property and customer reach.** - **Shaily Innovations Limited (UK)** - this wholly owned subsidiary operates as a design centre and R&D hub for medical and drug-delivery devices, holds the group’s seven patent platforms, and has expanded into human-factors engineering to serve large pharmaceutical clients, while benefiting from UK patent-box and R&D tax incentives. - **Shaily Innovations FZCO (Dubai)** - incorporated in January 2025, this subsidiary performs design and development services for drug-delivery device contracts and is funded in its initial phase by a parent-company loan of up to USD 1 million. - **Manufacturing is concentrated in Gujarat** - the company operates seven facilities in Gujarat (six for plastics, one for steel furniture), with its main site housing a 17-acre manufacturing facility in Vadodara that is benchmarked against global best practices.