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Shilchar Technologies Ltd

SHILCTECH

NSE

₹3,875.40+2.80%19 Oct 2026

Reports

Capital Goods Transformers

Shilchar Technologies Ltd

SHILCTECH

NSE

₹3,875.40

+2.80%

19 Oct 2026

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Capital Goods Transformers

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Shilchar Technologies is fundamentally a specialist transformer maker that has spent nearly four decades turning a made-to-order engineering workshop into a debt-free, export-heavy supplier for the global renewable-energy build-out. It began in 1986 in Gujarat making tiny R-core and ferrite transformers for electronics, then pivoted decisively into power and distribution transformers between 2004 and 2007, entering the renewables market in 2010 just as the sector began to scale. The recurring approach that explains everything else is a refusal to compete on price with commodity manufacturers: the company designs custom, oil-cooled transformers for specific industrial and solar-wind applications, charges a premium for quality and lead time, and funds all its factory expansion from internal cash without ever taking on debt.

Business segments

A single engine with two customer routes - a specialist transformer factory that sells the same custom-designed, oil-cooled machines to renewable-energy developers at home and to utilities and industrials across 25 countries abroad, with a tiny legacy electronics line now folded into the main plant.

1. Power and distribution transformers: the custom-engineered heart of a solar or wind farm

Every transformer is built to a specific customer order, not stocked on a shelf, and roughly three in every five end up inside a renewable-energy project.

Made-to-order, not made-to-stock - the company designs and manufactures oil-cooled transformers up to the 132 KV class (the voltage level that feeds power into regional grids), with most production sitting at 66 KV and below, and it is now expanding into the 220 KV class. Because each unit is engineered to a customer’s specification, the factory runs on a “mass customization” model that lets it serve everything from a solar farm needing an inverter-duty transformer to a steel mill needing a furnace transformer.
The renewables anchor - about 60% of local revenue comes from transformers destined for renewable-energy generation, and domestically that share rises to 80-85%. These are the machines that step up voltage at the point of generation - taking the 800 volts from a solar panel array to 33,000 volts so the power can be injected into the grid - which makes the company a direct play on utility-scale solar and wind installation.
A factory built for speed and testing - the flagship 17-acre Gavasad plant houses three dedicated production shops with dust-free, positive-air-pressure environments, a NABL-accredited lab that can impulse-test transformers up to 900 KVP, and an in-house design team of 15 engineers. This integrated setup supports quick order fulfilment and turnaround time, which is a competitive weapon when the broader industry is seeing delivery times stretch.
Exports as the second lung - the company ships to more than 25 countries across five continents, with the United States alone contributing roughly 12-15% of total revenue. The export share has swung between 26% and 56% of revenue in recent years, reflecting how the same factory floor serves both a domestic renewables boom and a global transformer shortage driven by ageing grid replacement in the US and Europe.
Capacity expansion paid for with cash - the plant was commissioned in 2018 at 4,000 MVA of annual capacity, expanded to 7,500 MVA in August 2024, and a third expansion adding another 6,500 MVA is under commissioning for April 2027, all funded through internal accruals with no borrowing. The land parcel can theoretically support up to 30,000 MVA, giving the company room to double again without moving.

2. Electronics and telecom transformers: the legacy seed that became a footnote

This is the product line that started the company in 1990 and now accounts for less than 5% of sales, consolidated into the main factory as an afterthought.

The origin story, now ancillary - Shilchar began by making R-core transformers in 1990 and ferrite transformers in 1995, and for years its official industry classification was “Electronics & Telecom Transformers Manufacturer”. The company’s primary focus has been on distribution and power transformers for the last 15 years, reducing this legacy line to a minor activity.
Folded into the mother plant - in August 2023 the company announced it was shifting all electronics and telecom transformer manufacturing from the old Bil facility to the Gavasad plant, completing the consolidation of every operation onto a single site.

Group structure and partners

A standalone, family-led company with no subsidiaries, no joint ventures, and no debt - the promoter family runs the shop directly.

No corporate layers - Shilchar Technologies has no holding company, subsidiary, associate, or joint venture; it is a single listed entity on both the BSE and, since November 2025, the NSE.
Promoter-led across generations - the board is chaired by Alay J. Shah, who has been with the company since incorporation and has over 37 years of experience in design, production, finance, and marketing, alongside two Executive Directors from the next generation of the promoter family.
Working capital lines, but no drawn debt - the company maintains working capital facilities with HDFC Bank and HSBC, yet it carries no borrowing on its books and held cash and cash equivalents of ₹246 crores at the end of FY26.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹4,441Cr

Close Price

₹3,882.00

Industry

Capital Goods Transformers

Price To Earnings

32.29

Price To Sales

7.07

Revenue

₹628Cr

Rev Gr TTM

Revenue Growth TTM

-6.98%

PAT Gr TTM

PAT Growth TTM

-16.32%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	106	118	105	107	131	154	232	159	171	170	152	135
Growth YoY Revenue Growth YoY%	77.9	72.8	11.0	59.2	22.9	30.3	119.9	48.4	31.2	10.8	-34.6	-15.2
Expenses ExpensesCr	77	86	74	78	90	111	161	106	118	118	120	113
Operating Profit Operating ProfitCr	30	32	31	29	41	43	71	52	54	52	32	22
OPM OPM%	27.9	27.4	29.7	27.6	31.4	28.0	30.7	33.0	31.3	30.8	21.1	16.4
Other Income Other IncomeCr	4	3	3	3	4	5	5	4	9	6	7	7
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	33	35	34	32	44	47	75	56	62	57	37	28
Tax TaxCr	8	9	9	8	11	12	19	14	16	15	9	7
PAT PATCr	24	26	25	24	33	35	55	41	46	42	28	21
Growth YoY PAT Growth YoY%	167.0	119.4	53.7	46.4	34.1	33.3	121.3	73.0	40.4	21.8	-48.7	-49.7
NPM NPM%	23.0	22.1	23.7	22.4	25.1	22.6	23.9	26.1	26.8	24.9	18.7	15.5
EPS EPS₹	21.3	22.8	21.9	21.0	28.6	30.4	48.4	36.3	40.1	37.0	24.8	18.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	106	118	105	107	131	154	232	159	171	170	152	135
Growth YoY Revenue Growth YoY%	77.9	72.8	11.0	59.2	22.9	30.3	119.9	48.4	31.2	10.8	-34.6	-15.2
Expenses ExpensesCr	77	86	74	78	90	111	161	106	118	118	120	113
Operating Profit Operating ProfitCr	30	32	31	29	41	43	71	52	54	52	32	22
OPM OPM%	27.9	27.4	29.7	27.6	31.4	28.0	30.7	33.0	31.3	30.8	21.1	16.4
Other Income Other IncomeCr	4	3	3	3	4	5	5	4	9	6	7	7
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	33	35	34	32	44	47	75	56	62	57	37	28
Tax TaxCr	8	9	9	8	11	12	19	14	16	15	9	7
PAT PATCr	24	26	25	24	33	35	55	41	46	42	28	21
Growth YoY PAT Growth YoY%	167.0	119.4	53.7	46.4	34.1	33.3	121.3	73.0	40.4	21.8	-48.7	-49.7
NPM NPM%	23.0	22.1	23.7	22.4	25.1	22.6	23.9	26.1	26.8	24.9	18.7	15.5
EPS EPS₹	21.3	22.8	21.9	21.0	28.6	30.4	48.4	36.3	40.1	37.0	24.8	18.2

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	102	109	88	118	71	118	180	280	397	623	652	628
Growth Revenue Growth%	-4.0	7.4	-19.8	35.2	-39.8	65.3	52.9	55.5	41.6	57.0	4.6	-7.0
Expenses ExpensesCr	88	92	78	104	68	108	161	227	284	438	462	468
Operating Profit Operating ProfitCr	13	18	9	14	3	10	19	53	113	185	190	160
OPM OPM%	13.0	16.1	10.8	12.0	4.3	8.1	10.8	18.9	28.6	29.6	29.2	25.5
Other Income Other IncomeCr	3	3	1	2	3	2	3	8	13	16	26	29
Interest Expense Interest ExpenseCr	1	1	1	3	1	2	1	1	0	0	0	0
Depreciation DepreciationCr	1	1	1	2	3	3	3	2	3	3	4	4
PBT PBTCr	14	19	8	11	2	7	19	58	123	197	212	184
Tax TaxCr	5	7	2	3	0	2	5	15	31	51	54	47
PAT PATCr	9	12	6	8	2	6	14	43	92	147	158	138
Growth PAT Growth%	56.5	35.1	-52.3	32.0	-80.7	268.7	154.3	207.1	113.1	59.8	7.7	-16.3
NPM NPM%	8.9	11.3	6.7	6.5	2.1	4.7	7.8	15.4	23.1	23.6	24.3	21.9
EPS EPS₹	8.0	10.7	5.1	6.8	1.3	4.8	12.3	37.7	80.3	128.4	138.3	120.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	102	109	88	118	71	118	180	280	397	623	652	628
Growth Revenue Growth%	-4.0	7.4	-19.8	35.2	-39.8	65.3	52.9	55.5	41.6	57.0	4.6	-7.0
Expenses ExpensesCr	88	92	78	104	68	108	161	227	284	438	462	468
Operating Profit Operating ProfitCr	13	18	9	14	3	10	19	53	113	185	190	160
OPM OPM%	13.0	16.1	10.8	12.0	4.3	8.1	10.8	18.9	28.6	29.6	29.2	25.5
Other Income Other IncomeCr	3	3	1	2	3	2	3	8	13	16	26	29
Interest Expense Interest ExpenseCr	1	1	1	3	1	2	1	1	0	0	0	0
Depreciation DepreciationCr	1	1	1	2	3	3	3	2	3	3	4	4
PBT PBTCr	14	19	8	11	2	7	19	58	123	197	212	184
Tax TaxCr	5	7	2	3	0	2	5	15	31	51	54	47
PAT PATCr	9	12	6	8	2	6	14	43	92	147	158	138
Growth PAT Growth%	56.5	35.1	-52.3	32.0	-80.7	268.7	154.3	207.1	113.1	59.8	7.7	-16.3
NPM NPM%	8.9	11.3	6.7	6.5	2.1	4.7	7.8	15.4	23.1	23.6	24.3	21.9
EPS EPS₹	8.0	10.7	5.1	6.8	1.3	4.8	12.3	37.7	80.3	128.4	138.3	120.2

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4	4	4	4	4	4	4	4	8	8	11
Reserves ReservesCr	34	46	50	57	57	63	76	118	202	339	479
Current Liabilities Current LiabilitiesCr	30	32	30	25	30	33	60	53	80	139	95
Non Current Liabilities Non Current LiabilitiesCr	2	2	12	13	11	8	6	3	3	4	5
Total Liabilities Total LiabilitiesCr	69	84	96	99	103	107	146	178	292	490	591
Current Assets Current AssetsCr	51	60	55	57	61	68	106	136	244	422	503
Non Current Assets Non Current AssetsCr	19	24	40	42	42	40	40	42	49	68	88
Total Assets Total AssetsCr	69	84	96	99	103	107	146	178	292	490	591

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4	4	4	4	4	4	4	4	8	8	11
Reserves ReservesCr	34	46	50	57	57	63	76	118	202	339	479
Current Liabilities Current LiabilitiesCr	30	32	30	25	30	33	60	53	80	139	95
Non Current Liabilities Non Current LiabilitiesCr	2	2	12	13	11	8	6	3	3	4	5
Total Liabilities Total LiabilitiesCr	69	84	96	99	103	107	146	178	292	490	591
Current Assets Current AssetsCr	51	60	55	57	61	68	106	136	244	422	503
Non Current Assets Non Current AssetsCr	19	24	40	42	42	40	40	42	49	68	88
Total Assets Total AssetsCr	69	84	96	99	103	107	146	178	292	490	591

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	8	12	5	1	6	10	-6	39	76	40	192
Investing Cash Flow Investing Cash FlowCr	-3	-16	-11	1	0	-1	-1	-12	-23	-48	-169
Financing Cash Flow Financing Cash FlowCr	-7	3	7	-2	-4	-10	6	-19	-29	5	-31
Net Cash Flow Net Cash FlowCr	-3	-1	0	0	1	-1	-1	9	25	-4	-8
Free Cash Flow Free Cash FlowCr	6	6	-13	1	6	10	-6	39	77	40	192
CFO To PAT CFO To PAT%	85.5	100.0	82.3	7.0	389.0	187.8	-45.9	91.0	83.2	26.9	121.4
CFO To EBITDA CFO To EBITDA%	58.8	69.7	51.2	3.8	191.0	109.0	-33.2	73.9	67.5	21.4	100.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	8	12	5	1	6	10	-6	39	76	40	192
Investing Cash Flow Investing Cash FlowCr	-3	-16	-11	1	0	-1	-1	-12	-23	-48	-169
Financing Cash Flow Financing Cash FlowCr	-7	3	7	-2	-4	-10	6	-19	-29	5	-31
Net Cash Flow Net Cash FlowCr	-3	-1	0	0	1	-1	-1	9	25	-4	-8
Free Cash Flow Free Cash FlowCr	6	6	-13	1	6	10	-6	39	77	40	192
CFO To PAT CFO To PAT%	85.5	100.0	82.3	7.0	389.0	187.8	-45.9	91.0	83.2	26.9	121.4
CFO To EBITDA CFO To EBITDA%	58.8	69.7	51.2	3.8	191.0	109.0	-33.2	73.9	67.5	21.4	100.8

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	88	163	147	126	30	78	134	576	2,934	4,019	4,064	4,441
Price To Earnings Price To Earnings	9.7	13.3	25.1	16.3	19.8	14.2	9.5	13.4	31.9	27.4	25.7	32.3
Price To Sales Price To Sales	0.9	1.5	1.7	1.1	0.4	0.7	0.7	2.1	7.4	6.5	6.2	7.1
Price To Book Price To Book	2.4	3.3	2.7	2.1	0.5	1.2	1.7	4.8	14.0	11.6	8.3	9.1
EV To EBITDA EV To EBITDA	6.4	9.3	16.6	9.6	13.0	8.9	7.7	10.7	25.4	21.6	21.1	26.7
Profitability Ratios Profitability Ratios
GPM GPM%	25.8	23.5	20.5	21.2	20.1	16.5	17.4	25.2	33.6	34.4	34.7	34.7
OPM OPM%	13.0	16.1	10.8	12.0	4.3	8.1	10.8	18.9	28.6	29.6	29.2	25.5
NPM NPM%	8.9	11.3	6.7	6.5	2.1	4.7	7.8	15.4	23.1	23.6	24.3	21.9
ROCE ROCE%	39.5	36.5	14.2	18.2	4.7	12.6	20.9	48.4	58.9	57.0	43.3	43.3
ROE ROE%	24.2	24.7	10.8	12.7	2.5	8.3	17.6	35.5	43.8	42.3	32.2	32.2
ROA ROA%	13.1	14.6	6.1	7.8	1.5	5.2	9.6	24.3	31.4	30.0	26.8	26.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	88	163	147	126	30	78	134	576	2,934	4,019	4,064	4,441
Price To Earnings Price To Earnings	9.7	13.3	25.1	16.3	19.8	14.2	9.5	13.4	31.9	27.4	25.7	32.3
Price To Sales Price To Sales	0.9	1.5	1.7	1.1	0.4	0.7	0.7	2.1	7.4	6.5	6.2	7.1
Price To Book Price To Book	2.4	3.3	2.7	2.1	0.5	1.2	1.7	4.8	14.0	11.6	8.3	9.1
EV To EBITDA EV To EBITDA	6.4	9.3	16.6	9.6	13.0	8.9	7.7	10.7	25.4	21.6	21.1	26.7
Profitability Ratios Profitability Ratios
GPM GPM%	25.8	23.5	20.5	21.2	20.1	16.5	17.4	25.2	33.6	34.4	34.7	34.7
OPM OPM%	13.0	16.1	10.8	12.0	4.3	8.1	10.8	18.9	28.6	29.6	29.2	25.5
NPM NPM%	8.9	11.3	6.7	6.5	2.1	4.7	7.8	15.4	23.1	23.6	24.3	21.9
ROCE ROCE%	39.5	36.5	14.2	18.2	4.7	12.6	20.9	48.4	58.9	57.0	43.3	43.3
ROE ROE%	24.2	24.7	10.8	12.7	2.5	8.3	17.6	35.5	43.8	42.3	32.2	32.2
ROA ROA%	13.1	14.6	6.1	7.8	1.5	5.2	9.6	24.3	31.4	30.0	26.8	26.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	VOLTAMP	TARIL	KANOHAR	SHILCTECH	INDOTECH	BBL	MARSONS
Market CapitalizationMkt CapCr	10,530	9,875	8,306	4,441	3,144	2,725	2,123
Close PriceClose₹	10,408.00	329.00	1,048.95	3,882.00	2,960.00	2,411.00	123.36
IndustryIndustry	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers
Price To EarningsPE	33.21	32.00	57.04	32.29	31.65	24.37	48.19
Price To SalesPS	4.63	3.49	12.70	7.07	3.72	1.16	8.57
RevenueRevenueCr	2,274	2,831	654	628	846	2,356	248
Revenue Growth TTMRev Gr TTM%	17.8%	27.2%		-7.0%	22.0%	18.3%	33.5%
PAT Growth TTMPAT Gr TTM%	-2.6%	23.0%		-16.3%	28.7%	-18.7%	43.6%

	VOLTAMP	TARIL	KANOHAR	SHILCTECH	INDOTECH	BBL	MARSONS
Market CapitalizationMkt CapCr	10,530	9,875	8,306	4,441	3,144	2,725	2,123
Close PriceClose₹	10,408.00	329.00	1,048.95	3,882.00	2,960.00	2,411.00	123.36
IndustryIndustry	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers
Price To EarningsPE	33.21	32.00	57.04	32.29	31.65	24.37	48.19
Price To SalesPS	4.63	3.49	12.70	7.07	3.72	1.16	8.57
RevenueRevenueCr	2,274	2,831	654	628	846	2,356	248
Revenue Growth TTMRev Gr TTM%	17.8%	27.2%		-7.0%	22.0%	18.3%	33.5%
PAT Growth TTMPAT Gr TTM%	-2.6%	23.0%		-16.3%	28.7%	-18.7%	43.6%