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Shilp Gravures Ltd

SHILGRAVQ

NSE

₹148.68-0.88%19 Oct 2026

Reports

Metal Copper and Copper Alloy Products

Shilp Gravures Ltd

SHILGRAVQ

NSE

₹148.68

-0.88%

19 Oct 2026

SOICxStockScans Reports

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Metal Copper and Copper Alloy Products

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Shilp Gravures is India’s original gravure-roller maker - the company that engraves the copper cylinders which print everything from shampoo sachets to wood-finish laminates. Founded in 1993 by a mechanical engineer who has spent more than four decades in the printing industry, it has operated from a single Gujarat factory for over 30 years. Its recurring approach is to serve the entire cross-section of the gravure printing industry - not just packaging but also flooring, laminates, coatings and security print - by combining electronic, laser and chemical etching under one roof, so that no single customer ever accounts for more than a tenth of revenue.

Business segments

Two engines, one factory - a precision-engraving business that supplies the packaging and surfaces industries, and a small captive-power setup that feeds it cheaper electricity.

1. Gravure rollers: the master pattern behind every printed pack and panel

The company engraves copper cylinders that become the printing plates for high-volume flexible packaging, decorative laminates, PVC flooring and artificial leather - it sells both finished rollers and the job-work of engraving rollers that customers supply.

One factory, many end-uses - the single Rakanpur, Gujarat plant produces electronically engraved copper rollers, plus photopolymer plates, embossing rollers and ceramic rollers, for applications spanning flexible packaging, anilox rollers, PVC flooring, decorative laminates, specialty coatings, artificial leather, gift wrap, security printing and transfer printing.
Job work is a major revenue stream - the company earns not just by selling engraved rollers outright but by performing engraving services on rollers that customers provide, which means it captures value from printers who own their own cylinder bases.
No customer calls the shots - the customer base is diversified enough that no single external buyer reaches 10% of revenue, insulating the business from the loss of any one packaging converter.
India’s volume advantage is its tailwind - gravure is the preferred printing technology for large-volume consumer-product runs because of its economies of scale, and India’s rising packaged-goods consumption - which doubled per person in the past decade - keeps demand for engraved cylinders growing.
Competition is fierce and technology-agnostic - the company competes with many players on price, quality and innovation, while flexographic printing remains a rival technology that can take share in certain label and packaging jobs.

2. Power generation: cheaper electrons for the engraving floor

Wind and solar assets totalling 424.7 KW of solar capacity plus a wind turbine generate electricity that cuts the factory’s grid-power bill, with surplus sold externally.

Captive-first, market-second - in some years all wind energy was consumed inside the business, reducing operating costs directly, while in other years external power sales are reported, making the segment a flexible buffer against utility prices.
Two rooftop solar plants - Solar-1 (201.3 KW) was commissioned in mid-2019 and Solar-2 (223.4 KW) in early 2020, together with a wind turbine that generated over 1.9 million Kwh in FY21.

Group structure and partners

A single material subsidiary extends the group’s reach into West Bengal, while a mid-2025 change of control brought in a promoter group with deep flexible-packaging experience.

Etone India, the sole subsidiary - the company owns one wholly owned material subsidiary, Etone India Private Limited, based in Howrah, West Bengal, acquired in August 2019 with goodwill of ₹137 lacs recognised on the deal.
Related-party ties are active - transactions with Etone India include sale of goods, sale of services, loans given and interest received, meaning the subsidiary is both a customer and a financing relationship.

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

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Mkt Cap

Market Capitalization

₹91Cr

Close Price

₹148.68

Industry

Metal Copper and Copper Alloy Products

Price To Earnings

13.77

Price To Sales

0.93

Revenue

₹98Cr

Rev Gr TTM

Revenue Growth TTM

5.01%

PAT Gr TTM

PAT Growth TTM

70.26%

Consolidated

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	24	20	22	23	24	21	23	25	26	23	24	25
Growth YoY Revenue Growth YoY%	5.4	-1.2	1.5	7.5	0.1	8.1	3.6	9.0	7.7	8.1	3.1	1.5
Expenses ExpensesCr	20	18	20	20	22	21	22	21	22	20	20	22
Operating Profit Operating ProfitCr	4	2	2	3	3	1	1	4	4	3	4	4
OPM OPM%	16.4	10.6	11.1	13.1	10.4	4.1	3.3	15.0	15.3	13.5	15.9	13.9
Other Income Other IncomeCr	2	2	2	2	3	-1	-1	3	0	-1	-2	3
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	2	2
PBT PBTCr	4	3	3	4	4	-1	-1	5	3	1	0	5
Tax TaxCr	1	0	1	0	1	0	-1	1	1	0	0	1
PAT PATCr	3	3	1	3	3	-2	-1	4	2	1	0	3
Growth YoY PAT Growth YoY%	-15.0	80.9	-4.0	-9.6	-15.2	-166.9	-154.8	6.0	-37.7	172.3	123.8	-9.5
NPM NPM%	14.0	13.8	6.5	15.3	11.8	-8.6	-3.4	14.9	6.8	5.7	0.8	13.3
EPS EPS₹	5.5	4.5	2.4	5.7	4.6	-3.0	-1.3	6.0	2.9	2.2	0.3	5.5

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	24	20	22	23	24	21	23	25	26	23	24	25
Growth YoY Revenue Growth YoY%	5.4	-1.2	1.5	7.5	0.1	8.1	3.6	9.0	7.7	8.1	3.1	1.5
Expenses ExpensesCr	20	18	20	20	22	21	22	21	22	20	20	22
Operating Profit Operating ProfitCr	4	2	2	3	3	1	1	4	4	3	4	4
OPM OPM%	16.4	10.6	11.1	13.1	10.4	4.1	3.3	15.0	15.3	13.5	15.9	13.9
Other Income Other IncomeCr	2	2	2	2	3	-1	-1	3	0	-1	-2	3
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	2	2
PBT PBTCr	4	3	3	4	4	-1	-1	5	3	1	0	5
Tax TaxCr	1	0	1	0	1	0	-1	1	1	0	0	1
PAT PATCr	3	3	1	3	3	-2	-1	4	2	1	0	3
Growth YoY PAT Growth YoY%	-15.0	80.9	-4.0	-9.6	-15.2	-166.9	-154.8	6.0	-37.7	172.3	123.8	-9.5
NPM NPM%	14.0	13.8	6.5	15.3	11.8	-8.6	-3.4	14.9	6.8	5.7	0.8	13.3
EPS EPS₹	5.5	4.5	2.4	5.7	4.6	-3.0	-1.3	6.0	2.9	2.2	0.3	5.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	60	60	57	61	71	70	75	87	87	92	98	98
Growth Revenue Growth%	5.8	0.1	-5.1	6.1		-1.2	7.1	16.6	0.3	4.6	7.0	5.0
Expenses ExpensesCr	45	47	44	46	62	57	63	73	76	84	83	84
Operating Profit Operating ProfitCr	15	13	14	15	9	13	12	15	12	7	15	14
OPM OPM%	25.5	21.8	23.8	24.2	12.1	18.2	15.8	16.8	13.3	7.8	14.9	14.7
Other Income Other IncomeCr	0	1	1	1	1	6	4	1	8	3	0	0
Interest Expense Interest ExpenseCr	2	3	2	2	1	1	1	0	0	0	0	0
Depreciation DepreciationCr	6	7	6	6	6	5	5	5	5	5	6	6
PBT PBTCr	8	4	6	8	2	12	10	11	15	4	9	8
Tax TaxCr	2	2	2	2	1	2	2	3	3	1	2	2
PAT PATCr	6	2	5	6	1	10	8	8	11	4	7	7
Growth PAT Growth%	4.9	-61.0	110.3	27.5		1,082.1	-22.9	-1.3	46.2	-67.5	88.4	70.3
NPM NPM%	9.2	3.6	7.9	9.5	1.2	14.7	10.6	9.0	13.1	4.1	7.2	6.8
EPS EPS₹	9.0	3.0	6.2	9.0	1.4	16.7	12.9	12.7	18.6	6.0	11.4	10.8

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	60	60	57	61	71	70	75	87	87	92	98	98
Growth Revenue Growth%	5.8	0.1	-5.1	6.1		-1.2	7.1	16.6	0.3	4.6	7.0	5.0
Expenses ExpensesCr	45	47	44	46	62	57	63	73	76	84	83	84
Operating Profit Operating ProfitCr	15	13	14	15	9	13	12	15	12	7	15	14
OPM OPM%	25.5	21.8	23.8	24.2	12.1	18.2	15.8	16.8	13.3	7.8	14.9	14.7
Other Income Other IncomeCr	0	1	1	1	1	6	4	1	8	3	0	0
Interest Expense Interest ExpenseCr	2	3	2	2	1	1	1	0	0	0	0	0
Depreciation DepreciationCr	6	7	6	6	6	5	5	5	5	5	6	6
PBT PBTCr	8	4	6	8	2	12	10	11	15	4	9	8
Tax TaxCr	2	2	2	2	1	2	2	3	3	1	2	2
PAT PATCr	6	2	5	6	1	10	8	8	11	4	7	7
Growth PAT Growth%	4.9	-61.0	110.3	27.5		1,082.1	-22.9	-1.3	46.2	-67.5	88.4	70.3
NPM NPM%	9.2	3.6	7.9	9.5	1.2	14.7	10.6	9.0	13.1	4.1	7.2	6.8
EPS EPS₹	9.0	3.0	6.2	9.0	1.4	16.7	12.9	12.7	18.6	6.0	11.4	10.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	32	34	36	41	57	67	74	81	91	93	99
Current Liabilities Current LiabilitiesCr	20	21	24	19	20	12	13	14	12	11	8
Non Current Liabilities Non Current LiabilitiesCr	16	19	13	8	10	5	4	5	6	6	7
Total Liabilities Total LiabilitiesCr	75	80	79	74	94	90	97	105	115	116	120
Current Assets Current AssetsCr	24	25	28	28	37	39	41	50	55	60	52
Non Current Assets Non Current AssetsCr	52	55	52	45	56	51	56	56	60	57	68
Total Assets Total AssetsCr	75	80	79	74	94	90	97	105	115	116	120

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	32	34	36	41	57	67	74	81	91	93	99
Current Liabilities Current LiabilitiesCr	20	21	24	19	20	12	13	14	12	11	8
Non Current Liabilities Non Current LiabilitiesCr	16	19	13	8	10	5	4	5	6	6	7
Total Liabilities Total LiabilitiesCr	75	80	79	74	94	90	97	105	115	116	120
Current Assets Current AssetsCr	24	25	28	28	37	39	41	50	55	60	52
Non Current Assets Non Current AssetsCr	52	55	52	45	56	51	56	56	60	57	68
Total Assets Total AssetsCr	75	80	79	74	94	90	97	105	115	116	120

Consolidated

Standalone

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	15	12	10	16	10	12	11	14	9	10	10
Investing Cash Flow Investing Cash FlowCr	-14	-9	-4	-10	-10	2	-9	-10	-8	-3	-10
Financing Cash Flow Financing Cash FlowCr	-1	-3	-7	-6	0	-14	-2	-4	0	-5	-2
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	2	2	-3
Free Cash Flow Free Cash FlowCr	15	12	10	17	-5	11	2	11	1	7	-8
CFO To PAT CFO To PAT%	269.1	553.6	224.8	284.4	1,154.1	115.1	139.1	173.2	81.3	267.7	137.1
CFO To EBITDA CFO To EBITDA%	96.8	90.8	74.7	111.8	117.7	93.1	93.1	92.5	80.0	138.9	65.6

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	15	12	10	16	10	12	11	14	9	10	10
Investing Cash Flow Investing Cash FlowCr	-14	-9	-4	-10	-10	2	-9	-10	-8	-3	-10
Financing Cash Flow Financing Cash FlowCr	-1	-3	-7	-6	0	-14	-2	-4	0	-5	-2
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	2	2	-3
Free Cash Flow Free Cash FlowCr	15	12	10	17	-5	11	2	11	1	7	-8
CFO To PAT CFO To PAT%	269.1	553.6	224.8	284.4	1,154.1	115.1	139.1	173.2	81.3	267.7	137.1
CFO To EBITDA CFO To EBITDA%	96.8	90.8	74.7	111.8	117.7	93.1	93.1	92.5	80.0	138.9	65.6

Consolidated

Standalone

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	20	19	28	37	25	56	55	55	80	139	81	91
Price To Earnings Price To Earnings	3.7	8.2	7.7	6.8	29.2	5.5	6.9	7.1	7.0	37.3	11.6	13.8
Price To Sales Price To Sales	0.3	0.3	0.5	0.6	0.4	0.8	0.7	0.6	0.9	1.5	0.8	0.9
Price To Book Price To Book	0.5	0.5	0.7	0.8	0.4	0.8	0.7	0.6	0.8	1.4	0.8	0.9
EV To EBITDA EV To EBITDA	2.4	2.8	3.1	2.7	4.6	4.8	5.0	3.9	7.1	18.9	5.5	6.3
Profitability Ratios Profitability Ratios
GPM GPM%	53.9	55.5	58.2	61.5	59.1	57.7	54.4	56.1	54.6	51.0	53.1	53.1
OPM OPM%	25.5	21.8	23.8	24.2	12.1	18.2	15.8	16.8	13.3	7.8	14.9	14.7
NPM NPM%	9.2	3.6	7.9	9.5	1.2	14.7	10.6	9.0	13.1	4.1	7.2	6.8
ROCE ROCE%	17.1	12.1	14.5	16.9	4.7	17.0	12.5	12.4	15.1	4.8	8.5	8.5
ROE ROE%	14.4	5.4	10.8	12.4	1.4	14.0	9.9	9.0	11.8	3.8	6.7	6.7
ROA ROA%	7.3	2.7	5.7	7.9	0.9	11.4	8.2	7.4	9.9	3.2	5.8	5.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	20	19	28	37	25	56	55	55	80	139	81	91
Price To Earnings Price To Earnings	3.7	8.2	7.7	6.8	29.2	5.5	6.9	7.1	7.0	37.3	11.6	13.8
Price To Sales Price To Sales	0.3	0.3	0.5	0.6	0.4	0.8	0.7	0.6	0.9	1.5	0.8	0.9
Price To Book Price To Book	0.5	0.5	0.7	0.8	0.4	0.8	0.7	0.6	0.8	1.4	0.8	0.9
EV To EBITDA EV To EBITDA	2.4	2.8	3.1	2.7	4.6	4.8	5.0	3.9	7.1	18.9	5.5	6.3
Profitability Ratios Profitability Ratios
GPM GPM%	53.9	55.5	58.2	61.5	59.1	57.7	54.4	56.1	54.6	51.0	53.1	53.1
OPM OPM%	25.5	21.8	23.8	24.2	12.1	18.2	15.8	16.8	13.3	7.8	14.9	14.7
NPM NPM%	9.2	3.6	7.9	9.5	1.2	14.7	10.6	9.0	13.1	4.1	7.2	6.8
ROCE ROCE%	17.1	12.1	14.5	16.9	4.7	17.0	12.5	12.4	15.1	4.8	8.5	8.5
ROE ROE%	14.4	5.4	10.8	12.4	1.4	14.0	9.9	9.0	11.8	3.8	6.7	6.7
ROA ROA%	7.3	2.7	5.7	7.9	0.9	11.4	8.2	7.4	9.9	3.2	5.8	5.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	CUBEXTUB	BAROEXT	MCL	SHILGRAVQ	RAJMET	SAGARDEEP	MSRINDIA
Market CapitalizationMkt CapCr	333	173	142	91	83	47	16
Close PriceClose₹	232.52	8.90	52.26	148.68	2.99	27.82	2.61
IndustryIndustry	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products
Price To EarningsPE	44.12	16.79	31.48	13.77	42.71	15.29
Price To SalesPS	1.10	0.90	0.53	0.93	0.34	0.24
RevenueRevenueCr	303	192	268	98	241	200	0
Revenue Growth TTMRev Gr TTM%	15.7%	17.3%	83.3%	5.0%	-69.5%	53.7%
PAT Growth TTMPAT Gr TTM%	8.2%	-55.6%	-1.9%	70.3%	175.2%	51.7%	42.9%

	CUBEXTUB	BAROEXT	MCL	SHILGRAVQ	RAJMET	SAGARDEEP	MSRINDIA
Market CapitalizationMkt CapCr	333	173	142	91	83	47	16
Close PriceClose₹	232.52	8.90	52.26	148.68	2.99	27.82	2.61
IndustryIndustry	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products
Price To EarningsPE	44.12	16.79	31.48	13.77	42.71	15.29
Price To SalesPS	1.10	0.90	0.53	0.93	0.34	0.24
RevenueRevenueCr	303	192	268	98	241	200	0
Revenue Growth TTMRev Gr TTM%	15.7%	17.3%	83.3%	5.0%	-69.5%	53.7%
PAT Growth TTMPAT Gr TTM%	8.2%	-55.6%	-1.9%	70.3%	175.2%	51.7%	42.9%

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