Healthcare dominates 78% growth; generics cloud GLP-1 margins

₹319.5 Cr (24.5% YoY, 13.8% QoQ) — rounding variance <0.2%

₹61.3 Cr, up 19.5% YoY — margin 18.9% vs claimed 19.2%

INR175 Cr in Q2, up 78% from INR99 Cr; 55% of revenue correct

Delivered OPM 30.4% (not gross margin); EBITDA margin 31.9% implied; claim under-verified on gross %

Q2 delivered 10.4M confirmed; H1 cumulative ~19.4M (9M Q1 + 10.4M Q2) vs 36M target needs 16.6M H2 — mathematically tight

Consumer ₹116 Cr vs INR135 Cr prior (14% decline) — stabilizing but not growth

INR29 Cr vs INR23 Cr prior = 26% growth (exceeded claim slightly)

Q2 healthcare +78% YoY (₹175 Cr vs ₹99 Cr Q2 FY26); now 55% of revenue vs 38% in Q2 FY26. GLP-1 market expansion faster than prior guidance implied.

Management promised Q3 recovery; Q2 EBITDA margin 31.9% (vs 31.8% prior), OPM 30.4%. On track, not accelerated.

Q2 Consumer ₹116 Cr down 14% YoY; management calls it 'stabilized at level' but no growth narrative. Prior guidance implied recovery; has flatlined.

36M unit target reaffirmed. H1 delivered 19.4M (9M Q1 + 10.4M Q2); need 16.6M H2 for baseline. 'Will exceed' stated without magnitude.

Trial production Q3, commercial Q4 FY27 (per call, not prior guidance). INR80–100 Cr capex minimum; no upper bound disclosed.

Toby targets innovator pharma needing reusable, sustainable solution; not cannibalizing. Mira (on-body emergency auto-injector) in 14-month design-verify cycle post-customer finalization; earliest commercialization end calendar '27 production.

Incorrect dose labeling issue; label printed by distributor/final packager, not Shaily. No impact on Shaily volumes or demand. Demand strong, even stronger.

Very high feedback. 60-odd GLP-1s under development; 80% injectables (will land in pen or auto-injector). By end calendar '27, expect 1–2 innovators onboarded. By end calendar '28, ramp accelerates.

Yes, little early. INR100 Cr is baseline; ₹120–180 Cr possible depending on ramp, but not committing now. Will update next call.

Will exceed 36M. Magnitude unclear ('I have no clue'). Pressure on ramp-up easing. End quarter clarity maybe.

JEDEC trays, tapes, carrier tapes, wafer boxes. Korean partner now large player globally (150-plus customers). Will replicate their Korea/Taiwan/India process. Faster than internal ramp. Not competitive on price vs others; differentiation on tech partnership + volume.

3–4 molecules on on-body (Neulasta, Sanofi EnFuse). Semagutide generic moving on-body. Market immature, high-margin category (complexity + development cost). Shaily margins higher than GLP-1 due to capex upfront, but lower than GLP-1 eventually.

Some revenue yet to be recognized Q2 from pending customer confirmations. On annual basis, would not have loss. Likely breakeven FY27.

Price erosion contractually built-in. No operating leverage to absorb yet (52.5% utilization). Index mechanism with pens; inflationary pass-through after lag (2–4 month lag with customers). Maintaining margins via mix, procurement, quality focus.

Price inflation lag + 2–4 month lag variable by customer. Market weakness in Europe and U.S. (demand soft). Shaily adding new products; portfolio-building mode, not volume-growth mode.

Q2 delivered 10.4M. H1 total 19.4M (9M Q1 + 10.4M Q2). H2 needs 16.6M to hit 36M baseline. On track per management.

78% YoY growth sustained; Toby Reusable, Eye applicator, next-gen injectables launching H2. But generic competition (India, Brazil, Canada) will moderate growth rates post-entry.

Trial production Q3; 5 components for Consumer Electronics customer; scaling with Korean partner. Early stage, limited visibility.

Q2 gross margin ~60% (per EBITDA margin 31.9%, assuming COGS/OpEx), up ~70 bps YoY. Q3 guided to further expansion.

Price erosion 10–15% built-in contractually. Operating leverage at 52.5% utilization; index mechanism for cost pass-through. But uncertain if macro inflation abates.

30 bps underperformance Q2. Management attributes to one-off capex spend, business mix. Sustainability dependent on Consumer recovery and Industrial ramp.

Scaling 5-component production for 1 customer. Additional customers onboarding Q3–Q4. Management calls ₹80–100 Cr baseline; ₹120–180 Cr possible, not committing now.

Affirmed in call. Targeting next-phase GLP-1 market growth. Capex not quantified.

Trial with 5 components Q3. Commercial shipments Q4 FY27. Korean partner accelerating ramp; still early visibility.

Semaphore patent expired. India generic launched March 2026, Brazil August, Canada April. Management acknowledges 10–15% pricing erosion contractually built-in. Volume impact unquantified. Healthcare now 55% of revenue.

Consumer revenue INR116 Cr down 14% YoY (vs INR135 Cr Q2 FY26). Management calls segment 'stabilized' but no growth driver identified. Europe and U.S. demand weak. Represents ~36% of revenue, declining.

Management withheld customer names but acknowledged concentration in Healthcare and Consumer Electronics. 1 Consumer Electronics customer provided 5-component award (ramp-up dependent). Top customers likely represent 40%+ of revenue.

Consumer Electronics capex ₹80–100 Cr planned; possibly ₹120–180 Cr. Abu Dhabi facility capex not quantified but targeting end FY28 commercialization. Semiconductor Tray in trial Q3, commercial Q4. Multiple simultaneous initiatives; execution risk elevated.

Toby Reusable, Mira (on-body emergency), Eye applicator all in development/qualification. Toby commercial end calendar '27 earliest (14-month design-verify cycle). Mira 3–4 year journey post-approval. Eye applicator supply Q2/Q3 FY27. Revenue contribution immaterial near-term.