Shilchar Technologies Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Shilchar Technologies Ltd trades at ₹4,577, losing momentum at the top and 4 weeks into that stage. That is +7.3% against its own 200-day average. It sits at 73% of a 52-week range of ₹2,962 to ₹5,161. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is losing momentum at the top — week 4 of stage 3. At ₹4,577 it trades +7.3% versus its 200-day average and sits at 73% of its 52-week range (₹2,962–₹5,161).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +7,322% while the NIFTY 500 moved +276% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Shilchar Technologies Ltd trades at 33.1× P/E, at the pricey end of its own range (84th percentile). Its long-run median P/E is 18.9×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 33.1× is at the pricey end of its own range (84th percentile), against a long-run median of 18.9× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +7.3% against a −13.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +128.0%/yr price move, ~+95.4%/yr came from earnings growth and ~+32.6 pp from the multiple (expanding); over 10y, of the +47.1%/yr price move, ~+31.4%/yr came from earnings growth and ~+15.7 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 3.4% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: Topping out Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Shilchar Technologies Ltd reads as topping out on its fundamental arc. Topping out — revenue and profit growth have decelerated hard (revenue growth +73.5% at its peak → −34.5% latest) while ROCE still reads 51.0%. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

50.0/100 — rank 5 of 12 in Capital Goods - Transformers · 78% evidence confidence

Shilchar Technologies Ltd scores 50.0 out of 100 against the 12 companies it is compared with in Capital Goods - Transformers, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 9.1 + 21.1 + 9.7 + 10.1 = 50. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Shilchar Technologies Ltd reported ₹152 Cr of revenue in the Mar 26 quarter, −34.5% year on year. Over 10 years it has compounded at 20.4% a year. The last full year, FY26, came in at ₹652 Cr. The last four reported quarters add to ₹652 Cr.

FY26 revenue came in at ₹652 Cr (+4.7% on the year), capping 10 years at 20.4% compound. The latest quarter (Mar 26) printed ₹152 Cr, −34.5% year on year.

Pace check: the last four quarters averaged +13.8% growth against the decade's 20.4% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +4.5% over the last 4 quarters against +28.3%/yr over the last 8 — rolling over; TTM profit +6.8% vs +31.3%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Shilchar Technologies Ltd's operating margin is 21.0% in the Mar 26 quarter, −10.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 4.3% to 30.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 21.0%, −10.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 4.3%–30.0%.

🚨 Why the margin moved: operating margin went −9.7 pp year on year while gross margin went −7.6 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Shilchar Technologies Ltd earned ₹28.0 Cr of net profit in the Mar 26 quarter, −49.1% year on year. Full-year FY26 profit was ₹158 Cr. The 10-year compound rate is 33.2%. That is 18.4% of the quarter's revenue. The same quarter a year earlier earned ₹55.0 Cr.

Mar 26 profit was ₹28.0 Cr, −49.1% year on year. On the full year, FY26 printed ₹158 Cr (+7.5%), and the 10-year compound rate is 33.2%.

🚨 Why profit moved: revenue contributed −34.5% and the margin −10.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +20.3% vs revenue +13.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 78% of Shilchar Technologies Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹192 Cr of operating cash against ₹158 Cr of profit. After ₹20.0 Cr of capital spending, ₹172 Cr was left as free cash.

FY26: operating cash of ₹192 Cr against reported profit of ₹158 Cr, leaving free cash of ₹172 Cr after ₹20.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 78% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 78%: the cash cycle stretched 12 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: conversion is below par and the cash cycle has stretched 12 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Shilchar Technologies Ltd's cash conversion cycle runs 105 days in FY26, up from 93 days in FY21. Capital spending ran ₹46.0 Cr over the last 3 years. At FY26 sales of ₹652 Cr each day of that cycle holds about ₹1.8 Cr, so roughly ₹188 Cr sits inside the business at any moment.

FY26: debtors at 86 days, inventory at 83 days — roughly 2.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 105 days, looser than FY21's 93.

The full loop: cash goes out to suppliers and production on day 0; stock waits 83 days to sell; customers pay about 86 days after that; and suppliers themselves are paid at 64 days — netting out to the 105-day cycle.

In money terms: at FY26 sales of ₹652 Cr, each day of the cycle holds about ₹1.8 Cr — so the 105-day loop keeps roughly ₹188 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹46.0 Cr over the last 3 fiscal years against ₹10.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹6.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Shilchar Technologies Ltd earns a ROCE of 51% in FY26. That is up from a trough of 4% in FY20. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 24.2% net margin on 1.10× asset turns.

FY26 ROCE is 51%, recovered from a FY20 trough of 4% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 24.2% net margin × 1.10× asset turns × 1.21× balance-sheet leverage ≈ 32.2% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 3.4% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Shilchar Technologies Ltd carries ₹0.0 Cr of borrowings against ₹490 Cr of equity in FY26, a debt-to-equity of 0.00. Over 5 years borrowings went from ₹8.0 Cr to ₹0.0 Cr. Capital spending ran ₹46.0 Cr across the last 3 of those years.

FY26: borrowings of ₹0.0 Cr against equity of ₹490 Cr — a debt-to-equity of 0.00. Over 5 years borrowings went from ₹8.0 Cr to ₹0.0 Cr while capital spending ran ₹46.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 1.9 points of Shilchar Technologies Ltd over 8 quarters, the biggest move on the register. That takes promoters to 62.1% of the company. Domestic institutions moved +1.9 points over the same window, to 1.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −1.9 points over 8 quarters to 62.1%; Domestic institutions: +1.9 points over 8 quarters to 1.9%; Foreign institutions: −0.5 points over 8 quarters to 2.6%.

🚨 Why the register moved: promoters drove it (−1.9 points), absorbed on the other side by domestic institutions (+1.9 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Shilchar Technologies Ltd: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

The safety line in one sentence: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute.

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