Key Metrics of Shilchar Technologies
About Shilchar Technologies
Sectors
Company details
- Registered office
- Block No. 460, Near Muval Sub-station, Padra-jambusar Highway, Gavasad, Vadodara, In-gj, 391430
- Listed
- NSE: SHILCTECH · ₹3,687.00
Operational Areas of Shilchar Technologies
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Jul 2026 | CARE | Reaffirmed | A | A1 | Stable | ₹108 Cr | View |
| 04 Jul 2025 | CARE | Upgraded (from A-) | A | A1 | Stable | ₹108 Cr | View |
| 30 Dec 2024 | CARE | Reaffirmed | A- | A2+ | Stable | ₹108 Cr | View |
| 11 Jun 2024 | CARE | Revised (from BBB+) | A- | — | Stable | ₹60.0 Cr | View |
| 22 Jun 2023 | CARE | Withdrawn (from BBB) | BBB+ | A2 | Stable | ₹60.0 Cr | View |
| 06 Jun 2022 | CARE | Revised (from BBB-) | BBB | A3+ | Stable | ₹65.4 Cr | View |
| 17 Feb 2022 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹66.8 Cr | View |
| 28 Jan 2022 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹66.8 Cr | View |
| 24 Dec 2020 | CARE | Non-cooperating (from BB+) | BBB- | A3 | Stable | ₹141 Cr | View |
| 18 Aug 2020 | CARE | Non-cooperating | BB+ | A4+ | Stable | ₹60.0 Cr | View |
| 18 Feb 2020 | CARE | Non-cooperating (from BBB+) | BBB- | A3 | Stable | ₹60.0 Cr | View |
| 21 Jan 2019 | CARE | Non-cooperating | BBB+ | A3+ | Stable | ₹30.0 Cr | View |
| 25 Sep 2018 | CARE | Revised | BBB+ | A3+ | Stable | ₹30.0 Cr | View |
Credit strengths (CARE, Jul 2026)
+ Experienced promoters
Alay Shah, Chairman and Managing Director of the company, has around three decades of rich experience in transformer industry and looks after the company’s overall operations. He is assisted by his sons, Aashay Shah (Executive Director) and Aatman Shah (Executive Director). They are supported by a team of experienced and well-qualified key professionals, associated with the company for over a decade. Established track record of operations
+ Established track record of operations
STL has an operational track record of over two decades with an established position in the domestic market for renewable energy segment. It also exports its products to destinations, such as the US, Canada, the Middle East, and African nations , including Kenya and Nigeria. Over the years, STL has established its product and customer base. STL manufactures distribution transform ers ranging from 5 KVA to 3,000 KVA and power transformers ranging from 3,000 KVA to 50,000 KVA with application acro
+ Reputed customer base though moderate customer concentration
Over the years, STL has well-established its position and caters to reputed clients across sectors. STL mainly focuses on private sector clients due to better credit terms. STL has moderate customer concentration as marked by its top five domestic customers forming 57% of its domestic sales in FY26. Healthy profitability on a moderate scale of operations STL’s scale of operations marked by its TOI remained moderate at ₹668 crore in FY26 (PY: ₹632 crore), registering growth of 6%
+ Healthy profitability on a moderate scale of operations
STL’s scale of operations marked by its TOI remained moderate at ₹668 crore in FY26 (PY: ₹632 crore), registering growth of 6% y-o-y considering increase in demand from its key segments. STL’s export revenue increased by 16% y-o-y to ₹315 crore in FY26. In the current year as well, STL has a healthy order book on hand supported by good demand, and hence, the company is expected to register further growth in its TOI in FY27. STL receives repeat orders from its existing customers and strives toadd
+ Comfortable leverage and coverage indicators
STL had a strong capital structure with overall gearing of less than 0.01x as on March 31, 2026, considering minimal reliance on debt and strong net worth base of ₹491 crore as on March 31, 2026 (PY: ₹347 crore). Total outside liabilities to tangible net worth (TOL / TNW) ratio was also strong at 0.20x as on March 31, 2026 (PY: 0.41x). The company is undertaking an expansion project to increase its capacity from 7,500 MVA to 14,000 MVA with envisaged cost of
Credit challenges
− Presence in a competitive industry
The transformer manufacturing industry is highly fragmented with presence of large number of medium-sized players and large- established players having reputed brand names. Hence, players’ profitability margin remains under pressure due to the competitive industry. However, STL caters to niche industry segments such as renewable energy, where it has established presence, and hence, commands better profitability. Raw material volatility and forex fluctuation risk
− Raw material volatility and forex fluctuation risk
STL’s major raw material includes copper, transformer oil, cold rolled grain-oriented (CRGO) steel, and aluminium forming ~80- 85% of the total raw material cost, whose prices have historically remained volatile. Raw material prices are driven by international demand-supply dynamics and have exhibited a volatile trend in the past. CRGO steel is imported in India due to lack of domestic manufacturing facilities, resulting in added volatility in its prices due to movement in foreign exchange (fore
Could lead to an upgrade
• Sustained volume-driven growth in scale of operations with total operating income (TOI) of over ₹750 crore while maintaining healthy profitability and
Could lead to a downgrade
• Decline in scale of operation with TOI falling below ₹450 crore and significant moderation in profit before interest, lease rentals, depreciation and taxation (PBILDT) margin on a sustained basis. • Deterioration in capital structure with adjusted overall gearing (debt adjusted for free
Agency-reported financials (CARE, 07 Jul 2026)
| Metric | March 31, 2025 | March 31, 2026 |
|---|---|---|
| Total operating income | ₹632 Cr | ₹668 Cr |
| PBILDT | ₹194 Cr | ₹206 Cr |
| PAT | ₹147 Cr | ₹158 Cr |
| Overall gearing (times) | 0.01× | 0.00× |
| Interest coverage (times) | 440.11× | 436.27× |
| Revenue growth (YoY) | — | 5.7% |
| EBITDA margin | 30.7% | 30.9% |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.44 Cr | ₹0.47 Cr |
| PAT margin | 23.2% | 23.7% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹103 Cr | — | A / A1 (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹5.00 Cr | — | A1 | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹83.0 Cr | CARE A; Stable / CARE A1 |
| Bank Overdraft | ₹1.00 Cr | CARE A1 |
| CC/Packing Credit | ₹10.0 Cr | CARE A; Stable / CARE A1 |
| LT/ST | ₹10.0 Cr | CARE A; Stable / CARE A1 |
| Term Loan | — | Withdrawn |
| Working Capital Demand loan | ₹4.00 Cr | CARE A1 |
Lenders
| Fund-based - LT/ ST | CC/Packing Credit | HDFC Bank Ltd. |
| Fund-based - ST | Bank Overdraft | IDBI Bank Ltd. |
| Fund-based - ST | Working Capital Demand loan | IDBI Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | HSBC Ltd. |
| Non-fund-based - LT/ ST | Bank Guarantee | HDFC Bank Ltd. |
| Non-fund-based - LT/ ST | Bank Guarantee | IDBI Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 22 Jun 2023 · Withdrawn (reason not stated in report) |
| Next action stable or better (model) | 87% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 83% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 436.27×
Rated limits by facility
Timeline
From the report
The company is undertaking an expansion project to increase its capacity from 7,500 MVA to 14,000 MVA with envisaged cost of ~₹120 crore, entirely proposed to funded through internal accruals.
From the report
The company reported healthy net cash accruals (NCA) of ₹148 crore in FY26 and is expected to generate NCA of over ₹160-260 crore in FY27-FY29 period against nil long-term debt repayment obligations in the same period.
From the report
On the back of healthy CFO, free liquidity with the company increased significantly from ₹87 crore as on March 31, 2025 to ₹227 crore as on March 31, 2026, comprising unencumbered cash and bank balance of ₹25 crore and other liquid investments to the tune of ₹202 crore.
From the report
The company reported a healthy net cash accruals (NCA) of ₹141 crore in FY25 and is expected to generate NCA of over ₹170 crore in FY26-FY28 period against nil long-term debt repayment obligations in the same period.
From the report
The company holds healthy liquid funds to the tune of ₹87 crore as on March 31, 2025 (PY: ₹81 crore), comprising unencumbered cash and bank balance of ₹32 crore and other liquid investments to the tune of ₹56 crore.
From the report
The company reported a healthy net cash accruals (NCA) of ₹91 crore in FY24 and is expected to generate NCA of ₹90-135 crore in FY25-FY27 period against nil long-term debt repayment obligations in the same period.
From the report
The company reported a healthy net cash accruals (NCA) of ₹91 crore in FY24 and is expected to generate NCA of ₹90-135 crore in FY25-FY27 period as against nil long-term debt repayment obligations in the same period.
From the report
CFO of the company improved over the previous year on the back of increased operating profit as well as decreased inventory level for the year ended on March 31, 2023 which led to CFO of Rs.38.04 crore in FY23 which subsequently resulted in to increase in unencumbered cash and bank balance to Rs.9.25 crore as on March 31, 2023.
From the report
The company has unencumbered cash and bank balance ofRs.0.85 crore as on March 31, 2022 and had negative CFO of Rs.8 crore in FY22 with increase in debtors with growth in sales in Q4FY22.
From the report
The company has unencumbered cash and bank balance of Rs.1.94 crore as on March 31, 2021 while CFO of the company improved over the previous year on the back of improved operating profit and remained at Rs.10.74 crore in FY21.
From the report
The company has unencumbered cash and bank balance of Rs.1.94 crore as on March 31, 2021 while CFO of the company improved over the previous year on the back of improved operating profit and remained at Rs.10.74 crore in FY21.
From the report
It has cash and bank balance of Rs.1.83 crore as on March 31, 2020 and of Rs.0.73 crore as on September 30, 2020 (STL also has Rs.2.34 crore as on March 31, 2020 and Rs.2.73 crore as on September 30, 2020 in the form of lien marked FD).
From the report
As per the banker interaction and as confirmed by client, STL had availed moratorium from HDFC Bank under the Covid-19 facility for the period of March 31 to May 31, 2020 on their term loan repayments and same was regularised thereafter.
From the report
Based on best available information 1 CARE Ratings Limited Press Release material costs, resulted into a 677 bps y-o-y dip in PBILDT to 11.87% during FY18 with around 51% reduction in the gross cash accruals to Rs.6.61 crore in FY18.
From the report
Liquidity also moderated with increase in operating cycle during FY18 to fund higher inventory and receivables; which resulted in reduction in the company’s cash flow from operations from around Rs.11 crore in FY17 to below Rs.4 crore in FY18; along with reduction in its unencumbered liquid investments from Rs.11.58 crore at FY17 end to below Rs.1 crore at end of H1FY19.
From the report
Average utilization of its working capital limits remained moderate at around 51%; however the limits remained fully utilised during select days due to increase in working capital intensity of operations.
From the report
The production commenced from FY19 with cost of around Rs.30 crore expended on the project till June 30, 2018 as against a total envisaged cost of Rs.35 crore.
From the report
Lower TOI, coupled with increase in cost of production due to higher tax rates under the GST regime, resulted into a 677 bps y-o-y dip in PBILDT to 11.87% during FY18 (12.32% in Q1FY19), with around 51% reduction in the gross cash accruals to Rs.6.61 crore in FY18 (Rs.1.34 crore in Q1FY19).
From the report
Liquidity also moderated with increase in operating cycle during FY18 to fund higher inventory and receivables; which resulted in moderation in the company’s cash flow from operations from around Rs.11 crore in FY17 to below Rs.4 crore in FY18; coupled with reduction in its unencumbered liquid investments from Rs.11.58 crore at FY17 end to below Rs.1 crore at end of Q1FY19 and largely full utilization of its working capital limits at the end of Q1FY19.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Shilchar Technologies
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 CG Power and Industrial Solutions |
Part of TI Cycles of India. | cgglobal.com | — | Mumbai, India |
 HITACHI ENERGY INDIA LIMITED |
Transformers & Switchgear · Electrical Equipment & Appliances | hitachienergy.com | — | Bangalore, Karnataka, India |
| Sudhir Transformers Limited | Transformers & Switchgear · Electrical Equipment & Appliances | — | — | Delhi, India |
| Transformers and Rectifiers India | Transformers & Switchgear · Electrical Equipment & Appliances | — | — | Ahmedabad, India |
| Transformers & Switchgear · Electrical Equipment & Appliances | voltamptransformers.com | — | Vadodara, India | |
| Indo Tech Transformers | Transformers & Switchgear · Electrical Equipment & Appliances | — | — | Kanchipuram, India |
| Modern Transformers Private Limited | Transformers & Switchgear · Electrical Equipment & Appliances | — | — | India |
| RMC SWITCHGEARS LIMITED | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Jaipur, Rajasthan, India |
| Veto Switchgears And Cables Limited | Transformers & Switchgear · Electrical Equipment & Appliances | — | — | Mumbai, India |
| S&S Power Switchgears Limited | Transformers & Switchgear · Electrical Equipment & Appliances | — | — | India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Transformers
Filings
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