Financial Performance Highlights (Standalone - ₹ in crore)

Q1 FY27 Performance:

  • Revenue from operations: ₹131.81 crore, up 12.95% YoY (Q1 FY26: ₹116.70 crore)
  • Gross profit: ₹67.85 crore, up 21.30% YoY
  • Gross margin: 51.48%, improved 355 bps from 47.93% in Q1 FY26
  • EBITDA: ₹36.27 crore, up 23.02% YoY (Q1 FY26: ₹29.48 crore)
  • EBITDA margin: 27.52%, expanded 225 bps from 25.27%
  • Profit Before Tax: ₹35.44 crore, up 26.10% YoY (Q1 FY26: ₹28.11 crore)
  • PBT margin: 26.89%, improved 280 bps
  • Profit After Tax: ₹26.40 crore, up 25.85% YoY (Q1 FY26: ₹20.98 crore)
  • PAT margin: 20.03%, improved 205 bps
  • EPS: ₹4.58, up from ₹3.64 in Q1 FY26

Expense Breakdown:

  • Employee expenses: ₹12.79 crore, up 13.89% YoY
  • Other expenses: ₹18.79 crore, up 23.45% YoY
  • Finance cost: ₹0.92 crore, up 21.03% YoY
  • Depreciation: ₹3.36 crore, up 22.08% YoY
  • Other income: ₹3.19 crore, up 49.51% YoY

Consolidated Financial Performance (₹ in crore)

  • Revenue: ₹182.20 crore
  • PBT: ₹43.84 crore
  • PAT Margin %: 18.12%
  • EPS: ₹5.73
  • Export Share: 54%
  • EBIDTA Margin %: 23.72%

Segment-wise Performance (Q1 FY27)

Revenue Breakdown:

  • Shunt Resistors: ₹68.21 crore (37% of total), up 18.72% YoY
  • Thermostatic Bimetals: ₹63.60 crore (35% of total), up 7.36% YoY
  • Electrical Contacts: ₹50.63 crore (28% of total)

Geographic Performance - Standalone:

  • India: Revenue rebounded sharply by 29.19% YoY to ₹35.18 crore
  • Americas: Revenue declined 21.01% YoY to ₹9.40 crore
  • Europe: Revenue declined 1.29% YoY to ₹13.69 crore
  • Asia (Others): Revenue decreased 2.36% YoY to ₹4.55 crore

Geographic Performance - Shunt Resistors:

  • Europe: Revenue increased 72.22% YoY to ₹10.75 crore
  • Americas: Revenue increased 30.01% YoY to ₹15.83 crore
  • India: Revenue increased 22.83% YoY
  • Asia (Others): Revenue declined 15.14% YoY to ₹16.76 crore

Operational Highlights

Volume Performance:

  • Total volumes (including wastage in kg) declined 2.51% YoY
  • Shunt segment volumes declined 11.06% YoY
  • Bimetal segment volumes increased 5.12% YoY

Pune Facility Update:

  • Consent to Operate from Maharashtra Pollution Control Board received for Phase I
  • Approval valid until June 30, 2032
  • Facility focused on PCBA and busbar assembly for automotive and electrification applications
  • Designed for higher value-added assemblies and closer OEM engagement

Business Overview

Shivalik Bimetal Controls Limited is India's only fully integrated manufacturer of precision thermostatic bimetals, low-ohmic shunt resistors, silver contacts, bus bar connectors and PCBA assemblies. The company serves 300+ OEMs/Tier-1s in 38 countries with three manufacturing campuses and sales nodes in US, EU and Asia.

Key Business Segments:

1. Shunt Resistors: Ultra-low-ohmic current-sensing components using Electron Beam Welding technology

2. Thermostatic Bimetals: Metal strips for temperature control using high-pressure diffusion bonding

3. Electrical Contacts: Silver/Ag-alloy tips for arc-resistant switching

4. Bus Bar Connectors & PCBA Assembly: New higher-value solutions for automotive and electrification

Manufacturing Technology:

  • Electron Beam Welding (EBW): For shunt resistors, with in-house machine building capability
  • Diffusion Bonding: For thermostatic bimetals, with 77 proprietary grades
  • Precision Strip Processing: In-house slitting, leveling and tension-control
  • In-House Machine Build: CNC tool-room & automation for capacity-on-demand

Growth Drivers & Market Opportunity

Key Growth Verticals:

  • EV Inflection: EV shunt TAM 3× ICE value; global BEV + PHEV reaching 30% mix
  • India Smart Metering: 250M meter rollout by 2025-2027 under SMNP program
  • Energy Storage: Stationary batteries requiring low-ohmic current sensors
  • Data Centers: 15% CAGR in global data center power infrastructure
  • Cost-China Shift: Western OEMs diversifying sourcing out of China

Market Size Projections:

  • EV Shunt Market: $2.98B (2024) → $4.09B (2029) at 6.5-6.8% CAGR
  • Smart Meters: $250.7M (2023) → $763.2M (2031) at ~15% CAGR

ESG Initiatives

  • Primarily utilizing hydroelectric power with transition to solar sources
  • Scope-2 Emissions: Nil due to hydroelectric energy consumption
  • Social programs supporting healthcare, education, and hunger relief
  • Governance: 60% independent directors on board, including two women

Balance Sheet Position (FY26 Standalone - ₹ in crore)

  • Tangible Fixed Assets: ₹177 crore
  • Inventories: ₹153 crore
  • Trade Receivables: ₹156 crore
  • Cash and Cash Equivalent: ₹105 crore
  • Total Assets: ₹636 crore
  • Net Worth: ₹481 crore
  • Long Term Borrowings: ₹11 crore
  • Short Term Borrowings: ₹49 crore

Shareholding Pattern

  • Promoter & Promoter Group: 33.61%
  • Public: 43.82%
  • FII, FPI, NRI: 5.47%
  • MF/AIF: 14.15%
  • Body Corporates: 2.95%