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    Shivalik Bimetal Controls Q1 FY27 earnings call

    SBCL
    Capital Goods·7 Aug 2026
    Management Summary

    Shivalik Bimetal Controls Limited delivered a strong Q1 FY27, marked by significant year-on-year and sequential growth across revenue, EBITDA, and PAT. The company's strategic shift towards higher value-added products and the operationalization of its Pune facility are driving this performance. While the Bimetal segment shows early signs of recovery, the company is actively exploring new growth avenues through strategic partnerships and acquisitions, aiming for long-term scalability and diversification.

    Highlights

    5

    • Consolidated revenue grew 33.4% year-on-year to ₹182.2 crores, demonstrating robust top-line expansion.

    • EBITDA increased 35.2% to ₹43.2 crores and PAT grew 44.9% to ₹33 crores, indicating strong profitability improvement.

    • Sequential growth was also healthy, with revenue up 13%, EBITDA up 23%, and PAT up 26%.

    • The Americas shunts business showed early improvement with 30% year-on-year growth, contributing to geographic diversification.

    • Phase 1 of the Pune facility has been operationalized, providing a scalable manufacturing platform for cell connecting systems, a key strategic growth area.

    Concerns

    3

    • The Asia market was weaker during the quarter, requiring focus on rebuilding momentum.

    • Bimetal capacity utilization remains low at 40-45%, though an uptake in quantities is observed.

    • The pace of Indian EV ecosystem development, crucial for new business lines, remains uncertain.

    Key financials

    Single quarter

    06 metrics
    1. 01Revenue₹182.2 Cr+33.4%YoY
    2. 02EBITDA₹43.2 Cr+35.2%YoY
    3. 03PAT₹33 Cr+44.9%YoY
    4. 04Shunts Revenue Growth18.7%
    5. 05Bimetals Revenue Growth7.4%

    Order Book

    low confidence

    Pipeline

    other

    Revenue potential from new bus bar/cell system business at Pune facility: ₹30-60 crores in Year 1 (FY27), ₹150-200 crores in Year 2 (FY28), and ₹300+ crores in Year 3 (FY29).

    "Management indicated encouraging expectations from key customers for shunts and an uptake in quantities for Bimetal, but no specific total order book value was disclosed."

    Source:
    Q&A

    Capital allocation

    4
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    Leveraging existing high-capex processes in Solon

    M&A

    Deal

    acquisition · announced · Consideration ₹NaN (undisclosed)

    M&A

    Deal

    joint venture · announced · Consideration ₹NaN (undisclosed)

    Liquidity

    Liquidity disclosed

    Management noted generating cash and a desire to deploy it into good business opportunities for scalability.

    Guidance & targets

    10
    CategoryTargetPriority
    Revenue
    Overall Revenue Growth
    20-30%
    		Medium
    Revenue
    Pune Facility Revenue (Year 1)
    ₹30-60 crores
    		High
    Revenue
    Pune Facility Revenue (Year 2)
    ₹150-200 crores
    		High
    Revenue
    Pune Facility Revenue (Year 3)
    ₹300+ crores
    		High
    Revenue Mix
    Bimetal Revenue Share (Standalone)
    44-45%
    		High
    Revenue Mix
    Shunts Revenue Share (Standalone)
    54-55%
    		High
    Revenue Mix
    New Assemblies Revenue Share (Consolidated)
    15-16%
    		Medium
    Customer Concentration
    Largest Customer Revenue Share
    Below 20%
    		High
    Capacity Utilization
    Shunts Welding Capacity Utilization
    65-70%
    		High
    Capacity Utilization
    Thermostatic Bimetal Capacity Utilization
    40-45%
    		High

    What to watch in Q2 FY27

    4

    Pune Facility Main Manufacturing Operations

    Q2 FY27 (October 2026)
    CurrentPhase 1 operational, main facility fully operational in October 2026.
    TargetFull commercial operations of the main facility.

    Why it matters

    Full operationalization of the Pune facility is crucial for realizing the stated revenue potential from the new bus bar/cell system business.

    Sumer Ghumman (WTD of SBCL): Right now, we've got only the first phase running, as we've been making clear. So now, coming to the expectation of what we, or what we are seeing from our customers and what forecasts we have, we expect that on a Shivalik standalone basis, we expect, like, maybe a 44-45% revenue coming from Bimetal, and 54-55% coming from shunts. With shunts, obviously, it's a little bit different from what it used to be. Have you been mentioning that, you know, we've converted a lot of our business from ready-to-use strip for resistor manufacturers to final components.

    Risks & concerns

    3
    RiskSeverity

    Weakness in Asia market

    Asia was weaker during the quarter and remains an area of focus for rebuilding momentum. — Management acknowledged

    medium

    Volatility in EV market adoption rates

    OEM sales targets for EVs can differ from actual outcomes, impacting component demand. — Management acknowledged

    medium

    Uncertain pace of Indian EV ecosystem development

    While the ecosystem is developing, the pace at which it transitions to complete local manufacturing is uncertain. — Management acknowledged

    medium

    Q&A highlights

    8

    “Sumer Ghumman (WTD of SBCL): ...on an overall revenue basis be looking at somewhere... somewhere between the, you know, that 20% to 30% kind of a number. ...we expect that on a Shivalik standalone basis, we expect, like, maybe a 44-45% revenue coming from Bimetal, and 54-55% coming from shunts. ...these assemblies, the PCB assemblies and these, bus bar assemblies, we expect, like, maybe a... about a... in the first year, maybe about a 15-16% of total revenue coming from that.”

    This question elicited specific numerical guidance for overall revenue growth and the expected revenue mix from different segments and new business lines for FY27.

    asked by Dhruv Jain

    2 min read7 chapters

    Detailed Narrative

    01

    Strong Q1 FY27 Financial Performance

    Shivalik Bimetal Controls Limited reported a robust Q1 FY27, with consolidated revenue growing 33.4% year-on-year to ₹182.2 crores. Profitability also saw significant improvement, as EBITDA increased 35.2% to ₹43.2 crores and PAT surged 44.9% to ₹33 crores. Sequentially, the company maintained strong momentum with revenue up 13%, EBITDA up 23%, and PAT up 26%, indicating a healthy start to the fiscal year.

    02

    Strategic Shift to Higher Value-Added Products

    The company's strategy to move up the value curve is yielding results, with 70-75% of the shunt growth attributed to the conversion from commodity strips to higher value-added components. This shift is enhancing margin quality and is considered sustainable, as high-precision components offer more stable business. Even in the lower-growth bimetal segment, a higher value-add component strategy is contributing to margin improvement.

    03

    New Business & Pune Facility Progress

    Phase 1 of the Pune facility, designed for cell connecting systems, bus bar assemblies, and PCBA assemblies, has been operationalized. The main manufacturing facility is slated for full operation by October 2026, with an incremental capex of ₹20-25 crores. This new business is projected to generate ₹30-60 crores in FY27, ₹150-200 crores in FY28, and over ₹300 crores in FY29, targeting major two-wheeler EV OEMs.

    04

    Segmental and Geographic Performance

    The shunts segment recorded an 18.7% revenue increase, while bimetals grew 7.4%. Geographically, India experienced broad-based growth, Europe showed strong performance led by shunts, and the Americas shunts business improved with 30% year-on-year growth. The bimetal segment, after several quarters, is now seeing an uptake in quantities, particularly in the Indian market due to real estate and infrastructure development, with export opportunities also restarting.

    05

    Diversification and Reduced Customer Concentration

    Shivalik has successfully diversified its customer base, reducing its reliance on the largest shunt customer. This customer now accounts for 17-18% of total revenue, a significant decrease from the previous 35-40% peak. This improved diversification enhances the company's business resilience and reduces concentration risk.

    06

    Future Growth Avenues and Capital Deployment

    The company is actively exploring 2-3 opportunities for greenfield projects, technology partnerships, or small acquisitions. These initiatives are focused on specialized materials for electronic applications and automotive fuses, aiming to deploy generated cash into new product verticals that offer long-term scalability. Management expects to materialize and announce at least one or two of these projects soon.

    07

    Focus on EV Market and Safety

    Shivalik is deeply involved in the two-wheeler EV market, supplying components to a major OEM and developing for other designs. The company emphasizes that the maximum benefit of its EV-welded strip in cell contacting systems lies in enhanced safety, addressing a key concern in the Indian EV market. Plans are also in place to introduce assemblies for four-wheeler EVs, starting with the Indian market.

    This is an AI-generated summary of a publicly available earnings call transcript.