SBCL

Shivalik Bimetal Controls share price & financials

Price
₹746.55
Market cap
₹5.8k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 07 Aug 2026

Shivalik Bimetal Controls Limited Q1 FY27

Revenue ₹182.2 cr +33%EBITDA ₹43.2 cr +35%PAT ₹33 cr +45%

What went well

  • 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%.

What to watch

  • 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.
Read the full call →

What Shivalik Bimetal Controls Limited does

Shivalik Bimetal Controls Limited manufactures precision engineered-materials components — thermostatic bimetals, low-ohmic shunt resistors, silver/Ag-alloy electrical contacts, and newly, bus bar connectors and PCBA assemblies — used for current sensing, thermal protection and electrical switching in electric vehicles, smart meters, switchgear, energy-storage systems and industrial equipment. It is India's only fully integrated manufacturer across this product set, building its own Electron Beam Welding machines in-house and using proprietary diffusion-bonding processes across three manufacturing campuses in Solan, Himachal Pradesh, a joint-venture plant in Indore, Madhya Pradesh, and a newer Pune facility for value-added assemblies. It earns by supplying these components directly to OEMs and Tier-1 suppliers in the automotive, electrical-appliance, switchgear and energy sectors, with roughly half of revenue coming from exports to 38 countries via sales nodes/subsidiaries in the US, EU and Asia.

Segments

  • Shunt Resistors
  • Thermostatic Bimetals
  • Electrical Contacts
  • Bus Bar Connectors & PCBA Assembly
OEM/Tier-1 customer relationships
300+
Export countries served
38
Proprietary bimetal grades
77
Employees
1,000+
Manufacturing plants/campuses
3 plants in Solan, Himachal Pradesh (Plant 1, Plant 2, SEPPL Plant 3), plus a joint-venture plant in Indore, Madhya Pradesh (Innovative Clad Solutions) and a new Pune R&D/assembly facility (est. 2026)
International presence
Wholly-owned subsidiary Shivalik Bimetals Europe SRL in Italy, plus sales nodes in the US, EU and Asia
Founded 1984Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 1 delivered 5 missed 9 open
  • Working Capital Days went quiet said Q3 FY26 Promised: get this working capital in the range of the previous year's numbers by March 26 Q1 FY27: No update provided on working capital days.
  • Revenue from Forward Integration (PCBA/Busbars) revised down said Q4 FY25 Promised: opportunity of 150 crores year on year by FY27 Q1 FY27: FY27 revenue now guided at ₹30-60 crores (10-15% of total potential), a significant cut from the original ₹150 crore target for the year.
  • EBITDA Margin delivered said Q4 FY25 Promised: 22% or 23% EBITDA, we have been maintaining year on year Q4 FY26: Achieved 22.9% for FY26

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 12.8%, net profit up 23.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue110 106 114 117 118 +7%110 +4%117 +3%132 +13%
EBITDA26 23 26 29 28 +8%27 +17%27 +4%36 +24%
Net profit19 18 20 21 21 +11%19 +6%20 +0%26 +24%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +110.1% 1Y

₹0.4k₹0.6k₹0.8k₹1.0k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 20 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹517.4 on 10 Sept 2025 → ₹1,087. High ₹1,155.9 (3 Sept 2026), low ₹375.25 (24 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+20.0%
7 Aug
Q4 FY26
+5.0%
20 May
Q3 FY26
+7.0%
6 Feb
Q2 FY26
−1.8%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 0.4% a year over 3 years, FY23 to FY26. Operating margin widened to 24.0%.

Year endingFY23FY24FY25FY26
Revenue₹457 Cr₹449 Cr₹437 Cr₹462 Cr
Operating profit₹106 Cr₹102 Cr₹97 Cr₹111 Cr
Operating margin23.2%22.7%22.2%24.0%
Interest₹8 Cr₹4 Cr₹4 Cr₹4 Cr
Depreciation₹10 Cr₹10 Cr₹10 Cr₹12 Cr
Net profit₹77 Cr₹81 Cr₹73 Cr₹81 Cr
Net margin16.8%18.0%16.7%17.5%
Cash from operations₹61 Cr₹68 Cr₹93 Cr₹52 Cr
Free cash flow₹34 Cr₹51 Cr₹68 Cr₹33 Cr
ROCE38.0%34.0%26.0%25.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹8 Cr₹8 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr
Reserves₹131 Cr₹180 Cr₹243 Cr₹316 Cr₹433 Cr₹438 Cr
Borrowings₹29 Cr₹58 Cr₹53 Cr₹31 Cr₹49 Cr₹40 Cr
Other liabilities₹51 Cr₹56 Cr₹54 Cr₹48 Cr₹85 Cr₹49 Cr
Total liabilities₹218 Cr₹302 Cr₹362 Cr₹408 Cr₹578 Cr₹538 Cr
Fixed assets₹46 Cr₹79 Cr₹102 Cr₹106 Cr₹141 Cr₹136 Cr
Capital work in progress₹25 Cr₹8 Cr₹3 Cr₹7 Cr₹33 Cr₹8 Cr
Investments₹10 Cr₹10 Cr₹24 Cr₹24 Cr₹16 Cr₹24 Cr
Other assets₹137 Cr₹205 Cr₹233 Cr₹271 Cr₹389 Cr₹371 Cr
Total assets₹218 Cr₹302 Cr₹362 Cr₹408 Cr₹578 Cr₹538 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +7.14 pp while DIIs trimmed −6.46 pp. The shareholder count shrank 3% to 65,391.

Promoters
33.6%
FIIs
2.0%
DIIs
14.5%
Public
49.8%

Since Jun 2025

  • Public +7.14 pp
  • DIIs −6.46 pp
  • FIIs −1.10 pp

How it drifted, 12 quarters

Over this window promoters fell from 51.1% to 33.6% — −17.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 51.1%, FIIs 4.2%, DIIs 1.4%, Public 43.3%.Dec '23: Promoters 51.1%, FIIs 3.6%, DIIs 1.8%, Public 43.5%.Mar '24: Promoters 51.1%, FIIs 3.3%, DIIs 1.9%, Public 43.7%.Jun '24: Promoters 51.1%, FIIs 2.7%, DIIs 2.3%, Public 43.8%.Sep '24: Promoters 33.2%, FIIs 4.0%, DIIs 20.0%, Public 42.8%.Dec '24: Promoters 33.2%, FIIs 3.9%, DIIs 21.1%, Public 41.8%.Mar '25: Promoters 33.2%, FIIs 3.6%, DIIs 21.1%, Public 42.1%.Jun '25: Promoters 33.2%, FIIs 3.1%, DIIs 21.0%, Public 42.7%.Sep '25: Promoters 33.2%, FIIs 3.0%, DIIs 20.2%, Public 43.6%.Dec '25: Promoters 33.2%, FIIs 2.6%, DIIs 19.7%, Public 44.5%.Mar '26: Promoters 33.4%, FIIs 1.7%, DIIs 20.0%, Public 44.9%.Jun '26: Promoters 33.6%, FIIs 2.0%, DIIs 14.5%, Public 49.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 4 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Shivalik Bimetal Controls Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
O D Finance And Investment Private Limited 15.73%unchanged
Narinder Singh Ghumman 7.80%unchanged
Kabir Ghumman 3.79%+0.09 pp
Sumer Ghumman 3.78%+0.16 pp
Aditya Birla Sun Life Trustee Private Limite A/c Aditya Birla Sun Life Business Cycle Fund Mutual fund3.76%unchanged
SBI Energy Opportunities Fund Mutual fund2.45%−1.63 pp
Tejinderjeet Kaur Ghumman 1.60%unchanged
Mahendrabhai Chandulal Dharu Huf 1.36%−0.07 pp
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.24%unchanged
Premilaben Mahendrakumar Dharu 1.21%−0.05 pp
Persistence Capital Fund I VC / PE1.11%newly disclosed
Lincoln P Coelho 1.04%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹1087, this stock must grow earnings at 40% every year for 7 years. Our analysis caps realistic growth at ~2%. At that growth it is worth ₹157 — downside of 86%.

Growth the price implies
40.3% a year
for 7 years, fading to 4%
It has actually compounded at
1.7% a year
net profit, FY23–FY26 · EPS 2.3%
The gap
0.4 pp
-86% downside if it only repeats history
Price today ₹1,087 Value at the reference growth ₹157.03

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Shivalik Bimetal Controls Limited

Guides on how to read this kind of business and the numbers that matter.