Shivalik Bimetal Controls profit rises 40% in September

Shivalik Bimetal Controls Limited reported consolidated net profit of Rs 34.75 crore for the quarter ended 30 September 2026, up 40% from Rs 24.85 crore a year earlier, after revenue from operations increased 44% to Rs 197.79 crore. Profit before tax rose to Rs 46.80 crore and quarterly earnings per share reached Rs 5.82.

How did Shivalik Bimetal Controls perform in the September 2026 quarter?

Shivalik Bimetal Controls increased revenue from operations by Rs 60.39 crore year on year, from Rs 137.40 crore in the quarter ended 30 September 2025 to Rs 197.79 crore in the quarter ended 30 September 2026. Other income declined to Rs 2.97 crore from Rs 3.60 crore, but total income still rose by Rs 59.76 crore to Rs 200.76 crore.

Shivalik Bimetal Controls’ net profit increased by Rs 9.90 crore to Rs 34.75 crore from Rs 24.85 crore. Profit before tax rose by Rs 14.37 crore to Rs 46.80 crore, while total tax expense increased to Rs 12.05 crore from Rs 7.58 crore. Basic and diluted earnings per share, which are not annualised for the quarter, increased to Rs 5.82 from Rs 4.27.

The comparison shows that revenue expanded faster than total expenses during the quarter. Total expenses rose by Rs 44.26 crore to Rs 155.10 crore, compared with a Rs 59.76 crore increase in total income. As a result, profit before the associate’s share, exceptional items and tax increased to Rs 45.66 crore from Rs 30.17 crore.

What expenses changed during the quarter?

Shivalik Bimetal Controls reported cost of materials consumed of Rs 131.78 crore in the September 2026 quarter, up from Rs 72.69 crore a year earlier. This was the largest reported expense line, while changes in inventories of finished goods and work in progress were negative Rs 23.99 crore, compared with a positive Rs 0.03 crore in the year-earlier quarter.

Employee benefits expense rose to Rs 16.32 crore from Rs 13.91 crore, depreciation and amortisation increased to Rs 5.41 crore from Rs 3.36 crore, and other expenses rose to Rs 23.47 crore from Rs 19.70 crore. Finance costs also increased, reaching Rs 2.11 crore compared with Rs 1.14 crore in the September 2025 quarter.

Shivalik Bimetal Controls received Rs 1.14 crore as its share of profit from its associate, lower than Rs 2.27 crore a year earlier. There were no exceptional items in either September quarter. The lower associate contribution partly offset the increase in profit generated before that item, while current tax expense rose to Rs 12.01 crore from Rs 7.44 crore.

How did Shivalik Bimetal Controls perform in the first half?

Shivalik Bimetal Controls recorded revenue from operations of Rs 379.98 crore for the six months ended September 2026, compared with Rs 274.00 crore in the six months ended September 2025. Total income increased to Rs 386.56 crore from Rs 279.76 crore, while total expenses increased to Rs 299.18 crore from Rs 219.77 crore.

Net profit for the six-month period rose by Rs 20.24 crore to Rs 67.87 crore from Rs 47.63 crore. Profit before tax increased to Rs 90.79 crore from Rs 62.82 crore, and total comprehensive income rose to Rs 66.54 crore from Rs 47.38 crore. Earnings per share for the six months, not annualised, were Rs 11.55 compared with Rs 8.25.

The associate’s first-half profit contribution increased to Rs 3.42 crore from Rs 2.83 crore, unlike the decline recorded in the September quarter alone. Total tax expense rose to Rs 22.92 crore from Rs 15.19 crore. The results contain no exceptional item for either six-month period, whereas the year ended 31 March 2026 included an exceptional item of negative Rs 0.92 crore.

Why did operating cash flow decline despite higher profit?

Shivalik Bimetal Controls generated net cash from operating activities of Rs 11.90 crore in the six months ended 30 September 2026, down from Rs 18.60 crore a year earlier. Cash flows from operations before income tax were Rs 29.52 crore, compared with Rs 31.63 crore, even as first-half profit before tax increased by Rs 27.97 crore.

The principal working-capital movement was an Rs 81.54 crore cash use for inventories, compared with an Rs 13.70 crore outflow in the previous first half. Trade receivables used Rs 9.23 crore of cash, versus Rs 12.76 crore a year earlier, while trade payables contributed Rs 22.89 crore, compared with Rs 1.20 crore in the comparable period.

Shivalik Bimetal Controls spent Rs 28.70 crore on property, plant and equipment, intangible assets, capital work-in-progress and related capital items during the first half, compared with Rs 19.76 crore a year earlier. Net cash used in investing activities was Rs 10.51 crore, against Rs 47.07 crore in the prior-year period, while cash and cash equivalents ended September at Rs 8.90 crore versus Rs 6.98 crore at the start of the half year.

What balance-sheet and shareholder actions were disclosed?

Shivalik Bimetal Controls reported total assets of Rs 748.00 crore at 30 September 2026, compared with Rs 635.98 crore at 31 March 2026. Non-current assets increased to Rs 254.68 crore from Rs 207.10 crore, including property, plant and equipment of Rs 164.15 crore, up from Rs 122.31 crore. Current assets were Rs 493.32 crore, compared with Rs 428.88 crore.

Inventories were Rs 234.56 crore at 30 September 2026, up from Rs 153.03 crore at 31 March 2026, consistent with the first-half inventory cash outflow. Trade receivables increased to Rs 165.72 crore from Rs 155.55 crore. Total equity was Rs 536.37 crore at the September reporting date, compared with Rs 481.35 crore at the preceding financial year-end.

The board approved the consolidated unaudited results on 4 November 2026 after review by the Audit Committee. Shivalik Bimetal Controls had paid a final dividend of Rs 2 per equity share, totalling Rs 11.52 crore, for the year ended 31 March 2026 after shareholder approval at the annual general meeting held on 2 September 2026. On 4 November 2026, the board also declared an interim dividend of Rs 2 per share with a stated Rs 11.52 crore payout.

Conclusion

Shivalik Bimetal Controls combined a Rs 60.39 crore year-on-year quarterly increase in operating revenue with a Rs 9.90 crore increase in net profit, taking September-quarter profit to Rs 34.75 crore. The six-month figures showed the same direction, with revenue reaching Rs 379.98 crore and net profit Rs 67.87 crore, although net operating cash flow declined as inventories increased.

The next disclosed event is the proposed issue of two bonus equity shares of Rs 2 each for every one fully paid-up equity share, through capitalisation of up to Rs 23.04 crore from retained earnings. The proposal requires shareholder approval, and Shivalik Bimetal Controls said the record date will be announced in due course. The declared Rs 2-per-share interim dividend is the other disclosed shareholder distribution to watch.