Shivalik Bimetal Controls Q2 Revenue Rises 43.95% to ₹197.79 Crore

Shivalik Bimetal Controls Limited reported consolidated Q2 FY27 revenue of ₹197.79 crore, up 43.95% year-on-year, as higher-value core components and demand in domestic, European and Asian markets supported growth; quarterly EBITDA rose 61.56% to ₹50.20 crore. The company also reported improved operating margins and announced an interim dividend and proposed bonus issue.

How did Shivalik Bimetal Controls perform in Q2 FY27?

Shivalik Bimetal Controls recorded consolidated revenue of ₹197.79 crore in Q2 FY27, compared with the corresponding quarter a year earlier, representing growth of 43.95%. Consolidated EBITDA increased 61.56% to ₹50.20 crore, while the EBITDA margin expanded by 277 basis points to 25.38%.

The company reported consolidated gross profit of ₹91.68 crore for the quarter. Gross margin declined by 157 basis points to 45.50%, indicating that the rise in EBITDA margin came despite a lower gross-margin percentage. The reported figures point to stronger operating profitability during the quarter.

What drove Shivalik Bimetal Controls' quarterly growth?

Shivalik Bimetal Controls said growth was led mainly by its core products, with multiple customer developments moving from sampling or pilot stages into regular business. Full-Time Director Sumir Gulman said the expansion was also supported by design changes at one or two large customers.

Management indicated that PCBA and CCS contributed only marginally to the growth during the period. The company instead highlighted higher-value core components as the principal driver, alongside demand from India, Europe and Asia. Shunt sales in the Americas remained weak, according to the earnings summary.

The comments suggest that customer programme conversions and product mix were more important to the quarter than newer business categories. This distinction matters because it identifies the existing core product portfolio, rather than PCBA or CCS, as the primary source of the reported revenue acceleration.

What do the first-half figures show about profitability?

Shivalik Bimetal Controls reported consolidated H1 FY27 revenue of ₹379.98 crore, up 38.68% year-on-year, and EBITDA of ₹93.57 crore, up 48.46%. H1 EBITDA margin rose 162 basis points to 24.62%, while profit before tax increased 42.98% to ₹89.46 crore.

The company reported H1 consolidated profit after tax of ₹66.54 crore, up 40.45% year-on-year. In its earnings call, management described first-half consolidated revenue growth as approximately 39%, EBITDA growth as 48%, and profit after tax growth as 40%, broadly consistent with the detailed financial summary.

Standalone performance also improved. Standalone Q2 revenue rose 22.37% to ₹144.91 crore, EBITDA increased 53.46% to ₹43.26 crore, and profit after tax rose 37.39% to ₹28.69 crore. Standalone Q2 EBITDA margin increased by 605 basis points to 29.85%.

Why did India bimetal demand improve during the quarter?

Shivalik Bimetal Controls attributed the sharp improvement in India bimetal demand to retail demand, real-estate activity, infrastructure activity and the clearance of excess inventory accumulated during a period of flat demand. Management said the inventory reduction helped normalise ordering conditions.

Customer feedback and the company's internal research indicate a favourable outlook for medium- and low-voltage switchgear in India over the next two to three quarters. The company did not provide a numerical forecast, but linked its assessment to demand conditions in these switchgear segments.

The domestic demand trend is relevant to the company's operating base because India was identified by management as an expanding market alongside its longstanding international customer relationships. The earnings discussion also referred to India's declining reliance on China for complete battery packs as a factor that could speed development in related areas.

What did the board approve after the Q2 FY27 results?

Shivalik Bimetal Controls' board declared an interim dividend of ₹2 per share and proposed a 2:1 bonus issue, subject to shareholder approval. The company also disclosed that an extraordinary general meeting is scheduled for 16 December 2026 in connection with the bonus proposal.

The ₹2-per-share interim dividend was described in the company announcement as a 100% interim dividend. The bonus issue and dividend announcement followed the board's approval of the Q2 FY27 financial results on 4 November 2026.

For investors, these corporate actions are separate from the operating performance reported for the quarter. The financial results show higher revenue and EBITDA, while the proposed bonus issue remains subject to the shareholder approval process disclosed by the company.

Conclusion

Shivalik Bimetal Controls delivered higher Q2 FY27 revenue and faster EBITDA growth, supported by its core products, customer programme conversions and demand across India, Europe and Asia. The rise in EBITDA margin to 25.38% and the stronger first-half numbers indicate improved operating performance, even as gross margin declined and Americas shunt sales remained weak.

The next disclosed event to watch is the extraordinary general meeting on 16 December 2026, where shareholders will consider the proposed 2:1 bonus issue. Operationally, management's assessment of medium- and low-voltage switchgear demand over the next two to three quarters will be relevant to the trajectory of its India bimetal business.