Shivalik Bimetal Controls Limited manufactures precision thermostatic bimetals, EB‑welded ultra low‑ohmic shunt resistors and silver electrical contacts, operating three Indian manufacturing campuses and global sales nodes; it supplies over 300 OEMs/Tier‑1s across 38 countries and is the only large EBW shunt house in India with verticalized processes and in‑house machine‑build capability.

Shunt resistors have rapidly scaled to roughly half of company revenue and remain the fastest‑growing vertical; management reports conversion of strip exports into higher‑value component supplies, margin expansion driven by mix and cost discipline, and expectation of meaningful US export recovery following tariff clarity, making shunts a critical earnings driver.

Shivalik’s technology moat rests on dual proprietary platforms — Electron Beam Welding and high‑pressure diffusion bonding — plus in‑house EBW machine build and 77 proprietary bimetal grades, which create high technical barriers, 24‑month customer requalification cycles and durable pricing power for the company.

Management is executing forward integration into assemblies and electronics with a targeted Pune busbar/assembly capex (~INR 20 crore) and PCBA pilot already started, projecting INR 70–75 crore incremental revenue in FY27 and a cumulative INR 250–300 crore assembly opportunity over three years while preserving company EBITDA through operating leverage.

Financially robust: the company is net‑cash (~INR 68 crore FY25), delivered ~21% 5‑year revenue CAGR, sustained ROCE >24%, improved gross and EBITDA margins in Q3/9M FY26, and converts a high proportion of EBITDA into free cash flow while managing working capital pressures from increased inventory and collections.