Overview

Detailed Summary

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.

Sector: Industrial Products
Industry: Iron & Steel Products
Market Cap: 3,016 Cr
Volatility: High Risk
P/E Ratio: 32.6
Industry P/E: 35.0
PEG Ratio: 1.3
P/B Ratio: 6.8
52W High: 604.00
52W Low: 369.45

Sales CAGR

1Y: -0.11%
3Y: 10.51%
5Y: 18.49%
10Y: 17.08%

Profit CAGR

1Y: -8.56%
3Y: 11.78%
5Y: 41.58%
10Y: 37.57%

ROE

TTM: 19.56%
3Y: 23.36%
5Y: 23.37%
10Y: 21.14%

ROCE

TTM: 23.83%
3Y: 31.01%
5Y: 30.74%
10Y: 28.31%

Technicals

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Peers

Industrials Capital Goods Industrial Products Iron & Steel Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SAMBHV		115.60	3,596 Cr	48.57	3.68	0.00	9.37	15.26	6.93
KSL		626.10	3,260 Cr	10.26	1.65	1.34	13.23	14.97	9.44
SBCL		513.85	3,016 Cr	32.58	6.79	0.52	19.56	23.83	15.71
VENUSPIPES		1002.70	2,674 Cr	20.73	4.25	0.08	15.21	18.80	8.52
JTLIND		67.25	2,552 Cr	33.96	2.04	0.19	6.34	8.12	5.33
VSSL		256.00	2,491 Cr	26.72	2.11	0.98	11.67	15.64	8.20
REMIMETAL		37.40	2,469 Cr	110.00	5.56	0.00	1.99	9.81	2.89
Median: 7 Co.	—	256.00	2,674 Cr	32.58	3.68	0.19	11.67	15.26	8.20

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	128	126	128	126	127	123	132	137	137	134
Expenses	99	101	106	102	100	99	104	105	106	102
Operating Profit	29	25	22	24	27	25	28	32	31	32
OPM %	22.82	19.96	17.05	18.81	21.29	19.91	21.52	23.39	22.61	24.01
Other Income	2.43	2.17	16	3.66	3.29	3.65	3.93	2.73	5.87	2.15
Interest	1.22	1.27	1.14	0.99	0.82	0.86	1.07	1.02	1.14	1.33
Depreciation	2.92	3.10	3.10	2.84	2.87	3.00	3.07	3.27	3.36	3.53
Profit Before Tax	27	23	33	24	27	24	28	30	32	30
Tax %	25.89	26.23	23.09	24.23	24.95	25.06	25.57	25.04	23.37	24.86
Net Profit	20	17	26	18	20	18	21	23	25	22
EPS in Rs	3.50	2.94	4.46	3.09	3.41	3.17	3.66	3.96	4.27	3.88

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	126	160	193	187	204	324	470	509	508	519
Expenses	100	132	158	166	168	251	361	403	405	407
Operating Profit	26	28	36	21	36	73	109	106	104	112
OPM %	20.62	17.27	18.38	11.08	17.74	22.68	23.16	20.88	20.40	21.58
Other Income	1.79	4.91	7.34	5.36	5.72	8.96	11	22	15	14
Interest	2.54	3.31	3.58	2.94	1.63	2.76	7.04	4.93	3.75	3.77
Depreciation	4.54	4.62	4.85	6.01	5.90	6.38	11	12	12	12
Profit Before Tax	14	23	34	17	34	73	102	112	103	110
Tax %	40.02	26.94	28.52	21.60	25.74	24.81	22.68	24.60	24.98	25.16
Net Profit	8.22	17	25	13	25	55	79	84	77	82
EPS in Rs	—	—	—	2.30	4.41	9.58	13.66	14.59	13.33	15.77
Dividend Payout %	23.36	13.95	9.37	8.57	9.06	10.44	8.78	11.65	20.24	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	3.84	3.84	7.68	7.68	7.68	7.68	7.68	12	12	12
Reserves	51	65	75	97	108	132	184	254	330	394
Borrowings	42	25	30	40	20	29	58	59	42	42
Other Liabilities	28	22	33	32	27	52	58	66	59	60
Total Liabilities	125	116	147	176	163	221	308	390	443	508
Fixed Assets	41	43	45	45	43	44	77	116	118	135
CWIP	4.28	4.47	4.72	5.99	18	25	7.55	6.71	14	24
Investments	0.79	6.99	7.75	11	13	15	18	9.78	13	15
Other Assets	78	61	89	115	88	137	205	258	298	334
Total Assets	125	116	147	176	163	221	308	390	443	508

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	16	12	5.64	3.76	41	30	-3.48	66	69	94
Cash from Investing Activity	-2.39	-3.10	-7.09	-7.08	-14	-15	-24	-41	-18	-58
Cash from Financing Activity	-5.54	-17	1.49	3.49	-27	0.27	23	-18	-29	-26
Net Cash Flow	7.82	-7.94	0.05	0.17	-0.12	15	-4.79	6.81	21	9.71

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	60.61%	51.09%	51.09%	51.13%	51.14%	33.17%	33.17%	33.17%	33.17%	33.17%	33.17%	33.37%
FIIs	0.46%	4.18%	3.60%	3.26%	2.73%	3.96%	3.93%	3.63%	3.14%	3.03%	2.59%	1.74%
DIIs	0.16%	1.45%	1.82%	1.90%	2.33%	20.02%	21.10%	21.07%	21.00%	20.20%	19.72%	20.00%
Public	38.77%	43.28%	43.48%	43.72%	43.80%	42.85%	41.79%	42.13%	42.68%	43.60%	44.52%	44.90%
Total Shareholders	35,657	53,111	56,266	61,155	65,473	67,848	70,612	69,689	67,484	66,293	64,010	60,956

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan