Shivalik Bimetal Controls Ltd · NSE:SBCL
Shivalik Bimetal Controls — Q4 & FY25 Earnings Presentation
43 slides from Shivalik Bimetal Controls's earnings presentation, May 30, 2025
Slide 1: Submission of Earnings Call Presentation (cover letter)
SBCL/BSE & NSE/2025-26/12 29th May, 2025 To, To, BSE Limited National Stock Exchange of India Ltd. Corporate Relationship Deptt. Exchange Plaza, Plot No. C/1, G-Block Bandra PJ Towers, 25th Floor, Dalal Street, Kurla Complex, Bandra (East), Mumbai – 400 051 Mumbai – 400 001 Code No. SBCL Code No. 51
Slide 2: Investor Briefing Q4 & FY25
SHIVALIK BIMETAL CONTROLS LTD. Investor Briefing Precision that Powers Progress Q4 & FY25 1
Slide 3: Overview
Overview 01 02 03 SBCL- At a Glance Investment Financial Rationale Performance 04 05 06 This presentation may contain forward‑looking statements, which are based on currently available information, operating plans and future expectations of Shivalik Bimetal Controls Ltd. (“SBCL”). Actual r
Slide 4: Shivalik - At a Glance
01 Shivalik- At a Glance End‑to‑end precision materials manufacturer with robust global footprint COMPANY OVERVIEW Standalone Financial Performance (₹ in crore) Particular FY25 5-yr CAGR Shivalik Bimetal Controls Ltd. (SBCL) is Revenue 437.21 21.04% India’s only fully integrated manufacture
Slide 5: Shivalik - At a Glance: Our growth journey
01.a Shivalik- At a Glance Our growth journey Shivalik has transitioned from a single‑plant bimetal specialist into a multi‑site engineered‑materials partner for o ver 300 marquee customers. The existing asset base can support >₹ 1,300 Cr revenue, s ustaining high incremental Pre-tax ROCE
Slide 6: Investment Rationale
02 INVESTMENT RATIONALE Strong cash generation, market leadership, and sustainable growth drivers Pillar Evidence (FY25 unless stated) Take-away Strong free‑cash generation, Financial Rev. CAGR 21 %, PAT CAGR 32 %, net‑cash ₹ 68 self‑funded growth, zero-debt Resilience Cr, ROIC > 25 % company doub
Slide 7: ESG Architecture Anchored in Renewable Energy & Responsible Governance
ESG Architecture Anchored in 2.a Renewable Energy & Responsible Governance Hydro powered operations, measurable social impact and rigorous governance secure Shivalik’s standing as a preferred partner in Pillar 2025 Status 2026 Roadmap Strategic Upside global green value chains. Tree plantation and
Slide 8: Financial Performance
03 Steady revenue enabling margin expansion and cash conversion Particular FY21 FY22 FY23 FY24 FY25 Revenue (₹ Cr) 204 324 420 449 437 EBITDA (₹ Cr) 40 74 104 102 97 Key drivers: EBITDA % 20% 23% 25% 23% 22% FY25 topline steady despite North‑American EV slowdown, underpinned by domestic smart‑meter
Slide 9: Proven track record of innovation and capacity acceleration since 1984
04 Proven track record of innovation and capacity acceleration since 1984 Incorporated as a private limited company in June Acquired the equipment of Sandvik Heating 1984-1986 1984 2009-2011 Technology, AB, Sweden, for manufacturing Converted into a public limited company in May 1986 bimetals /
Slide 10: Shunt Resistors, Thermostatic Bimetals, Electrical Contacts
05 SHUNT RESISTORS Ultra‑low‑ohmic current‑sensing components, Electron Diversified segments leveraging proprietary Beam Welding- fabricated. tech for differentiated customer value THERMOSTATIC BIMETALS Metal strips that bend predictably with heat, opening/closing circuits. FY25 5-yr Segment Mi
Slide 11: Shunt Resistors
SHUNT 05.a RESISTORS Launched in 2015 & fastest‑growing business vertical The Critical Role of Shunt Resistors in Smart Meters Applications of Shivalik’s EBW welded Shunt Resistors in Automotives Manufacturing Technology: Electron‑Beam Welding (EBW) Function: Ultra‑low‑ohmic current‑sensing compon
Slide 12: Thermostatic Bimetals
THERMOSTATIC 05.b BIMETALS Legacy profit engine since 1984 Manufacturing Technology: High‑pressure Diffusion Bonding Function: Metal strips that bend predictably with heat, opening/closing circuits. Imagine two different metals joined together that react differently to heat. When heated, they bend
Slide 13: Electrical Contacts
05.c ELECTRICAL CONTACTS Vertical‑integration play (Checon stake buy‑out 2023). Manufacturing Technology: Brazing/Welding/Cladding Function: To ensure the current flow to devices or systems. Primarily, electrical contacts facilitate the on/off switching of circuits, regulating the flow of electric
Slide 14: Proprietary technologies drive cost leadership and superior product quality
06 Proprietary technologies drive cost leadership and superior product quality whilst riding the global electrification wave 13
Slide 15: Our Precision Engineering Fortress
06.a OUR PRECISION ENGINEERING FORTRESS Advanced manufacturing capabilities driven by strong R&D engines Shivalik Bimetal Controls Ltd. 1 & 2 Our Corporate Office is in New Delhi, India with manufacturing bases in Solan & Indore: SEPPL Plant 3 Corporate Office, New Delhi Shivalik Bimetal Control
Slide 16: Our Precision Engineering Fortress: State-of-the-art facilities
06.b OUR PRECISION ENGINEERING FORTRESS State-of-the-art facilities Strong capacity growth from optimized CAPEX • INR 100 crores of capex already spent over FY 2021 to FY 2024 • INR 15 to 20 crores to be spent for optimization and to improve productivity over FY 2025 to FY 2027 • Sales Potential
Slide 17: Electron Beam Welding (EBW)
Our Machinery: 06.c ELECTRON BEAM WELDING (EBW) The Precise Joining Expert for Shunt Resistors Imagine using a super-focused, high-speed beam of tiny particles (electrons) to melt and fuse metals like copper and manganese together with incredible accuracy. Think of it like a very precise beam wel
Slide 18: Diffusion Bonding
Our Machinery: 06.d DIFFUSION BONDING The Patient Metal Merger for Thermostatic Bimetals Picture pressing different metals together very tightly under high heat and pressure for a specific time. Over time, the atoms from each metal mingle and create a strong, seamless bond, almost like they've bec
Slide 19: Fortress of Cost, Quality & Technology Leadership
Our Manufacturing & Machinery: 06.e FORTRESS OF COST, QUALITY, & TECHNOLOGY LEADERSHIP Platform Shivalik Edge Role & Mechanism Economic / Customer Impact Electron Beam Relatively lower capex vis- In-house-built EBW lines join Ultra-low-ohmic shunt resistors; first- MANAGEMENT LENS a-vis import
Slide 20: Next-gen leadership prepared to convert operational capacity into financial performance
07 Next-gen leadership, Mr. Kabir Ghumman & Mr. Sumer Ghumman, prepared to convert operational capacity into financial performance 19
Slide 21: Translating Proprietary Metallurgy into Sustainable Economic Profit
Management Commentary: Managing Director 07.a Translating Proprietary Metallurgy into Sustainable Economic Profit “Fiscal 2025 has validated Shivalik’s central premise: mastery of niche, metallurgical joining technologies yields a moat that is both deep and lasting. Today, we commercialise seventy
Slide 22: Forward Integration Fuels the Next Wave of Electrification Growth
Management Commentary: Whole-time Director 07.b Forward Integration Fuels the Next Wave of Electrification Growth “FY25 has reaffirmed a core thesis for Shivalik. Our deep-rooted expertise in precision metal joining enables us to not only maintain leadership in our foundational categories of shunt
Slide 23: Blueprint for Next-Decade Value Creation
Management Strategy: 07.c Blueprint for Next-Decade Value Creation Strategic Lever What We Will Do Value Catalyst Move beyond precision strips into value-added end components and assemblies. Higher realised Forward Integration Streamline multi-step manufacturing flows margins, stronger to Complex
Slide 24: TAM expansion through EV, smart meter, and grid trends
08 TAM expansion through EV, smart meter, and grid trends 23
Slide 25: Demand Flywheels
Market Opportunities & Growth Drivers: 08.a Demand Flywheels Structural Demand Flywheels Driving Non-Linear TAM Expansion Key drivers & commentary Key Growth Drivers & Market Shifts (2023-2030) EV Inflection: IRA subsidies & EU Fit‑for‑55 propel global BEV (Battery Electric Vehicle) + PHEV (Plug-i
Slide 26: High-Growth Verticals Unlocking 3x TAM Upside
Market Opportunities & Growth Drivers: 08.b High-Growth Verticals Unlocking 3× TAM Upside EV powertrains, smart meters and GIS build-outs converge to drive double-digit demand through FY 30 and beyond. Growth Sector Key Details → Market Size: $2.98B (2024) $4.09B (2029) at 6.5–6.8% CAGR EV Shunt Ma
Slide 27: Enduring Structural Moats Safeguarding Long-Term Value Creation
Competitive Landscape & Moats: 08.c Enduring Structural Moats Safeguarding Long-Term Value Creation Dual‑process technology moat and balance sheet strength ensure competitive advantage Structural Moats Dual‑process fortress (EBW + Diffusion Bonding) driven by strong R&D teams, impossible to replic
Slide 28: Q4 & FY25 Quarterly & Year-end Updates
FINANCIAL & FY25 WORKING OPERATIONAL CAPITAL HIGHLIGHTS UPDATE US TARIFF Q4 & FY25: BIMETALS & IMPACT (APRIL- SHUNT RESISTORS 9 MAY 2025) BUSINESS DEEP DIVE DOMESTIC & Q4 & FY25: CONSOLIDATED & EXPORT SPLIT STANDALONE- P&L STATEMENT, BALANCE SHEET SEGMENT-WISE PERFORMANCE OUR SHAREHOLDING HIGH
Slide 29: Financial & Operational Highlights
Quarterly & Year End Updates: 9.a Financial & Operational Highlights Q4FY25: QUARTER- END KEY TAKEAWAYS FY25: YEAR- END KEY TAKEAWAYS Margin Expansion: SBCL’s standalone EBITDA margin expanded Stable Margins: SBCL maintained strong profitability with an by 422 bps YoY to 23.17% in Q4FY25, compared
Slide 30: US Tariff Impact (April-May 2025)
US Tariff Impact (April-May 2025): 9.b US Tariff Impact (Apr 2025) Minimal duty exposure; contractual pass‑through protects margin sustainability Updates: Limited exposure with only ≈5 % of Group revenue (bimetal exports) will incur the new 10 % US duty; 74 % of US shipments (shunt resistors) rema
Slide 31: Domestic & Export Split
Quarterly & Year End Updates: 9.c DOMESTIC & EXPORT SPLIT Growing our export presence to over 38+ countries Domestic & Export Sales Mix Export Domestic Domestic 48% FY 2018 Export 52% Export Domestic Domestic 44% FY 2025 Export 56% 30
Slide 32: Productwise Highlights
Quarterly & Year End Updates: 9.d PRODUCTWISE HIGHLIGHTS Performance by Volume (Kgs) Performance by Revenue (In ₹ crore) Shunts Bimetals Shunts Bimetals 1600000 350 1400000 300 1200000 250 1000000 225 245 200 800000 1016064 1070101 150 600000 100 400000 59 59 263425 260262 200000 50 206477 204663
Slide 33: Q4 FY25: Productwise Highlights
Quarterly & Year End Updates: 9.e Q4 FY25: PRODUCTWISE HIGHLIGHTS Volume (Kgs) Revenue (In ₹ crore) Shunts 44% Q4FY25 Q4FY25 Shunts 49% Bimetals 51% Bimetals 56% While the Bimetals segment continues to be the long-term growth engine for Launched just five years ago, our Shunt Resistors business no
Slide 34: FY25: Working Capital Update
Quarterly & Year End Updates: 9.f FY25: Working Capital Update Working Capital Efficiency Ratios for FY25 FY24 FY25 300 250 214 217 200 180 184 150 100 82 81 50 48 48 0 Accounts Payable Collection Days Inventory (Days) Net Working Capital (Days) Inventory Days for FY25 has increased by 4 days to 1
Slide 35: Q4 FY25: Bimetals & Shunt Resistors Business Deep Dive
Quarterly & Year End Updates: 9.g Q4 F25: Bimetals & Shunt Resistors Business Deep Dive Thermostatic Bimetals Shunt Resistors Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 35 35 35 32 30 30 25 25 20 20 20 19 15 15 16 15 13 13 13 12 10 10 10 9 5 5 6 6 4 3 0 0 Americas Europe India Rest of Asia Americas Europe In
Slide 36: FY25: Bimetals & Shunt Resistors Business Deep Dive
Quarterly & Year End Updates: 9.h FY25: Bimetals & Shunt Resistors Business Deep Dive Thermostatic Bimetals Shunt Resistors FY24 FY25 FY24 FY25 80 93 140 134 72 120 124 67 60 100 51 49 80 40 40 60 48 50 40 25 42 20 21 35 20 21 16 0 0 Americas Europe India Rest of Asia Americas Europe India Rest of
Slide 37: Q4 & FY25: Consolidated Profit & Loss Statement
Quarterly & Year End Updates: 9.i Q4 & FY25: Consolidated Profit & Loss Statement (Rs. in crore). Particulars Q4FY25 Q4FY24 YOY FY25 FY24 YOY Revenue From Operation 132.44 127.76 3.66% 508.35 508.93 -0.11% COGS 75.44 73.49 2.65% 289.30 282.82 2.29% Gross Profit 56.99 54.27 5.03% 219.05 226.11 -3.1
Slide 38: Q4 & FY25: Consolidated Balance Sheet
Quarterly & Year End Updates: 9.j Q4 & FY25: Consolidated Balance Sheet (Rs. in crore). Particulars FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Assets Tangible Fixed Assets 60 67 83 115 125 153 Intangible Assets 1 1 1 7 6 6 Non-Current Financial Assets 13 15 18 10 14 16 Other Non-Current Asset
Slide 39: Q4 & FY25: Standalone Profit & Loss Statement
Quarterly & Year End Updates: 9.k Q4 & FY25: Standalone Profit & Loss Statement (Rs. in crore). Particulars Q4FY25 Q4FY24 YOY FY25 FY24 YOY Revenue From Operation 114.22 111.77 2.19% 437.21 449.41 -2.72% COGS 61.49 59.69 3.01% 233.59 234.65 -0.45% Gross Profit 52.73 52.08 1.26% 203.63 214.76 -5.19
Slide 40: Q4 & FY25: Standalone Balance Sheet
Quarterly & Year End Updates: 9.l Q4 & FY25: Standalone Balance Sheet (Rs. in crore). Particulars FY20 FY21 FY22 FY23 FY24 FY25 Assets Tangible Fixed Assets 60 67 83 102 109 132 Intangible Assets 1 1 1 2 2 2 Non-Financial Assets 13 15 12 26 26 26 Other Non-Current Assets 0 1 6 3 2 2 Total Non-Curr
Slide 41: Our Shareholding Structure
Quarterly & Year End Updates: 9.m Our Shareholding Structure Body Corporat… FII, FPI, NRI Promoter & Promoter Group: 33.17% Public: 36.73% Public Promoter & Promoter Group FII, FPI, NRI: 7.45% MF/AIF: 20.55% Body Corporates: 2.10% MF/ AIF 40
Slide 42: Strategy & Future Outlook
Quarterly & Year End Updates: 9.n Strategy & Future Outlook Forward integration and geographic expansion catalyse next growth phase Integration on every front: outward to high-value assemblies, inward to in-house raw-material processing, and outward again to our EU base, widens margins, shortens c
Slide 43: Connect with us
Connect with us at: Rajeev Ranjan - CFO rranjan@shivalikbimetals.com Shankhini Saha - Investor Relations shivalik@dickensonworld.com 42
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