Shivalik Bimetal Controls Ltd · NSE:SBCL
Shivalik Bimetal Controls — Q3 FY26 Earnings Presentation
38 slides from Shivalik Bimetal Controls's earnings presentation, Feb 6, 2026
Slide 1: Submission of Earnings Call Presentation
SBCL/BSE & NSE/2025-26/73 February 6, 2026 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.
Slide 2: Investor Briefing Q3 & 9M FY26
SHIVALIK BIMETAL CONTROLS LIMITED Investor Briefing Precision that Powers Progress Q3 & 9M FY26 1
Slide 3: Overview
Overview 01 02 03 Safe-Harbour SBCL- At a Glance Investment Financial Statement 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
Slide 4: SBCL - 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 Limited (SBCL) is Revenue 437.21 21.04% India’s only fully integrated manufact
Slide 5: 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, sustaining 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 (FY21-25)
03 FINANCIAL PERFORMANCE (FY21-25) 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, un
Slide 9: Timeline & Milestones
04 Timeline & Milestones 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
Slide 10: Business Product Segments
05 Business Product Segments 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 circu
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: Manufacturing & Technology
06 MANUFACTURING & TECHNOLOGY 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 Limited Our Corporate Office is in New Delhi, India with Plant 1 & 2 manufacturing bases in Solan & Indore: SEPPL Plant 3 Corporate Office, New Delhi Shivalik Bimeta
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: Market Opportunity & Growth Drivers
MARKET OPPORTUNITY & 07 GROWTH DRIVERS TAM expansion through EV, smart meter, and grid trends 19
Slide 21: Demand Flywheels
Market Opportunities & Growth Drivers: 07.a Demand Flywheels Structural Demand Flywheels Driving Non-Linear TAM Expansion Key drivers & commentary Key Growth Drivers & Market Shifts (2023-2035) EV Inflection: IRA subsidies & EU Fit‑for‑55 propel global BEV (Battery Electric Vehicle) + PHEV (Plug-i
Slide 22: High-Growth Verticals Unlocking 3x TAM Upside
Market Opportunities & Growth Drivers: 07.b High-Growth Verticals Unlocking 3× TAM Upside EV powertrains, smart meters converge to drive double-digit demand through FY 35 and beyond. Growth Sector Key Details → Market Size: $2.98B (2024) $4.09B (2029) at 6.5–6.8% CAGR EV Shunt Market (3× ICE TAM) E
Slide 23: Enduring Structural Moats Safeguarding Long-Term Value Creation
Competitive Landscape & Moats: 07.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 24: Quarterly Updates
FINANCIAL & WORKING CAPITAL OPERATIONAL UPDATE HIGHLIGHTS DOMESTIC & Q3 & 9M FY26: BIMETALS EXPORT SPLIT & SHUNT RESISTORS 8 BUSINESS DEEP DIVE SEGMENT-WISE QUARTERLY PERFORMANCE HIGHLIGHTS Q3 & 9M FY26: CONSOLIDATED & STANDALONE- P&L UPDATES STATEMENT, BALANCE SHEETS Q3 & 9M FY26 Q3 & 9
Slide 25: Financial & Operational Highlights
Quarterly Updates: 8.a Financial & Operational Highlights Q3 & 9M FY26: KEY TAKEAWAYS (Standalone) Gross Margin expanded by 338 basis points to 50.40% in Q3 FY26, supported by improved cost control and a favourable product mix. For 9M FY26, Gross Profit rose by 12.95% to ₹170.43 crore, while the G
Slide 26: Domestic & Export Split
Quarterly Updates: 8.b 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% 25
Slide 27: Productwise Highlights
Quarterly Updates: 8.c PRODUCTWISE HIGHLIGHTS Performance by Volume (Kgs) Performance by Revenue (In ₹ crore) Shunts Bimetals Shunts Bimetals 400 1400000 350 1200000 300 1000000 250 800000 200 174 600000 755802 742627 166 150 400000 100 246363 222436 55 55 200000 50 181337 171200 581076 552226 51
Slide 28: Q3 FY26: Productwise Highlights
Quarterly Updates: 8.d Q3 FY26: PRODUCTWISE HIGHLIGHTS Volume (Kgs) Revenue (In ₹ crore) Shunts 43.5% Q3FY26 Shunts 50% Q3FY26 Bimetals 50% Bimetals 56.5% While the Bimetals segment continues to be the long-term growth engine for Our Shunt Resistors business now contributes around 50% of our total
Slide 29: 9M FY26: Working Capital Update
Quarterly Updates: 8.e. 9M FY26: Working Capital Update Working Capital Efficiency Ratios for 9M FY26 9MFY25 9MFY26 300 265 250 247 200 213 206 150 100 90 78 50 37 38 0 Accounts Payable Collection Days Inventory (Days) Net Working Capital (Days) Inventory Days for 9M FY26 have increased by 7 days
Slide 30: Q3 FY26: Bimetals & Shunt Resistors Segment Deep Dive
Quarterly Updates: 8.f Q3 FY26: Bimetals & Shunt Resistors Segment Deep Dive Thermostatic Bimetals (Rs. in crore). Shunt Resistors (Rs. in crore). Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 35 35 30 30 30 25 26 25 20 20 19 20 17 15 15 15 15 14 12 10 11 10 11 8 8 5 5 4 4 3 0 0 Americas Europe India Rest of As
Slide 31: 9M FY26: Bimetals & Shunt Resistors Segment Deep Dive
Quarterly Updates: 8.g 9M FY26: Bimetals & Shunt Resistors Segment Deep Dive Thermostatic Bimetals (Rs. in crore). Shunt Resistors (Rs. in crore). 9M FY25 9M FY26 9M FY25 9MFY26 100 70 92 60 62 86 80 50 53 51 46 60 40 42 34 30 40 37 38 37 20 21 25 19 20 10 12 13 0 0 Americas Europe India Rest of A
Slide 32: Q3 & 9M FY26: Consolidated Profit & Loss Statement
Quarterly Updates: 8.h Q3 & 9M FY26: Consolidated Profit & Loss Statement (Rs. in crore). Particulars Q3 FY26 Q3 FY25 YOY 9M FY26 9M FY25 YOY Revenue From Operation 134.23 123.28 8.88% 408.23 375.91 8.60% COGS 71.52 69.57 2.80% 219.92 213.87 2.83% Gross Profit 62.71 53.71 16.76% 188.31 162.04 16.2
Slide 33: 9M FY26: Consolidated Balance Sheet
Quarterly Updates: 8.i 9M FY26: Consolidated Balance Sheet (Rs. in crore). Particulars FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 9M FY2025 9M FY2026 Assets Tangible Fixed Assets 67 83 115 125 153 139 171 Intangible Assets 1 1 7 6 6 6 6 Non-Financial Assets 15 18 10 14 16 13 19 Other Non-Current Asse
Slide 34: Q3 & 9M FY26: Standalone Profit & Loss Statement
Quarterly Updates: 8.j Q3 & 9M FY26: Standalone Profit & Loss Statement (Rs. in crore). Particulars Q3 FY26 Q3 FY25 YOY 9M FY26 9M FY25 YOY Revenue From Operation 110.13 106.22 3.68% 345.24 322.99 6.89% COGS 54.62 56.27 -2.94% 174.81 172.10 1.58% Gross Profit 55.51 49.94 11.15% 170.43 150.89 12.
Slide 35: 9M FY26 Standalone Balance Sheet
Quarterly Updates: 8.k 9M FY26 Standalone Balance Sheet (Rs. in crore). Particulars FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Assets Tangible Fixed Assets 67 83 102 109 132 116 137 Intangible Assets 1 1 2 2 2 2 3 Non-Financial Assets 15 12 26 26 26 26 27 Other Non-Current Assets 1 6 3 2 2 4 2 Total
Slide 36: Our Shareholding Structure
Quarterly Updates: 8.l Our Shareholding Structure As per 05/02/26 Body Corporat… FII, FPI, NRI Promoter & Promoter Group: 33.17% Public: 39.37% Public Promoter & Promoter Group FII, FPI, NRI: 6.13% MF/AIF: 19.17% Body Corporates: 2.16% MF/ AIF 35
Slide 37: Strategy & Future Outlook
Quarterly Updates: 8.m 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 cash cycles,
Slide 38: Thank you.
Thank you. Connect with us at: Rajeev Ranjan - CFO rranjan@shivalikbimetals.com Shankhini Saha - Investor Relations shivalik@dickensonworld.com 37
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