Shivalik Bimetal Controls Ltd · NSE:SBCL
Shivalik Bimetal Controls — Q4 & FY26 Earnings Presentation
40 slides from Shivalik Bimetal Controls's earnings presentation, May 20, 2026
Slide 1: Submission of Earnings Call Presentation
SBCL/BSE & NSE/2026-27/14 20th May, 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. 51
Slide 2: Investor Briefing Q4 & FY26
SHIVALIK BIMETAL CONTROLS LIMITED Investor Briefing Precision that Powers Progress Q4 & 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 Limited (“
Slide 4: Shivalik - At a Glance
01 Shivalik- At a Glance End‑to‑end precision materials manufacturer with robust global footprint COMPANY OVERVIEW Consolidated Financial Performance (₹ in crore) Particular FY26 Shivalik Bimetal Controls Limited (SBCL) is Revenue 570.86 India’s only fully integrated manufacturer of precision thermo
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 over 300 marquee customers. The existing asset base can support >₹ 1,300 Cr revenue, sustaining high incremental Pre-tax ROCE with
Slide 6: Investment Rationale
02 INVESTMENT RATIONALE Strong cash generation, market leadership, and sustainable growth drivers Pillar Evidence (FY26 unless stated) Take-away Net worth up ₹75 Cr to ₹481 Cr in FY26; net cash positive Strong free‑cash generation, self‑funded Financial Resilience (₹105 Cr cash vs ₹59 Cr debt) (On C
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 2026 Status 2027 Roadmap Strategic Upside global green value chains. Tree plantation and t
Slide 8: Financial Performance (FY22-26)
03 FINANCIAL PERFORMANCE (FY22-26) Steady revenue enabling margin expansion and cash conversion Particular FY22 FY23 FY24 FY25 FY26 Revenue (₹ Cr) 324 420 449 437 462 EBITDA (₹ Cr) 79 112 123 98 112 Key drivers: EBITDA % 24% 27% 27% 22% 24% PAT (₹ Cr) 52 73 81 72 82 FY26 topline steady despite North
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 in M
Slide 10: Business Product Segments
05 Business SHUNT RESISTORS Product Ultra‑low‑ohmic current‑sensing components, Electron Beam Welding- fabricated. Segments Diversified segments leveraging proprietary tech for differentiated customer value THERMOSTATIC BIMETALS Metal strips that bend predictably with heat, opening/closing circuits.
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 componen
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 o
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 electrical
Slide 14: Bus Bar Connectors & PCBA Assemblies
05.d BUS BAR CONNECTORS & PCBA ASSEMBLIES Manufacturing & Integration Capabilities: Assembly/ Welding/ Interconnected Solutions Function: Bus bar connectors and PCBAs enable efficient current distribution, circuit control and system integration across electrical and electronic systems. In simple ter
Slide 15: Manufacturing & Technology
06 MANUFACTURING & TECHNOLOGY Proprietary technologies drive cost leadership and superior product quality whilst riding the global electrification wave 14
Slide 16: Our Precision Engineering Fortress
06.a OUR PRECISION ENGINEERING FORTRESS Advanced manufacturing capabilities driven by strong R&D engines Our Corporate Office is in New Delhi, India with manufacturing bases in Solan, Pune & Indore: Shivalik Bimetal Controls Limited Plant 1 & 2 Shivalik Bimetal Controls Limited (SBCL) Plant 1 SEPP
Slide 17: Our Precision Engineering Fortress: State-of-the-art facilities
06.b OUR PRECISION ENGINEERING FORTRESS State-of-the-art facilities • World’s Largest Capacity & Plant 1 Plant 2 Plant 3 Production of Strip Electronic Beam Welding • Inhouse stamping shop • Inhouse R&D and Innovation •Inhouse Reliability Testing • Inhouse Tooling and Design 16
Slide 18: Pune R&D & CCS Project (Est. 2026)
06.c PUNE R&D & CCS PROJECT (EST. 2026) Purpose-built for forward integration into higher-value automotive and electrification-led applications Strengthening Our Value-Added Assembly Platform The Pune facility strengthens SBCL’s ability to move beyond precision materials and components into integrat
Slide 19: 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 welde
Slide 20: 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 becom
Slide 21: Fortress of Cost, Quality & Technology Leadership
Our Manufacturing & Machinery: 06.e FORTRESS OF COST, QUALITY, & TECHNOLOGY LEADERSHIP MANAGEMENT LENS Our focus remains to build Shivalik into a higher- Platform Shivalik Edge Role & Mechanism Economic / Customer Impact value precision components and assemblies platform. We are doing this by stre
Slide 22: Market Opportunity & Growth Drivers
MARKET OPPORTUNITY & 07 GROWTH DRIVERS DRIVERS TAM expansion through EV, smart meter, and grid trends 21
Slide 23: 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 (2023-2026) EV Inflection: IRA subsidies & EU Fit‑for‑55 propel global BEV (Battery Electric Vehicle) + PHEV (Plug-in
Slide 24: High-Growth Verticals Unlocking 3× 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) EV
Slide 25: 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 replicat
Slide 26: Quarterly Updates
FINANCIAL & WORKING CAPITAL OPERATIONAL UPDATE HIGHLIGHTS DOMESTIC & Q4 & FY26: BIMETALS & EXPORT SPLIT SHUNT RESISTORS 8 BUSINESS DEEP DIVE SEGMENT-WISE QUARTERLY PERFORMANCE HIGHLIGHTS Q4 & FY26: CONSOLIDATED & STANDALONE- P&L UPDATES STATEMENT, BALANCE SHEETS Q4 & FY26 Q4 & FY26 SEGMENT-WISE O
Slide 27: Financial & Operational Highlights
Quarterly Updates: 8.a Financial & Operational Highlights Q4 & FY26: KEY TAKEAWAYS (Standalone) Gross Margin expanded by 329 basis points to 49.45% in Q4 FY26, supported by improved cost control and a favourable product mix. For FY26, Gross Profit rose by 12.04% to ₹228.15 crore, while the Gross Mar
Slide 28: 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 43% FY 2026 Export 57% 27
Slide 29: Productwise Highlights
Quarterly Updates: 8.c PRODUCTWISE HIGHLIGHTS Performance by Volume (Kgs) Performance by Revenue (In ₹ crore) Shunts Bimetals Shunts Bimetals 2500000 500 2000000 400 1500000 300 1283519 1294019 231 225 1000000 200 500000 100 339851 291074 59 57 302160 259377 1122955 1097910 55 59 212 231 0 0 Q4FY25
Slide 30: Q4 FY26: Productwise Highlights
Quarterly Updates: 8.d Q4 FY26: PRODUCTWISE HIGHLIGHTS Volume (Kgs) Revenue (In ₹ crore) Shunts Q4FY26 Q4FY26 47.1% Bimetals Shunts 49.3% Bimetals 50.7% 52.9% While the Bimetals segment continues to be the long-term growth engine for Our Shunt Resistors business now contributes around 50% of our tot
Slide 31: FY26: Working Capital Update
Quarterly Updates: 8.e. FY26: Working Capital Update Working Capital Efficiency Ratios for FY26 FY25 FY26 300 250 258 218 200 204 184 150 100 92 81 50 47 38 0 Accounts Payable Days Collection Days Inventory (Days) Net Working Capital (Days) Inventory Days for FY26 have increased by 20 days to 204. N
Slide 32: Q4 FY26: Bimetals & Shunt Resistors Segment Deep Dive
Quarterly Updates: 8.f Q4 FY26: Bimetals & Shunt Resistors Segment Deep Dive Thermostatic Bimetals (Rs. in crore). Shunt Resistors (Rs. in crore). Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 35 35 32 30 30 29 25 25 23 20 20 19 15 15 16 15 15 14 13 13 10 10 9 10 8 5 5 6 6 4 0 0 Americas Europe India Rest of Asia
Slide 33: FY26: Bimetals & Shunt Resistors Segment Deep Dive
Quarterly Updates: 8.g FY26: Bimetals & Shunt Resistors Segment Deep Dive Thermostatic Bimetals (Rs. in crore). Shunt Resistors (Rs. in crore). FY25 FY26 FY25 FY26 100 140 85 120 124 80 115 72 100 67 60 61 80 56 49 60 40 50 51 47 40 29 25 35 20 20 19 16 0 0 Americas Europe India Rest of Asia America
Slide 34: Q4 & FY26: Consolidated Profit & Loss Statement
Quarterly Updates: 8.h Q4 & FY26: Consolidated Profit & Loss Statement (Rs. in crore). Particulars Q4 FY26 Q4 FY25 YOY FY26 FY25 YOY Revenue From Operation 162.63 132.44 22.80% 570.86 508.35 12.30% COGS 92.85 75.44 23.07% 312.78 289.30 8.11% Gross Profit 69.78 56.99 22.43% 258.08 219.05 17.82% Gross
Slide 35: FY26: Consolidated Balance Sheet
Quarterly Updates: 8.i FY26: Consolidated Balance Sheet (Rs. in crore). Particulars FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY2026 Assets Tangible Fixed Assets 67 83 115 125 153 177 Intangible Assets 1 1 7 6 6 6 Non-Financial Assets 15 18 10 14 16 20 Other Non-Current Assets 2 6 4 3 4 5 Total Non-Cu
Slide 36: Q4 & FY26: Standalone Profit & Loss Statement
Quarterly Updates: 8.j Q4 & FY26: Standalone Profit & Loss Statement (Rs. in crore). Particulars Q4 FY26 Q4 FY25 YOY FY26 FY25 YOY Revenue From Operation 116.71 114.22 2.18% 461.95 437.21 5.66% COGS 58.99 61.49 -4.06% 233.8 233.59 0.09% Gross Profit 57.72 52.73 9.45% 228.15 203.63 12.04% Gross Margi
Slide 37: FY26 Standalone Balance Sheet
Quarterly Updates: 8.k FY26 Standalone Balance Sheet (Rs. in crore). Particulars FY21 FY22 FY23 FY24 FY25 FY26 Assets Tangible Fixed Assets 67 83 102 109 132 139 Intangible Assets 1 1 2 2 2 3 Non-Financial Assets 15 12 26 26 26 29 Other Non-Current Assets 1 6 3 2 2 2 Total Non-Current Assets 84 102
Slide 38: Our Shareholding Structure
Quarterly Updates: 8.l Our Shareholding Structure As per 18/05/26 Body Corporat… FII, FPI, NRI Promoter & Promoter Group: 33.37% Public: 39.77% Public Promoter & Promoter Group FII, FPI, NRI: 4.93% MF/AIF: 19.57% Body Corporates: 2.37% MF/ AIF 37
Slide 39: 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, a
Slide 40: Thank you.
Thank you. Connect with us at: Rajeev Ranjan - CFO rranjan@shivalikbimetals.com Shankhini Saha - Investor Relations shivalik@dickensonworld.com 39
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