Shivalik Bimetal Controls Ltd · NSE:SBCL
Shivalik Bimetal Controls — Q1 FY26 Earnings Presentation
41 slides from Shivalik Bimetal Controls's earnings presentation, Aug 14, 2025
Slide 1: Submission of Earnings Call Presentation
SBCL/BSE & NSE/2025-26/28 14th August, 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.
Slide 2: Investor Briefing Q1 FY26
SHIVALIK BIMETAL CONTROLS LTD. Investor Briefing Precision that Powers Progress Q1 FY26 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: 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 Ltd. (SBCL) is Revenue 437.21 21.04% India’s only fully integrated manufacture
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, 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: Business segments: shunt resistors, 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: 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 Capability into Execution
Management Commentary: Managing Director 07.a Translating Capability into Execution “This quarter has been about turning design intent into market impact. We have accelerated work on product platforms that integrate seamlessly into customer systems, moving from stand-alone precision parts to assem
Slide 22: Driving Scale, Structure, and Strategic Investment
Management Commentary: Whole-time Director 07.b Driving Scale, Structure, and Strategic Investment “We are positioning Shivalik to capture the next wave of opportunities emerging from India’s transformation into a global electronics manufacturing hub. With supportive policy frameworks and a cle
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 (2023-2035) 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 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 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: Q1 FY26 contents
FINANCIAL & WORKING CAPITAL OPERATIONAL UPDATE HIGHLIGHTS DOMESTIC & Q1 FY26: BIMETALS & EXPORT SPLIT SHUNT RESISTORS 9 BUSINESS DEEP DIVE SEGMENT-WISE PERFORMANCE Q1 FY26: CONSOLIDATED & HIGHLIGHTS STANDALONE- P&L STATEMENT, BALANCE SHEET Q1 FY26 Q1 F Y26 SEGMENT-WISE OUR SHAREHOLDIN
Slide 29: Financial & Operational Highlights
Quarterly Updates: 9.a Financial & Operational Highlights Q1FY26: QUARTER- END KEY TAKEAWAYS Revenue and Gross Margin: Revenue from operations grew 8.84% YoY to ₹116.70 crore in Q1 FY26, compared to ₹107.22 crore in Q1 FY25. Gross profit increased 13.94% YoY to ₹55.93 crore, supported by a 215 bps
Slide 30: Domestic & Export Split
Quarterly 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% 29
Slide 31: Productwise Highlights
Quarterly Updates: 9.d PRODUCTWISE HIGHLIGHTS Performance by Volume (Kgs) Performance by Revenue (In ₹ crore) Shunts Bimetals Shunts Bimetals 600000 140 500000 120 400000 100 80 300000 60 59 251408 261346 55 200000 40 100000 20 207974 201712 52 57 0 0 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Volumes: Revenue:
Slide 32: Q1 FY26: Productwise Highlights
Quarterly Updates: 9.e Q1 FY26: PRODUCTWISE HIGHLIGHTS Volume (Kgs) Revenue (In ₹ crore) Shunts 44% Q1FY26 Q1FY26 Shunts 49% Bimetals 51% Bimetals 56% While the Bimetals segment continues to be the long-term growth engine for Our Shunt Resistors business now contributes around 49% of our total the
Slide 33: Q1 FY26: Working Capital Update
Quarterly Updates: 9.f Q1 FY26: Working Capital Update Working Capital Efficiency Ratios for Q1 FY26 Q1FY25 Q1FY26 300 250 241 200 212 197 177 150 100 77 82 50 47 33 0 Accounts Payable Collection Days Inventory (Days) Net Working Capital (Days) Inventory Days for Q1FY26 have declined by 20 days to
Slide 34: Bimetals & Shunt Resistors Segment Deep Dive
Quarterly Updates: 9.g Q1 FY26: Bimetals & Shunt Resistors Segment Deep Dive Thermostatic Bimetals (Rs. in crore). Shunt Resistors (Rs. in crore). Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 35 35 30 30 30 29 25 25 20 20 20 18 17 15 15 16 12 13 13 10 11 10 11 10 8 5 5 6 5 4 0 0 Americas Europe India Rest of A
Slide 35: Q1 FY26: Consolidated Profit & Loss Statement
Quarterly Updates: 9.i Q1 FY26: Consolidated Profit & Loss Statement (Rs. in crore). Particulars Q1FY26 Q1FY25 YOY Revenue From Operation 136.6 125.98 8.43% COGS 75.68 73.05 3.60% Gross Profit 60.91 52.93 15.09% Gross Margin % 44.59% 42.01% 258 bps Employee Expenses 13.48 11.94 12.90% Other Expens
Slide 36: FY25: Consolidated Balance Sheet
Quarterly Updates: 9.j FY25: Consolidated Balance Sheet (Rs. in crore). Particulars FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Assets Tangible Fixed Assets 67 83 115 125 153 Intangible Assets 1 1 7 6 6 Non-Financial Assets 15 18 10 14 16 Other Non-Current Assets 2 6 4 3 4 Total Non-Current Assets 86
Slide 37: Q1 FY26: Standalone Profit & Loss Statement
Quarterly Updates: 9.k Q1 FY26: Standalone Profit & Loss Statement (Rs. in crore). Particulars Q1FY26 Q1FY25 YOY Revenue From Operation 116.7 107.22 8.84% COGS 60.76 58.13 4.53% Gross Profit 55.93 49.09 13.94% Gross Margin % 47.93% 45.78% 215 bps Employee Expenses 11.23 10.47 7.27% Other Expense
Slide 38: FY25 Standalone Balance Sheet
Quarterly Updates: 9.l FY25 Standalone Balance Sheet (Rs. in crore). Particulars FY21 FY22 FY23 FY24 FY25 Assets Tangible Fixed Assets 67 83 102 109 132 Intangible Assets 1 1 2 2 2 Non-Financial Assets 15 12 26 26 26 Other Non-Current Assets 1 6 3 2 2 Total Non-Current Assets 84 102 133 139 162 In
Slide 39: Our Shareholding Structure
Quarterly Updates: 9.m Our Shareholding Structure Body Corporat… FII, FPI, NRI Promoter & Promoter Group: 33.17% Public: 37.34% Public Promoter & Promoter Group FII, FPI, NRI: 7.01% MF/AIF: 20.47% Body Corporates: 2.01% MF/ AIF 38
Slide 40: Strategy & Future Outlook
Quarterly 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 cash cycles,
Slide 41: Connect with us
Connect with us at: Rajeev Ranjan - CFO rranjan@shivalikbimetals.com Shankhini Saha - Investor Relations shivalik@dickensonworld.com 40
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