NSE: SBCL · BSE: 513097
SHIVALIK BIMETAL CON. LTD
Manufactures engineered metal components — primarily thermostatic bimetals, shunt resistors and electrical contacts — that go into thermostats, circuit protection, smart meters, automotive and industrial applications. In FY26, revenue split across three product segments: shunt resistors at 40.3%, thermostatic bimetals at 40.4% and electrical contacts at 19.4% of revenue. Geography is export-heavy, with exports at about 57% of revenue and domestic at 43%; India is the single largest market, Europe is a strong growth engine, and the US is showing early signs of recovery after a prior period of weakness. Within these, smart meter-related revenue nearly doubled to ₹75-80 crore in FY26 and management expects it to double again in FY27; the electrical contacts business grew roughly 60%, partly on silver price pass-through and partly on volume. The company is adding a new line of higher-value busbar and PCBA assemblies out of a new Pune facility (Phase-I consent to operate received in July 2026), targeting automotive electrification — particularly two-wheeler EVs — and battery applications, with ₹250-350 crore revenue potential flagged in 2-3 years. The biggest cost line is raw materials at 56.9% of revenue, followed by other operating expenses at 12.8% and employees at 9.5%. Capital intensity is modest, with maintenance capex of ₹10-15 crore a year and stated capacity headroom to roughly ₹1,300 crore of revenue without major new spend. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Shunt Resistors (40%), Thermostatic Bimetals (40%), Electrical Contacts (19%). Engineered, niche-product industrial components manufacturer with moderate capital intensity and meaningful export exposure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 324 | 470 | 509 | 508 | 571 |
| EBITDA (ex other income) | 73 | 109 | 106 | 104 | 130 |
| margin % | 22.7 | 23.2 | 20.9 | 20.4 | 22.7 |
| Owners' profit | 55 | 79 | 0 | 77 | 96 |
| EPS, as reported (₹) | 14.37 | 13.66 | 14.59 | 13.34 | 16.64 |
| ROE % · ROCE % | 28.8 · 34.2 | 29.8 · 36.8 | 24.7 · 31.4 | 19.0 · 24.6 | 19.9 · 25.0 |
| Debt / equity (x) | 0.30 | 0.22 | 0.12 | 0.08 | 0.12 |
| Cash from operations | (3) | 66 | 69 | 94 | 55 |
| Capex | 0 | (32) | (22) | (30) | (35) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 127 | 123 | 132 | 137 | 137 | 134 | 163 | 182 |
| Profit before tax | 26 | 24 | 28 | 30 | 30 | 30 | 34 | 42 |
| Net profit | 20 | 18 | 21 | 23 | 25 | 22 | 26 | 33 |
| EPS (₹) | 3.41 | 3.17 | 3.66 | 3.96 | 4.27 | 3.88 | 4.54 | 5.73 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 54.7 | 15.6 | 91 of 105 | 14% |
| P/B | 12.1 | 1.4 | 98 of 101 | 3% |
| ROCE | 24.1 | 9.1 | 9 of 115 | 93% |
| ROE | 19.9 | 8.6 | 10 of 103 | 91% |
| Debt / Equity | 0.1 | 0.2 | 42 of 101 | 59% |
| EBITDA margin | 25.7 | 11.0 | 17 of 100 | 84% |
| Revenue growth | 33.4 | 13.7 | 19 of 97 | 80% |
| Profit growth | 44.9 | 29.3 | 44 of 105 | 59% |
| Market cap | 5802 | 210 | 15 of 122 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Routine SEBI dematerialisation compliance certificate filed for Sep 2026 quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure from October 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 7 Sept 2026 · Company Secretary Resignation at Shivalik Bimetal | management changes | medium | — | — |
| 3 Sept 2026 · AGM 2026 Results: All 7 Resolutions Passed Including Dividend Confirmation | compliance | minimal | — | — |
| 2 Sept 2026 · Shareholders approve amendment to Articles of Association for capital raising flexibility | general | medium | — | — |
| 2 Sept 2026 · SBCL AGM: Walker Chandiok appointed statutory auditor for 5 years, MD re-appointed | management changes | medium | — | — |
| 2 Sept 2026 · 42nd AGM proceedings - 7 resolutions tabled, final dividend declared | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Demise of Non-Executive Independent Director Mr. Swarnjit Singh | management changes | high | — | — |
| 1 Sept 2026 · Insider trading code violation reported by former employee | regulatory legal | high | — | — |
| 31 Aug 2026 · BSE and NSE approve reclassification of promoter Solan Developers to Public | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.