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)