Shivalik Bimetal Controls Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹5,838 Cr
- P/E
- 54.77
- ROE
- 21.82%
- PEG
- 7.83
- Price to sales
- 9.46
- Debt to equity
- 0.15
- 52W high / low
- ₹1,156 / ₹375
- Sales growth (5Y)
- 22.89%
- EBITDA margin
- 23.03%
- Net profit margin
- 16.96%
- Promoter holding
- 33.61%
- Sales (last year)
- ₹616 Cr
Incorporated in 1984, Shivalik Bimetal Control Ltd. manufactures thermostatic bimetal/trimetal strips, components, shunt resistors and clad metals. [1]
Guidance scorecard · Q1 FY27 call
What Shivalik Bimetal Controls Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ1 FY27 call
20–40%- For FY27, Shivalik expects overall revenue growth in the range of 20% to 30%, driven by a mix of segments.
- Shunts are a key growth driver, with strong development in two-wheeler EVs and smart meters as high-demand end markets.
- Bimetal segment shows signs of volume growth after several quarters of stagnation, fueled by real estate and infrastructure.
- Cell connecting systems and bus bar assemblies are nascent but projected to scale significantly, targeting ₹300-400 crores revenue in 3 years with about 10-15% in year one.
- Value-added products contribute about 70-75% to shunt growth, underpinning margin quality.
2 more points from Shivalik Bimetal Controls Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Shivalik Bimetal Controls Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Pune facility Capex for bus bar and cell system project estimated at ₹20-25 crores in the current phase.
- Majority of high-CAPEX processes already established at existing Solon plant, so incremental Pune investment is relatively low.
- Future phases for making more assemblies or integrated finished assemblies may require additional capital.
- Shivalik maintains a dedicated team focused on innovation and new verticals to drive scalable growth beyond core business.
2 more points from Shivalik Bimetal Controls Ltd's call on capex
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FundraisingQ1 FY27 call
See what Shivalik Bimetal Controls Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Shivalik's cell connecting system business started with one major two-wheeler OEM that has scaled significantly into EVs.
- They are working on 2-3 additional designs with other OEMs, expected to convert into business by end of the year.
- The Pune facility’s first phase capacity can currently cater to only one model; full capacity operational from October.
- The company expects the Pune facility to generate business worth INR 300-400 crores in about 3 years.
- Revenue from this is anticipated at 10-15% of the total in Year 1, INR 150-200 crores in Year 2, and INR 300+ crores thereafter.
- Strong growth expected in shunts due to rising demand from Chinese OEMs and developments in EV two-wheelers.
2 more points from Shivalik Bimetal Controls Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Shivalik Bimetal Controls Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Shivalik Bimetal Controls Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 124 | 127 | 128 | 126 | 128 | 126 | 127 | 123 | 132 | 137 | 137 | 134 | 163 |
| Expenses + | 96 | 97 | 99 | 101 | 106 | 102 | 100 | 99 | 104 | 105 | 106 | 102 | 127 |
| Operating Profit | 28 | 30 | 29 | 25 | 22 | 24 | 27 | 25 | 28 | 32 | 31 | 32 | 35 |
| OPM % | 23% | 24% | 23% | 20% | 17% | 19% | 21% | 20% | 22% | 23% | 23% | 24% | 22% |
| Other Income + | 2 | 2 | 2 | 2 | 16 | 4 | 3 | 4 | 4 | 3 | 6 | 2 | 4 |
| Interest | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 |
| Profit before tax | 26 | 28 | 27 | 23 | 33 | 24 | 27 | 24 | 28 | 30 | 32 | 30 | 35 |
| Tax % | 16% | 24% | 26% | 26% | 23% | 24% | 25% | 25% | 26% | 25% | 23% | 25% | 25% |
| Net Profit + | 22 | 21 | 20 | 17 | 26 | 18 | 20 | 18 | 21 | 23 | 25 | 22 | 26 |
| EPS in Rs | 3.73 | 3.69 | 3.53 | 2.94 | 4.46 | 3.09 | 3.46 | 3.17 | 3.65 | 3.95 | 4.31 | 3.85 | 4.52 |
Financials of Shivalik Bimetal Controls Ltd
Profit & Loss
Annual income statement trend
| Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 95 | 109 | 119 | 158 | 193 | 187 | 204 | 324 | 470 | 509 | 508 | 571 |
| Expenses + | 85 | 95 | 100 | 132 | 158 | 166 | 168 | 251 | 361 | 403 | 405 | 440 |
| Operating Profit | 10 | 14 | 19 | 26 | 36 | 21 | 36 | 73 | 109 | 106 | 104 | 131 |
| OPM % | 11% | 13% | 16% | 16% | 18% | 11% | 18% | 23% | 23% | 21% | 20% | 23% |
| Other Income + | 2 | 0 | 2 | 5 | 7 | 5 | 6 | 9 | 11 | 22 | 14 | 15 |
| Interest | 4 | 4 | 3 | 3 | 4 | 3 | 2 | 3 | 7 | 5 | 4 | 5 |
| Depreciation | 3 | 4 | 5 | 5 | 5 | 6 | 6 | 6 | 11 | 12 | 12 | 14 |
| Profit before tax | 5 | 6 | 14 | 23 | 34 | 17 | 34 | 73 | 102 | 112 | 103 | 127 |
| Tax % | 50% | 42% | 40% | 27% | 29% | 22% | 26% | 25% | 23% | 25% | 25% | 24% |
| Net Profit + | 3 | 3 | 8 | 17 | 25 | 13 | 25 | 55 | 79 | 84 | 77 | 96 |
| EPS in Rs | 0.47 | 0.58 | 1.43 | 2.87 | 4.28 | 2.34 | 4.43 | 9.57 | 13.73 | 14.63 | 13.38 | 16.64 |
| Dividend Payout % | 42% | 0% | 12% | 14% | 9% | 9% | 9% | 7% | 9% | 12% | 20% | 24% |
Financials of Shivalik Bimetal Controls Ltd
Balance Sheet
Capital structure and asset base
| Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 8 | 8 | 8 | 8 | 8 | 12 | 12 | 12 | 12 |
| Reserves | 42 | 51 | 65 | 75 | 97 | 108 | 132 | 184 | 254 | 330 | 394 | 470 |
| Borrowings + | 41 | 47 | 29 | 36 | 45 | 25 | 28 | 58 | 59 | 42 | 42 | 61 |
| Other Liabilities + | 30 | 23 | 18 | 28 | 27 | 23 | 53 | 58 | 66 | 59 | 60 | 94 |
| Total Liabilities | 116 | 125 | 116 | 147 | 176 | 163 | 221 | 308 | 390 | 443 | 508 | 636 |
| Fixed Assets + | 37 | 41 | 43 | 45 | 45 | 45 | 46 | 79 | 118 | 120 | 137 | 151 |
| CWIP | 3 | 4 | 4 | 5 | 6 | 18 | 25 | 8 | 7 | 14 | 24 | 34 |
| Investments | 0 | 1 | 7 | 8 | 11 | 11 | 13 | 17 | 8 | 11 | 13 | 16 |
| Other Assets + | 76 | 78 | 61 | 89 | 115 | 88 | 137 | 205 | 258 | 298 | 334 | 435 |
| Total Assets | 116 | 125 | 116 | 147 | 176 | 163 | 221 | 308 | 390 | 443 | 508 | 636 |
Financials of Shivalik Bimetal Controls Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 2 | 16 | 12 | 6 | 4 | 41 | 30 | -3 | 66 | 69 | 94 | 55 |
| Cash from Investing Activity + | -7 | -2 | -3 | -7 | -7 | -14 | -15 | -24 | -41 | -18 | -58 | -68 |
| Cash from Financing Activity + | 4 | -6 | -17 | 1 | 3 | -27 | 0 | 23 | -18 | -29 | -26 | -0 |
| Net Cash Flow | -1 | 8 | -8 | 0 | 0 | -0 | 15 | -5 | 7 | 21 | 10 | -14 |
| Free Cash Flow | -5 | 14 | 9 | -2 | -2 | 27 | 15 | -28 | 35 | 49 | 64 | 20 |
| CFO/OP | 37% | 125% | 88% | 40% | 35% | 228% | 103% | 19% | 85% | 90% | 114% | 65% |
Financials of Shivalik Bimetal Controls Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 106 | 88 | 81 | 78 | 65 | 60 | 77 | 67 | 72 | 82 | 80 | 99 |
| Inventory Days | 221 | 150 | 153 | 182 | 264 | 172 | 253 | 260 | 196 | 165 | 166 | 179 |
| Days Payable | 115 | 46 | 48 | 78 | 56 | 41 | 127 | 95 | 63 | 50 | 49 | 65 |
| Cash Conversion Cycle | 212 | 192 | 187 | 181 | 273 | 192 | 202 | 232 | 206 | 196 | 197 | 213 |
| Working Capital Days | 181 | -1 | 68 | 86 | 105 | 108 | 92 | 104 | 109 | 125 | 121 | 128 |
| ROCE % | 12% | 16% | 24% | 28% | 14% | 23% | 36% | 38% | 33% | 26% | 27% |
Guidance history
How Shivalik Bimetal Controls Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
94 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +111.0% | 94% |
| Last 6 months | +70.2% | 94% |
| Last 3 months | +35.2% | 94% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Shivalik Bimetal Controls Ltd: 0.4 × 94 + 0.4 × 94 + 0.2 × 94 = 94.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Shivalik Bimetal Controls Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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