Any current/future new fundraising through debt or equity?

The management indicated a clear vision to reduce long-term borrowings and is working towards zero long-term debt. They aim to maintain some working capital debt due to the industry being working capital-intensive. There was a significant reduction in both long-term and short-term borrowings in the recent quarter. No specific mention of new fundraising through debt or equity was made during the call. Future capex related to new MOUs or expansions may happen but exact details or amounts are not disclosed currently. Overall, the company appears focused on managing leverage conservatively without

Any current/future capex/capital investment/strategic investment?

The company is in advanced discussions for a potential joint venture with Metalor, a Swiss leader in silver contacts, which aligns with their growth strategy in the silver contact segment. Future capex is expected to be relatively small since many facilities already exist; any additional expenditure will be aimed at creating a world-class setup supporting volume growth. They anticipate some capex related to expanding capacity, especially given customers’ investments in adding capacities in e-mobility, energy storage, and renewable energy applications. No detailed quantification of new capex is

Future growth expectations in sales/revenue/volumes?

Confident to maintain current growth levels despite short-term slowdown in shunt business. Bimetal capacity expansion driven by strong demand and new opportunities; expected to sustain good growth. Domestic market showing significant growth (around 20-25%), especially in bimetal sector; domestic contributing ~40% currently. Export business expected to lead long-term growth, with large future opportunities primarily from exports. Smart meter business currently ~10% of total revenue; expected to potentially double in next 1-2 years but will remain a smaller percentage overall initially. Market n

Future growth expectations in earnings/operating earnings/profits/EPS?

Management is confident of maintaining current growth levels despite shunt business slowdown, supported by strong bimetal growth. Bimetal capacity was increased anticipating strong demand from existing and new customers, expected to drive good growth and overall earnings improvement. Post Q4 FY24, management projects a wide growth range of 10%-40%, reflecting uncertainty but underscoring potential for strong upside if export markets normalize. Domestic smart meter business is growing fast and expected to at least double in coming years, contributing positively to earnings. Market headw

Current/ Expected Orderbook/ Pending Orders?

The management noted a current market slowdown mainly due to inventory destocking and macro factors, but the order book remains healthy without any loss of clients. Customers have shown positive outlook with some confirmed orders and are asking Shivalik to prepare for future demand, indicating confidence beyond a quarter or two. There is ongoing addition of new developments and customer engagements, especially in domestic and export markets. The management mentioned advanced discussions for volume contracts with industry leaders aimed at achieving their medium to long-term revenue targets. The

Shivalik Bimetal Controls LtdQ2 FY24Industrial Products

Shivalik Bimetal Controls Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹999.9P/E: 54.0Market Cap: ₹5.8K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Confident to maintain current growth levels despite short-term slowdown in shunt business.
Bimetal capacity expansion driven by strong demand and new opportunities; expected to sustain good growth.
Domestic market showing significant growth (around 20-25%), especially in bimetal sector; domestic contributing ~40% currently.
Export business expected to lead long-term growth, with large future opportunities primarily from exports.
Smart meter business currently ~10% of total revenue; expected to potentially double in next 1-2 years but will remain a smaller percentage overall initially.
Market normalization and inventory destocking expected in next few quarters; growth range post Q4 FY24 projected between 10% and 40% depending on macroeconomic factors.
Customer engagements increasing, with anticipation of volume contracts in coming periods.
Long-term revenue targets around INR 1,500-1,600 crores supported by capacity expansions and new contracts.

Margin guidance

Category 2

Management is confident of maintaining current growth levels despite shunt business slowdown, supported by strong bimetal growth.
Bimetal capacity was increased anticipating strong demand from existing and new customers, expected to drive good growth and overall earnings improvement.
Post Q4 FY24, management projects a wide growth range of 10%-40%, reflecting uncertainty but underscoring potential for strong upside if export markets normalize.
Domestic smart meter business is growing fast and expected to at least double in coming years, contributing positively to earnings.
Market headwinds, including macroeconomic and inventory destocking, may cause short-term pressure, but these are seen as temporary.
Operating leverage and cost control, along with forex gains, are expected to support margin improvement and profitability.
Long-term outlook remains positive with revenue targets linked to capacity expansions and growing demand from EV, renewable energy, and infrastructure segments.
Management does not expect losing clients, with new developments underway, aiding future profit growth.

See what Shivalik Bimetal Controls Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

The management indicated a clear vision to reduce long-term borrowings and is working towards zero long-term debt.
They aim to maintain some working capital debt due to the industry being working capital-intensive.
There was a significant reduction in both long-term and short-term borrowings in the recent quarter.
No specific mention of new fundraising through debt or equity was made during the call.
Future capex related to new MOUs or expansions may happen but exact details or amounts are not disclosed currently.
Overall, the company appears focused on managing leverage conservatively without plans for immediate new fundraising via debt or equity.

Order book

Yes

The management noted a current market slowdown mainly due to inventory destocking and macro factors, but the order book remains healthy without any loss of clients.
Customers have shown positive outlook with some confirmed orders and are asking Shivalik to prepare for future demand, indicating confidence beyond a quarter or two.
There is ongoing addition of new developments and customer engagements, especially in domestic and export markets.
The management mentioned advanced discussions for volume contracts with industry leaders aimed at achieving their medium to long-term revenue targets.
The shunt business order levels are temporarily lower due to macroeconomic challenges but expected to recover in the next financial year.
Smart meter-related tenders and orders are picking up, contributing to future growth visibility.
Export business is anticipated to drive bigger growth over the next 2-3 years while the domestic market will grow slowly.

See what Shivalik Bimetal Controls Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

The company is in advanced discussions for a potential joint venture with Metalor, a Swiss leader in silver contacts, which aligns with their growth strategy in the silver contact segment.
Future capex is expected to be relatively small since many facilities already exist; any additional expenditure will be aimed at creating a world-class setup supporting volume growth.
They anticipate some capex related to expanding capacity, especially given customers’ investments in adding capacities in e-mobility, energy storage, and renewable energy applications.
No detailed quantification of new capex is available currently; further details will emerge as MOUs are signed and projects progress.
The focus is on leveraging existing facilities while selectively adding capacity to meet growing demand domestically and internationally.
Overall, capex plans support scaling revenue potentially up to INR 1,500-1,600 crores over the next 3-5 years.

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