Shivalik Bimetal Controls Limited (SBCL)
₹1,023.90 -0.51% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Shivalik Bimetal's revenue was ₹182 Cr (+33.4% year on year, +11.8% on the previous quarter), and net profit ₹33.0 Cr (+44.9% year on year); the operating margin was 23.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹182 | +33.4% | +11.8% |
| Operating profit | ₹43.2 | +35.2% | +23.5% |
| Net profit | ₹33.0 | +44.9% | +26.9% |
| EPS (₹) | 5.73 | +44.7% | +26.8% |
| Operating margin | 23.7% | — | — |
SBCL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.87% of the SBCL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.34%. That is close to its usual level. It closed at a price band (circuit) on 2 sessions in about the last 20.
Delivery in the last 5 sessions: 47.1% · 52.8% · 55.8% · 59.5% · 44.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Shivalik Bimetal Controls Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The Registrar and Share Transfer Agent, MAS Services Limited, confirmed that all securities received for dematerialization between July 1, 2026, and September 30, 2026, were processed within 15 days. Security certificates received were verified, mutilated, and cancelled as per standard depository regulations. This is a recurring administrative disclosure with zero impact on operational or financial metrics.
- Compliance certificate submitted under Regulation 74(5) for the period 01/07/2026 to 30/09/2026
- RTA MAS Services Ltd confirmed demat requests were accepted/rejected within the stipulated 15 days
- Share certificates received were mutilated, cancelled, and member registers updated within 15 days
Shivalik Bimetal Controls Limited (SBCL) has informed the exchanges that Mrs. Aarti Sahni has tendered her resignation as Company Secretary, Compliance Officer, and Nodal Officer citing personal reasons. Her cessation will take effect at the close of business hours on December 7, 2026, providing a standard 3-month transition window. The company confirmed there are no other material reasons for the resignation. Operational and financial activities remain unaffected by this administrative secretarial transition.
- Resignation tendered on September 7, 2026 by Company Secretary Mrs. Aarti Sahni citing personal reasons
- Relinquishment of duties effective from the close of business hours on December 7, 2026
- Cessation covers roles as KMP, Compliance Officer (SEBI LODR), and Nodal Officer (IEPF)
- Provides a 3-month transition window until December 7, 2026 for appointing a successor
Shivalik Bimetal Controls Limited announced that Mrs. Aarti Sahni has resigned from her position as Company Secretary, Compliance Officer, and Nodal Officer due to personal reasons. Her cessation will take effect from the close of business hours on December 07, 2026, providing a three-month transition window. She confirmed that there are no other material reasons for her departure. This is a routine secretarial administrative transition with no impact on core business operations or financial metrics.
- Mrs. Aarti Sahni submitted resignation on September 7, 2026, citing personal reasons.
- Resignation and cessation as KMP/Compliance Officer effective from close of business hours on December 07, 2026.
- Relinquishing roles across all statutory committees and POSH committee membership.
- Confirmed no material reasons for resignation other than personal reasons.
Shivalik Bimetal Controls Limited (SBCL) has submitted the scrutinizer's report and voting results for its 42nd Annual General Meeting held on September 02, 2026. All 7 resolutions were approved by shareholders with overwhelming majorities (>99.9% in favor). Key approved items include the adoption of FY26 financial statements, dividend declaration, the appointment of M/s Walker Chandiok & Co. LLP as statutory auditors for a 5-year term, and alterations to the Articles of Association.
- All 7 resolutions passed with over 99.99% votes cast in favor out of 2,39,66,939 total votes polled
- Approval granted for the appointment of M/s Walker Chandiok & Co. LLP as Statutory Auditor for a 5-year term
- Confirmed payment of Interim Dividend and declaration of Final Dividend for FY26
- A total of 90 shareholders attended the AGM held via video conferencing (7 promoter group, 83 public)
Shivalik Bimetal Controls Limited (SBCL) announced that its shareholders approved an amendment to the Articles of Association (AoA) via a Special Resolution at the Annual General Meeting held on September 02, 2026. The amendment incorporates enabling provisions to permit future issuances of equity shares, convertible securities, warrants, and other instruments. The company clarified that this resolution is purely enabling and does not by itself authorize or initiate any immediate issuance of securities. With a market cap of ₹6,057 Cr and low debt (D/E of 0.09), this measure grants future corporate and capital-raising flexibility.
- Special Resolution passed at AGM held on September 02, 2026 to amend the Articles of Association.
- Remote e-voting was conducted from August 30, 2026 (9:00 AM) to September 01, 2026 (5:00 PM).
- Enables future issuance of permissible securities including equity shares, convertibles, and warrants.
- Company clarified the amendment is enabling in nature and does not execute an immediate securities issuance.
At its 42nd Annual General Meeting on September 02, 2026, Shivalik Bimetal Controls Limited approved key governance appointments. M/s Walker Chandiok & Co. LLP was appointed as Statutory Auditor for a 5-year term from FY 2026-27 to FY 2031 (42nd AGM to 47th AGM). Additionally, the remuneration of Cost Auditor Mr. Ramawatar Sunar was ratified for FY 2026-27, and the retirement by rotation of Managing Director Mr. Kabir Ghumman was transacted.
- Appointment of M/s Walker Chandiok & Co. LLP as Statutory Auditor for a 5-year term (FY 2026-27 to FY 2031)
- Walker Chandiok & Co. LLP is among top 4 audit firms in India with 70 partners and 2,215+ personnel across 16 cities
- Cost Auditor remuneration ratified for Mr. Ramawatar Sunar for FY 2026-27
- Retire by rotation of Managing Director Mr. Kabir Ghumman transacted at the 42nd AGM
Shivalik Bimetal Controls Limited conducted its 42nd Annual General Meeting on September 02, 2026, via video conferencing with 90 members in attendance (7 promoter group, 83 public). Shareholders considered key resolutions, including the adoption of FY26 financial statements, confirmation of interim dividend and declaration of final dividend, and the re-appointment of Managing Director Mr. Kabir Ghumman. Additionally, the appointment of M/s Walker Chandiok & Co. LLP as Statutory Auditor for a 5-year term (FY 2026-27 to FY 2031) and alterations to the Articles of Association were tabled for approval.
- 42nd AGM held on September 02, 2026, with 90 total members attending (7 promoter, 83 public)
- Total shareholder base recorded at 67,490 members as of the cut-off date (August 26, 2026)
- M/s Walker Chandiok & Co. LLP appointed as Statutory Auditor for a 5-year tenure spanning FY27 to FY31
- Approval taken for FY26 Audited Financial Statements, final dividend declaration, and re-appointment of MD Kabir Ghumman
Shivalik Bimetal Controls Ltd. reported a minor violation of its insider trading Code of Conduct involving an immediate relative of its Ex Head of Commercial & Administration. The relative executed a sale of 5 shares at Rs 1010.50 on August 14, 2026, and a purchase of 10 shares at Rs 1001.29 on August 21, 2026, without taking required prior approval. The total cumulative value of the trades is under Rs 16,000. The matter is currently under review by the Audit Committee for appropriate remedial action.
- Sale of 5 equity shares at Rs 1010.50 per share executed on 14.08.2026
- Purchase of 10 equity shares at Rs 1001.29 per share executed on 21.08.2026
- Violation observed: Prior approval was not taken before executing the trades
- Total transaction value is ~Rs 15,065, posing zero financial materiality to the company
Shivalik Bimetal Controls Limited has disclosed the demise of Mr. Swarnjit Singh, Non-Executive Independent Director of the company, on September 1, 2026. The intimation complies with SEBI LODR Regulation 30 requirements for director cessation. As this pertains to a non-executive independent board member, there is no direct impact on daily operational continuity, core business strategy, or financial performance (TTM revenue of ₹546 cr and net profit of ₹98 cr).
- Demise of Non-Executive Independent Director Mr. Swarnjit Singh on September 1, 2026
- Director Identification Number (DIN) noted as 07409567
- Cessation effective from September 1, 2026 under Regulation 30 disclosures
Shivalik Bimetal Controls Limited (SBCL) has received a No Objection Certificate (NOC) dated August 31, 2026, from both NSE and BSE. The approval pertains to the reclassification application dated May 22, 2026, submitted by Solan Developers Private Limited. Consequently, Solan Developers Private Limited will transition from the 'Promoter and Promoter Group' category to the 'Public' category pursuant to Regulation 31A of SEBI LODR Regulations.
- Received No Objection Certificate (NOC) on August 31, 2026, from both NSE and BSE.
- Solan Developers Private Limited reclassified from Promoter Group to Public category.
- Reclassification process was formally initiated via application dated May 22, 2026.
- Compliance executed in accordance with Regulation 31A of SEBI LODR Regulations, 2015.
Shivalik Bimetal Controls Limited has informed the exchanges that it is currently in the process of securing necessary approvals and permissions for setting up Phase-II of its Pune facility. This intimation follows a previous disclosure dated July 16, 2026. The announcement is a procedural update and does not disclose specific capex amounts, capacity additions, or commercial rollout timelines for Phase-II.
- Filing dated August 24, 2026 provides an update regarding the Pune facility (Phase-II)
- Follows up on the earlier company disclosure made on July 16, 2026
- Company is currently in the process of obtaining required statutory and regulatory approvals
- Capital expenditure outlay and capacity additions for Phase-II remain not disclosed
Shivalik Bimetal Controls Limited (SBCL) has entered into a loan agreement on August 21, 2026, to grant an unsecured loan of Rs 11.00 crore to its wholly owned subsidiary, Shivalik Engineered Products Private Limited (SEPPL). The funds will be utilized by SEPPL to meet working capital requirements and repay existing term loans. The transaction is conducted at arm's length and represents approximately 2.4% of SBCL's net worth (Rs 450 crore) and ~2.0% of TTM revenue (Rs 546 crore).
- Loan amount granted: Rs 11.00 crore unsecured loan to wholly owned subsidiary SEPPL
- Loan execution date: August 21, 2026
- Purpose: Financing working capital requirements and term loan repayment of the subsidiary
- Security provided: Nil (unsecured facility)
SBCL reported a robust Q1FY27 with consolidated revenue increasing 33.4% YoY to ₹182.2 Cr, significantly exceeding the previous quarterly run rate. Net profit (PAT) surged 44.9% YoY to ₹33 Cr, driven by a 30% growth in the Americas shunt business and improved product mix. Management provided a strong outlook, guiding for 20-30% revenue growth in FY27 as the new Pune facility becomes fully operational in October. Client concentration risk has notably decreased, with the largest customer now accounting for <20% of revenue compared to 35-40% historically.
- Consolidated revenue for Q1FY27 reached ₹182.2 Cr, a 33.4% YoY increase.
- Net profit (PAT) grew 44.9% YoY to ₹33 Cr, representing nearly 38% of the entire FY26 PAT in one quarter.
- Management guided for FY27 revenue growth in the range of 20% to 30%.
- Shunt business in the Americas grew 30% YoY, signaling a recovery in key export markets.
- Pune facility Phase 1 received consent to operate, with full manufacturing scale-up expected by October.
Shivalik Bimetal Controls Limited (SBCL) has dispatched notices for its 42nd Annual General Meeting (AGM) scheduled for September 02, 2026. The Board has recommended a final dividend of 100%, which is Rs 2 per equity share of Rs 2 face value for FY 2025-26. The record date for determining dividend entitlement and voting eligibility is August 26, 2026. Remote e-voting will be available from August 30 to September 01, 2026.
- 42nd Annual General Meeting scheduled for September 02, 2026, via Video Conferencing.
- Final dividend of Rs 2 per share (100% of face value) recommended for FY 2025-26.
- Record date for dividend and voting eligibility set for August 26, 2026.
- Remote e-voting period commences on August 30, 2026, and concludes on September 01, 2026.
- Annual Report for FY 2025-26 made available via web-link and QR code for shareholders.
Shivalik Bimetal Controls Limited (SBCL) has fixed August 26, 2026, as the record date for a final dividend of Rs 2 per equity share for FY 2025-26. This follows a fiscal year where the company reported a PAT of Rs 87.35 Cr and an EPS of Rs 15.16. At the current market price of Rs 1031.8, the dividend yield is approximately 0.19%. The dividend is subject to shareholder approval at the 42nd Annual General Meeting scheduled for September 02, 2026.
- Final dividend of Rs 2 per equity share announced for the financial year 2025-26
- Record date for dividend entitlement fixed as August 26, 2026
- 42nd Annual General Meeting (AGM) to be held on September 02, 2026
- Dividend yield stands at approximately 0.19% based on the current price of Rs 1031.8
Financial Performance
Revenue Growth by Segment
The group achieved a consolidated revenue of INR 520.61 Cr in FY24, representing a 10.35% growth from INR 471.80 Cr in FY23. The bimetals segment saw 19.3% volumetric growth in FY24, while the resistors and shunts business is registering 8-10% growth, driven by high value-add components. Q2 FY26 revenue grew 8.09% YoY to INR 118.42 Cr.
Geographic Revenue Split
Export share stood at 56.22% as of H1 FY26, with revenue originating from 38 export markets including the US, EU, and Asia. Domestic sales account for the remaining 43.78%.
Profitability Margins
Gross margins improved to 45.84% in H1 FY26 from 42.88% in H1 FY25 (up 296 bps). PAT margins were 16.18% in FY24 and improved to 17.29% in H1 FY26. The improvement is driven by a shift toward high-value components and a reduction in lower-margin strip business.
EBITDA Margin
EBITDA margin stood at 23.00% for H1 FY26, a 306 bps increase from 19.94% in H1 FY25. Core profitability is bolstered by indigenous machine building and a rupee-based cost shield against European peers.
Capital Expenditure
The company has an existing asset base capable of supporting over INR 1,300 Cr in revenue, suggesting limited immediate need for greenfield capex. Tangible fixed assets stood at INR 166 Cr in H1 FY26, up from INR 125 Cr in FY24.
Credit Rating & Borrowing
CRISIL maintains a 'Stable' outlook. Interest coverage ratio is expected to strengthen to 27-28 times in FY25, compared to 24.97 times in FY24. The company operates with low gearing of 0.13 times as of March 31, 2024.
Operational Drivers
Raw Materials
Nickel and copper are the primary raw materials, collectively accounting for approximately 50% of the overall production cost.
Import Sources
A large portion of raw material procurement is imported to ensure the quality of specialized alloys, though specific countries are not disclosed in the available documents.
Capacity Expansion
Current asset base supports >INR 1,300 Cr revenue. No further large debt-funded capital expenditure is planned in the medium term to maintain a strong financial risk profile.
Raw Material Costs
Raw material costs are approximately 54% of revenue (implied by 45.84% gross margin). The company employs order-backed processing for customized products to mitigate the risk of commodity price fluctuations.
Manufacturing Efficiency
SBCL utilizes a 'Dual-process technology' (Electron Beam Welding + Diffusion Bonding). It maintains 77 diffusion bonded bimetal grades compared to a global median of 10, indicating high technical efficiency.
Strategic Growth
Expected Growth Rate
12-15%
Growth Strategy
Growth will be achieved through a shift toward high-value-add components in the resistors and shunts business, which is expected to add INR 40-50 Cr to the topline over three years with superior margins. The company is also targeting volumetric growth from Q4 FY25 based on high customer estimates in the smart meter and switchgear segments.
Products & Services
Thermostatic bimetal/trimetal strips, shunt resistors, high-value-add electrical components, and clad metals used in switchgears, energy meters, and EVs.
Brand Portfolio
Shivalik Bimetal Controls Limited (SBCL).
New Products/Services
Focus on complicated small-component business and high-value-add resistors which have longer-term life cycles than standard strip supply.
Market Expansion
Expansion is focused on 38 export markets and deepening partnerships with 300+ OEMs/Tier-1s in sectors like energy storage and smart meters.
Market Share & Ranking
SBCL is one of the few manufacturers of bimetal parts and shunt resistors in India, holding a leading market position in the niche linear bimetals segment.
Strategic Alliances
Innovative Clad Solutions Private Limited (ICSPL) is a Joint Venture with M/s Arcelor Mittal Stainless and Nickel Alloys (SBCL holds 16.01%).
External Factors
Industry Trends
The industry is shifting toward smart metering and energy storage systems. SBCL is positioning itself as a multi-site engineered-materials partner rather than just a bimetal specialist to capture this 21% CAGR trend.
Competitive Landscape
SBCL faces limited competition in India due to the niche nature of linear bimetals. Key global competitors exist but SBCL maintains a cost advantage via a rupee-based cost base.
Competitive Moat
Moats include a 24-month customer re-qualification period and a 15+ year average customer lock-in. The 'Dual-process fortress' (EBW + Diffusion Bonding) is difficult for competitors to replicate quickly.
Macro Economic Sensitivity
Growth is highly correlated with the performance of the electrical, electronics, and automotive industries. Sluggishness in the EV market delayed anticipated growth in FY24.
Consumer Behavior
Increased demand for accurate sensing and thermal control in EVs and smart homes is driving the shift toward high-precision shunt resistors.
Geopolitical Risks
Exposure to international trade policies such as the US IRA, EU Green Deal, and India's RDSS Program which drive demand for sensing and switching components.
Regulatory & Governance
Industry Regulations
Operations are influenced by India's RDSS (Revamped Distribution Sector Scheme) for smart meters and international standards for EV components.
Environmental Compliance
The company utilizes hydroelectric energy to maintain Nil Scope-2 emissions, aligning with global ESG requirements.
Taxation Policy Impact
Effective tax rate is approximately 24.2% based on H1 FY26 figures (INR 15.19 Cr tax on INR 62.56 Cr PBT).
Risk Analysis
Key Uncertainties
Volatility in nickel and copper prices (50% of cost) and potential delays in the global EV market recovery could impact growth by 5-10%.
Geographic Concentration Risk
56.22% of revenue is concentrated in export markets, making the company sensitive to global trade dynamics.
Third Party Dependencies
High dependency on imported alloys for raw materials; any supply chain disruption could impact the 133-day inventory cycle.
Technology Obsolescence Risk
The company mitigates technology risk through a 1% R&D spend and a focus on 'Diffusion Bonding' which is a specialized, high-barrier technology.
Credit & Counterparty Risk
Receivables and inventory led to GCA days of 223 in 2022, though liquidity remains 'Strong' with bank limit utilization at only 45.2%.
