SBCLNSE30 May 2025

Shivalik Bimetal Controls Limited has informed the Exchange about Investor Presentation

Shivalik Bimetal Controls Limited

SBCL/BSE & NSE/2025-26/12 29th May, 2025 To, BSE Limited Corporate Relationship Deptt. PJ Towers, 25th Floor, Dalal Street, Mumbai – 400 001 Code No. 513097

To, National Stock Exchange of India Ltd. Exchange Plaza, Plot No. C/1, G-Block Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 Code No. SBCL

Subject: Submission of Earnings Call Presentation

Ref: Letter dated 27th May, 2025, providing details of the Investor Conference Call – Standalone and Consolidated Audited Financial Results for the quarter and year ended March 31, 2025

Dear Sir/Madam,

In continuation to our letter dated 27th May, 2025, please find enclosed a presentation on the Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2025.

The presentation www.shivalikbimetals.com.

is also being made available on

the Company's website at

You are requested to take the same on record.

Thanking you, For Shivalik Bimetal Controls Limited

Aarti Sahni Company Secretary & Compliance officer M. No: A25690

Encl: As above

SHIVALIK BIMETAL CONTROLS LTD. Investor Briefing

Precision that Powers Progress

Q 4 & F Y 2 5

This presentation may contain forward‑looking statements, which are based on currently available information, operating plans and future expectations of Shivalik Bimetal Controls Ltd. (“SBCL”). Actual results may differ materially due to a variety of factors. SBCL undertakes no obligation to update these statements publicly. Readers are advised to refer to the Company’s latest Annual Report and stock‑exchange filings for a full discussion of the risks and uncertainties involved.

CIN: L27101HP1984PLC005862 Website: www.shivalikbimetals.com

Overview

SBCL- At a Glance

Investment Rationale

Financial Performance

Timeline & Milestones

Business Product Segments

Manufacturing & Technology

Management Commentary

Market Opportunity & Growth Drivers

Quarterly & Year- end Updates

Shivalik- At a Glance

End‑to‑end precision materials manufacturer with robust global footprint

COMPANY OVERVIEW

Shivalik Bimetal Controls Ltd. (SBCL) is India’s only fully integrated manufacturer of precision thermostatic bimetals, low‑ohmic shunt resistors and silver contacts, critical components that enable accurate sensing, switching and thermal control across electric vehicles, smart meters, switchgear and energy‑storage systems.

Headquartered in Himachal Pradesh with three manufacturing campuses and sales nodes in the US, EU and Asia, SBCL partners with 300+ OEMs/Tier‑1s in 38 countries.

Standalone Financial Performance (₹ in crore)

Particular

FY25

5-yr CAGR

Revenue

437.21

21.04%

PBT

97.19

31.34%

Net-PAT

72.43

31.60%

EPS

12.57

19.01%

Export Share 56.22%

EBIDTA Margin

22.28%

ROCE

24.65%

01.a

Shivalik- At a Glance

Our growth journey

Shivalik has transitioned from a single‑plant bimetal specialist into a multi‑site engineered‑materials partner for over 300 marquee customers.

The existing asset base can support >₹ 1,300 Cr revenue, sustaining high incremental Pre-tax ROCE without major greenfield risk.

S BCL has scaled at ~21 % CAGR while defending margins, converting >70 % of EBITDA to free cash: equally critical is its quality of earnings that has improved.

Half of revenue now originates from 38 export markets, demonstrating global competitiveness.

Operates Asia’s largest EBW strip facility and 77 proprietary bimetal grades; supplies 300+ OEM/Tier‑1 customers across 38 countries.

INVESTMENT RATIONALE Strong cash generation, market leadership, and sustainable growth drivers

Pillar

Evidence (FY25 unless stated)

Take-away

Financial Resilience

Rev. CAGR 21 %, PAT CAGR 32 %, net‑cash ₹ 68 Cr, ROIC > 25 %

Market Leadership

double‑digit global and domestic share in both product segments- shunt resistors & bimetals

Strong free‑cash generation, self‑funded growth, zero-debt company

Pricing power & sticky customer base with relationships lasting 20+ years

Multi‑Decade Growth

EV shunt TAM 3× ICE; 250 Mn smart‑meter roll‑out; GIS export boom

Visible growing topline through FY30+

Cost & Tech Moat

In‑house EBW build with high IP & know-how required - capex comparatively lower than industry normal; 77 bimetal grades, driven by specialised R&D teams; Indias only Electron Beam Welding capability & one of few globally leading EB welders

Sustainable cost edge & high entry barriers

ESG & Governance

Institutional Validation

Primarily utilizing hydroelectric power while transitioning to renewable energy via solar sources

Aligned towards ESG compliance

Long‑only funds, various broker recommendations

Endorsed by leading institutions

2.a

ESG Architecture Anchored in Renewable Energy & Responsible Governance

Hydro powered operations, measurable social impact and rigorous governance secure Shivalik’s standing as a preferred partner in global green value chains.

Integrated ESG Levers Compounding Investor Value:

Hydro-powered operations & introduction of solar panels combined with ethical suppliers lower ESG-driven disruption risk, preserving cash-flow visibility and supporting valuation multiples.

Ongoing insights towards trimming material intensity and scrap, directly enhancing gross margins and operating leverage.

Pillar

2025 Status

2026 Roadmap

Strategic Upside

Environment

Social

Tree plantation and a Green Park enhance sustainability, while ETP and STP support waste management through Reduce, Reuse, and Recycle principles

Tree plantation drive on advance level and steps towards clean energy and waste management solutions.

Ensuring and Enhancing Sustainability

A strong culture drives growth to 1,000+ employees in FY25, while supporting the local community with healthcare facilities, educational and hunger eradication programs.

Expand and strengthen programs supporting healthcare, education, and hunger relief for the local community.

Strengthens licence‑to‑operate through goodwill

Science-based targets and disclosures justify premium pricing to OEMs pursuing Scope 3 reductions, lifting EBITDA without incremental capital.

Governance

Robust board oversight with five independent directors, including two women, ensures transparency and ethical governance, supported by statutory policies

Advance board oversight, diversity, and ethical governance with strengthened policies and enhanced transparency initiatives

Reputation of transparency and ethical business conduct

Verified ESG credentials provide advantage of access to sustainability-linked funds when required, broadening the funding base and potentially lowering the weighted average cost of capital.

Authentic social impact initiatives paired with advanced manufacturing technologies attract top engineering talent, fuelling the next wave of product differentiation and growth.

Scope‑2 Emissions

Installing solar panels, along with hydroelectric power, accelerates the shift to clean and sustainable energy

Transitioning to full renewable energy

Green-energy fuelled

Steady revenue enabling margin expansion and cash conversion

Key drivers:

FY25 topline steady despite North‑American EV slowdown, underpinned by domestic smart‑meter demand and switchgear exports.

Margins affected by product mix & fluctuations in raw materials

Sustained Pre-tax ROCE >25 % showcases asset‑light debottleneck strategy

Operating cash flow ₹ 93 Cr in FY25 vs capex ₹ 25 Cr supports net‑cash balance of ₹ 68 Cr.

Particular

FY21

FY22

FY23

FY24

FY25

Revenue (₹ Cr)

204

EBITDA (₹ Cr)

EBITDA %

20%

PAT (₹ Cr)

PAT Margin

12%

324

23%

16%

420

104

25%

17%

449

102

23%

18%

437

22%

17%

Standalone Financial Performance (₹ in crore)

Proven track record of innovation and capacity acceleration since 1984

1984-1986

Incorporated as a private limited company in June 1984 Converted into a public limited company in May 1986 Set up first plant in Asia to manufacture Thermostatic Bimetals in Oct 1986

1994-2000

Launch of a new product- Cathode Ray Tube business line for parts Integrated manufacturing process Acquired New Technology & know-how of Electron Beam Welding in 2000

2002-2003

The Company’s in House R&D units stands recognised by the government on 17th May 2002

2005-2008

Entered into a Joint Venture agreement with Checon Corporation USA in the year 2006 to manufacture silver contacts Entered into a Joint venture with Arcelor Mittal Stainless & Nickel Alloys and Dnick Holding Plc. to manufacture cladding material at SEZ Pithampur, Indore, MP A 100% subsidiary company named Shivalik Bimetal Engineers Pvt. Ltd. was incorporated during FY 2007-08 for providing technical and engineering services

2009-2011

Acquired the equipment of Sandvik Heating Technology, AB, Sweden, for manufacturing bimetals / tri-metals through cold bonding process in 2011

2015-2020

Launch new product line i.e, Shunt resistor Expanded Product portfolio i.e., Thermostatic Bimetal,Tri-metal, Coil & Spring, SMD, Shunt

2021-2023

Commencement of New Factory Established largest EBW / Bonding / Stamping capacity across the globe Achieved Net Worth of INR 230 Crores+ Listed on National Stock Exchange of India Limited

2024-2025

line kickstarted with

Pilot PCBA assembly functionality anticipated in FY26 Shivalik Bimetals Europe SRL in Italy established as wholly owned subsidiary adding to growing global presence

Diversified segments leveraging proprietary tech for differentiated customer value

Segment

FY25 Revenue

Mix

5-yr CAGR

Shunt Resistors

212.37

41.76%

20.48%

Thermostatic Bimetals

224.84

44.21%

21.58%

Electrical Contacts

71.33

14.03%

16.26%

SHUNT RESISTORS Ultra‑low‑ohmic current‑sensing components, Electron Beam Welding- fabricated.

THERMOSTATIC BIMETALS Metal strips that bend predictably with heat, opening/closing circuits.

ELECTRICAL CONTACTS Silver/Ag‑alloy tips ensuring arc‑resistant switching.

05.a

SHUNT RESISTORS

Launched in 2015 & fastest‑growing business vertical

The Critical Role of Shunt Resistors in Smart Meters

Applications of Shivalik’s EBW welded Shunt Resistors in Automotives

Manufacturing Technology: Electron‑Beam Welding (EBW)

Function: Ultra‑low‑ohmic current‑sensing components

Think of them as electrical traffic cops, precisely measuring the flow

of electrical current in a circuit.

They help in accurate current detection and control, crucial for safety

and efficiency in electrical systems. Applications: Vital in EV battery‑management (BMS) , smart meters, ESS packs, industrial drives. Used in Electronics, Electrical,

& Automotive industries (EV, ICE & Hybrid), Gas Meter, Charging

Infrastructure, Energy Storage & Management, & Power Modules.

Our Strategic Differentiator: One of few global EBW shunt resistor

makers with focus only on high-precision EB welded shunt resistors.

05.b

THERMOSTATIC BIMETALS

Legacy profit engine since 1984

Manufacturing Technology: High‑pressure Diffusion Bonding

Function: Metal strips that bend predictably with heat,

opening/closing circuits.

Imagine two different metals joined together that react differently to

heat. When heated, they bend or curve, acting as a switch to open

or close an electrical circuit.

This makes them essential for protection against overheating and

for temperature control in various devices.

Applications: Primarily used in switchgear, irons/geysers, auto

thermostats & sensors, household appliances. Caters to Industrial,

Automotive, Switchgear, & Electrical appliances.

Our Strategic Differentiator: Tech Leadership with proprietary diffusion grades enabling design‑in with OEMs, & sole component manufacturer amongst our product lines

05.c

ELECTRICAL CONTACTS

Vertical‑integration play (Checon stake buy‑out 2023).

Manufacturing Technology: Brazing/Welding/Cladding

Function: To ensure the current flow to devices or systems. Primarily,

electrical contacts facilitate the on/off switching of circuits, regulating the

flow of electrical power

Think of electrical contacts in simple terms as the "touch points" inside

electrical switches and devices that come together to allow electricity to

flow and move apart to stop the flow. They are essential for turning things

on and off in a controlled manner.

Applications: Lighting and wiring accessories, Circuit breakers, relays,

contactors, smart-meter latching relays, Automotives, and electrical

appliances.

Our Strategic Differentiator: Offering end solutions to market by

providing ready to use sub-assemblies, combining the manufacturing of

electrical contacts and joining them onto complex sheet metal

stampings.

Proprietary technologies drive cost leadership and superior product quality whilst riding the global electrification wave

06.a

OUR PRECISION ENGINEERING FORTRESS

Advanced manufacturing capabilities driven by strong R&D engines

Corporate Office, New Delhi

Shivalik Bimetal Controls Ltd. 1 & 2

SEPPL Plant 3

Our Corporate Office is in New Delhi, India with manufacturing bases in Solan & Indore:

Shivalik Bimetal Controls Ltd. (SBCL) Plant 1 Solan, H P. India

Shivalik Bimetal Controls Ltd. (SBCL) Plant 2 Solan, H P. India

ICS

Shivalik Engineered Products Pvt. Ltd. (SEPPL) Plant 3 Solan, H P. India

Innovative Clad Solutions Private Limited (ICS) (Joint Venture) Indore, M P. India

people

Robust R&D teams driving our core technologies: Diffusion Bonding, Cold Bonding, Electron Beam Welding, Braizing & Welding, & High precision strip processing

“As part of our growth strategy, we look forward to expanding our Global presence, and are pleased to share the addition of ‘Shivalik Bimetals Europe SRL’ in Italy, established during FY25 as our wholly owned subsidiary (WOS). This WOS is in addition to our other wholly owned subsidiaries, Shivalik Bimetals Engineering Pvt. Ltd. (SBEPL- New Delhi) & SEPPL (Solan). - Mr. Kabir Ghumman, Managing Director

06.b

OUR PRECISION ENGINEERING FORTRESS

State-of-the-art facilities

Strong capacity growth from optimized CAPEX

• INR 100 crores of capex already spent over FY 2021 to FY 2024 • INR 15 to 20 crores to be spent for optimization and to improve productivity over FY 2025 to FY 2027 • Sales Potential post expansion – INR 1,600 Crores

Plant 1

Plant 2

Plant 3 (Nearing functionality in July 2025)

• World’s Largest Capacity &

Production of Strip Electronic Beam

Welding

• Inhouse stamping shop

• Inhouse R&D and Innovation

•Inhouse Reliability Testing

• Inhouse Tooling and Design

Our Machinery:

06.c

ELECTRON BEAM WELDING (EBW)

The Precise Joining Expert for Shunt Resistors

Imagine using a super-focused, high-speed beam of tiny

particles (electrons) to melt and fuse metals like copper and

manganese together with incredible accuracy.

Think of it like a very precise beam welder, but instead of

light, it uses electrons in a vacuum to create strong and clean

joints.

Shivalik can build these specialised welding machines

themselves for about half the cost of buying them from

overseas.

This allows us to make industry-leading shunt resistors that

can measure electrical current with very high precision. Only

a few companies have this expertise & SBCL stands as a

leading EBW welder globally with large capacity.

Our Machinery:

06.d

DIFFUSION BONDING

The Patient Metal Merger for Thermostatic Bimetals

Picture pressing different metals together very tightly under high heat and pressure for a specific time. Over time, the atoms from each metal mingle and create a strong, seamless bond, almost like they've become one, without disturbing the original properties of the alloys joined.

It's like slowly merging two pieces of dough together by pressing them, they become a single piece.

This process allows Shivalik to quickly develop new combinations of metals (bimetals) with specific properties, which are essential for customers in industries like switchgear, HVAC, and electrical appliances.

This can lock customers into using Shivalik's designs for many years. Shivalik manufactures grades of bimetals using this method as a critical component with high-switching costs for global marquee clientele.

In the same way, cold pressure bonding is also part of Shivalik’s machinery capabilities, following the same process of diffusion bonding without heat.

06.e

Our Manufacturing & Machinery: FORTRESS OF COST, QUALITY, & TECHNOLOGY LEADERSHIP

Platform

Shivalik Edge

Role & Mechanism

Economic / Customer Impact

Electron Beam Welding (EBW)

Relatively lower capex vis- a-vis import cost of machine

In-house-built EBW lines join copper–manganin strips at micro-scale

Ultra-low-ohmic shunt resistors; first- quartile cost curve

Diffusion Bonding

Rapid alloy-grade development cycle

High-pressure diffusion of bi- & tri-metal strips for bimetals vertical

Locks OEMs into multi-year design platforms (switchgear, HVAC, EV)

Precision Strip Processing “Metal Quality Controller”

Back-integration minimises scrap

In-house slitting, levelling and tension-control of thin metal strip

Uniform conductivity, fewer field failures, higher material yield

In-House Machine Build “Capacity-on- Demand Workshop”

CNC tool-room & automation

Designs and assembles EBW lines with shorter lead times vs longer procurement driven by strong R&D teams

Capacity added exactly when demand spikes, safeguarding EBITDA

MANAGEMENT LENS

Our dual process fortress (EBW + Diffusion bonding) is unique globally. It gives us pricing power in shunts and bimetals while competitors face euro-denominated inflation and 24- month lead times.

Our relentless drive to introduce more automatation at every stage of production further compresses lead times and safeguards margins.

- Mr. Kabir Ghumman (Managing Director)

Next-gen leadership, Mr. Kabir Ghumman & Mr. Sumer Ghumman, prepared to convert operational capacity into financial performance

07.a

Management Commentary: Managing Director Translating Proprietary Metallurgy into Sustainable Economic Profit

“Fiscal 2025 has validated Shivalik’s central premise: mastery of niche, metallurgical joining technologies yields a moat that is both deep and lasting. Today, we commercialise seventy-seven proprietary bimetal and trimetal grades & high-precision shunt resistors, a capability born of decades refining diffusion bonding, electron-beam welding, and brazing. These are knowledge- and capital-intensive crafts, with steep learning curves measured in cumulative kilometres of welds, an experiential reservoir hard to emulate. The result is sustained preference from global switchgear majors, next-generation EV platforms and smart-meter OEMs, all of whom demand precision in current sensing and thermal control.

Operationally, we fortified the pillars that confer longevity upon Shivalik. Our facilities retained the full suite of IATF 16949, ISO 9001, ISO 45001 and ISO 14001 certifications, affirming our commitment and discipline across quality, safety and environmental stewardship. In-house machine-building and progressive automation compressed lead times and shielded us from capex inflation, while ‘here-to-stay’ process technology delivered another year of resilient margins and steady cash conversion despite macro-economic dissonance.

As we enter FY 2026, we are focused on monetising latent EBW capacity to seize the EV up-cycle, deepen forward integration into high-value assemblies, and translate our metallurgical pre-eminence into superior, enduring returns on capital.”

KABIR GHUMMAN Managing Director

07.b

Management Commentary: Whole-time Director Forward Integration Fuels the Next Wave of Electrification Growth

“FY25 has reaffirmed a core thesis for Shivalik. Our deep-rooted expertise in precision metal joining enables us to not only maintain leadership in our foundational categories of shunts and thermostatic bimetals, but to also transition purposefully into higher order assemblies that offer greater value addition and customer intimacy.

The global energy transition continues to provide a durable tailwind for our base business. However, it is our forward integration into PCBA assemblies can position us strongly for the next leg of growth. By repurposing unused electron beam welding capacity toward differentiated, application-ready platforms, we are expanding our addressable market, enhancing margin sustainability and deepening our technological moat.

Operationally, we sustained a healthy EBITDA margin of 22.3 percent for the full year and improved it to 23.2 percent in the fourth quarter. This was achieved despite a marginal 2.7 percent decline in standalone revenue, reflecting the underlying efficiency and discipline in our cost structure. Gross profit remained stable during the quarter, while standalone EBITDA rose nearly 25 percent year on year.

The performance of our Shunt Resistor segment was particularly strong. Annual revenues grew by 3.7 percent, led by a 31 percent increase in domestic sales in India. Europe and Asia also contributed meaningfully, with year-on-year growth exceeding 20 percent in each region. In the thermostatic bimetal segment, while domestic volumes were softer, the Americas registered a full-year recovery and Asia rebounded sharply in the final quarter, rising over 60 percent from a year ago.

Our strategy is built on two pillars. The first is portfolio progression, where we continue to evolve from selling discrete metal strips & components to delivering sub-assemblies that address a larger share of customer needs. The second is financial stewardship, where we remain focused on preserving the return ratios recorded in FY25 through a rigorous approach to capital allocation and governance.

In sum, FY25 has been a year of strategic validation. With our execution rigor, sectoral tailwinds and clear capital discipline, Shivalik is well placed to deliver value to all stakeholders while remaining central to the world’s electrification agenda.”

SUMER GHUMMAN Whole-time Director

07.c

Management Strategy: Blueprint for Next-Decade Value Creation

Strategic Lever

What We Will Do

Value Catalyst

Forward Integration to Complex Assemblies

New Product Verticals

Geographic Expansion

Move beyond precision strips into value-added end components and assemblies. Streamline multi-step manufacturing flows under one roof. Deepen share of customer wallet through solution selling.

Higher realised margins, stronger switching costs, larger addressable profit pool.

Introduce technically advanced offerings that diversify the revenue mix. Leverage Make-in-India incentives to serve domestic and export electronics hubs.

Portfolio de-risking and incremental growth without large greenfield capex.

Build direct market access in North America and Western Europe, aiming for thirty per cent share in priority niches. Establish local fulfilment nodes for faster service and tariff resilience.

Revenue resilience, currency diversification, closer proximity to tier-one customers.

Strategic Partnerships and JVs

Collaborate with key customers and component specialists to co-develop next-gen assemblies. Scale volumes rapidly without proportionate fixed investment.

Accelerates learning curve, secures long- term demand visibility.

Backward Integration

Bring selected raw-material and tooling processes in-house. Tighten control of quality and working-capital cycles.

Improves cash-flow conversion and protects gross margin.

TAM expansion through EV, smart meter, and grid trends

08.a

Market Opportunities & Growth Drivers: Demand Flywheels

Structural Demand Flywheels Driving Non-Linear TAM Expansion

Key drivers & commentary

Key Growth Drivers & Market Shifts (2023-2030)

EV Inflection: IRA subsidies & EU Fit‑for‑55 propel global BEV (Battery Electric Vehicle) + PHEV (Plug-in Hybrid Electric Vehicle) to 30 % mix; each EV carries 2× shunt value vs ICE.

India SMNP: 250 Mn smart meters sanctioned; localisation clause = Make in India advantage & access to PLI (Production-Linked Incentive) schemes

Grid‑Hardening: $32 Bn GIS switchgear build‑out by 2030 drives bimetal demand; SBCL already qualified at global OEMs.

Energy Storage: stationary batteries require low‑ohmic current sensors, natural adjacency for SBCL’s shunt range.

Data Centres: Surge in global data centre build-out and AI-driven digitisation is catalysing demand in power infrastructure and grid equipment, unlocking structural tailwinds for both Bimetals (thermal protection) and Shunt Resistors (current sensing).

Electrification: Accelerated energy transition towards renewables is driving sustained demand for precision components in grid modernisation, EVs, and storage systems, strengthening medium-term visibility for Shunt Resistors and Bimetals.

Cost‑China Shift: Western OEMs diversifying out of China seek dual‑source policy; SBCL gains share as India’s only EBW shunt house.

Sources

EV/Shunt: The Business Research Company, Grand View Research, IEA Smart Meters: Smart Energy International, MarketsanData, Allied Market Research GIS: ResearchAndMarkets, IndustryARC, Government of India Policy: US IRA, EU Green Deal, India’s RDSS Program

08.b

Market Opportunities & Growth Drivers: High-Growth Verticals Unlocking 3× TAM Upside

EV powertrains, smart meters and GIS build-outs converge to drive double-digit demand through FY 30 and beyond.

Growth Sector

Key Details

EV Shunt Market (3× ICE TAM)

Market Size: $2.98B (2024) →$4.09B (2029) at 6.5–6.8% CAGR EV Adoption: $6.5T market by 2030 (32.5% CAGR) TAM Expansion: EV grid needs drive 3× larger TAM vs.ICE

250M Smart Meters (India)

Target: 250M meters by 2025–2027 Impact: Reduces technical losses from 22% → 12–15% Market: $250.7M (2023) → $763.2M (2031) at ~15% CAGR

GIS Export Boom

Market: >10% CAGR through 2030 → $32B+ by 2033 Drivers: AI/ML integration, smart cities, climate resilience Exports: India’s GIS tech demand surges for urban planning

Sources

Sustained Topline Growth (FY30+)

Convergence: EV + smart grids + GIS leading sustained growth Policy: US Inflation Reduction Act, EU Green Deal

08.c

Competitive Landscape & Moats:

Enduring Structural Moats Safeguarding Long-Term Value Creation

Dual‑process technology moat and balance sheet strength ensure competitive advantage

Structural Moats

Dual‑process fortress (EBW + Diffusion Bonding) driven by strong R&D teams, impossible to replicate quickly; customer re‑qualification 24 months.

Lower capex per EBW line; rupee cost shield vs euro peers.

Average customer lock-in programme life 15+ yrs; SBCL’s share of

BoM not major, ranging from case to case basis- causing negligible

Factor

SBCL

Global Median

Commentary

Diffusion Bonded Bimetal Grades

R&D Intensity

Larger range than peers

0.6 %

Faster product cycle

switch incentive.

Gross Margin

46.57%

37 %

Indigenous machine build; INR cost base

Net‑cash allows opportunistic working‑capital stocking, protecting

Net Debt

Nil

0.8×

Advantage of being a zero-debt company

delivery reliability.

Majorly Hydroelectric energy consumption

Scope‑2 Emissions

Nil

Majorly hydroelectric energy consumption

Q 4 & F Y 2 5

FINANCIAL & OPERATIONAL HIGHLIGHTS

US TARIFF IMPACT (APRIL- MAY 2025)

DOMESTIC & EXPORT SPLIT

SEGMENT-WISE PERFORMANCE HIGHLIGHTS

Q4FY25 SEGMENT-WISE SHARE HIGHLIGHTS

FY25 WORKING CAPITAL UPDATE

Q4 & FY25: BIMETALS & SHUNT RESISTORS BUSINESS DEEP DIVE

Q4 & FY25: CONSOLIDATED & STANDALONE- P&L STATEMENT, BALANCE SHEET

OUR SHAREHOLDING STRUCTURE

STRATEGY & FUTURE OUTLOOK

9.a

Quarterly & Year End Updates:

Financial & Operational Highlights

Q4FY25:

QUARTER- END KEY TAKEAWAYS

FY25: YEAR- END KEY TAKEAWAYS

Margin Expansion: SBCL’s standalone EBITDA margin expanded by 422 bps YoY to 23.17% in Q4FY25, compared to 18.96% in Q4FY24, driven by disciplined cost management and improved operating leverage.

EBITDA Growth: Standalone EBITDA for Q4FY25 rose 24.87% YoY to ₹26.47 Cr from ₹21.20 Cr in Q4FY24, reflecting better gross profitability and a sharp reduction in discretionary spends.

Stable Margins: SBCL maintained strong profitability with an EBITDA margin of 22.28% in FY25, down just 47 bps YoY despite a 2.72% revenue decline, showcasing operating efficiency.

Profit Moderation: PAT for FY25 stood at ₹72.43 Cr, a 10.57% decline YoY; PAT margin declined by 145 bps to 16.57%.

Gross Profit Stability: Gross profit remained stable at ₹52.73 Cr in Q4FY25, up 1.26% YoY from ₹52.08 Cr in Q4FY24, even as input costs and revenue both saw modest changes.

S hunt Segment Leadership: Shunt Resistors posted 6.16% YoY growth in volume and 3.68% growth in value, reinforcing their role as a core growth driver contributing 48.57% to annual revenue.

Shunt Resistor Segment Momentum: The Shunt segment grew 4.18% YoY in value terms, contributing 48.57% of revenue in Q4, aided by sustained demand from smart metering with industrial automation & electric mobility markets picking up momentum.

Softness in Bimetals: Bimetal segment volumes declined 5.05% and value fell 8.07% YoY, reflecting weakness in certain end-use markets; it still contributed over half of total volume .

US Tariff Impact (April-May 2025):

9.b

US Tariff Impact (Apr 2025)

Minimal duty exposure; contractual pass‑through protects margin sustainability

Updates:

Limited exposure with only ≈5 % of Group revenue (bimetal exports) will incur the new 10 % US duty; 74 % of US shipments (shunt resistors) remain duty‑free.

Our margins are shielded with >80 % of affected contracts have cost‑pass‑through clauses.

Customer stickiness continues SBCL’s design‑in parts and high re‑qualification costs mean US clients are not planning to switch suppliers or trim orders.

Level playing field persists as competing suppliers face the same duty, so SBCL’s competitive position in the US is unchanged.

MANAGEMENT LENS

“The tariff touches a small slice of our business and is contractually pass‑through in most cases. Given the design‑critical nature of our components, customers value continuity over marginal price moves. With strong cash reserves and alternative fulfilment routes ready, we see minimal material impact on FY26 growth.”

- Mr. Sumer Ghumman (Whole-time Director)

Exposure Metric

Figure

US sales share (FY25)

19 %

Portion facing duty

5 % (mainly bimetal)

Duty free US mix

74 % (shunts)

9.c

Quarterly & Year End Updates:

DOMESTIC & EXPORT SPLIT

Growing our export presence to over 38+ countries

Domestic & Export Sales Mix

Domestic 48%

FY 2018

Export 52%

Domestic 44%

FY 2025

Export 56%

ExportDomesticExportDomesticExportDomesticExportDomestic9.d

Quarterly & Year End Updates:

PRODUCTWISE HIGHLIGHTS

Performance by Volume (Kgs)

Performance by Revenue (In ₹ crore)

Shunts

Bimetals

Shunts

Bimetals

1600000

1400000

1200000

1000000

800000

600000

400000

200000

1070101

1016064

263425

260262

206477

Q4FY24

204663

Q4FY25

740113

FY24

785739

FY25

350

300

250

200

150

100

245

225

Q4FY24

Q4FY25

205

FY24

212

FY25

Volumes: The volumes in Kgs for Q4FY25 decreased by 1.06%, and the volumes for FY25 period declined marginally by 0.46%.

Revenue: Shivalik experienced a marginal increase in the Shunt Segment in Q4FY25 (up by 4.18% YoY); FY25 saw an increase of 3.68% YoY in terms of value (Rs. in crore).

The Bimetal segment showed an increase in Q4FY25 (up by 0.38% YoY) from 58.51 crore in Q4FY24 to 58.74 crore in Q4FY25 and in FY25 (down by 8.07% YoY) in terms of value (Rs. in crore).

9.e

Quarterly & Year End Updates:

Q4 FY25: PRODUCTWISE HIGHLIGHTS

Volume (Kgs)

Revenue (In ₹ crore)

Shunts 44%

Q4FY25

Bimetals 56%

Shunts 49%

Q4FY25

Bimetals 51%

While the Bimetals segment continues to be the long-term growth engine for the Company, Shunts have become a fast growing and meaningful growth driver for Shivalik within a relatively short space of time. With multiple growth drivers propelling Shivalik forward, the Company is ideally placed at the waypoint for the electrification of the Global Economy.

Launched just five years ago, our Shunt Resistors business now contributes around 49% of our total business in value terms.

9.f

Quarterly & Year End Updates:

FY25: Working Capital Update

Working Capital Efficiency Ratios for FY25

FY24

FY25

300

250

200

150

100

180

184

214

217

Accounts Payable

Collection Days

Inventory (Days)

Net Working Capital (Days)

Inventory Days for FY25 has increased by 4 days to 184. Net Working Capital (Days) for the FY25 has increased by 3 days to 217.

Quarterly & Year End Updates:

9.g

Q4 F25: Bimetals & Shunt Resistors Business Deep Dive

Thermostatic Bimetals

Shunt Resistors

Q4 FY24

Q4 FY25

Q4 FY24

Q4 FY25

Americas

Europe

India

Rest of Asia

Americas grew +6.67% YoY to ₹13 Cr, maintaining its recovery momentum. Europe improved +9.68% YoY, a positive reversal from prior quarters. Asia (Others) surged +61.85% YoY, albeit on a smaller base. India contracted −8.65% YoY, indicating slower consumption.

Americas

Europe

India

Rest of Asia

India posted strong growth at +20.89% YoY (₹15.57 Cr vs ₹12.88 Cr) driven by domestic demand from automotive and industrial sectors. Asia (Others) grew +10.99% YoY to ₹14.95 Cr, supported by regional customer expansion. Americas saw a −9.34% YoY decline to ₹18.55 Cr, reflecting softer exports. Europe remained stable (−0.47% YoY)

9.h

140

120

100

Quarterly & Year End Updates:

FY25: Bimetals & Shunt Resistors Business Deep Dive

Thermostatic Bimetals

FY24

FY25

134

124

Americas

Europe

India

Rest of Asia

Shunt Resistors

FY24

FY25

Americas

Europe

India

Rest of Asia

Americas rose +4.48% YoY, supported by Q3 and Q4 momentum. India declined slightly (−7.31% YoY), though still the largest market at ₹124.37 Cr. Europe fell (−17.42% YoY), and Asia (Others) declined (−23.41% YoY).

India grew +31.31% YoY to ₹67.04 Cr – the largest contributor to annual growth. Asia (Others) increased +22.69% YoY to ₹48.58 Cr. Europe also advanced +20.74% YoY, indicating greater penetration. Americas saw a decline of −23.24% YoY, from ₹93.44 Cr to ₹71.72 Cr.

9.i

Quarterly & Year End Updates:

Q4 & FY25: Consolidated Profit & Loss Statement

Particulars

Revenue From Operation

COGS

Gross Profit

Gross Margin %

Employee Expenses

Other Expenses

EBIDTA

EBIDTA Margin %

Finance Cost

Depreciation

Other Income

Profit Before Tax

Profit Before Tax Margin

Taxes

Profit after Tax*

PAT Margin %

Q4FY25

132.44

75.44

56.99

43.03%

12.87

15.63

28.50

21.52%

1.07

3.06

3.98

28.34

21.40%

7.23

21.11

15.94%

Q4FY24

127.76

73.49

54.27

42.47%

11.86

20.61

21.80

17.06%

1.14

3.10

15.82

33.39

26.13%

7.71

25.67

20.09%

YOY

3.66%

2.65%

5.03%

56 bps

8.47%

-24.15%

30.75%

446 bps

-5.39%

-1.13%

-74.84%

-15.11%

(473) bps

-6.23%

-17.78%

(475) bps

FY25

508.35

289.30

219.05

43.09%

49.67

65.94

103.44

20.35%

3.75

11.77

14.57

102.49

20.16%

25.66

76.83

15.11%

FY24

508.93

282.82

226.11

44.43%

42.74

77.26

106.11

20.85%

4.93

12.05

22.43

111.55

21.92%

27.49

84.06

16.52%

(Rs. in crore).

YOY

-0.11%

2.29%

-3.12%

(134) bps

16.21%

-14.66%

-2.51%

(50) bps

-23.93%

-2.35%

-35.02%

-8.12%

(141) bps

-6.64%

-8.60%

(144) bps

9.j

Quarterly & Year End Updates:

Q4 & FY25: Consolidated Balance Sheet

(Rs. in crore).

Particulars

Assets

Tangible Fixed Assets

Intangible Assets

Non-Current Financial Assets

Other Non-Current Assets

Total Non-Current Assets

Inventories

Trade Receivables

Cash and Cash Equivalent

Other Financial Assets

Other Current Assets

Total Current Assets

Total Assets

Equity & Liabilities

Equity Share Capital

Other Equity

Net Worth

Long Term Borrowings

Other Non-Current Liabilities

Total Non-Current Liabilities

Short Term Borrowings

Trade Payables

Other Current Liabilities

Total Current Liabilities

Total Equity and Liabilities

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

163

108

116

163

135

221

132

140

221

108

115

200

308

184

192

115

136

132

254

390

254

266

308

390

125

148

128

114

295

443

330

342

443

153

179

131

111

329

508

394

406

508

9.k

Quarterly & Year End Updates:

Q4 & FY25: Standalone Profit & Loss Statement

Particulars

Q4FY25

Q4FY24

Revenue From Operation

COGS

Gross Profit

Gross Margin %

Employee Expenses

Other Expenses

EBIDTA

114.22

61.49

52.73

46.17%

10.87

15.40

26.47

111.77

59.69

52.08

46.59%

10.94

19.94

21.20

EBIDTA Margin %

23.17%

18.96%

Finance Cost

Depreciation

Other Income

Profit Before Tax

Profit Before Tax Margin

Taxes

Profit after Tax*

PAT Margin %

0.79

2.56

3.38

26.50

23.20%

6.88

19.63

17.18%

1.00

2.61

15.56

33.14

29.65%

7.8

25.34

YOY

2.19%

3.01%

1.26%

(42) bps

-0.65%

-22.79%

24.87%

422 bps

-21.37%

-1.94%

-78.25%

-20.04%

(645) bps

-11.84%

-22.56%

FY25

437.21

233.59

203.63

46.57%

42.81

63.39

97.43

22.28%

2.91

9.81

12.49

97.19

FY24

449.41

234.65

214.76

47.79%

38.41

74.13

102.22

22.75%

4.37

10.11

20.39

108.13

(Rs. in crore).

YOY

-2.72%

-0.45%

-5.19%

(122) bps

11.45%

-14.48%

-4.69%

(47) bps

-33.24%

-3.03%

-38.76%

-10.12%

22.23%

24.06%

(183) bps

24.76

72.43

27.15

80.98

-8.79%

-10.57%

22.67%

(549) bps

16.57%

18.02%

(145) bps

9.l

Quarterly & Year End Updates:

Q4 & FY25: Standalone Balance Sheet

(Rs. in crore).

Particulars

Assets

Tangible Fixed Assets

Intangible Assets

Non-Financial Assets

Other Non-Current Assets

Total Non-Current Assets

Inventories

Trade Receivables

Cash and Cash Equivalent

Other Financial Assets

Other Current Assets

Total Current Assets

Total Assets

Equity & Liabilities

Equity Share Capital

Other Equity

Net Worth

Long Term Borrowings

Other Non-Current Liabilities

Total Non-Current Liabilities

Short Term Borrowings

Trade Payables

Other Current Liabilities

Total Current Liabilities

Total Equity and Liabilities

FY20

FY21

FY22

FY23

FY24

FY25

162

108

116

162

135

219

132

140

219

102

115

200

302

179

187

302

102

133

122

229

362

243

255

109

139

116

101

269

408

317

329

362

408

132

162

118

299

461

376

388

461

9.m

Quarterly & Year End Updates:

Our Shareholding Structure

Body Corporat…

FII, FPI, NRI

Public

Promoter & Promoter Group

MF/ AIF

Promoter & Promoter Group: 33.17%

Public: 36.73%

FII, FPI, NRI: 7.45%

MF/AIF: 20.55%

Body Corporates: 2.10%

Quarterly & Year End Updates:

9.n

Strategy & Future Outlook

Forward integration and geographic expansion catalyse next growth phase

Integration on every front: outward to high-value assemblies, inward to in-house raw-material processing, and outward again to our EU base, widens margins, shortens cash cycles, and makes Shivalik a go-to electrification partner.

Connect with us at:

Rajeev Ranjan - CFO

rranjan@shivalikbimetals.com

Shankhini Saha - Investor Relations

shivalik@dickensonworld.com

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