Shivalik Bimetal Controls Limited has informed the Exchange about Investor Presentation

SBCL/BSE & NSE/2025-26/28 14th August, 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 dated11th August, 2025 providing details of the Investor Conference Call – Standalone and Consolidated unaudited Financial Results for the quarter ended June 30, 2025.

Dear Sir/Madam,

In continuation to our letter dated 11th August, 2025, please find enclosed a presentation on the Un- audited Standalone and Consolidated Financial Results for the quarter ended June 30, 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 1 F Y 2 6

1

Overview

SBCL- At a Glance

Investment Rationale

Financial Performance

Timeline & Milestones

Business Product Segments

Manufacturing & Technology

Management Commentary

Market Opportunity & Growth Drivers

Quarterly Updates

2

02 05 08 03 06 09 01 04 07 This presentation may contain forward‑looking statements,which are based on currently available information,operating plans and future expectations of Shivalik BimetalControls Ltd. (“SBCL”). Actual results may differ materiallydue to a variety of factors. SBCL undertakes no obligationto update these statements publicly. Readers are advisedto refer to the Company’s latest Annual Report andstock‑exchange filings for a full discussion of the risks anduncertainties involved. CIN: L27101HP1984PLC005862 Website: www.shivalikbimetals.com01

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%

3

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.

4

02

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

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

5

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

6

2.a 03

Steady revenue enabling margin expansion and cash conversion

Particular

FY21

FY22

FY23

FY24

FY25

Revenue (₹ Cr)

204

EBITDA (₹ Cr)

40

EBITDA %

20%

PAT (₹ Cr)

24

PAT Margin

12%

324

74

23%

52

16%

420

104

25%

73

17%

449

102

23%

81

18%

437

97

22%

72

17%

Standalone Financial Performance (₹ in crore)

7

Key drivers:FY25 topline steady despite North‑American EV slowdown,underpinned by domestic smart‑meter demand and switchgearexports.Margins affected by product mix & fluctuations in raw materialsSustained Pre-tax ROCE >25 % showcases asset‑lightdebottleneck strategy Operating cash flow ₹ 93 Cr in FY25 vs capex ₹ 25 Cr supportsnet‑cash balance of ₹ 68 Cr.04

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

8

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

THERMOSTATIC BIMETALS

ELECTRICAL CONTACTS

9

Ultra‑low‑ohmic current‑sensing components, ElectronBeam Welding- fabricated. Metal strips that bend predictably with heat,opening/closing circuits. Silver/Ag‑alloy tips ensuring arc‑resistant switching. 05 05.a

SHUNT RESISTORS

Launched in 2015 & fastest‑growing business vertical

The Critical Role of Shunt Resistors in Smart Meters

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.

10

Applications of Shivalik’s EBW welded Shunt Resistors in Automotives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

11

THERMOSTATICBIMETALS 05.b Legacy profit engine since 1984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.

12

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

13

06 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

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

Shivalik Bimetal Controls Ltd. (SBCL) Plant 1

Shivalik Bimetal Controls Ltd. (SBCL) Plant 2

Shivalik Engineered Products Pvt. Ltd. (SEPPL) Plant 3

Innovative Clad Solutions Private Limited (ICS) (Joint Venture)

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 Bimetal Engineers Pvt. Ltd. (SBEPL- New Delhi) & SEPPL (Solan). - Mr. Kabir Ghumman, Managing Director

14

people SEPPL Plant 3ICSSolan, H P. IndiaIndore, M P. IndiaSolan, H P. IndiaSolan, H P. IndiaOUR PRECISION ENGINEERING FORTRESS

State-of-the-art facilities

Plant 1

Plant 2

Plant 3 (Nearing functionality in July 2025)

15

• World’s Largest Capacity &Production of Strip Electronic BeamWelding• Inhouse stamping shop• Inhouse R&D and Innovation•Inhouse Reliability Testing• Inhouse Tooling and Design06.b 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Our Machinery:

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.

16

06.c Our Machinery:

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.

17

06.d 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

18

06.e Our dual process fortress (EBW +Diffusion bonding) is unique globally.It gives us pricing power in shuntsand bimetals while competitors faceeuro-denominated inflation and 24-month lead times. Our relentless drive to introducemore automatation at every stage ofproduction further compresses leadtimes and safeguards margins. - Mr. Kabir Ghumman (Managing Director) MANAGEMENT LENS 19

Next-gen leadership, Mr. Kabir Ghumman & Mr. Sumer Ghumman, prepared to convert operational capacity into financial performance 07 Management Commentary: Managing Director Translating Capability into Execution

KABIR GHUMMAN

“This quarter has been about turning design intent into market impact. We have accelerated work on product platforms that integrate seamlessly into customer systems, moving from stand-alone precision parts to assembly-level solutions, underpinned by in-house R&D, advanced tooling, and pilot-scale prototyping. Our metallurgical joining expertise continues to be the enabling layer, shaping application- specific outcomes for a rapidly electrifying world and the infrastructure that supports it.

We are beginning to see renewed traction in thermostatic bimetals, while India’s shunt resistor demand has surged, driven by smart metering roll-outs and the electrification of mobility. Over the past year, we have also achieved record-level program wins across both automotive and industrial domains, strengthening long-term partnerships.

Looking forward, we remain focused on compressing time-to-commercialisation, sharpening operational discipline, and using the scale and flexibility of our four Solan plants to meet diverse customer needs, with precision, reliability, and a culture that treats ‘zero defect’ as a non-negotiable standard.”

20

07.a ManagingDirector Management Commentary: Whole-time Director D riving Scale, Structure, and Strategic Investment

“We are positioning Shivalik to capture the next wave of opportunities emerging from India’s transformation into a global electronics manufacturing hub. With supportive policy frameworks and a clear shift towards domestic sourcing, our plan includes setting up a Centre of Excellence and R&D facility in a location that offers both strategic access and talent depth. This will be the nucleus for accelerated product innovation and will strengthen our play in high-value, technology-intensive components.

SUMER GHUMMAN

In parallel, we are reshaping how the organisation works. Refining structures, simplifying decision paths, and embedding a professional management layer that complements promoter-led strategic direction. These changes are designed to deliver growth without diluting capital efficiency, sharpen our competitive positioning, and reinforce Shivalik’s standing as a precision engineering solutions partner of choice in the electrical and electronics space.”

21

07.b Whole-timeDirector 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.

22

07.c TAM expansion through EV, smart meter, and grid trends

23

08 Market Opportunities & Growth Drivers: Demand Flywheels

Structural Demand Flywheels Driving Non-Linear TAM Expansion

Key drivers & commentary

Key Growth Drivers & Market Shifts (2023-2035)

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

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.

24

08.a SourcesEV/Shunt: The Business Research Company, Grand View Research, IEASmart Meters: Smart Energy International, MarketsanData, Allied Market ResearchData Centres: Deloitte. (2025). "AI Data Center Power Demand Could Surge 30x by 2035 Amid Powerand Grid Capacity Constraints."Policy: US IRA, EU Green Deal, India’s RDSS ProgramHigh-Growth Verticals Unlocking 3× TAM Upside

EV powertrains, smart meters converge to drive double-digit demand through FY 35 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

Data Centres (15% CAGR)

Market: 15% CAGR in global data center power infrastructure through 2035 → $45B+ market by 2035 Drivers: AI/ML integration, smart city expansion, energy efficiency & grid resilience mandates Exports: India’s advanced power component exports (e.g., bimetals, shunt resistors) surge to support urban grid modernization

Sustained Topline Growth (FY30+)

Convergence: EV + smart grids + data centres Policy: US Inflation Reduction Act, EU Green Deal

25

08.b Market Opportunities & Growth Drivers:SourcesEV/Shunt: The Business Research Company, Grand View Research, IEASmart Meters: Smart Energy International, MarketsanData, Allied Market ResearchData Centres: Deloitte. (2025). "AI Data Center Power Demand Could Surge 30x by 2035Amid Power and Grid Capacity Constraints.Policy: US IRA, EU Green Deal, India’s RDSS Program 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

77

1%

10

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

Nil

Majorly hydroelectric energy consumption

26

08.c Q 1 F Y 2 6

FINANCIAL & OPERATIONAL HIGHLIGHTS

DOMESTIC & EXPORT SPLIT

SEGMENT-WISE PERFORMANCE HIGHLIGHTS

Q1 FY26 SEGMENT-WISE SHARE HIGHLIGHTS

WORKING CAPITAL UPDATE

Q1 FY26: BIMETALS & SHUNT RESISTORS BUSINESS DEEP DIVE

Q1 FY26: CONSOLIDATED & STANDALONE- P&L STATEMENT, BALANCE SHEET

OUR SHAREHOLDING STRUCTURE

STRATEGY & FUTURE OUTLOOK

27

9 Quarterly Updates:

Financial & Operational Highlights

Q1FY26:

QUARTER- END KEY TAKEAWAYS

Revenue and Gross Margin: Revenue from operations grew 8.84% YoY to ₹116.70 crore in Q1 FY26, compared to ₹107.22 crore in Q1 FY25. Gross profit increased 13.94% YoY to ₹55.93 crore, supported by a 215 bps improvement in gross margin to 47.93% (Q1 FY25: 45.78%), driven by improved product mix and effective cost management.

EBITDA and EBITDA Margin: EBITDA rose 32.54% YoY to ₹29.48 crore in Q1FY26 from ₹22.24 crore in Q1 FY25. The EBITDA margin expanded by 452 bps to 25.26%, compared to 20.74% in the previous year, aided by reduced other expenses (down 7.06% YoY) and higher operating leverage.

PBT and PBT Margin: Profit Before Tax stood at ₹28.10 crore in Q1 FY26, up 29.20% YoY from ₹21.75 crore in Q1 FY25. The PBT margin improved by 379 bps to 24.08%, reflecting stronger operating performance despite marginal increases in depreciation costs.

PAT and PAT Margin: Profit After Tax increased 28.63% YoY to ₹20.97 crore in Q1 FY26, compared to ₹16.30 crore in the corresponding quarter last year. The PAT margin rose by 276 bps to 17.97%, highlighting the company’s ability to convert top-line growth into sustained bottom-line gains.

Earnings Per Share (EPS): EPS on a standalone basis improved to ₹3.64 in Q1 FY26, up from ₹2.83 in Q1 FY25, reflecting enhanced shareholder value creation.

28

9.a Quarterly Updates:

DOMESTIC & EXPORT SPLIT

Growing our export presence to over 38+ countries

Domestic & Export Sales Mix

29

9.c ExportDomesticExportDomesticExport52%Domestic48%FY 2018ExportDomesticExportDomesticExport56%Domestic44%FY 2025Quarterly Updates:

PRODUCTWISE HIGHLIGHTS

Performance by Volume (Kgs)

Performance by Revenue (In ₹ crore)

Volumes: In Q1 FY26, total volumes (in kg) increased by 0.80%, with the Bimetals segment rising by 3.95%, offsetting a 3.01% decline in the Shunt segment.

30

9.d ShuntsBimetalsQ1FY25Q1FY260100000200000300000400000500000600000207974251408201712261346ShuntsBimetalsQ1FY25Q1FY2602040608010012014052555759Revenue: Shivalik experienced a marginal increase in the Shunt Segment in Q1FY26(up by 9.56% YoY), reaching 57.48 crore, whereas the Bimetal segmentshowed an increase in Q1FY26 (up by 8.17% YoY) from 54.75 crore in Q1FY25to 59.22 crore in Q1FY26. Quarterly Updates:

Q1 FY26: PRODUCTWISE HIGHLIGHTS

Volume (Kgs)

Revenue (In ₹ crore)

Q1FY26

Q1FY26

Our Shunt Resistors business now contributes around 49% of our total business in value terms.

31

9.e While the Bimetals segment continues to be the long-term growth engine forthe Company, Shunts have become a fast growing and meaningful growthdriver for Shivalik within a relatively short space of time. With multiple growthdrivers propelling Shivalik forward, the Company is ideally placed at thewaypoint for the electrification of the Global Economy.Bimetals56%Shunts44%Bimetals51%Shunts49%Quarterly Updates:

Q1 FY26: Working Capital Update

Working Capital Efficiency Ratios for Q1 FY26

Inventory Days for Q1FY26 have declined by 20 days to 177. Net Working Capital (Days) for the Q1FY26 has declined by 29 days to 212.

32

9.f Q1FY25Q1FY26Accounts PayableCollection DaysInventory (Days)Net Working Capital (Days)05010015020025030033477782197177241212Quarterly Updates:

Q1 FY26: Bimetals & Shunt Resistors Segment Deep Dive

Thermostatic Bimetals

(Rs. in crore).

Shunt Resistors

(Rs. in crore).

Americas grew +10.58% YoY to ₹12.333 Cr, maintaining its recovery momentum. Europe improved significantly +32.70% YoY, a positive reversal from prior quarters. Asia (Others) surged +24.04% YoY, albeit on a smaller base. India contracted marginally −2.79% YoY, indicating slower consumption.

India posted strong growth at +19.12% YoY (₹20.29 Cr vs ₹17.03 Cr) driven by domestic demand from the smart meter and industrial sectors. Asia (Others) grew +62.81% YoY to ₹18.33 Cr, supported by regional customer expansion. Americas saw a −21.83% YoY decline to ₹12.62 Cr, reflecting softer exports. Europe saw a −22.35% YoY decline to ₹6.24Cr.

33

9.g Q1 FY25Q1 FY26AmericasEuropeIndiaRest of Asia0510152025303511121013302945Q1 FY25Q1 FY26AmericasEuropeIndiaRest of Asia0510152025303516138617201118Quarterly Updates:

Q1 FY26: 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 %

Q1FY26

Q1FY25

YOY

(Rs. in crore).

136.6

75.68

60.91

44.59%

13.48

15.48

31.95

23.39%

1.02

3.27

2.73

30.39

22.55%

7.61

22.78

16.68%

125.98

73.05

52.93

42.01%

11.94

17.29

23.69

18.81%

0.99

2.84

3.65

23.52

18.67%

5.7

17.82

14.15%

8.43%

3.60%

15.09%

258 bps

12.90%

-10.48%

34.85%

458 bps

2.68%

15.43%

-25.37%

29.19%

358 bps

33.40%

27.85%

254 bps

34

9.i 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 Assests

Other Current Assets

Total Current Assets

Assets Classified as Held for Sale (C)

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 2021

FY 2022

FY 2023

FY 2024

FY 2025

67

1

15

2

86

70

43

16

0

6

135

221

8

132

140

8

6

14

14

35

19

68

221

83

1

18

6

108

115

59

11

0

15

200

308

8

184

192

15

6

21

42

42

11

95

115

7

10

4

136

132

93

18

0

11

254

390

12

254

266

22

7

29

36

42

17

95

125

6

14

3

148

128

114

39

9

5

295

443

12

330

342

12

7

19

30

39

13

82

153

6

16

4

179

131

111

79

4

4

329

508

12

394

406

4

16

20

29

38

15

82

308

390

443

508

35

FY25: Consolidated Balance Sheet 9.j Quarterly Updates: (Rs. in crore).Quarterly Updates:

Q1 FY26: Standalone 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 %

Q1FY26

Q1FY25

YOY

116.7

60.76

55.93

47.93%

11.23

15.22

29.48

25.26%

0.76

2.75

2.13

28.1

24.08%

7.13

20.97

17.97%

107.22

58.13

49.09

45.78%

10.47

16.37

22.24

20.74%

0.78

2.35

2.65

21.75

20.29%

5.45

16.3

15.21%

8.84%

4.53%

13.94%

215 bps

7.27%

-7.06%

32.54%

452 bps

-3.39%

16.96%

-19.42%

29.20%

379 bps

30.90%

28.63%

276 bps

36

9.k (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 Assests

Other Current Assets

Total Current Assets

Assets Classified as Held for Sale (C)

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

FY21

FY22

FY23

FY24

FY25

67

1

15

1

84

70

43

16

0

6

135

219

8

132

140

8

4

12

14

35

19

68

219

83

1

12

6

102

115

59

11

0

15

200

302

8

179

187

15

4

19

42

42

11

95

302

102

2

26

3

133

122

80

17

0

10

229

362

12

243

255

21

4

25

32

35

14

81

109

2

26

2

139

116

101

38

9

5

269

408

12

317

329

8

5

13

23

32

11

66

132

2

26

2

162

118

97

77

4

3

299

461

12

376

388

8

6

14

15

33

11

59

362

408

461

37

FY25 Standalone Balance Sheet 9.l Quarterly Updates: (Rs. in crore).Quarterly Updates:

Our Shareholding Structure

38

9.m PublicPromoter & Promoter GroupMF/ AIFFII, FPI, NRIBody Corporat…Promoter & Promoter Group: 33.17%Public: 37.34%FII, FPI, NRI: 7.01%MF/AIF: 20.47%Body Corporates: 2.01%Quarterly Updates:

Strategy & Future Outlook

Forward integration and geographic expansion catalyse next growth phase

39

9.n Integration on every front:outward to high-value assemblies,inward to in-house raw-materialprocessing, and outward again toour EU base; widens margins,shortens cash cycles, and makesShivalik a go-to electrificationpartner.40

Rajeev Ranjan - CFO rranjan@shivalikbimetals.com Shankhini Saha - Investor Relations shivalik@dickensonworld.com Connect with us at: