Shivalik Bimetal Controls Limited has informed the Exchange about Investor Presentation
SBCL/BSE & NSE/2025-26/54 12th November, 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 10th November, 2025 providing details of the Investor Conference Call – Standalone and Consolidated unaudited Financial Results for the quarter and half year ended September 30, 2025.
Dear Sir/Madam,
In continuation to our letter dated 10th November, 2025, please find enclosed a presentation on the Un-audited Standalone and Consolidated Financial Results for the quarter and half year ended September 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 LIMITED Investor Briefing
Precision that Powers Progress
Q 2 & H 1 F Y 2 6
1
Overview
SBCL- At a Glance
Investment Rationale
Financial Performance
Timeline & Milestones
Business Product Segments
Manufacturing & Technology
Market Opportunity & Growth Drivers
Quarterly Updates
2
02 05 03 06 07 08 01 04 Safe-HarbourStatement This presentation may contain forward‑looking statements,which are based on currently available information,operating plans and future expectations of Shivalik BimetalControls Limited (“SBCL”). Actual results may differmaterially due to a variety of factors. SBCL undertakes noobligation to update these statements publicly. Readers areadvised to 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 Limited (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
FINANCIAL PERFORMANCE (FY21-25)
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
Timeline & Milestones
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
Business Product Segments
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 MANUFACTURING & TECHNOLOGY
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 Limited Plant 1 & 2
Our Corporate Office is in New Delhi, India with manufacturing bases in Solan & Indore:
Shivalik Bimetal Controls Limited (SBCL) Plant 1
Shivalik Bimetal Controls Limited (SBCL) Plant 2
Shivalik Engineered Products Pvt. Limited (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
1000 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
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 MARKET OPPORTUNITY & GROWTH DRIVERS
TAM expansion through EV, smart meter, and grid trends
19
07 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.
20
07.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
21
07.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
22
07.c QUARTERLY UPDATES Q 2 & H 1 F Y 2 6
FINANCIAL & OPERATIONAL HIGHLIGHTS
DOMESTIC & EXPORT SPLIT
SEGMENT-WISE PERFORMANCE HIGHLIGHTS
Q2 & H1 FY26 SEGMENT-WISE SHARE HIGHLIGHTS
WORKING CAPITAL UPDATE
Q2 & H1 FY26: BIMETALS & SHUNT RESISTORS BUSINESS DEEP DIVE
Q2 & H1 FY26: CONSOLIDATED & STANDALONE- P&L STATEMENT, BALANCE SHEETS
OUR SHAREHOLDING STRUCTURE
STRATEGY & FUTURE OUTLOOK
23
8 Quarterly Updates:
Financial & Operational Highlights
Q2 & H1 FY26: KEY TAKEAWAYS
24
8.a Revenue from Operations grew by 8.09% year-on-year to ₹118.42 crore in Q2 FY25-26 compared to ₹109.55 crore in Q2 FY24-25.On a half-yearly basis, revenue increased by 8.46% to ₹235.12 crore from ₹216.77 crore in H1 FY24-25, reflecting steady businessmomentum and robust execution.Gross Margin expanding by 248 basis points to 49.82% in Q2 FY26, driven by improved cost control and a favourable product mix.For H1 FY25-26, Gross Profit rose by 13.84% to ₹114.92 crore, while the Gross Margin widened by 231 basis points to 48.88%,underscoring operational efficiency.EBITDA increased by 9.59% year-on-year to ₹27.90 crore in Q2 FY25-26, with the EBITDA Margin improving by 33 basis points to23.56%. On a half-yearly basis, EBITDA stood at ₹57.38 crore, up 20.30% year-on-year, and the margin expanded by 240 basis points to24.40%, highlighting strong operating leverage and cost optimisation efforts.Profit Before Tax (PBT) grew by 9.88% year-on-year to ₹28.01 crore in Q2 FY25-26, with the PBT Margin improving by 38 basispoints to 23.65%. On a half-yearly basis, PBT increased by 18.78% to ₹56.12 crore, with the margin expanding by 208 basis points to 23.87%, reflectingenhanced operational performance and better cost discipline. Profit After Tax (PAT) improved by 10.03% year-on-year to ₹20.88 crore in Q2 FY25-26, accompanied by a PAT Margin of 17.63%,up 31 basis points over the previous year. For H1 FY25-26, PAT rose by 18.63% to ₹41.85 crore, while the PAT Margin expanded by 153 basis points to 17.80%, underscoringthe company’s consistent profitability. EPS increased from ₹3.29 to ₹3.62 in Q2 FY25-26, and from ₹6.12 to ₹7.26 for H1 FY25-26, demonstrating sustained earnings growthand value creation for shareholders. Quarterly Updates:
DOMESTIC & EXPORT SPLIT
Growing our export presence to over 38+ countries
Domestic & Export Sales Mix
25
8.b ExportDomesticExportDomesticExport52%Domestic48%FY 2018ExportDomesticExportDomesticExport56%Domestic44%FY 2025 Quarterly Updates:
PRODUCTWISE HIGHLIGHTS
Performance by Volume (Kgs)
Performance by Revenue (In ₹ crore)
Volumes: In Q2 FY26, total volumes (in kg) decreased by 2.59%. While the Shunt segment declined by 6.49%, the Bimetal segment demonstrated resilience, growing by 0.32%. For H1 FY26, total volumes declined marginally by 0.88%, as the 2.11% growth in the Bimetal segment partially offset the 4.68% decline in the Shunt segment.
26
8.c ShuntsBimetalsQ2FY25Q2FY26H1FY25H1FY2602000004000006000008000001000000191765258031179314258845399739509439381026520191ShuntsBimetalsQ2FY25Q2FY26H1FY25H1FY2605010015020025053565959106111116119Revenue:Shivalik experienced a healthy increase in the Shunt segment during Q2FY26, rising 10.72% year-on-year to ₹58.96 crore, while the Bimetal segmentrecorded a growth of 5.62%, increasing from ₹56.30 crore to ₹59.46 crore.For H1 FY26, the Shunt segment grew by 10.14% to ₹116.44 crore, and theBimetal segment registered a 6.87% increase to ₹118.68 crore. Quarterly Updates:
Q2 FY26: PRODUCTWISE HIGHLIGHTS
Volume (Kgs)
Revenue (In ₹ crore)
Q2FY26
Q2FY26
Our Shunt Resistors business now contributes around 50% of our total business in value terms.
27
8.d 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.Bimetals59.1%Shunts40.9%Bimetals50%Shunts50% Quarterly Updates:
H1 FY26: Working Capital Update
Working Capital Efficiency Ratios for H1 FY26
Inventory Days for H1 FY26 have increased by 8 days to 199. Net Working Capital (Days) for the H1 FY26 has increased by 13 days to 245.
28
8.e. H1FY25H1FY26Accounts PayableCollection DaysInventory (Days)Net Working Capital (Days)05010015020025030034407586191199232245 Quarterly Updates:
Q2 FY26: Bimetals & Shunt Resistors Segment Deep Dive
Thermostatic Bimetals
(Rs. in crore).
Shunt Resistors
(Rs. in crore).
Americas grew +1.04% YoY to ₹11.71 Cr, maintaining its recovery momentum. Europe improved significantly +74.68% YoY to ₹12.66 Cr, a positive reversal from prior quarters. Asia (Others) registered a decline of -11.33% YoY. India contracted marginally −5.61% YoY, indicating slower consumption.
India posted strong growth at +25.23% YoY (₹22.35 Cr vs ₹17.85 Cr) driven by domestic demand from the smart meter and industrial sectors. Asia (Others) grew +38.50% YoY to ₹15.50 Cr, supported by regional customer expansion. Americas saw a −17.29% YoY decline to ₹14.67Cr, reflecting softer exports. Europe saw a marginal decline of −0.62% YoY to ₹6.43Cr.
29
8.f Q2 FY25Q2 FY26AmericasEuropeIndiaRest of Asia051015202530351212713333154Q2 FY25Q2 FY26AmericasEuropeIndiaRest of Asia0510152025303518156618221116 Quarterly Updates:
H1 FY26: Bimetals & Shunt Resistors Segment Deep Dive
Thermostatic Bimetals
(Rs. in crore).
Shunt Resistors
(Rs. in crore).
Americas grew +10.55% YoY to ₹25.14 Cr, maintaining its recovery momentum. Europe improved significantly +41.33% YoY to ₹23.80 Cr. Asia (Others) registered a decline of 6.67% YoY. India contracted marginally −3.66% YoY, indicating slower consumption.
India posted strong growth at +21.16% YoY (₹42.25Cr vs ₹34.87Cr) driven by domestic demand from the smart meter and industrial sectors. Asia (Others) grew +51.85% YoY to ₹34.09 Cr, supported by regional customer expansion. Americas saw a −19.04% YoY decline to ₹27.43 Cr, reflecting softer exports. Europe saw a decline of −12.68% YoY to ₹12.67 Cr.
30
8.g H1 FY25H1 FY26AmericasEuropeIndiaRest of Asia01020304050607023251724636099H1 FY25H1 FY26AmericasEuropeIndiaRest of Asia0102030405060703427151335422234 Quarterly Updates:
Q2 & H1 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 %
Q2 FY26
Q2 FY25
YOY
H1 FY26
H1 FY25
YOY
(Rs. in crore).
137.40
72.72
64.38
47.08%
14.63
18.98
31.07
126.65
71.25
55.40
43.75%
12.10
16.61
26.69
22.61%
21.07%
1.14
3.36
5.61
32.18
23.42%
7.58
24.59
0.82
2.87
3.29
26.29
20.75%
6.63
19.65
17.90%
15.52%
8.49%
2.07%
16.57%
333 bps
20.94%
14.26%
16.39%
154 bps
38.81%
17.17%
70.78%
22.40%
267 bps
14.33%
25.13%
238 bps
274.00
148.40
125.60
45.84%
28.12
34.46
63.02
252.63
144.30
108.33
42.88%
24.04
33.90
50.39
8.46%
2.84%
15.94%
296 bps
16.94%
1.64%
25.07%
23.00%
19.94%
306 bps
2.16
6.63
8.34
62.56
22.83%
15.19
47.37
1.81
5.70
6.94
49.81
19.72%
12.34
37.47
19.09%
16.30%
20.16%
25.61%
311 bps
23.15%
26.42%
17.29%
14.83%
244 bps
31
8.h 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
H1 FY2025
H1 FY2026
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
134
6
15
3
158
141
105
55
6
6
313
0
471
12
361
373
10
7
17
29
38
14
81
471
166
6
19
3
194
145
127
101
4
7
384
0
578
12
433
444
3
16
19
45
40
30
115
578
32
H1 FY26: Consolidated Balance Sheet 8.i Quarterly Updates: (Rs. in crore). Quarterly Updates:
Q2 & H1 FY26: Standalone Profit & Loss Statement
Particulars
Q2 FY26
Q2 FY25
YOY
H1 FY26
H2 FY25
YOY
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 %
118.42
59.43
58.99
109.55
57.69
51.86
8.09%
3.01%
13.75%
235.12
120.19
114.92
49.82%
47.34%
248 bps
48.88%
12.29
18.81
27.9
10.62
15.78
25.45
23.56%
23.23%
0.76
2.85
3.72
28.01
23.65%
7.14
20.88
0.68
2.38
33.1
25.49
23.27%
6.52
18.97
17.63%
17.32%
15.68%
19.15%
9.59%
33 bps
11.27%
19.64%
20.05%
9.88%
38 bps
9.47%
10.03%
31 bps
216.77
115.82
100.95
46.57%
21.1
32.16
47.7
23.52
34.02
57.38
24.40%
22.00%
1.51
5.6
5.85
56.12
23.87%
14.27
41.85
1.46
4.73
5.74
47.24
21.79%
11.97
35.28
17.80%
16.27%
8.46%
3.77%
13.84%
231 bps
11.51%
5.80%
20.30%
240 bps
3.42%
18.30%
1.87%
18.78%
208 bps
19.22%
18.63%
153 bps
33
8.j (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
H1 FY25
H1 FY26
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
116
2
26
4
148
122
90
54
6
6
278
-
426
12
346
358
6
5
11
21
25
11
57
137
2
27
2
168
131
110
101
4
6
352
-
520
12
409
421
-
14
14
27
31
27
85
34
362
408
461
426
520
H1 FY26 Standalone Balance Sheet 8.k Quarterly Updates: (Rs. in crore). Quarterly Updates:
Our Shareholding Structure
Promoter & Promoter Group: 33.17%
Public: 38.15%
FII, FPI, NRI: 7.03%
MF/AIF: 19.67%
Body Corporates: 1.98%
35
8.l PublicPromoter & Promoter GroupMF/ AIFFII, FPI, NRIBody Corporat… Quarterly Updates:
Strategy & Future Outlook
Forward integration and geographic expansion catalyse next growth phase
36
8.m 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. Thank you.
37
Rajeev Ranjan - CFO rranjan@shivalikbimetals.com Shankhini Saha - Investor Relations shivalik@dickensonworld.com Connect with us at: