Shivalik Bimetal Controls Ltd(SBCL)

NSE: SBCLBSE: 513097

₹ 922.7+2.31%refreshed 26 Oct, 03:00 pm ISTMarket cap: ₹ 5,315 crWebsite: WWW.SHIVALIKBIMETALS.COMUpdated: 24 Oct 2026

About

Shivalik Bimetal Controls Ltd (SBCL) manufactures thermostatic bimetals and shunt resistors, with electrical contacts made through its subsidiary SEPPL. It runs three manufacturing units in Chambhaghat and Kather in Solan, Himachal Pradesh, and serves more than 275 clients in switchgear, circuit breakers, automotive and energy metering. Revenue was Rs 570.86 crore in FY26. The company says it set up Asia's first thermostatic-bimetal line in 1984.^[1][2][3]

Business segments

Shunt resistors brought in ₹68.21 cr (standalone) in Q1 FY27, up 18.72% YoY. They were about 50% of standalone revenue by value as of Q3 FY26.^[4]
Thermostatic bimetals brought in ₹63.60 cr (standalone) in Q1 FY27, up 7.36% YoY. FY26 standalone revenue was ₹231.25 cr, up 2.85% YoY.^[4]
Revenue from electrical contacts (made by SEPPL) grew about 60% in FY26. About 30-31% came from business growth and about 21-22% from passing through higher silver prices.^[1]
Cell-connecting systems (CCS) and busbar assemblies for EVs are a fourth segment being built at the Pune facility, operational from October 2026.^[4]
Geographic segments: India revenue was ₹257.73 cr in FY25 vs ₹243.45 cr in FY24. Rest of world revenue was ₹250.62 cr in FY25 vs ₹265.48 cr in FY24.^[2][5]

Products and portfolio

Thermostatic bimetal strip and components go into MCBs, circuit breakers and thermal protection devices. Domestic demand tracks the MCB and real-estate construction cycle.^[1]
The company has moved from selling precision parts to supplying finished sub-assemblies such as the Smart DC Current Sensor, which it says can raise topline value by up to ten times per unit (FY25).^[2]
As of Q3 FY26, about 36-37% of shunt supply was still in strip form; the rest was higher-value finished components.^[6]
Smart meter applications (shunts and contacts) earned over ₹75-80 cr in FY26, up from ₹30-40 cr in FY25.^[1]
As of Q1 FY27, the two main fast-growing end-markets for shunts were two-wheeler EVs and smart meters.^[4]

Operations and capacity

There are three manufacturing units in Chambhaghat and Kather (Solan, Himachal Pradesh). The company says it has the world's largest self-engineered electron-beam-welding fleet (FY25).^[2]
Capacity utilisation in Q1 FY27 was 65-70% for shunt welding and 40-45% for thermostatic bimetals.^[4]
Blended utilisation was about 60% in FY26. Management guided about 75-80% in FY27 without extra capex.^[1]
The main raw materials are nickel and copper. The company is working to source bimetal component alloys within India (FY25).^[2]

Key operating numbers

The share of shunts sold as finished components rose from about 55% to about 65% in FY26, giving about 10-12% better realisation per kg than strip supply the year before.^[1]
Standalone gross margin was 51.48% in Q1 FY27 (+355 bps YoY) and 49.39% in FY26 (+281 bps YoY).^[4]
Net working capital days were 245 in Q1 FY27, down from 258 in FY26.^[4]
Total kg volume fell 7.96% YoY in Q3 FY26 and 2.59% YoY in Q2 FY26 as the mix shifted toward lighter, higher-value components.^[6]

Customers and distribution

The company serves more than 275 clients in India and abroad, in switchgear, circuit breakers, automotive and energy metering (FY25).^[2]
Exports were 54% of revenue in Q1 FY27 and 56.66% in FY26. Export markets include the Americas, Europe and Asia.^[4]
Vishay, a large US shunt customer, peaked at about 38-39% of revenue and fell to about 13-14%. Management expects it to return near peak levels in FY27 through new EV component designs.^[1]
Americas shunt revenue rose 30.0% YoY to ₹15.83 cr in Q1 FY27. Europe bimetal revenue rose 46.97% YoY to ₹50.73 cr in FY26.^[4]
Standalone Asia/Others revenue fell 12.7% YoY to ₹21.3 cr in Q1 FY27.^[4]
Shivalik Bimetals Europe SRL was set up in Italy in FY25 to improve access to the region and resilience to tariffs.^[2]

Expansion and capex

Capex for the current phase of the Pune CCS facility is estimated at about ₹20-25 crore. It uses electron-beam welding capex already made at Solan.^[4]
Pune CCS revenue targets: about ₹30-60 cr in FY27, ₹150-200 cr in FY28 and ₹300 cr+ in FY29, against an addressable opportunity of ₹300-400 cr.^[4]
Maintenance and automation capex for the existing segments is guided at ₹10-15 crore a year.^[1]
SEPPL's new electrical contacts capacity was capitalised by end-December 2025. This eased capacity limits that had deferred business for the previous 1.5-2 years.^[7]

Recent developments

After Q1 FY27, the Maharashtra Pollution Control Board granted consent to operate Pune CCS Phase 1, valid until June 2032.^[4]
Domestic thermostatic bimetal volumes rose in Q1 FY27, the first increase in 4-5 quarters.^[4]
Export bimetal development work, paused because of US tariffs, restarted with existing customers in Q1 FY27.^[4]
Two new verticals, a specialised electronic material and automotive fuses, are in advanced talks under NDA. An announcement is expected by the Q2 FY27 call.^[4]

Market Cap

₹5,315 Cr

High / Low

₹1,215 / 369

Stock P/E

49.0

Price / Book

10.8

Book Value

₹84

EPS

₹16.6

No. of Shares

5.76 Cr

ROCE

26.6%

ROE

21.6%

OPM

22.1%

Debt / Equity

0.12

Sales

₹571 Cr

Net Profit

₹96 Cr

Promoter holding

33.6%

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