Shivalik Bimetal Controls Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Shivalik Bimetal Controls Ltd filed with BSE on 13 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shivalik Bimetal Controls reported consolidated Q1FY27 revenue growth of 33.4% year-on-year to Rs 182.2 crore, with EBITDA up 35.2% to Rs 43.2 crore and PAT up 44.9% to Rs 33 crore. Management attributed part of the growth to a shift from strip sales to higher value-added components in the shunts business, alongside a contribution from higher copper and silver commodity prices. The company also discussed receiving consent to operate for Phase 1 of its Pune facility for cell connecting systems and bus bar assemblies, and outlined expectations for revenue mix across its bimetal, shunts, contacts and new assembly businesses.
Numbers mentioned
Consolidated Revenue: 182.2 crores (Q1 FY27)
p. 2
“Consolidated revenue grew 33.4% year-on-year to 182.2 crores”
Sumer Ghumman, page 2 of the filed PDF · View the filing
EBITDA: 43.2 crores (Q1 FY27)
p. 2
“EBITDA increased 35.2 to 43.2 crores”
Sumer Ghumman, page 2 of the filed PDF · View the filing
PAT: 33 crores (Q1 FY27)
p. 2
“and PAT grew 44.9% to 33 crores”
Sumer Ghumman, page 2 of the filed PDF · View the filing
Sequential Revenue Growth: 13% (Q1 FY27 vs Q4 FY26)
p. 2
“Sequentially, revenue increased 13%, EBITDA 23%, and PAT 26%, giving us a strong operating start to FY27.”
Sumer Ghumman, page 2 of the filed PDF · View the filing
Shunts Revenue Growth: 18.7% (Q1 FY27)
p. 2
“Shunts remained the stronger growth engine, with revenue increasing 18.7%, but bimetals grew 7.4%.”
Sumer Ghumman, page 2 of the filed PDF · View the filing
Americas Shunts Growth: 30% (Q1 FY27 year-on-year)
p. 2
“the Americas also showing early improvement in shunts with a 30% growth year-on-year this quarter, after a softer FY26”
Sumer Ghumman, page 2 of the filed PDF · View the filing
Welding Capacity Utilization: 65%-70%
p. 15
“if we look at purely our welding capacity, right now we are at about 65%-70% of our welding capacity”
Sumer Ghumman, page 15 of the filed PDF · View the filing
Bimetal Capacity Utilization: 40-45%
p. 15
“in case of Bimetal, we are only at about 40-45% of our capacity”
Sumer Ghumman, page 15 of the filed PDF · View the filing
Largest Customer Concentration: 17-18% (FY27 expected maximum)
p. 14
“it will not cross, you know, 17-18% level”
Sumer Ghumman, page 14 of the filed PDF · View the filing
Switchgear Revenue Share: 45 to 50%
p. 11
“about, between 45 to 50% of total revenue for the switchgear related”
Sumer Ghumman, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consolidated Revenue Growth — 20% to 30% · FY27
stated conditionally by Sumer Ghumman
p. 4
“we could… we could, on an overall revenue basis be looking at somewhere… somewhere between the, you know, that 20% to 30% kind of a number.”
Sumer Ghumman, page 4 of the filed PDF · View the filing
Standalone Revenue Mix - Bimetal — 44-45% · FY27
stated conditionally by Sumer Ghumman
p. 3
“we expect, like, maybe a 44-45% revenue coming from Bimetal, and 54-55% coming from shunts.”
Sumer Ghumman, page 3 of the filed PDF · View the filing
Consolidated Contacts Business Revenue Share — 30-35% · FY27
stated conditionally by Sumer Ghumman
p. 4
“somewhere between the 30% to 35% should be from the contacts business, which is the wholly owned subsidiary”
Sumer Ghumman, page 4 of the filed PDF · View the filing
Assemblies Revenue Share (PCB and Bus Bar) — 15-16% · FY27 (first year)
stated conditionally by Sumer Ghumman
p. 4
“we expect, like, maybe a… about a… in the first year, maybe about a 15-16% of total revenue coming from that.”
Sumer Ghumman, page 4 of the filed PDF · View the filing
Bus Bar / CCS Business Revenue Potential — 300 to 400 crores · 3 years
stated conditionally by Sumer Ghumman
p. 7
“the value of that business that we can gain from this Pune facility for this particular thing, you know, somewhere in the range of 300 to 400 crores, and to in about 3 years' time”
Sumer Ghumman, page 7 of the filed PDF · View the filing
Bus Bar / CCS Revenue Year 1 — 10-15% · Year 1
stated conditionally by Sumer Ghumman
p. 7
“out of which we see maybe about 10-15% revenue coming in year 1.”
Sumer Ghumman, page 7 of the filed PDF · View the filing
Bus Bar / CCS Revenue Year 2 — 150 to 200 crores · Year 2
stated conditionally by Sumer Ghumman
p. 7
“Maybe about, you know, 150 to 200 crores in year two, and then 300 onwards thereafter.”
Sumer Ghumman, page 7 of the filed PDF · View the filing
Pune Facility CAPEX — 20 to 25 crores
stated firmly by Sumer Ghumman
p. 9
“the CAPEX requirement for this entire project is somewhere in the, you know, ballpark of about 20 to 25 crores”
Sumer Ghumman, page 9 of the filed PDF · View the filing
Pune Facility Main Manufacturing — October
stated firmly by Sumer Ghumman
p. 3
“the main manufacturing facility for this actually becomes fully operational only in October”
Sumer Ghumman, page 3 of the filed PDF · View the filing
Bimetal Growth Turnaround — 4 quarters or a year
stated as an aspiration by Sumer Ghumman
p. 7
“we should see added revenue coming from those developments as well”
Sumer Ghumman, page 7 of the filed PDF · View the filing
New Specialized Material / Fuse Development Updates — next earnings call
stated as an aspiration by Sumer Ghumman
p. 9
“hopefully, you know, by the time we have our next earnings call, we should have a lot more concrete information to share on that development”
Sumer Ghumman, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management gave segment revenue mix expectations and an overall growth range of 20-30%.
Answered by Sumer Ghumman
Asked by Dhruv Jain: What is the FY27 guidance for top line and margins, split by segment?
p. 4
“we could… we could, on an overall revenue basis be looking at somewhere… somewhere between the, you know, that 20% to 30% kind of a number.”
Sumer Ghumman, page 4 of the filed PDF · View the filing
Management confirmed encouraging customer expectations and noted the recovery is coming with higher value-add business.
Answered by Sumer Ghumman
Asked by Dhruv Jain: Does the large customer's order book surge signal a multi-year recovery in shunts, especially in the US?
p. 4
“this resurgence that we are experiencing from that customer is now in the form of a much more higher value-added business as compared to what it was a few years ago”
Sumer Ghumman, page 4 of the filed PDF · View the filing
Management estimated about half of year-on-year revenue growth is attributable to silver price increases.
Answered by Sumer Ghumman
Asked by Nirali Gopani: How much of shunts revenue growth is from conversion to value-added products versus silver pricing?
p. 5
“about what you purely see as revenue, about half of that revenue growth can be attributed to silver, silver, alone”
Sumer Ghumman, page 5 of the filed PDF · View the filing
Management said margin improvement mainly comes from the shift to value-added shunts components, which is sustainable, with a smaller contribution from rising material costs.
Answered by Sumer Ghumman
Asked by Nirali Gopani: What is driving the increase in EBITDA margins?
p. 6
“the vast majority of contribution coming into the EBITDA is coming from a sustainable source”
Sumer Ghumman, page 6 of the filed PDF · View the filing
Management said they are seeing early signs of an uptick in quantities from Indian customers for the first time in several quarters.
Answered by Sumer Ghumman
Asked by Deepan Sankara Narayanan: When will bimetal growth turn around across regions?
p. 7
“for the first time, we are seeing an uptake, or an expected uptake, including for this month, for the domestic market”
Sumer Ghumman, page 7 of the filed PDF · View the filing
Management described current production for one OEM, plans to add 2-3 more designs by year end, and a multi-year revenue ramp target.
Answered by Sumer Ghumman
Asked by Rushit Shukla: What is the runway and order status for the bus bar and cell connecting systems business, and FY27 guidance?
p. 7
“the value of that business that we can gain from this Pune facility for this particular thing, you know, somewhere in the range of 300 to 400 crores, and to in about 3 years' time”
Sumer Ghumman, page 7 of the filed PDF · View the filing
Management said incremental Pune capex is about 20-25 crores, since most high-capex processes already exist at Solon.
Answered by Sumer Ghumman
Asked by Naushad Chaudhary: How much incremental investment is required at Pune to reach the 300-400 crore bus bar revenue target?
p. 9
“the CAPEX requirement for this entire project is somewhere in the, you know, ballpark of about 20 to 25 crores”
Sumer Ghumman, page 9 of the filed PDF · View the filing
Management estimated roughly 70-75% of the value addition growth came from converting to value-added parts, with the rest from material/commodity prices.
Answered by Sumer Ghumman
Asked by Bhavya Nahar: What proportion of shunts growth came from value-added products versus commodity price increases?
p. 10
“roughly about 70-75% of that value addition growth has come from, from converting to value-added parts rather than from the materials”
Sumer Ghumman, page 10 of the filed PDF · View the filing
Management said customer concentration is expected to remain well below the historical peak even with growth returning.
Answered by Sumer Ghumman
Asked by Gokul Handa: What is the current concentration risk with the largest customer given the US shunt business revival?
p. 14
“it will not cross, you know, 17-18% level, and so we come back to those original levels of what at one point of time used to constitute of 37-38%, but it will still remain well below 20%.”
Sumer Ghumman, page 14 of the filed PDF · View the filing
Management said welding capacity for shunts is at 65-70% while bimetal capacity utilization is at 40-45%.
Answered by Sumer Ghumman
Asked by Gokul Handa: What is the current capacity utilization?
p. 15
“right now we are at about 65%-70% of our welding capacity”
Sumer Ghumman, page 15 of the filed PDF · View the filing
Risks flagged
Asia region showed weaker performance during the quarter
p. 2
“Asia was weaker during the quarter, and remains an area where we are focused on building rebuild… on rebuilding momentum.”
Sumer Ghumman, page 2 of the filed PDF · View the filing
Precious metal content can distort reported revenue and gross margin figures
p. 3
“As electrical contact scale, precious metal content can affect reported revenue and gross margin, so we remain focused on EBITDA and cash generation.”
Sumer Ghumman, page 3 of the filed PDF · View the filing
Bus bar and cell connecting systems revenue forecasts are highly uncertain and dependent on OEM demand realization
p. 8
“if an OEM tells us they're planning to sell 10,000 two-wheelers of a certain model and, you know, the product is not accepted as well, and it turns out to be only 5,000. That changes everything”
Sumer Ghumman, page 8 of the filed PDF · View the filing
Export bimetal development opportunities had slowed due to US tariff issues
p. 7
“which had sort of taken a bit of a backseat during the tariffs issue with the US”
Sumer Ghumman, page 7 of the filed PDF · View the filing
Historical high concentration with a single customer previously posed a risk
p. 14
“the maximum exposure we ever had to one customer was, at one point, you know, somewhere between the 35% to 40% mark, which was obviously giving us sleepless nights at the time”
Sumer Ghumman, page 14 of the filed PDF · View the filing
Bimetal capacity expansion is highly capex-intensive and takes years to execute
p. 15
“increasing that capacity actually takes a lot of time. It's also very highly CAPEX-intensive.”
Sumer Ghumman, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.