Shivalik Bimetal Controls Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Shivalik Bimetal Controls Ltd filed with BSE on 26 May 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 FY26 consolidated revenue growth of 12.3% to Rs 570.9 crore, with EBITDA up 26.0% to Rs 130.7 crore and PAT up 24.8% to Rs 95.8 crore, alongside EBITDA margin expansion of around 250 basis points to 22.9%. Management attributed growth to a shift from strip to component sales in shunts, higher silver commodity pricing contributing to contacts division revenue, and recovery from a major US shunt customer. Management also discussed the Pune facility for PCBA and busbar assemblies, smart metering revenue trends, and working capital changes tied to export mix and inventory build-up.
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Numbers mentioned
Consolidated revenue: ₹570.9 crore (FY26)
p. 3
“Consolidated revenue grew 12.3% to ₹570.9 crore, while EBITDA grew 26.0% to ₹130.7 crore.As a result, PAT grew 24.8% to ₹95.8 crore.”
Sumer Ghumman, page 3 of the filed PDF · View the filing
EBITDA: ₹130.7 crore (FY26)
p. 3
“Consolidated revenue grew 12.3% to ₹570.9 crore, while EBITDA grew 26.0% to ₹130.7 crore.As a result, PAT grew 24.8% to ₹95.8 crore.”
Sumer Ghumman, page 3 of the filed PDF · View the filing
PAT: ₹95.8 crore (FY26)
p. 3
“Consolidated revenue grew 12.3% to ₹570.9 crore, while EBITDA grew 26.0% to ₹130.7 crore.As a result, PAT grew 24.8% to ₹95.8 crore.”
Sumer Ghumman, page 3 of the filed PDF · View the filing
EBITDA margin: 22.9% (FY26)
p. 3
“EBITDA margin expanded by around 250 basis points to 22.9%, which demonstrates that growth was supported by better realisations, improved product mix, operating leverage and continued cost discipline.”
Sumer Ghumman, page 3 of the filed PDF · View the filing
Shunt realization improvement from component conversion: 10-12%
p. 4
“And that is yielding almost 10-12% improved realization, as per the previous, per kg shunt realization.”
Rajeev Ranjan, page 4 of the filed PDF · View the filing
Shunt component supply share: 65%
p. 4
“I can only share here is that earlier we used to supply regarding 55% in component, which goes up to 65% in year-on-year.”
Rajeev Ranjan, page 4 of the filed PDF · View the filing
Contacts business revenue growth: about 60%
p. 4
“So, for example, if we have, an approximate growth of about… roughly about 60% on revenue basis in the contacts business, out of which nearly about 31 or 32 is actual business growth, if you assumed that silver”
Sumer Ghumman, page 4 of the filed PDF · View the filing
Smart meter revenue (shunts + contacts combined): over 75-80 crores, up from 30-40 crore (FY26)
p. 6
“And when I say doubled in revenue, means from a nearly, like, a 30, 40 crore revenue contribution, it has gone up to over 75, 80 crores.”
Sumer Ghumman, page 6 of the filed PDF · View the filing
Shunt energy meter growth: almost 33% growth, around 70 crore (FY26)
p. 6
“But currently, I can say that, almost 33% growth in shunt, from the energy meters, which is around, 70 crore odd rupees.”
Rajeev Ranjan, page 6 of the filed PDF · View the filing
Standalone gross margin: grew to 49% from 46% (Q4 FY26 vs Q4 FY25)
p. 12
“Gross margin earlier in quarter 4- 2025 was 46%, which grew by 49%.”
Rajeev Ranjan, page 12 of the filed PDF · View the filing
Standalone gross margin QoQ improvement: 329 BPS (Q4 FY26)
p. 12
“No, we're still, the quarter-to-quarter, we have improved by 329 BPS, as for the standalone result.”
Rajeev Ranjan, page 12 of the filed PDF · View the filing
India customer realization days: 70 to 75 days
p. 13
“No, realization, you were talking in days? It is in between 70 to 75 days only.”
Rajeev Ranjan, page 13 of the filed PDF · View the filing
Large US customer revenue concentration, current: 13-14%, expected to reach 18-19%
p. 18
“From its peak, it's come down from nearly 38-39%, It came down to about 13-14%.”
Sumer Ghumman, page 18 of the filed PDF · View the filing
Current capacity utilization (consolidated): around 60%
p. 18
“So, yeah, it would be safe to say that even today, even without that incremental capex, we are, at an average, we are still around”
Sumer Ghumman, page 18 of the filed PDF · View the filing
Maintenance and automation capex: 10 to 15 crore year-on-year
p. 17
“we need some maintenance capex along with some automation capex, which is in the range of, 10 to 15 crore year-on-year.”
Rajeev Ranjan, page 17 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.
Bus bar/CCS new unit revenue potential — 250 to 350 crore · 2-3 years
stated as an aspiration by Sumer Ghumman
p. 8
“we expect that this standalone unit, this new standalone unit could bring in revenues, you know, anywhere in the 250 to 350 crore, range.”
Sumer Ghumman, page 8 of the filed PDF · View the filing
US customer shunt revenue recovery — back to peak levels or beyond · this year and FY27-28
stated conditionally by Sumer Ghumman
p. 7
“So we expect the business to come back to those levels, or almost back to those levels, at least in this year, and then probably surpass it next FY27-28.”
Sumer Ghumman, page 7 of the filed PDF · View the filing
Smart meter growth continuation — 6 to 8 quarters
stated conditionally by Sumer Ghumman
p. 6
“we feel that in about the coming, let's say, 6 to 8 quarters- we feel that we should continue to see a decent amount of growth coming from there.”
Sumer Ghumman, page 6 of the filed PDF · View the filing
Smart meter revenue growth this year — double · this year
stated conditionally by Sumer Ghumman
p. 6
“We expect it to double, at least in this year.”
Sumer Ghumman, page 6 of the filed PDF · View the filing
Overall company growth (PAT/top-line) — upwards of 20%, closer to 30% · near term, and 30-plus over 5 years
stated as an aspiration by Sumer Ghumman
p. 16
“we want that our, you know, over the next 5-year period, our growth levels come back to those 30-plus kind of numbers.”
Sumer Ghumman, page 16 of the filed PDF · View the filing
FY27 growth target — upwards of 20%, closer to 30% · FY27
stated conditionally by Sumer Ghumman
p. 19
“Well, we've got all the ingredients in place, we've got all positive information from our major customers.”
Sumer Ghumman, page 19 of the filed PDF · View the filing
Capacity utilization FY27 — around 75-80% · FY27
stated conditionally by Sumer Ghumman
p. 19
“but I think, even at that point, we should be at about, maybe around 75%, 80%, - 75% of our capacity utilization, assuming we haven't done those incremental capex.”
Sumer Ghumman, page 19 of the filed PDF · View the filing
Growth capex requirement — no substantial growth capex
stated firmly by Rajeev Ranjan
p. 17
“So, there's no substantial capex required, but still, as we mentioned earlier also, we need some maintenance capex along with some automation capex, which is in the range of, 10 to 15 crore year-on-year.”
Rajeev Ranjan, page 17 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.
Realization improved 10-12% due to shift from strip to component supply; contacts growth of ~60% was partly driven by silver price increases with roughly 31-32% being actual business growth from new capacity.
Answered by Sumer Ghumman
Asked by Nikhil Poptani: How much realization growth per kg can be expected in shunts, and what drove the electric contacts division growth including smart metering contribution?
p. 4
“Having said that, that roughly is about, is about half of our total increase. Maybe a little less than half.”
Sumer Ghumman, page 4 of the filed PDF · View the filing
Management expects the business to recover to prior peak levels this year, driven by a shift to component-form supply and new product designs with the customer.
Answered by Sumer Ghumman
Asked by Akash Vora: What is the outlook for the US shunt customer business given past tariff and demand issues?
p. 7
“We expect that since they have, designed that, their design now provides more accuracy, so we expect that the business to go up and the forecasts are very positive from their end.”
Sumer Ghumman, page 7 of the filed PDF · View the filing
Management expects the new standalone unit to generate Rs 250-350 crore in revenue over roughly a 2-3 year period, driven by two-wheeler EV bus bar and CCS applications.
Answered by Sumer Ghumman
Asked by Dhruv Jain: What is the revenue potential and ramp timeline for the bus bar and PCBA business?
p. 9
“just talking about these bus bars and CCS, this is the kind of revenue we can look at in a 2-3 year period. Let's say 3 years as safer.”
Sumer Ghumman, page 9 of the filed PDF · View the filing
Management said domestic switchgear/MCB consumption has been flat due to real estate growth being concentrated in high-value, low-volume segments, and the company is pursuing export bulk-volume business instead.
Answered by Sumer Ghumman
Asked by Kenneth Mendonca: What explains the flatness in India bimetals revenue over the last two years?
p. 10
“the flatness basically comes from, it's just less consumption. It's not growing.”
Sumer Ghumman, page 10 of the filed PDF · View the filing
Management clarified there was no decline on a standalone quarter-on-quarter basis; the consolidated figure looked lower because the lower-margin contacts business grew as a share of revenue.
Answered by Sumer Ghumman
Asked by Sukriti Jiwarajka: What explains the decline in gross margins this quarter?
p. 12
“No, so the contact's revenue has grown more as a percentage, as compared to the other product, so that's why it's, probably showing in a consolidated basis.”
Sumer Ghumman, page 12 of the filed PDF · View the filing
Rajeev Ranjan attributed this to a regional mix shift toward exports (Europe and Asia), where transit time adds to realization days even though credit terms are similar.
Answered by Rajeev Ranjan
Asked by Sukriti Jiwarajka: Why have trade receivable days increased for the full year?
p. 13
“So, we are exporting more. If you seeregion-wise, we have improved in Europe, and we have also improved in the Asian region outside India.”
Rajeev Ranjan, page 13 of the filed PDF · View the filing
Rajeev Ranjan said inventory rose due to higher copper consumption for the Pune PCB assembly business and precautionary raw material procurement given geopolitical risk, with plans to source more domestically over time.
Answered by Rajeev Ranjan
Asked by Gokul Handa: What is driving the elevated working capital cycle and what is the plan to reduce it?
p. 17
“we are, working for some developments, which will give at least dependency from the domestic suppliers.”
Rajeev Ranjan, page 17 of the filed PDF · View the filing
Rajeev Ranjan confirmed no substantial growth capex is required beyond routine maintenance and automation spend.
Answered by Rajeev Ranjan
Asked by Gokul Handa: Is there a need for meaningful growth capex given current capacity versus the stated 1300 crore revenue potential?
p. 17
“Yes. So, there's no substantial capex required, but still, as we mentioned earlier also, we need some maintenance capex along with some automation capex, which is in the range of, 10 to 15 crore year-on-year.”
Rajeev Ranjan, page 17 of the filed PDF · View the filing
Sumer Ghumman explained that decline from one large US customer had masked growth from other new businesses, and with that customer recovering, growth should be at a different, sustainable level going forward.
Answered by Sumer Ghumman
Asked by Harshil Sheth: Why was growth muted in prior years and is the current 12% growth sustainable?
p. 18
“So, now, with that customer recovering, and now not being a single most point of exposure, and these other new businesses will also start showing up as a result, because earlier they were just simply covering up that gap.”
Sumer Ghumman, page 18 of the filed PDF · View the filing
Management said the customer peaked at 38-39% of revenue, fell to 13-14%, and could rise back to a maximum of 18-19% as volumes recover.
Answered by Sumer Ghumman
Asked by Harshil Sheth: How much revenue concentration did the large US customer represent at peak versus now?
p. 18
“From its peak, it's come down from nearly 38-39%, It came down to about 13-14%.”
Sumer Ghumman, page 18 of the filed PDF · View the filing
Management said the entity is now a 100% subsidiary (no longer a JV since 2023), and roughly 30-31% of the 54% contacts growth is actual product growth with the rest from silver price increases.
Answered by Sumer Ghumman
Asked by Ansh Gupta: Is the Metallor arrangement still a JV, and how much of contacts growth is from silver price pass-through versus volume?
p. 20
“Roughly about half of this, or I would say not half but 30-31% of this growth is actual product growth.”
Sumer Ghumman, page 20 of the filed PDF · View the filing
Sumer Ghumman clarified the competitor's thermostatic bimetal division has not gone bankrupt but is shifting focus, creating a supply gap opportunity for Shivalik with some of its customers.
Answered by Sumer Ghumman
Asked by Ansh Gupta: Does a bankruptcy at a European bimetal competitor create a share gain opportunity?
p. 20
“So what we understand is that they have not been able to supply properly to some of their old marquee customers as a result of that, and that is where an opportunity for Shivalik arises.”
Sumer Ghumman, page 20 of the filed PDF · View the filing
Risks flagged
Dependence on continued government rollout of smart meters, which is outside company control
p. 15
“Tomorrow, the government decides that, okay, we want to slow down in a particular region, or we don't need to, or we have other priorities. Nobody can say anything about that.”
Sumer Ghumman, page 15 of the filed PDF · View the filing
Flat domestic bimetal demand tied to real estate and switchgear consumption trends
p. 10
“the flatness basically comes from, it's just less consumption. It's not growing.”
Sumer Ghumman, page 10 of the filed PDF · View the filing
Past over-reliance on a single large US customer created revenue volatility when that business declined
p. 11
“that, of course, you know, sort of left us vulnerable as well, because when that went down, it started slowing everything when the revenue started going down.”
Sumer Ghumman, page 11 of the filed PDF · View the filing
Uncertainty in timing of US customer forecasts due to variable factors
p. 8
“Where it now actually ends up going is, you know, of course, it can vary because of certain other factors, as you can imagine.”
Sumer Ghumman, page 8 of the filed PDF · View the filing
Potential future competition in EB welding technology could pressure margins over time
p. 14
“Even if somebody decides to go full in today and says that, okay, let's get into this technology and get into it fully, and I'm not saying it will never happen, maybe it happens, that's, you know, competition is… can always happen.”
Sumer Ghumman, page 14 of the filed PDF · View the filing
Silver commodity price volatility affects contacts business revenue and reported growth
p. 4
“So the contribution of final silver has been consistently reducing, but because it went up so high, specifically in the last quarter, so some portion of this increase has been contributed from there.”
Sumer Ghumman, page 4 of the filed PDF · View the filing
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