Steel & Iron Products · Founded 1984 · www.shivalikbimetals.com · BSE 513097 · NSE SBCL · ISIN INE386D01027
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Business
Shivalik Bimetal Controls Ltd. (SBCL) is an Indian manufacturer specializing in thermostatic bimetal products and shunt resistors. The company's core business involves the precise engineering and production of bimetallic strips and components, which are crucial for temperature sensing, control, and overload protection in various electrical and electronic applications. Additionally, SBCL manufactures shunt resistors, essential components for current sensing in applications such as energy meters, automotive systems (including electric vehicles), and industrial equipment. The company's business model revolves around supplying these specialized, high-precision components to Original Equipment Manufacturers (OEMs) across multiple industries. Revenue is primarily generated through the sale of these manufactured products.
Revenue Mix
While specific revenue contribution data is not readily available without accessing detailed financial reports, SBCL's primary business activities can be broadly categorized into:
Thermostatic Bimetal Products: This segment includes bimetallic strips, coils, and formed components used in circuit breakers, motor protectors, thermostats, and other temperature-sensitive devices.
Shunt Resistors: This segment focuses on the manufacture of precision shunt resistors for current measurement, used extensively in smart meters, automotive electronics (especially EV battery management systems), and industrial controls.
Given the company's name, these two areas represent its core product offerings.
Industry
SBCL operates within the broader Steel & Iron Products sector but occupies a specialized niche focused on precision bimetallic materials and components, as well as current sensing resistors. This industry segment is characterized by the need for advanced material science, precision manufacturing, and adherence to stringent quality standards. Competition comes from both domestic and international players specializing in similar technical materials and components. SBCL's positioning likely relies on its technical expertise, long-standing manufacturing experience, quality certifications, and ability to customize products for specific client applications, potentially competing on value, reliability, and precision rather than solely on scale within the larger steel industry.
MOAT
SBCL's potential competitive advantages include:
Specialized Expertise & Know-how: Manufacturing thermostatic bimetals and precision shunts requires deep material science knowledge, specialized processes, and proprietary manufacturing techniques, creating high barriers to entry.
Customer Relationships & Switching Costs: For critical components like bimetals and shunts, OEMs often build long-term relationships with trusted suppliers. Switching suppliers can involve extensive re-qualification processes, design changes, and potential production disruptions, creating switching costs.
Quality & Reliability: Given the critical function of these components in safety and performance applications, a reputation for consistent quality and reliability can be a significant advantage.
Product Customization: The ability to offer tailored solutions for diverse customer requirements can strengthen client relationships.
Growth Drivers
Key factors that can drive growth for SBCL over the next 3-5 years include:
Electric Vehicles (EVs): The rapidly expanding EV market is a significant driver for shunt resistors, which are critical for battery management systems and current sensing.
Smart Energy & IoT: Increasing adoption of smart meters, energy-efficient appliances, and Internet of Things (IoT) devices boosts demand for precision current and temperature control components.
Industrial Automation: Growing industrial automation and controls require reliable sensors and protection devices, benefiting both bimetal and shunt segments.
Global Market Expansion: Expanding sales into new international markets can open up new revenue streams.
New Product Development: Innovation in advanced materials or expanding product applications could unlock further growth.
Risks
Raw Material Price Volatility: The cost of metals (steel, copper, nickel, manganese) is a major input cost. Fluctuations can impact profit margins.
Technological Obsolescence: While bimetals and shunts are fundamental, advancements in sensing technologies could pose a long-term risk if the company fails to innovate.
Competition: Intense competition from domestic and international players in specialized component manufacturing can pressure pricing and market share.
Economic Downturn: A slowdown in industrial production, automotive sector, or consumer electronics could reduce demand for SBCL's products.
Customer Concentration: Reliance on a few large OEM clients could make the company vulnerable to their demand cycles or business decisions.
Currency Fluctuations: As an exporter and potentially an importer of certain materials, exchange rate volatility can impact profitability.
Management & Ownership
As a company listed in India, Shivalik Bimetal Controls Ltd. typically has a promoter-driven ownership structure, where the founding family or group holds a significant stake and often plays a key role in management. This structure can lead to a long-term vision and commitment to the business. Information on specific management quality requires detailed analysis of leadership track record, corporate governance practices, and strategic execution, which is beyond this overview. Ownership generally comprises promoter holdings, institutional investors, and public shareholders.
Outlook
The outlook for Shivalik Bimetal Controls Ltd. appears balanced, with significant opportunities driven by global trends in electrification, energy efficiency, and industrial automation. The company's strong positioning in specialized components like bimetals and shunt resistors makes it a beneficiary of the growth in sectors like electric vehicles (EVs) and smart energy infrastructure. Its technical expertise and established customer relationships provide a foundation for continued operations. However, the company faces inherent risks from raw material price volatility, potential technological shifts, and intense competition. Its ability to effectively manage these risks, innovate its product offerings, and capitalize on the expanding demand in its target segments will be crucial for sustained growth and profitability. The focus on niche, high-precision components provides a degree of insulation from broader commodity market fluctuations, but also ties its fortunes to the specific end-use industries it serves.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 126 | 128 | 126 | 127 | 123 | 132 | 137 | 137 | 134 | 163 |
| Other Income | 1 | 14 | 3 | 3 | 4 | 3 | 2 | 4 | 3 | 3 |
| Total Income | 128 | 142 | 129 | 130 | 127 | 136 | 139 | 141 | 137 | 166 |
| Total Expenditure | 101 | 106 | 102 | 100 | 99 | 104 | 105 | 106 | 102 | 127 |
| Operating Profit | 27 | 36 | 27 | 30 | 28 | 32 | 34 | 35 | 35 | 39 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Profit Before Tax | 22 | 32 | 23 | 26 | 24 | 28 | 30 | 30 | 30 | 34 |
| Provision for Tax | 6 | 8 | 6 | 7 | 6 | 7 | 8 | 8 | 7 | 9 |
| Profit After Tax | 16 | 24 | 17 | 20 | 18 | 21 | 22 | 23 | 22 | 25 |
| Adjustments | 1 | 2 | 1 | 0 | 0 | 1 | 1 | 2 | -0 | 1 |
| Profit After Adjustments | 17 | 26 | 18 | 20 | 18 | 21 | 23 | 25 | 22 | 26 |
| Adjusted Earnings Per Share | 2.9 | 4.5 | 3.1 | 3.5 | 3.2 | 3.7 | 4 | 4.3 | 3.8 | 4.5 |
| #(Fig in Cr.) | Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 95 | 109 | 119 | 158 | 193 | 187 | 204 | 324 | 470 | 509 | 508 | 571 |
| Other Income | 2 | 1 | 2 | 4 | 5 | 4 | 4 | 5 | 10 | 19 | 13 | 12 |
| Total Income | 97 | 109 | 121 | 162 | 199 | 192 | 208 | 329 | 480 | 528 | 521 | 583 |
| Total Expenditure | 85 | 95 | 100 | 132 | 158 | 166 | 168 | 251 | 361 | 403 | 405 | 440 |
| Operating Profit | 12 | 15 | 21 | 30 | 41 | 25 | 40 | 79 | 119 | 125 | 117 | 143 |
| Interest | 4 | 4 | 3 | 3 | 4 | 3 | 2 | 3 | 7 | 5 | 4 | 4 |
| Depreciation | 3 | 4 | 5 | 5 | 5 | 6 | 6 | 6 | 11 | 12 | 12 | 14 |
| Exceptional Income / Expenses | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Profit Before Tax | 5 | 6 | 14 | 23 | 34 | 17 | 34 | 73 | 102 | 112 | 103 | 124 |
| Provision for Tax | 3 | 2 | 5 | 6 | 10 | 4 | 9 | 18 | 23 | 27 | 26 | 32 |
| Profit After Tax | 3 | 3 | 8 | 17 | 25 | 13 | 25 | 55 | 79 | 84 | 77 | 92 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Profit After Adjustments | 3 | 3 | 8 | 17 | 25 | 13 | 25 | 55 | 79 | 84 | 77 | 96 |
| Adjusted Earnings Per Share | 0.5 | 0.6 | 1.4 | 2.9 | 4.3 | 2.3 | 4.4 | 9.6 | 13.7 | 14.6 | 13.4 | 16.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -0% | 16% | 22% | 18% |
| Operating Profit CAGR | -6% | 14% | 36% | 26% |
| PAT CAGR | -8% | 12% | 43% | 38% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 39% | 1% | 58% | 57% |
| ROE Average | 21% | 28% | 27% | 20% |
| ROCE Average | 26% | 32% | 31% | 24% |
| #(Fig in Cr.) | Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 46 | 55 | 68 | 83 | 105 | 115 | 140 | 192 | 265 | 342 | 406 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 41 | 5 | 5 | 7 | 7 | 10 | 8 | 15 | 22 | 12 | 4 |
| Other Non-Current Liabilities | 3 | 3 | 5 | 6 | 6 | 6 | 5 | 6 | 7 | 7 | 16 |
| Total Current Liabilities | 27 | 62 | 37 | 51 | 58 | 32 | 68 | 95 | 95 | 82 | 82 |
| Total Liabilities | 116 | 125 | 116 | 147 | 176 | 163 | 221 | 308 | 390 | 443 | 508 |
| Fixed Assets | 37 | 41 | 43 | 45 | 45 | 43 | 44 | 77 | 116 | 118 | 135 |
| Other Non-Current Assets | 3 | 13 | 12 | 13 | 17 | 32 | 42 | 31 | 21 | 30 | 43 |
| Total Current Assets | 76 | 70 | 58 | 86 | 112 | 88 | 135 | 200 | 254 | 295 | 329 |
| Total Assets | 116 | 125 | 116 | 147 | 176 | 163 | 221 | 308 | 390 | 443 | 508 |
| #(Fig in Cr.) | Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 0 | 8 | 0 | 0 | 0 | 0 | 16 | 11 | 13 | 11 |
| Cash Flow from Operating Activities | 2 | 16 | 12 | 6 | 4 | 41 | 30 | -3 | 66 | 69 | 94 |
| Cash Flow from Investing Activities | -7 | -2 | -3 | -7 | -7 | -14 | -15 | -24 | -43 | -41 | -58 |
| Cash Flow from Financing Activities | 4 | -6 | -17 | 1 | 3 | -27 | 0 | 23 | -18 | -29 | -26 |
| Net Cash Inflow / Outflow | -1 | 8 | -8 | 0 | 0 | -0 | 15 | -5 | 4 | -2 | 10 |
| Closing Cash & Cash Equivalent | 2 | 8 | 0 | 0 | 0 | 0 | 16 | 11 | 18 | 11 | 21 |
| # | Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.47 | 0.58 | 1.43 | 2.87 | 4.27 | 2.34 | 4.42 | 9.57 | 13.73 | 14.63 | 13.38 |
| CEPS(Rs) | 0.94 | 1.31 | 2.21 | 3.67 | 5.12 | 3.38 | 5.45 | 10.67 | 15.56 | 16.72 | 15.42 |
| DPS(Rs) | 0.2 | 0 | 0.5 | 0.6 | 0.6 | 0.3 | 0.6 | 1 | 1.2 | 1.7 | 2.7 |
| Book NAV/Share(Rs) | 7.95 | 9.51 | 11.88 | 14.41 | 18.19 | 20.01 | 24.22 | 33.26 | 46.09 | 59.29 | 70.42 |
| Core EBITDA Margin(%) | 10.09 | 12.01 | 15.12 | 16.04 | 18.38 | 11.08 | 17.74 | 22.68 | 23.16 | 20.88 | 20.4 |
| EBIT Margin(%) | 9.61 | 8.69 | 12.93 | 16.22 | 19.66 | 10.74 | 17.65 | 23.48 | 23.25 | 22.93 | 20.94 |
| Pre Tax Margin(%) | 5.42 | 4.86 | 10.91 | 14.15 | 17.81 | 9.17 | 16.85 | 22.62 | 21.75 | 21.96 | 20.2 |
| PAT Margin (%) | 2.68 | 2.81 | 6.54 | 10.34 | 12.73 | 7.19 | 12.51 | 17.01 | 16.82 | 16.56 | 15.16 |
| Cash Profit Margin (%) | 5.33 | 6.53 | 10.16 | 13.23 | 15.24 | 10.39 | 15.41 | 18.98 | 19.06 | 18.93 | 17.47 |
| ROA(%) | 2.5 | 2.7 | 6.84 | 12.6 | 15.23 | 7.94 | 13.29 | 20.85 | 22.68 | 20.24 | 16.21 |
| ROE(%) | 6.02 | 6.46 | 13.34 | 21.83 | 26.23 | 12.23 | 20.01 | 33.29 | 34.61 | 27.76 | 20.63 |
| ROCE(%) | 12 | 10.68 | 16.33 | 24.01 | 28.32 | 13.87 | 23.34 | 36.48 | 38.18 | 32.99 | 25.9 |
| Receivable days | 95.61 | 85.06 | 76.62 | 68.51 | 64.33 | 63.87 | 66.08 | 57.51 | 59.17 | 74.22 | 80.86 |
| Inventory Days | 96.03 | 94.98 | 76.49 | 76.12 | 103.68 | 116.77 | 108.09 | 104.22 | 95.78 | 93.21 | 93.04 |
| Payable days | 91.4 | 72.7 | 47.97 | 57.36 | 60.99 | 45.22 | 85.12 | 87.36 | 62.59 | 52.33 | 48.75 |
| PER(x) | 13.97 | 11.84 | 14.84 | 26.19 | 21.57 | 6.11 | 12.84 | 35.78 | 37.28 | 35.47 | 34.51 |
| Price/Book(x) | 0.83 | 0.72 | 1.78 | 5.21 | 5.07 | 0.71 | 2.35 | 10.29 | 11.11 | 8.75 | 6.55 |
| Dividend Yield(%) | 3.04 | 0 | 0.79 | 0.53 | 0.43 | 1.4 | 0.7 | 0.19 | 0.23 | 0.33 | 0.58 |
| EV/Net Sales(x) | 0.8 | 0.72 | 1.26 | 2.97 | 2.98 | 0.57 | 1.67 | 6.23 | 6.36 | 5.88 | 5.14 |
| EV/Core EBITDA(x) | 6.15 | 5.37 | 7.1 | 15.72 | 14.06 | 4.24 | 8.45 | 25.56 | 25.15 | 23.86 | 22.41 |
| Net Sales Growth(%) | 24.66 | 14.44 | 9.3 | 32.9 | 22.51 | -3.19 | 8.82 | 59.03 | 45.18 | 8.2 | -0.11 |
| EBIT Growth(%) | 0.07 | 3.31 | 61.53 | 59.69 | 46.66 | -44.29 | 78.89 | 111.56 | 43.76 | 6.71 | -8.76 |
| PAT Growth(%) | -42.85 | 19.62 | 152.9 | 101.17 | 49.01 | -40.66 | 89.45 | 116.22 | 43.53 | 6.53 | -8.56 |
| EPS Growth(%) | -42.85 | 22.45 | 147.07 | 101.17 | 49.01 | -45.36 | 89.45 | 116.22 | 43.53 | 6.53 | -8.56 |
| Debt/Equity(x) | 0.89 | 0.86 | 0.42 | 0.43 | 0.43 | 0.22 | 0.2 | 0.3 | 0.22 | 0.12 | 0.08 |
| Current Ratio(x) | 2.83 | 1.13 | 1.57 | 1.7 | 1.93 | 2.76 | 1.99 | 2.09 | 2.66 | 3.59 | 4.01 |
| Quick Ratio(x) | 1.58 | 0.7 | 0.87 | 0.9 | 0.74 | 1.17 | 0.96 | 0.89 | 1.28 | 2.03 | 2.41 |
| Interest Cover(x) | 2.3 | 2.27 | 6.39 | 7.83 | 10.63 | 6.84 | 22.08 | 27.52 | 15.53 | 23.67 | 28.39 |
| Total Debt/Mcap(x) | 1.07 | 1.19 | 0.23 | 0.08 | 0.08 | 0.3 | 0.09 | 0.03 | 0.02 | 0.01 | 0.01 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.09 | 51.13 | 51.14 | 33.17 | 33.17 | 33.17 | 33.17 | 33.17 | 33.17 | 33.37 |
| FII | 3.6 | 3.26 | 2.73 | 3.96 | 3.93 | 3.63 | 3.14 | 3.03 | 2.59 | 1.74 |
| DII | 1.82 | 1.9 | 2.33 | 20.02 | 21.1 | 21.07 | 21 | 20.2 | 19.71 | 20 |
| Public | 43.49 | 43.72 | 43.8 | 42.85 | 41.79 | 42.13 | 42.69 | 43.61 | 44.53 | 44.9 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.94 | 2.95 | 2.95 | 1.91 | 1.91 | 1.91 | 1.91 | 1.91 | 1.91 | 1.92 |
| FII | 0.21 | 0.19 | 0.16 | 0.23 | 0.23 | 0.21 | 0.18 | 0.17 | 0.15 | 0.1 |
| DII | 0.1 | 0.11 | 0.13 | 1.15 | 1.22 | 1.21 | 1.21 | 1.16 | 1.14 | 1.15 |
| Public | 2.51 | 2.52 | 2.52 | 2.47 | 2.41 | 2.43 | 2.46 | 2.51 | 2.56 | 2.59 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | +16% | +22% | +18% |
| Operating Profit CAGR | -6% | +14% | +36% | +26% |
| PAT CAGR | -8% | +12% | +43% | +38% |
| Share Price CAGR | +39% | +1% | +58% | +57% |
| ROE Average | +21% | +28% | +27% | +20% |
| ROCE Average | +26% | +32% | +31% | +24% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.09 | 51.13 | 51.14 | 33.17 | 33.17 | 33.17 | 33.17 | 33.17 | 33.17 | 33.37 |
| FII | 3.6 | 3.26 | 2.73 | 3.96 | 3.93 | 3.63 | 3.14 | 3.03 | 2.59 | 1.74 |
| DII | 1.82 | 1.9 | 2.33 | 20.02 | 21.1 | 21.07 | 21 | 20.2 | 19.71 | 20 |
| Public | 48.91 | 48.87 | 48.86 | 66.83 | 66.83 | 66.83 | 66.83 | 66.83 | 66.83 | 66.63 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.94 | 2.95 | 2.95 | 1.91 | 1.91 | 1.91 | 1.91 | 1.91 | 1.91 | 1.92 |
| FII | 0.21 | 0.19 | 0.16 | 0.23 | 0.23 | 0.21 | 0.18 | 0.17 | 0.15 | 0.1 |
| DII | 0.1 | 0.11 | 0.13 | 1.15 | 1.22 | 1.21 | 1.21 | 1.16 | 1.14 | 1.15 |
| Public | 2.82 | 2.82 | 2.81 | 3.85 | 3.85 | 3.85 | 3.85 | 3.85 | 3.85 | 3.84 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 |
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