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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹4006 Cr.
Stock P/E
52
P/B
8.3
Current Price
₹695.5
Book Value
₹ 83.6
Face Value
2
52W High
₹788.8
52W Low
₹ 369.5
Dividend Yield
0.58%

Shivalik Bimetal Overview

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.

Shivalik Bimetal Share Price

Live · BSE / NSE · Inception: 1984
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Shivalik Bimetal Quarterly Results

#(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

Shivalik Bimetal Profit & Loss

#(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

Shivalik Bimetal Balance Sheet

#(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

Shivalik Bimetal Cash Flow

#(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

Shivalik Bimetal Ratios

# 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

Growth Rates

Compounded annual
# 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%

Shivalik Bimetal Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 33.37 %
FII 1.74 %
DII (MF + Insurance) 20 %
Public (retail) 66.63 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 51.0951.1351.1433.1733.1733.1733.1733.1733.1733.37
FII 3.63.262.733.963.933.633.143.032.591.74
DII 1.821.92.3320.0221.121.072120.219.7120
Public 48.9148.8748.8666.8366.8366.8366.8366.8366.8366.63
Others 0000000000
Total 100100100100100100100100100100

Shivalik Bimetal Peer Comparison

Steel & Iron Products Edit Columns

Shivalik Bimetal Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Shivalik Bimetal Pros & Cons

Pros

  • Company has delivered good profit growth of 42% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28%
  • Debtor days have improved from 52.33 to 48.75days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 33.37%.
  • Stock is trading at 8.3 times its book value.
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