Industrial Goods company Shivalik Bimetal Controls announced Q2FY26 results Revenue from Operations: Rs 137.40 crore in Q2FY26 (+8.49% YoY); Rs 274.00 crore in H1FY26 (+8.46% YoY). EBITDA: Rs 31.07 crore in Q2FY26 (+16.39% YoY); Rs 63.02 crore in H1FY26 (+25.07% YoY). EBITDA margin expanded 154 bps in Q2 to 22.61% and 306 bps in H1 to 23.00% respectively. Profit After Tax (PAT): Rs 24.59 crore in Q2FY26 (+25.13% YoY); Rs 47.37 crore in H1FY26 (+26.42% YoY). PAT margin expanded 238 bps in Q2 and 244 bps in H1 to 17.90% and 17.29% respectively. Gross Margin: up 333 bps in Q2 and 296 bps in H1 to 47.08% and 45.84% respectively, reflecting improved mix and cost discipline. Cost Control: Other Expenses saw only a modest 1.64% growth in H1FY26, contributing substantially to the operational leverage achieved. Sustained Earnings: Earnings Per Share (EPS) for H1FY26 stood at Rs 8.22, demonstrating sustained earnings growth. Kabir Ghumman, Managing Director, said: “H1 performance underscores the strength of our operating model, margin expansion of 306 bps alongside mid-single-digit revenue growth translated into 26% PAT growth. We achieved this in a steady volume environment, led by better price realisation, richer mix, and cost governance. Regionally, India and Asia continued to accelerate, even as we prudently navigated pockets of export softness. Looking ahead, our priorities are clear. Deepen forward-integration into assemblies, monetise EBW capacity with measured capex, and keep working-capital disciplined. With a strong balance sheet and healthy order visibility, we remain focused on profitable growth and cash conversion through FY26.” Result PDF
Industrial Goods company Shivalik Bimetal Controls announced Q1FY26 results Standalone revenue from operations grew by 8.84% YoY to Rs 116.70 crore in Q1FY26. This growth was supported by a 13.94% YoY increase in gross profit to Rs 55.93 crore, with gross margin improving by 215 basis points to 47.93%. EBITDA increased by 32.54% to Rs 29.48 crore from Rs 22.24 crore in Q1FY25. Profit Before Tax (PBT) also saw a 29.20% YoY increase to Rs 28.10 crore in Q1FY26. The PBT margin expanded by 379 basis points to 24.08%, reflecting improving operating performance. Profit After Tax (PAT) for Q1FY26 rose by 28.63% YoY to Rs 20.97 crore, with PAT margin at 17.97%. Earnings Per Share (EPS) for Q1FY26 improved to Rs 3.64 from Rs 2.83 in Q1FY25. Kabir Ghumman, Managing Director, said: “Our focus for Q1FY26 has been on translating capability into tangible outcomes, advancing assembly-level solutions backed by in-house R&D;, precision tooling, and pilot prototyping, while sharpening cost discipline & working capital efficiency. Recovery in thermostatic bimetals, strong domestic shunt growth from smart metering and EV demand, and record program wins across automotive and industrial customers underscore our execution momentum as we move ahead into FY26. With a net cash position of Rs 77 crore, a RoCE of 24.65%, and an asset-light model capable of supporting over Rs 1,300 crore in revenue, we are well placed to monetise latent EBW capacity, deepen forward integration, and accelerate product innovation through our planned ‘Centre of Excellence’, building Shivalik into a trusted global solutions partner for the electrical and electronics industry.” Result PDF
Industrial Goods company Shivalik Bimetal Controls announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Standalone EBITDA for Q4FY25 increased by 24.87% to Rs 26.47 crore from Rs 21.20 crore in Q4FY24. The standalone EBITDA margin also saw an expansion of 422 basis points, reaching 23.17% in Q4FY25 compared to 18.96% in the same period last year. Profit before tax (excluding other income) grew 31.48% YoY to Rs 23.12 crore in Q4FY25, compared to Rs 17.58 crore in Q4FY24. PBT margin expanded by 451 basis points to 20.24% from 15.73% last year. Total Income stood at Rs 114 crore for Q4FY25 compared to Rs 111 crore for Q4FY24 FY25 Financial Highlights: For the full year FY25, PBT stood at Rs 84.70 crore versus Rs 87.74 crore in FY24, with PBT margin steady at 19.37%, reflecting sustained operating leverage despite a modest decline in topline Total Income stood at Rs 437 crore for FY25 compared to Rs 449 crore for FY24 Kabir Ghumman, Managing Director, said: “FY2025 unfolded within a complex macro environment, shaped by asynchronous global recoveries and ongoing inventory adjustments across end-use sectors. Against this backdrop, we maintained a measured execution approach, allowing us to sustain a full-year standalone EBITDA margin of 22.28% and expand our Q4 margin by over 400 basis points year-on-year to 23.17%. Our fourth quarter also saw a 31.5% increase in profit before tax, reflecting steady improvement in operating efficiency and cost management. Shunt Resistors continued to perform well, with double-digit growth in India, Asia, and Europe. These outcomes are aligned with a broader sectoral shift towards smart metering, industrial controls, and electric mobility, segments which provide greater visibility and long-term traction. At the same time, demand moderation in select geographies, particularly the Americas, reinforced the importance of maintaining a balanced portfolio. We are actively enhancing localisation and forward integration efforts, with a view to creating a more resilient and regionally attuned operating model. These efforts are expected to support the next phase of our evolution as we navigate FY2026.” Sumer Ghumman, Whole-Time Director, added: “During FY2025, we focused on strengthening our business fundamentals while adapting to regional shifts in demand. Growth momentum in India, Southeast Asia, and Europe remained encouraging, particularly within the Shunt Resistor product line, while we saw a more subdued environment in traditional bimetal applications, particularly in the Americas. This divergence validates our long-standing diversification strategy. With Shunt Resistors now contributing nearly half of our revenue and new markets expanding our global reach, our revenue profile is more balanced across both product and geography. As we move forward, we remain focused on enhancing our execution capabilities, deepening value addition through select vertical integration, and aligning more closely with evolving global trends and supply chain de-risking. Our core focus also remains on enhancing customer engagement, deepening product customisation, and driving manufacturing agility to support changing application needs across electrification and energy infrastructure. Rajeev Ranjan, Chief Financial Officer, said: “FY2025 was a year of maintaining balance, between protecting margins and adapting to a softer topline environment. Despite a modest 2.72% decline in revenue, we upheld a full-year EBITDA margin of 22.28%, with the fourth quarter showing encouraging traction as margin expanded by over 400 basis points year-on-year to 23.17%. This outcome was supported by consistent gross profitability and prudent cost oversight. Working capital remained well-contained. Despite elevated inventory to support export fulfilment, net working capital days moved only marginally, reflecting the discipline we apply across our operations. Profit After Tax stood at Rs 72.43 crore, translating to a PAT margin of 16.57%, and Return on Capital Employed was a healthy 24.65%, through our continued focus on efficient capital deployment. As we step into FY2026, our approach will remain measured. The broader tailwinds in smart metering, mobility, and digital infrastructure (such as grid modernisation and intelligent energy systems) give us reason to be constructive, while remaining disciplined in execution.” Result PDF
Industrial Goods company Shivalik Bimetal Controls announced Q3FY25 results Total Income for Q3FY25 stood at Rs 106.22 crore, reflecting a 5.31% YoY decline from Rs 112.17 crore in Q3FY24. Profit Before Tax (PBT) increased by 7.29% YoY to Rs 23.45 crore in Q3FY25 from Rs 21.85 crore in Q3FY24, with PBT margin expanding by 259 bps to 22.07%. Profit After Tax (PAT) grew 10.07% YoY to Rs 17.52 crore in Q3FY25, compared to Rs 15.92 crore in Q3FY24, with PAT margin improving by 231 bps to 16.50%. Margin Expansion: SBCL achieved a 259 bps increase in Profit Before Tax (PBT) margin and a 231-bps improvement in Profit After Tax (PAT) margin in Q3FY25 compared to Q3FY24. Declaration of Dividend: The Board has declared an interim dividend of 60% (Rs 1.20 per equity share) on 57,604,200 equity shares of Rs 2 each. Kabir Ghumman, Managing Director, commented: “In Q3 & 9MFY25, Shivalik’s emphasis on precision engineering and product innovation has enabled us to navigate a dynamic global market effectively. Our newly introduced ‘Smart DC Current Sensor’ showcases our commitment to cutting-edge solutions and forward integration. Starting April 2025, we look forward to evolving our resistor strip business with the addition of more high precision high value added components, further strengthening our forward integration strategy with key customers. This transition will enable us to offer a wider array of high-value SKUs, reinforce ties with global OEMs, and further Shivalik’s standing as a trusted supplier globally.” Sumer Ghumman, Whole-time Director, added: “Within our Shunt Resistor vertical, we continued to see positive growth in India driven by demand in Smart Meters and industrial sectors. Asia (excluding India) also delivered doubledigit expansion, while North America witnessed a temporary slowdown due to inventory corrections. The region’s industrial traction indicates a potential near-term rebound that should feed into future quarters. Our Thermostatic Bimetals & Trimetals portfolio exhibited mixed performance across geographies, moderation in India and Europe was partially offset by promising growth in the Americas. This balanced exposure highlights the value of prudent regional diversification and leveraging our growing product mix. Looking ahead, our forward integration contracts are set to reflect in our performance in the next 6 months. We are also approaching more advanced stages of our backward integration initiatives, ensuring we remain well-positioned to address the evolving demands of growing sectors.” Rajeev Ranjan, Chief Financial Officer, shared: "Despite macroeconomic headwinds impacting certain product categories and geographies, our disciplined approach to cost management has enabled us to preserve profitability. With a 231 basis point improvement in PAT margins for Q3FY25 and a 259-basis point expansion in PBT margins, we have demonstrated our ability to navigate complex market conditions. Meanwhile, we continue to explore opportunities in component manufacturing, forward integration, and potential joint ventures while also evaluating inorganic growth opportunities that would be accretive to our balance sheet and business. Additionally, we are pleased to announce that the Board has declared an interim dividend of 60% (Rs 1.20 per equity share) on 57,604,200 equity shares of Rs 2 each this quarter, reinforcing our commitment to delivering shareholder value." Result PDF
Industrial Goods company Shivalik Bimetal Controls announced H1FY25 & Q2FY25 results Q2FY25 Financial Highlights: Total Income: Decreased marginally by 2.53% to Rs 109.55 crore from Rs 112.40 crore in Q2FY24, reflecting the impact of gradually recovering market demand in the North American market from previous quarters. Profit Before Tax (PBT): Fell marginally by 3.31% to Rs 25.49 crore compared to Rs 26.37 crore in Q2FY24. PBT as % of Sales: Decreased marginally by 19 basis points to 23.27%, down from 23.46% in Q2FY24, showcasing margin resilience through a recovering market phase. Profit After Tax (PAT): Reduced marginally by 2.65% to Rs 18.97 crore from Rs 19.49 crore in Q2FY24. PAT Margin: Reduced marginally by 2 basis points to 17.32% compared to 17.34% in Q2FY24. H1FY25 Financial Highlights: Revenue and Profitability: Shivalik’s revenue for H1FY25 stood at Rs 216.77 crore, a slight decline of 3.86% from Rs 225.47 crore in H1FY24. Gross Margin Management: The gross margin for H1FY25 was 46.57%, down 272 basis points from H1FY24’s 49.29%. Operational Efficiency and Profit Discipline: Profit Before Tax (PBT) for H1FY25 declined by 11.09% to Rs 47.24 crore from Rs 53.14 crore in H1FY24.PAT Margin Resilience: Despite the revenue and input cost pressures, Shivalik achieved a PAT margin of 16.27% for H1FY25, a marginal decrease of 135 basis points from H1FY24’s 17.62%. EBITDA Margin Resilience: The EBITDA margin moderated to 22.00% from 25.20%, a reduction of 320 basis points, reflecting external cost pressures. N. S. Ghumman, Managing Director, Shivalik Bimetal Controls, said: "Our H1FY25 performance—highlighted by 45% growth in India’s Shunt segment and resilient 22.0% EBITDA and 16.27% PAT margins—demonstrates the strength of our strategic approach amid global challenges. As we navigate evolving markets, our commitment to research and development remains central to our growth. R&D; not only enriches our existing product lines but drives innovations aligned with emerging demands in critical sectors such as electric vehicles and smart metering. Our commitment to Europe a key regional growth frontier is driven by our recent establishment of a wholly-owned subsidiary in Italy, allowing us to operate with increased agility and directly engage the market. This strategic move not only fortifies our European presence but also streamlines our cost structure by eliminating agency commissions. By leveraging our dual offerings in Shunt and Bimetal products, we are well-positioned to capture additional market share and enhance profitability across the region. On the recent changes in leadership roles announced earlier at the last AGM, he added "Reflecting on Shivalik’s journey from its beginnings to becoming a global leader, it’s incredibly fulfilling to see the next generation guiding us forward, grounded in our core values of resilience, adaptability, and innovation. The recent backing from esteemed institutional investors further validates our growth trajectory and strategic vision. With strong recognition and approvals base across North America, India, and Asia, I am confident that Shivalik is well-positioned to adapt to an evolving marketplace, continuing to deliver high-quality, resilient components and nurturing valued partnerships worldwide." Result PDF
Industrial Goods company Shivalik Bimetal Controls announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: PAT surged by 34.07% to Rs 25.33 crore, with PAT margin up by 551 basis points to 22.66%, reflecting enhanced profitability and better operational efficiency. FY24 Financial Highlights: Total income rose by 6.94% to Rs 449.40 crore, showcasing resilient revenue generation despite moderated North Atlantic demand. Recommended a final dividend of 50% (Rs 1.00 per equity share) for FY24, in addition to the interim dividend of Rs 0.70 per share already paid, aggregating Rs 1.70 per share for the year. Asia (excluding India): Achieved a notable increase of 32.84% YoY in Shunt Resistor sales. India: Growth rose to 31.69% YoY in Thermostatic Bimetal/Trimetal sales, effectively offsetting the sluggish demand from the Americas. S.S. Sandhu, Chairman, commented, "Over the past five years, we have built a solid foundation for growth and profitability, and I am confident that our strategic initiatives will continue to drive success in the years to come. Our focus on expanding domestic demand, coupled with the pursuit of global partnerships, particularly in the silver contacts segment, positions us favourably for future success. We expect robust growth in the domestic market to continue, and we are prepared to take advantage of the anticipated rebound in the USA. Strategically, we remain focused on expanding our product lines and leveraging our research and development capabilities to drive forward integration. Our financial strength ensures that we remain a debt-free company and are ready for any inorganic expansion should a strong opportunity present itself." CFO Rajeev Ranjan added, "Shivalik is well-positioned for long-term growth, underpinned by strong market tailwinds, a robust balance sheet, and solid financial performance. The Company also benefitted from a Production Linked Incentive (PLI) scheme, adding ~Rs 8 crore in cash and ~Rs 12 crore as other income for a significantly raised PAT. Our consistent earnings growth, highlighted by the 43.98% CAGR in EPS, demonstrates our commitment to delivering substantial shareholder value. Looking ahead, we anticipate steady growth recovery in the Atlantic region and continued robust demand from Asia. During FY2024, we formalized major contracts, foreshadowing a promising business pipeline. Additionally, the recent addition of a property provides sufficient headroom for our forward integration and expansion of assembly lines." Result PDF
Industrial Goods company Shivalik Bimetal Controls announced Q2FY24 & H1FY24 results: Standalone Q2FY24: Revenue increased by 7.18% to Rs 112.40 crore compared to Q2FY23. EBITDA increased by 9.82% to Rs 27.82 crore compared to Q2FY23. EBITDA margin increased by 60 basis points to 24.75% compared to Q2FY23. Profit after tax increased by 5.85% to Rs 26.37 crore compared to Q2FY23. PAT margin decreased by 19 bps to 17.34% compared to Q2FY23. Standalone H1FY24: Revenue increased by 11.31% to Rs 225.47 crore compared to H1FY23. EBITDA increased by 14.60% to Rs 56.81 crore compared to H1FY23. EBITDA margin increased by 72 bps to 25.20% compared to H1FY23. Profit after tax increased by 11.92% to Rs 39.72 crore compared to H1FY23. PAT margin increased by 10 bps to 17.62% compared to H1FY23. Rajeev Ranjan, CFO, commented on the Company’s financial performance, “Our growth percentages are a result of our control mechanisms for operating leverage. We maintain a consistent growth trajectory, showcasing a steady growth rate for Q2FY24 where our strong control mechanisms for operating leverage have enabled us to maintain healthy EBIDTA and profit margins reinforcing financial stability. As we complete Q2 and approach the third quarter, a pronounced upswing in market conditions is also expected as we have achieved a 25% growth in the domestic market. Although global headwinds may persist into the next calendar year, we are anticipating that the 10% to 40% growth range will return post-Q4FY24. In addition, we are in advanced discussions in finalisation of volume contracts spanning over the next 2-3 years with some renowned Industry names, signaling a promising growth trajectory for the Company in the medium-term.” Result PDF
Other Industrial Goods company Shivalik Bimetal Controls announced Q1FY24 results: Revenue from Operations: Rs 113.07 crore, 15.74% YoY growth. Gross Profit: Rs 56.31 crore, 14.97% YoY growth. EBIDTA as a % of Revenue: Rs 28.99 crore, 19.60% YoY growth. Profit After Tax (PAT): Rs 20.23 crore, 18.23% YoY growth. CFO, Rajeev Ranjan, commented, “We delivered a strong performance for Q1FY24, with revenue rising to Rs 113.07 crore, our highest quarterly number in history. In the face of dynamic market conditions globally, our sustained focus on operational efficiency and R&D; has resulted in a 19.60% growth in EBIDTA, reaching Rs 28.99 crore for the period. Our Shunt division saw a healthy 8.97% growth, while our Bimetal division witnessed 22.45% growth, in line with the global shift towards electrification. Our Profit After Tax (PAT) witnessed an increase of 18.23%, reaching our highest quarterly figure of Rs 20.23 crore. In conclusion, our Q1FY24 performance, bolstered by India's economic growth and burgeoning domestic market, positions us to embrace the future with a steadfast focus on operational efficiency and cutting-edge innovation.” Chairman of Shivalik Bimetal Controls, S.S. Sandhu, also shared, “Looking into the near future, Shivalik's shunt resistors will seamlessly integrate into the fabric of the nation's sustainable energy ecosystems. As India embarks on large deployments of smart metering for reducing Aggregate Transmission & Commercial (AT&C;) losses and optimizing operational efficiency at the DISCOM level, Shivalik's well-established technology is primed to enable this. Our shunt resistors are part of the backbone of smart metering technology and energy management systems, providing the precision and reliability required for efficient energy usage. As India accelerates its smart meter deployment to achieve electrical energy security, we are proud to be a key player in providing critical components, contributing to the country's electrification renaissance." Result PDF
Other Industrial Goods company Shivalik Bimetal Controls announced Q4FY23 & FY23 results: Total Income Growth: A remarkable 29.70% increase in total income for FY23, and a notable 23.30% increase in total income for Q4FY23 compared to Q4FY22, showcasing the Company's strong revenue generation capabilities. EBITDA Surge: An impressive 41.94% growth in EBITDA for FY23, and a significant 39.44% growth in EBITDA for Q4FY23 compared to Q4FY22, indicating considerable improvement in operational efficiency. PAT Expansion: A robust 39.60% increase in profit after tax (PAT) for FY23, and a substantial 40.97% increase in profit after tax (PAT) for Q4FY23 compared to Q4FY22, highlighting the Company's ability to translate operational improvements into bottom-line results. "We are pleased to announce outstanding year-end financial results, with robust growth across each product group," said Mr. S.S. Sandhu, Chairman. "Our team has worked tirelessly to sustain our industry leadership, and deliver quality products that meet our customer’s expectations. We are experiencing significant demand for our both products. Underscoring our DNA for engineering and technical excellence, we continue our commitment to providing high-quality, reliable products to our OEMs and investing in innovation to maintain our pole position.” Mr. Rajeev Ranjan, Chief Financial Officer, added, "Our strong financial year end has a YoY increase of 31.50% in gross profit margin and a significant YoY growth of 41.94% in EBITDA to reach Rs. 104.37 crore for FY23. This performance clearly reflects our innate ability to generate strong operating cash flows and maintain financial and operational discipline. We have leveraged our long-standing relationships and initiated new commercial partnerships to drive growth across our product segments. We are confident in sustaining this momentum and driving long-term value for our shareholders.” Result PDF
Shivalik Bimetal Controls announced Q3FY23 results: Q3FY23: Total revenue for Q3FY23 grew by 22.02% YoY; up by 32.14% YoY for 9MFY23 EBITDA for 9MFY23 grew by 42.63% YoY to reach Rs 77.36 crore Profit after tax for 9MFY23 increased by 38.84% YoY to reach Rs 53.74 crore “Our sustained growth in the 9MFY23 period is a testament to persistently surging market demand and new commercial relationships initiated with leading OEMs. While we are successfully leveraging our longstanding relationships, we are also aggressively adding new quality clients that position us in new high-growth opportunities, such as EV (Electric Vehicles) and smart metering, products necessary for an environmentally sustainable future,” said Mr. S. S. Sandhu, Chairman. “This growth strategy is a result of consistent investment in our intellectual capital and our commitment to excellence in quality and reliability for our global OEMs,” he added. Mr. Rajeev Ranjan, Chief Financial Officer, added, “Our total revenue for Q3FY23 grew by 22.02% YoY on the back of robust organic volume growth with existing longstanding customers and the addition of multiple new technical approvals with leading global OEMs. Over Q3FY23, we successfully onboarded many new market-leading clients, and as we translate pilot approval volumes to scalable production volumes, we expect to sustain our continuing growth incline going forward. Our 9MFY23 results also demonstrate our ability to deliver sustained quality earnings. Our YoY widening EBITDA margin by 184 basis points to 24.95% for 9MFY23 reflects our ability to produce strong operational performance, and thus a sustained PAT margin exceeding the mid-teens for the 9MFY23 period.” Result PDF