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SHIVALIK BIMETAL CONTROLS LIMITED Investor Briefing From Precision Components to Integrated Solutions Q1 FY27 Higher on the Value Curve SHIVALIK BIMETAL CONTROLS LTD . 74 SHIVALIK
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03 Market Opportunity & Growth Drivers 07 Quarterly Updates 08 Overview Investment Rationale 02 05 Financial Performance Manufacturing & Technology 06 SBCL- At a Glance 01 Timeline & Milestones Business Product Segments 04 2 Safe-Harbour Statement Safe-Harbour Statement This presentation may contain forward ‑looking statements, which are based on currently available information, operating plans and future expectations of Shivalik Bimetal Controls Limited (“SBCL”). Actual results may differ materially due to a variety of factors. SBCL undertakes no obligation to update these statements publicly. Readers are advised to refer to the Company’s latest Annual Report and stock ‑exchange filings for a full discussion of the risks and uncertainties involved. CIN: L27101HP1984PLC005862 Website: www.shivalikbimetals.com
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Particular Q1FY27 Revenue 182.20 PBT 43.84 PAT Margin % 18.12 EPS 5.73 Shivalik- At a Glance 01 End‑to‑end precision materials manufacturer with robust global footprint Shivalik Bimetal Controls Limited (SBCL) is India’s only fully integrated manufacturer of precision thermostatic bimetals, low‑ohmic shunt resistors, silver contacts, bus bar connectors and PCBA assemblies, critical components that enable accurate sensing, switching and thermal control across electric vehicles, smart meters, switchgear and energy‑storage systems. Headquartered in Himachal Pradesh with three manufacturing campuses and sales nodes in the US, EU and Asia, SBCL partners with 300+ OEMs/Tier‑1s in 38 countries. COMPANY OVERVIEW 3 Consolidated Financial Performance (₹ in crore) Export Share 54% EBIDTA Margin % 23.72%
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Shivalik- At a Glance 01.a Our growth journey 4 Shivalik has transitioned from a single‑plant bimetal specialist into a multi‑site engineered‑materials partner for over 300 marquee customers. The existing asset base can support >₹ 1,300 Cr revenue, sustaining high incremental Pre-tax ROCE without major greenfield risk. Half of revenue now originates from 38 export markets, demonstrating global competitiveness. Operates Asia’s largest EBW strip facility and 77 proprietary bimetal grades; supplies 300+ OEM/Tier‑1 customers across 38 countries.
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Pillar Evidence (FY26 unless stated) Take-away Financial Resilience Net worth up ₹75 Cr to ₹481 Cr in FY26; net cash positive (₹105 Cr cash vs ₹59 Cr debt) (On Consolidated Level) Strong free‑cash generation, self‑funded growth, zero-debt company Market Leadership Double‑digit global and domestic share in core product segments- shunt resistors, bimetals, and electrical contacts with forward integration play into higher value-added components, bus bar connectors & PCBA assemblies Pricing power & sticky customer base with relationships lasting 20+ years Multi‑Decade Growth EV shunt TAM 3× ICE; 250 Mn smart‑meter roll‑out Visible growing topline through FY30+ Cost & Tech Moat In‑house EBW build with high IP & know-how required - capex comparatively lower than industry normal; 77 bimetal grades, driven by specialised R&D teams; Indias only Electron Beam Welding capability & one of few globally leading EB welders Sustainable cost edge & high entry barriers ESG & Governance Primarily utilizing hydroelectric power while transitioning to renewable energy via solar sources Aligned towards ESG compliance Institutional Validation Long‑only funds, various broker recommendations Endorsed by leading institutions INVESTMENT RATIONALE 02 Strong cash generation, market leadership, and sustainable growth drivers 5
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Pillar 2026 Status 2027 Roadmap Strategic Upside Environment Tree plantation and the development of a green park with public toilet facilities to promote sustainability and sanitation, complemented by the installation of Sewage Treatment Plants (STP) and Effluent Treatment Plants (ETP) for effective waste management based on the 3R (Reduce, Reuse, Recycle) principle. Tree plantation drive on advance level and steps towards clean energy and waste management solutions. Ensuring and Enhancing Sustainability Social A strong culture drives growth to 1,000+ employees in FY26, while supporting the local community with healthcare facilities, educational and hunger eradication programs. Expand and strengthen programs supporting healthcare, education, and hunger relief for the local community. Strengthens licence‑to‑operate through goodwill Governance Robust board oversight with six independent directors, including two women, ensures transparency and ethical governance, supported by statutory policies. Independent directors constitute 60% of the total board strength, reinforcing strong governance practices. Advance board oversight, diversity, and ethical governance with strengthened policies and enhanced transparency initiatives Reputation of transparency and ethical business conduct Scope‑2 Emissions Installing solar panels, along with hydroelectric power, accelerates the shift to clean and sustainable energy Transitioning to full renewable energy Green-energy fuelled 6 ESG Architecture Anchored in Renewable Energy & Responsible Governance 2.a Hydro powered operations, measurable social impact and rigorous governance secure Shivalik’s standing as a preferred partner in global green value chains. Integrated ESG Levers Compounding Investor Value: Hydro-powered operations & introduction of solar panels combined with ethical suppliers lower ESG-driven disruption risk, preserving cash-flow visibility and supporting valuation multiples. Ongoing insights towards trimming material intensity and scrap, directly enhancing gross margins and operating leverage. Verified ESG credentials provide advantage of access to sustainability-linked funds when required, broadening the funding base and potentially lowering the weighted average cost of capital. Authentic social impact initiatives paired with advanced manufacturing technologies attract top engineering talent, fuelling the next wave of product differentiation and growth.
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FINANCIAL PERFORMANCE (FY22-26) FINANCIAL PERFORMANCE (FY22-26) 03 Steady revenue enabling margin expansion and cash conversion 7 Key drivers: FY26 topline steady despite North‑American EV slowdown, underpinned by domestic smart‑meter demand and switchgear exports, and strong momentum in Europe. Margins affected by product mix, fluctuations in raw materials, and transition towards higher value-added components & assemblies Q1 FY27 marks a strong start to the year, with recovery in Shunts in Americas (30% YoY) and consolidated revenue growing 33%, EBITDA 35% , and PAT 45% YoY. Standalone revenue increased 13.0% to ₹131.8 crore, while EBITDA grew 23.0% to ₹36.3 crore and PAT rose 25.8% to ₹26.4 crore YoY. Standalone Financial Performance (₹ in crore) Particular FY22 FY23 FY24 FY25 FY26 Revenue (₹ Cr) 324 420 449 437 462 EBITDA (₹ Cr) 79 112 123 98 112 EBITDA % 24% 27% 27% 22% 24% PAT (₹ Cr) 52 73 81 72 82 PAT Margin 16% 17% 18% 17% 18%
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8 Timeline & Milestones Timeline & Milestones 04 Proven track record of innovation and capacity acceleration since 1984 1994-2000 1984-1986 2002-2003 2005-2008 Incorporated as a private limited company in June 1984 Converted into a public limited company in May 1986 Set up first plant in Asia to manufacture Thermostatic Bimetals in Oct 1986 The Company’s in House R&D units stands recognised by the government on 17th May 2002 Entered into a Joint Venture agreement with Checon Corporation USA in the year 2006 to manufacture silver contacts Entered into a Joint venture with Arcelor Mittal Stainless & Nickel Alloys and Dnick Holding Plc. to manufacture cladding material at SEZ Pithampur, Indore, MP A 100% subsidiary company named Shivalik Bimetal Engineers Pvt. Ltd. was incorporated during FY 2007-08 for providing technical and engineering services 2015-2020 2009-2011 2021-2023 2024-2026 Pilot PCBA assembly line kickstarted with functionality anticipated in FY26 Shivalik Bimetals Europe SRL in Italy established as wholly owned subsidiary adding to growing global presence Pune R&D and CCS Project established for higher value-added assemplies (bus bar connectors & PCBA assembly) Consent to Operate from the Maharashtra Pollution Control Board for Phase I of the Pune manufacturing facility received. Launch of a new product- Cathode Ray Tube business line for parts Integrated manufacturing process Acquired New Technology & know-how of Electron Beam Welding in 2000 Acquired the equipment of Sandvik Heating Technology, AB, Sweden, for manufacturing bimetals / tri-metals through cold bonding process in 2011 Launch new product line i.e, Shunt resistor Expanded Product portfolio i.e., Thermostatic Bimetal,Tri-metal, Coil & Spring, SMD, Shunt Commencement of New Factory Established largest EBW / Bonding / Stamping capacity across the globe Achieved Net Worth of INR 230 Crores+ Listed on National Stock Exchange of India Limited
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SHUNT RESISTORS Ultra‑low‑ohmic current‑sensing components, Electron Beam Welding- fabricated. THERMOSTATIC BIMETALS Metal strips that bend predictably with heat, opening/closing circuits. ELECTRICAL CONTACTS Segment Q1FY27 Revenue Mix Shunt Resistors 68.21 37% Thermostatic Bimetals 63.60 35% Electrical Contacts 50.63 28% Silver/Ag‑alloy tips ensuring arc‑resistant switching. Business Product Segments Business Product Segments 05 9 Diversified segments leveraging proprietary tech for differentiated customer value BUS BAR CONNECTORS & PCBA ASSEMBLY New Addition to our Portfolio: Bus bar connectors enable efficient high- current power distribution, while PCBA assemblies provide the control, sensing and communication intelligence required for integrated automotive, electrification and industrial systems.
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10 SHUNT RESISTORS 05.a Launched in 2015 & fastest‑growing business vertical Manufacturing Technology: Electron‑Beam Welding (EBW) Function: Ultra‑low‑ohmic current‑sensing components Think of them as electrical traffic cops, precisely measuring the flow of electrical current in a circuit. They help in accurate current detection and control, crucial for safety and efficiency in electrical systems. Applications: Vital in EV battery‑management (BMS) , smart meters, ESS packs, industrial drives. Used in Electronics, Electrical, & Automotive industries (EV, ICE & Hybrid), Gas Meter, Charging Infrastructure, Energy Storage & Management, & Power Modules. Our Strategic Differentiator: One of few global EBW shunt resistor makers with focus only on high-precision EB welded shunt resistors. Applications of Shivalik’s EBW welded Shunt Resistors in Automotives The Critical Role of Shunt Resistors in Smart Meters
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THERMOSTATIC BIMETALS 05.b Manufacturing Technology: High‑pressure Diffusion Bonding Function: Metal strips that bend predictably with heat, opening/closing circuits. Imagine two different metals joined together that react differently to heat. When heated, they bend or curve, acting as a switch to open or close an electrical circuit. This makes them essential for protection against overheating and for temperature control in various devices. Applications: Primarily used in switchgear, irons/geysers, auto thermostats & sensors, household appliances. Caters to Industrial, Automotive, Switchgear, & Electrical appliances. Our Strategic Differentiator: Tech Leadership with proprietary diffusion grades enabling design‑in with OEMs, & sole component manufacturer amongst our product lines 11 Legacy profit engine since 1984
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ELECTRICAL CONTACTS 05.c Manufacturing Technology: Brazing/Welding/Cladding Function: To ensure the current flow to devices or systems. Primarily, electrical contacts facilitate the on/off switching of circuits, regulating the flow of electrical power Think of electrical contacts in simple terms as the "touch points" inside electrical switches and devices that come together to allow electricity to flow and move apart to stop the flow. They are essential for turning things on and off in a controlled manner. Applications: Lighting and wiring accessories, Circuit breakers, relays, contactors, smart-meter latching relays, Automotives, and electrical appliances. Our Strategic Differentiator: Offering end solutions to market by providing ready to use sub-assemblies, combining the manufacturing of electrical contacts and joining them onto complex sheet metal stampings. 12 Vertical‑integration play (Checon stake buy‑out 2023).
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13 BUS BAR CONNECTORS & PCBA ASSEMBLIES Manufacturing & Integration Capabilities: Assembly/ Welding/ Interconnected Solutions Function: Bus bar connectors and PCBAs enable efficient current distribution, circuit control and system integration across electrical and electronic systems. In simple terms, bus bars carry and distribute power. PCBAs serve as the populated control and sensing boards that help systems switch, monitor and communicate/ Applications: EV Battery packs, CCS assemblies, Integrated PCBs on Shunts, smart shunt centres and other BMS applications. Our Strategic Differentiator: Offering ready-to-use sub- assemblies by integrating bus bars, connectors and PCBAs into higher-value solutions for OEM and Tier-1 customers. 05.d
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MANUFACTURING & TECHNOLOGY MANUFACTURING & TECHNOLOGY 06 14 Proprietary technologies drive cost leadership and superior product quality whilst riding the global electrification wave
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1000 1000 15 OUR PRECISION ENGINEERING FORTRESS 06.a Advanced manufacturing capabilities driven by strong R&D engines Robust R&D teams driving our core technologies: Diffusion Bonding, Cold Bonding, Electron Beam Welding, Braizing & Welding, & High precision strip processing people Shivalik Bimetal Controls Limited Plant 1 & 2 SEPPL Plant 3 ICS Corporate Office, New Delhi “As part of our growth strategy, we are establishing our Pune facility to strengthen our presence in PCBA and busbar assemblies for automotive and electrification-led applications. This facility complements our existing manufacturing base at Chambhaghat and Kather, Solan, while our Italy subsidiary, Shivalik Bimetals Europe SRL, strengthens our international customer presence. Together, these initiatives support our move towards more integrated, value-added solutions for OEM and Tier-1 customers.” - Mr. Kabir Ghumman, Managing Director Pune R&D & CCS Project Our Corporate Office is in New Delhi, India with manufacturing bases in Solan, Pune & Indore: Solan, H P. India Indore, M P. India Solan, H P. India Solan, H P. India Shivalik Bimetal Controls Limited (SBCL) Plant 1 Shivalik Bimetal Controls Limited (SBCL) Plant 2 Shivalik Engineered Products Pvt. Limited (SEPPL) Plant 3 Innovative Clad Solutions Private Limited (ICS) (Joint Venture) Pune R&D and CCS Project Pune, India
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Plant 1 Plant 2 Plant 3 • World’s Largest Capacity & Production of Strip Electronic Beam Welding • Inhouse stamping shop • Inhouse R&D and Innovation •Inhouse Reliability Testing • Inhouse Tooling and Design 16 06.b OUR PRECISION ENGINEERING FORTRESS State-of-the-art facilities
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17 PUNE R&D & CCS PROJECT (EST. 2026) 06.c Purpose-built for forward integration into higher-value automotive and electrification-led applications Strengthening Our Value-Added Assembly Platform The Pune facility strengthens SBCL’s ability to move beyond precision materials and components into integrated sub-assemblies, with a focus on PCBA and busbar connector solutions for OEM and Tier-1 customers. Q1FY27 Update: Consent to Operate from the Maharashtra Pollution Control Board for Phase I received. The approval is valid until June 30, 2032. Key Capabilities: PCBA & Busbar Assembly Supports integrated power and control solutions used in EV battery systems, power distribution units, inverters, converters and energy management applications. Automotive & Electrification Focus Designed to serve high-growth applications where current sensing, switching, power routing and system-level integration are critical. Closer to OEM Ecosystem Strategically located to support deeper engagement with automotive and industrial customers, enabling faster collaboration, qualification and delivery. Higher Value Capture Expands SBCL’s role from supplying precision components to delivering ready-to-use sub- assemblies, improving customer relevance and share of wallet. Creates a scalable platform for value-added assemblies, supporting stronger participation in complex, higher- value customer programmes.
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18 ELECTRON BEAM WELDING (EBW) 06.c The Precise Joining Expert for Shunt Resistors Our Machinery: Imagine using a super-focused, high-speed beam of tiny particles (electrons) to melt and fuse metals like copper and manganese together with incredible accuracy. Think of it like a very precise beam welder, but instead of light, it uses electrons in a vacuum to create strong and clean joints. Shivalik can build these specialised welding machines themselves for about half the cost of buying them from overseas. This allows us to make industry-leading shunt resistors that can measure electrical current with very high precision. Only a few companies have this expertise & SBCL stands as a leading EBW welder globally with large capacity.
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19 DIFFUSION BONDING 06.d The Patient Metal Merger for Thermostatic Bimetals Our Machinery: Picture pressing different metals together very tightly under high heat and pressure for a specific time. Over time, the atoms from each metal mingle and create a strong, seamless bond, almost like they've become one, without disturbing the original properties of the alloys joined. It's like slowly merging two pieces of dough together by pressing them, they become a single piece. This process allows Shivalik to quickly develop new combinations of metals (bimetals) with specific properties, which are essential for customers in industries like switchgear, HVAC, and electrical appliances. This can lock customers into using Shivalik's designs for many years. Shivalik manufactures grades of bimetals using this method as a critical component with high-switching costs for global marquee clientele. In the same way, cold pressure bonding is also part of Shivalik’s machinery capabilities, following the same process of diffusion bonding without heat.
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FORTRESS OF COST, QUALITY, & TECHNOLOGY LEADERSHIP 06.e Our Manufacturing & Machinery: Platform Shivalik Edge Role & Mechanism Economic / Customer Impact Electron Beam Welding (EBW) Relatively lower capex vis- a-vis import cost of machine In-house-built EBW lines join copper–manganin strips at micro-scale Ultra-low-ohmic shunt resistors; first- quartile cost curve Diffusion Bonding Rapid alloy-grade development cycle High-pressure diffusion of bi- & tri-metal strips for bimetals vertical Locks OEMs into multi-year design platforms (switchgear, HVAC, EV) Precision Strip Processing “Metal Quality Controller” Back-integration minimises scrap In-house slitting, levelling and tension-control of thin metal strip Uniform conductivity, fewer field failures, higher material yield In-House Machine Build “Capacity-on- Demand Workshop” CNC tool-room & automation Designs and assembles EBW lines with shorter lead times vs longer procurement driven by strong R&D teams Capacity added exactly when demand spikes, safeguarding EBITDA Q1 FY27 marks a strong start to the year. India delivered broad-based growth across both Shunts and Bimetals. Europe and the Americas were led by stronger Shunt performance, with the improvement in the Americas indicating early signs of recovery. Asia remained softer and continues to be an area of management focus. The Consent to Operate for Pune Phase I is an important milestone as we move from project execution towards commercial readiness. Our immediate priorities are to complete customer and process qualifications, establish stable and repeatable production systems, and scale Cell Connecting Systems, busbar connectors and PCBA assemblies in line with customer programme schedules. As we grow, our focus will remain on margin quality, working-capital discipline, cash conversion and selective capital allocation. - Mr. Kabir Ghumman (Managing Director) MANAGEMENT LENS 20
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07 MARKET OPPORTUNITY & GROWTH DRIVERS MARKET OPPORTUNITY & GROWTH DRIVERS TAM expansion through EV, smart meter, and grid trends 21
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22 Demand Flywheels 07.a Market Opportunities & Growth Drivers: Structural Demand Flywheels Driving Non-Linear TAM Expansion Key drivers & commentary EV Inflection: IRA subsidies & EU Fit‑for‑55 propel global BEV (Battery Electric Vehicle) + PHEV (Plug-in Hybrid Electric Vehicle) to 30 % mix; each EV carries 2× shunt value vs ICE. India SMNP (Smart Metering National Programme): Nationwide rollout of smart electricity meters; localisation clause = Make in India advantage & PLI scheme access Energy Storage: stationary batteries require low‑ohmic current sensors, natural adjacency for SBCL’s shunt range. Data Centres: Surge in global data centre build-out and AI-driven digitisation is catalysing demand in power infrastructure and grid equipment, unlocking structural tailwinds for both Bimetals (thermal protection) and Shunt Resistors (current sensing). Electrification: Accelerated energy transition towards renewables is driving sustained demand for precision components in grid modernisation, EVs, and storage systems, strengthening medium-term visibility for Shunt Resistors and Bimetals. Cost‑China Shift: Western OEMs diversifying out of China seek dual‑source policy; SBCL gains share as India’s only EBW shunt house. Key Growth Drivers & Market Shifts (2023-2026) Sources EV/Shunt: The Business Research Company, Grand View Research, IEA Smart Meters: Smart Energy International, MarketsanData, Allied Market Research Data Centres: Deloitte. (2025). "AI Data Center Power Demand Could Surge 30x by 2035 Amid Power and Grid Capacity Constraints." Policy: US IRA, EU Green Deal, India’s RDSS Program
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23 High-Growth Verticals Unlocking 3× TAM Upside 07.b Market Opportunities & Growth Drivers: EV powertrains, smart meters converge to drive double-digit demand through FY 35 and beyond. Growth Sector Key Details EV Shunt Market (3× ICE TAM) Market Size: $2.98B (2024) →$4.09B (2029) at 6.5–6.8% CAGR EV Adoption: $6.5T market by 2030 (32.5% CAGR) TAM Expansion: EV grid needs drive 3× larger TAM vs.ICE 250M Smart Meters (India) Target: 250M meters by 2025–2027 Impact: Reduces technical losses from 22% → 12–15% Market: $250.7M (2023) → $763.2M (2031) at ~15% CAGR Data Centres (15% CAGR) Market: 15% CAGR in global data center power infrastructure through 2035 → $45B+ market by 2035 Drivers: AI/ML integration, smart city expansion, energy efficiency & grid resilience mandates Exports: India’s advanced power component exports (e.g., bimetals, shunt resistors) surge to support urban grid modernization Sustained Topline Growth (FY30+) Convergence: EV + smart grids + data centres Policy: US Inflation Reduction Act, EU Green Deal Sources EV/Shunt: The Business Research Company, Grand View Research, IEA Smart Meters: Smart Energy International, MarketsanData, Allied Market Research Data Centres: Deloitte. (2025). "AI Data Center Power Demand Could Surge 30x by 2035 Amid Power and Grid Capacity Constraints. Policy: US IRA, EU Green Deal, India’s RDSS Program
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Enduring Structural Moats Safeguarding Long-Term Value Creation 07.c Factor SBCL Global Median Commentary Diffusion Bonded Bimetal Grades 77 10 Larger range than peers R&D Intensity 1% 0.6 % Faster product cycle Gross Margin 49.39% 37 % Indigenous machine build; INR cost base Net Debt Nil 0.8× Advantage of being a zero-debt company Scope‑2 Emissions Nil Nil Majorly hydroelectric energy consumption 24 Competitive Landscape & Moats: Dual‑process technology moat and balance sheet strength ensure competitive advantage Structural Moats Dual‑process fortress (EBW + Diffusion Bonding) driven by strong R&D teams, impossible to replicate quickly; customer re‑qualification 24 months. Lower capex per EBW line; rupee cost shield vs euro peers. Average customer lock-in programme life 15+ yrs; SBCL’s share of BoM not major, ranging from case to case basis- causing negligible switch incentive. Net‑cash allows opportunistic working‑capital stocking, protecting delivery reliability. Majorly Hydroelectric energy consumption
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QUARTERLY UPDATES QUARTERLY UPDATES 25 8 Q 1 F Y 2 7 FINANCIAL & OPERATIONAL HIGHLIGHTS DOMESTIC & EXPORT SPLIT SEGMENT-WISE PERFORMANCE HIGHLIGHTS Q1 FY27 SEGMENT-WISE SHARE HIGHLIGHTS Q1 FY27: BIMETALS & SHUNT RESISTORS BUSINESS DEEP DIVE Q1 FY27: CONSOLIDATED & STANDALONE- P&L STATEMENT, BALANCE SHEETS OUR SHAREHOLDING STRUCTURE STRATEGY & FUTURE OUTLOOK
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26 8.a Quarterly Updates: Financial & Operational Highlights Consent to Operate from the Maharashtra Pollution Control Board for Phase I of Pune Facility received. The approval is valid until June 30, 2032. Revenue from operations grew 12.95% YoY to ₹131.81 crore in Q1 FY27, compared to ₹116.70 crore in Q1 FY26. Gross profit increased 21.30% YoY to ₹67.85 crore, supported by a 355 bps improvement in gross margin to 51.48% (Q1 FY26: 47.93%), driven by a richer product mix and improved realisations. EBITDA rose 23.02% YoY to ₹36.27 crore in Q1 FY27 from ₹29.48 crore in Q1 FY26. The EBITDA margin expanded by 225 bps to 27.52%, compared to 25.27% in the previous year, as gross margin gains more than absorbed higher employee costs (up 13.89% YoY) and other expenses (up 23.45% YoY) linked to capacity and capability build-out. Profit Before Tax stood at ₹35.44 crore in Q1 FY27, up 26.10% YoY from ₹28.11 crore in Q1 FY26. The PBT margin improved by 280 bps to 26.89%, aided by higher other income of ₹3.19 crore (Q1 FY26: ₹2.13 crore), which offset increased depreciation and finance costs on the expanded asset base. Profit After Tax increased 25.85% YoY to ₹26.40 crore, compared to ₹20.98 crore in the corresponding quarter last year. The PAT margin rose by 205 bps to 20.03%, highlighting the Company's ability to convert top-line growth into sustained bottom-line gains. EPS on a standalone basis improved to ₹4.58 in Q1 FY27, up from ₹3.64 in Q1 FY26, reflecting enhanced shareholder value creation. Segment & Geographic Performance Shunt Resistors: Revenue increased 18.7% to ₹68.2 crore, led by India, Europe and the Americas. Thermostatic Bimetals: Revenue grew 7.4% to ₹63.6 crore, driven primarily by India. India: Combined revenue rose 26.4% to ₹60.8 crore, increasing its share of standalone core-product revenue to approximately 46%. Europe and Americas: Europe grew 21.5%, led by a 72.2% increase in Shunts. Americas revenue rose 4.8%, with 30.0% Shunt growth partly offset by softer Bimetals. Asia Others: Revenue declined 12.7% to ₹21.3 crore, reflecting softer Shunt demand in select markets. Q1 FY27: KEY TAKEAWAYS (Standalone)
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27 DOMESTIC & EXPORT SPLIT 8.b Growing our export presence to over 38+ countries Domestic & Export Sales Mix Domestic Export Export 54% Domestic 46% Q1 FY27 Quarterly Updates:
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28 Performance by Volume (Kgs) Volumes: In Q1 FY27, total volumes, including wastage (in kg), declined by 2.51% year-on-year, with the Shunt segment recording a 11.06% decline, whereas the Bimetal segment recorded an increase of 5.12%. Performance by Revenue (In ₹ crore) PRODUCTWISE HIGHLIGHTS 8.c Quarterly Updates: Shunts Bimetals Q1FY26 Q1FY27 0 100000 200000 300000 400000 500000 600000 700000 800000 289501 324275 257491 340864 Shunts Bimetals Q1FY26 Q1FY27 0 20 40 60 80 100 120 140 57 59 68 64 Revenue: Shivalik experienced a healthy increase in the Shunt segment during Q1 FY27, rising 18.72% year-on-year to ₹68.21 crore, while the Bimetal segment recorded an increase of 7.36%, standing at ₹63.60 crore.
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29 Q1 FY27: PRODUCTWISE HIGHLIGHTS 8.d Quarterly Updates: Bimetals 57% Shunts 43% Shunts 51.7% Bimetals 48.3% Our Shunt Resistors business now contributes around 50% of our total business in value terms. Volume (Kgs) Revenue (In ₹ crore) Q1FY27 Q1FY27 While the Bimetals segment continues to be the long-term growth engine for the Company, Shunts have become a fast growing and meaningful growth driver for Shivalik within a relatively short space of time. With multiple growth drivers propelling Shivalik forward, the Company is ideally placed at the waypoint for the electrification of the Global Economy.
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Q1 FY27: Working Capital Update 8.e. Quarterly Updates: Inventory Days for Q1FY27 have remained stable from FY26 at 203 days. Net Working Capital (Days) for Q1FY27 has reduced by 13 days to 245 days. Working Capital Efficiency Ratios for Q1FY27 FY26 Q1FY27 Accounts Payable Days Collection Days Inventory (Days) Net Working Capital (Days) 0 50 100 150 200 250 300 38 41 92 83 204 203 258 245 30
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31 Q1 FY27: Bimetals & Shunt Resistors Segment Deep Dive 8.f Quarterly Updates: India: Revenue from domestic demand rebounded sharply by 29.19% YoY to ₹35.18 crore, driven by strong industrial demand. Americas: Revenue declined by 21.01% YoY to ₹9.40 crore. Europe: Revenue declined by 1..29% YoY to ₹13.69 crore. Asia (Others): Revenue decreased by 2.36% YoY to ₹4.55 crore. Thermostatic Bimetals Shunt Resistors Q1 FY26 Q1 FY27 Americas Europe India Rest of Asia 0 5 10 15 20 25 30 35 12 16 6 11 21 26 20 17 (Rs. in crore).(Rs. in crore). Q1 FY26 Q1 FY27 Americas Europe India Rest of Asia 0 5 10 15 20 25 30 35 40 12 9 14 14 27 35 5 5 Americas: Revenue increased by 30.01% YoY to ₹15.83 crore due to better value realisation. Europe: Revenue increased 72.22% YoY to ₹10.75 crore, contributing strongly to the overall growth. India: Revenue increased 22.83% YoY, reflecting a rebound in domestic demand. Asia (Others): Revenue declined by 15.14% YoY to ₹16.76 crore.
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32 Q1 FY27: Consolidated Profit & Loss Statement 8.h Quarterly Updates: Particulars Q1 FY27 Q1 FY26 YOY Revenue From Operation 182.20 136.60 33.38% COGS 103.12 75.68 36.26% Gross Profit 79.08 60.92 29.81% Gross Margin % 43.40% 44.60% -119 bps Employee Expenses 15.22 13.48 12.85% Other Expenses 20.64 15.48 33.36% EBIDTA 43.22 31.95 35.25% EBIDTA Margin % 23.72% 23.39% 33 bps Finance Cost 1.30 1.02 27.70% Depreciation 3.96 3.27 20.78% Other Income 5.62 2.73 105.74% Profit Before Exceptional items and Tax 43.58 30.39 43.39% Profit Before Exceptional items and Tax Margin % 23.92% 22.25% 167 bps Exceptional Items (Income)/Expense -0.26 - Profit Before Tax 43.84 30.39 44.24% Profit Before Tax Margin 24.06% 22.25% 181 bps Taxes 10.83 7.61 42.37% Profit after Tax* 33.01 22.79 44.86% PAT Margin % 18.12% 16.68% 144 bps (Rs. in crore).
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FY26: Consolidated Balance Sheet 8.i Quarterly Updates: Particulars FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY2026 Assets Tangible Fixed Assets 67 83 115 125 153 177 Intangible Assets 1 1 7 6 6 6 Non-Financial Assets 15 18 10 14 16 20 Other Non-Current Assets 2 6 4 3 4 5 Total Non-Current Assets 86 108 136 148 179 207 Inventories 70 115 132 128 131 153 Trade Receivables 43 59 93 114 111 156 Cash and Cash Equivalent 16 11 18 39 79 105 Other Financial Assests 0 0 0 9 4 1 Other Current Assets 6 15 11 5 4 15 Total Current Assets 135 200 254 295 329 429 Assets Classified as Held for Sale (C) Total Assets 221 308 390 443 508 636 Equity & Liabilities Equity Share Capital 8 8 12 12 12 12 Other Equity 132 184 254 330 394 470 Net Worth 140 192 266 342 406 481 Long Term Borrowings 8 15 22 12 4 11 Other Non-Current Liabilities 6 6 7 7 16 19 Total Non-Current Liabilities 14 21 29 19 20 30 Short Term Borrowings 14 42 36 30 29 49 Trade Payables 35 42 42 39 38 56 Other Current Liabilities 19 11 17 13 15 20 Total Current Liabilities 68 95 95 82 82 125 Total Equity and Liabilities 221 308 390 443 508 636 (Rs. in crore). 33
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34 Q1 FY27: Standalone Profit & Loss Statement 8.j Quarterly Updates: Particulars Q1 FY27 Q1 FY26 YOY Revenue From Operation 131.81 116.7 12.95% COGS 63.96 60.76 5.26% Gross Profit 67.85 55.94 21.30% Gross Margin % 51.48% 47.93% 355 bps Employee Expenses 12.79 11.23 13.89% Other Expenses 18.79 15.22 23.45% EBIDTA 36.27 29.48 23.02% EBIDTA Margin % 27.52% 25.27% 225 bps Finance Cost 0.92 0.76 21.03% Depreciation 3.36 2.75 22.08% Other Income 3.19 2.13 49.51% Profit Before Exceptional items and Tax 35.19 28.11 25.18% Profit Before Exceptional items and Tax Margin % 26.69% 24.09% 261 bps Exceptional Items (Income)/Expense -0.26 0 Profit Before Tax 35.44 28.11 26.10% Profit Before Tax Margin 26.89% 24.09% 280 bps Taxes 9.04 7.13 26.83% Profit after Tax* 26.4 20.98 25.85% PAT Margin % 20.03% 17.98% 205 bps (Rs. in crore).
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FY26 Standalone Balance Sheet 8.k Quarterly Updates: Particulars FY21 FY22 FY23 FY24 FY25 FY26 Assets Tangible Fixed Assets 67 83 102 109 132 139 Intangible Assets 1 1 2 2 2 3 Non-Financial Assets 15 12 26 26 26 29 Other Non-Current Assets 1 6 3 2 2 2 Total Non-Current Assets 84 102 133 139 162 172 Inventories 70 115 122 116 118 130 Trade Receivables 43 59 80 101 97 116 Cash and Cash Equivalent 16 11 17 38 77 104 Other Financial Assests 0 0 0 9 4 0 Other Current Assets 6 15 10 5 3 15 Total Current Assets 135 200 229 269 299 365 Assets Classified as Held for Sale (C) - - Total Assets 219 302 362 408 461 538 Equity & Liabilities Equity Share Capital 8 8 12 12 12 12 Other Equity 132 179 243 317 376 438 Net Worth 140 187 255 329 388 450 Long Term Borrowings 8 15 21 8 8 9 Other Non-Current Liabilities 4 4 4 5 6 7 Total Non-Current Liabilities 12 19 25 13 14 16 Short Term Borrowings 14 42 32 23 15 29 Trade Payables 35 42 35 32 33 27 Other Current Liabilities 19 11 14 11 11 16 Total Current Liabilities 68 95 81 66 59 72 Total Equity and Liabilities 219 302 362 408 461 538 (Rs. in crore). 35
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36 Our Shareholding Structure 8.l Quarterly Updates: As per 18/05/26 Public Promoter & Promoter Group MF/ AIF FII, FPI, NRI Body Corporates Promoter & Promoter Group: 33.61% Public: 43.82% FII, FPI, NRI: 5.47% MF/AIF: 14.15% Body Corporates: 2.95%
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Strategy & Future Outlook 8.m Quarterly Updates: 37 Forward integration and geographic expansion catalyse next growth phase Integration on every front: outward to high-value assemblies, inward to in-house raw-material processing, and outward again to our EU base; widens margins, shortens cash cycles, and makes Shivalik a go-to electrification partner.
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Shankhini Saha - Investor Relations shivalik@dickensonworld.com 38 Thank you. Thank you.