🚨 : A High-Moat EV + Smart Metering Play?
🚨 Shivalik Bimetal Controls: A High-Moat EV + Smart Metering Play?
Shivalik Bimetal Controls is quietly moving up the value curve — from strip-led products toward higher-value components, assemblies and technology-driven solutions.
📊 FY26 HIGHLIGHTS
• Consolidated Revenue: ₹570.9 Cr | +12.3% YoY
• EBITDA Margin: 22.9%
• EBITDA Growth: +26% YoY
• Consolidated PAT: +24.4% YoY
• Consolidated ROCE: 25.7%
• Cash: ₹105 Cr vs Debt of ~₹59 Cr
🔥 WHAT MAKES THE STORY INTERESTING?
The EV transition is a major structural trigger.
EVs require roughly 3× the current-sensing shunt content of traditional ICE vehicles, creating a significant opportunity for specialised shunt and bimetal products.
India’s ambitious 250 million smart-meter rollout adds another multi-year demand driver.
🌍 CHINA+1 OPPORTUNITY
Global OEMs are diversifying supply chains toward India.
SBCL’s long customer-qualification cycles — around 24 months — create a meaningful entry barrier and can support customer stickiness and pricing power.
🚀 MOVING UP THE VALUE CURVE
Management is increasingly targeting higher-value products such as:
→ PCB assemblies
→ Busbar assemblies
→ Integrated platforms
→ Advanced shunts & bimetals
The Pune assembly platform is targeted at an annual revenue opportunity of around ₹70–80 Cr by FY27.