🚨 Shivalik Bimetal Controls: 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 🌍 CHINA+1 OPPORTUNITY Global OEMs are diversifying supply chains toward India. 🚀 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. 💰 CAPITAL EFFICIENCY One of the strongest points is the existing asset base. 📈 SUBSIDIARY + JV MOMENTUM Shivalik Engineered Products delivered: +54.9% turnover growth +193.9% PAT growth Innovative Clad Solutions nearly doubled turnover to around ₹302 Cr, with PAT of approximately ₹21 Cr. ⚠️ KEY RISKS TO WATCH • EV demand cycles, especially North America • Related-party purchases at 9.36% of total purchases • Corporate guarantees to the JV of around ₹27.87 Cr • Execution of higher-value assembly products • Customer concentration & long qualification cycles 🧾 GOVERNANCE CHECK The company maintains a strong governance framework: ✅ 6 Independent Directors out of 10 ✅ Chairman & MD roles separated ✅ Clean statutory & secretarial audit opinions ✅ No reported frauds ✅ No major regulatory penalties reported Management remuneration also deserves attention, although the increase remained below the average employee salary increase. EV shunt content 3× higher ⚡ 250M smart meters 🇮🇳 25.7% ROCE 📈 ₹1,300 Cr+ potential revenue capacity 🚀 Strong balance sheet 💰 Neha Gupta SEBI Registered Research Analyst For educational purposes only. Not investment advice. Investors should conduct their own research.