Shivalik Bimetal Controls (513097) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 delivered consolidated revenue growth of 33.4% year-over-year to ₹182.2 crore, with EBITDA up 35.2% to ₹43.2 crore and PAT up 44.9% to ₹33 crore, driven by robust domestic and export demand, especially in Shunt Resistors and Bimetals.

• Export share reached 54%, with presence in 38 countries and over 300 OEM/Tier-1 customers.

• Margin improvement was achieved despite higher employee costs, reflecting a strengthening operating model and richer product mix.

• Board approved unaudited standalone and consolidated financial results for Q1 FY27; new statutory auditors appointed after resignation due to increased audit complexity.

• Consent to Operate for Pune facility received, supporting scalable manufacturing and forward integration into higher-value assemblies.

Financial highlights

• Q1 FY27 consolidated revenue: ₹182.2 crore (+33.4% YoY); EBITDA: ₹43.2 crore (+35.2% YoY); PAT: ₹33 crore (+44.9% YoY); EBITDA margin: 23.7%.

• Standalone revenue: ₹131.8 crore (+13% YoY); EBITDA: ₹36.3 crore (+23% YoY); PAT: ₹26.4 crore (+26% YoY); EPS: ₹4.58 (+26% YoY).

• Gross margin improved to 51.5% (+355 bps YoY) on richer product mix.

• Net worth at ₹481 crore in FY26, net cash positive with ₹105 crore cash vs ₹59 crore debt.

• Receipt of ₹25.75 lakhs under PM-VBRY scheme recognized as exceptional income.

Outlook and guidance

• FY27 revenue growth expected in the 20%-30% range, with sustainable growth driven by value addition and forward integration into PCBA assemblies and busbar connectors.

• Geographic expansion in Europe and Americas, with new facility in Milan, Italy.

• Segment revenue mix guidance: 44%-45% from Bimetal, 54%-55% from Shunts (standalone); 30%-35% from Contacts, 15%-16% from assemblies (consolidated).

• Continued investment in R&D and capacity to support electrification and smart meter demand.