Shivalik Bimetal Controls (513097) Q1 25/26 earnings summary

Executive summary

• Strategic shift from standalone precision parts to assembly-level solutions, leveraging in-house R&D and advanced tooling to accelerate commercialization and deepen customer integration.

• Q1 FY26 revenue grew 8.84% YoY to ₹116.70 crore, with gross margin up 215 bps to 47.93% due to improved product mix and cost management.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025.

• Centre of Excellence and R&D facility planned to drive innovation in high-value, technology-intensive components.

• Export share reached 56% in FY25, reflecting strong global competitiveness.

Financial highlights

• EBITDA grew 32.54% YoY to ₹29.48 crore in Q1 FY26, with margin expanding 452 bps to 25.26%.

• Standalone revenue from operations for Q1 FY26: ₹11,669.53 lakhs, up from ₹10,721.69 lakhs in Q1 FY25.

• PAT increased 28.63% YoY to ₹20.97 crore, with PAT margin up 276 bps to 17.97%.

• Working capital efficiency improved: inventory days down 20 to 177, net working capital days down 29 to 212.

• FY25 standalone revenue was ₹437.21 crore, with 5-year CAGR of 21%.

Outlook and guidance

• Double-digit revenue growth expected for FY26, with both domestic and export markets targeted for 12%-15% overall growth.

• Forward integration into PCBA assemblies and geographic expansion, including a new subsidiary in Italy, are expected to drive the next growth phase.

• Smart meter segment projected to reach INR 70–75 crore this year, with INR 100 crore achievable in the next financial year.

• Focus on product innovation, strategic acquisitions, and backward integration to enhance margins and supply chain efficiency.

• Volume growth outlook for bimetal and shunt resistors projected at 7–8% to support double-digit value growth.