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

Executive summary

• Q1 FY27 delivered strong results with consolidated revenue up 33.4% YoY to INR 182.2 crores and PAT up 44.9% to INR 33 crores, 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.

• Sequential growth was robust: revenue rose 13%, EBITDA 23%, and PAT 26% from the previous quarter.

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

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.

Financial highlights

• Q1 FY27 consolidated revenue: ₹182.2 crore (+33% 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).

• Shunts revenue increased 18.7% YoY, remaining the primary growth engine; Bimetals grew 7.4%.

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

• Switchgear-related sales accounted for 45-50% of total revenue.

Outlook and guidance

• FY27 revenue growth expected in the 20-30% range, with sustainable growth driven by value addition rather than commodity prices.

• Focus on forward integration with PCBA assemblies and busbar connectors for higher margin growth.

• Standalone revenue mix forecast: 44-45% Bimetal, 54-55% Shunts; consolidated: 30-35% Contacts, 15-16% assemblies (PCBA and busbars).

• Busbar and cell connecting systems revenue to ramp up as Pune facility becomes fully operational, with significant contributions expected in subsequent quarters.

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