Shivalik Bimetal Controls (513097) Q4 24/25 earnings summary

Executive summary

• FY25 saw prudent execution amid mixed macro signals, with strong cost control and operating discipline, and a 5-year CAGR of 21% in revenue and 32% in PAT.

• Q4 EBITDA grew 25% year-over-year, with margin expansion of over 400 bps to 23.17%.

• Profit before tax rose over 30% in Q4, with PBT margin above 20%.

• Full-year revenue declined 2.7%, but operating efficiency and export share of 56.2% were maintained.

• Board recommended a final dividend of INR 1.50 per share, total INR 2.70 for FY25, subject to shareholder approval.

Financial highlights

• FY25 EBITDA margin at 22.28%; PBT at INR 34.7 crore; PAT at ₹72.43 Cr; ROCE at 24.65%.

• Standalone FY25 revenue was ₹437.21 Cr, down 2.72% YoY; consolidated revenue was ₹508.35 Cr.

• Q4 marked the largest sales quarter in company history, with standalone EBITDA up 24.87% YoY.

• Gross margin for FY25 was 46.57%, with stable gross profit despite input cost fluctuations.

• Net working capital days increased to 217; net debt at zero; net cash of ₹68 Cr.

Outlook and guidance

• Targeting double-digit growth for FY26, with consolidated revenue expected to surpass 15%.

• Shunt business projected to grow 15%-18%, bimetal 12%-16%, contacts over 20%, and smart meter segment by 50% in FY26.

• Forward integration, new product launches, and global expansion to drive future growth, with significant revenue contribution from FY27.

• Margins expected to remain at 22%-23% EBITDA, with potential improvement from product mix and scale.

• Focus on monetizing EBW capacity, expanding into high-value assemblies, and leveraging electrification trends.