Shivalik Bimetal Controls (513097) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated revenue grew 12.3% to ₹570.86 crore, with PAT up 24.8% to ₹95.84 crore and EPS of 16.64, reflecting a strategic shift toward higher-value precision engineering solutions.

• EBITDA margin expanded to 24.32% and PAT margin to 17.71%, with gross margin at 49.39%.

• Export share reached 56.66%, with presence in 38 countries; India remains the largest market, while Europe and Asia showed strong momentum.

• Forward integration into PCBA assemblies and bus bar connectors, and deepening OEM/Tier 1 engagement, position the business for higher value-added growth.

• Audited financials for FY26 were approved with unmodified opinions; total dividend of ₹4 per share was declared, subject to shareholder approval.

Financial highlights

• Standalone revenue for FY26 was ₹461.95 crore, up 5.66% year-over-year; consolidated revenue reached ₹570.86 crore, up 12.3%.

• Consolidated PAT increased 24.76% to ₹95.84 crore; standalone PAT up 12.94% to ₹81.8 crore.

• Gross margin improved by 281 bps to 49.39%; EBITDA margin rose by 198 bps to 24.32%.

• Contacts division revenue grew ~60%, with about half from business growth and the rest from higher silver prices.

• Smart meter application revenue doubled to over ₹75–80 crore, with shunts contributing around ₹70 crore.

Outlook and guidance

• Forward integration into PCBA assemblies and bus bar connectors is expected to drive margin expansion and topline growth.

• U.S. shunt business expected to recover to previous peak in FY27 and surpass in FY28, with higher value addition.

• Busbar and PCBA segment projected to contribute ₹250–350 crore in revenue over the next 2–3 years.

• Sustained topline growth expected through FY30+, driven by EV, smart meter, and grid modernization trends.

• The company is actively pursuing regulatory approvals for the Pune facility and will update stakeholders on progress.