1. At a Glance

Welcome to Shivalic Power Control Ltd (SPCL) – the Haryana-based electric panel maker that went from wiring switchboards to wiring up investors’ hopes. Listed on NSE-SME with a market cap of around ₹194 crore, Shivalic’s current share price stands at ₹80.4, a cool -67% down in a year — because clearly, the stock market loves irony more than comedy.

The stock, once buzzing like an overcharged transformer at ₹279, has now cooled to ₹80, while the company quietly posted H1 FY25 revenue of ₹54.22 crore and PAT of ₹5.16 crore, slightly shocking the street with a -20% profit dip quarter-on-quarter. Still, the fundamentals refuse to short-circuit: ROCE at 19.4%, ROE at 16.1%, and Debt to Equity at just 0.04—practically as debt-free as a monk in an ashram.

Their stock P/E is 17.4, comfortably below the industry P/E of 30.7, which means Shivalic is trading like the underdog who brought his own toolkit to the ring. Sales are growing at 22% CAGR (5-year), while profits grew a sizzling 65% CAGR, but FY25 so far seems like someone forgot to turn on the main switch.

In short, Shivalic is a low-voltage stock in a high-voltage industry, one that manufactures more sparks in the boardroom than in its share price lately.

2. Introduction

Once upon a plug, in the land of Ballabgarh, Haryana, a company decided to make electric panels so advanced that even transformers felt underqualified. Founded in 2004, Shivalic Power Control Ltd entered the electrical equipment space — a sector dominated by giants like L&T, Siemens, and Schneider — and decided to do what any brave Indian SME does: compete, innovate, and occasionally trip a circuit.

Shivalic is not just another panel assembler. They design, test, and build LT and HT panels that can handle earthquakes (yes, they’re seismic-resistant) and internal arcs (yes, even short-circuits fear them). Over 1,000 installations for 500+ clients across 20+ industries — from data centers to distilleries — make them the electrician’s electrician.

But FY25 brought mixed wiring. While sales reached ₹133 crore (TTM), profit growth slowed to -22%, and working capital days surged from 121 to a dizzying 208 days — clearly, someone’s receivables are living rent-free.

Yet, the company remains sparkly: its current ratio of 4.98 shows liquidity strong enough to drown in, and with zero pledges, zero dividend, and maximum potential, Shivalic is that silent overachiever of the SME space that doesn’t talk much but delivers powerful shocks.

So, what exactly is this company doing behind those panels? And why are investors still watching like moths around a bright switchboard? Let’s unscrew the cover and find out.

3. Business Model – WTF Do They Even Do?

Shivalic Power Control isn’t selling switches from Chandni Chowk. They’re in the business of manufacturing customized LT and HT electrical panels — those big metal boxes that control power flow in industries. You see them in steel plants, hospitals, data centers, and even at the Reserve Bank of India (yes, even the RBI trusts them to keep the lights on).

They operate through three clever business models:

Model 1: Technical Partner Model – They manufacture panels per technical specs from big partners like L&T, Siemens, Schneider, and TDK, while these partners handle warranty. Basically, Shivalic is the backstage crew making sure the star (L&T) doesn’t blow a fuse.

Model 2: EPC Partnership Model – Here, EPC companies direct project orders to Shivalic. Think of it as being the electrician subcontracted by the builder — they don’t own the project, but their panels do all the heavy lifting.

Model 3: Shivalic Branded Products – The in-house superhero model. Panels are built, marketed, and warranted directly under the “Shivalic” brand. These are the bread-and-butter (or rather wire-and-metal) of their operations.

Their product range could electrify a small country: Power Distribution Boards, DG Synchronization Panels, PCCs, MCCs, APFC panels, Smart Panels, VFD panels, and even Firefighting control panels. Each unit is built in a 1.25 lakh sq.ft. facility in Ballabgarh with capacity utilization of 75% on a single shift.

So next time someone tells you they “make panels,” remember — Shivalic’s panels power data centers, sugar mills, and entire cement factories. Not your bedroom lamp.

4. Financials Overview

Half Yearly Results (Figures in ₹ Crores)

Commentary:
Revenue growth is flatter than a spent battery, up just 0.4% YoY, while profits fell ~14%. However, annualized EPS of ₹8.56 gives a P/E of ~9.4 — cheaper than a voltage tester in Karol Bagh. Operating margins at 14% show the company still squeezes juice efficiently, even when demand flickers.

5. Valuation Discussion – Fair Value Range

Let’s try valuing this electrician’s empire, but remember:
This fair value range is for educational purposes only and is not investment advice.

Method 1: P/E Valuation
TTM EPS = ₹4.61
Industry P/E = 30.7
Conservative P/E range = 15x–25x
→ Fair Value Range = ₹69 – ₹115

Method 2: EV/EBITDA Valuation
EV = ₹182 Cr, EBITDA (TTM) = ₹18.5 Cr
EV/EBITDA = 9.84x
If sector average = 12–16x
→ Fair Value Range ≈ ₹90 – ₹120

Method 3: DCF (Simplified)
Assume free cash flow growth of 10%,