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1 — At a Glance
Shivalik Bimetal Controls makes strips of metal that bend when they are heated. The company has just posted its largest quarter on record. Consolidated revenue for the three months to June 2026 was ₹182.2 crore. The same quarter a year earlier brought in ₹136.6 crore, a rise of 33.4%. Operating profit was ₹43.2 crore, against ₹32.0 crore. Net profit was ₹33.0 crore, against ₹22.8 crore. Earnings per share came to ₹5.73, against ₹3.96.
Three things were settled at the same board meeting on 6 August. The quarter was approved. The statutory auditor of nine years resigned, and Walker Chandiok & Co LLP was appointed to fill the casual vacancy. The chief financial officer, Mr Rajeev Ranjan, resigned with effect from the close of business on 31 October 2026.
Separately, the Maharashtra Pollution Control Board granted Consent to Operate for Phase I of the Pune facility. That approval runs until 30 June 2032. Management describes Pune as the platform for bus bar connectors and PCBA assemblies. The move, in its own words, takes the company ‘higher on the value curve’.
Forty-two years after incorporation, the annual general meeting is scheduled for 2 September. The board has recommended a final dividend of ₹2, with a record date of 26 August. The market pays ₹56.20 for every ₹1 of yearly profit.
2 — Introduction
Shivalik Bimetal Controls was incorporated in June 1984 and became a public limited company in May 1986. Its first plant opened in October 1986, the first in Asia to make thermostatic bimetals. The units sit at Chambaghat and Kather in Solan, Himachal Pradesh. The corporate office is in New Delhi, and a joint venture facility, Innovative Clad Solutions, runs at Indore.
The company acquired Electron Beam Welding technology in 2000. In 2006 it entered a joint venture with Checon Corporation USA for silver contacts. In 2011 it bought cold-bonding equipment from Sandvik Heating Technology of Sweden. The shunt resistor line launched in 2015. A wholly owned Italian subsidiary, Shivalik Bimetals Europe SRL, was set up to support European customers. The Checon stake was bought out in 2023.
The current chapter is Pune. A research and CCS project there was established for bus bar connectors and PCBA assembly. The launch was originally scheduled for April 2026 and was deferred pending regulatory approvals. Consent to Operate for Phase I arrived in July 2026. Management told the earnings call that the Pune revenue contribution in the June quarter was minimal, covering only part of the last month. Management said main manufacturing would be fully operational in October.
Management puts the Pune bus bar and CCS opportunity at ₹300 to 400 crore of revenue over roughly three years. It states incremental capital spending of ₹20 to 25 crore. Management also cautioned that OEM forecasts can halve if consumer acceptance of two-wheeler EVs lags. OEMs here are the vehicle makers that buy the parts and build the finished machine.
On the same call, management guided to roughly 20 to 30% revenue growth for the year to March 2027. It caveated that guidance as early in the year. Two further verticals were disclosed under a non-disclosure agreement. One is a specialised electronics material being explored with a technology partner. The other is automotive fuses, where the company is exploring partnerships and possibly an acquisition to buy technology.
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3 — Business Model: WTF Do They Even Do?
Three product lines rest on one underlying trick. The company joins dissimilar metals together very precisely, and charges for the precision.
Thermostatic bimetals are the 1984 original. Two metals bonded together bend when heated, opening or closing a circuit. They go into switchgear, irons, geysers and car thermostats. Household appliances use them as well. The manufacturing method is high-pressure diffusion bonding. The company reports 77 proprietary bimetal grades, against a stated global median of ten.
Shunt resistors launched in 2015. They are made by Electron Beam Welding, which fuses copper and manganin using a focused beam of electrons in a vacuum. They measure the flow of current. That matters in EV battery management systems, smart meters, energy-storage packs and industrial drives. The company builds its own welding machines for about half the cost of importing them.
Electrical contacts are silver and silver-alloy tips. They let a switch open and close without arcing itself to death. They are made through the subsidiary, using brazing, welding and cladding.
Standalone revenue for the three months to June 2026 splits three ways. Shunt resistors brought in ₹68.21 crore, or 37% of the total. Thermostatic bimetals brought in ₹63.60 crore, or 35%. Electrical contacts brought in ₹50.63 crore, or 28%.
