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1 — At a Glance
A company that makes strips of metal which bend when hot just posted its largest quarter on record. Consolidated revenue for the June 2026 quarter was ₹182.2 crore, up 33.4% from ₹136.6 crore a year earlier. Operating profit came in at ₹43.2 crore against ₹32.0 crore. Net profit was ₹33.0 crore versus ₹22.8 crore. EPS was ₹5.73 against ₹3.96.
Three things happened in the same board meeting on 6 August. The quarter was approved. The statutory auditor of nine years resigned, with Walker Chandiok & Co LLP appointed to fill the casual vacancy. And the CFO, Mr Rajeev Ranjan, resigned with effect from close of business on 31 October 2026.
Separately, the Maharashtra Pollution Control Board granted Consent to Operate for Phase I of the Pune facility, valid until 30 June 2032. Management describes Pune as the platform for bus bar connectors and PCBA assemblies — the company’s move, in its own words, “higher on the value curve.”
Forty-two years after incorporation, the AGM is scheduled for 2 September and a ₹2 final dividend has been recommended, record date 26 August. The market currently applies a P/E of 56.2 to all of it.
The metal strips, it turns out, are the least complicated part of the story.
2 — Introduction
Shivalik Bimetal Controls was incorporated in June 1984 and became a public limited company in May 1986. Its first plant — the first in Asia to manufacture thermostatic bimetals — was set up in October 1986. Its units are at Chambaghat and Kather in Solan, Himachal Pradesh, with a corporate office in New Delhi and a joint venture facility, Innovative Clad Solutions, at Indore.
The company acquired Electron Beam Welding technology in 2000, entered a joint venture with Checon Corporation USA in 2006 for silver contacts, and in 2011 acquired equipment from Sandvik Heating Technology of Sweden for cold-bonding. The shunt resistor line launched in 2015. A wholly owned Italian subsidiary, Shivalik Bimetals Europe SRL, was established to support European customers. The Checon stake was bought out in 2023.
The current chapter is Pune. A Pune R&D and CCS project was established for bus bar connectors and PCBA assembly; the launch, originally scheduled for April 2026, was deferred pending regulatory approvals, and the Consent to Operate for Phase I arrived in July 2026. Management told the earnings call that revenue contribution in the June quarter was minimal — only part of the last month — with main manufacturing fully operational in October. Management puts the Pune bus bar and CCS opportunity at ₹300–400 crore of revenue potential over roughly three years, with incremental capex stated at ₹20–25 crore, and cautioned that OEM forecasts can halve if consumer acceptance of two-wheeler EVs lags.
On the same call, management guided to roughly 20–30% revenue growth for FY27, caveated as early in the year. Two further verticals were disclosed under NDA: a specialised electronics material being explored with a technology partner, and 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, one underlying trick: joining dissimilar metals together very precisely and charging for the precision.
Thermostatic bimetals — the 1984 original. Two metals bonded together bend when heated, opening or closing a circuit. They go into switchgear, irons, geysers, auto thermostats and household appliances. The manufacturing method is high-pressure diffusion bonding, and the company reports 77 proprietary bimetal grades against a stated global median of 10.
Shunt resistors — launched 2015, made by Electron Beam Welding, which fuses copper and manganin using a focused beam of electrons in a vacuum. They measure current flow, which matters in EV battery management systems, smart meters, energy-storage packs and industrial drives. The company builds its own EBW machines for about half the import cost.
Electrical contacts — silver and silver-alloy tips that let switches switch without arcing themselves to death, made through the subsidiary via brazing, welding and cladding.
Q1 FY27 standalone revenue mix: Shunt Resistors ₹68.21 crore (37%), Thermostatic Bimetals ₹63.60 crore (35%), Electrical Contacts ₹50.63 crore (28%). Exports were 54% of the quarter; the company reports 300+ OEM and Tier-1 customers across 38 countries.
The newest line, bus bar connectors and PCBA assemblies, is the reason Pune exists — bus bars distribute current, PCBAs control and sense it, and selling both together is a bigger invoice than selling the strip that goes inside them. Management put this plainly on the
