01 — At a Glance
A Company So Boring They Forgot to Tell Anyone How Interesting It Is
- 52-Week High / Low₹605 / ₹342
- Q3 FY26 Revenue₹134 Cr
- Q3 FY26 PAT₹22.9 Cr
- TTM EPS₹15.76
- Q3 EPS Annualised₹15.40
- Book Value / Share₹77.2
- Price to Book5.26x
- Debt to Equity0.11x
- Interest Coverage27.7x
- Operating Margin22.9%
Flash Summary: Shivalik Bimetal delivered Q3 FY26 revenue of ₹134 crore with PAT of ₹22.9 crore (up 25.4% YoY on profit). They just announced a ₹20 crore Pune facility to assemble EV busbars and connectors. Return in 3 months: -8.51%. Stock is down, nerves are raw, but fundamentals are building something real. The market is either genius or sleeping. You decide which side you want to be on.
02 — Introduction
The Quiet Metal Bender In The Age Of EVs
Picture this: you’re a 2-wheeler EV maker in India. You need precision copper busbars and connectors to handle current in your battery pack. You can’t afford a joint that comes loose. You Google “electron beam welding in India” and your options are:
Option A: Some factory in China that takes 8 weeks and costs a lot.
Option B: Shivalik Bimetal, Solan, Himachal Pradesh.
There are no other options. That’s not hype. That’s the entire addressable market in India for niche precision welding. Shivalik has been quietly running this show since 1984—manufacturing thermostatic bimetal strips (the things in circuit breakers that flick when they get hot), shunt resistors (sensing current in smart meters and EVs), and electron beam welded components that let electricity flow safely without joules burning your hand off.
Q3 FY26 just confirmed that the EV tailwind is real. The Pune facility—a forward integration into busbar assembly—isn’t speculative. It’s “actual business that is starting,” as the CFO said in the February 2026 earnings call. Translation: they have orders. Real ones. That need to be filled by March 2026 onwards. The revenue potential for this assembly business alone is ₹250–300 crore over three years. For a company currently at ₹541 crore TTM revenue, that’s not incremental. That’s revolutionary.
CRISIL A/Stable Rating (Mar 2026): CRISIL reaffirmed ratings on ₹115 crore bank facilities, acknowledging “longstanding presence in niche industry with negligible competition.” They expect gearing to improve below 0.05x over the medium term thanks to capex being funded entirely through internal accruals. When a credit rating agency notices you have zero debt, it’s not small talk.
03 — Business Model: What Do These People Even Make?
Joining Metals So Your EV Doesn’t Explode. You’re Welcome.
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