Shivalik Bimetal Posts Strong FY26 With Margin Led Growth

21 May 2026 CW Team

Management described FY26 as a margin-led growth year, with consolidated EBITDA margin expanding by approximately 250 basis points to 22.9 per cent and gross margin improving by around 212 basis points to 45.2 per cent. Standalone revenue rose to Rs 4.62 bn, up 5.7 per cent year on year, while standalone EBITDA increased to Rs 1.124 bn and standalone product volumes declined 0.6 per cent. The results were supported by stronger realisations, improved product mix and disciplined cost governance.

The company said its business mix continued to shift towards higher-value components and assemblies, with the Pune facility enhancing capability in PCBA and busbar assembly solutions for automotive and electrification-led applications. This strategic shift aims to increase customer relevance with OEM and Tier one customers and to convert stronger earnings into improved cash generation. Inventory was carried at higher levels during the year to protect delivery reliability and prepare for assembly-led growth.

Segmental performance showed shunt resistors delivering Rs 2.307 bn in revenue, up 8.6 per cent, with India contributing Rs 854 million and Europe recording strong growth. Thermostatic bimetals generated Rs 2.313 bn in revenue with Europe at Rs 507 million. The electrical contacts platform expanded by over 54 per cent, reflecting higher commodity-linked realisations.

Geographically, India remained the largest market at Rs 2.002 bn, Europe combined revenue increased to Rs 794 million and Asia Others reached Rs 799 million, while the Americas declined although management signalled early signs of normalisation. Going into FY27 the company intends to prioritise margin quality, working capital efficiency and disciplined capital allocation as it scales value-added offerings.

The Board of Directors of Shivalik Bimetal Controls reported audited results for the year ended March 31, 2026. Consolidated revenue for FY26 was Rs 5.709 billion (bn), up 12.3 per cent year on year, with EBITDA of Rs 1.307 bn, a rise of 26 per cent, and profit after tax of Rs 958 million (mn), up 24.8 per cent. The fourth quarter delivered revenue of Rs 1.627 bn, up 22.8 per cent year on year. Management described FY26 as a margin-led growth year, with consolidated EBITDA margin expanding by approximately 250 basis points to 22.9 per cent and gross margin improving by around 212 basis points to 45.2 per cent. Standalone revenue rose to Rs 4.62 bn, up 5.7 per cent year on year, while standalone EBITDA increased to Rs 1.124 bn and standalone product volumes declined 0.6 per cent. The results were supported by stronger realisations, improved product mix and disciplined cost governance. The company said its business mix continued to shift towards higher-value components and assemblies, with the Pune facility enhancing capability in PCBA and busbar assembly solutions for automotive and electrification-led applications. This strategic shift aims to increase customer relevance with OEM and Tier one customers and to convert stronger earnings into improved cash generation. Inventory was carried at higher levels during the year to protect delivery reliability and prepare for assembly-led growth. Segmental performance showed shunt resistors delivering Rs 2.307 bn in revenue, up 8.6 per cent, with India contributing Rs 854 million and Europe recording strong growth. Thermostatic bimetals generated Rs 2.313 bn in revenue with Europe at Rs 507 million. The electrical contacts platform expanded by over 54 per cent, reflecting higher commodity-linked realisations. Geographically, India remained the largest market at Rs 2.002 bn, Europe combined revenue increased to Rs 794 million and Asia Others reached Rs 799 million, while the Americas declined although management signalled early signs of normalisation. Going into FY27 the company intends to prioritise margin quality, working capital efficiency and disciplined capital allocation as it scales value-added offerings.

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