Shivalik Bimetal Controls Limited has appointed M/s Walker Chandiok & Co LLP as its Statutory Auditor, filling a casual vacancy caused by the resignation of M/s Arora Gupta & Co., Chartered Accountants. The appointment is effective from August 7, 2026, and will remain in force until the conclusion of the ensuing Annual General Meeting (AGM), subject to shareholder approval. This regulatory filing under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, discloses the change in audit oversight for the listed entity and its subsidiaries.

The Board of Directors approved the appointment on August 7, 2026, following a recommendation by the Audit Committee. In addition to filling the immediate vacancy, the Board has proposed to recommend M/s Walker Chandiok & Co LLP for a full term of five consecutive years. This long-term appointment would be effective from the date of the upcoming AGM scheduled for FY2026-27. The move ensures continuity in financial reporting and compliance for Shivalik Bimetal Controls Limited and its group entities.

The appointment also covers two key subsidiaries: Shivalik Engineered Products Private Limited, identified as a material subsidiary, and Shivalik Bimetal Engineers Private Limited. At their respective board meetings held on August 7, 2026, both subsidiaries approved and recommended the appointment of M/s Walker Chandiok & Co LLP as their Statutory Auditors. The disclosures align with SEBI Master Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, which mandates detailed reporting of auditor changes.

Auditor Profile and Qualifications

M/s Walker Chandiok & Co LLP is a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India (ICAI) and the Public Company Accounting Oversight Board (PCAOB). The firm, established in 1935, holds Firm Registration No. 001076N/N500013 and maintains its registered office in New Delhi, with nineteen other offices across major Indian cities. It employs ninety-eight partners and holds a valid peer review certificate. The firm is empaneled with the Comptroller and Auditor General of India (CAG) and provides audit and assurance services to several large companies, including some of the top one hundred listed entities in India.

The filing confirms that there are no relationships between the directors and the newly appointed auditor that would affect independence. The Company Secretary, Aarti Sahni, signed the disclosure on August 7, 2026, requesting stock exchanges to record the information.

Shivalik Bimetal Controls Limited reported a 44.9% year-on-year increase in consolidated net profit to ₹33.01 crore for the quarter ended June 30, 2026 (Q1FY27), driven by a 33.4% rise in revenue from operations to ₹182.20 crore. The growth was underpinned by robust demand in export markets, which accounted for 54% of total revenue, and a recovery in the Americas shunt segment. The Board of Directors, meeting on August 06, 2026, approved the unaudited financial results and declared a final dividend for FY26, with August 26, 2026, fixed as the record date.

The Board also addressed significant governance changes, accepting the resignation of M/s. Arora Gupta & Co. Chartered Accountants as Statutory Auditors due to resource constraints. Consequently, M/s. Walker Chandiok & Co LLP was appointed as Statutory Auditor effective August 07, 2026. Additionally, Mr. Kabir Ghumman, Managing Director, offered himself for re-appointment, while Mr. Rajeev Ranjan, Chief Financial Officer, resigned effective October 31, 2026.

Financial Performance Highlights

Consolidated revenue from operations climbed to ₹182.20 crore in Q1FY27, up from ₹136.60 crore in the corresponding quarter of the previous year. Standalone revenue grew by 13.0% to ₹131.81 crore. Profit before tax (PBT) on a consolidated basis stood at ₹43.84 crore, compared to ₹30.39 crore in Q1FY26. Earnings per share (basic and diluted) increased to ₹5.73 from ₹3.96. EBITDA margin expanded by 33 basis points to 23.72%, while PAT margin improved by 144 basis points to 18.12%.

The following table summarises key consolidated performance metrics for the quarter:

An exceptional item of ₹0.26 crore was recorded, representing funds received under the Pradhan Mantri Viksit Bharat Rozgar Yojna (PM-VBRY).

Segment and Geographic Performance

Shunt resistors remained the largest revenue contributor, accounting for 37% of total sales at ₹68.21 crore, followed by thermostatic bimetals at 35% (₹63.60 crore) and electrical contacts at 28% (₹50.63 crore). While the shunt segment saw an 11.06% decline in volume/value mix, the bimetal segment recorded a 5.12% increase. Geographically, the Americas shunt business recovered with 30% YoY growth, offsetting softer performance in Europe, where revenue declined by 1.29% to ₹13.69 crore.

What the Numbers Show

The divergence between standalone and consolidated growth highlights the increasing contribution of group entities. While standalone revenue grew by 13%, consolidated revenue surged over 33%, indicating that subsidiaries and joint ventures are driving disproportionate top-line expansion. The company’s balance sheet remains robust, with net worth rising to ₹481 crore in FY26 and a net cash position of ₹105 crore against ₹59 crore debt. This financial resilience supports its transition into higher value-added components, including PCBA assemblies and busbar connectors, without significant greenfield risk.

Forward-Looking Events

Shivalik Bimetal Controls will host an earnings conference call on Friday, August 07, 2026, at 3:00 PM IST. The 42nd Annual General Meeting is scheduled for Wednesday, September 02, 2026. Shareholders must hold shares as of the record date, August 26, 2026, to be eligible for the final dividend. The company has also received Consent to Operate from the Maharashtra Pollution Control Board for Phase I of its Pune manufacturing facility, valid until June 30, 2032.