Shivalik Bimetal Controls Limited reported a robust financial performance for FY26, with consolidated revenue growing 12.3% to ₹570.9 crore and profit after tax (PAT) rising 24.8% to ₹95.8 crore. The company achieved an EBITDA of ₹130.7 crore, reflecting a 26.0% increase, while EBITDA margins expanded by approximately 250 basis points to 22.9%. This growth was attributed to better realisations, an improved product mix, operating leverage, and continued cost discipline.

Financial Performance

The company's strategic shift towards higher value-added components and assemblies supported its earnings quality. On a standalone basis, revenue growth was driven by better average realisations despite broadly stable product volumes. The following table summarises the key financial metrics for FY26:

Operational Highlights

Shivalik's core businesses provided a strong foundation during the year. The Shunts segment saw significant demand in India across automotive, smart metering, and energy management applications. In Thermostatic Bimetals, Europe delivered strong traction due to deeper customer engagement and export momentum. The company noted that its electric contacts business grew approximately 60% on a revenue basis, with about half of this increase stemming from actual business growth and the remainder from higher silver commodity prices.

Strategic Developments

The company is focusing on moving from individual products to integrated solutions. The new facility in Pune is expanding capabilities in PCBA and busbar assemblies for automotive and electrification-led applications. Management indicated that the new standalone unit for bus bars and CCS has a revenue potential of ₹250 to ₹350 crore over the next 2 to 3 years.

Geographically, the business is becoming more balanced. While India remains the largest market, Europe has emerged as a strong growth engine, and Asia delivered broad-based momentum. The Americas were soft during FY26, but the company is seeing early signs of normalisation. Management expressed confidence that revenue from a key US customer would recover to previous peak levels in the coming years, supported by new product developments in component form rather than strip.

Outlook

As Shivalik enters FY27, its focus remains on prioritising margin quality, working-capital efficiency, and deeper customer partnerships. The company stated that it has sufficient capacity to support a total revenue of ₹1300 crore across its segments without substantial growth capex, requiring only maintenance and automation capex in the range of ₹10 to ₹15 crore annually. Internal targets aim for upwards of 20% revenue growth, closer to 30%, over the next few years.

Promoters Sumer Ghumman and Kabir Ghumman increased their shareholding in Shivalik Bimetal Controls Limited through open market transactions on May 22, 2026. The acquisitions were disclosed to the stock exchanges in compliance with regulatory requirements, signaling confidence from the promoter group in the company's prospects.

Sumer Ghumman acquired 1,470 equity shares, representing 0.0025% of the total share capital. Following this purchase, his total holding rose to 2,175,020 shares carrying voting rights, which constitutes 3.77% of the total share capital and voting capital. Separately, Kabir Ghumman purchased 10,000 equity shares, representing 0.017% of the company. Post-acquisition, his holding stands at 2,183,250 shares, or 3.79% of the total share capital.

The disclosures were submitted under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011, and Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. Both acquirers confirmed that they belong to the promoter group of the target company.

The equity share capital of Shivalik Bimetal Controls Limited remains at ₹11,52,08,400, divided into 57,604,200 shares of ₹2 each. The capital structure was unchanged by these transactions. There were no changes in the holdings of warrants, convertible securities, or encumbered shares as part of these acquisitions.

Shareholding Details