Shivalik Bimetal Controls Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Shivalik Bimetal Controls Ltd trades at ₹1,040, in a confirmed uptrend and 15 weeks into that stage. That is +67.4% against its own 200-day average. It sits at 100% of a 52-week range of ₹375 to ₹1,040. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a confirmed uptrend — week 15 of stage 2, confirmed. At ₹1,040 it trades +67.4% versus its 200-day average and sits at 100% of its 52-week range (₹375–₹1,040).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +15,903% while the NIFTY 500 moved +284% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Shivalik Bimetal Controls Ltd's story is not scored yet against the markers our research file set on 14 June 2026. Where it sits in its own cycle: Not stated in the research file. Still open: Five cross-call guidance misses establish a pattern of optimistic initial targets followed by systematic downward revision.

What is proven. See the research file

What is not proven yet. Five cross-call guidance misses establish a pattern of optimistic initial targets followed by systematic downward revision.

Layer 1 read, 19 July 2026 — KEEP. Excellent business, expensive stock: 90th-percentile PE and EXTREME -47% MoS against only GDP-plus growth and a halved assembly guide. Shivalik is a genuinely high-quality, debt-light compounder (FY26 ROCE 27%, EBITDA +26%), but the market has re-rated it to 44x PE at the 90th percentile with cycle_normalized flagged RE_RATED_EXPENSIVE and an EXTREME MoS of -47.2% — while revenue grew only 12.3% and management HALVED the FY27 assembly guide from Rs 150 to Rs 70-75 Cr and cut FY26 growth on US copper tariffs. The 12-quarter revenue line is flat at 126-137 Cr, so the multiple has outrun the operating engine; I verified the WC dig is a moderate stockpiling creep, not channel-stuffing.

What would change Layer 1’s mind. If FY27 assembly revenue clears Rs 50 Cr AND Americas customer recovery exceeds Rs 80 Cr absolute revenue with EBITDA margin holding above 21%, the growth would justify the multiple and this re-rates toward P1; conversely, EBITDA margin below 21% for two consecutive quarters, or assembly missing again, confirms the de-rating and tips it to DROP.

Layer 2 read, 19 July 2026 — BENCH. Real quality compounder, but priced as a fast-grower it isn't -- with both guidance legs just cut. SBCL is a genuine ROCE-27%, debt-light compounder, which is why it holds rather than drops. But it trades at a 90th-percentile PE, cycle_normalized RE_RATED_EXPENSIVE (48x, 94th %ile) on only +12.3% growth with a flat 8-quarter revenue line, and BOTH forward legs were just cut -- FY26 revenue on US copper tariffs and FY27 assembly halved to 70-75 Cr. With OCF -41.5% / FCF negative and heavy FII/promoter distribution, the multiple has outrun the engine -> BENCH.

What would change Layer 2’s mind. Evidence the engine is inflecting to justify the multiple: the Q1-FY27 assembly revenue clearing Rs 15 Cr+ (M1 milestone, annualizing to the ~60 Cr pace) AND a break above the flat 126-137 Cr quarterly revenue band, with WC/FCF normalizing -- i.e., delivery finally catching up to the re-rating. That would move BENCH->ADVANCE. Conversely a further tariff-driven guidance cut would push toward the near-trap end.

🚨 What the surface reading misses. The surface reading is: ROCE 27% — adequate but declining from peak 38% (FY23) The research reads it further: ROCE compression is capital-deployment dilution, not margin erosion. Capex Rs 169 Cr deployed FY22–FY26 expanded the asset base; returns are diluting while the new assets (Pune, automation, CWIP) have not yet produced revenue. This is a capital-cycle lag, not a structural return impairment.

🚨 What the surface reading misses. The surface reading is: OCF/PAT 0.57 in FY26 — below the 0.5 threshold, and well below the 3y aggregate of 0.85 The research reads it further: The FY26 OCF gap is explained by two components: (1) WC absorbed Rs 55 Cr (debtor days +19 days, payable days marginally tighter — net WC days up from 121 to 128); (2) capex Rs 38 Cr (Pune facility + automation). Cash profit Rs 110 Cr minus WC Rs 55 Cr = OCF Rs 55 Cr. The cash_story is growth_wc_plus_capex — consistent with a company building inventory for a new product launch. The management_consistency flag shows this WC build contradicted the Feb 2026 'WC normalization by March' guidance — but the May 2026 call clarified it was proactive raw material stocking, not receivables inflation.

Sources: our stock research file (14 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Shivalik Bimetal Controls Ltd reported ₹182 Cr of revenue in the Jun 26 quarter, +32.8% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at 18.0% a year. The last full year, FY26, came in at ₹571 Cr. The last four reported quarters add to ₹616 Cr.

Why this happened. Smart metering revenue nearly doubled in FY26 (Rs 75–80 Cr from Rs 30–40 Cr) driven by relay manufacturing localization and government rollout. Shunt growth expected to double further in FY27; contacts division (100% subsidiary since end-2023) added capacity in late FY26. 6–8 quarter growth visibility cited in May 2026 concall contingent on government installation pace. Caveat: management explicitly re-categorized this as a 'bonus' not a 'thesis foundation' — a pivot from Nov 2025 characterization as a 'growth area with a very positive and bright future'.

FY26 revenue came in at ₹571 Cr (+12.4% on the year), capping 10 years at 18.0% compound. The latest quarter (Jun 26) printed ₹182 Cr, +32.8% year on year — the 6th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +18.3% growth against the decade's 18.0% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +18.7% over the last 4 quarters against +10.1%/yr over the last 8 — accelerating; TTM profit +29.3% vs +14.4%/yr — accelerating.

FY26-Q4. revenue ₹163 Cr and profit ₹26 Cr as reported.

FY27-Q1. revenue ₹182 Cr and profit ₹33 Cr as reported.

Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Shivalik Bimetal Controls Ltd's operating margin is 24.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 15 fiscal years the operating margin has ranged 11.0% to 23.0%. The current quarter is running above every full year in that window.

Why this happened. Component mix advanced from 36–37% (strip) to 63–64% (components) by Q3 FY26, then to 65% component by FY26 exit. Each percentage point shift yields ~10–12% per-kg realization uplift per May 2026 concall. This is structural: tariff economics (50% US copper/stainless tariff) accelerated the shift, and management states it remains economically superior even if tariffs moderate to 18%. EBITDA delivered 26% growth on 12.3% revenue growth in FY26, confirming operating leverage from the mix.

The latest quarter's operating margin is 24.0%, +1.0 pp against the same quarter a year ago. Across 15 fiscal years the operating margin has ranged 11.0%–23.0%, and FY26's 23.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.3 pp year on year while gross margin went −1.2 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26-Q4. revenue ₹163 Cr and profit ₹26 Cr as reported.

FY27-Q1. revenue ₹182 Cr and profit ₹33 Cr as reported.

Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Shivalik Bimetal Controls Ltd earned ₹33.0 Cr of net profit in the Jun 26 quarter, +43.5% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹96.0 Cr. The 10-year compound rate is 41.4%. That is 18.1% of the quarter's revenue. The same quarter a year earlier earned ₹23.0 Cr.

Jun 26 profit was ₹33.0 Cr, +43.5% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹96.0 Cr (+24.7%), and the 10-year compound rate is 41.4%.

Why profit moved: revenue contributed +32.8% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +28.6% vs revenue +18.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

FY26-Q4. revenue ₹163 Cr and profit ₹26 Cr as reported.

FY27-Q1. revenue ₹182 Cr and profit ₹33 Cr as reported.

Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 85% of Shivalik Bimetal Controls Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹55.0 Cr of operating cash against ₹96.0 Cr of profit. After ₹38.0 Cr of capital spending, ₹17.0 Cr was left as free cash.

FY26: operating cash of ₹55.0 Cr against reported profit of ₹96.0 Cr, leaving free cash of ₹17.0 Cr after ₹38.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 85% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 85%: the cash cycle stretched 11 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 2.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Shivalik Bimetal Controls Ltd's cash conversion cycle runs 213 days in FY26, up from 202 days in FY21. Capital spending ran ₹98.0 Cr over the last 3 years. At FY26 sales of ₹571 Cr each day of that cycle holds about ₹1.6 Cr, so roughly ₹333 Cr sits inside the business at any moment.

FY26: debtors at 99 days, inventory at 179 days — roughly 5.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 213 days, looser than FY21's 202.

The full loop: cash goes out to suppliers and production on day 0; stock waits 179 days to sell; customers pay about 99 days after that; and suppliers themselves are paid at 65 days — netting out to the 213-day cycle.

In money terms: at FY26 sales of ₹571 Cr, each day of the cycle holds about ₹1.6 Cr — so the 213-day loop keeps roughly ₹333 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹98.0 Cr over the last 3 fiscal years against ₹38.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹34.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Shivalik Bimetal Controls Ltd earns a ROCE of 27% in FY26. That is up from a trough of 8% in FY14. Return on invested capital clears the cost of that capital by +9.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 16.8% net margin on 0.90× asset turns.

FY26 ROCE is 27%, recovered from a FY14 trough of 8% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 16.8% net margin × 0.90× asset turns × 1.32× balance-sheet leverage ≈ 20.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 21.3% − 12.0% = a +9.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Shivalik Bimetal Controls Ltd carries total debt of ₹71.0 Cr against shareholder equity of ₹481 Cr as of Mar 26, a debt-to-equity of 0.15 — effectively unlevered. On the annual view that ratio went from 0.30 in FY22 to 0.15 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹71.0 Cr against shareholder equity of ₹481 Cr — a debt-to-equity of 0.15. On the annual view, debt-to-equity went from 0.30 (FY22) to 0.15 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 17.5 points of Shivalik Bimetal Controls Ltd over 8 quarters, the biggest move on the register. That takes promoters to 33.6% of the company. Domestic institutions moved +12.2 points over the same window, to 14.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −17.5 points over 8 quarters to 33.6%; Domestic institutions: +12.2 points over 8 quarters to 14.5%; Foreign institutions: −0.7 points over 8 quarters to 2.0%.

🚨 Why the register moved: promoters drove it (−17.5 points), absorbed on the other side by domestic institutions (+12.2 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Shivalik Bimetal Controls Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Shivalik Bimetal Controls Ltd trades at 56.2× P/E, about the priciest it has ever traded. Its long-run median P/E is 33.0×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 56.2× is about the priciest it has ever traded, against a long-run median of 33.0× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +24.4% against a +98.2% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +55.4%/yr price move, ~+33.2%/yr came from earnings growth and ~+22.2 pp from the multiple (expanding); over 10y, of the +60.3%/yr price move, ~+40.9%/yr came from earnings growth and ~+19.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 20 July 2026, Shivalik Bimetal Controls Ltd was priced for profit growth of about 23.7% a year. Profit itself has compounded 41.4% a year over the past 10 years. The market pays that at 56.2× P/E, the 99th percentile of its own 11-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is below what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 20 July 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Shivalik Bimetal Controls Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 27.9% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

4-Factor Sector Score

68.8/100 — rank 1 of 2 in Shunt Resistors · 97% evidence confidence

Shivalik Bimetal Controls Ltd scores 68.8 out of 100 against the 2 companies it is compared with in Shunt Resistors, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 26.9 + 20 + 6.8 + 15.1 = 68.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What Shivalik Bimetal Controls Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Pune Facility Ramp Timeline Shift · 7 August 2026. The February 2026 call indicated that customer orders would begin in March, with larger volumes in April, and that the Pune facility needed to be ready and functional by March. In August 2026, management said the current-quarter contribution would remain limited because the main facility would not be fully operational until October; the latest call does not explain the material change in ramp timing or volume.

Pune Revenue Potential Revised Upward Without Reconciliation · 7 August 2026. The project revenue case moved from 250-300 crores in approximately three years in February 2026 and 250-350 crores in May 2026 to 300-400 crores in approximately three years in August 2026. The latest call did not identify what changed to support the higher range, which is material for assessing the project's contribution to the valuation case.

Working Capital and Inventory Targets · 20 May 2026. In the Feb 2026 call, the company targeted reducing working capital back to previous year's ranges by March 2026 through corrective actions. However, in the May 2026 call, they admitted that inventory days ended the fiscal year higher due to proactive raw material stockpiling. This represents a shift in working capital management strategy and guidance.

Strategic Priority Shift in Smart Metering · 20 May 2026. In the Nov 2025 call, management highlighted the smart metering segment as a major growth catalyst with a very positive and bright future. In contrast, during the May 2026 call, management minimized its strategic importance, claiming they have always maintained that they would not base their growth or back their future on the smart metering segment alone.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions